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January 22, 19U6. Dear Judge Collets In view of your interest and hea^ry responsibilities in connection with the stabilisation program, you might oare to see the enclosed statement if i t has not previously come to your attention. I t was given out as lay own cossaent on the Board's aotion in raising margin requirements to the 100 per cent limit. I felt i t desirable to try to put the aotion in focus and to point out incidentally the serious problem arising f roaa needless creation of bank credit. Sincerely yours. M. 3. Ecoles, Chairman. The Honorable John C. Collet, Administrator and Chairman, Economic Stabilisation Board, Washington 25, D. C. Enclosure T:b
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