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CHEMICAL BANK & TRUST COMPANY 165 BROADWAY JSTEW Y O R K WILLIAM S. RENCHARD ASSISTANT SECRETARY February 14, 1940 Honorable Marriner S» Eccles Federal Reserve Board Washington, D. CU Dear Governor: I have your letter of February 12th and appreciate your writing me so fully. With regard to the First National Bank of Salt Lake City, I believe I understand your position perfectly, and I hope' you will not feel that I was endeavoring to impose upon your good friendship. Hoping to see you in lashington before long, and with kind regards, Sincere! W« S*