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MURRAY H L 2-5769 IL ntUJPOfìT 9WI-P6UIL0IÌÌG CORPOfìfìTIOn 441 LEXINGTON NEW YORK vncTfffi O S n icnWìlls L o Cfil O w slD timn F e of tKf fl AVENUE CITY August 24thtI944# REPLY:Post Office Box-628* Pasadena,California. Honorabl©fMariner S.Eccles, Chairman.Federal Reserve Board. Washington,D.C. Dear Mr.Chairman: The writer has been following passing events in offical Washington for sometime and your proposal to authorize federal reserve banks to guarantee private loans to business is sound law» We are very much interested as recently our technical executive shipping group formed the "OLSON STEAMSHIP A NAVIGATION CORPORATION* to operate a shipping line on a World trade basis* We will operate for the present on charter ship and later buy ships when opportunity presents themself on end of war.Our sincre desires as all good Americans will be to fly these ships under American flag;however9under the present United States Maritime Commission out of date shipping policies it seems hopeless only in the event such a bill as you have presented offers to us type business the opportunity of loaning funds to operate such a line and buy American ships* We will appreciate a copy of the bill along with any sujestions / you may care to offer as to our chances of obtaining financing under such a Government loan program. We can and will operate a shipping line on a World wide basis at a fair return on money invested and hope America will not force our group to go into the foreign markets of the World to establish a steamship line in competition to America on the high seas of the World due to out moded maritime supervision and dead laws* ^^^ ) VHO/SE* "YOURS FOR A AMERICAN MERCHANT MARINE" September 5> 1944 Mr. Vincent Harris Olson, President, Newport Shipbuilding Corporation, P. 0. box 628, Pasadena, California• Dear Mr. Olson: Chairman Eccles asked me to reply to your letter to him of august ¿4 in which you comment on the pending legislation which would authorize federal Reserve Banks to guarantee loans made by commercial banks. KS requested, I am enclosing herewith a copy of the bill, also a mimeographed statement which was made a part of the Congressional Record by Senator Wagner at the time the bill was introduced. It is too early as yet to venture any opinion as to whether this legislation will become lav/ and, if so, whether your newly-formed corporation would qualify for such a loan. If the legislation is passed, appropriate regulations will be issued to the Federal Reserve Banks which will, in turn, advise the commercial banks of the country as to the details of the program. Y0urs very truly, Lawrence Clayton, Assistant to the Chairman. Enclosures CC: Miss Benton
