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December 5, 1947. Mr. Edward J. ^ogan, 818 Bryant Avenue, Bronx, New York 59» New York. Dear Mr. Rogan: I was very much interested to read your thoughtful letter of November 26, even though it was prompted by an en tirely erroneous impression of my recent testimony. Perhaps I can best set that straight by enclosing a copy of the full text of what I said, While it is long, tire subject is nob & simple one, but I think you will see that the newspaper account to which your letter apparently refers was very misleading. Let me comment on your five points, which are ex cellent as far as they go. I did all I toould in pretesting against repeal of the excess profits tax. It was a grave mistake. Whether margins are 75 per cent at present or 100 per cent as they were at one time makes scarcely any practical difference, as is evidenced, first, by the fact that the stock market is more on a cash basis probably than it has ever been before and, secondly, by the cries of anguish that continually come to me from Wall Street alleging that the margins should be reduced. Restraints on overexpansion of instalment credit are desirable, but they are incidental to the more important means of dealing with infla tion. It occurs to me that although it involves a lot of reading, you might also be interested in two other statements; one dealing with the housing problem which I also put in the record last week, and the other an earlier speech, to the last few para graphs of Which I would like to call your attention. Sincerely yours, M. S. Eccles, Chairman. Enclosures ET:b 3
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