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(letterhead of) THE COMPTROLLER OF THE CBHRBNOT Washington February 26, 1940 Mr. Chester Morrill, Secretary, Board of Governors, Federal Reserve System, Washington, B* C. Dear Mr- Morrill: I have received your letter of February 26, 1940, enclosing a copy of the resolution adopted by the Board on February 24• In view of the second paragraph of the resolution, I wish to confirm my understanding with Chaiiman Eccles over the telephone today that i f , for any reason, i t should become necessary to consider the acceptance of less than the requirement of $6*900,000 in paragraph (2) of the statement of requirements, this office reserves the right to insist upon $35,000,000 in lieu of $30>000,000 as stated in paragraph (1) of the requirements* I f §35,000,000 is insisted upon, under these circumstances, we presume we shall have the support of your Board in that regard. Very sincerely yours, (signed) PRESTOK DELANO Comptroller of the Currency
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