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October 12, 1954, Mr. leeles Mr. Viner Xhe following is an excerpt from a letter which I ree*Btly received from Charles L* Smith, President of the First Bational Bank of Salt Lake City, which bank is the second largest in that territory, with total resources of between |15,000,000 to 114,000,000. I thought you would be interested in what he has to say regarding bank credit policies. R 0ne thing which has disturbed me has been the continued criticism of bank credit policies. I persiuae there have been too laany cases of banks throughout the country attempting to coabat the Mndnistratiori1 s plans but I do feel on the whole "banks have been anxious to extend all reasonable credit wherever possible and that the real difficulty lies in a lacrf. of confidence among business sen in general rather than in a holding back by the banks. "Sone tiae ago I secured some imfHx—felon from George which I passed on to you and we h&re within the X&st few days again had occasion to check soiaewa&t "the same information. I© find that during the year we h&vi granted credit Ilnea oX |l.f5(K)t0CX) bat that only 1500,000 of this is now in BUMNi during the first six montlis of this year we made new loans aggregating #948,000, this figure having been taken from our report to the Federal Reserve Bank* We not only are not attempting to restrict credit but are doing everything in our po?#er to 3 ind propei* channeia through which to loan our uioney* In spite of all this the total of our loans continues to decrease•B I SE:VE