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July 9, 194-8.

Dear Marriner:
At the Board meeting on Tuesday, July 6, the Chairman reported
that Southard had formally accepted a position on the Board to be effective August 15*
It was also reported that Cameron Thompson had called regarding
the meeting on holding company legislation and had suggested the first
week in August* He had also suggested that Townsend was considered
somewhat of a prosecutor type by some of the bankers and hence hinted
it would be helpful if someone else rather than Tbwnsend sat in. It
was suggested by the Chairman that since Townsend would be quite busy
in California it might be preferable to have Mr. Vest sit in. This provoked discussion and I urged very firmly that Townsend should most certainly be present, that the bankers were always hoping for a better deal
and undoubtedly assumed that the change at the Board and the impending
change in the administration offered promise of a lot easier ticket. The
real reason they don!t want Townsend present is that he is perfectly aware
of the various arguments they have made previously and is likewise aware
of certain understandings arrived at heretofore which, I suggested, the
bankers would like to abandon now. At the conclusion of the discussion
it was agreed that Leonard would be present but that the Chairman would
caution him that the purpose of the meeting was more to draw out the various attitudes of the bankers and that, therefore, we would be mostly
listeners. It was also decided that the first week in September would be
a better time to hold such a meeting. Tentatively the group would comprise two representatives from the following: (1) reserve city bankers;
(2) holding company bankers; (3) American Bankers Association; (4-) Independent Bankers Association (both groups); and (5) National Association
of State Bank Supervisors (in this case three representatives to be
invited) •
As to the New York matter, alternative drafts had been circulated
to Messrs. Thurston, Vest, and Carpenter, but rather than take up these
drafts in detail it was decided that since Messrs. Stevens and Rounds were
due here the next day (Wednesday) it would be preferable to discuss the

-2matter with Mr* Stevens informally, etc. However, BO much time was
taken up discussing salaries at the New York Bank that there was no
time for a discussion of the Stevens1 letter. I rather welcome this
situation since it makes it more necessary now that a written record
be made. I presume, therefore, that the drafts referred to will be
considered at the next Board meeting.
With best wishes, I am,

Mr. Marriner S. Eccles,
Hotel Ben Lomond,
Ogden, Utah.