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NATIONAL INDUSTRIAL CONFERENCE BOARD
INCORPORATED
2 4 7 PARK AVENUE, NEW Y O R K 17, N. Y.
August 3, 1948
Mr. Marriner S. Eccles
Board of Governors
Federal Reserve System
Washington 25, D. C.
Dear Mr. Eccles:
The Trustees of the National Industrial Conference Board
have asked me to extend to you an invitation to participate in the
298th Regular Meeting of the Board which will be held in the Grand
Ball Room of the Waldorf-Astoria Hotel in New York on Thursday eve
ning, September 23, 1948.
This meeting will deal with the results to the American
economy of the surrender to inflation that appears to have taken
place in recent months, a surrender that American business has fre
quently, but thus far unsuccessfully, sought to avoid. The session
will also consider whether there are any practical measures that
could be taken by industry, labor or government to halt the upward
price spiral. It is this latter aspect of the problem to whieh we
hope you will address your remarks. Particularly, we should like
to have your answer to the question* Can money rates and other
monetary controls be used effectively to halt the inflationary pro
cess? I know of no one who could so well discuss this problem, and
I am sure that by presenting your views to the group that attends
these dinner sessions, you would be making a very real contribution
to the current thinking on inflation.
At the Evening Session, in which we hope you can partici
pate, the audience will be composed of about a thousand to fifteen
hundred top executives in American industry. Twenty-five to thirty
minutes is customarily allotted to each address and there will be
two other speakers on the program with you who will discuss such
phases of the problem as the effeots of inflation on the middle
classes, the problem of capital erosion and the possibility that the
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The Research and Educational Center of American Industry
NATIONAL INDUSTRIAL CONFERENCE BOARD
t i l Park Avenue, New York IT, N. Y.
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2
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Mr. Marriner S. Eccles
August 3, 1948
present bubble will burst. Vide press coverage is devoted to ad
dresses presented at these sessions.
I earnestly hope that you will be able to let me know
soon that you will find it possible to participate in this impor
tant meeting and that you will be the honored guest of the Board
at the dinner which will precede the discussion.
With kindest regards, I am
Cordially yours,
VJxLG
President
F O U N D E D 1916
NATIONAL INDUSTRIAL CONFERENCE BOARD
INCORPORATED
2 4 1 P A 1 R A V E N U E , N E W Y O R K 17, N .Y .
VIRGIL JORDAN
PRESIDENT
August 12, 1948
Ur. Marriner S. Eccles
Board of Governors
Federal Reserve System
Washington 25, D. C.
Dear Mr. Eccles:
I am very pleased to learn from my associate, Bernard F.
Herberick, that you will participate in the Evening Session of the
298th Regular Meeting of the National Industrial Conference Board
on the evening of Thursday, September 23rd, in the Grand Ball Room
of the Waldorf-Astoria Hotel in New York.
As Mr. Herberick undoubtedly told you, Mr. H. W. Prentis,
Jr., President, Armstrong Cork Company, will be on the program with
you. Mr. Prentis will discuss the effects of inflation upon the
middle classes who constitute the chief stabilizing influence in
our economy. We have also extended an invitation to Dr. Lionel Edie
and asked him to discuss whether or not, in his opinion, the infla
tionary bubble must burst.
These Evening Sessions of the Board, as you know, are not
debates in any sense of the word. The participants express their
opinions in the time allotted and are not required to answer ques
tions either from the floor or from the other speakers. In arrang
ing the sequence, we should like very much to have you speak last
and shall schedule you for that time unless, of course, you have an
other preference.
Either Mr. Herberick or Mr. Clyde L. Rogers, Secretary of
the Board, will be in Washington in the near future. I shall ask
NATIONAL INDUSTRIAL CONFERENCE BOARD
INCORPORATED
-
Mr. Marriner S. Eccles
2
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August 12, 1948
one of them to call on you to discuss all further details pertain
ing to the meeting.
I am looking forward to seeing you again and hearing
your views on the important question under discussion.
Cordially yours,
VJ:LG
NATIONAL INDUSTRIAL CONFERENCE BOARD
INCORPORATED
24 7 PARK AVENUE, NEW Y O R K 17, N. Y.
August 30, 191*8
The Honorable Marriner S. Eccles
Board of Governors
Federal Reserve System
Washington, D. C.
Dear Mr. Eccles:
We have just received copies of the Preliminary Agenda
for the 298th Meeting of the National Industrial Conference Board
which will be held on the evening of Thursday, September 23rd, at
the Waldorf-Astoria Hotel in New York.
Your name appears in the box devoted to the General
Session and again on the last page of the agenda. The biography
was taken from "Who*s Who in America" 19ii8 edition. Should you
like us to make any changes in the revised and final agenda for
this meeting, I would appreciate your indicating them and return
ing a marked copy of the agenda to me.
You will be interested to know that Dr. Walter E* Spahr
has consented to speak on the program with you and Mr. Prentis.
Since I will be in charge of the publicity for this
meeting, I should like very much to have either an advance copy
of your text or an outline of the highlights which you plan to
touch upon. As you know, the space devoted to talks is always
greater when reporters are furnished with advance copies of the
proceedings which they are assigned to cover.
If, in the meantime, I can be of further service to
you, please let me know.
Sincerely yours,
EFHsDP
Enclosures
News Department
The Research, and Educational Center of American Industry
Preliminary Agenda
298th M E E T I N G
THE CONFERENCE
BOARD
FOUNDED 1916
THURSDAY, SEPTEMBER 23, 1948
T he W
a l d o r f -A s t o r i a
H otel
NEW YORK CITY
GENERAL SESSION
The Surrender to Inflation
BOUND TABLE CONFERENCES
Outlook for Consumers9 Durable Goods
Outlook for Consumers’ Nondurable Goods
Economic Effects of the Basing Point Decision
Meeting the Problems of White Collar Unionization
NATIONAL INDUSTRIAL CONFERENCE BOARD,
247 P a r k A v e n u e
•
New Y
ork
Inc.
17, N. Y .
ROUND TABLE CONFERENCES
3:00 PJVL to 6:00 PJtf., Concurrently
1. Outlook for Consumers* Durable Goods
Chairman: A r t h u r O. D ie t z , President,
C. I. T. Financial Corporation
Speakers: R o b in s o n N e w c o m b ,
Council of Economic Advisers
“Housing”
Executive Vice President,
National Retail Furniture Association
"Furniture”
R o s c o e R . R a tj,
A. B r e w e r , Manager,
Marketing Services Division,
Appliance and Merchandise Department,
General Electric Company
“Electric Household Appliances”
C h a r le s
{Additional speaker to be announced)
2. Outlook for Consumers1 Nondurable Goods
Chairman: H* J. H e in z II, President,
H. J. Heinz Company
Speakers: P a u l. R a ib o u r n , Vice President,
Paramount Pictures, Inc.
“Entertainment and Recreation”
M . L e w is , Director of Marketing,
American Meat Institute
“Meat and Grains”
G eorge
F* D e n is o n ,
National Income Division,
United States Department of Commerce
“Service Industries”
E d w ard
Q. F o r r e s t W a l k e r , Economist,
R. H. Macy & Company, Inc.
“Clothing and Textiles”
3. Economic Effects of the Basing Point Decision
Chairman: N o r m a n W . W i l s o n , President,
Hammermill Paper Company
Speakers: R ic h a r d F. S e n tn e r , Assistant Vice President,
United States Steel Corporation of Delaware
H. H o l t o n , Vice President and
Director of Procurement,
Carrier Corporation
John
A. Z o r n ,
Proskauer Rose Goetz & Mendelsohn
B u rto n
B. M a s o n , Commissioner,
Federal Trade Commission
L o w e ll
{Additional speaker to be announced)
4* Meeting the Problems of White Collar Unionization
Chairman: H ir a m S. H a l l , Director of Personnel Administration,
Bigelow-Sanford Carpet Co*, Inc.
Panel Members: D a v id M a c k , Director of Personnel,
Radio-Keith-Orpheum Corporation
President,
Office Employees International Union, AFL
P a u l H u t c h in g s ,
Executive Secretary,
Retail Labor Standards Association of New York City
J u le s F r e u n d ,
National Director of Organization
of Department Stores,
Retail, Wholesale and Department Store Union, CIO
Jack A ltm a n ,
GENERAL SESSION
(Grand Ball Room)
6:00 P.M., Cocktails and Informal Dinner
7:30 PJM. to 9:30 P M .
The Surrender to Inflation
Chairman: A. W . R o b e r t s o n ,
Chairman, T h e C o n f e r e n c e B o a r d
Speakers: H. W . P b e n t is , J r., President,
Armstrong Cork Company
S. E c c l e s , Member,
Board of Governors, Federal Reserve System
M a r r in e r
(Additional speaker to be announced)
THE CONFERENCE BOARD
Guest Speakers at General Session
H. W. PRENTIS, JR.
President, Armstrong Cork Company
Born: St. Louis, Missouri, July 11, 1884* Education: A.B., University of Mis
souri, 1903; AJM., University of Cincinnati, 1907; LLJX, Hampden-Sydney
College, 1932, Grove City College, 1939, Franklin and Marshall College, 1940,
University of Pennsylvania, 1943, University of Cincinnati, 1943, Jefferson
Medical College, 1945, University of Rochester, 1946, Middlebury College,
1946. With the Armstrong Cork Company since 1907: assistant manager, in
sulation division, Pittsburgh, Pennsylvania, 1907-11; organizer and manager of
the advertising department of the company, 1911-20; general sales manager of
the floor division, 1920-28; elected vice president and a member of the board
of directors, 1926; first vice president, 1929; president since March, 1934.
Director, Mellon National Bank and Trust Company, The Borden Company.
Trustee, Buchanan Foundation for Preservation of Wheatland; Carnegie In
stitution; Franklin and Marshall College; Temple University; The Woman’s
Foundation; vice president, board of trustees, Wilson College* Past president
and director, National Association of Manufacturers; past director, United
States Chamber of Commerce. Member, Business Advisory Council, United
States Department of Commerce; National Industrial Conference Board;
American Society of Sales Executives; American Academy of Political and
Social Science.
MARRINER S. ECCLES
Member, Board of Governors, Federal Reserve System
Born: Logan, Utah, September 9, 1890. Education: Brigham Young College;
LLX)., University of Utah, 1943. President, First National Bank and Ogden
Savings Bank, 1920-1922; president, First National Bank of Ogden, 1922-34;
president, First Savings Bank, 1922-34; organized First Security Corporation,
president, 1927-34. Chairman, Amalgamated Sugar Company, Utah Construc
tion Company; president, Eccles Investment Company, Eccles Hotels, Inc.,
Sego Milk Company, Stoddard Lumber Company; director, Mountain States
Implement Company, Anderson Lumber Company. Assistant to Secretary of
the Treasury, 1934; governor, Federal Reserve Board, 1934-36; chairman,
board of governors, Federal Reserve System, 1936-48; member, Board of Eco
nomic Stabilization, 1942-46. Member, National Advisory Council on Interna
tional Monetary and Financial Problems since June, 1945; member, Advisory
Committee, Import-Export Bank.
FOUNDED 1916
NATIONAL INDUSTRIAL CONFERENCE BOARD
INCORPORATED
24T PAMJL AVENUE, NEW Y O R K IT, N .Y .
VIRGIL JORDAN
PRESIDENT
September 27, 1948
Honorable Marriner S. Eccles, Member
Board of Governors
Federal Reserve System
Washington, D. C.
Dear Mr. Eccles:
It is pleasant to send you, on behalf of the Trustees and
Associates of the National Industrial Conference Board, as well as for
myself, this note of appreciation for your admirable address at the
General Session of the Board's 298th Meeting last Thursday.
It was very considerate of you to take part as you did, es
pecially in view of your heavy duties in Washington. lour clear-cut
presentation of the present situation was greatly appreciated and we
have had very many complimentary remarks about it from Members and As
sociates of the Board. Your emphasis on the fact that the real danger
is the likelihood that, if inflation goes any further, the country will
face a really serious deflationary problem needs, it seems to me, con
stant reiteration and I am glad that you stressed this point last Thurs
day.
Discussion of basic problems of this kind forms an important
part of the work of The Conference Board and I hope that we may count
on you for your continued help and interest.
With kindest personal regards, I remain,
Cordially yours,
VJtLQ
October 8, 1948•
Dear Dr. Jordan:
Just a word of thanks for your thoughtful
note of September «d7 with regard to my participation
in the program on the evening of beptember 23.
It was so late and I felt so tired when the
time came for me to speak that 1 felt I had made an
unusually poor presentation. Your more than kind
references are somewhat reassuring to me.
With every good wish,
Sincerely yours,
Dr. Virgil Jordan,
President, National Industrial
Conference ^oard, Incorporated,
247 Park Avenue,
New York 17, New York.
ET:b
NATIONAL INDUSTRIAL CONFERENCE BOARD
INCORPORATED
2 4 7 PARK AVENUE, NEW Y O R K 17, N. Y.
September 28, 1948
Honorable Marriner S. Eccles, Member
Board of Governors
Federal Reserve System
Washington, D. C.
Dear Mr. Ecclest
Enclosed Is a transcript of the proceedings of
the 298th Meeting of the National Industrial Conference
Board in which you participated on the evening of Thurs
day, September 23rd, at the Waldorf-Astoria Hotel.
Your remarks begin on Page 47 of the enclosed
folder. We would very much appreciate it if you would
edit your comments so that we might then have your talk
mimeographed and distributed to the numerous executives
who have been flooding us with requests for a copy of your
address. Also, should you like extra copies of the mimeo
graphed speech after you have edited it, I shall be glad
to provide you with as many copies as you may require.
With every good wish.
BFHsLG
Enclosure
Director of Public Relations
The Research and Educational Center of American Industry
October 8, 1948.
Mr, aernord F. Herberick,
Director of Public relations,
National Industrial Conference ooard,
Po>rk avenue,
flew York 17, Kew York.
Dear Mr. Herberick:
I appreciate your forwarding to me in your letter
of September *£ a transcript of the proceedings of tne 298th
Meeting of the National Industrial Conference Board in which
I participated on Thursday, September 23*
I have gone over the portion of the transcript
covering my address. In view of the fact that it was necessary
to make quite a few corrections I have had it rewritten and I am
enclosing a corrected copy of my address herewith for your use.
In view of the corrections made in my address, I have removed
from the transcript that portion covering it and
returning
herewith the balance.
I hope the delay in returning the speech to you
has not been too inconveniencing. It was not possible for me
to take care of tne matter any sooner, as several official
matters and meetings required my attention.
I greatly appreciate the courtesies you snd your
associates extended to me at the dinner meeting.
Sincerely yours,
M. S. Sccles.
Inclosure.
% \
P.S.
In accordance with your offer, I would ap
preciate having you furnish me with about
a dosen copies of my address. Thank you.
MS*.
NATIONAL INDUSTRIAL CONFERENCE BOARD
INCORPORATED
24 7 PARK AVENUE, NEW Y OR K 17, N. V.
October 15, 1?U8
Honorable Marriner S. Eccles, Member
Board of Governors
Federal Reserve System
Washington, D* C.
Dear Air, Eccles:
Thank you very much for your prompt action in
returning the edited copy of your speech delivered be
fore the National Industrial Conference Board on
September 23#
The speech has been mimeographed and fifteen
copies are going forward to you under separate cover*
Should you desire additional copies later, please let
me know*
If I can be of further service to you, please
let me know what I may do*
Sincerely yours,
BFHsMT
I
Bernard F. Herberick
Director of Public Relations
The Research and Educational Center of American Industry
@FedFRASER