The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Oa v io L a w
rence
O w en l* S c o t t
Editor
E. W o r t h
Atsooiate Editor
H ig g in s
M anaging E d itor
The UnitedStsfes Mews
2 2 N D A N D M S T S. N . W ,
W a s h in g t o n . D. C.
February 4, 1944
Hon. Marriner S. B e d es,
Qhairman, Board of Governors,
Federal Reserve System,
Federal Reserve Building,
Washington, D. C.
Dear Mr. Eccless
Ve would appreciate a copy of your address in the la x
Institute, Inc., symposium on Curbing Inflation Through Taxation in War
and Postwar Periods, to "be held at the Hotel Pennsylvania, Hew York City,
February 7-8.
It would "be helpful to have it as early in advance as may
he convenient.
Sincerely yours,
EWHîD
M
anaging Editor
LO O M IS • SAYLES
•8 * C O M P A N Y
IN C O R P O R A T E D
140 FEDERAL STREET
BOSTON
10
February 9, 1944
Mr. E llio tt Thurston
Federal Reserve Board
Washington, D. C.
Dear E llio tt :
Unfortunately the accounts that I have seen of Chairman
Eccles' address before the Tax Institute in New York
yesterday have been rather incomplete. Apparently the
address was a very strong one, and I should lik e very
much to have a copy—perhaps you could have me listed
to receive such things regularly.
I shall probably be in Washington for a few days in the
near future. I f so, I sh all hope to see you.
Thanks and best wishes.
Cordially
WES:b
February 11, 1944*
Mr. * # R. Stark
Loorais-Sayles & Company
140 Federal Street
Boston 10, Massachusetts
Dear Bud:
Zou are now listed to receive regularly such
things as speeches, etc.
Copy of the Chairman*• talk
was mailed separately*
Hope to see you when you are in town*
miss you.
Faithfully,
Elliott fhurston
KPijld
We
Securities
and
Ex c h a n g e Commission
MK9HDSKR15H
P u b lic U t i l i t i e s D iv is io n
Philadelphia 3
F e b ru a ry 9 , 1944
H on orable M a rrin e r S. E c c le s ,
Board o f Governors
F e d e r a l R eserve System
W ash in gton , D. C.
Chairman
Dear S i r ;
I t w ould be a p p re c ia t e d i f I m ight
r e c e iv e a copy o f your re c e n t speech b e fo r e
the luncheon m eeting o f the E ig h t h Annual Tax
I n s t i t u t e symposium.
V ery t r u l y y o u r s ,
ê
f
'
PA U L
E. K E R N
ATTO RN EY AT LAW
S I X T Y
BROAD STREET
N E W Y O R K , N . Y.
WH I T E H A L L 4 - 3 4 7 4
Feb. 9 , 19 4 4
Hon. Marriner S. Eccles, Chairman,
Federal Reserve Board,
Washington, D. G.
Dear Sir:
I f a copy of your address o f the other day before the Tax
Institute at the Hotel Pennsylvania in New York is available, I
would very much appreciate your sending me a copy of the same.
Thanking you in advance, I remain,
Tours truly,
pek.00
u
/, 0 /
*
MODERN INDUSTRY
THE
M A G A Z IN E
347
OF
A N D
MADISON
NEW
FOR
ALL
IN D UST RY
AVENUE
YORK
17, N. Y
February 9, 1944
Mr. Marriner S. Eccles, Chairman
of the Board of Governors
Federal Reserve System
Washington, D. C.
Dear Mr. Eccles:
May we have a copy of your address at the
eighth annual Tax Institute symposium in New York
on February 8th? Tie shall deeply appreciate
your arranging to have this sent to us at your
earliest convenience.
Sincerely yours,
Secretary to H. F. Merrill
Editor
U N I T E D ELECTRICAL, R A D I O & M A C H I N E W O R K E R S
A F FILIA TE D W IT H
OF AMERICA
THE CONGRESS OF IN D U S TR IA L O R G AN IZATIO N S
11 E A S T 51 S T R E E T
N E W Y O R K 22, N . T.
PLAZA 3-1960
GENERAL OFFICE
February 9, 1944
Mr. Marriner S* Eccles
Chairman
Board of Governors Federal
Reserve System
Washington, D« C*
Dear Mr* Eccles»
The New York Times of February 9
reports an address made by you on February 8
at the eighth annual Tax Institute symposium
in the Hotel Pennsylvania.
We would very much appreciate a
copy of your address i f it is available.
International Representative
ÀAHsmb
uopwa 16/13
A L B E R T J. F ITZG ER ALD , G E N ’L P R E SID E N T — J U L IU S EM SPAK, G E N ’L S E C ’Y - TREAS. — JAM ES J. M ATLES, D IRECTO R O F O R G A N IZ A T IO N
E. SEYM OUR, LEO J A N D R E A U , JAM ES M cLEISH, C. S. JACK SO N. M IC H AE L F IT Z
JO H N GOJACK, E R N EST D e MAIO.
< ^ ^ »2 6 4
G E N E R A L V IC E -P R E S ID E N T S : HARR Y BLOCK, P A U L
PATRICK, V IC T O R D EC AV ITCH , W IL L IA M S E N T N E R ,
© ru sta
anh E s t a t e s
C H R IS T IA N C. L U H N O W
F ounded 1904
e d it o r
LEGAL EDITOR
The Journal of Capital Management
A
A R T H U R PR IL L
50 e a s t 42nd
street
N E W YORK
BUSINESS MANAGER
o
,
. _
, - , ,
•February 1 0 , 19 UU.
vanmrbilt «.0310
Mr. Marriner S. Eccles, Chairman
Board of Governors
Federal Reserve System
Shoreham Hotel
Washington, D. C.
^ear Mr. Eccles:-
Wq would weloome an opportunity of reviewing your address before the
Tax Institute re: "Post-^ar Inflation,and suggested_________for possible publication
Tax Action"
in TRUSTS and ESTATES. Your oooperation in sending tbis to us at your e a rliest
convenience w i ll materially a ssist us.
We w ill appreciate your sending us the enclosed card, appropriately
narked, by return mail.
Enclosure
'
ßW
Dorothy G. FosteV, Sfecy.to the Editor
F e d e r a l R e s e r v e Ba n k
o f A tlan ta
OFFICE
OF
C h a ir m a n of t h e Bo a r d .
Fe d e r a l R e s e r v e A g e n t .
February 16, 1944
Er. Marriner S. Eccles
Chairman, Board of Governors
Federal Reserve System
Washington, D. C.
Dear Marriner:
I read with great interest your address
on post-war inflation and suggested tax
action, and found i t very interesting
and very pertinent*
Would you have the office send me ten
additional copies so I can distribute
them among some of my friends here who,
I think, would benefit by reading your
very able treatise?
With kind personal regards,
Sincerel;
FHii : cwc
February 18, 1944
Mr. Frank Neely,
Chairman,
Federal Reserve Bank of Atlanta,
Atlanta 3, Georgia.
Dear Frank:
This is to thank you fo r your kind comments
of February 16 with respect to my recent talk at the
Tax Institute Symposium«;
In accordance with your request, I am en
closing ten additional copies.
With kind regards,
Sincerely yours,
Enclosures 10
b
25
February 23» 19U1;»
Mr. Frank Neely,
Chairman,
Federal Reserve Bank of Atlanta,
Atlanta 3* Georgia.
Dear Mr, Neely:
We have just discovered that the last
page (8) of the Chairman’ s address before the fax
Institute Symposium was inadvertently omitted from
the la st copies run o ff.
To make certain that you have complete
copies, I am enclosing ten copies to replace those
mailed to you on February 18.
Sincerely yours,
Secretary to Mr. Thurston.
Enclosures 10
P H O N E G A R F IE L D 1377
C A B L E
'V ^ T E R
ROTARY
C o
m
p
PUM PS
^epeitdaWe^
CENTRIFUGAL PUMPS
FIRE
o v s
DEPT. S U P P L I E S
a
n
" W A T E R O U S
S T PAU LM IN N
y
FIRE HYDRAN TS
FIRE
APPARATUS
WATER W O R K S SU PPLIES
SAINT
PAUL,
1, M I N N E S O T A
U. S. A.
February 23, 1944
Mr. Mariner S. Ecoles
Chairman, Board of Governors
Federal Reserve System
20th Street & Constitution Ave. N.W.
Washington, D. C.
Dear Sir:
Your recent statement with reference to taxing of small business
is one of the few pronouncements that really touches on the true
cause of the dilemma in which small business finds itself today.
I am enclosing herewith copy of a letter dated October 1, 1943,
which I have written to several Senators and Representatives and
to others interested in taxation and in small business.
Also en
closed is copy of letter of January 7, 1944, from the Central
Accounting Bureau of this city that shows how two companies in
direct competition with each other, one with $ 1 ,0 0 0 ,0 0 0 .0 0 invested
capital and the other $ 1 0 0 ,0 0 0 .0 0 ; it is assumed that each company
makes $100,000.00 profit before taxation*
It will be noted that
the large company is taxed $47,500.00 whereas the small company is
taxed $80,000.00.
If small business were allowed the same opportunity to exist and
carry on, many of the cures that are being suggested would be un
necessary.
In practically every other category of American industry
a man or group of individuals is paid for the job done rather than
upon any particular strata in which they happen to belong.
If a small company through low overhead, close supervision of the
job and possibly through higher administrative efficiency is able
to manufacture at less cost than its large competitor,why, in all
fairness, should it not be allowed to retain at least the same
share of its profits as a concern with a large amount of borrowed
capital and a large capital investment?
There is a feeling of dilemma and despair surrounding small business
today.
"0111633 the unfair tax situation is corrected soon there
will be mass unemployment following the war, due to wholesale
liquidation of small business.
During the existence of the present tax law there has been intense
business activity and big business has had an unfair opportunity of
ESTABLISHED
1886
W
a t e r o u s
C
o m p a n y
S A I N T P A U L ., M I N N E S O T A
TO
Mr» Mariner S. Eccles
Washington, D. C*
Feb. 23, 1944
building up its reserves and improving its equipment, etc*
Heavy industry, regardless of the size of the company, goes
through periods of extreme activity as well as extreme quietness.
The small company should have the same opportunity to be ready
for the quiet period when it comes.
The February 12th Business and Legislation Report of the Research
Institute of America gave the following list of proposed assistance
for small business for the postwar period:
1,
Special consideration on termination of sub
contracts •
2*
Loan arrangements to help financing.
3.
Making Government plants available to small
business.
4.
Giving small business a head start in the re
conversion race.
5.
Technical research and assistance.
There is little to be gained in offering an assortment of aids to
small companies unless they are allowed the same privilege to exist
in the battle of competition,as big business.
If one group of business suffers it is bound to throw our whole
business economy out of balance.
I am taking the liberty of addressing you on this subject because
of your fair attitude and because your statements and opinions
receive serious consideration.
I sincerely hope that you will see your way clear to carry on your
efforts further in the interests of the good of the entire business
economy for certainly full business economy cannot exist as the tax
laws are now set up*
Very truly yours,
WATEROUS COMPANY
FAW:IB
February ¿5, 19UU*
Mr. Fred A. 'Waterous, President,
Waterous Company,
St. Paul 1, Minnesota.
Dear Mr. Vnaterous:
Chairman Iccles requested me to acknowledge and
thank you for your letter of February 23 with reference to
his recent discussion of taxation.
He was interested to note the letters you en
closed citing typical cases of unfair taxation, and he asked
me to express his appreciation of your interest and encourage
ment .
Sincerely yours,
Elliott Thurston,
Special Assistant
to the Chairman.
ET:b
CENTRAL ACCOUNTING BUREAU
650 Endicott Bldg.
St. Paul, Minnesota
January 7, 1944
ffi)Mr.
y
P. A. Waterous, President
aterous Company
0 E. Fillmore
t . Paul, Minnesota
ear Mr. Waterous:
upplementing our conversation today re la tiv e to the heavier
urden of Federal tax laws on small business, I am submitting
to you an example of how these tax laws work.
For the sake of this example, we assume that each one of the
three businesses had a contract in the amount of $1 , 0 0 0 , 0 0 0 .0 0
ith a net p ro fit of 1 0 $ or $1 0 0 , 0 0 0 . 0 0 .
Example A; A corporation has capital stock and surplus of
$50,000.00 and borrowed $100,000.00 to handle the contract.
In this case, the exemption fo r excess p ro fits tax purposes
ould be as fo llo w s :
Q% of cap ital and surplus of $50,000.00 or
4
4$ of borrowed capital of 1 0 0 , 0 0 0 .0 0 or
4
Specific exemption
5
Total exemption fo r excess p ro fits tax
purposes
IS
000 00
0 0 0 00
000 00
000 00
*
On the basis used, i . e . , invested capita]
come would be adjusted as fo llo w s t
iethod, the
Ne t Inc ome
Plus ■§■ of interest paid, i . e . , 4$ on
$100 ,000.00
Total adjusted net income
Excess P ro fits tax exemption
Income Subject to excess p ro fits taxes
Excess p ro fits taxes @ 90%
10 0 000 00
2 0 0 0 00
162 0 0 0 0 0
13 0 0 0 0 0
69 0 0 0 00
Normal and surtax on income exempt from excess
25% on $5,000.00
21% on $4,000.00
Total Tax
This tax being in excess of
be Q0% or
20% ,
80 100 00
p ro fits
tax:
1 250.00
1 080.00
§2 430 00
the tax would
80 0 0 0 00
Central Accounting Bureau
Mr, P. A, Waterous, President
Page 2
Example B: A corporation has capital and surplus of §100,000.00
.and borrowed cap ital of $50,000,00,
_ , I n this case, the exemption fo r excess p ro fits taxes would be:
\
U8 $ on $1 0 0 , 0 0 0 . 0 0 , cap ital & surplus, or
4$ on $ 50 000.00, borrowed cap ital, or
—Specific exemption
MJ
Total exemptions fo r excess p ro fits
purposes
8 0 0 0 00
2 000 00
5 000 00
tax
15 000 00
/j^XThe adjusted net income would be as follow s t
Net Income
Plus
of 4$ on borrowed cap ital of
$50,000.00 or
Total
Exemptions fo r excess p ro fits tax purposes
- * N e t Income subject to excess p ro fits taxes
H j
Excess P ro fits Taxes (§ 90$
J
r
100 000 00
1 000 00
lo i 000 00
15 000 00
8 6 000 00
77 400 00
W
1 o
1
CO
Normal and surtax on income
from excess p ro fits
Total exempt
Tax
tax :
which again is
than the 80$ maximum, so the tax
25$more
on $5,000.00
would be
27$ on fl0,000.00
1 250 0 0
2 700 00
SI 350 0 0
000 00
Example C: A corporation has a cap ital and surplus of $1,000,000.00
and no borrowed ca p ita l.
In this case, the exemptions fo r excess p ro fits taxes would be as
follow s :
8 % on $1 , 0 0 0 , 0 0 0 . 0 0 , cap ital and surplus, or
Plus sp ecific exemption
Total exemptions fo r excess p ro fits tax
purposes
80 0 0 0 0 0
5 000 00
85 000 00
The adjusted net income would be as fo llo w s:
Net Income
Exemptions fo r Excess P ro fits tax purposes
Net Income subject to excess p ro fits taxes
Excess P ro fits Taxes @ 90$
100 000 00
85 000 00
15 000 00
Normal and surtax on income exempt from excess p ro fits
ta x :
40$ on $85,000.00
Total Tax
13 500 00
54 000 00
47 500 00
Central Accounting Bureau
Mr, F . ’A. Waterous, President
Page 3
in
Thus i t w ill be seen that smaller business though producing at a
unit cost exactly the same as a larger business and with the handi
caps of borrowed capital are only allowed to keep $2 0 , 0 0 0 .0 0 of
their p r o fit s , while the business with a larger capital is allowed
to keep $52,500.00, or a difference in favor of the large r business
n the amount of $32,500.00 on exactly the same volume of business
i'and
the same net p r o fit .
RPhe excess p ro fit tax laws which were in effe c t in 1918 has a proV^yvision stating that where a gross disproportion between the tax com
puted fo r the p articu lar corporation existed with reference to the
tax computed fo r other representative corporations the tax was to
[be an amount which bore the same ra tio to the net income of the taxayer in excess of the specific exemption fo r the taxable year as
he average tax of representative corporations engaged in a like or
im ilar trade or business, have to their average net income in
xcess of the specific exemption for such year.
Some 3uch provision would have the e ffe c t of lim iting the tax for
¡~pT\small corporations to the same percentage of net income as fo r the
U Jlarger corporations, or at least averaging the tax so that the d is p-^proportion would not be as great as it is now.
A copy of this section contained in 1918 law was forwarded to the
Hon. Harold Knutson as w ell as to the Treasury Department under
date of July 19, 1941, by the w rite r, but nothing was ever done by
" ither the Ways and. Means Committee or the Treasury.
Another method of accomplishing the sane or sim ilar re su lt might be to
write a provision in the law granting to corporations, an exemption
of a-sp ecified percent of income on net sales before applying excess
p ro fits taxes.
That something should be done to allow the smaller business to build
up some reserves to convert to peace time industry must be apparent
to everyone.
Trusting that you w i l l have success in getting some r e l i e f written
into the law, I am,
Sincerely yours,
CENTRAL ACCOUNTING BUREAU
By Jos. A. Lethert (signed)
JALILS
The follow in g le tte r to:
Minnesota Senators and Representatives
House Snail Pusiness Committee
House Ways & Means Committee
Senate Finance Committee
P
lb
October 1, 1945
SUBJECT: Invested Capital Basis
o f Taxation
Dear S ir:
^
A great deal of attention and p u blicity is being given to the
p ligh t of small business.
Giving small industry Government con
tracts goes but part way in solving the problem.
There are
basic and serious inequities that i f nos soon corrected w i l l
mean certain death to small business#
Assume two manufacturers, oach mailing the srcae item, and assume
that each producos at the same unit cost.
The large competitor
is permitted a greater unit p ro fit because he has a greater in
vested c a p ita l.
A co 11inn over the small manufacturer« a flo o r
under the large manui’ac tu'rer•
New enterprise should bo encouraged.
Men now stand on the side
lin es waiting fo r a f a i r opportunity before going into business.
They defer fo r reasons given herewith.
The newly organised company with a modest invested ca p ita l and
without a prior record o f average' earnings is obliged to bid
against b ig business which has the advantage of both a large in
vested c a p ita l ¿¿nd prior average earnings.
An individual in the lower income bracket pays at a lower ra te ,
lie is taxed on his a b ilit y to pay.
This has a tendency to
le v e l out a l l income and is generally accepted as f a i r .
In
contrasty a manufacturer who has a comparatively low invested cap ital
is d elib era tely penalized and is taxed at a higher ra te , and this
regardless of his record of efficien cy in management.
I f the newly organised company was successful in obtaining con
tracts i t would be p ra c tic a lly prohibited from growing or ex
panding its operations.
It would bo assured at the sta rt that
80$ o f it s earnings would be absorbed by t axation whereas its
largo competitor would very lik e ly retain a substantial portion
of his p r o fit s .
This is about as f a i r as p ittin g a high school
fo o tb a ll team gainst a college team.
Instead of each playing
under the same set o f rules the high school team, because i t is
out-weighed fifte e n pounds per man, is allowed three downs to it s
oppononts fou r.
!
Small Industry is operating in an atmosphere or bewilderment
and despair*
A situation which is hindering the war e ffo r t
and darkening the future,
2h ls could be re c t ifie d by permitting
a l l manufacturers to operate under the same set o f ru le s, the
ame basis of taxation and the same rewards fo r the job done,
bgardless of size.
S
11 '^ y * in a l l fa irn e ss , should a large corporation be permitted to
I j Retain, say 40fo of it s p ro fits , while the small company, probably
^¿taking the some product, be permitted to retain only 2 0 ^?
merous small companies are being bought up today by large
nancial groups fo r the very reasons given here.
I f the
esent t a i law is not revised the future w i l l be one o f slow
rangulation.
This is what happened in Nazi Germany prior to
e ir taking control of a l l Industry.
Very truly ^ours,
WATEROUS C Q U P A U Y
Fred A* Waterous, Pres.
N A T I O N A L
RETAIL
DRY
G O O D S
A S S O C I A T I O N
CONTROLLERS' CONGRESS
101
WEST
31s t
STREET,
NEW
YORK,
I,
N.
Y.
O F F I C E RS & DI RECTORS
H. I. KLEINHAUS
Chairman
R. W. VAN HORN. J. Goldsmith
& Sons Co. . . . Memphis, Tenn.
General Manager
Vice-Chairmen
C. L. TILLEY. First Vice-Chairman,
O'Connor, Moffatt & Co.t San
Francisco................. California
E. M. BROCK, Second Vice-Chair
man, Lord's . . . Evanston, III.
Secretary-Treasurer
CARL N. SCHMALZ, (also District
Representative for New England)
R. H. Stearns Co. . Boston, Mass.
District Representatives
BERNARD BROWN (Middle Atlantic
States) Lit Bros. . Philadelphia, Pa.
A. P. WILLIAMS (Middle West)
Mandel Bros. . . . Chicago, III.
J. R. ALLEN (South) E. M. Scar
brough & Sons . . Austin. Texas
R. L. COMBS (West) Broadway
Dept. Store Inc. . Los Angeles, Cal.
Directors at Large
BEN D. BLACK, The Wm. Hengerer
Co.....................Buffalo, N. Y.
WM. B. GORMAN, Gimbel Bros.,
New Y o rk .....................N. Y.
GEO. W. HALL, Raphael Weill &
Co..............San Francisco, Cal.
HUGO
KUECHEN MEISTER,
Ed. Schuster & Co., Inc., Mil
waukee ............................Wise.
J. W. LONG, The Anderson New
comb Co. . . Huntington, W. Va.
R. G. RUXTON, Emery, Bird, Thayer
Co................. Kansas City, Mo.
R. A. SEIDEL, W. T. Grant Co.,
New Y ork.....................N. Y.
T. C. SPERRY, The Lamson Bros.
Co....................... Toledo, Ohio
J. W. STEINHÄUSER, The F. & R.
Lazarus & Co. . . Columbus, Ohio
BRUCE WEINHOLD, The StroussHirshberg Co. . Youngstown, Ohio
R. R. WHITELY, The Elder &
Johnston Co.
. Dayton, Ohio
Local Group Representatives
W. M. TRIPP (New England) Albert
Steiger Co. . . Springfield, Mass.
B. R. NATCHEZ (New York) Finlay
Straus Inc. . . New York, N. Y.
R. A. FILSKE (Philadelphia Gimbel
Bros..................Philadelphia, Pa.
J. C. GODWIN
(Washington)
Woodward & Lothrop, Washing
ton ............................... D. C.
J AS . H. C H A M B E R L A I N
(Detroit) Crowley, Milner & Co.,
Detroit........................... Mich.
A. C. GAY (Chicago) The Fair,
Chicago........................ Illinois
D. C. MILLS (Wisconsin) Gimbel
Bros................. Milwaukee, Wise.
H. A. KOTTKE (Twin City) FieldSchlick, Inc. . . St. Paul, Minn.
A. C. WEBB (Kansas City) Berkson's.............Kansas City, Mo.
E. C. BARTOW (Denver) The
Neusteter Co. . . . Denver, Col.
J. F. HAYWARD (Seattle) The
Bon Marche . . . Seattle, Wash.
M. L. OWEN (Portland) Charles
F. Berg . . . Portland, Oregon
L. E. BROWN (San Francisco) Katten
& Marengo, Inc., Stockton, Cal.
JOS. F. BISHOP (Los Angeles)
Walker's Long Beacn, Inc., Long
Beach.....................California
Honorary Directors
C. B. CLARK, The J. L. Hudson
Co........................Detroit, Mich.
JAY IGLAUER, The Halle Bros.
Co.................... Cleveland. Ohio
ERNEST KATZ, New York, fcl. Y.
A R C H I B A L D Ma c L E I S H ,
Hinsdale.................... Illinois
March 2, 1944
Mr. Marriner S. Sccles
Chairman,
Board of Governors,
Federal Reserve System,
Washington, D.C.
Dear Mi*. Eccles:
W ill you be good enough to send us a copy of your
talk at the recent Tax Institute Symposium?
We have been in touch with Dr. Walker and have her
permission to quote from i t in the Controllers1
Congress monthly publication "The Balance Sheet”
i f this is agreeable to you.
We sh all appreciate the courtesy.
l7 Oeinkäl:
General Mans
CONTROLLERS'' CONGRESS
HIKiMP
March 6, 19M>
Mr. H. X. Kleinhaus,
General Manager,
Controllers’ Congress,
101 west 31st ¿treet,
New York 1, New York.
Dear Mr. Kleinhaus:
This is to acknowledge your le tte r of
March k. to Chairman Eccles, who asked me to t e l l you
that he has no objection to your quoting from his re
cent talk before the Tax Institute.
In accordance with your request, I am
enclosing a copy of that address.
bincerely yours,
E llio tt Thurston,
Special Assistant
to the ohairman.
Enclosure
ET;b
OFFICE OF PRICE ADMINISTRATION
WASHINGTON, D. C.
March 11, 19UU
In reply re fe r to:
56U:HP
Mr. Marrlner S. Eccles, Chairman
Board of Governors
Federal Reserve System
Washington 2£, D. C.
Dear Mr. Eccles:
In a recent conference with Mr. Bowles, he
remarked that you had discussed the problems of in flation
as they may appear in the near future in a very frank
way before some tax association. He thought i t was an
excellent presentation, and I wonder i f the speech was
duplicated. I f so, I would appreciate receiving one or
two copies of i t .
Respectfully yours,
Harvey Pirmey/'Executive Secretary
Committee on Economic Demobilization
March 13, 19U.
Mr. Harvey Finney,
Executive becretary,
Committee on Economic Demobilization,
Office of Price administration,
Washington 25, D. C.
Ke;
56A:HP
De&r Mr. Pinney:
Tnis is to acknowledge- your note o f March
11th. I am enclosing two copies of my recent Address at
the Tax Institute bymposium in ¿lew York on February 8, to
which, no doubt, Mr. x>owlea had reference.
bincerely yours,
M. b. Eccles,
Chairman.
b
L
PUNISHING
E
X
A
N
COMPANY
D
E
R
IN C ., I l l W AL L S TR EET , NEW YO R K,
N.Y.
Mr. Marriner S. Eccles, Chairman,
Board of Governors
Federal Reserve Board
Washington, D. C.
Dear Sir:
We wish to secure a copy of your speech which you
delivered at the Tax Institute Symposium in ^ew *ork City
on February 8th.
W© have been in touch with the
Tax -histitute and understand they will not have this
speech available for several months.
Very truly yours,
Grace D. ^ilcenhead
*eb 25, 1944.
R. W. P r
e s s p r ic h
X Co.
6 8 W IL L IA M S T R E E T
C LINTO N S. LU T K IN S
M E M B E R S N E W Y ORK S T O C K E X C H A N G E
B A R R E T T BROWN
S A M U E L G. AD AM S
In
R E G IN A L D W. P R E S S P R IC H , J r .
N O R M AN
C HAR LES
JO H N
K. KAR N
TELEPHONE HANOVER 2 -1700
CABLE ADDRESS:
v e s t m e n t s
“ P R IC H P R E S S , N E W
NEW Y O R K
BOSTON
NEWARK
L. B ER G M A N N
J . C LAPP , J r .
R E G IN A L D W. P R E S S P R IC H
L IM IT E D
RESEARCH
DEPARTMENT
New Y o r k
5
March 27, 1944
Mr. Marriner S. Eccles, Chairman,
Federal Reserve Board,
Washington, D. C.
Ify dear Mr. Eccles:
If copies are available, I would greatly
appreciate receiving a copy of your speech "Possibi
lities of Post-War Inflation and Suggested Tax Action"
which you delivered at the Tax Institute symposium
in February.
Thanking you for this courtesy, I am
Very truly yours,
O.y
Ralph Wm. Michaud
{
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YORK”
EXEC U TIV E O FFIC E S
Lin c o l n En g in e e r in g C o m p a n y
ST. L O U I S
October 3, 1944
O F F IC E
TH E
OF
P R E S ID E N T
Mr. Marriner S. Eccles,
Federal Reserve Board,
Washington, 25, D. C.
Dear Sir:
We would appreciate your forwarding to us
a copy of the brochure entitled "Possibilities of Postwar Inflation and Suggested
Tax Action” by Marriner S. Eccles, (Fed
eral Reserve Bulletin, March 1944).
If there are any charges to be assessed,
please bill the Lincoln Engineering Company
direct.
Thanking you for your prompt attention.
Yours very truly
LBTCi
TG COMPANY
Secretary to Mr. Fox
P.S. Please mark same for the attention of
Mr. Alex P. Fox, President.
W . W . O v e r t o n & G o .,B r o k e r s
B1LENE
DALLAS
SUGAR
TYLE R
Dallas 2, Texas.
October 4> 1944»
O ffice o f Mr. E cdes,
Federal Reserve Board,
Washington 25, D. C.
Gentlemen:
Please furnish us with one copy of:
"P o ssib ilitie s o f Postwar In flation and Suggested
Tax Action0 by Marriner S. Ecdes.
Thanking you.
lours very truly,
(u
fr •
UT6A
«J XT• f
714 Texas aank Building,
D&ll8,s 2^ Tsx&s*
WWO jr jc s
A PROOUCÏ Of
AMERICAN FARMS
5UGRR
PURS
ilN l «RANULATÏD
A L L Q U O T A T IO N S S U B J E C T T O C O N F IR M A T IO N
MS
UNITED STATES GOVERNMENT PRINTING OFFICE
DIVISION OF PUBLIC DOCUMENTS
W A S H IN G T O N , D. C.
December 9, 1944
Dear S ir:
This o ffic e is in receipt of a request for the publications listed
below fromEarle Maynier, 187 Mountain View Avenue, X»iguanea P.O., Jamaica,
B.W.I.
The writer has been advised that this request has been referred to
your offic e for attention.
Very respectfully
ALTON P. TISDEL
Superintendent of Documents.
1«— 17484
Publications requested:
Possibilities of Post War Inflation and Suggested Tax Action
(M.S. Eccles, Federal Reserve Bulletin, March 1944/
Elliott Thurston
Federal Reserve Board
Washington, D.O.
@FedFRASER