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Feb* 21, 19U5
San Francisco, Cal.
Mr. Marriner S. Eccles,
Chairman, Federal Reserve Board,
Washington, D. C.
Dear Mr. Eccles:
I am writing this letter to you as a sergeant in the U. S. Army,
who for many months risked his life for his country, and is now incapacitated with malaria.
As a patriotic soldier and citizen, it is my duty to bring to
your immediate attention a most dangerous unpatriotic attitude on the part
of many, many individuals throughout the country.
Since the War started every member of my family and myself has
invested to the limit in government bonds. However, during the past year,
I was amazed to find that many persons I meet and talk to are investing all
their funds in the stock market and not in government bonds. These individuals believe the government has failed to control the cost of living;
that the value of the dollar is in a definite downward decline; and therefore they say only stupid uninformed morons are buying government bonds;
they say intelligent and smart money is going into the stock market, where
tremendous profits are being made. They say that inflation is a certainty,
and therefore, government bonds are the worst possible investment.
A wealthy, retired individual I know told me he made $200,000 in
the stock market in 19UU* He said he kept 75% or $150,000 for himself and
paid the government 25% or $50,000. He said if his regular income were
$200,000 he would only keep about $50,000 for himself and give the government $150,000; just the reverse of what he did as a result of his stock
profits. He said International Telephone went up from $1*50 per share to
$2i|»00 per share, or 1900% rise; Willys Overland from $1.50 per share t*
$20.00 per share, or 1500% rise; Studebaker from $3,50 per share to $2i;.00,
or 700% rise. He said many stocks have gone up from 500% to 2000%.
Many individuals all over the country believe with the stock market
"booming", with people getting rich in stocks, why should they throw their
money away on 2-l/2% government bonds?
Is this attitude fair to the millions of service men like myself
who have risked and are still risking our lives for our country? If you
can use your good office, or your influence on the President, or Congress,
or other authorities to put a stop to this stock market gambling, where
billions of dollars are going instead of into government bonds, then the
service men will feel that the government and the people at home have not
broken faith with them»

Respectfully yours,
Sergeant George Wilson,
U. S. Army.

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