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Form No.

131

Office Correspondence
To

Governor Eccles

From

J» M* Daiger

FEDERAL RESERVE
BOARD

March 22. 1955
Subject: Newspaper conference in
Hew York

ftThe article by Arthur Krock in yesterday's New York TIMES reminds me again of the suggestion that he made and that I passed on to
you several weeks ago with regard to the New York newspaper situation.
You will recall that you were at first disposed to act on the suggestion,
perhaps through Mr. Perkins or Mr. Gilbert, but that you then decided
on somewhat short notice to go to the A.B.A. meeting at Pass Christian*
I am of the opinion that such a luncheon meeting as Krock
suggested would be even better now that you have completed your House
testimony, and before the Senate hearings begin, than it would have been
at the time Krock and I first talked over the hostile attitude of the
New York newspapers* I believe that a day in New York, just as soon as
Mr* Perkins or Mr. Gilbert could arrange a luncheon meeting with the
financial editor and the chief editorial writer of each of the principal
newspapers, would be very usefully spent—not because these newspaper men
would be influenced to support the bill, but because the tenor of their
opposition would in all probability be greatly moderated. The time to.
accomplish this possible moderation is before Senator Glass puts you
and the bill on the griddle.
Incidentally you may be interested in knowing that I spent two
hours one day last week at luncheon with one of the New York TIMES men,
who was questioning me in some detail about the bill. He then wrote a
memorandum to Krock suggesting that Krock interest himself in the matter
and give you some support. I rather imagine that the line which Krock
took yesterday was suggested by the TIMES man who is covering the hearings,
but I think that you may look for one or two more articles later, if not
direetly advocating the bill, then at least giving it and your position a
friendly and favorable interpretation.