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T REASU RY DEPARTMENT
Washington 25
January 10, 19UU*

Dear Marriner:
I am enclosing for your information photostats
of letters which the Secretary is sending this week to
all banks, to all insurance companies and to a selected
group of large corporations setting forth his policy
with respect to speculative loans, transfers of funds
and allocations of credits during the Fourth War Loan,
I am also enclosing copies of letters, which I sent to
Federal Reserve Banks last week, covering subscriptions
by dealers and brokers and copies of correspondence
with Mr. Emil Schram, President of the New York Stock
Exchange covering loans on margin by member firms during the drive.
Sincerely,
(Signed)

Honorable Marriner S. Eccles
Chairman, Board of Governors of the
Federal Reserve System
Washington, D. C.

Enclosures




Dan

January 17, 1944

Honorable !)• *« Bell,
tinder Secretary of the Treasury,
treasury Department,
Iv ashing ton t D. C •

I wish to acknowledge receipt of your
letter of January 10, enclosing copies of letter*
sent to banks, insurance companies, corporations,
Federal H M r f i Banks, and the Hew York Stock
lixehang©*

1 as sorry to b# so late In replying

to your latter, but 1 wanted to tak© the ©pport\3nlty of earefully going over all of this eorr©®pondenee. Aft@r doing so, I foel that the letters
are Y@ry oonatructive and that they will be helpful
in accomplishing the purposes for which they ar©
int©nd@d«

X am fully in aceord with the position

that the treasury has taken on ail of thase matters.
Sincerely yours,

M• S« Ecclas,
Chairman.

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