Part 1 - The Institute Libraries - Institute for Advanced Study

and how helpful I am sure he is going to be in our a£ fairs.
The purpose of the luncheon was to review our investments,
.and we had the benefit of some very constructive criticism
from Ms. Stewart, which is already leading to action, and
will, I am certain, improve the caliber of our port£ olio.
But apparently Hr. St~wart r;as discouraged by the attitudes re-
vealed. He did not join the Cormittee on Finance if he was asked, which
does not appear. Interviews drsclosed that he was critical of the in-
vestment policy, even after Professor Riefler joined the Committee in
1936. He did not practice K~ynsian arbitrage, as did Stewart. 6
Before detailing the events of these years it will be well to
describe briefly the general relationships which had developed at the
Institute. It was clear that the deference paid Mr. Bamberger by hfs
associates and advisers in the past was carried over into this enter-
prise, It appeared that despite his modesty and retiring manner Mr.
Bamberger was the one who had the Last word at L. Bamberger 6 company.
Even w ith Mr. Fuld, his position was as the governor to hfs partner's
enthusiasm and initiative -- the motive power of the enterprise. Though
he was known as a generous eqlcyer, who did kind thIngs for his senior
employees, it was not because he considered they had rights to his gem
erosity, or as his errrployees any voice with respect to their working
conditions. In this he was neither better nor worse than the other re-
tailers of the times, Perhaps the most significant thing about his
attitude was disclosed when, as he and Mrs. Fuld sold L. Bamberger &
Company, they did not tell their nephews who worked in the firm, and
were minor stockhalders in it, until the sale was accomplished. Then he
\ exercised his option to repurchase their stock, as had been duly pre-
\ -.
arranged, leaving the young pen angry and unhappy. It is not strange