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iictttt June 21, 1959 Mr. Lawrence Clayton c/o Office Chairman Board of Governors Federal Heserve System Washington, D. C. Dear Mr. Clayton: We thank you for your letter of June 16, 1959 regarding The Western States Machine Company's application for a loan We appreciate very much your having given from the H. F. C. this matter your attention and the suggestions you make in the letter. They may be of benefit to us. It would hardly seem fair for the R. F. C. to consider only our profits for last year or likely the profits for the present year, since during this period our company has expended over &50,000.00 in perfecting our machinery and in the expense of getting it introduced in foreign countries. This amount, while shovtfi as an expense and as a matter of fact is eyrpense and perhaps can not be shown as a capital asset, is more than its value to the company .and vdll no doubt produce results very favorable to the company and should, -e feel, be taken into consideration in any question of making a loan. Again thanking you for your interest in this matter and suggestions and raLth kind personal regards, we remain Yours truly, M0YLE & J1QYLE 0W"GTS By
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