Letter on Stock Speculation by Government Employees.

My dear Mr. Mitchell:

I believe it is to be a sound policy of the Government that no officer or employee shall participate directly or indirectly in any transaction concerning the purchase or sale of corporate stocks or bonds or of commodities for speculative purposes, as distinguished from bona fide investment purposes. Engagement in such speculative activities by any officer or employee, whether under the competitive civil service or not, should be among the matters considered by the heads of departments and establishments and by the Commission in passing upon questions concerning his qualifications for retention or advancement.

I would appreciate it if you would take steps to make this known throughout the Government service.

Very sincerely yours,

Honorable Harry B. Mitchell,

President, Civil Service Commission,

Washington, D.C.