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IP^•v \ LEASi RECEI' • SERVICE WASHINGTON "'" J"" °5 PM 6 15 5 1 ^ WU S239 DL PD M£ " gO WX NEWYORK NY JAN 26 4$1 P HM g t j£ IRS FEDERAL RESERVE SYSTEM MARRINER ECCLES, BOARD OF GOVERNORS OF FEDERAL RESERVE SYSTEM DALE DISTRIBUTING COMPANY, INC. OF WHICH I AM PRESIDENT, ARE £ WHOLESALE DISTRIBUTORS OF NATIONALLY ADVERTISED REFRIGERATORS K & WASHING MACHINES, RADIO AND TELEVISION RECEIVERS AND OTHER H S MAJOR APPLIANCES. WE OPERATE COMPLETE BRANCHES IN NEW HAVEN, W p CONNECTICUT AND NEWARK, NEW JERSEY. ANNUAL JMliL'H VOLUME IN SO THOSE TWO TERRITORIES APPROXIMATELY SIX MILLION DOLLARS. SZ WITH THE POSSIBLE EXCEPTION OF TELEVISION, SINCE THE REINSTATEMENT OF REGULATION "W" THE MOVEMENT OF THESE W O COMMODITIES FROM DEALERS' FLOORS TO CONSUMERS' HANDS HAS CftZ DROPPED TO A DEGREE THAT IS FRIGHTENING. IN ALMOST EVERY wp ^ INSTANCE, IT IS THE MATURE JUDGMENT OF THE RETAILERS WHOM WE SERVE THAT THIS SERIOUS DROP IN SALES IS A RESULT OF CREDIT ^ TERMS THAT ARE TOO STRINGENT TO SUPPORT PRESENT PRODUCTION 2£ P MM RATE TO WHICH OUR INDUSTRY IS GEARED, THIS IS NOT A FORM THAT YOU MIGHT RECOMMEND FURTHER STUDY OF THE EFFECT THAT TELEGRAM AND m&X IS BEING DIRECTED SOLELY TO YOU IN THE HOPE REGULATION MW" IS HAVING ON OUR INDUSTRY, AND IF CONDITIONS wo WARRANT, MIGHT SPONSOR AN EASEMENT OF THE PRESENT SELLING z*5 TERMS MAURICE S DESPRES 40 E 32ND ST NEW YORK NY M , • 6i OP Digitized?; for FRASER 194-9 • Mar* Maurice S* 40 S»- 32rd Street, Tor&$ Scnr lork. Dear Mr* D#spress lour imry ©arrsast aad t<3sp©rat& telegnm of January 26 with regard to Hagulation ¥ i s being to tiss ooar^ B^wbi^?# Mr» lafstus* i^ios® as-^i this 1 waated you to koov that I appreeiated the epirit in uhleh you state your rtenm aid that thoy ham earjaeat consideration. Congress inte&ded t h i s t o lie a fjUadlble regulation and, sp^aklag for EQraeli1, 1 vmLd Bot idUAl to see i t coatim^d i f t l ^ r e i s a sad a lowering of prioes # Cte tlia other sot -want to see i t pr@matare2y relassd or We ar© giviag i t the most thorough possible yours. •Ct M A U R I C E 4O EAST S. D E S P R E S 32ND STREET N E W Y O R K 16, N. February k$ ±9h9 Mr, M. S . Eccles Board of Governors Federal Reserve System Washington, D. C» Dear Mr. Eccles: I want to express my thanks to you for the courteous letter of January 28 in which you acknowledged receipt of my telegram of the 26th» I am genuinely appreciative of your consideration. Sincerely, X Maurice S, Despres MSD:s Y.
@FedFRASER