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January 31st, 1950

Dear Marriner:
Herevdth you will find a copy of the 85th
Annual Report of the President to the Stockholders
of the First National Bank of Denver at the annual
meeting on January 10th, 1950.
I so value your judgment that I would deem
it a personal favor if you could find time to
review the report and give me the benefit of suggestions, if any, that occur to you relative to
the report or to the policies of the bank as
disclosed therein.
With kindest personal regards, I am
Sincerely yours,

Honorable Marriner S. Eccles
Federal Reserve Board Building
Washington, D. C.


Miss Egbert:
Mr. Morrill asks that you please
ask Mr. Eccles to read this very carefully,


Mr, John Bvans, President,
The First National Sunlc,
Denver, Colorado,
Dear John*
You sent me with /our letter of January 31 a most attractive folder containing jnsw report to your shareholders and asked
I do not know when i have seen a bank report that packs
so much factual information into I few pa,-;es ana I am sure that it
will be most interesting and informative to those who read it carefull/. In that connection, my experience with reading habits loads
me to raise the question whether, ©van with the sacrifice of sozae
detail, it might not be still more effective if distinctive catch
lines directing attention to the more important facts were used.
Naturally I would hesitate to attempt to analyze such a
fine report in detail or to attempt to gUL4 the lily, even if I
were in a good position to do so. I could not help, however,
thinking about the question why your "risk11 assets represent not
only so low an actual proportion of y:>ur total asscjts but also no
more than half of the average of member bonks in leading cities.
Likewise, the average maturity of Treasury obligations which represent the bulk of your assets %$ so start that it has caused me to
VNMMP * little about your point of view regarding Government securities as well as your appraisal of the character o£ your deposit
liabilities from the standpoint of the need for carrying your assets
so largely in cash and very short-term Governments with the correspondingly low income that results.
No doubt you are trying out your report on many people
but, since you want to reach your stockholders primarily, I assume
that you are making a special effort to get their comrsnts,
n'ith recollections of the great pleasure that I had in
my last visit with you, and ray very best regards.
Sincerely yours,


M. S. Eccles