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ISAAC ALPERN. P R E S ID E N T FRANK DORSEY. V IC E PR E S ID E N T PETER C. OLSEN, V IC E PR E S ID E N T W. M. WEIANT, S E C Y & TR E A S . W. H. PULLEN, ASST. S E C Y 8c A SST. TR EA S. JOHN J. QUINN. ASST. S EC R E TA R Y S. RIDDLESTORFFER. T R U S T O F F IC E R irust L>ompair^ P erthA niboy;N .J. November 23,1935 Hon. Marriner S. Eccles,Esq. Governor, Federal Reserve Board Washington, D. C. My dear Sir: Permit me to express my appreciation of your recent statement quoted In the New York Times of Saturday, November 23rd. In my opinion, you have adopted the right method, and your statement Is economically sound. Your Board has not neglected Its duties. It Is about time that sound securities which show earnings, should rise from the deflated values at which they have been selling for the past three years. We need a liberal view to encourage credit in order to Improve business, and this is no time to "put on the brakes". The bank over which I have had the honor to preside as president for the past twenty years, has suffered a great deal from the deflated values, and it is now coming back through the appreciation of the se curities which it holds. On several occasions during 1931-32 I have heard the remarks of Thomas Lamont to the effect that "prosperity Is around the corner". These supposedly big bankers, having missed the right corner, were disappointed, and since then have continued to blame the New Deal and everyone connected with it. It behooves me as a small country banker who has been under great pressure for the past five years, to express my gratitude to men like you for the courageous stand which you are taking, which helps to re store industry and banking as a whole. Among the thousands of letters of commendation which you no doubt will receive, I assure you there is none more sincere than this. Verv*\ truly yours President Chairman xxxxxxxx Novemoer k6, 1935» Mr. Isaac ¿JLpern, President, Perth iimboy Trust Company, Perth ioaboy, New Jersey. My dear Mr. *.lpem: I thank you very much for your letter of November ¿3d and appreciate your thoughtfulness in writing to me. In view of your interest in the sub ject, I am enclosing a copy of the address which I made before the iunerican bankers association conven tion in New Orleans on November 14th. Very truly yours, M. £>. Iccles, Chairman. enclosure MSl:VE:b
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