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Southwestern Public Service MERCANTILE BANK Dallas 1, Company BUILDING Texas February 8 , 1951 Hon. M a r i n e r S . E c c l e s Member o f t h e B o a r d o f G o v e r n o r s F e d e r a l Reserve System F e d e r a l R e s e r v e Bank W a s h i n g t o n , D#C# Dear Mr. Eccles: Thank you f o r yours of t h e 7 t h . I read w i t h i n t e r e s t t h e s t a t e m e n t y o u e n c l o s e d , and w h i l e I am n o t c o m p e t e n t t o e x p r e s s a n i n f o r m e d o p i n i o n on many o f t h e m a t t e r s y o u d i s c u s s e d I f i n d m y s e l f h e a r t i l y i n a c c o r d w i t h y o u r s t a t e m e n t s under t h e h e a d i n g , ^How t o R a i s e Tax R e v e n u e s * . I am s o r r y t h a t t h e p r e s u r e o f o t h e r b u s i ness w i l l p r e v e n t you from u s i n g your i n f l u e n c e a c t i v e l y i n f a v o r o f a d i v i d e n d c r e d i t p r o p o s a l , and f r a n k l y I have v e r y g r a v e d o u b t s w h e t h e r t h e C o m m i t t e e c o u l d be p e r s u a d e d t h a t such a measure i s d e s i r a b l e b u t I t h i n k , n e v e r t h e l e s s , t h a t y o u w i l l a g r e e w i t h me t h a t t h i s i s a t l e a s t a t f consummation d e v o u t l y t o be w i s h e d . w Vice President Southwestern Public Service (lompany
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