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July 29, 1963.

Dear Mr. Sproul:
Your speech before the American Petroleum Institute
struck m e as being one of the best things you have done. The
"added flourishes" gave i a real impact.
Re the interest equalization tax proposal, I hasten to
assure you that neither Al Hayes nor I hatched this "turkey", as
you put i in your recent note to Al, but we have been doing our
utmost to minimize through foreign exchange operations its unĀ­
settling effects on the markets both here and abroad.
Every day here seems to get tougher,with no letup in
sight, and I a m seriously considering requesting a transfer to the
Building Operating Department where I gather things tend to move
at a more stately and relaxed pace. Meanwhile, let m e thank you
for mentioning m y name in your speeeh. In this connection,
Tdjigeler, Ekle'f Ranalli and I are doing a joint article for our August
Monthly Review which will suggest that the innovations introduced
during the past two years in the international financial system may,
with continuing adaptation, suffice to take care of the longer term
problem of international liquidity.
With very best regards.

C. A. Coombs.
M r . Allan Sproul,
Box 365,
Kentfield, California.


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102