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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.