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U m t e b States Senate MEMORANDUM April 16y 19c5. Dear Governor dccles: This may be of little importance to you, but as I recall benator Glass at one point broke into your answer to a previous question, ana the reporter aio. not record the last few words of your remarks- The point in the testimony to which I have reference is on Galley No. 6 and is indicated by an arrow. If it is immaterial, the record will stand as it is now printed. However, if you recall vvhat you stated or had in mind ana wish to insert it, I shall be happy to do so. Please read over the remainder of the prin oeo testimony and effect any correction you tnink snoulo be made. Very truly yours, n. H. Bparkman Acting C-jerk April 16, 1955, Mr* R* H* Sparkman, Acting Clerk, Subcoisaittee of The Committee on Banking and Currency, United States Senate, Washington, D* C* Bear Mr* Sparkmans I appreciate your memorandum of Apri£ 13, transmitting to me gAlley proofs of the testimony yesterday* As you suggested, I had intended to amplify my testimony in answer to the statement by Senator Glass that the I?irst H&tiooal Bank of Salt Laks City had applied to the Reconstruction Finance Corporation for the sale of £250*000 of debentures* Ifcould,therefore, request that at the point on Galley lo* 6 where you have drawn the arrow in pencil, that the following be inserted! "Governor Bedes* I must differ with the Senator as I am sure that no application was made by the First National Bank of Salt Lake City for the sale of capital debentures to the R* F* 0* There must be 6Qme confusion in the Senator's information as that bank did apply to the R« F* C* for the sale of that same amount of preferred stock and that application was approved* Obviously an application for debentures was not approved because it was not made* furthermore, I can't understand how they could have applied for the sale of debentures inasmuch as the law did not authorize purchase by the R* F. C* of capital debentures from national banks*9 Senator Glass must have been confused in his interpretation of the Information furnished him or there was some inadvertent use of the word "debentures" in the letter of Elias A* Smith to which Senator Glass referred* In this same connection it might be well to suggest to him that his own statement several lines before the insertion above referred to should be corrected in which he stated "the application was signed by Elias A* Smith** What he probably meant was that the letter conveying the information was Mr* R« H» Sparkaan signed by Ellas A. Saith op perhaps the letter transmit ting the application* lours sincerely, 1 (Signed) S. ucclai M„ S» Ecclea, Governor* tG/l&m
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