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Tr a d e s m e n s N a t i o n a l B a n k H O W A R D A. L O E B CHAIRMAN and Tr u s t C o m p a n y 3 2 0 CHESTNUT STREET 14-20-22 WALNUT STREET 5614 GERMANTOWN AVENUE BROAD AND LOUDEN STREETS 9 SOUTH FIFTY-SECOND STREET Ph OFFICE OF H.W . G O O D A L L PRESIDENT CABLE ADDRESS il a d e l p h ia ‘ TRABAN K” HOW ARD A. LO EB CHAIRMAN D ecem ber 1 3 , 1940 D ear M a r r in e r : A fe w d a y s a g o I r e c e iv e d a c o p y o f y o u r a d d r e s s b e f o r e th e N a t io n a l I n d u s t r i a l C o n fe r e n c e B o a r d i n N ew ¥ o r k , m ade a b o u t tw o w e e k s a g o . I h ave r e a d i t w i t h v e r y much i n t e r e s t a n d c o n s i d e r a b l e e n lig h te n m e n t. I t i s a n i n t e l l i g e n t an d t i m e l y p r e s e n t a t i o n o f t h e m o n e t a r y a n d f i s c a l p r o b le m s t h a t c o n f r o n t u s , a n d t h e e c o n o m ic an d s o c i a l i n p l i c a t i o n s in v o lv e d t h e r e in . Y o u h a v e my v e r y s i n c e r e c o n g r a t u l a t i o n s u pon h a v in g p r e s e n t e d t o t h e c o u n t r y a t t h i s im p o r t a n t t i m e a s t a t e m e n t t h a t s h o u ld an d m u s t r e c e i v e a t t e n t i o n i f we a r e t o a v o id th e p e r i l s o f a l a i s s e z f a i r e p o l i c y . S in c e r e ly , t T h e H o n o r a b le M a r r in e r S . B oard o f G o v e rn o rs o f th e F e d e r a l R e s e r v e S y s te m , W a s h in g t o n , D . C . E c c le s , A d d r e s s R e p l y T o 320 C h e s t n u t S t r e e t J L December 1^, 19^0 Mr. Howard A. Loeb , Chairman Tradesmens N a tio n a l Bank & T ru s t Company P h ila d e lp h ia , P en n sylva n ia Dear Howard: Your th o u g h tfu l n o te o f December 13 w ith re g a rd t o my t a l k b e fo r e th e N a tio n a l I n d u s t r ia l C onferen ce Board i s v e r y much a p p re c ia te d . Just b e fo r e r e c e iv in g you r l e t t e r , and a t th e s u g g e s tio n o f Leon F ra s e r , I had asked Mr. Thurston t o send c o p ie s t o th e o th e r members o f th e C o u n c il. I t i s p a r t i c u l a r l y g r a t i f y i n g t o have you r fa v o r a b le com ments on th e t a l k which I had n o t in ten d ed t o make p u b lic , f o r I d id not wish t o be a n t ic ip a t in g th e statem ent th a t I hope th e Board and C ou n cil w i l l a g re e upon. However, th e erroneous im pression c r e a te d by u n au th orized newspaper accounts th a t su bsequ en tly appeared, l e f t me no c h o ic e excep t t o g iv e out what I a c t u a lly had s a id t o th e C onferen ce Board. S in c e r e ly y ou rs, M. 6 . -¡¡¡ccles Chairman. ET/1
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