FISCAL: Wholly Speculative

Under the august initials of the Associated Press, the country was informed one day last week that "a substantial reduction in taxes, favored by President Hoover, will be recommended . . . by the Treasury, to become effective March 15. . . . While not predicting . . . the $300,000,000 variety, officials said it would be large. . . ."

The A. P.'s apparent source: Under Secretary of the Treasury Ogden Livingston Mills.

At his next press conference, Andrew William Mellon announced that this was news to the Secretary of the Treasury;...

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