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V^^c-hJ y- AsU) A [ FEDERAL RESERVE BANK OF CHICAGO OFFICE OF THE April 7, 194.7 PRESIDENT The Honorable Marriner S. Eccles Chairman, Board of Governors of the Federal Reserve System Washington 25, D. C. Dear Marriner: I was pleased to receive your letters of April 3 and A in regard to Bill S. 408. ïour letter to C. B. Axford, Editor of the American Banker, is both excellent and timely, and I am proud of the way you presented the facts in order to counteract the unfair and gross misrepresentations of Mr. French. Inasmuch as several agencies in Chicago have addressed letters to bankers asking for suggestions and whether they are favorable or opposed to the Bill, I thought it inadvisable to send a letter to all banks in this District requesting similar information. I have talked, however, to a number of bankers, and the majority of them favor the Bill. Representatives of the larger banks, with whom I have talked, favor the Bill with modifications set forth in the Federal Advisory Council's recommendations which you sent us a few days ago. We have been doing some educational work quietly among the bankers, particularly familiarizing them with the purposes of the legislation, and I am confident pro-sentiment has increased substantially during the past three weeks. ïour letter to Mr. Axford is being included in our weekly report to the directors and officers. Sincerely yours, President f April 11, 19V/. Dear Hap: TnaJik you for your letter pf npril 7 comraenting on the letter to ^r. oxford* 1 am gratified to Have your f^vora^le *>£ it and W know t^«it you are continuing educational "work aaiong the bankers. I ieel somewhat more encouraged by the approval o£ J+OS whicn nas oeen enlisted particularly in those ¿ederw. ^e^eryjs districts where a. determined, effort has been nici.de by tne Reserve £anK presidentb and other officers to &ain unaerbt^,nding and hence support of the measure. Kdth bebt regards, bince^ely yours, Mr. o. 5. Young, Prebident, Federal xieserve £an*c oi UiiCago^ Chicago, Illinois. ET:b
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