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BOARD OF GOVERNORS
OF THE

FEDERAL RESERVE SYSTEM
WASHINGTON
OFFICE OF THE CHAIRMAN

May 24, 1944•

Honorable M. S. Eccles,
Hotel Ben Lomond,
Ogden, Utah.
Dear Marriner:
In this morning's mail, I received back the signed letter
to Senator Wagner* Meanwhile, yesterday morning the hearing on the
Home Loan Bank Bills was opened as scheduled. Al Cherry was present
but no one appeared in opposition to the Bill, nor was there anything
offered for the record* Senator Radcliffe said at the beginning of
the session that he understood that there was a representative of the
Federal Reserve Board present, and then looked around the room. Cherry
then went up to the Senator and told him privately that he was only
there as an observer and wasn*t authorized to speak for the Board. The
Senator then asked him if the Board did not have a statement and Cherry
said that he understood that they had, but he had not been able to verify, before leaving his office, whether it had been sent up or not*
Both Fahey and Bodfish testified in behalf of the Bills as
did others including Hoagland, ex-member of the Home Loan Bank Board,
and Oscar Kreutz, the head of the recently formed American Savings and
Loan Association* From other statements made by Senator Hadcliffe, it
appeared to Cherry that the hearing would be wound up yesterday since
the full Committee was to meet in executive session this morning on the
OPA Bill. He therefore hopped a cab back to the Building and reported
to me the status of the matter. Meanwhile Matt had talked to you so
that we had reason to expect the letter to arrive here this morning* I
therefore suggested to Matt that he call Senator Radcliffe explaining
the reason for the delay and ask him that your letter, when received, be
made a part of the printed record. I also informed Morrill and Pack of
these developments.
Cherry just now phoned me that he had returned from the Capitol
where he had delivered your letter personally to Senator Radcliffe who
assured him that it would be part of the printed record. Cherry also advised the Senator that Matt had been trying to connect with him and was
still going to call him about the matter*




I think our position in the matter is secure, although it
would have been more effective, no doubt, if the letter could have
been read at the hearing. In this connection, Cherry stated that
Bodfish, in his previous testimony, alluded to the fact that the Federal Reserve had been opposed to these Bills in their previous form
and that if a statement in opposition were filed with reference to
the present Bills, he would like the opportunity of filing a statement in rebuttal• Senator Eadcliffe agreed to this.




With best wishes to all, I am
Sincerely,