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BOARD DF GDVERNDRS
• F THE

FEDERAL RESERVE SYSTEM

orrespondence
hai rman Eccles

From.

Date September 26, 1915.
Subject:.

Mr. Thurston

You may recall Point k of the Six-Point Program announced
September 18 by John Snyder states that Federal credit agencies
will do everything possible to discourage excessive and unsound
lending on mortgages and that, "They will enlist voluntary cooperation of banks and other lending institutions to minimize the
danger of inflated prices due to excessive demand."
Query: Should any initiative be taken, possibly in cooperation with the FDIC and the Comptroller of the Currency to
put out some kind of statement to the banks or to bank examiners?