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I r^v iisTG T

r u s t

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o m p a n y

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MURRAY SHIELDS
E C O N O M IS T

April 9, 1943

Dear Marriner:
Don and I are delighted that you have accepted our invitation to be
the guest of our group of New lork economists at dinner, 6:30 P.M.,
University Club, 1 West 54th Street, New York City, May 7, 1943.
A list of the members of the group is enclosed. As I said over the
telephone on Wednesday, the dinner is intended to be a wholly in­
formal round-table discussion and will not entail any formal speech
but we hope that you will speak informally in order to point the
direction of the discussion. A list of questions which you might
discuss is enclosed but we want you to feel free to say anything
you think the group ought to hear. Don and I will, of course,
undertake to rule out of bounds any subject which you prefer not
to have discussed.
A copy of the announcement which is going out today to the members
of the group is also enclosed.
Thanking you again for agreeing to be the guest of our group, I am
Since

Mr. Marriner S. Eccles, Chairman
Board of Governors of the Federal Reserve System
Washington, D. C.




Mr. Marriner S. Eccles, Chairman, Board of Governors
of the Federal Reserve System, has consented to be
the guest of the New York Economists Group (list of
members enclosed) for dinner on May 7, 1943, at 6:30
P.M., in Rooms 3 and 4 of The University Club, 1 West
54th Street, New York City.

Business dress.

The dinner will be limited to members of the group.
Please inform Miss Sylvester, Digby 4-3500, Ext. 576,
whether you will be present.




Murray Shields
Donald B. Woodward

B.
H. Beckhart, Director of Research
Jase National Bank
New York, New York

Herbert N. Repp, Vice President
Discount Corporation of New York
New York, New York

Dr. W. A. Berridge, Economist
Metropolitan Life Insurance Company
New York, New York

J. H. Riddle, Economic Adviser
Bankers Trust Company
New York, New York

Dr. Irvin Bussing, Economic Adviser
Savings Banks Trust Company
New York, New York

George B. Roberts, Vice President
National City Bank
New York, New York

W. W. Cumberland, partner
Wellington & Company
New York, New York

E. B. Schwulst, First Vice President
Bowery Savings Bank
New York, New York

Stephen Foster, Economic Adviser
to the President
New York Life Insurance Company
New York, New York

Murray Shields, Economist
Irving Trust Company
New York, New York

A. J. Hettinger, Jr., V. P. and Secretary
Central American Investors Company
New York, New York
//_\tes E. Hollingsworth, Vice President
ventral Hanover Bank & Trust Company
New York, New York

Alan H. Temple, Vice President
National City Bank
New York, New York
George Weiss, Partner and Manager
Statistical Department
J* S. Bache & Company
New York, New York

Aubrey G. Lanston, Vice President
The First Boston Corporation
New York, New York

Hans A. Widenmann, Partner
Carl M. Loeb-Rhoades & Company
New York, New York

Roderick McRae, Vice President
Bank of New York
New York, New York

Donald B. Woodward, Research Assistant
to the President
Mutual Life Insurance Company of N. Y.
New York, New York

Glenn G. Munn, Economist
Paine, Webber, Jackson & Curtis
New York, New York







QUESTIONS WHICH THE NEW YORK ECONOMISTS
WOULD LIKE TO HEAR MR. ECCLES DISCUSS

What will be the role of the multitudinous credit
agencies in the postwar scheme of things?
What are appropriate fiscal, monetary and banking
policies during and following the war with special
reference to the development of Mr. Eccles'
compensatory theory?
Do the fiscal and banking agencies have the power
they will need in the postwar period?
What role will changes in and the level of inter­
est rates play in the postwar period?

CHANGE IN DATE AND PLACE OF ECCLES DINNER

Mr. Marriner S. Eccles, Chairman, Board of Governors of
the Federal Reserve System, will be the guest of the New
York Economists Group on Friday, April 30 (instead of
Friday, May 7) for dinner, at 6:30 P.M., at The WaldorfAstoria Hotel, Fourth Floor, West (instead of at The
University Club).

Business dress.

The dinner will be limited to members of the group.
Please inform Miss Sylvester, Digby 4-3500, Ext. 576,
whether you will be present.




Murray Shields
Donald B. Woodward

April 21, 19U3

Mr. Murray Shields,
Economist,
Irving Trust Company,
Mew York City.
Dear Murray:
In accordance with our telephone conversation
yesterday, I shall be present on April 30 at the Uni­
versity Club for the economic disoussion along the lines
that hare already been suggested. I want to reiterate
my appreciation of the invitation and the change of data
from May 7 to April JO.
That is a searching list of topics suggested
for disoussion. I as asking same of our economic staff
to look over the list and make suggestions and possible
additions Inasmuch as you remarked that I need not feel
bound by this exact framework. Possibly some discussion
should be included of the need for maintaining a reason­
ably close balance between saving and investment* Off­
hand, I cannot think of any subjects that need to be
ruled out of bounds with this group.




With best regards.
Sincerely yours.

I xw in g

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MURRAY SHIELDS
E C O N O M IS T

May 6, 1943

Dear Marriner:
Donald Woodward and I want to thank you on behalf of our
New York Economists Group for taking time out from busy
days to meet with us last Friday night. Several members
of the group have telephoned to say how pleased they were
to make your acquaintance and to hear your very interest­
ing and stimulating remarks. Many of them said that they
were delighted to make the "discovery”that they have so
few basic points of difference with respect to policies
and prospects.
Don and I are indebted to you for having started our series
of such meetings with spectacular success and the other
speakers who follow will have a difficult time meeting the
high standards which you have set.
Our personal congratulations to you for doing a brilliant
job.
Sincerely yours

Mr. Marriner S. Eccles, Chairman
Board of Governors of the Federal Reserve System
Washington, D. C.




May 11, l9^3*

Dear Murray:
Your very gratifying note of May 6 with re­
gard to the meeting the other evening prompts me' to say
that I felt indebted to you and to the entire group of
economists for the opportunity to spend a stimulating
and, from my standpoint certainly, a most useful evening,
for I recognize that those who were present have a large
degree of influence in tneir respective institutions and
are among the most capable and thoughtful men in the eco­
nomic field. One always comes away from such a meeting
with some misgivings or feeling of inadequacy and your
letter was reassuring and, therefore, particularly appre­
ciated.
M t h kindest personal regards,
Sincerely yours,

Mr. Murray Shields,
Economist,
Irving Trust Company,
New York City.




Ir v in g

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MURRAY SHIELDS
E C O N O M IS T

May 21, 1943

Dear Marriner:
In ay note of May 6 I neglected to enclose a list
of those present at the dinner of the New York
Economists Group at which you spoke so I am enclos­
ing it now.
Again let me thank you for doing a splendid job.
With kindest personal regards,
Sincerely yours

Mr. Marriner S. Eccles, Chairman
Board of Governors of the Federal Reserve System
Washington, D. C.




Those present at April 30, 1943, meeting of New York Economists Group:




Dr. Irvin Bussing, Economic Adviser
Savings Banks Trust Company
V. W. Cumberland, Partner
Wellington & Company
Stephen M. Foster, Economic Advisor
New York Life Insurance Company
A. J. Hettinger, Jr., Vice President & Secretary
General American Investors Company
J. E. Hollingsworth, Vice President
Central Hanover Bank & Trust Company
A. G. Lanston, Vice President
The First Boston Corporation
Roderick McRae, Vice President
Bank of New York
Glenn G. Munn, Economist
Paine, Webber, Jackson & Curtis
H. N. Repp, Vice President
Discount Corporation of New York
J. H. Riddle, Economic Adviser
Bankers Trust Company
E. B. Schwulst, First Vice President
Bowery Savings Bank
Murray Shields, Economist
Irving Trust Company
Alan H. Temple, Vice President
National City Bank
George Weiss, Partner
J. S. Bache & Company
Hans A. Widenmaxm, Partner
Carl M. Loeb-Rhoades & Company
Donald B. Woodward, Research Assistant to President
Mutual Life Insurance Company