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T H E COMPANY WILL APPRECIATE SUGGESTIONS FROM ITS PATRONS CONCERNING ITS SERVICE 1220-S CLASS OF SERVICE This is a full-rate Teleg~~i or <#iblegram .mess ift deferred character is indicated by a suitable sign above or precedng the address. R. B. WHITE PRESIDENT TE U N I O N <f* NEWCOMB CARLTON CHAIRMAN OF THE BOARD SIGNS DL = Day Letter NM = Night Message NL = Night Letter LC = Deferred Cable NLT = Cable Night Letter J . C WILLEVER FIRST VICE-PRESIDENT Ship Radiogram Thefilingtime as shown in the date line on full-rate telegrams and day letters, and the time of receipt at destination as shown on all messages, is STANDARD TIME. Received at ,,,,.-,.«D !; DM * 5 Q KHA15O 197 GOVT ^1 EXTRASBD WASHINGTON DC 1f 425P HON MARRIMER S ECCLES= ;CARE ECCLES INVESTMENT CO ( CONFIDENTIAL] ZN= THE ESTABLISHMENT AND MAINTENANCE OF A SOUND BANK IMG SYSTEM WHICH WOULD SERVE THE PUBLIC • INTEREST HAS BEEN A CONSTANT OBJECTIVE OF THIS ADMINISTRATION STOP IN FURTHERANCE OF THIS OBJECTIVE CONGRESS SHOULD AGAIN GIVE CONSIDERATION TO THE BANK HOLDING COMPANY PROBLEM AND DETERMINE IN WHAT MANNER EXISTING LAWS DEALING WITH THESE COMPANIES SHOULD BE STRENGTHENED AND WHAT LIMITATIONS SHOULD BE IMPOSED UPON THEIR DEVELOPMENT STOP THERE SHOULD BE ENACTED AT THIS SESSION LEGISLATION THAT WILL EFFECTIVELY CONTROL THE OPERATION OF BANK HOLDING COMPANIES AND PREVENT HOLDING COMPANIES FROM ACQUIRING CONTROL OF ANY MORE BANKS COMMA DIRECTLY OR INDIRECTLY COMMA OR BANKS CONTROLLED BY HOLDING COMPANIES FROM ESTABLISHING ANY MORE BRANCHES COMMA AND THAT WILL MAKE IT ILLEGAL FOR A HOLDING COMPANY COMMA OR ANY CORPORATION OR ENTERPRISE IN WHICH IT IS FINANCIALLY INTERESTED TO BORROW FROM A BANK IN WHICH IT HOLDS STOCK STOP SUCH LEGISLATION SHOULD MAKE PROVISION FOR THE GRADUAL SEPARATION OF BANKS FROM' HOLDING COMPANY OWNERSHIP COMMA ALLOWING A REASONABLE TIME FOR THIS ACCOMPLISHMENT COMMA TIME ENOUGH FOR IT TO BE DONE IN AN ORDERLY MANNER COMMA AND WITHOUT CAUSING THE QUICKEST, SUREST AND SAFEST WAY TO SEND MONEY IS BY TELEGRAPH OR CABLE V THE COMPANY WILL APPRECIATE SUGGESTIONS FROM ITS PATRONS CONCERNING ITS SERVICE SERVICE is is a full-rate Sram or Cablegram unless w> deferred character is indicated by a suitable sign above or preceding the address. R. B. WHITE PRESIDENT TE UNION NEWCOMB CARLTON 1220-S SIGNS J. C. WILLEVER DL = Day Letter NM = Night Message NL = Night Letter LC = Deferred Cable NLT = Cable Night Letter Ship Radiogram Thefilingtime as shown in the date line on full-rate telegrams and day letters, and the time of receipt at destination as shown on all messages, is STANDARD TIME. Received at F KHA15Q SHEET TWOS !938 MAR 16 PM 3 3n INCONVENIENCE TO COMMUNITIES SERVED BY HOLDING COMPANY BANKS COMMA OR UNNECESSARY LOSS TO STOCKHOLDERS^ RONALD RANSOM* c THE QUICKEST, SUREST AND SAFEST WAY TO SEND MONEY IS BY TELEGRAPH OR CABLE THE ES7ABLI^!MERT AND MINTS29A8CE OF A SOtmP BA3KIW3 STSTfiM WHICH SERVE TH1 PUBLIC I8TBREST HA^ BEEH 4 COH8TA8T OBJECTIVE OF T U S TRATIOR STOP IN PnRTlflPKRANCE OF THIS OBJECTIVE OOSafilSS SHOULD AOAIB GIVE COKSIBEfiATION TO THl BASK HOLDING COMPANT PROBLEM ASD 0gTEHI!ISE W WHAT MAHSgR KZIdTINQ T.AHS DEACim *ITH THESE COMPANIES SHOULD BE STRIKGTHESKI) A?ND WHAT LIMITATIONS SHOULD BE IKP08KD V?(M THEIR D1VSLOPHST STOP THERE SffOIH.D BE MkCtW kf THIS SI8SI0II LKJISUTIOB THAT WILI, I F n x m V E L T CONTROL THE OPERATIOB OF BANK HOLDING COMPARIES HOLDING C04PA9I3S TRQU AC<KnSHfO OOWClOyOF AST HORI BAUKS / - - ^ • . — - „.. j^.. •*»— COIIW(A(DIftICTLT OB Ei^rtfCTLT COMMA; OR BAITKfe COBTROLLED BI HOLDING COHPAHIES IBOM ESTABLiaHIHG AMI MORI BRAICHfS COWA AMD THAT WILL MJKB IT ILLEGAL FOE A HOLDING CC^CP^t OD?iB3A OE 4HY CORPORATION OS EiTEHPRlSF. IS IHICH IT li nNAHCIALLY IB??* BESTED TO BOfiBOf FROM A BAHK IS WHICH IT HOLDS STOCK STOP 30CH LEGISLATES SHOULD XAEK PROVISION FOR THE SIPAKATIOH OF BASKS fBOM HOLDIHG CqSPAmt OfSERS5!IP COMiA ALLOWING A TIME, P 9 T THIS, ACCOMPLISH*!**/COMVA TIME WGTOH FOR T T TO PF A A I ORDERLY K t K m COKSSA AID HTHOtTT CA0SI8G II?CONVI»XS?CE TO COWSflJHITIES SERVED B I HOLDIHG COIfPASI BA8KS COMMA OR OKSECESSABT LOSB TO THE ESTABLISHMENT AND MAINTENANCE OF A SOUND BANKING SYSTEM WHICH WOULD SERVE THE PUBLIC INTEREST HAS BEEN A CONSTANT OBJECTIVE OF THIS ADMINISTRATION. IN FURTHERANCE OF THIS OBJECTIVE CONGRESS SHOULD AGAIN GIVE CONSIDERATION TO THE BANK HOLDING COMPANY PROBLEM AND DETERMINE IN WHAT MANNER FOISTING feriW§-DSAL£»G-WJ?H-$H£S &S LEGISLATION ENACTED DURING THIS ADMINISTRATION SHOULD BE STRENGTHENED AND M A T LIMITATIONS SHOULD BE IMPOSED UPON 5HE5R DEVELOPMENT OF SUCH HOLDING COMPANIES. I RECOMMEND THAT THE CONGRESS ENACT AT THIS SESSION LEGISLATION THAT WILL EFFECTIVELY CONTROL THE OPERATION OF BANK HOLDING COMPANIES* AND PREVENT HOLDING COMPANIES FROM ACQUIRING CONTROL^ DIRECTLY OR INDIRECTLY, OF ANY MORE BANKS*. PREVENT, ©£8£G?&¥-QR nrPUfflffTTiY, QR BANKS CONTROLLED BY HOLDING COMPANIES FROM ESTAB- LISHING ANY MORE BRANCHES, AND THAT WILL MAKE IT ILLEGAL FOR A HOLDING COMPANY, OR ANY CORPORATION OR ENTERPRISE St-WH£GH-£¥-£S CONTROLLED BY IT TO BORROW FROM A CONTROLLED BANK SWSHiGH-IS-K9LDS-S2?0GK. SUCH LEGISLATION SHOULD MAKE PROVISION FOR THE GRADUAL SEPARATION OF BANKS FROM HOLDING COMPANY OWNERSHIP, ALLOWING A REASONABLE TIME FOR THIS ACCOMPLISHMENT, TIME ENOUGH FOR IT TO BE DONE IN AN ORDERLY MANNER, AND WITHOUT CAUSING INCONVENIENCE TO COMMUNITIES SERVED BY HOLDING COMPANY BANKS, OR UNNECESSARY LOSS TO STOCKHOLDERS, •'*•'"•*"*-• THE ESTABLISHMENT AND MAINTENANCE OF A SOUND BANKING SYSTEM M U C H WOULD SERVE THE PUBLIC INTEREST HAS BEEN A CONSTANT OBJECTIVE OF THIS ADMINISTRATION. IN FURTHERANCE OF THIS OBJECTIVE CONGRESS SHOULD AGAIN GIVE CONSIDERATION TO THE BANK HOLDING COMPANY PROBLEM AND DETERMINE IN WHAT MANNER EXISTING LEG1SLA- • TION ENACTED DURING THIS ADMINISTRATION SHOULD BE STRENGTHENED AND WHAT LIMITATIONS SHOULD BE IMPOSED UPON DEVELOPMENT OF SUCH HOLDING COMPANIES. I RECOMMEND THAT THE CONGRESS ENACT AT THIS SESSION LEGISLATION THAT WILL EFFECTIVELY CONTROL THE OPERATION OF BANK HOLDING COMPANIES, PREVENT HOLDING COMPANIES FROM ACQUIRING CONTROL, DIRECTLY OR INDIRECTLY, OF ANY MORE BANKS, PREVENT BANKS CONTROLLED BY HOLDING COMPANIES FROM ESTABLISHING ANY MORE BRANCHES, AND THAT WILL MAKE IT ILLEGAL FOR A HOLDING COMPANY, OR M Y CORPORATION OR ENTERPRISE CONTROLLED BY IT TO BORROW FROM A CONTROLLED BANK. SUCH LEGISLATION SHOULD MAKE PROVISION FOR THE GRADUAL SEPARATION OF BANKS FROM HOLDING COMPANY OWNERSHIP, ALLOWING A REASONABLE TIME FOR THIS ACCOMPLISHMENT, TIME ENOUGH FOR IT TO BE DONE IN AN ORDERLY MANNER, AND WITHOUT CAUSING INCONVENIENCE TO COMMUNITIES SERVED BY HOLDING COMPANY BANKS, OR UNNECESSARY LOSS TO STOCKHOLDERS.