Suchergebnisse

This Policy Insight highlights the SOE 2015 chapter, which focuses on Migrant Labour Reforms and analyzes the issues concerning the Family Background Report (FBR) requirement and provides recommendations for its reform.

This assessment of accounting and auditing practices in Latvia is part of a joint initiative of the World Bank and International Monetary Fund (IMF) to prepare Reports on the Observance of Standards and Codes (ROSC). One of the twelve ROSC modules focuses on Accounting and Auditing (A&A), this assessment addresses the strengths and weaknesses of the accounting and auditing environment that influence the quality of corporate financial reporting and includes a review of both mandatory requirements and actual practice. This is the second A&A ROSC for Latvia. The first one was published in 2005.

Running a business involves continuous growth. Such growth can be organic, stemming from resources created internally in the enterprise. However, in many cases an external development strategy is adopted, based on acquisition of other entities. Such an acquisition may involve creation of a capital group, within which each of the companies maintains its separate legal personality. However, if a capital group is not the optimal form for the given business activity, acquisition of another entity may take form of a business combination. In such case, assets and liabilities of the acquire are directly incorporated into the books of the acquirer. The overriding principle of accounting regulation is primacy of economic substance over legal format. Pursuant to this principle, economic transactions must be recorded in the accounting records in accordance with their economic nature1. In order to determine properly the economic nature of a business combination, an analysis must be performed of economic impacts of such a combination. Economic consequences for merging entities are described in the provisions of commercial law.

This note presents practical guidance on how to implement a framework for managing fiscal commitments from Public-Private Partnerships (PPPs). It draws on specific regional operational experience and on World Bank Institute (WBI)'s wider thematic engagement with different partners worldwide. The note provides practical advice on how to: consistently identify and assess fiscal commitments arising from PPPs during project preparation and implementation; incorporate these into the project approval process, including budgeting for these appropriately; and strengthen the monitoring and reporting of fiscal commitments over the lifetime of the project. It explains the fiscal commitments that can arise from PPP projects; why governments may find it difficult to assess and manage these fiscal commitments and incorporate them into project selection; and the key components of an institutional framework to manage fiscal commitments at both the development and implementation stages of a project, including the roles, responsibilities, and processes for managing PPP fiscal commitments.

After decades of high trade restrictions, fiscal distortions, and currency overvaluation, Cameroon implemented important commercial and fiscal policy reforms in 1994. Almost simultaneously, a major devaluation cut the international price of Cameroon's currency in half. This article examines the effects of those reforms on the incentive structure faced by manufacturing firms. Did the reforms create a coherent new set of signals? Did they reduce dispersion in tax burdens? Was the net effect to stimulate the production of tradable goods? The results of applying a cost function decomposition to detailed firm-level panel data suggest that the reforms created clear new signals for manufacturers, as effective protection rates fell by 80 to 120 percentage points. In contrast, neither the tax reforms nor the devaluation had a major systematic effect on profit margins. The devaluation did shift relative prices dramatically in favor of exportable goods, causing exporters to grow relatively rapidly.

The WSU Stewart Library Annual UC-UI Symposium took place from 2001-2007. The collection consists of memorabilia from the symposium including a yearly keepsake, posters, and presentations through panel discussions or individual lectures. ; Audio Recording ; David Eccles and the Origins of the Utah Construction Company a commemorative lecture presented at the 2007 Utah Construction/ Utah International Symposium The Beginning of an Era by Dr. Thomas Alexander Thursday, October 18, 2007 1 It's a pleasure for me to be here today and let me thank a number of people for this opportunity. Thanks to Beverly Ahlstrom and to my daughter Tracy Alexander Zappala for their help with the research. Thanks to Richard Sadler and Joan Hubbard here at Weber State for inviting me to give this presentation. I thank Brooke Ann Alexander, another daughter for her help with the pictures that I put together today and thanks to John Sillito and the staff of Special Collections here at the Stewart Library for their help with the documents here. To Brad Cole and the staff of the Leonard J. Arrington Archives at Utah State University for their help and Greg Thompson and his staff at the University of Utah Marriott Library for their help. Most particularly let me thank Utah International and the Eccles, Wattis and Dee families for sponsoring this symposium. I'm grateful for the opportunity to be here today. On May 12th of 1849 Sarah Hutchison Eccles gave birth to David Eccles who joined his older brother, John, among William Eccles and Sarah's expanding family that eventually included seven children. After working hard selling resin stick as lighters and products of his fathers lathe in Scotland and obtaining less than a year of schooling David immigrated with his family from Scotland to Utah in 1863. The family settled first here in Ogden and then successively in Liberty and Eden in Ogden Valley. Cataracts had blinded William Eccles, but he turned utensils on his lathe by feel and David peddled those products from a pack in Ogden and Brigham City and points between. The family moved to Oregon City in 1867 and William Eccles, David now age eighteen and his younger brother Stewart found work cutting cord wood. The back braking labor of felling and 2 sawing timber became David's entree in to the business in which he grounded his fortune. In 1869 after two years in Oregon the Eccles family moved to Ogden because of the joining of the Union and Central Pacific that same year. Ogden became Utah's transportation center and it surpassed Provo as Utah's second largest city. David and Stewart returned to lumbering. In the winter of 1869- 70, now twenty years old David found additional work in Wyoming as a freighter and in Eden on his father's homestead. The entrepreneurial spirit evidence in his business ventures in Scotland however impelled him to brake loose from working for others. Capitalizing on the skills he had learned in Oregon he negotiated a contract to furnish logs for the Wheeler Saw Miller which was located at the confluence of Wheeler Creek and the Ogden River just west of the present site of Pine View Dam. With his earnings he purchased two oxen. To his great regret an accident killed the oxen as they pulled logs for him. The death of his team forced him to return to work for others. He worked for the Union Pacific and the Alameda Coal Mine in Wyoming. Recognizing David's industriousness the boss gave him a job for which he was not qualified, because of the lack of schooling in Scotland he had not learned to do arithmetic properly and he soon lost the job as a bookkeeper for the company. Soon Chinese workers willing to work for much lower wages replaced the Euro Americans in the job there at the coal mine. The boss fired him and he returned to Eden. After returning to Ogden Valley he again engaged in logging. 3 David recognized the need for better education to supplement his entrepreneurial skills and during the winter of 1872- 73 and again in a later winter he enrolled in a private school in Ogden's old City Hall that was run by Louis F. Moench. Moench a well educated immigrant from Germany's Rhineland later became principal of Weber Stake Academy, and now Weber State University. He's best known today as the lyricist of a familiar Latter- day Saint hymn written first in German as " Sehet, ihr voelker" and translated in to English as " Hark All Ye Nations." Many of you are familiar with that hymn. Although he attended only two terms David learned enough to develop the skill of adding a row of figures in what seemed to observers like lightening speed. The winter of 1872- 73 proved extremely busy for this ambitious young man. In addition to attending school he negotiated a freighting contract to take a load of coffins from Ogden to Pioche, Nevada. You wonder perhaps what all of this stuff that David did during his early life has to do with Utah Construction. Well his earnings in lumbering formed the basis of his fortune. The earnings in lumber provided the funds for his investment in First National Bank and investment in the sugar industry. The investment in the bank then led to his investment in Utah Construction. And the investment in Sugar led to Utah Construction's first large contract. If you don't learn anything else from this presentation today you ought to get those three points. To understand his success then, we need to understand these things. Now during the summer of 1872, David had a contract to furnish logs for a mill owned by Bishop David James on Monte Cristo forty- five miles east of Ogden after he finished the contract he reached an agreement with 4 two colleagues to share the cost of building a mill during the summer of 1873, the next year. He used a loan and the money he'd earned from freighting coffins for his share of the capital for that mill. Firm of Henry E. Gibson, W. T. VanNoy and David Eccles operated the mill and the following year they opened a lumber yard in Ogden. As David managed the mill on Monte Cristo he found time to come down the mountain to Huntsville to dance. There he renewed his acquaintance with a young woman Bertha Marie Jensen whom he'd previously seen in Huntsville and had met at Monech's school. In contrast with David's impoverished family, Bertha a native in Denmark had relatively fixed parents. Then in spite of their social differences the two feel in love and married in the Endowment House in Salt Lake City on December the 17th of 1885. The marriage produced twelve children. After his marriage David continued in the lumbering business. He logged and processed lumber on Monte Cristo with Gibson and VanNoy and then with Gibson. Then in 1881 after dispute because Gibson traded a span on his horses for some worthless oxen he broke with Gibson and formed his own company and after this time he was independent. Convinced of the need to retail his own products David opened a lumber mill on the corner of 24th Street and Lincoln Avenue in Ogden at which he always considered his primary business. Even when he became bank president and president of Utah Construction he kept his office at the lumber yard. Eccles soon moved his timber operation to Scofield a mining district in Carbon county about fifty miles northwest of Price. Concurrently he opened lumber operations in Idaho. 5 Engaging in business with John Stoddard who lived in Wellsville, he began to taking an interest in one of his fellow Scotsman's daughters, Ellen. That interest bloomed into love between the two. Born in January 1867 and nearly eighteen years younger than David, Ellen was only a couple weeks shy of age eighteen at the time of her marriage to David in the Logan Temple on January the 2nd 1885. Although the LDS church continued to encourage plural marriages in 1884 the federal government had inaugurated an intense campaign against polygamist Mormons and David kept his marriage to Ellen secret. At various times she lived with her father's family in Cache County at Scofield and in Oregon. The marriage produced nine children. Between 1884 and 1889 David continued to run his lumber business, but he entered in to local politics as well. He served as an alderman and mayor here in Ogden. While serving as mayor he bridged the gap between the Mormon and non- Mormon business communities by championing the organization of the Ogden Chamber of Commerce in April of 1887. He also oversaw the construction of a new city hall. At the time David also expanded his lumber operations. Between 1883 and 1889 he opened new timber stands in Oregon the opportunity to market lumber from the lush stands of the mountain west and pacific coast became part of the incentive for the construction of railroads through the west. And the available railroad transportation led to a boom in railroad logging. As entrepreneurs moved into the Rocky Mountains, California and the Pacific Northwest, to harvest evergreens Eccles got in on the ground floor of the logging business. 6 In 1883 he purchased a mill to manufacture railroad ties at North Powder from John Stoddard. Organizing the firm of Spencer, Ramsey and Hall in 1887 Eccles established sawmills at Veneta, Oregon and Chandroth, Washington. Fluming or floating logs to Veneta, the company cut the logs into ties, loaded them on railroad cars and shipped the out to fuel the ever expanding railroads throughout the west. In 1888 Eccles closed his operations at Scofield and moved the mill to Telocaset about thirty miles north of Baker, Oregon, and about eight mile from North Powder on the Union Pacific Railroad. Eccles' loggers at Scofield had been cutting illegally on public lands and after the inauguration of the Cleveland administration in 1885 General Land Office Commissar William A. J. Sparks began a sustained attack on illegal use of public resources. In addition, the General Land Office lumber inspectors had reportedly been extorting bribes from the company. That was somewhat of an incentive to close the operations down. In 1887 Eccles began his associations with Charles W. Nibley and you see the two of them here on the advertisement for the Oregon Lumber Company. Nibley a Scottish immigrant like Eccles earned a fortune in lumbering and in the beet sugar business before he became Presiding Bishop of the LDS Church stockholders in addition to Eccles, who held a controlling interest in the company. In 1889 David moved Ellen's family to North Powder. Eccles and Nibley induced the Union Pacific Railroad to use rails salvaged from other operations to construct in 1890 a twenty mile long narrow gauge railroad from Salisbury eight miles south of Baker northeast through the Sumpter Valley and he himself invested in that railroad as well. In addition the U. P. contracted with Eccles' firm 7 to furnish 500,000 ties each year which they shipped on their new railroad to various destinations. In 1891 the company shipped its first timber from Sumpter Valley and in 1892 Eccles opened a mill at Baker. By 1893 the company had operations at Hood River, Meacham, North Powder, Baker and Pleasant Valley. Eccles' company managed to weather the economic depression that followed the financial collapse in 1893 and the company was able to keep its employees, because they honestly told the workers about the dangers of working for the company under these stringent economic conditions. At the same time they promised the workers that they would treat them fairly. Into the early twentieth century the company continued its operations. In 1902 Eccles opened the mill at Anglish Oregon and about forty miles northwest of Portland. The town again lay on the Columbia River and also on the railroad line. In 1903 Eccles purchased the Lost Lake Lumber Company at Hood River also on the Railroad line and the Columbia River and he consolidated with the Oregon Lumber company. In 1905 Eccles induced the Union Pacific to construct a spur line the Hood River Railroad from Hood River twenty- five miles up to Parkdale. This allowed them to access the lush stands of fir in the region. In the mean time Eccles began to invest in other businesses. He reluctantly bought stock in the Utah Sugar Company, the parent company of Utah- Idaho Sugar. In spite of his reservations about investing in that company his connection with U& I proved a god send for him. He also began to invest in banking and it was the banking business that eventually led him to invest in Utah Construction. In 1881 a group associated with Horace S. Eldridge then president 8 of Deseret National Bank and manager of ZCMI chartered the First National Bank in Ogden. The bank located its offices at the corner of Washington Boulevard and 24th street. At the time the only Ogden stock holder was Neil C. Fliger. In 1883 the First National Bank increased its capital from a $ 100,000 to $ 150,000 and David invested in the bank and was elected to the board of directors. In 1888 the board elected David H. Parry as president of the bank and in 1889 Eccles was elected, or in 1892 Eccles elected vice president. In 1894 he purchased Parry's stock and was elected president of the bank. In 1898 he became a director of the Deseret Savings Bank and Deseret National Banks in Salt Lake City. These banks later became the basis of the First Security Bank system, now part of the Wells Fargo Bank system. As a faithful Latter- day Saint he also responded to calls to help his church. He never served a mission himself but sent sons on missions. He made his initial investment in the Utah Sugar Company because of a request from Heber J. Grant. Later when President Lorenzo Snow decided to issue bonds to help satisfy the church's creditors David Eccles subscribed to $ 200,000 worth of Latter- day Saint bonds. Eccles also paid off a $ 7,000 debt of the Ogden fifth ward by inducing President Lorenzo Snow to allow the ward to credit his tithing toward the debt toward that ward. Imagine trying to do something like that now. While David Eccles amassed a fortune from lumbering, the earning from which he invested in other business, two other young men, Edmund O. and William H. Wattis began to make their mark in business. E. O. and W. H. farmed together in Uintah and you'll hear some more about them from Stan Layton later 9 on, but they also began taking grading contracts often with their uncles George L., Charles J, Amos B., and Warren W. Corey. In 1881 the Corey Brothers and Ira E. Spalding organized Corey Brother Construction Company as a private company. In 1886 the Wattis brothers joined with their uncles and Spalding and incorporating Corey Brothers. The corporation constructed railroads in various states. Sometime after this incorporation David Eccles offered to purchase a share in the company, but reportedly the opposition of Warren Corey kept him out. Already however, Corey Brothers had begun financing their operations by borrowing $ 50,000 from Eccles' First National Bank. For the Portland to Astoria job for which the Corey Brothers contracted to grade the railroad line the contract required the company to pay the contractors at the completion of each twenty mile section of the railroad. As they moved along in the construction the company ran short of funds, in part because they had to front the cost of construction. Financial problems also arose because a company they were doing some work for in Nevada went bankrupt and because of the financial stringency. The depression of 1893 was probably the second worst depression that we had in the history of the United States. When Corey Brothers could find no financing to conclude the railroad contract local authorities auctioned their equipment to meet their obligations. In the mean time, the Corey Brothers soon reached First National Banks lending limit of ten percent of their capital. Warren Corey came to bank to borrow some more money. Well bank officials told him that David Eccles wasn't there. He was in his office over at the lumber company where he always 10 had his office, so Corey went and sought him out. What David did was to say, " Look, I don't want to talk with you. I want to talk to W. H. Wattis he's the general manager of the company." So Wattis came in to Eccles office and Eccles asked him, " Look what's the matter. Why do you need more money?" Wattis replied, " That nothing was the matter if we could get rid of the Coreys." He told Eccles that job wasn't good enough for seven families to live off. Unable to meet their obligations as the depression deepened the Corey Brothers filed for bankruptcy in 1895. To settle their debts the Wattis's and Corey's had to sell a great deal of their property in downtown Ogden and on the bench, east downtown to the First National Bank. As a bankrupt company Corey Brothers passed into receivership and the receiver sold the company assets now totaling about $ 7,000 to a new company incorporated on November the sixth of 1895 with capital of $ 10,000. Significantly with the new Corey Brothers they had a new set of senior partners all officers of the First National Bank. After the reorganization the officers of the bank, Thomas D. Dee, James Pingree, Joseph Clark, and David Eccles owned two- thirds of Corey Brothers Construction Company. Eccles held the largest block of stock with thirty- six shares. Dee, Pingree and Clark each held ten percent among the Corey Brothers only Warren Corey and his wife, Julia, with thirty- two percent and Amos Corey with one percent remained as stock holders and William H. Wattis held only one percent of the stock in this company. In what was an apparent effort to avoid calamities similar to that the company had experience in 1895 David Eccles insisted that company carry no 11 long term debt. In a bow to the Corey Wattis partnership however and because David Eccles had considerable confidence in him William H. Wattis was appointed vice president and general manager of the company. The new owners elected Dee as president of the company and Pingree as secretary and treasurer. Since the company had come under the wing of First National Bank however, David Eccles as bank president and the largest stock holder became a major power in the company. Soon however as Wattis had hoped the new owners of Corey Brothers shut the Corey brothers out of the business. On January the 8th of 1900 E. O. and W. H. Wattis together with their brother Warren L. Wattis incorporated the Utah Construction Company. They subscribed stock worth $ 8,000 from an initial offering of 24,000. Then on February the 8th of 1900, David Eccles, Thomas Dee, James Pingree and Joseph Clark, you'll remember their names from the bank together with the Wattis brothers purchased the remainder of the stock. Utah Construction agreed to purchase Corey Brothers assets except their books, probably weren't any good anyway, for $ 24,000. In the reorganization the Wattis brothers and W. H.' s wife Marie held $ 8,000 in shares, the same amount as David Eccles. Dee held $ 4,000 worth and Clark and Pingree $ 2,000 worth each. The directors reappointed W. H. Wattis as vice president and general manager and Dee was appointed as president. Wattis' reappointment came on the motion of David Eccles who had a considerable confidence in this younger mans ability. Eccles told his wife Bertha that the Utah Construction Company was one business that he did not have to concern himself about and that Mr. 12 Wattis knew the construction business and was competent to handle it. He also had similar confidence in E. O. Wattis whom he eventually place in charge of the companies San Francisco office. Under new management Utah Construction still had to finish the contracts that Corey Brothers had previously negotiated. The one Corey relative that they hired was Lester S. Corey, who served in various positions and eventually became company president. Completing the Corey Brothers contracts, Utah Construction finished a number of jobs including grading a road from Idaho Falls to St. Athenie for the Oregon Short Line, a subsidiary of railroad magnate Edward H. Harriman's Union Pacific Railroad. They also continued negotiating contracts for other jobs. In 1901 Utah Construction took a contract with Oregon Short Line to grade a line from its terminus in Utah to Las Vegas, Nevada. This construction project put O. S. L. and Harriman's Union Pacific system in competition with the Los Angeles and Salt Lake railroad owned by William Andrews Clark, who was a banking and mining magnate from Montana and who served for a time as Montana's senator. The Union Pacific had surveyed a line from Utah to Los Angeles in the nineteenth century, but Clark insisted that the franchise had lapsed because Union Pacific had not constructed the line very soon. This difference in opinion led to a frantic race between the two lines to completely construction through choke points. That is Narrow Canyons where workers could construct only one line. Both the Utah Construction Company and the L. A. S. L had crews that they pushed into the breach. Beginning at choke points construction crews actually graded road beds between places where other crews had already laid tracks. 13 Lester Corey served as Utah Construction's forwarding agent. In that capacity he had to make sure that hay, oats, and other supplies reached the camps ahead of the construction crews. From that vantage point Corey watched the progress and the confrontation between Utah Construction and Clark's company. They sent men and teams over land to places as much as fifty or more miles ahead of the rail end, those are Corey's words as he watched this. Laying rails at the rate of a mile a day the O. S. L people reached a choke point in Caliente Canyon, about sixty miles as the crow flies from Modena, Utah which was the last town in Utah before the tracks went into Nevada. Crows however don't fly the circuitous route that Utah Construction had to take to get into Caliente Canyon and down to Meadow Valley Wash in southern, southwestern Nevada where the town of Caliente was located. The Utah Construction crews reached Caliente Canyon before the L. A. S. L. crews did. Although the story is a bit unclear, Utah Construction must have already graded road bed through the canyon because the O. S. L. crews pulled in laying track on the way. When they got to the canyon they found that L. A. S. L. crews had strung a wired fence across the road bed, behind the fence stood a squad of toughs with rifles aimed at the O. S. L. construction crew. O. S. L. chief engineer, William Ashton, order his men to push the construction cars up to the fence and then he dumped a load of ties across the fence. In the face of these riflemen then, Ashton jumped the fence to call their bluff. Well as it happened the shooters weren't bluffing, at least not exactly. As soon as Ashton reached the other side of the fence the rifle men greeted him with volley of shots. 14 Fortunately the shots were all bang and no lead because the shooters had loaded their rifles with blanks. Both sides laughed at the confrontation and cooler heads prevailed. Utah Construction crews then packed up and returned to Utah and Idaho to carry several bank widening contracts. U. P. and L. A. S. L. took a year to negotiate an agreement and the line eventually became part of the Union Pacific system and Utah Construction returned to finish the road into Las Vegas. Significantly one of the stations in Caliente Canyon is named Eccles probably after David Eccles. After the organization of the company Eccles understood that Utah Construction could not really prosper if they continued to take small contacts for portions of railroad lines or for realigning various railroad lines the way the Corey Brothers had done. He wanted to undertake a very large project, but he needed help to negotiate it. His help came from Henry Havemeyer. As we've noted before through the good offices of Thomas Cutler, Eccles had already met Havemeyer. Cutler's Utah- Idaho Sugar Company had sold a fifty- one percent interest to Havemeyer's sugar trust. In June of 1902 after Cutler had introduced them, Havemeyer left Cutler twiddling his thumbs in the outer office and spent most of the day with David Eccles. The wily New Yorker apparently thought he could wear Eccles down, having cut his teeth though on the rough and tumble of western business Eccles held his own. After having his fill of Havemeyer's tactics Eccles finally told him bluntly, " We don't have to sell. We don't owe a dollar. This is what we'll do and nothing under that." Accepting Eccles proposal Havemeyer purchased fifty- one percent of the Ogden, Logan 15 and Oregon sugar companies that Eccles owned for more than the combined total of the three companies, and he consolidated them into the Amalgamated Sugar Company. Although he stood his ground in these negotiations, Eccles recognized that he could not battle a powerful company like the American Sugar Refining Company, so he bargained for the best deal he could. Significantly instead of detesting Eccles for his unyielding stand Havemeyer found Eccles a capable and impressive businessman and they became close friends. In Bertha Eccles' words, " Havemeyer didn't lose any respect for him because he stood up for what he knew was right." In fact he kept Eccles on as company president. Later when Havemeyer sent one of his technical experts to investigate Amalgamated Sugar Company plants the expert returned with the complaint that Eccles managers and other employees didn't have any advanced education. Havemeyer then defended Eccles, he told him, " Any man Mr. Eccles employs as a superintendent or to work around the mill is satisfactory and you must not interfere with Mr. Eccles." Now Havemeyer's friendship with Eccles proved more that propitious. Following the death of Callis B. Huntington in 1900 Edward H. Harriman gained control of the Southern Pacific Railroad. He already owned a controlling interest in Union Pacific and with the control of S. P. he effectually monopolized all of the railroad traffic from Salt Lake City to California. Previously S. P. had divided its patronage between the Denver and Rio Grande and the Union Pacific. With the 16 acquisition of Southern Pacific however, like a first rate monopolist Harriman began to squeeze the D. & R. G. In the mean time ownership of D. & R. G. had passed from Jay Gould to his eldest son George Jay. George Gould then owned a controlling interest in railroads stretching from Buffalo New York to Ogden Utah and he intended to extend that railroad from Baltimore to Oakland. To accomplish the western leg of his dream Gould turned to E. T. Jeffery who was president of Denver and Rio Grande in which Gould had a controlling interest. Gould and Jeffery tried to conduct surveys in secret over Beckworth Pass and down the Feather River Canyon to Oroville in California. But Arthur Caddy and Walter Barknet who had long planned for such a railroad learned of these efforts. Pressing Gould with claims that they'd already staked. Barknet negotiated an agreement with Gould on February the sixth of 1903 to provide for a new company to build this railroad from Salt Lake City to Oakland. On March the third then, a month after the two had signed this agreement and less than a year after Eccles had negotiated the sale of the controlling interest in his sugar plants to Havemeyer eleven men sat down at the California Safe Deposit Building on California Street in San Francisco. And you should remember that name, California Safe Deposit because it becomes important later on to the company. They signed and agreement to construct the Western Pacific Railroad from Salt Lake City to Oakland by way of Beckworth Pass, the Feather River and Oroville. Beckworth Pass lay more that 2,000 feet lower than Donner Pass which the Southern Pacific controlled. 17 Virgil Boge whom Gould sent out to conduct surveys found that they could construct a road with a grade of one percent, making it much more efficient that the Southern Pacific's grade over Donner Pass. After word of the new railroad reached Ogden the Company Officers learned that the contract for the western leg of the rail road from Oakland to Oroville had gone to E. B. & A. L. Stone of San Francisco. No one however had won the contract for the eastern end of the road which was to cross the Sierra Nevada, span all of Nevada and then cross Utah into Salt Lake City. No one in Utah Construction except David Eccles had an association with anyone with influence who could recommend them to Gould's representatives. He was in the word of Lester Corey, " The only one of our group who was known in eastern circles." Moreover " Eccles firmly believed that the company could do the job, so he agreed to go to New York and see what could be done," those are Lester Corey's words. Since he had a working relationship with Henry Havemeyer Eccles went to see the sugar magnate. Because of Havemeyer's confidence in Eccles' ability he recommended Eccles to the W. P. officers. Eccles said that " Havemeyer told Gould and his associates that anything that Eccles would sign his name to they could be sure he would see it through." Significantly Eccles, personally obligated himself to the successful performance of the contract, gave his personal word for it. In the midst of these negotiations on July eleventh, 1905 Thomas D. Dee contracted phenomena and died. On August seventh vice president W. H. Wattis called a meeting of the board of directors, the directors then elected David Eccles 18 president of the company. On September thirtieth, Eccles met with the board to ratify the first of the results of his negotiations with the Gould people. The directors agreed to sign first what to have been six contracts and seven supplemental contracts that authorized Utah Construction to prepare a roadbed for laying of rails from Salt Lake City to Oroville, California. The first contract obligated Utah Construction to grade between Salt Lake City and Silver Zone Pass, a pathway through the Toano Range about a hundred and ten miles west of Salt Lake City. Readers should understand that Utah Constructions obligation on this as on many previous contract consisted on preparing road bed on which the railroad laid its tracks rather than to lay the tracks as well. It did some jobs where it laid tracks but a lot of these involved grading road bed. Eccles then tasked Andrew H. Christenson with supervising the contract from Salt Lake City end and Edmund O. Wattis to superintend the Oroville end. Each section of the line had its own problems. In crossing the Bonneville Salt Flats near Wendover the construction crews faced a vast span of water soaked salt under pinned by mud. To solve the problem by laying lumber on the salt laying tracks on the lumber and hauling train loads of earth and gravel until the train bed would hold the locomotives and railroad cars. Consulting with supervisors and engineers the company broke new technological ground. This is the old technology, horses and wagons and scrappers. Here's an example on a construction project on the way they went ahead with their horses and wagons. Before 1905 construction company 19 workmen had prepared the road bed with horse drawn plows scrappers and dump wagons. Crews blasted through rock with dynamite but horse drawn equipment did virtually all of the earth moving. Since numatic drills available in the nineteenth century were bulky and difficult to move crews did most of the drilling by hand to place dynamite and nitroglycerin. On the Utah Construction job however, on the western construction job, Utah Construction began to move its technology into the twentieth century. Crews began to use in Lester Corey's words, " Air compressor, power drills, small steam locomotives, dump cars of four to eight cubic yards capacity, and steam shovels." You can see in this picture one of the trains with dump cars and the steam shovel operating, this is at Beckworth Pass. Since much of the hardest work took place in California and Western Pacific had its office in San Francisco as construction near completion in 1908 Utah Construction opened what they anticipated would be a temporary office in San Francisco. Eccles sent E. O. Wattis to head this office which was located in the Flood Building on Market Street between Turk and O'Farrell. After completion of the Western Pacific job the company began to secure contracts for work on the west coast and instead of closing this temporary office, it remained opened. E. O. and his associates Henry J. Lawler, John G. Tyler and John Q. Barlow aggressively sought contracts on the west coast as well. With the exceptions of the difficulties encountered on Utah's Bonneville Salt Flats Utah Construction crews had a relatively easy time constructing the road through Utah and Nevada. The seventy five mile Feather River Canyon in 20 northwestern California between Cady and Oroville however seemed like something from another world. On the surface a span of seventy five miles that dropped only one foot in a hundred seems like a walk in a park, at a glance. If you look at a topographic map of Feather River Canyon however, it reveals something quite different. The canyon is so steep that contour lines seem to lie on top of one another. And photographs from the canyon reveal a gloriously rugged landscape. And you'll see one of those pictures here. In some places surveyors had to hang by cable to drive the center line and field space across the canyon. In some places crews had to work very hard because they had to build a railroad grade with curves of only twenty degrees. Utah Construction blazed a trail and brought supplies in by mule train to set up camps and used these as bases for blasting out wagon road to haul in provisions and equipment. Eleven men lost their lives working on a rope bridge at Cromberg. Five died in and explosion at Beckworth Pass. At the confluence of Grizzly Creek the crews had to raft around shear cliffs. Utah Construction blasted forty tunnels of between forty and 7,500 feet in addition to building bridges, trestles and doing cuts and fills. E. O. Wattis moved his family to Oroville just beyond the north fork of the Feather River and his daughter reported that they could hear blasting from their home. As the construction proceeded, Utah Construction in general and David Eccles in particular faced a new problem caused in large part by the panic and recession of 1907. On October 22nd 1907 W. H. Wattis approached J. Dalzell Brown, Western Pacific's treasurer and asked him for payments due the 21 company. Lying to Wattis, Brown told him that the company didn't have any money on hand when in fact Western Pacific had deposited in the California Safe Deposit and Trust Company in San Francisco. Wattis had to leave San Francisco but Brown promised to send him the checks to Salt Lake City. Later Brown who was also the treasurer and vice president of California Safe Deposit, he had both those companies together, sent Utah Construction two checks totaling $ 236,000 drawn on California Safe Deposit. John Pingree who was the cashier of First National Bank of Ogden had left the business when the checks arrived and James F. Burton who was assistance cashier received the checks and sent them to California Safe Deposit for credit instead of depositing them in the San Francisco banks at the First National generally did business. Dalzell Brown and the other bank officers however knew something that Wattis and Brown didn't know. Through out the month of October 1907 California Safe Deposit was insolvent, in fact only deposits from Western Pacific from failing earlier and the bank apparently tried to protect itself by paying only nominal amounts from W. P. had deposited. More over California Safe Deposit had not kept the more than $ 400,000 required by the state of California for its financial institutions. Thus in an age before deposit insurance First National stood at risk. Employees at California Safe Deposit nicely credited First National's account for the checks, this was on October the 28th 1907 but they paid out no money, they simply credited the account. Safe Deposit proved quite unsafe deposit however because it closed its doors two days later on the October 30th. 22 To compound the difficulty at the same time because of the recession Western Pacific ordered construction curtailed by forty percent. In spite of Western Pacific's curtailment, Utah Construction had obligated its self to pay subcontractors their retained percentages, but W. P. didn't have to pay Utah Construction. In effect Utah Construction faced involuntary bankruptcy. Now David Eccles had guaranteed the contract with Western Pacific personally so he felt personally responsible for the losses incurred by the banks failure and the obligations to the subcontractors. As a result he negotiated a personal loan of $ 100,000 from Desert Savings Bank which he deposited in First National Bank, the remaining $ 125,000 came from Utah Construction's undivided profits. Thus Utah Construction and David Eccles absorbed this loss. Utah Construction however agreed to repay the bank losses and though the documents on this matter are not clear Eccles may have recovered some of the money that he advanced. After the completion of the contract Utah Construction tried to recover its losses from Western Pacific. Western Pacific insisted that since California Safe Deposit had credited Utah Construction with the checks that they gave him that the company had no liability. Safe Deposit was bankrupt of course and the checks were no good. Utah Construction officers believed that Western Pacific should repay the money. Officers of Utah Construction and Western Pacific then agreed to submit their disagreement to arbitration on April 29th 1910 the two companies's turned the dispute over to Charles P. Ells. Ells ruled for Western Pacific and Utah Construction then appealed to the California Superior Court in 23 San Francisco in 1912. The California Superior Court also ruled in favor of Western Pacific and to add insult to injury ordered Utah Construction to pay court costs and attorney fees to Western Pacific. Utah Construction the appealed to the California Supreme Court and on January the 9th 1917, five years after David Eccles' death the Supreme Court sustained the lower court decision in favor or Western Pacific. Now I discussed this case with an attorney friend that told me that a Utah company probably didn't stand the chance of beating a California company in California court in 1912. He said that the company might have stood a better chance had they applied in federal court. In spite of this setback Utah Construction had made its mark as one of the west's major construction companies. The company received $ 22.3 million dollars for a contract that kept its crews and subcontractors busy from 1906 through the end of 1909. The company hired more that 7,700 workers it drew many of them from Europe through an employment agency in Chicago. At about the same time the company contracted to construct this line. It agreed to build a line for the Nevada Northern Railroad in Nevada from Cobre on the Southern Pacific line southward to Ely. Eccles also purchased an interest in a livestock company, which is son and executor of estate David C. Eccles sold to Utah Construction in 1913 to obtain money to pay his fathers inheritance tax. The owners incorporated as the Vineyard, Land and Stock Company. Between 1908 and 1911 the company also undertook a number of smaller projects which kept their crews busy. All of these 24 activities proved extremely profitable. In 1900 the incorporators had purchased the assets of Corey Brothers for $ 24,000, in 1906 the company increased its capital to $ 500,000, on December the 31st of 1912 a few weeks after Eccles' death the company had paid stock of $ 903,000, moreover it had additional resources of assets over liabilities totaling $ 1.4 million. David Eccles had invested $ 8,000 in a company in 1900 that was worth $ 24,000. At the time of his death in 1912 the value of the stock and undistributed profits of Utah Construction Company totaled $ 2.3 million. In 1971 Leonard Arrington interviewed Marriner S. Eccles, the son of David and Ellen Stoddard Eccles. Marriner had had both the Utah Construction Company and First Security Corporation. Eccles told Arrington that Utah Construction was then worth in excess of $ 60 million, this was in 1971. Now I'm quoting from Marriner Eccles, " The Eccles family holding in First Security are chicken feet compared to Utah Construction." David Eccles died on December the 5th of 1912 running to catch a train in Salt Lake City he had a heart attack from which he did not recover. By today's standards where billionaires seem to abound, his estate seems relatively small. David C. Eccles administrator of that estate valued it at $ 7.3 million. In 2007 dollars however the estate would be worth about $ 154 million. Bertha got a widows share of one- third the estate and his children by both Bertha and Ellen received equal shares of the remainder. As a plural wife Ellen received none of the estate. His heirs paid inheritance tax of $ 297,000. 25 At his death Eccles' stock in Utah Construction Company were valued at $ 235,000, that from an $ 8,000 investment. It was the fifth largest block of stocks that he owned exceeded only by Amalgamated Sugar Company, Lewiston Sugar Company, Utah- Idaho Sugar Company, and the Oregon Lumber Company. In effect his $ 8,000 investment in Utah Construction in 1900 had grown 2,938 percent in twelve years. That's a fairly decent return on your investment. Now to what did David Eccles owe his success? The origins of his fortune lay in hard work and thrift. During 1872 while he ran the mill on Monte Cristo he seldom slept in a bed. He worked until dark, laid down where ever he could find a place to nestle himself and began to work again at dawn. He spent virtually none of the money that he earned saving it as an investment to improve his position as a capitalist. Although he accumulated some debt during the early years shortly after his marriage to Bertha he paid that off and he ordered his business affairs so that he carried no long term debt. He had excellent business acumen and extraordinary ability to recognize significant economic trends. He based his fortune on lumbering during a time of cheap or free land and a rapidly expanding market. Then instead of carrying all the all of his eggs in one basket, he diversified into eighty- three companies in a wide range of business ranging alphabetically from Adams Copper Mining and Smelting Company in Washington County to ZCMI in Salt Lake City, that's A to Z. He was an excellent judge of the abilities of people with whom he associated and of the opportunities open to him. He recognized the particular strength of people like Thomas Dee and William H. and Edmund O. Wattis. He 26 knew how to cultivate the friendship of people that could that help him. Without his association with Henry O. Havemeyer it seems unlikely that Utah Construction would have obtained the large contract to build the eastern leg of the Western Pacific Railroad Company. Clearly Utah Construction Company owes much of the credit for the early successes which provided a foundation for its future to David Eccles. Thank you. © 2007 WSU Stewart Library, All rights reserved.

The WSU Stewart Library Annual UC-UI Symposium took place from 2001-2007. The collection consists of memorabilia from the symposium including a yearly keepsake, posters, and presentations through panel discussions or individual lectures. ; Audio Recording ; The Evolution of a Managerial Style: Marriner Eccles in the Public and Private Sector a commemorative lecture presented at the 2006 Utah Construction/ Utah International Symposium Uncommon Vision by Dr. Stephen Francis Wednesday, October 4, 2006 2 Good morning. It is my pleasure to be here. Before I start I would like to thank the generosity of those that made this symposium possible. It is really a great event that we have here, and the ability for scholars to come and study and do those, and I think that is magnificent for those that put this on. Also I think we need to thank those that put countless hours into making this symposium possible. Over the summer researching, I know the amount of hours that also went on the other side of putting this all together, and I am quite impressed with their work as well. As Dr. Sessions mentioned, my field is Tudor England. So you may say, " What is he doing here?" and I ask that same question myself many times. But I am from Ogden and I realize that from a very early age I have had a connection with the Eccles on a very peripheral level, but grew up one road down from Eccles Avenue. As a small child my first bank account was at First Security, went down there and did all that. Growing up later I realized my father would tell the story of coming home from a Bear River football game going 85 miles an hour and then he saw in his rear- view mirror lights and realized that Spence Eccles was going even quicker passing him; so I heard that story. My sister had a reception at the Bertha Eccles Center and I grew up going to church with John Eccles and his family who was Marriner" s son. I would never have guessed as a small child sitting in Sunday School looking at Sarah Eccles that one day I would actually be doing research on her grandfather. So there is a connection there and I am very interested in the Eccles family and their impact in the Ogden and then not only national but international levels. So I guess somehow that is how I come 3 a field from the Tudor era. Although I have realized from this why I so enjoy Tudor England, and that is that if I were to ever give a lecture on Elizabeth the 1st, I don" t have to worry that Sir Francis Drake and Sir Walter Raleigh are actually in the audience and correcting me when I get things wrong. So I will gladly go back to the sixteenth century after this. It is my pleasure to be here and to talk to you today about Marriner Eccles. As a historian we often then have a specific thesis or idea that we are trying to get across in research. Again because as Dr. Matt said yesterday we were talking about men that we have never met to people that know them quite intimately. That can be a good thing and that can be a bad thing. Sometimes I think maybe we get a little bit more objectivity, but at the same time as the apostle Paul said, " We see through a glass darkly". I think that is somewhat accurate of historians in general. So I hope that what I have to say has some meaning and works okay. One of the things I liked about Marriner Eccles is that, and sometimes I do this as well, is that you get the sense with Marriner Eccles that if something was true or at least he thought it was right and true, it didn" t matter how you presented it, everybody should just see that it is true and jump on board. I sometimes fall into that, so I am going to treat Marriner Eccles in a Marriner Eccles fashion and just lay out my presentation and my thesis and then I will say that it is right, and then I will let Sidney stand up and tell me how wrong I am, but that" s okay. Today specifically what I am going to be looking at is Marriner as a manager. We have often… most of the writing that has been done on Marriner 4 focuses on his ideas, especially what he was doing in Washington D. C. as the Federal Reserve Board Chairman. There is no doubt about it. This man had an amazing grasp of ideas, of how they could be implemented, and really was very impressive in his view of what should take place in the future. But what I am looking at more specifically is how he was as a manager in dealing with not only then corporations, but also then Washington years and this broader idea. We see this very prevalently in our society, this idea of the business man going into the public sphere and then coming back out of the public sphere and how does that affect the companies that they work for. That is, this transition is very popular I think. I think this is actually quite timely in the sense that Alan Greenspan just retired from the Federal Reserve Board and is probably one of the more famous Federal Reserve Board Chairmen mostly because of what Marriner did with the Federal Reserve back in the 30s and the 40s, and there is this interest of " Well, where do they go now". There is this idea that Senators then go and sit on boards after they are done and there is this real interest in the two spheres transferring in there. I just saw on the Daly Show not too long ago President Clinton talking about moving into the private sphere and the affect of that. So I am hoping this is kind of an interesting subject; I found it interesting, of how did this affect Marriner? The premise of my remarks actually comes from a quote from Marriner Eccles. He said, " I think most American businessmen have gone through a similar kind of self examination on being offered a public post. Despite their materialism and their drum- fire criticism of all politicians and bureaucrats, 5 governmental service has an attraction for a great many of them. Let them get a taste of the position and the flavor remains with them forever. Most other things afterward seem flat or jaded." And I think that is a true statement and I think that is true in his life, so we are going to try to look at that, and that is really a long introduction to my ideas, but let" s then jump right into them. Marriner Eccles as many of you know was born in 1890 to David Eccles and Ellen Stoddard Eccles. Dean L. May in his book " From New Deal to New Economics" posed the idea that one of the reasons that Marriner Eccles had this kind of broad view of what the economy should do, he is going to claim that it is actually his Mormon background. That even though Marriner may not have been doctrinally interested in the Church, the social culture of Mormonism affected the way he looked at things and saying about this collectivism of Mormonism, that that affected this kind of economic policy. And I am going to start of right there by saying that I don" t necessarily agree with May" s vision of that. I am going to, though, say that yes, Mormon culture had an affect on him, but it actually wasn" t the collectivism of Mormonism, but actually the isolation of Mormonism at that time. The polygamist system actually creates more isolation than it does collectivism. Marriner" s mother was the second wife of David Eccles and therefore really was left on her own. You get this sense, then, of again in Marriner" s writings, in his memoirs, he is discussing this idea of in a way kind of being upset that the Mormon Church asks people to come to Utah and then just kind of dumps them here. Then in his mind he found the Ogden Valley to be this kind of harsh climate that wasn" t really very friendly. He was a great person of 6 forecasting the future, but on that one he got it wrong. He said there was very few people living in Huntsville and he never saw that place growing beyond what it was then. But now, he didn" t I guess see ski resorts and that of showing Huntsville off. But he saw that as kind of harsh that you were isolated in this area. Again being the child of the second wife of David Eccles, there is that isolationism, because you really get a feeling that Marriner really didn" t know his father very well. He is going to come into contact with him every now and then, rarely has a very long conversation. They will be moved up to Oregon to kind of get away from polygamist laws and persecution, and then his father dies. He is left to take care of his mother. So if anything, I don" t think there is this idea of Mormon again taking care of each other as a community. I think more Marriner felt this responsibility from a very young age to take care of his family because he was really in a way alone. He is the oldest child. Even when his father was alive, his mother is pretty much there by herself, so he is already the man of the house even before his father dies. I think that weighs quite heavily on him, this responsibility to take care of his mother and his family. And that responsibility, I think he feels, like he has to go it alone. I liked how Sydney Hyman represented him as a " lone walker" and I think that is such a very true statement of Marriner Eccles. So my premise is that before his Washington years when he is running the family businesses he is really seeing it in that sense, that " I have to take care of these people and my family". He is then much more interested in the specific running of those businesses. Now he is going to get involved in the family 7 business of the lumber company. He is also going to get involved with Utah Construction. He will get involved in Amalgamated Sugar, and then in the 20s he will form First Security Bank Corporation. When you look at his management style in these areas before Washington, I think he has always had this kind of understanding of the big picture, but it is much more, he is much more involved in the running of these companies. His stories which are great stories, especially with First Security, when the Depression hits, the stock market crashed. Later then, they are fearing runs on the bank and in my mind I always see the " It" s a Wonderful Life" Jimmy Stewart and people running in. I don" t remember runs on the bank. I" m not that old. So I have to somewhat tie it to Hollywood. But the great story is that he is coming in and he is going to stand up on the counter and tell people " Calm down. We" ve got funds to cover this. The Federal Reserve in Salt Lake City has money". Now he says in his memoirs that those two statements were true, he just didn" t tell people that they weren" t necessarily connected. Yes Salt Lake had money, but that doesn" t mean that it was going to come to his bank and it was going to go out to them, but they don" t need to know that. He then tells his tellers, " Take as long as possible. If somebody comes and wants money, even if you have known them your whole life, tell them that you have to go back and get their signature card to make sure that the withdrawal is appropriate. Pay them in very small bills and count them out very slowly so that we can close on time and not have to shut down the bank". So he tells them this and then the next day when there was another fear then he says, " Okay now what we" re going to do…" and this I think is quite ingenious, so then he says " The 8 next day open up as soon as possible and no matter what they say do it as quickly as possible and pay in large bills, because we don" t want anybody on the second day to see a line. We want people to think that this business is just this bank running normally. There is no one waiting in line. We are calm, cool, and collected". So a total turn around. So you see he is getting involved on a very fundamental basic level of explaining to these tellers how to do this. He is the man up on the table, if you will, bringing everybody together being under control. You also see in these earlier years that he is more involved in the actual aspects and running of these companies. There is evidence as we were looking in some of these documents that, for example, in Utah Construction, he is actually going out and will make a report to the company saying, " Well, I was out at this site and it seems that the concrete is coming in. They are pouring it very well. I was out there. Things seemed to be going along very well." It was the same thing with Amalgamated Sugar. He is off looking at sites, maybe where they can have a factory or something, again more on this level of actually looking at the production and process of these companies. Another one specifically going with the milk company he started. He found out that he was going to work all of this. Thirty- three percent of the stock in the company was held by a Mr. Radcliff of Los Angeles. Marriner went to L. A. and asked Radcliff to meet him in his hotel room where Marriner proposed buying Radcliff" s stock. Radcliff said that he needed a day to think about it. And this again is what I love about Marriner. He says, " Well, I" ve got to leave tomorrow. Let" s not think about it. You know that this is a good deal. You know I" m giving you a good deal. Let" s just do it right now", 9 because he was worried that the Chicago group might come and talk to Mr. Radcliff to buy his shares. So Radcliff is like, " Well Okay but we at least need a lawyer to draw this up". And he says, " Look, this is a basic no- brain concept. You" ve got stock, I" ve got money. We can just write it up right here and sign it". And Marriner then says that he is probably glad that Mr. Radcliff didn" t think much of lawyers because he sat down and just on hotel stationary wrote out two copies of the contract and they both signed it and off he went. Again this is to me very specific intervention in a company trying to run it. He is the man in charge in this period. With the coming of the stock- market crash, this is going to be the event that changes Marriner" s life, and this is where he sees even a bigger picture. I believe that even up until this point in time Marriner really has been focused on running these companies for the benefit of his family, and that is the scope of where he is looking, and is more involved then in the running of those companies. But now with the stock- market crash and especially then the ensuing great Depression, he sees that…" You could try to run the company the best you can, but because of these bigger events that you can" t control, companies can fail. Well, maybe then you can control these bigger events". And this is where, then, Marriner begins to look at even a bigger picture and starts to have these ideas of how to fix the economy by massive government spending; that you can" t leave it up to businesses to fix themselves because it is too big of an issue. You can work all of your life like his father did and make this amazing company, but if other things affect it that you have no control over, no matter how hard you work, 10 it may fall apart. So therefore, we need to come up with these bigger ways of solving the problem. And often times he gets referred to as this policy of massive government spending to prime the pump is often considered to be Keynesian economics, although he is proposing this before Keynes does. Because he is a businessman and a very successful businessman, he is asked to come back to Washington to discuss these ideas, well not specifically those ideas, but just where the economy should go before a Senate Committee; and this is where he then proposes these ideas. And again, as is often stated in books and memoirs, this isn" t some long- haired radical economic professor coming with some wacky idea; this is a millionaire businessman proposing these ideas. And this catches the attention of the Washington think- tanks, if you will, and he is asked to come back and work in the Treasury. You can tell again in his memoirs, it is kind of the put- up or shut- up position. Here you have been talking about all these things, now are you going to accept an active role in the public sphere. Marriner decides that yes, this is what he needs to do. Now today, if the person were to go back to Washington and eventually end up on the Federal Reserve Board, you should get out of all your business dealings, you only had to get out of banking. You couldn" t actively be in banking, but there was nothing else to stop you from being in all these other things. To me, that is what I find fascinating, is that he doesn" t divest himself from these other activities. And it is not just divest himself. It is not like he has to sell his stock or anything, he is still the President of many of these companies. It is not just as if, " Well, we" ll just keep him on the board"; no he is going to be President 11 of Amalgamated Sugar. While he is back there he is going to be President of Utah Construction. And in his mind he sees no conflict of interest, and to be honest as I have looked through these things, it doesn" t seem that there was a huge conflict of interest, but it still is interesting that he is trying to keep both feet in those spheres. He is not completely going into the public sphere. He wants to hold onto that private sphere. As was said last night and definitely true, I think one of Marriner" s greatest strengths was his ability to pick good managers for those companies. If you look at his again personal memoirs, he is kind of proud of the fact that he has never read an economic theory book, that he isn" t that college educated. But at the same time I think that maybe bothered him a little because he was very clear on making sure that his managers had educations. So as much as he was talking about his informal education and that this was just kind of through observation and experience, he was going to make sure that the men who ran these companies had those educations. For example his brother George received a business degree from Columbia University and ran First Security during Marriner" s absence. Later Spencer Eccles would also then go to Columbia. Marriner sent his own son Campbell to the Wharton School of Business. Eccles had H. A. Benning who ran Amalgamated Sugar. He went to the Rochester Business Institute. A. E. Benning who later ran the company attended Yale University. And as we said, Dr. Matt was talking about yesterday, later after he comes back from Washington, Ed Littlefield from Stanford is going to run Utah Construction. So as much as he is talking about this self- made man who hasn" t had a formal education, he is going 12 to put those key men into those positions. I think this is a huge shift in that he is forced to allow these men to do their thing. You can not micromanage, or at least it is very difficult to micromanage two thousand miles away. So instead of being this active participant in these companies, he is forced to delegate that authority. That is going to change the management style of these companies. The other thing is that once he gets back to Washington, as much as he may be proud of the fact that he never read an economic professor" s ideas, he will rely on them still in his role as Federal Reserve Board Chairman. One of the great ones will be Lockland Currie, a Harvard PhD who had a founding in traditional economic concepts. So as great of a thinker as Marriner was, he still needed these people to kind of formulate what he already had his mind in this kind of technical language. That is where his management style is going to change. Currie is I think is one of the more fascinating people in his Washington years. Lockland Currie was hired by Marriner Eccles. Again, Marriner" s ability to find people of quality, intelligence, and capability. Lockland Currie again was a PhD from Harvard and Marriner wanted to bring him in as the head of research for the Federal Reserve Board. The problem was that there was already a head of research and… well, I don" t think it is a very big mystery of those who know Marriner. He is not a very political man. He is not one to play the game, and here he is in Washington. I mean this is the biggest game in the country. And he just, I think he is just struggling with this idea of, " Why can" t I just get rid of this guy and put in the guy I want", but it doesn" t work that way in Washington. So he said, 13 " Well, I" ll just make you an assistant research director but you don" t really have to kind of answer to this guy. You just answer to me. Well, that" s going to tick both off and it was kind of ugly. But they did work well together. Currie stated, though, and again I think this gives us some insight into Eccles… He says, " Although a fluent talker, Eccles had some difficulty expressing himself forcibly and coherently in writing. His mind was so active that one thing would suggest another and this a third, and there was always a danger that the original point would get lost in the shuffle". He then later stated, " Eccles would doubtless be astonished if someone told him that he was not the easiest man in the world to work with or under. I had to smile, though, ruefully, in reading his stories of his difficulty in getting over a point to President Roosevelt, as I experienced exactly the same difficulties with him." And again, Marriner would come back and go, " Why, why, doesn" t FDR see this truth?" You can just see Currie going " Why, why, don" t you see this truth that I" m trying to get across to you?" That having been said, Currie goes on to say, " These criticisms, however, are minor. I both admired and was personally very fond of Eccles". But I think that demonstrates his management style that Marriner had. I think this is something I can relate to, and probably my students can relate to too. If you" ve got an idea, you" ve got back it up. If you can" t back it up, I don" t care how great your main statement was, if you can" t back this up, then we" re not going to have a good discussion. He was willing then to openly discuss matters, but it had to be on this very rational level, and I think this is somewhat a similarity that I at least admired in him or maybe just saw some of myself in. Not that I" m trying to put 14 myself on the same level as Eccles, but I do like things more verbally. I would rather sit and hash it out in a conversation, than sit down and write it and have somebody critique that. A lot of my ideas are formulated through discourse. The same thing was true of Marriner. He liked this idea and on a management level that can somewhat be frustrating for those underneath him because again, as Dr. Matt was talking about last time, in this evolving corporatization of America where you are trying to streamline and make things more efficient, sometimes just sitting and hashing things out at least some people might not find that the most efficient form. In fact Currie got very frustrated with this idea. " Why can" t I just write this up, you look at it and say okay, and move on?" Whereas that wasn" t really working; at least when he did write he had to keep it very to the point. Again don" t go off with all this flowery crap. Currie said, " So most of my memoranda to him were short, simply worded, and action oriented; and were passed personally to Eccles usually unsigned and even undated, which may explain in part both their character and the relative lack of memoranda by me in the official archives. Some of my most influential work left no record at all as it took place in the preparation of speeches and statements by Eccles. While I enjoyed writing, he much preferred talking, and it was in these interminable discussions that accompanied the preparation of each speech and statement, and that often lasted late into the night with revised drafts to be prepared the following morning for other and successive sessions that I most influenced his thinking and he mine." 15 Now if you" ve got a man like Currie who is willing to do that, management goes well. But if you are trying to run later companies, this probably isn" t really great. A lot of people may want to be home with their family, as Ed Littlefield told Marriner. He said, " Yes, I" ll join Utah Construction" But basically Ed Littlefield told Marriner, " But I" m not going to be you. I" m going to go home at night". I think again, if you" re that same kind of character as Marriner, " Yeah, no, we" re going to stay here until two in the morning and we" re going to hash this out and work this out", and I think for Marriner that was fun. That was exciting. Currie is just like " Oh, here is my third draft, come on. Let" s go home". In his relationships with those around him, he could be abrasive and often times that tends to be the adjective describing Marriner. And this here again is an example of where the man was a businessman and a thinker, and not a politician. He had some struggles and specifically with Henry Morganthou, who was the Secretary of Treasury under Franklin D. Roosevelt. The two just didn" t see eye to eye because they really were wrestling for power over the monetary system. Marriner is wanting to turn the Federal Reserve Board into an independent organization that can really direct monetary and fiscal policy and basically the Secretary of the Treasury was not real happy about this and felt that he was encroaching on his power. You can see though, that in the end Marriner wins. Again, most of us had at least heard of Alan Greenspan and Bernacky and the Secretary of the Treasury is kind of fading in our collective " who is he?" So he wins not just for himself, but in the long run Eccles wins, but that doesn" t mean he didn" t ruffle some feathers along the way. 16 Here is an example. In July of 1936 Morganthau was livid that Eccles had increased Reserve requirements by 50% without notifying the Treasury. Morganthau called Eccles and railed against Eccles" actions, and Eccles claimed that Morganthau had just been out of town, and " Sorry I didn" t mention it to you, but I was going to do that, but I did have President Roosevelt" s approval". Again, not the most tactful. Morganthau then wrote in his diary after railing on Marriner he says, " I certainly put the fear of God into him, and I doubt if he will ever pull another fast one". He wasn" t such a good predictor of the future. Lockland Currie here once again is like, " Oh crap, what has happened here", and he writes to Marriner saying, " Make overtures to the Secretary. Tell him you do not question his authority, ability, or (…?) in connection with monetary control. I know that you put ideas and objectives above personalities. Since the contribution you can make rests in the final analysis on the degree of cooperation you can obtain from the Secretary, I think you will be prepared to make real sacrifices for the sake of your wider objectives". Then again, here is an underling telling Marriner, " Mellow. Try to work with this guy. If you want to make a difference, you have got to work with him." Eccles at least at that time must have taken Currie" s advice, because Eccles had been vehemently fighting Morganthau over a particular policy and the two had decided… and I love this. You can just see them in this argument. " It" s like, yeah, well, we" ll just take it to Roosevelt and see who wins." So they both go to Roosevelt. Morganthau gets to meet him in the morning and Morganthau explains his policies and FDR says, " Well, that" s good, but let me hear from Marriner, and then I will make my 17 decision". Marriner comes in and basically explains the exact same thing that Morganthau had and so he is now, after weeks of fighting, he comes in and presents Morganthau" s ideas, and Morganthau is just standing there, just blown away. Later Morganthau told his staff, " In my whole experience I have never seen anything like it. And the thing that frightens me is that a man can so completely reverse himself." I think he was not necessarily trying to placate Morganthou, because that doesn" t strike me as what Marriner would do, I think, again in his mind, this is where I think he is kind of clueless in a way about… I think he thought this was a great argument that he and Morganthau were having. This is how you come to solutions. This is how you come to ideas. You don" t take it personally. Whereas, Morganthau takes it very personally. I think Marriner walks away from all of these kinds of things thinking, " Well, I don" t understand why you" re upset with me. That was just a fun exchange of ideas and I finally saw your side of it." Morganthau is just stunned that this is going on. I think that is the part in management that Eccles never really saw, is that maybe you have to be a little political to soften things. And really, you know, he was extremely successful, so I" m sure in his mind it worked find, but again, Currie said for example, " Our failure to get open- market operations transferred entirely to the board was due in turn to Chairman Eccles" failure to court Senator Glass in the early days. So there was this idea that, " Yes we accomplished a lot", and Currie may be wrong, but in Currie" s mind at least he is saying, " Yes we accomplished a lot but we could have done so much more if you had just tried to soften a little". Of course 18 you could argue that if he tried to soften a little, he wouldn" t be Eccles and maybe wouldn" t have gotten what he did get. Sam Carpenter who was the Secretary of the Federal Reserve Board said, " Because Eccles was not a politician, he didn" t think like a politician. He thought of getting things done and I think that is one of the things that got in his way when he was working on the Banking Act of 1935. He thought if he came up with the right ideas everybody would say, " Come on, let" s do it", and he didn" t think of it in the sense of getting a thing done politically. He goes on to say, " Marriner" s biggest problem was himself. He was abrasive in the extent that he knew what to do and the other people resented his pushing and saying, " Come on now, let" s do this". But in a way I also thing that is exactly what made it that he did get an amazing amount of things done, and I think those that worked for him respected that idea but he wasn" t always the most fun to work with. Once he comes out of Washington, I do think that his first statement is true, and no offense to the companies that he had, but I don" t think they seemed as exciting as what he had been doing. Because he really had been formulating national and therefore international policies and as greatly… I mean definitely in my mind the Federal Reserve Building should be named, and it is named the Marriner S. Eccles Federal Reserve Building. He does in reality create the Federal Reserve System that we have today. That is so true; one of the most influential men in American history from an economic point of view. He will get involved in the World Bank. He is going to get involved in the Federal Housing Administration. I mean these are huge things, and again I am not trying to 19 diminish the companies he had here, but I think in his mind, it is not as exciting, that is not as fun. So when you see him come back from Washington, there is a more distance in the running of those companies. His management is not as hands on. He is now more going to allow those men underneath him to more actively run those companies, and now he is going to kind of sit back in a way and things will be brought to him. He is still more than happy to have those conversations, but I don" t think you see what you saw before Washington. He is not going to, and this may have something to do with age as well, maybe he feels like he has earned his stripes. But you are not going to see the man going down and telling people how to run things. He is going to be more than happy to tell people what he thinks about policy and where they should go, and he may not pick the exact right moment to do that. One of my favorite stories over the summer was from Justin Eccles saying that at a family reunion, he is going to decide instead of to talk about David Eccles, he is going to stand up and talk about birth control. Because again, this is right, this is true, you should just listen to me. Generally Mormon polygamist family reunions are probably not the best place to talk about birth control. So there is this kind of struggle with bringing up these points that he wants. But at times he is going to have to step in and I think that is going to happen in Utah Construction. He is going to be concerned about the way that Christensen is running the company. So when Christensen is running the company in Utah Construction, you actually see memos again where Marriner is going to discuss " should be buy these huge ore ships that are going to transport things". Again this 20 seems to be a very mundane issue, but he is going to have to do that. Once he puts Ed Littlefield in control, you do not see those same kinds of memos. Again, it" s like " Okay I had to deal with this, but now that I know that this person is in control, he can take care of that and I don" t have to worry about it", and I think I really appreciated that in Ed Littlefield that he could then go on and do what he wanted to do. The same thing is true of First Security, I think in his brother George he had no worries that First Security was running correctly. He does seem to get a little bit more involved in Amalgamated Sugar. And it is not that the Bennings were bad, because really he still left the Bennings to that. I think it is one of his older companies and you will still see him kind of go out and look at new factories, where again you don" t see him really going out and looking at the sites of Utah Construction. One of the things, though, that I think was not as affective then in his managerial skills, is because he allowed these men to run things, you don" t see the cross fertilization if you will of these companies. He really lets them run independently. In a way that" s good but on another level, you would think that to have a manager in all these companies, they could use their collective knowledge to help the other companies. But Marriner seems to be much more, " No, I" ve given you this responsibility, you take care of it". For example in the 1960s Amalgamated Sugar was discussing if they should get in the cattle feeding business and Marriner said no they shouldn" t because we tried that in the past and it didn" t work. Mr. Alan on the board said, " Well, I don" t think we should make 21 decisions on the future based necessarily on just what happened in the past". I would love to be in that board room to see someone take on Marriner and say that, and then Marriner quickly, I mean the man had a very good grasp of things, said, " Okay, well because of this reason, and this reason, and this reason, that is why it is not effective". But he never said, " And it didn" t work economically for Utah Construction". Utah Construction also had cattle. He didn" t pull on that information to make his point with Amalgamated Sugar. The same thing is true again with Amalgamated Sugar. Ed Littlefield is going to corporatize Utah Construction in the late 1950s and into the early 1960s as Dr. Matt talked about last time. Amalgamated Sugar does the same thing but about ten years later and it doesn" t seem that there was any discussion, " Well, this is what we did in Utah Construction. Maybe that will help in Amalgamated Sugar", which I think is a great story and on one level is great management. There was discussion in Utah Construction about getting a loan at the prime rate and Ed Littlefield had gone off and found that the Bank of America would give them the prime rate, so they have all located. George Eccles, his brother, wasn" t there. When George finds out that they had gone to the Bank of America and not to First Security, he loses it and says, " What were you thinking? How dare you do this?" Again, I would love well, not to be a fly in the room. I don" t want to be actually there, I would get really stressed. But they went at it, and I guess other members of the board were like, " Oh, this is going to be fun. Let" s watch the Eccles boys go at each other". But I like the fact that Marriner was saying, " No in this situation, I am wearing the hat of Utah Construction and he tells George, 22 " You know that if you can" t give me the prime rate from First Security, Bank of America will". And George was like, " Okay" in the end. So in that sense I think this is very beneficial because he does believe that, " No I am wearing the hat of Utah Construction and I will fight hard for the best deal, even if my brother and my own company is First Security Bank". But at the same time I think that I think demonstrates that attitude that these companies are separate and I" m not going to mess with saying " This is how we did it here, this is how we did it there so maybe you should work from that". I think that kind of independence and isolation is what I talked about before. Finally, I think one of the things that I find very interesting is that he still was interested in these bigger issues and policies. I briefly mentioned birth control. Very interested then in birth control because again he saw the economy on this big scale and he is saying, " As these other third world countries over populate…" and again I think this is very future sighted. " Eventually you are going to out- source and labor is going to go to those other places and that is going to cause economic problems. We need to reduce the size of labor" So through birth control. The other thing was that he saw Vietnam as a big waste of money and said that… well, here" s a quote. I love this. He says, " The most important issue before the country today is our involvement in Vietnam. If affects every facet of our lives and our relationship to the rest of the world. Considering the financial and monetary aspects of our involvement, it is primarily responsible for our large budgetary deficit which is causing inflation. It is mainly responsible for the large and increasing deficiency in our balance of payments." Now I think this is a great 23 quote of saying, here is against Vietnam and the problems it" s causing. Guess where this statement comes from? The Annual Report of First Security Bank. This is not a speech to a big, and I love this. If you read the First Security Annual Reports, this becomes his bully pulpit. Whereas other companies, I have looked at Zions Bank, the only thing in the letter from the management is " this is how many loans we made, this is our…" I love these from First Security because there is always this section on where I think Marriner gets to kind of go off and talk about these. Spence I" m sure can correct me but I would love to have been one of the stockholders at First Security getting my annual report. Any means he has to listen to his bigger message he will use. And again I think he honestly believed, and I am not disagreeing with him, that as a stockholder of this bank, you should be looking at these bigger issues. You should be seeing how this fits into the bigger picture. Marriner was always a big picture man and he will let the rest of these people underneath him deal with the details. I think again from the public sphere to the private sphere, that public sphere affected the way he looked. I think he was always the big picture, but public service broadened his big picture, and I think in some ways that definitely benefited the companies he had after, but also in other ways there were some issues where he could have maybe made them orchestrate better but because he wasn" t interested it didn" t happen. So in a way, he started his life in isolation with the weight in a way of the world on his shoulders, and in the end he finished his life as an isolated man still with the weight of the world on his shoulders. 24 © 2007 WSU Stewart Library, All rights reserved.

While it has become clear that communication is a monetary policy tool for central banks, and extensive research has been conducted on central bank communication with financial markets, little is known so far on central bank communication with the general public. Our research provides new insights into this field, confirming that the efforts of central banks to connect with people are not in vain. In a randomised controlled trial, we focus on the determinants of understanding and trust in the communication of the European Central Bank (ECB) about the Pandemic Emergency Purchase Programme, which was set up as part of the Bank's response to the Covid-19 crisis. Key findings include that the ECB's simplified and relatable communication contributes to increased understanding of the central bank among a wider public. The simplified content also has a positive impact on perceptions of the ECB among laypeople, indicating that building understanding of the ECB's communications can help build trust in the central bank. ; Alors que la communication est devenue un outil de politique monétaire des banques centrales, et qu'il existe une riche littérature sur la communication des banques centrales avec les marchés financiers, la communication des banques centrales avec le grand public a jusqu'alors été peu étudiée. Notre étude apporte de nouvelles perspectives dans ce domaine, confirmant que les efforts de communication des banques centrales avec le grand public ne sont pas vains. Dans un essai contrôlé randomisé, nous étudions les déterminants de la compréhension et de la confiance dans la communication de la Banque centrale européenne (BCE) sur le « Pandemic Emergency Purchase Programme », créé par la BCE pour faire face à la crise du Covid-19. Les principaux résultats montrent qu'une communication simplifiée et adaptée de la BCE permet d'améliorer la compréhension d'un plus grand nombre. Le contenu simplifié a aussi un effet positif sur les perceptions que les non-experts ont de la BCE, indiquant que renforcer la compréhension dans la communication de la BCE peut renforcer la confiance dans la banque centrale.

While it has become clear that communication is a monetary policy tool for central banks, and extensive research has been conducted on central bank communication with financial markets, little is known so far on central bank communication with the general public. Our research provides new insights into this field, confirming that the efforts of central banks to connect with people are not in vain. In a randomised controlled trial, we focus on the determinants of understanding and trust in the communication of the European Central Bank (ECB) about the Pandemic Emergency Purchase Programme, which was set up as part of the Bank's response to the Covid-19 crisis. Key findings include that the ECB's simplified and relatable communication contributes to increased understanding of the central bank among a wider public. The simplified content also has a positive impact on perceptions of the ECB among laypeople, indicating that building understanding of the ECB's communications can help build trust in the central bank. ; Alors que la communication est devenue un outil de politique monétaire des banques centrales, et qu'il existe une riche littérature sur la communication des banques centrales avec les marchés financiers, la communication des banques centrales avec le grand public a jusqu'alors été peu étudiée. Notre étude apporte de nouvelles perspectives dans ce domaine, confirmant que les efforts de communication des banques centrales avec le grand public ne sont pas vains. Dans un essai contrôlé randomisé, nous étudions les déterminants de la compréhension et de la confiance dans la communication de la Banque centrale européenne (BCE) sur le « Pandemic Emergency Purchase Programme », créé par la BCE pour faire face à la crise du Covid-19. Les principaux résultats montrent qu'une communication simplifiée et adaptée de la BCE permet d'améliorer la compréhension d'un plus grand nombre. Le contenu simplifié a aussi un effet positif sur les perceptions que les non-experts ont de la BCE, indiquant que renforcer la compréhension dans la communication de la BCE peut renforcer la confiance dans la banque centrale.

Asia and the Pacific depend on healthy and resilient oceans for disaster resilience, food security, and livelihoods. Healthy oceans also drive economies through tourism, fisheries, and aquaculture. However, climate change, overfishing, pollution, and unsustainable development have pushed our oceans to the brink of collapse. In order to address the growing funding gap required to protect and restore ocean health, global markets need to systematically change. Blue bonds encourage that shift by increasing the amount of capital that can be invested in oceans to finance solutions at scale.

A blue bond is a relatively new form of a sustainability bond, which is a debt instrument that is issued to support investments in healthy oceans and blue economies. Like in the case of conventional bonds, investors lend money to a bond issuer, who agrees to repay the interest every year for the term of the bond plus the capital on a certain day. In a blue bond, earnings are generated from the investments in sustainable blue economy projects. Furthermore, the issuance of a blue bond enables investors to fulfill their corporate social responsibilities and generate benefit for the ocean and humankind.

Green, social, and sustainability bonds are bond instruments where the proceeds are used for eligible projects with positive environmental and/or social outcomes. The International Capital Market Association (ICMA) has developed Green Bond Principles, Social Bond Principles, and Sustainability Bond Guidelines to improve consistency and integrity for issuers and investors in relation to these fixed income debt instruments.

This publication provides an update of transport projects and assistance of the Asian Development Bank (ADB) in the Pacific as of 2019. ADB continues to assist in the development of the transport sector in 14 Pacific countries through technical assistance, loans, and grant financing. It also provides support for transport sector policy, investment planning, capacity building, and new capital infrastructure investment. ADB implements transport projects and technical assistance in Fiji, Kiribati, Nauru, Papua New Guinea, Samoa, Solomon Islands, Timor-Leste, Tonga, Tuvalu, and Vanuatu.

The Asia and Pacific region is now a powerful engine for the world economy, contributing 60% of global growth. The region's economic expansion has averaged 6.8% a year since the 2008–2009 global financial crisis—underpinned by stable economic conditions that have accelerated development and fostered poverty reduction. While the outlook for growth remains positive, several development challenges remain. The countries of Asia and the Pacific are experiencing rapid urbanization, huge demographic shifts, growing environmental pressures, and large infrastructure deficits. Income inequality has risen in several countries and social disparities persist. Meanwhile, an increasingly interconnected and interdependent world brings the potential for faster transmission of global shocks. Despite its strong economic growth, Asia and the Pacific is home to 264 million people living in extreme poverty (on less than $1.90 a day). An additional 836 million people are living in poverty (on an amount between $1.90 and $3.20 a day)—with many at risk of being pushed into extreme poverty through economic downturn or external shocks. How economies in Asia and the Pacific utilize new and emerging technologies will be important in meeting development challenges. Technological advancements are broadening the platforms for education and health care, making renewable energy competitive and expanding access to modern communications. The challenge for the region is to capitalize on these opportunities while managing the disruptive impacts—such as labor displacement, cyber fraud, and data theft—that some technologies may have on society.

The study brings out several important policy implications and has great relevance to the Sustainable Development Goals (SDGs), especially SDG 8 on 'Descent Work and Economic Growth' and SDG 1 on 'No Poverty'. The findings stress the need to ensure the sustainability of the government pension scheme in the face of a rapidly ageing population and rising cost of the current non-contributory scheme. The findings also support the discourse on raising the mandatory age of retirement. Furthermore, there is a need to improve the quality and coverage of the existing social assistance schemes in order to enhance the income security of the elderly.