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GENERAL COUNSEL TREASURY DEPARTMENT WASHINGTON July 24, 1937 My dear Mr. Chairman: Thank you for your letter of July 23, witk which you enclosed a statement prepared by your division of Research and Statistics, regarding industrial loans made by the Federal Reserve banks and by the RFC under-legislation which resulted from the Presidents letter of March 19, 1934, to Senator Fletcher and Representative Steagali. lour cooperation is greatly appreciated. Since^lly yours, Honorable Marriner S. Eccles Chairman Board of Governors of the Federal Reserve System*
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