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BANK OF AUBURN AUBURN, WASHINGTON December l 6 , 1947 Hon. M a r r i n e r E c c l e s , Chairman F e d e r a l Reserve Board Washington, D. C. Dear M r . Eccles: The s m a l l b a n k s t h r o u g h o u t t h i s p a r t o f t h e c o u n t r y a r e c e r t a i n l y one h u n d r e d p e r c e n t b e h i n d y o u i n y o u r s t a n d t o s t a b i l i z e t h e m a r k e t - on U . S . G o v e r n ment bonds, Wild f l u c t u a t i o n i n these basic holdings o f o u r b a n k s c o u l d e a s i l y d e s t r o y some o f t h e s m a l l e r i n s t i t u t i o n s w h i c h have a s u b s t a n t i a l p a r t o f t h e i r a s s e t s i n Government s e c u r i t i e s . IFTT t r hA WFLLL STREET h u n c h FOPFLFT YP11 "ir-in71 i Q i3nf"fri,Tt"Aly ^rif* i r > p r f j t -! q i n ^ t h e i n t e r e s t o f ^ t h e c o u n t r y a s a W i t h much r e s p e c t , I am Yery trul £>WGE L I T T L E Chairman o f the Board BL: l b o r December16*23• M r . Bryce L i t t l e , Chairman o f t h e IJoard, Bank o f Auburn, Auburn, Washington. Dear |£r. Little: On b e h a l f o f M r . E c c l e s who i s i n Utah f o r t h e h o l i d a y s , I w i s h t o t h a n k you f o r your l e t t e r o f December 16 commenting on h i s stand w i t h respect t o s t a b i l i z i n g t h e market on U. Government bonds. Your encouragement i s v e r y much a p p r e ciated. Sincerely yours, E l l i o t t Thurston, Assistant t o the Chairman. ET:b
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