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N A T IO N A L
BUREAU OF
ECONOM IC
RESEARCH
INCORPORATED

OFFICERS! David Friday, Chairman; W . L Crum, President} N. I. Stone, Vice-President} Shepard Morgan,
Treasurer} W . J. Carson, Executive Director} Martha Anderson, Editor
RESEARCH STAFFs Wesley C. Mitchell, Director/ Moses Abramovltz, A. F. Bums, Solomon Fabricant, Milton
Friedman, Thor Hultgren, Simon Kuznets, F. R. Macaulay, F. C. Mills, R. J. Saulnier, Leo Wolman, R. A. Young
DIRECTORS A T LARGE: C. I. Barnard, David Friday, O . W . Knauth, H. W . Laidler, George O . May#
Shepard Morgan, G . E. Roberts, Beardsley Ruml, Stanley Ruttenberg, George Soule, N. I. Stone
DIRECTORS BY UNIVERSITY APPOINTMENT: W . L Crum, Harvard; E. E. Day, Cornell; G . S. Ford, Minnesota$
H. M. Groves, Wisconsin/ W . H. Hamilton, Yale} Wesley C. Mitchell, Columbia; T. O . Yntema, Chicago/
E. W . Zimmermann, North Carolina
DIRECTORS APPOINTED BY OTHER ORGANIZATIONS: Spencer Miller, Jr., American Federation of Labor;
C Reinold Noyes, American Economic Association; Winfield W . Riefler, American Statistical Association
1*19 BR O A D W AY-N EW YORK-COIum bus 5-3615

November 1, 1941

Mr. Marriner S. Eccles, Chairman
Board of Governors of the Federal Reserve System
Washington, D. C.
Dear Governor Eccles:
As part of its program of research in finance in
cooperation with government agencies, banking groups, universities
and business organizations, the National Bureau of Economic Re­
search organized in 1939 an Advisory Conference on Research in
Finance. The duties of the Conference are to advise the National
Bureau regarding the inauguration of research studies and to pro­
vide a means of giving it in the formulation of research problems
the greatest possible benefit from the imagination and wide ex­
perience of competent men in the financial field. Members of the
Conference include about seventy .persons from government agencies,
academic institutions and variou® branches of banking and business.
A list of the members of the Conference is enclosed.
On December 4 and 5, 1941, the Conference is planning
its third annual meeting, to be held in New York at theJSaldarX.
Astoria Hotel. Three sessions are planned. One is to be devoted
to a review by members of the staff of the National Bureau of the
findings of its study of contemporary financing of American business.
Another is to be given to a discussion of monetary and credit problems
during the emergency. A third is to be directed toward a discussion
of a study of commercial banks and the investment market. An outline
of the program of the Conference has now be&n prepared and a copy is
enclosed.
On behalf of the Conference I write to Invite you to
be the guest of honor and speaker at the dinner session, Thursday
ey<j>niny"
a , on monetary and credit problems during the
emergency. Last year°Governor Ransom addressed the Conference on the
role of research in policy making, and in 1939 Mr. Winthrop W. Aldrich
and Mr. Lewis Douglas addressed it on the development and role of
research in finance. We hope very much that it will be convenient
for you to address the Conference this year upon the questions of
monetary and credit control during the current emergency.




November 1, 1941

Mr. Marriner S. Eccles
-

2

-

If any of us can furnish you with additional information
about the Conference or the program we shall be very glad indeed to
do so. In the meantime, we shall keep you Informed as to details of
the program and the arrangements for the different sessions as they
are completed.




Sincerely yours,

Leon Fraser, Chairman
Advisory Conference on Research in Finance




November 5, 1943-

Mr. Lewi Fraser, Chairman,
Advisory Conference on
Research in Finance,
1819 Broadway,
Bew York City.
Dear Leon:
This is to acknowledge your letter of November 1 in­
viting me on behalf of the Advisory Conference on Research in
Finance to speak at the' dinner session on Thursday evening,
December 4, when the subject will be monetary and credit
problems during the emergency.
The subject and the occasion are so tempting that I
accept with pleasure, with the understanding that I would not
necessarily have to prepare a written address but could speak
informally and entirely off the record without running the risk
of getting into print. I have glanced over the list of the Con­
ference and am struck with the fact that Iknow personally most
of those whose names are listed, so that I would not feel as if
I were among strangers. With a group of this sort I would as­
sume that the chances of there being a leak, such as occurred
when 1 spoke before the National Industrial Conference Board,
would be negligible. I take it that this is an informal and
not a black tie occasion. I would appreciate it if you will
let me know whether there are to be other speakers and how long
I would be expected to talk, including a question period if
there is one.
I
appreciate your extending the invitation to i e to
n
undertake the assignment before this unusually distinguished
group. Let me thank you also for the enclosures listing the
members of the Advisory Conference and giving the program.

Sincerely yours,

M. S. Eccles,

Chairman.

ET:b

J V b .2 9

LEO N

(
^or^y,

F R A S E R , President




November 12, 1941

Dear Marrlner:
Everybody is delighted that you can and
will come to the meeting of the Advisory Conference
on Research In Finance of the National Bureau of
Economic Research on the evening of December 4.
There is an afternoon meeting which begins around
four or so. If your time permits attending any
part of that, so much the better, but they do not
wlsh to ask too much.
You will be the only speaker and we
hope that there will be a good deal of informal
discussion afterward. It Is a business suit
occasion.
You may be sure that the meeting is
private and I shall warn everybody not to repeat
anything said, so that you may not have the em­
barrassment of a leak to the press'and thus can
speak without hesitancy.
With best regards,
Faithfully yours,

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

N A T IO N A L
BUREAU OF
ECONOM IC
RESEARCH
IN C O R P O R A T E D

OFFICERS! David Friday* Chairman; W. L Crum, President; N. I. Stone, Vice-President; Shepard Morgan,
Treasurert W. J. Carson, Executive Director; Martha Anderson, Editor
RESEARCH STAFF* Wesley C. Mitchell, Director; Moses Abramovitz, A. F. Burns, Solomon Fabricant, Milton
Friedman, Thor Hultgren, Simon Kuznets, F. R. Macaulay, F. C. Mills, R. J. Saulnier, Leo Wolman, R. A. Young
DIRECTORS AT LARGE: C. I. Barnard, David Friday, O. W. Knauth, H. W. Laidler, George O. May,
Shepard Morgan, G. E. Roberts, Beardsley Ruml, Stanley Ruttenberg, George Soule, N. I. Stone
DIRECTORS BY UNIVERSITY APPOINTMENT: W. L Crum, Harvard; E. E. Day, Come/I; G. S. Ford, Minnesotaj
H. M. Groves, Wisconsin; W. H. Hamilton, Yale; Wesley C. Mitchell, Columbia; T. O. Yntema, Chicago;
E. W. Zimmermann, North Carolina
DIRECTORS APPOINTED BY OTHER ORGANIZATIONS: Spencer Miller, Jr., American Federation of Labor;
C. Reinold Noyes, American Economic Association; Winfield W. Riefler, American Statistical Association
1819 BR O A D W A Y -N E W YO RK-CO Ium bus 5-3615

December 18, 194-1

Mr. Marriner S. Eccles, Chairman
Board of Governors of the Federal
Reserve System
Washington, D. C.
Dear Mr. Eccles:
On behalf of the Advisory Con­
ference on Research in Finance and of the National
Bureau, I want to thank you for your participation in
the recent meeting of the Conference in New York. Mem­
bers of the Conference and its guests enjoyed your ad­
dress at the Thursday evening session, and we are all
deeply indebted to you and to the Board for your co­
operation.




Sincerely yours,

Leon Fraser, Chairman
Advisory Conference on Research
in Finance