View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

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
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,

The Honorable John C. Collet,
Administrator and Chairman,
Economic Stabilisation Board,
Washington 25, D. C.