Word: stoddard
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Eastern editors were mildly startled last week when they received a dispatch from Ogden, Utah, announcing the election of Marriner Stoddard Eccles as president of Amalgamated Sugar Co. Equally surprised were they to discover that all along he had been Amalgamated's vice president and treasurer. Remembering that the Secretary of the Treasury is not allowed to have a financial interest in trade, commerce or ships, reporters scurried to Senator Carter Glass to ask whether it was all right for the Chairman of the Reserve System actually to head an industrial corporation. The crusty Virginian, who disparaged Mr. Eccles...
...changed last week. Emerging from a sweltering all-day session in Washington, the Federal Reserve Board announced a 50% increase in reserve requirements for member banks, effective Aug. 15. After nearly a year of public and private debate over the inflationary dangers of excess reserves, Reserve Board Chairman Marriner Stoddard Eccles had finally taken up the slack in the elaborate brake system provided by the Banking Act of 1935 to stop runaway credit expansion...
...used by ironic foreign correspondents of the U. S. Press. Even more did he resent the general acceptance of his Reserve Board appointment as an unvarnished political award. He went to Washington determined to demonstrate that he was more than a rubber stamp for Reserve Board Chairman Marriner Stoddard Eccles. There he ran into something worse than a clash of opinions: his New Dealing colleagues did not take him as seriously as he took himself...
...sandwiches. Bless my soul, sometimes I think I could break a commandment with this fellow! Yet he tell us many interesting things for I hear that Henry Hull and the cast of Tobacco Road may come to the Dunster House costume ball on the 14th; and that Haila Stoddard ("Froggie" as he does call her) may come dressed in her role as "Pearl". This should be a party in the best Dunster tradition...
Having thus obtained a potent voice in the naming of the two ranking officers in each Reserve Bank, Marriner Stoddard Eccles, the New Deal's chief banking architect, proposed to abolish the office of Reserve Bank chairman which, so far as the need for centralized control was concerned, was now wholly superfluous. On that point, however, Mr. Eccles had to give in to Congress. Last week Federal Reserve Board Chairman Eccles apparently set out to abolish the office anyhow...