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SAN F R A N C IS C O •LOS ANGELES PRIVATE W IRES T O P R IN C IP A L P O R T L A N D • SEATTLE F IN A N C IA L CENTERS C o n r a d , B r u c e & Co. EIGHTEENTH F L O O R, RUSS B U I L D I N G 235 M ONTGO M ER Y STREET SAN FRANCISCO November 26, 1935 Mr. Marriner S. Eccles, Chairman Federal Reserve Board Washington, D. C. Dear Mr. Eccles: Your letter and enclosure of the 20th arrived during Mr. Conrad’s ab sence from the city. He expects to return about the latter part of next week, at which time your letter will be brought to his attention. Yours very truly, Secretary to Barnaby Conrad HMW SAN F R A N C IS C O «LO S ANGELES PRIVATE W IRES T O P R IN C IP A L P O R T L A N D • SEATTLE FIN A N C IA L CENTERS C o n r a d , B r u c e & Co. EI G H T E E N T H FLO OR, RUSS BU IL D IN G 235 MONTGOMERY STREET SAN FRANCISCO December 27, 1935 Mr. Marriner S. Eccles Federal Reserve Board Washington, D. G. Dear Marriner: Thank you for sending me a copy of what you actually said at the American Bankers Association. One never could have guessed this from the newspaper reports. Perhaps you don’t know it, but you are so tarred by the brush of all the objectionable features of the New Deal that it is hard for many of my banker friends to see anything good in your ideas and accomplishments. I am free to admit that most of them are entirely devoid of vision, and remarkably few of them think. However, the fact re mains that the vast majority of them regard you as some thing with cloven hoofs, a spike tail, and rapidly sprouting horns. I know better and I am all for you. You are doing a grand job and if they don’t get you and you don’t weaken, you will go down in history as the great benefactor to our banking system. I hope you have had time to tackle the question of the restriction of the issuance of new bank charters in the future, and that this is a matter you can get Congress to act on early in the game. If you have any other ideas in your mind at this time I would like to hear about them, because every now and then I run across a banker who uses his brain and has acquired some understanding and then I like to tell him about you. In the main, bankers remind me so much of an observa tion that Henry Hayes made about investment bankers. He is one of the very few of our cult who exercises his brain, and I always like to talk to him. I lunched with him in New York while I was on and remarked about how many nice fellows there are in our business. He agreed but stated that so few of them ever do any thinking. I asked him if it had ever occurred to him that that was what made them all so nice I He agreed that that might have something to do with it. Mr. Marriner S. Ecoles Federal Reserve Board Washington, D. C. Page 2 The New Year is almost here and this note is just a reminder of how fond I am of you as a person and how much I admire your grey matter. May 1936 be a year of real happiness and accomplish ment for you. BC:w
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