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A National Association oj Financial Credit Men
tors—Terms Expiring 1936
A rth u r

S. B o eg e

B a n k o f N e w Y o r k & T r u s t C o.
New Y ork, N. Y .

C arl

W. F e n n in g e r

P r o v id e n t

T ru st


E d w ard

Second Vice-President:

M. T o u r t e l o t

F ir st N a t io n a l B an k

Chicago, 111.

R aym on d F . L e in e n
L in c o l n -A l l ia n c e B a n k &
T r ust C o m pa ny

Rochester, N. Y.

C om pany

U n io n B a n k & T r u s t C o .
Los Angeles, Cal.

J . F in l e y M cR a e

C h a r le s F. I l s l e y
M a r s h a l l & I l sl e y B a n k

Milwaukee, Wis.
H a r r y H . M o h le r
F ir st S t . J o s e p h S t oc k Y a rd s B a n k

Philadelphia, Pa.
J o se p h C. Lipm an

Directors—Terms Expiring 1937

First Vice-President:

R ay

M. G id n ey

F e d e r a l R eserve B a n k
N ew




South St. Joseph, Mo.

A lexander W all
Lansdowne, Pa.


Richmond, Va.
A r t h u r H . Q u ay

M e r c h a n t s N a t io n a l B a n k
M ob ile, Ala.

F ir st N a t io n a l B a n k & T r u s t C o .

Minneapolis, Minn.

R . R . R idge

C h a r le s

O m a h a N a t io n a l B a n k
Om aha, N e b .

W. V e a tc h

U n io n T r u s t C o m p a n y

Pittsburgh, Pa.

lansd o w n e , pa .,

October 24,1935

Mr. Marriner S. Eccles,
Federal Reserve Board,
Washington, D. C.
My dear Mr. Eccles:
I have just returned to my desk and practically
my first official action is to thank you, very sincerely,
for being with us at French Lick.
I personally enjoyed
what you had to say.
I presume that much of it might
be considered by some stand patters as ultra progressive,
but I must say that on the whole, I find myself in ac­
cord with you in a very high percentage of the entire
matter which you presented to us.
I have had a number of calls from our members
asking for a transcript of part or all of your talk as
'•an important message that he endeavored to get across
to the bankers”
Shis suggestion was made so that we
might have a better chance to digest the material by close
I wonder if it would be possible to get from you,
for publication in our Bulletin, a short statement embody­
ing primarily the last fifteen or twenty minutes of your
speech, insofar as the material is concerned.
It was
in the end of your talk that you began really to touch
upon your conception of present bankers’responsibili­
ties and I am progressive enough, myself, to have a very
keen desire to promote an understanding of this philoso­
You will recall that some time ago, I urged upon
you to use your influence to have the Bank Act contain a
definite separation in personality between the Federal
Reserve Board and elected or appointed political office

K. P a r k e r

F ir st & M e r c h a n ts N a t io n a l B a n k


Mr. Marriner S. Eccles - # 2 - 10/24/55
I understand very definitely that it is impossible
to run the Federal Reserve System properly without having
those that manage it appreciative of the responsibilities
and financial exigencies of the Government.
You will recall that I was willing to place my
faith in a properly run Federal Reserve System, with you
as a life-time head of it, or the head of it until you had
developed some one else of a sufficiently high degree of
integrity and economic vision to take over the job.
I think that your talk to us has created, in the
minds of a good many of our members, the same kind of a
respect for you, and I wish that I could help to develop


October 28, 1935.

Mr. Alexander Wall, Secretary,
Robert Morris Associates,
Lansdowne, Pennsylvania.
Dear Mr. Wall:
I am glad to learn from your letter of October 24-th
that you enjoyed the address I gave before the Robert Morris
Associates at French Lick and that you are in accord with a
high percentage of what I had to say.
Inasmuch as I spoke extemporaneously, I do not
have any written copies of the address and, therefore, cannot
furnish you with a transcript of part or all of it. With
reference to giving you a short statement embodying primarily
the last fifteen or twenty minutes of my speech, as you know,
I spoke a little over an hour and it would be impossible for
me to recall the portion of what I said during the time re­
ferred to; and, further, I am so very busy that it would not
be convenient for me to take the time to dictate the statement
you request. In any case, it would not be my desire to have any
publicity whatever on it.
With kind regards,
Sincerely yours,

M. S. Eccles,