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25

May 9, 19U5

The Honorable W. H. Davis,
Director,
Office of Economic Stabilisation,
Washington 25, D. C.
Dear Mr. Davis:
I t occurred to me that you migfrt be
interested in noting the enclosed copy of a
letter in regard to the capital gains tax, expressing a rather unusual viewpoint; that is,
the desire of the legitimate investor to be
protected from the "gambler speculatorsn.
Sincerely yours

X. S. Ecoles ยป
Chairman.

Enclosure

OFFICE OF ECONOMIC STABILIZATION
W A S H I N G T O N , D. C.

William H. Davis
DIRECTOR

May 23, 1916

Honorable Marriner S. Eccles
Chairman
Federal Reserve Board
Washington 25, D. C.
Dear Mr. Eccles:
I read with a good deal of interest the letter from
Mr. J. B. Martin attached to your letter to me of May 9*
I t seems to me that Mr. Martin's l e t t e r is a brief
and pointed statement of the need to protect the l e g i t i mate investor against speculative inflation.




Sincerely yours,

Director