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New York

J watson MacDowell
Assistant Vice President
April 7th, 1934.

Mr. F. G. A^alt, Deputy Controller of the Currency
Treasury Building
Washington, D. C
My dear Mr. Await:
At Mr. Bruere's suggestion, I am writing
to give you one additional point in connection with
pass book loans.
Savings "banks in all states except Ehode
Island are endeavoring to avoid making such loans.
In Massachusetts, however, the law compels a savings
"bank to keep a notice posted in the "banking room to
the effect that a depositor has a right to "borrow
on his pass "book. Some loans, therefore, are being
made by the savings banks in Massachusetts, but the
banks are not calling the matter to the attention of
the depositor and the demand for loans is lessening*
Very truly yours,

J- Watson MacDowell.