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January 2l|, 19U5< Honorable D. W. Bell, Under Secretary of the Treasury, Washington 25, D. C. Dear Dan: This is the copy of the memorandum X received today from Mr. Sproul and about which I just talked to you on the phone. Sincerely, Enclosure (Memo dated 1/22/U5, "Federal Reserve Policy and Treas\^ry Financing".) HSE:VE:b