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BOARD OF GOVERNORS
f -3 *
OF THE
FEDERAL RESERVE SYSTEM
J.
j
Statement for the Press
For immediate release

January 28, 191+8

In view of persistent press and radio comments, I
feel that it is incumbent upon me to say that I have no reason
to believe that Mr. Snyder or others in the Treasury had any­
thing to do with my replacement as Chairman of the Board of
Governors of the Federal Reserve System.

My relationship with

the Treasury has never been on a more satisfactory basis.

This

is attested by the following letter sent to me on December 22,
19hh




"Dear Marrineri
The fine understanding between the Federal Reserve
System and the Treasury Department which has made possible
such a splendid record of cooperation during the past year,
is a source of much gratification to me. I am indebted to
you for setting the tempo.
You have my best wishes for a happy and prosperous
holiday season and New Year.
Sincerely,
John."


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102