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MARSHALL PHILLIPS ' 'GREENACRES" NARVON, PA. V O ^ 2 « u c ^¡A-C^/ctJt^fl^j . To /c>/o /7 àKjtf^ * ^r;./ / O ^ ^ ^ ^ ^ C c ^ ( UJO^s tyOt^ ¿ Z r r v - / irt^ yo ^W^ MARSHALL PHILLIPS "GREENACRES" NARVON, y - « /O ' PA. - ^^^aytZcC"^^ A w ^ o C o g - c m mar $ •It»» ^ 25 March 7, 19U5- Mr. Marshall Phillips, "Greenacres", Narvon, Pennsylvania, Dear Mr. Phillips: In response to your letter, I am enclosing a copy of an explanatory statement in regard to my suggestion for a special wartime capital gains tax. Contrary to your assumption, I am thoroughly familiar with the causes and effeots you mention, and if the tax were adopted and as effective as I hope it would be, you would not purchase the hundred shares of some stock selling at $¿¿2 and rising within two years to |flU a share, at which time, according to your example, you would wish to sell it and keep your profit of 200. You would have to sell it to somebody else, who doubtless would have the same ambition to hold on to it for a short time and then sell it to a third person after realising a tremendous profit. And this, of course, would go on until the inflated price bubble finally burst. You and the others who managed to get in and out before that time would be all right. The victim and the loser would be the unlucky fellow who got in about the time of the crash. If you are for that sort of thing, then it would be a waste of time for me to pursue the discussion further. I am sure you cannot justify it to yourself or to anybody else. Very truly yours, M. S. Eocles, Chairman. Enclosure f. r —
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