The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Date o To. om 12-30-U7 Mr. Thurston Mr. Young MESSAGE: I have no recollectio the particular quotfe, but the Chairman or anybody else could have said it. To locate it we would have to comb the record, and it isn’ t that important to accommodate Adams' re quest. He»s a nice fellow in the investment department of the Central Hanover, who does a lot of articles for Banking, of which an occasional one is good. ssage delivered by_ F .R . 468 http://fraser.stlouisfed.org/ R e v . 1 /Bank 4 7 of St. Louis Federal Reserve 11 B u c k i n g h a m Plac e, Norw alk , Conn. Dec. 27, 19^ 7 . Mr. E l l i o t t T h u r s t o n , B o a r d o f G o v e r n o r s o f t he F e d e r a l R e s e r v e S y s t e m , W a s h i n g t o n , D.C. D e a r Mr. T h u r s t o n , O n e o f the n e w s p a p e r s q u o t e d Mr. E c c l e s as h a v i n g m a d e a s t a t e m e n t a l o n g t h e f o l l o w i n g li nes b e f o r e the: S e n a t e c o m m i t t e e in his r e c e n t t e s t i m o n y : "There m a y be a s u b s t a n t i a l t r a n s f e r o f d e b t fr o m t he h a n d s © f i n s t i t u t i o n a l i n v e s t o r s to T r e a s u r y i n v e s t m e n t a c c o u n t s , etc. i n t he coming y e a r . ” Could y o u be g o o d e n o u g h to i n f o r m me w h e t h e r Mr. E c c l e s d i d m a k e s u c h a s t a t e m e n t a n d if so, just h o w it was w o r d e d ? In c i d e n t a l l y , I a m w r i t i n g to y o u a t the s u g g e s t i o n o f a m u t u a l f r i e n d o f ours, L e e Pi z e r . W e we re u n a b l e to l o c a t e this s t a t e m e n t i n t h e t r a n s c r i p t o f t he t e s t i m o n y a n d Lfee s u g g e s t e d t h a t y o u m i g h t be a b l e to c l e a r the m a t t e r u p f or m e . Y o u r h e l p w o u l d be a p p r e c i a t e d . Very truly yours, E. S h e r m a n A d a m s January 5> 1^48• Mr. 1. Sherman Adams, 11 Buckingham Place, Norwalk, Connecticut. Dear Mr. Adams: This is to acknowledge your letter of December 27* In the course of his numerous ap pearances before committees of Congress in the special session, Mr. &ccles may have made thestatement which you quote, but our staff people who attended the hearings do not recall it and we have been unable to identify it in the text. X am particularly regretful that 1 cannot- clear the matter up inasmuch as Lee Piser referred you to me. Sincerely yours, Elliott 1hurston, assistant to the Chairman. ET:b
@FedFRASER