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Form F.<R. 131 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Date December 30, 1956 lo ... .__Jb\i_Eccles Subject: Stewart McDonald ^ J>M« Daiger G P 0 The call which you received from Mr. McDonald on Monday, asking you to have luncheon with him today, was not of my prompting, though I have spent a good deal of time with him since Monday of last week* I therefore asked Miss Egbert to tell you, when she spoke to me yesterday about the call, that I thought it would be much better if I were left out in case you confirmed the engagement with McDonald* In a memorandum to you which I dictated yesterday on some personal matters, but which you will not yet have read, I expressed the opinion that, where the factors involved are not political, your influence will carry more weight with McDonald during the next few weeks than anyonefs else* It is also my opinion, however, that you and McDonald have never warmed up to each other, and that McDonald feels this. You will recall my telling you that I had heard from two quite different sources a couple of months ago that there was a story current about town to the effect that you had changed your mind completely about the housing matters which were under discussion during the first half of this year, and had gone over completely to Mr. Faheyfs side of the controversy. Coupled with this story was the report that you ^did not think much of Stewart McDonald," whereas you were on most cordial and intimate terms with Mr, Fahey. McDonald knows from his conversations with me, and more particularly from the stand you took at the recent Treasury meeting, that the former part of the story is groundless. Nevertheless, as to the latter part of the story, I think that in the pressure of other matters you have given the appearance of treating McDonald pretty casually. Mr. Jones, on the other hand, is on very close terms with him. I think that McDonald has wanted very much to get a session alone with you for some time in order that both of you could talk quite freely and without interruption. 16 852 He is now as fall of ideas as an egg is full of meat, and he is eager to talk with you about thesu Some of the ideas you will recognize as your own, others as mine, and some you will not know the father of. But McDonald will deck them all out in striking figtires of speech and sell them to you if he can. I am myself very fond of him, including his weakness (which is not an uncoiamon one) of forgetting from one day to the next where his ideas come from, or of changing them around so that they occasionally become almost unrecognizable to the persons who prompted them.