View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

TELEGRAM
Board of Governess
of tbt

Federal Reserve System
Leased Wire Service
T,

. 1

t»i

i •

i

\Q/,Z

MAV

O C m» /-

VT\J

Tin

M Y
A

<:;>

Eeceived at Washington, D.O.

PM

6

"' °

WA23G04WASH 152 MPLS 25-455
CHAIRMAN ECCLES - BOARD
AT PEYTON'S REQUEST I REPORT THAT ON W S m m

THURSDAY EVENING MAY 20

DR ODEGARD AND ANOTHER WASHINGTON REPRESENTATIVE OF WAR SAVINGS
DIVISION ADDRESSED Si ATE ADMINISTRATORS AND CHAIRMEN OF PAYROLL SAVINGS
DIVISION FROM LARGER CITIES IN THIS AREA COVERING NORTH AND SOUTH DAKOTA
NEBRASKA IOWA MINNESOTA AND WISCONSIN.

DURING HIS DISCUSSION IN ANSWER

TO A SPECIFIC QUESTION AS TO WHETHER PAYROLL SAVINGS CAMPAIGN PROPOSED
TO START ON JUNE 14 WOULD CONFLICT WITH SIMILAR ACTIVITY PROPOSED BY
PRESIDENT LEEDY OF KANSAS CITY THROUGH ONE OF HIS REGIONAL MEN DR
OICGARD STAfES THAI EITHER PRESIDENT LEEDY WOULD BE OUT OR THE STATE
ADMINISTRATOR WOULD BE OUT AND THAT DEFINITE DECISION WOULD RE REACHED
WITHIN A WEEK.

HE SAID THERE HAD BEEN A MEETING OF FEDERAL RESERVE

PRESIDENTS WITH m * X

TREASURY DEPARTMENT AT WHICH NO m m & m

DECISION

WAS REACHED BUT THAT HARSH WORDS HAD BEEN EXCHANGED ON BOTH SIDES, HE
SAID SECRETARY MORGENTHAU WOULD BE IN NEW YORK ON FRIDAY MAY 21 TO
CONFER WITH PRESIDENT SPROUL AND THAT SOME DEFINITE DECISION WOULD BE
REACHED WITHIN A WEEK



0 R PRESTON, VICE PRESIDENT.