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PHI A L P H A KAPPA HONORARY FINANCE FRATERNITY SCHOOL OP COMMERCE W A SH ING TON SQUARE EAST NEW YORK UNIVERSITY NEW Y O R K , NEW YORK February 28, 1949 Governor M. S. Eccles Board of Governors of the Federal Reserve System Washington, D. C. Dear Governor Eccles: On behalf of the entire membership of the Finance Honorary Society, we wish to express our gratitude for your frank and stimulating address before our group on February 16. Judging from the reactions of some members with whom we have had occasion to speak in the past few days, your speech provoked considerable discussion among those pre sent* It was unfortunate that the question period could not have been extended further, but Dean Collins was aware of the demands which had been made upon you and was reluc tant to impose further upon your good nature. Our best wishes for continued success in your fight to extinguish the flames of inflation. We sincerely hope you will accept our invitation to address Phi Alpha Kappa again sometime in the futurei President Faculty Adviser PJDTsHS March 4, 1949* Dear Messrs* Fox and DeTuro: I wish to acknowledge and thank you for your letter of February 28, advising me of the reactions to my talk before the Phi Alpha Kappa Honorary Finance Fraternity. It was a real pleasur-e tb -address your group and I greatly appreciated the op portunity, and the courtesies shown to me. 1 will be glad to consider addressing your group again some time in the future, as you suggest in your letter. Sincerely yours, M. S. Eccles. Messrs. Raymond Fox, President, and Patrick J. DeTuro, Faculty Adviser, School of Commerce, NeW York University, Phi Alpha Kappa, Honorary Finance Fraternity, New York, New York.