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May 10, 1935

Dear Governor:
This will confirm ny telephone conversation to
the effect tha.t there will be a meeting in Mr. Coolidge's
office at 5:00 Pv»M# on Monday, May 13, 1935, to discuss
the bank recapitalization program.
You will recall that at the last meeting it was
brought out that there were then 550 insured and undercapitalized banks .with $1,000,000,000 of deposits. Since
91 of these banks, with deposits of $200,000,000, had
approved and feasible recapitalization plans, this leaves
259 banks vdth deposits of 0800,000,000 unprovided for.
As $500,000,000 of this deposit volume lies in 18 banks,
Mr. Coolidge deems" it advisable at this meeting to discuss
each of those 18 cases. I am, therefore, enclosing a list
of these banks showing the deposit volume.
Very truly yours,

C. B. Upham,
Loan Committee.


Governor M. S. Eccles,
Federal Reserve Board,
Washington, D. C,