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Fo'rm F. R. * T(p JgROM 511 Mr. Ransom E l l i o t t Thurston V REMARKS : U/l/Ul To note and return. CHAIRMAN'S OFFICE © W. D. C A P I T A L AND S U R P L U S COOK $500,000.00 PRESIDENT March 28, 1944 Mr.M.S.Sccles, Chairman Board of Governors Federal Reserve Bark Washington, D.C. Dear Mr.Eccles: I congratulate you on advocating the continuance or extension of the Price Control Act for a period of two years after the war ends. I f the Act should expire with the close of the war, the country w i l l lose one of i t s most important battles against i n f l a t i o n . I f the small loan agencies (non-banking), r e t a i l groups and financial agencies specializing in installment credit are permitted to extend the terras of installment sales beyond a twelve-month period, the bars w i l l be l e t down aixi competition w i l l soon induce some to accept 36 months paper. This w i l l be bad for the individual as well as sound financing, I hope the Board can keep the time limit t o not exceed 18 months on a l l installment buying for an indefinite period after the war ends. Sincerely yours M)C:b hprll 1, 1944. Dear Mr. Cook: This i s to thank you f o r your l e t t e r of March ¿8 and f o r your generous references t o my statement on extension of the Price Cont r o l Act, I am glad to have your comments with regard t o retention of reasonable limitations upon instalment credit, and 1 am taking the liberty of passing your l e t t e r along to itonald Kansom, who has carried raost of the burden f o r the Board of framing and administering Regulation to. He w i l l be interested, as I was, in having your views. Sincerely yours, (Signed) M. 6. Eccles Mr. «1¡. D. Cook, President, First National Bank, Meridian, Mississippi. ET:b
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