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FEDERAL RESERVE OF BOSTON BANK April 1, 19h7 The Honorable Uarriner S* Eccles Chairman, Board of Governors of the Federal Reserve System '.Tashington, D# C# Dear !!r# Chairman: You ma;' be interested in learning the result of replies so far received in answer to letters that we wrote to some sixty-five bank loaning officers in this district concerning the Tobey Bill* Out of sixty-five letters that wererailedduring the week of March 10, we have to date received forty replies. The result of these replies can be fairly classified as follows: Size of Bank by Deposits Favorable Opposed to Principle but Favor FRB Over Others Opposed 5 to 15 Under 5 Million « 11 0 i o 15 to 30 30 to 50 Over 50 « » " 6 2 h w 2 0 2 0 1 0 HT ii 0 Also you may be interested to learn that in reply to one of our letters the president of the New Hampshire Bankers« Association advised us that their Executive Committee tftianimously voted in favor of the passage of the Bill and that he intended to notify their Congressman from New Hampshire and also the American Bankers« Association. Insofar as we have been able to determine, we do not find any concentrated opposition to the Bill in this district at the present tiaej in fact, most of those with vfaora we have talked favor the Bill» What opposition does exist cones nostly from a few of the larger banks. Generally, the smaller banks are favorable to it but appear timid in taking a public stand and in some cases even in writing us concerning the Bill. We are hopeful that a number of the banks that have written us will on their own initiative write Senator Tobey and their Washington Congressmen«
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