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Founded in 1839
The Commercial & Financial Chronicle
WILLIAM B. DANA CO., Publishers
23 SPRUCE STREET, N E W YORK 8, N . Y.
Ph one BEekm an 3-3341
Herbert D. Seibert
Editor and Publisher
November 13th, 1944
Mr. Marriner S. Ecoles
Chaiman of the Board of Governors
Federal Reserve System
Washington, D. C.
Bear Mr. Eccles:
I would appreciate it if you would send me via special
delivery mail (to reach here Wednesday morning, November
15th) a cqpy of the address you are scheduled to make
before the National Industrial Conference Board at the
laldorf Astoria.
As we do not have a copy of your photograph in our files,
kindly send one along at the same time.
Cordially yours,
-O'
Editor and Publisher
November 17» 1944.
Mr. Herbert D. Seibert,
Editor and Publisher,
The Commercial and
Financial Chronicle,
¿5 Spruce street,
New York 8, New York.
Dear Mr. Seibert:
Mr. Eccles asked me to acknowledge your letter
of November 13 and your telegram of today. Unfortunately,
copies of the speech were not ready for mailing in ad
vance, but I am enclosing one now.
I regret that we do not have any photographs
available.
Sincerely yours,
Elliott Thurston,
Special assistant to the Chairman.
Enclosure
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C lass of Service
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27 10 EXTRA, RUSH*WUX NEWYORK NY 171*403P
MARRI NER S E C C L E S = '
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1944 NOV 17 PM £ 3
CHAIRMAN OF THE BOARD OF GOVERNORS F E D ER A L RES ERV E
SYSTEM*.;
■
f P L E A S E SEND S P E C I A L D E L I V E R Y
TODAY SURE CONFERENCE BOARD
S P E EC H ALSO YOUR PHOTOGRAPH SEE OUR LETTER NOVEMBER I . ? * »
...... H E R B E R T D S E I B E R T
EDITOR
F I N A N C I A L CHRONICLE
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COMMERCIAL AND
25 SPRUCE S T R E E T NEW YORK ( 6 )
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http://fraser.stlouisfed.org/
THE
Federal Reserve Bank of St. Louis
COMPANY W ILL APPRECIATE SUGGESTIONS FROM ITS PATRONS CONCERNING ITS SERVICE
Founded in 1839
The Commercial
6c
Financial Chronicle
WILLIAM B. DANA CO., Publishers
25 SPRUCE STREET, N E W YO R K 8, N . Y.
P h one BEekm an 3-3341
Herbert D. Seibert
Editor and Publisher
November 27th, 1944
Mr. Marriner S. Eccles, Chairman
Board of Governors
Federal Reserve System
Federal Reserve Building
Washington 25, D. C.
Dear Mr. Eccles:
In the November 23rd issue of the "Chronicle”, start
ing on the front cover, ire carried the interesting
address you made b'fore the National Industrial Con
ference Board here in New lork on November 16th. I
have asked our Business Department to send you a copy
of the same thinking you might like to have it.
Sincerely yours,
HDS:R
Editor and Publisher
December 2, 1944*
Mr. Herbert D. Seibert,
Editor and Publisher,
The Commercial & Financial Chrohicle,
25 Spruce Street,
New York 8, New York.
Dear Mr. Seibert:
Chairman .Eccles asked me to thank you for your
letter of November ¿2 and for having your Business Department
send him a copy of the issue of November 23 containing the
text of his address before the National Industrial Conference
Board in New York on November 16th.
Your complete presentation of this talk was ex
cellent and Mr. Eccles asked me to tell you that he very much
appreciated the way you had handled it.
sincerely yours,
Elliott Thurston,
Special Assistant to the Chairman.
BT:b
Form
F.
R.
5 11
T O _______
Mr» Wiloox
F R O M _____
Elliott Thurston______
.(EMARKS:
thought you night be interested
in seeing the enclosed oopy of re
ply to Mr. Axford.
E.T.
CHAIRMAN’S OFFICE
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3 2
I
SI
ESTA BLISH ED 1836
November 17, 1944
Mr. Elliott Thurston
Special Assistant to the Chairman
Federal Reserve System
20th Street and Constitution Avenue, N. W.
Washington, D. C.
Dear Mr. Thurston*
I feel rather badly about the way our re
quest for a copy of the Eccles address last night
in New York was kicked around.
It ended by our not getting one, or being
able to get one even on the following day.
When and as you have a copy available, I
should like you to give it to Mr. Wilcox for forward
ing to us.
Faithfully yours,
C. B. Axfo
Editor
CBA:IF
Carbon Copy to Mr. U. V. Wilcox
1410 H Street, N. W.
Washington 5, D. C.
C0BL6 fiDDReSS“ORKmfincO”
1260 cLVBOuRn Avenue
CHICAGO
N o v e m b e r 21, 1944
Hon. Marriner S. Eccles,
Chairman Board of Governors,
F e d eral Reserve System,
Washington, D. C.
Dear Mr. Chairman:
I have just read a copy of your address to the National
Industrial Conference Board on Nov. 16, 1944, w h i c h you
were kind enough to send me.
Since Pearl Harbor, this plant has been engaged 100$ in
war work.
I feel each of our major executives should
read and study your very finé statement on wThe P o s t
war Price Problems - Inflation and Deflation” .
Could you possibly spare me three more copies of your
address for use and future reference of our key men?
iurs very truly,
‘AMES E. BISTOR
November
24, 1944»
Mr. James E. Bit>tor,
Oak Manufacturing Company,
1260 Clybourn avenue,
Chicago, Illinois.
Dear Mr. Bistor:
Chairman Iccles requested me to thank you
for your letter of November ¿1,
In accordance with
your request, I am enclosing additional copies of
his address before the National Industrial Confer
ence Board.
Sincerely yours,
Elliott Thurston,
Special Assistant to the Chairman.
Enclosures 3
ET:b
UNIVERSITY OF CALIFORNIA
“"B U R E A U OF P U B L IC A D M IN IS T R A T IO N
, E R K E LE Y
4,
November 27, 1944
C A L IF O R N IA
Ur. Marriner S. Eccles, Chairman
Board of Governors of the Federal Reserve System
Washington, D. C.
Dear Mr. Eccles:
The Bureau of Publio Administration, in cooperation with the
California State Reconstruction and Reemployment Commission, is
publishing Postwar California, a monthly digest of information.
For the purposes of this digest, may we secure through your
courtesy a oopy of your address on domestic markets presented
at the meeting of the National Industrial Conference Board,
November 16, 1944.
Thank you for your attention to this request.
Very truly yours.
P.S.
If there is a oharge for the above, please notify us before
sending the material.
I owa -Des Moines National B a n k & Tr u s t Co m pan y
D e s M o i n e s ,Io w a
H A R R Y H. SIVRIG H T
VICE P R ESID E N T
December 1, 1944
Marrinar S. Eccles, Chairman
Federal Reserve Board
Y/ashington, D. C.
Dear Mr. Sccles:
I was particularly interested in reading
excerpts of your talk appearing in the American
Banker. If it is possible to obtain a copy of your
full speech I would certainly appreciate receiving
one.
Thanking you, I ara,
Sincerely yours,
Vice President
■*
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Ir v i n g T r u s t C o m p a n y
O ne W
Ne w
Mu r r a y
all
S treet
Y o r k 15, N . Y.
Sh i e l d s
E c o n o m is t
December 5, 1944
Board of Governors of the
Federal Reserve System
20th Street & Constitution Ave., N.W.
Washington, D. C.
Gentlemen:
I would very much appreciate it if you could send me the
full text of Mr. Marriner Eccles* speech before the Nation
al Industrial Conference Board.
Thanking you, I am,
Sincerely yours,
]
.Economist
F e d e r a l Re s e r v e B a n k
of
S t . Lo u is
S t . L o u i s 2 , Mi s s o u r i
January 19, 1945*
Mr. Chester Morrill, Secretary
Board of Governors of the
Federal Reserve System
Washington 25, D. C.
Dear Mr. Morrill*
Our supply of the address made by
Chairman Eccles, entitled *The Post-War Price
Problem - Inflation or Deflation*, is exhausted,
and we still have requests for copies.
Accordingly, we shall appreciate
receiving 100 additional copies, if available.
Yours very truly,
]
First Vice President
January
23, 1945*
Mr. F. Guy Hitt,
First Vice President,
Federal Reserve Bank of St. Louis,
St. Louis 2, Missouri.
Dear Mr. Hitt:
In compliance with the request in your
letter of January 19, v»e are sending you under
separate cover 1U0 additional copies of Mr. Eccles*
recent address.
l/vith best regards,
Sincerely yours,
Illiott Thurston,
Special Assistant
to the Chairman.
HARVARD UNIVERSITY
GRADUATE SCHOOL OF PUBLIC ADMINISTRATION
L
SEMINAR ON THE ECONOMICS
it t a u e r
C enter
C am br id g e 38, M assachusetts
OF COLLECTIVE BARGAINING
Jan* 26, 1945
Mr* Marriner S* Socles, Chairman
Board of Governors of federai Reserve System
20th St, and Constitution Ave., NW
Washington, 0. C*
Bear Mr. Ecoles,
The Collective Bargaining Seminar would
greatly appreciate your sending 8 copies of your
statement on postwar employment and public policy
recently published in the Federal Reserve Bulletin.
Thank you for your cooperation
Sincerely yours
Mrs. Minna A. Cohen, Librarian
Collective Bargaining Seminar
2 2 0 Littauer Center
Federal Reserve System
Washington, 25, D.C.
January 28, 1945
Gentlemen»
We would wary much appreciate it if you can send us
100 copies of your leaflet "The Postwar Price Problem—
Inflation or Deflation?" to be sent to our educationaL
directors throughout the U.S.
Thanking you for your courtesy.
Mark Starr
Educational Director
Int’l Ladies Gmt. V/lcrs FJnic
1710 Broadway
New York 19, N.Y.
25
January 31» 19tô»
Mr. Mark Starr,
Educational Director,
International Ladies Garment
Workers Uni on,
1710 Broadway,
Hew York 19, New York.
Dear Mr. Starr:
In accordance with your request of
January 29, there is being sent to you under
separate cover 100 copies of "The Postwar Price
Problem — Inflation or Deflation”, for dis
tribution to your educational directors through
out the country.
Sincerely yours,
Elliott Thurston,
Special Assistant
to the Chairman.
b
P
r o v id e n t M u t u a l
In s u r a n c e Co m p a n y o f P h i l a d e l p h i a
Lif e
SHERMAN O. SCHUMACHER AGENCY
417
S e c o n d N a t io n a l B u ild in g
T e le p h o n e * B L a c k s t o n e 7515
S H E R M A N O. S C H U M A C H E R
G en eral Agent
A K R O N 8, O H IO
February 5, 1946
Board of Governors
Federal Reserve System
Washington, D. C*
Dear Sirs;
Please send me a copy of
M. S. Ecoles’ talk on ”Inflation or Deflation” •
I would also appreciate
any other material of this nature that points
out the dangers of deflation*
Sincerely.
SOSsHM
^
-
» Sherman 0* Schumacher*
February 15, 194-6.
Mr. Sherman 0. Schumacher,
Provident Mutual Life Insurance Company,
417 Second National Building,
Akron 8, Ohio.
Dear Mr. Schumacher:
In response to your letter of February 5, I am.
enclosing a copy of the address that Mr. Eccles gave more
than a year ago, which is the one I assume you refer to
as it is the only public address he has made until one
last Saturday on the British loan. He has over the years
frequently emphasized in public speeches the point that
deflation is just as destructive as inflation and that,
of course, inflation inevitably leads to deflation.
ji good many of these papers were gathered to
gether in a book by Mr. weissman and published in 1940
by Harper's, entitled "Economic Balance and a Balanced
Budget."
Sincerely yours,
Elliott Thurston,
Assistant to the Chairman.
Enclosure
ET:b
THE H. W. WILSON COMPANY
P u b lis h e r s op In d b x b s a n d R e fe r e n c e W o r k s
950-972 UNIVERSITY AVENUE
NEW YORK 52, N. Y.
READERS* GUIDE
PERIODICAL
LITERATURE
TO
February 8 1945
ABRIDGED READERS'
GUIDE
CUMULATIVE BOOK
INDEX
UNITED STATES
CATALOG
BOOK REVIEW
DIGEST
STANDARD CATALOG
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^ n iT C A L FILE
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ESSAY INDEX
REFERENCE
Marriner S. Eccles
Board of governors
Federal Reserve System
Washington D.C.
Dear Mr. Sccles:
We are preparing a new volume in our Reference Shelf
series on the subject of Postwar Wage Stabilization.
In connection with this work may we have your per
mission to quote all or part of the article by you
which appeared in the December 1944 issue of the
Federal Rgserve Bulletin, namely Postwar Price Problem.
Proper credit lines will be given.
If we have your consent will you be kind enough to let
us have either a copy for editorial use or tear sheets
of the article?
SHELF
We shall appreciate your courtesy and cooperation.
CURRENT
BIOGRAPHY
INTERNATIONAL
INDEX TO
PERIODICALS
Sincerely yours
TH3 H. W. WILSON GBMPANY
INDUSTRIAL ARTS
INDEX
AGRICUI/TURAL
INDEX
EDUCATION
INDEX
ART INDEX
BIBLIOGRAPHIC
INDEX
INDEX TO LEGAL
PERIODICALS
PF
CATHOLIC
"ÌICAL INDEX
WILSON LIBRARY
BULLETIN
JK:JD
¿s J.
S. Kramm
Editorial Correspondence
February 10, 1945*
Mr. J. I. Kramm,
Editorial Correspondence,
The H. »i. Wilson Company,
950-972 University avenue,
New York 52, New York.
Dear Mr. Kramm:
Chairman Eccles requested me to acknowl
edge your letter of February 8 requesting permission
to quote ail or part of the article in the December
Federal Reserve Bulletin on the Postwar Price
Problem. I enclose two copies of the article.
Mr. Eccles asked me to say that he is very
glad to acquiesce in your request for permission to
republish it in whole or in part, as you suggest.
SincereLy yours,
Elliott Thurston,
Assistant to the Chairman.
Enclosures 2
ET:b
O ffic e o f P rice A d m in istr a tio n
525 Atlas Building
Salt Lake City 1, TJtah
February 10, 19^5
In Reply Refer to:
UT:I:GM
Board of Governors
Federal Reserve System
Washington, D. C.
Gentlemen:
Subject:
The Postwar Price Problem—
Inflation or Deflation
Will you please mail us 100 copies of this
exceptional analysis of the postwar economy by Marriner
S. Eccles. I wish to send this to the chairmen of all
war price and rationing boards and all community service
members for general discussions over the state*
If enough copies are available, I coaid use 200.
Sincerely yours,
District Information Exec»
February 14, 1945»
Mr. G ail Martin,
District Information Exec.,
Office of Price Administration,
5Ü5 A tla s Building,
Salt Lake City 1, Utah.
Dear Mr. Martin:
In compliance with the request in your le tte r
of February 10 (UT:I:GM), there are being sent to you
under separate cover 200 copies of Chairman Eccles1
address, "The Postwar Price Problem - In flation or
Deflation“.
Sincerely yours,
E llio tt Thurston,
Assistant to the Chairman.
b
February 19, 19U5*
TO
DM
-
MR. KELLEHER
-
MB. THURSTON
The address to which the 1000 copies of the
reprint of "The Postwar Price Problem - Inflation
or Deflation® should be sent is as follows;
Mr. Sidney L. Stapleton,
OPA Distribution Center,
23 Fairlie Street,
Atlanta 3 , Georgia.
Attention: John Bondurant, Jr.
It would be appreciated if you will let me
know if anything occurs which will prevent their
being mailed not later than Wednesday, as the OPA
office here is wiring the Atlanta office that the
copies will be sent at that time.
O ffice o f price a d m in is t r a t io n
New England Regional Office
55 Tremont Street
Boston 8, Massachusetts
March 17, 194-5
Board o f Governors
Federal Reserve System
Washington, D. G.
Attention:
Dr. Goldersreiser
Dear Dr. Goldenweiser:
I have been extremely interested in "The Postwar
Price Problem— Inflation or Deflation," which was issued in
reprint form by the Board o f Governors. Several members o f
our s t a ff would like very much to have copies for use
stric tly within the organization. Would i t be possible for
you to have a number o f copies sent to me? I can make use
o f twenty to very good advantage, i f they are available.
Sincerely yours,
Eldon G. Shoup
Regional Administrator
March 19, 1945.
Mr. ^ldon
Shoup,
Regional administrator,
Office of Price administration,
55 Trement Street,
Boston 8, Massachusetts.
Dear Mr. Shoup:
Your le tte r of March 17 addressed to
the attention of Dr. Goldenweiser has been re
ferred to this o ffic e , and in accordance with
your request, I am enclosing twenty copies of
the reprint, “The Postwar Price Problem - In
flatio n or Deflation?“.
Sincerely yours,
E llio tt Thurston,
.assistant to the Chairman.
Enclosures ¿0
b
Revised Agenda
264th M E E T I N G
T H E C O N F E R E N C E B O AR D
FOUNDED 1916
THURSDAY, NOVEMBER 16, 1944
T h e W a ld o r f-A s t o r ia H o t e l
N EW YORK CITY
GENERAL SESSION
THE POSTWAR PRICE PROBLEM — INFLATION OR DEFLATION
ROUND TABLE CONFERENCES
Termination Problems of Prime and Sub Contractors
Rebuilding Industry’s Sales Organization
Carry-back, Carry-over and Refund Provisions
Foremen, Unions, and the Wagner Act
NATIONAL IN D U STRIAL CONFERENCE BOARD,
247 P are Avenue
•
In c .
New Y ork 17, N. Y.
ROUND TABLE CONFERENCES
3: 00 P.M . to 6:00 P.M., Concurrently
1. Termination Problems of Prime and Sub Contractors
Chairman: W. Gibson Carey, Jr., President,
The Yale & Towne Manufacturing .Company
Speakers: Brigadier G en eral D. N. Hauseman, Director,
Readjustment Division, Army Service Forces
Captain H. L . M erring, Assistant Chief,
Office of Procurement and Material for Industrial
Readjustment, N avy Department
C ourtney Johnson, Assistant to the Chairman of the Board,
The Studebaker Corporation
C h a rle s B. Chisholm, Assistant to Vice President,
Pressed & Welded Steel Products Co., Inc.
2. Rebuilding Industry’s Sales Organization
Chairman: Norm an W . W ilson, President,
Hammermill Paper Company
Speakers: D onald R. G. Cowan, Past President,
American Marketing Association
B urton B igelow ,
Burton Bigelow Organization
Don G. M itc h e ll, Vice President,
Sylvania Electric Products Inc.
3. Carry-back, Carry-over and Refund Provisions
Chairman: C. N. Osborne, Vice President,
The M . A. Hanna Company
Speakers: R o y Blough, Director of Tax Research,
Treasury Department
M . E . M cD o w e ll, Head, Tax Department,
Standard Oil Company (New Jersey)
C a r l Shoup, Associate Professor of Economics,
Columbia University
4. Foremen, Unions, and the Wagner Act
Chairman: R . E . G illm o r, President,
Sperry Gyroscope Company, Inc.
Speakers: Gerard D. R e illy ,
National Labor Relations Board
M a rtin M . Cooper, Assistant to International President,
Federation of Architects, Engineers, Chemists and
Technicians, CIO
T . O. Armstrong, Supervisor,
Industrial Relations Department, East Springfield Plant,
Westinghouse Electric & Manufacturing Company
DINNER RECESS
6:00 P.M . Informal Dinner beginning with Cocktails
{Grand Ball Room)
%
%
%
GENERAL SESSION
7:30 P.M. to 10:00 P.M.
{Grand Ball Room)
THE POSTWAR PRICE PROBLEM — INFLATION OR DEFLATION
Chairman: V irg il Jordan
President, The Conference Board
Speakers: M arrin er S. Eccles
Chairman, Board of Governors,
Federal Reserve System
Jam es G. Rogers, Jr .
Deputy Administrator,
Office of Price Administration
L eo W olm an
Professor of Economics,
Columbia University
THE CONFERENCE BOARD
Guest Speakers at General Session
M A R R I N E R S. E C C L E S
Chairman, Board of Governors
Federal Reserve System
Born: Logan, Utah, September 9, 1890. Education: Brigham Young College.
Vice president, Thatcher Brothers Banking Company, 1914-24; president,
First National Bank and Ogden Savings Bank, 1920-22; merged First National
Bank and Utah National Bank, 1922, into First National Bank of Ogden, of
which president, 1922-34; president, First Savings Bank, 1922-34; organized
First Security Corporation, president, 1927-34; chairman, Utah Construction
Company; president, Sego Milk Products Company, Stoddard Lumber Com
pany, Amalgamated Sugar Company; director, Mountain States Implement
Company, Anderson Lumber Company; Pet Milk Company. Assistant to the
Secretary of the Treasury, 1934; governor, Federal Reserve Board, 1934-36;
chairman, board of governors, Federal Reserve System since February 1,19 3 6 ;
member, Board of Economic Stabilization; member, Utah Bankers’ Association
(president, 1924-25).
J A M E S G. R O G E R S, J r .
Deputy Administrator, Office of Price Administration
M r. Rogers was graduated from Yale University in 1931. He was employed
by Benton & Bowles from 1931 to 1936; served as vice president of Lord &
Thomas, 1936-38; returned to Benton & Bowles as vice president and general
manager in 1938. He served as assistant director of the Domestic Branch of
the Office of W ar Information. In 1943 he joined the Office of Price Administra
tion. As deputy administrator he is responsible for the general coordination
of operations of the six departments of the Agency and the field organization,
and is general assistant to the Administrator.
LEO W O LM AN
Professor of Economics, Columbia University
Born: Baltimore, Maryland, February 24, 1890. Education: Johns Hopkins,
A.B., 19 1 1 , Ph.D., 1914. Teacher, Hobart College, Johns Hopkins, University
of Michigan, New School for Social Research; in charge research, Amalgamated
Clothing Workers of America, 1920-31; professor economics, Columbia Uni
versity, since 19 31; trustee, Mutual Life Insurance Company of New York.
Chairman, Interstate Commission on Unemployment Insurance. Special agent,
U. S. Commission on Industrial Relations, 1914; Council National Defense,
19 17; chief of section on production statistics, War Industries Board, 1918;
attached to American Peace Mission, Paris, France, January-June, 1919; mem
ber, advisory committee, U. S. Unemployment Conference, Washington, 1921.
Chairman, Labor Advisory Board, N R A ; member, National Labor Board;
chairman, Automobile Labor Board. Author: “ The Boycott in American Trade
Unions” (19 16 ); “ Growth of American Trade Unions, 1880-1923” (19 24);
“ Planning and Control of Public Works” (1930); “ Ebb and Flow in American
Trade Unions” (1936). Co-author: “ Business Cycles and Unemployment” ;
“ Recent Economic Changes” ; “ Recent Social Trends” ; and “ The State in
Society.”
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