Word: eccleses
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Fortnight ago the Federal Reserve Board clamped down on installment sales (TIME, Aug. 25). This week, in the course of explaining that order, FRB Chairman Marriner S. Eccles forecast a new one. "The public should be fully aware," he said, "that the regulation is subject to change ... as economic conditions...
So last week Marriner Eccles published the terms on which Americans can henceforth buy 17 consumers' products, from automobiles to toilet fixtures. On all installment contracts covered by the list he fixed a time limit of 18 months. Down payments required:
One of the 17 articles in this issue of FORTUNE is an essay on price fixing by Marriner S. Eccles. Says Eccles: "Instead of discouraging savings we need now to encourage them. Instead of encouraging consumer expenditures, we need to apply curbs on private spending whenever it threatens to encroach...
FRB Chairman Marriner S. Eccles did not say what goods would be affected first (likely candidates: autos and refrigerators, which account for more than half of all installment sales). But Washington knew he would not be long in acting. Once the No. 1 proponent of spending out of depression, Eccles...
Dazed by the Eccles-Henderson thesis, the Ways and Means Committee extended hearings, settled down to figuring out not only what taxes would hurt the least, but what would do the most good.