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LAIRD BELL DARRELL S . B O Y D T H O M A S L. M A R S H A L L F. C . E . L U N D G R E N GLEN A . L L O Y D D A V I D A . WATTS CARLETON BLUNT WILLIAM N . HADDAD KENNETH MCCRACKEN WILLIAM G . B U R N S MARK S . M A S S E L CHARLES E. HERZOG SAMUEL M. MITCHELL JAMES CONGER J A M E S P. J O H N S O N G E O R G E W. W I N D H O R S T , JR BELL, BOYD, MARSHALL 135 SOUTH LASALLE LLOYD STREET CHICAGO R A Y M O N D P. J A N I C E K CHARLES T. M A R T I N , J R WILLIAM M . T R U M B U L L T H O M A S R . M c MI LLEN W I L L I A M P. F L Y N N , J R ROBERT E. MASSEY GLENN W. M C G E E , J R ARTHUR MEDOW JACK M . W H I T N E Y I I T H O M A S B . STI BOLT MALCOLM A - C H A N D L E R F.WILLIAM REEB & F e b r u a r y 23, 1951 M r . M. S. E c c l e s F e d e r a l Reserve System W a s h i n g t o n , D. C. Dear M a r r i n e r : Many t h a n k s f o r y o u r good l e t t e r o f F e b r u a r y 2 1 , 1951 and t h e e n c l o s e d copy o f y o u r s t a t e m e n t o f January 2 5 t h b e f o r e the J o i n t Committee. We c e l e b r a t e d W a s h i n g t o n ' s b i r t h d a y y e s t e r day noon a t a s m a l l p a d d l e t e n n i s l u n c h e o n w i t h b o t h John and J e a n Dern and J i m and C a r o l i n e D e r n . The p l e a s a n t t i m e we had w i t h y o u and y o u r b r o t h e r s i n Ogden was t h e s u b j e c t o f a number o f comments so y o u r l e t t e r t h i s m o r n i n g was w e l l t i m e d . N e e d l e s s t o say we w i s h t h e r e were more p e o p l e i n t h i s c o u n t r y l i k e y o u r s e l f who can t h i n k t h i s i n f l a t i o n problem through t o i t s u l t i m a t e a f f e c t on a l l o f u s . W i t h k i n d p e r s o n a l r e g a r d s and a g a i n t h a n k s , Yours, CB LS