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March 2 t 1934,

I shall appreciate a collect telegram from you stating how
nrach, if any, credit is needed in your trade territory for the
purpose of providing working capital for established industrial
or commercial businesses with sufficient unincumbered assets and
prospects to justify loans having maturities not exceeding five
years, such credit not to apply on liquidation of existing debt.
Shall also appreciate your indicating to what extent in numbers
the extension of this credit would continue the present employment,
as well as the numbers ''oy which the payrolls would be increased.

HEHEY MORGMTHAIJ, JR #f
Secretary of the Treasury*