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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".)

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