View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

P. J. M C E V E L I A . CASHIER

M. M. H O L M E S , PRESIDENT
J. M. H O D G E S . VICE PRESIDENT & TRUST OFFICER

E. G. S I S S O N . ASSISTANT CASHIER
K. F. R E I T Z . ASSISTANT CASHIER

W . F. S T A P L E S , VICE PRESIDENT & INVESTMENT OFFICER

M G. F A U L K N E R . ASSISTANT CASHIER

H. F. P R A T T . ASSISTANT VICE PRESIDENT

F. W . H I G G I N S . ASSISTANT C A S H I E ¬ę
R G. C O N K L I N . MANAGER, I N S T A L M E N T L O A N DEPARTMENT

H. E. S M I T H . ASSISTANT TRUST OFFICER

iMMAN^m^^tm
December 22, 19h9

Honorable Marriner S. Eccles
c/o The Board of Governors of the
Federal Reserve System
Washington, D# C.
Dear Sir:
I -wish to acknowledge receipt of yours of December 13 and to
advise you that I have just completed a very careful reading of
the statement which you made before the Subcommittee on Monetary,
Credit and Fiscal Policies on November 23, and also your supplementary letter to Senator Douglas of December 1. I have been
greatly interested in these and thank you for ycrur courtesy in
sending them to me. I am asking our other senior officers to give
them a careful reading and then I shall reread them myself.

MMH:mbb




January£5,.1950.

Mr. M. M. Holmes, President,
Exchange National Bank of Olean,
Olean, New York.
Dear Mr. Holmes:
It is most encouraging to learn from your
letter of December 22 that you read my statements before
the Douglas Subcommittee and especially that you brought
them to the attention of your other senior officers. Perhaps by the time you receive this letter you will have
received the report containing the conclusions of the Subcommittee which will be distributed to all banks. Nothing
is. more v J u b t a to the objectives of the Federal Reserve
alaf
System than the assurance that bank officers are informing
themselves about the broader aspects of credit and monetary
policy as developed at such hearings as those conducted by
Senator Douglas.




Sincerely yours,

M. S. Eccles.

CM: am