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Commercial West /ncotpctatuuj NINTH DISTRICT BANKER MINNESOTA BANKER •MONTANA BANKER T H O M A S A. B O R I G H T THE FI NANCI AL W E E K L Y OF T H E • PUBLISHER W E S T • 603 S E C O N D A V E N U E S O U T H • M I N N E A P O L I S , M I N N E S O T A T E L E P H O N E A T L A N T I C 5 IS I December 14, 1940 Marriner S. Ecclea, Chairman Federal Reserve Board Washington, D. C. Dear Mr. Ecclea: We are aending you under separate oersonal cover the December 14 issue of Commercial Weat ori page 9 of which you will find an article of comment in connection with your talk before the National Industrial Board conference. Because of the "badly garbled reports emanating from that meeting, we felt that in justice to yourself you were entitled to an authentic interpretation of your statement. We will appreciate hearing from you after you have read our report. In checking our picture library, we find that we have no recent photograph of yourself, which we should have liked to have used in connection with our December 14 article. We will appreciate the courtesy, therefore, if you will have your secretary forward us one. With best wishes of the season, we are, Very truly yours, WLW jBC WILLISL. WILLIAMS Editor ' December 19, 1940. Mr. Willis L. williams, Editor, Commercial west, 603 Second Avenue South, Minneapolis, Minnesota. Dear Mr. milliams; I have your letter of December 14 and the issue of that date of Commercial v»est containing the comment on my recent address to which you refer. I appreciate your desire to correct the garbled ac counts that emanated from the meeting at which I spoke. Your report fairly summarizes by quotation the substance of the address — the headline, like my standpoint. Technically it is correct, in that 1 favor a firming of short-term rates, but as I en deavored to point out, I think it unlikely that with the great volume of funds already in existence, there would be much change otherwise, and some rates, particularly in the home and farm mortgage field, are still relatively too high. You recognize, I am sure, that the banking community cannot reasonably expect a return to levels prevailing in former days, or to any thing like "tight money* when we still have large un employment and the uovemment is obliged to finance deficits, »«hat I favor, to put it in general terms, is a rate structure adapted to conditions as they develop. Excessively “easy money“, I have never favored, and at this time I think it important to put the banking, monetary and fiscal machinery in better order to meet prospective conditions. In accordance with your request, I am having my secretary enclose a photograph. Sincerely yours, M. S. Eccles, Chairman. enclosure ET:b
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