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BOARD

Form

OF

GOVERNORS

OF THE

FEDERAL

{

RESERVE

SYSTEM

ffice Correspondence
ToToFrom

Members

of

the

—

Board

Date-

June 50

> 1958 •

Subject:.

Mr. Thurston
As the attached letters are typical of the very large number
received and reflect a large cross-section of opinion with reference to bank examination and investment policy, the Chairman
asked that they be circulated for the information of the Members
"ioard.


(Please return


Governor Ransom
Governor Szyracak
Governor Davis
Governor McKee .
to Mr. Thurston's office)

Governor Draper

v/

KOT?M 1 7 3 3
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for
M.S.Eccles

April 14, 1938•

MR. GEORGE J. CLARK, Vice President,
Third National sank & Trust company,
Springfield, Massachusetts.

Dear Mr. Clark:
I have just received the March and three months1 statement
for Hampstead & Radnor and you, no doubt, have received
the same.
You will note that the income of Hampstead has
doubled for these three months over the same three months
of 1937, and the same is true for Radnor. In other words,
the quarter's earnings, over all charges including taxes,
insurance and interest, have increased from $2,300 to $4,500.
The only item that needs any comment is the new item - Assets
of Hampstead - Suspense $13,338.
This is the cost of the
new heating plant, which is figured to pay for itself in
five years.
xou will also note that we set up cash for
payment of principal of mortgage - on the assets side - a
little smaller than last year.
This is due to reduction in
the sinking fund, by reason of the fact that we are paying
one-half the amount we paid last year, by agreement with the
Boston Five wents Savings Bank.
Incidentally, I think it would be well to advise the bank
examiner that the mortgages are held by the Boston Five Cents
Savings Bank and that they would not have reduced the sinking
fund payment unless they felt it was pretty good; and also
reduce the rate of interest.

¥ours very truly,
(SignedJ ^has. H. Tenney
CHT/S

FEDERAL RESERVE BANK OF CHICAGO
230

SOUTH

L A S A L U E S T R E E T

June 17, 1958

OFFICE OF THE PRESIDENT




Dear Governor Eccles:
Just a line to compliment you on your letter
to Senator Vandenburg under date of the 14th instant,
appearing in today's press.

Coming at this time, it is

not only a good defense for our member and nonmember banks,
but shows the advanced and practical position being taken
by the Board of Governors.

It is receiving very favorable

comment both from bankers and the public.
Sine

Hon. M. S. Eccles, Chairman,
Board of Governors of the Federal Reserve System,
Washington, D. C.

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http://fraser.stlouisfed.org/ GOVERNOR'S OFFICE
Federal Reserve Bank of St. Louis

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June 23, 1938

Mr. G. J. Schaller, President
Federal Heserve Bank of Chicago
Chicago, Illinois
Dear Mr. Schaller:
Your note of June 17 with reference to my
recent letter to Senator Vandenberg is very much appreciated.

I am interested to know that it received

favorable comment la your community, particularly
because much of the attendant publicity surrounding
the current negotiations was exaggerated and unwarranted, and entirely misleading.

However, in

spite of this, I think the results will fully justify the position which we have taken here.
.Again thanking you for your courtesy in
writing me and with kind personal regards, I am
Sincerely yours,

M. S. Eccles,
Chairman.