Word: eccleses
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Amid the cheers of bankers and brokers, Harry Truman abruptly demoted Marriner Eccles from the chairmanship of the Federal Reserve Board last week. In the place of old New Dealer Eccles, the President put Thomas McCabe, chairman of the Philadelphia Federal Reserve Bank, president of Scott Paper Co. (tissues). In...
Why did Harry Truman do it? His motives were not too obscure. Eccles' term on the board ran to 1958, but his chairmanship was about to expire (Feb. 1). The small, greying boss of FRB had become increasingly irritating to Mr. Truman. Eccles had disagreed with Treasury Secretary Snyder...
Eccles' head did not roll, although his neck was bruised. Magnanimously the President offered him the vice chairmanship of the seven-man board. After wrestling with his pride, Eccles took it. He could still get in plenty of licks at his enemies. While McCabe was learning the tortuous ins...
Money as a Tool. The career started 14 years ago. Eccles, a staunch Mormon, was also a staunch advocate of the theory that money is a tool to be used, not hoarded. As a young man in Mormon frock coat and silk hat, he had proselytized for the Latter-Day...
Still Consistent. But whereas he advocated Government spending in depressed times, Eccles has fought easy-money policies during the postwar inflation. He tried to keep the clamps on installment buying, favored high margin trading on the stockmarket, recommended the virtual doubling of reserve requirements in commercial banks. From Robert Taft...