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GRA MERCY 3-4681 I BENJAMIN 1 75 F. HAAS FIFTH AVENUE NEW YORK CITY ( 1 Q ) , 1943 Mr« Marriner S. Chairman of the Federal Reserve ¥Iashington, D* Eecles Board Bank G. Dear Kr# Secies: Wish to thank you for your letter of April 19th in which you enclosed a copy of your radio address* I read in the Journal of Coromeree of Tuesday, May 11th, that you recommended the seperation of public and bank borrowings at a House Committee hearing. I very sincerely agree with the position taken by you but I am wondering what consequences you will draw from the result of the subscriptions of the April drive• The figures which I read in the Journal of Commerce do not differentiate clearly between the short term and the long term financing and I would appreciate it very much if you would send me the details with regard to it# Am enclosing an article written in the latter part of March entitled, "Can America Conquer Inflation" which may be of interest to you* Thanking you for courtesies extended and would appreciate your sending the figures at your earliest convenience* Very truly yours, d May 18, 191*3« Mr. Benjamin F. Haas, 175 Fifth Avenue, Hew York City (10). Dear Mr. Haas: This is to acknowledge your letter of Hay 12* In accordance with your request, I am enclosing table showing the final figures for the Seoond War Loan Drive by categories of issues sold and how they were divided among nonbanking sources and commercial banks* With the first Dr. Bernstein, which you general agreement, but I the track in arguing for at this time. part of the article by enclose, 1 would be in think he gets far off higher interest rates Sincerely yours, H. S. Eccles, Chairman. Enclosure FINAL RESULTS OF THE SECOND WAR LOAN DRIVE BY CLASSES OP SECURITIES (in millions of dollars) Total Honbanking sources Commercial banking sources Treasury bills 7/8$ certificates 2% bonds 2 l / 2 # bonds Series E savings bonds Series F and G savings bonds Tax savings notes Total 800 - 800 5,214 U.935 3.761 1,1*73 667 1,652 3.106 2,825 3.761 1.1*73 18.533 13.1*85 667 2,138' 2,110 — — — 1,652 5.0*48 R&S 200-38 May 11, 19U3 CONFIDENTIAL I Final results of the Second Board of Governors 77ar Loan drive David M. Kennedy The tables below shows final figures for the drive: BY CLASSES OF SECURITIES Total (In millions of dollars) Commercial Nonbanking banking sources sources 800 2,138 2,110 800 Treasury bills fe^ certificates 2%% bonds 2 \/2% bonds Series S savings bonds Series F and G savings- bonds Tax savings notes Total U,935 3,761 3,106 2,825 3,761 667 1,652 1,473 667 1,652 3W6 BY FEDERAL RESERVE DISTRICTS (Amounts are in millions of' dollars) Total, all. nonbank Corporations Individuals invec;tors Subscrip- Per cent "Subscrip- Per cent Subscrip- Per cent tions tions tions of goal of goal of goal Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Unallocated Total Pederal trust fund s Dealers and brokers Total 1,099 i+,856 166 933 U,119 156^ 172 137 162 136 202 123 135 177 168 179 30I4 195 236 122 130 18 9 393 296 162 162 169 1*95 155 I2I4 155 168 1,210 251 170 338 333 835 150 167 121, 163 199 121 175 183 502 llt-O 11+6 126 __ 9,259 168 6U5 972 588 1,705 U06. 29 12,550 391 737 126 163 il+9 333 see 211 29 157 — 3,290 -132 -- — " — 223 197 I69 186 167 170 — GRAMERCY BENJAMIN 175 F. HAAS FIFTH AVENUE NEW YORK CITY June 1 , 1943 Mr # Marriner S# Eccles Chairman of the Board Federal Reserve Bank Washington, D # G. Dear Mr # Eccles:This will acknowledge receipt of your letter of May 18th for which accept thanks* Am greatly surprised to find the final figures on the subscriptions of the war bonds differing so considerably from those published in your Kay Bulletin* Are there any figures from the weekly payment plan included in these final figures, and in which way were subscriptions differentiated from sales of bonds in the market which are going on all the time? Thanking you for courtesies extended, and appreciating an early reply# Very truly yours, d I think it would be of great interest for you to meet with Dr# Bernstein who is a professor of higher mathematics and has had great experience with the floatation of bonds and the general situation pertaining to inflation, abroad* June 8, 19U3 Mr* Benjamin F. Haas, 175 Fifth Avenue, New York, K« Y. Dear Mr* Haass As Chairman Eccles is temporarily out of the city, 1 am taking the liberty of responding to your letter of June 1. The figures on the Second War Loan drive published in the May issue of the Federal Reserve Bulletin were based on preliminary reports from the twelve Federal Reserve Districts. Final figures were somewhat larger than the preliminary reports indicated because of delays in collecting and tabulating figures• In addition, the final figures included savings bonds processed by th© Federal Reserve Banks through flay 8, this was done in order to give credit for all savings bonds sold during the drive even though there was a lag of time in processing and issuing such a large number of bonds. Subscriptions under the payroll savings plan were included in figures for the drive. Such sales now amount to about I4OO million dollars a month. Approximately 26 million parsons are participating in payroll savings plans throughout the country. Th© 18.5 billion dollars represents the total amount of new securities issued by the Treasury during the drive and is reflected by an increase in the public debt. Sales in the market by holders of^outstanding issues of Government securities, of course, have no effect on the public debt and ar©, therefore, not included in figures for the drive. Sincerely yours, Elliott Thurston, Special Assistant to th© Chairman. / Ij ,_«^y /yL^K^ - y(y^jJ<L^^ TOTAL SUBSCRIPTIONS TO DATE IN APRIL DRIVE Marketable A Pril?0- Issues, Savings Bonds and Tax Notes BY TYPE OF INVESTOR AMOUNT IN BILLIONS 2 3 4 Investors in *8Bil.Goal OF 5 DOLLARS 6 8 t&OBil. 0 20 PERCENT 40 OF G O A L 60 80 100 Investors in *8Bil.Goal TOTAL. TOTAL Individuals Individuals. Insurance Cols Mutual Sav. Bks. Insurance Cols Mutual Sav. Bks.. 141.9 Other Corps..— J « 1 "V 1 Other Corps Other Nonbwik Investors Dealers & Brokers Fed. Agencies eJrust Funds.— Banking lnv«st. 2% Bonds AMOUNT Bills.. GRAND TOTAL N»t IncroasQ Only OfflM <A Iht Stcrttiry of the Tr IN BILLIONS OF D O L L A R S 10 U 12 13
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