The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Copy for Mr. Eccles COPY August 1, 1945* Flanders - Boston Sproul New York Williams - Philadelphia Gidney - Cleveland Leach Richmond McLarin Atlanta Young Chicago Davis - St# Louis Peyton Minneapolis Leedy Kansas City Gilbert Dallas Day - San Francisco This wire beirg sent to Presidents of all Federal Reserve Banks* At Mr. Ransom1s request there is quoted below for your information text of letter received from Secretary Vinson under date July 27 in response to (l) Chairman Eccles1 letter of Jply 9 relating to preferential discount rate and (2) memorandum of executive committee of Federal Open Market Committee on future Treasury financing policy, both of which were wired to you: (Here quote nkn attached) After informal discussion by members of Board who were here and by telephone with Chairman Eccles, as well as with Mr. Sproul who happened to be in Washirgton, it was consensus to put the replies to Mr. Vinson1 s letter, which are quoted below, on an informal basis since they were not the result of formal action. Inasmuch as the Secretary1s letter was addressed to Mr. Ransom in the absence of Chairman Eccles, Mr. Ransom acknowledged it as Vice Chairman of the Board and Mr. SprouL made a separate acknowledgment in his capacity as Vice Chairman of Federal Open Market Committee. Mr. Ransom and Mr. Sproul were in agreement as to contents of both replies. They did not want under the circumstances to -2attempt to commit any of the other members of, the Board ot Federal Open Market Committee but merely to hold matter opeft for fuller discussion at first available time. The two replies to Mr» Vinson's letter follow: (Here quote "B" and ^C11 attached) Carpenter
@FedFRASER