The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
June 30, 1956
Dear Mr, Poirellt
VIth the resignation of Mr. Allan Sproul from the Presidency of
the Federal Reserve Bank of Hew fork, and his return to California, has
come his decision that he can no longer carry on the active chainainshtp
of the Committee on the History of the Federal Reserve System.
Under those circumstances, and vith great regret at losing m
valuable a chairman, the Committee has decided to accept the offered hospitality of the Brookings Institution and to move its office and its
research activities to Washington, A nev chairman has not yet been ehosea,
but the vork iri.ll %o forward there -under the broad supervision of the
President of the Brookings Institution, Dr. lobert D. Calkins, vho is also
an active member of this Committee.
Ac my own home ie in Nev York City, this move necessarily marks
the severance of my connection vith the Committee in the capacity of its
Research Director, I think you knov hov much I have enjoyed this inquiry
Into the history of the System, and particularly that part vhicb brought
me into contact vith the Federal Reserve Bank of Minneapolis. It Is good
to knov that ve can continue to look forward vith great interest to the result of future research to follov under the scholarly auspices of Brookings.
For much courtesy shown to me in Minneapolis, I vant to thank you
most warmly. lou and the liaison officer appointed tbere, vith other members
of your staff, have been continningly kind and cooperative. I am sure that
that cooperation vill bo extended to my successor at Brookings.
Ve should be grateful if you would continue to send correspondence
and printed material to this Committee, but in care of the Brookings Institution, 722 Jackson Plaoe, N. V., Washington 6, D. C. Letters should, until
further notice, be addressed there to Dr. Robert Calkins in person.
Very sincerely yours,
Mr. Oliver S. Powell
President
Federal Reserve Bank of Minneapolis
Minneapolis, Minnesota
*****
Mildred Adams
MILLS, 0. V*
March 21, 1956
Dear Mr. Hi U s :
We have received the new org&nization
chart of the Federal Reserve Bank of Minneapolis
*aich you so kindly sent ue« Thanks so such*
It is good of you to keep us up to date.
Sincerely yours,
Burstein
Assistant
Mr. A* V. Mills
First Vice President
Federal Reserve Bank
Minneapolis 2$ Minnesota
MILLS, 0 . V.
FEDERAL RESERVE BANK
UCQBIVBD
FIRST
VICE
OF MINNEAPOLIS
PRESIDENT
MAR 21195G
mrch 1% 1956
COMMITTEE ON THE HISTORY
OF THE
FEDERAL RESERVE SYSTEM
Miss Marguerite Burnett, Research Associate
Committee on the History of the Federal Reserve System
33 Liberty Street
New York 4-5, New York
Dear Miss Burnett:
There is enclosed, for your information, a
copy of the organization chart of the Federal Reserve
Bank of Minneapolis, effective April 1, 1956.
Best regards,
A. W. Mills
First Vice President
AWM:L
Enclosure
OHflSTAD, 0 . W.
November I S , 1955
Mr. Ohnet&df
thanks so much for your kindn*«» in
sending us the list of persons occupying positions of Deputy Governor or Vic© President from
the beginning of the Federal Reserve Bank of
Minneapolis to the present* This will enable
us to aake the necessary corrections in our own
list.
Very sincerely yoursf
Mildred Adams
Mr* 0, ¥. Ohnsted
Assistant Vice President
Federal Reserre Bank
Minneapolis 2$ Minnesota
OHNSTAD, Orthen ¥.
October ^ , 1955
Dear Mr* Ohnstadt
In the process of completing our f i l e on j&en vho have serveda&s Federal
Bank officers, we would be JSIOSL &i%at&ful for your further aid.
Our listing of Vice Presidents (and Deputy Governors) of the Federal
Reserve Bank of 8inne&poli& over the years s t i l l h&s holee in i t . Thanks to your
cooperation and that of Mr. ly^en* ve iiuve iafoxtt&tlon on aiany of theaf but we
need some way of checking tiiose \*ho are s t i l l nicsing. Vould you, therefore, be
kind enough to send us a l i s t of a l l Vice Presidents (and Deputy Governors) uho
have served in the Minneapolis Bank since the beginning? ¥e would like to have
vith their nasessthe dates of their service in the Bank, end also the dates of
their various officerships» This v i l l entble us to check off those for vhoe. our
information i s already complete tnd to st&rt the search for biographic data on
those now missing in our records.
One point that haii given us trouble i s the office of C&shier. Ve have
found that in some Federal Reserve Bulks the Cashier i 3 a Vice President (in
\?hich case we want to Include him as such)| in other banks the office of Cashier
ranks below a Vice Presidency. This practice jr.ay have varied vith the years* but
our present interest i s in only those who have rfcJiked or do rank as Vice Presidents (or Deputy Governor?)*
There i s no ieunsdiate rush on t h i s , but ve vould be grateful if you
could send us the requested information -within the next tvo or thrt-e weeks i f
possible*
may ve send vana thanks for your continued assistance* It
Is of the greatest help and most genuinely appreciated*
Sincerely
Kildred Adaaa
Hr» Orthen V. Qhnsted
Aseictant Vice President
Federal Beserve Benk
KinneapoliP 2t Minnesota
;
OHtfSTAD, Orthen ¥ .
c
October 19, 1955
Dear Mr. Ohnstads
As liaison officer appointed by the Federal Reserve B&nk of Minneapolis to
deal vita this Committee, you probably know thet one of our most difficult probl e m has been that of preparing a list of specific records which, chosen from th©
mess of material handled in the Reserve Bank, can be labelled as having historical
value and therefore being worthy of long retention*
After a series of visits made to the twelve regional banks end of consultations kindly made possible during tnose visits, we realise that some of the valuable early material has already been discarded in some of the Federal Reserve Banks
end is lost to us. The best we can hope is tout what is still left will be retained,
Aether it is in general ^uncurrent" filee, or in departmental files, or in the private files of older officers.
In the above connection, the Subcommittee on Destruction of Records which,
1 understand, functions under the Comitte© on Miscellaneous Operations of the Conference of Presidents, was given the assignment of conferring vith tht staff of this
CoRimittee with e. view of developing guides &n& standards for the preservation of
historical materiel by the Federal Reserve Banks.
At the meeting of the Subcommittee held in New York on October 5-7, 1955 »
I conferred with the members of the Subcommittee and we then developed jointly the
attached list of records end other pepers which is suggestive of the types of material our Committee is seeking to preserve for historical purposes.
While the Subcommittee has informed me that the material here referred to
will form a part of its next report to the Committee on Miscellaneous Operations*
I aai hopeful that, in the meantime, such material will prove helpful to you in deciding upon the propriety of the disposal of particular records*
Very truly yours*
Mildred Adams
Mr. 0. W. Ohnstad
Assistant Vice President
Federal Reserve Bunk
Minneapolis 2, Minnesota
Sne*
POWELL, Oliver
October 3, 1955
Dear Mr. Powell*
Thanks so much for your letter of September
6th which came during my vacation and therefore has
only just reached me* I am glad to be corrected as to
your authorship of volume 3 in the ten volumes Issued
in 1931 by the Federal Reserve Committee on Branch,
Group and Chain Banking* I can now set straight a bit
of confusion in ay own notes and have the records
accurate*
I do hope the missing unexpurgated copies
of the studies you made will turn up*
Cordially yours*
Mildred Adams
Mr* Oliver Powell, President
Federal Reserve Bank
Minneapolis 29 Minnesota
POWELL, Oliver
FEDERAL RESERVE BANK
OF M INNEAPOLIS
OFFICE OF
THE PRESIDENT
.
September 6, 1955
Miss Mildred Adams
Committee on the History of the
Federal Reserve SysteflOJtfA?/Tr££
33 Liberty Street
OFTJ^^TOHY
New York 4 5 , New York
Dear Miss Adams:
This will acknowledge receipt of your letter of
September 1. I am very glad that you were able to locate
copies of the 10 volumes issued by the Federal Reserve Committee
on Branch, Group, and Chain Banking in 1931.
Let me correct your assumption as to the volume
of which I was the principal author. It was volume 8 which
was a detailed analysis of 225 bank suspensions. I had little
or nothing to do with volume 7, which is merely a statistical
study of bank suspensions in the United States from 1892 to
1931.
Meanwhile, our search for the unexpurgated
copies of the studies which I made will go forward. At the
present time we are badly torn up by our building operations,
but it may be that this very fact will bring the missing
volumes to light.
With kindest regards,
Yours very truly,
7
Oliver S. Powell
President
POWELL, Oliver
September lf 1955
Bear Mr. Powell*
This is a late reply to your letter of August 8th, but we have been
bogged down in report-making, and everything has gone by the board* even
letters of thanks,
I am sorry you were not able to find pie studies which you made for
the System Coma&ttee on Branch, Group and Chain Banking some years ago. Xou
told me that part of that study had not been used, and X was therefore particularly anxious to see it in the original forsu
The Federal Reserve Bank of Hew York, to which you referred me, has
10 volumes under the title ^Federal Reserve Committee, Branch, Group and. Chain
Banking Report, 1931*" Volume 7 is entitled "Bank Suspensions in the United
States, 1892-1931* and is, I assume, the combined volume of which you spoke.
I may, however, be mistaken in this, as Volume 8 is entitled "225 Bank Suspensions ~ Case Histories from Examiners* Reports."
I find that a suaamary in Volume 10 credits the latter report to you,
but according to w& notes, you should be credited with both of them.
I would be grateful if you would set me straight in this matter, as
I do want to have our own files as accurate as possible, and even my notes
are somewhat confused whew I see what has been done in the 10 volumes.
If you find your original copies, we would be delighted to see then,
and I can promise that we will return them safely*
Vill you give my warm personal greetings to your wife, whose kindness
remains with me.
Very sincerely yours.
Kildred Adams
Mr* Oliver Powell, President
Federal Reserve Bank
Minneapolis 2, Minnesota
MILLS, A. W,
August 25, 1955
Dear Mr. Hills*
In Hiss Burnett1e vacation absence,
I thank you for sending us the l&teet organisation
chert of the Federal Reserve tf*Jik of Kinnespolls*
I t will be of gre&t use to us*
Sincerely,
Iraa Burstein
Secretery
Mr. K V. MiUs
First Vice President
Federal Reserre Bank
Minneapolis 2, Minnesota
MILLS, A, V,
FEDERAL RESERVE BANK
D
OFFICE OF
THE
%.*
O
F
MINNEAPOLIS
FIRST VICE PRESIDENT
COMMITTEE ON THE HISTORY
A u g u s t 2 3 , 1955
OF THE
FEDERAL RESERVE SYSTEM
Miss Marguerite Burnett
Research Associate
Committee on the History of the
Federal Reserve System
33 Liberty Street
New York 45, N. Y.
Dear Miss Burnett:
I enclose, for your information, a copy
of the organization chart of the Federal Reserve
Bank of Minneapolis, effective September 1, 1955.
Best regards,
It
A. W. Mills
First Vice President
Enclosure
1/ V (K
OHwSTAD, 0. ¥•
August 19, 1955
Dear Mr. Ohnstad*
fhanks so much for returning our BPreliainary
Questionnaire on Files and Historical Source Material,"
Vhen I was in Minneapolis in June I realized
thatf because of the new building and the necessary compression of records into small space, you might have trouble
getting the answers to questions on files, but in spite of
some misgivings, I decided you would rather have it now
so long as it vent to the other banks. In view of the
confusion with which you must live until the new building
is finished, I donft wonder that old files get rather
short shrift. I am sure that when the two years is up
and things get sorted out you will have material interesting to historians.
Gratefully yours,
Mildred Adams
Mr. 0. ¥. Ohnstad
Assistant ?ice President
Federal Reserve Bank
Minneapolis 2, Minnesota
OHNSTAD, 0 . V.
FEDERAL RESERVE BANK OF MINNEAPOLIS
MINNEAPOLIS 2, MINNESOTA
August 12, 1955
Miss Mildred Adams, ExecutiTe Director
Committee on the History of the
Federal Reserve System
33 Liberty S t r e e t
New York 4 5 , New York
Q^
C(ft^^ o? TV**a «tf
At« t S t < W
tC
Dear Miss Adams:
Enclosed is the questionnaire you sent in connection
with the old files, etc.
In most instances we probably have been of very little
help. Due to a shortage of space the management has authorized
the destruction of as many records as possible. However, we
hope that we will be able to contribute in some small way to
your work.
Very truly yours,
0. W. Ohnstad
Assistant Vice President
0W0:ju
Enc.
POWELL, O l i v e r
FEDERAL RESERVE BANK
OF MINNEAPOLIS
OFFICE OF
THE PRESIDENT
Miss Mildred Adams
Federal Reserve Bank
New York 4 5 , New York
Dear Miss Adams:
August 8, 1955
f\{JG $ JOTc
COMMITTEE 0/y
THP
FEDERAL 2FT
At your request, I have been endeavoring to
locate copies of the studies which I made for the System
Committee on Branch, Group, and Chain Banking some years
ago.
I found that my own files had not been kept in good
order, probably as a result of my moving around the country
in recent years, and I wrote to the Board of Governors to
see if they might have copies of the brochures available.
They, in turn, refer me to the Federal Reserve Bank of
New York, where they believe you can inspect a set of
these studies, or a set will be made available to you in
Washington on your next trip there. However, the Washington
group does not have any extra copies which could be taken
away from the premises.
Meanwhile, I intend to keep looking for my
files, and if I run across the missing documents, you may
be sure I will send them along to you for your use.
Yours very truly,
Oliver S. Powell
President
, C*** j
,, ,
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vu
f
V ^
n 'tLu.
«O
i
I
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^
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Ill
tt*
j
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I
C. 3 )
PRESTON, Otis
August 8 t
Dear Mr» Preston:
I have kept your t h e s i s on WA Need For Banking Integration
Through Federal Reserve Membership11 much too long, bat I found
i t sxtreinaly interesting and I did want to take some notes for
OVLT own f i l e s . We have noted it in our bibliography and assume
;
that we can refer to you any other need t o borrow i t *
We are returning i t today with many thanks for your
kindness in lending i t .
Vary sincerely yours*
Mildred Adams
Mr. Otis H« Preston
Vice President
Federal Reserve Bank of Minneapolis
Minneapolis 2, Minnesota
LYSEN, Milford E.
August 8, 19$$
Dear Mr. I»ysen:
It was awfully good of you to lead aa your thesis on
*Federal Resarve 3ank Services" and I had every intention of
returning it long bifore this. We have noted it in our Federal
Reserve biblio^ra^jhy, and I found it veiy useful as well as VQIJ
interesting.
The Committee would want me to thank you for your kindness
in lending it to us* It goes to you insured today.
Gratefully yours,
Mildred Adams
Mr. Milford E. I^ysen
Federal Reserve Bank of Minneapolis
Minneapolis 2, Minnesota
OHNSTAD, O r t h e n W,
o
July 27, 1955
Dear Mr, Ohnstad*
Back in February, Mr, Sproul wrote to Mr* Powell asking for the
appointing of an officer with who© the staff of this Committee could establish liaison, and vfoo would *eet as guide to the supervisor of your files,
your custodian of storage records, your librarian, officers, departaent
heads, or anyone else who might hare questions about the destruction of
records, reports or studies in which the Caesaittee may have an interest**
We understand thfct Mr* Powell asked you to accept thia assignment*
In the intervening aonths we have been trying to find aoae basis
for collecting data on the files and file material which the various banks
keep, and on the patterns by which they discard* We hsve finally decided
that we need first to know certain basic facts about filing practices In
th© various banks*
Ve have therefore worked out a skeleton questionnaire on files
iihich will, with your cooperation, give us a starting point on this inquiry*
If you would be kind enough to have its blank spaces filled and the questionnaire returned (by August 19th, if that is not asking too much in a
vacation period), ve Td.ll h&ve the basis for a better understanding of what
material of historical value we can and cannot hop© to find preserved in
your files*
the Cosaaittee would want me to thank you in advance for your
kind cooperation in this matter*
Very sincerely yours,
Mildred Adams
itr* Orthen ¥* Ohnstad
Federal Reserve Bank
Minneapolis 2, Minnesota
LYSEN, Milford E.
July 15, 1955
Mr, H. E. Lysen
Federal Reserve Bank
Minaeapolis 2, Minnesota
Dear Mr. Lysen:
thanks so srach for your promptness in returning your
career blank. We are glad to have that information*
I anj finding your thesis, which you kindly lent me,
both interesting and valuable« We will be returning
it to you shortly.
Cordially yours$
Mildred Adums
FEDERAL RESERVE BANK OF MINNEAPOLIS
MINNEAPOLIS 2, MINNESOTA
July 12,
1955
RECEIVED
Miss Mildred Adams, Executive Director
Committee on the History of the
Federal Reserve System
33 Liberty Street
New York 45, New York
jyi 1 o f955
COMMITTU ON THE HWOftY
Of THI
Dear Miss Adams:
Subsequent to receipt of your letter of July 6, I
received from your office a blank for furnishing information about
myself. I am enclosing this form and believe I have now furnished
you with some information on all the persons which you requested
me to make a survey on.
If at a later date you believe that it is essential to
obtain additional information on some of the persons included in
your survey, I will endeavor to check a number of other potential
sources.
Sincerely,
M. E. Lysen
Operating Research Officer
MELtmj
Enclosure.
Fame (last name first)
•
C
Year of birth; year of death if deceased
Federal Reserve service; Names of positions held, and dates of service, as
complete as possible (use reverse side if necessary)
^*-*—9
/
I
Most recent business address
of'
Born (day, month> year, and place) 4-*-f*L-. >
IVfeirriage (day, month, year, and name of vife)
&<sZ&*
If children, names (including married names if known)
Education (places, degrees, and dates)
Career:
profession, dates of jobs", names of firms or positions.
Army Service:
Career.
Author:
Clubs:
*** -*[ /f/l~+—
If any military service, please indicate separately from
If anything published, please give titles and dates if known.
Please note any clubs
Home: Please give most recent address. If dead, please give in addition
to most recent home address, the address of widow or nearest surviving
relative and indicate relationship.
#ML
LYSEW, H. E,
July 6, 1955
Dear Mr, Lysen:
so much for sending us the f i r s t &r»d
second batches of information on the people vhose
cards I l e f t vith you, This i s a great help, end
•while there are s t i l l holes* ve can go forward with
some compiling of date tables on these folk*
the one thing ve seem not to have i s
your own information sheet. I hope a blank was
sent you, and i f so, we will expect i t back shortly
to complete our records on Minneapolis*
Thanks so much for your suggestions about
Poor's Register end the state historical associations* Ve would, certainly tap both these sources*
ify thanks again.
Cordially yours,
Mildred Adams
Mr. K* E* Lysen
Operating Research Officer
Federal Reserve Bank
Hinne&polls 2, Minnesota
LYSEl\l, M. E .
FEDERAL RESERVE BANK OF MINNEAPOLIS
MINNEAPOLIS 2, MINNESOTA
July 1, 1955
RECEIVED
Miss Mildred Adams, Executive Director
nil
g 1955
Committee on the History of the Federal Reserve Sysxem
33 Liberty Street
COMMITTCE ON THE HISTORY
New York U5, New York
^
OF THE
FEDERAL HCttW* l O T t l *
Dear Miss Adams:
In compliance with your June 24. request, I have endeavored
to complete the information requested on twenty-five present and
former officers and directors of this bank.
On June 27, I forwarded you the information desired on
nine of these persons and I am enclosing information ranging from
rather complete to fragmentary on the other sixteen individuals.
You may find it helpful in other districts for information
on some of the names to refer to Poor's Register of Executives and
Directors,which is issued annually, as this proved to be a fair
source for some of our information.
To obtain additional information on some of the names,
it would no doubt be necessary to refer to state historical
association files,to correspond with executives at banks which
they served, etc. We trust the information which we have been
able to furnish will serve your purpose.
Sincerely yours,
M. E. Lysen
Operating Research Officer
Enclosures
LYSEN, M. E.
July 1, 1955
Dear Mr. Lysen:
Tour letter of June 27th makes it sound as though, in
spite of the difficulties of operating in the midst of building,
you are finding it possible to dig out the information we need*
Our schedule is such that we would be grateful if you would send
us full information on the nine present and former officers
which you have collected and whatever partial information on the
other sixteen you may have by the 8th of July* That will get us
on our way, and we will look forward to later filling of the gaps
if any.
About Mr. Allen Moore's request mentioned in the postscript to your letter, may I say that we regard the information
obtained from the Federal Reserve Banks as confidential and have
by no means reached the point of making any public report* Vhen
the various features of this history project reach the stage of
publication, we will be glad to let Mr. Moore know. In the meantime I hope you will express to him our appreciation for his interest.
Ify warm thanks for all your good cooperation in this
difficult period.
Cordially yours,
Mildred Adams
Mr* M. E. Xgrsen
Federal Reserve Bank
Minneapolis 2, Minnesota
LYBEN, M. E,
RECEIVE"
C
TEDERAL RESERVE BANK OF MINNEAPOLIS
^-.
MINNEAPOLIS 2, MINNESOTA
JUN29 1955
COMMITTEE ON TH6 HISTORY
OFTH6
ftOtRAL RE8EJWCSYSTEM
J u n e2 7
»
Miss Mildred Adams, Executive Direcotr
Committee on the History of the Federal Reserve System
33 Liberty Street
New York 4.5, New York
Dear Miss Adams:
Prior to receipt of your letter of June 24, I obtained
the information requested during your visit on nine present and
former officers of this bank.
I will endeavor to forward you the information you
desire on the other sixteen officers and former directors of
this bank but doubt if I will be able to find time to complete
all of it this week. Please let me know if you would prefer to
have me forward you all the information obtained by the close of
the week on these sixteen men and to supplement the information
later if obtainable.
I have been exceedingly busy on building problems and
in addition was in Washington last Monday and Tuesday as a Trustee
of the Retirement System and on bank business with the Treasury
Department and Board of Governors. We will endeavor to assist
the Committee in spite of the numerous handicaps we are currently
operating under.
Sincerely yours,
M. E. Lysen
Operating Research Officer
P.S.
Please note that Allen Moore, a Vice President of the First
National Bank of Minneapolis would appreciate an opportunity
to see the Report prepared from the information obtained by
the Committee if possible.
POWELL, Oliver
June 30, 1955
Dear Mr* Powells
I have taken the liberty of mentioning the
existence of your studies of closed banks to two members
of this Committee, and I find them very much interested*
At the time I was in Minneapolis you were able to lay your
hands on only one of these. I wonder if, in spite of the
difficulties which building operations have imposed on the
file department, it might be possible to find copies of
both of them and let us see them. We would very much like
to have the material which was not accepted by the Board
on the ground that it was too critical*
of
in
to
on
of
to
It goes without saying this is from every point
view a preliminary request. If I had had time enough
Minneapolis to read the reports, I might have been able
express an opinion which would make the sending of them
at this tiiae unnecessary* As it is, I have the feeling
unexplored riches, and it was this feeling communicated
the Committee which made them want to see the studies*
There is no special hurry about this, but if we
could have them for reading before the end of July, it would
be valuable. We would, of course, treat them with great
care and hold them as completely confidential*
the best of greetings to you and Mrs* Powell*
Very sincerely yours.
Mildred Adams
Mr. Oliver Powell, President
Federal Reserve Bank
Minneapolis 2, Minnesota
LISEIM, M r .
June 24, 1955
Dear Mr* Lysen*
¥hen I left those blanks with you for the filling
in of career data, I assured you that there was no hurry
end thet if they came beck within a month, we would be perfectly happy. Nov, alas, hurry has caught up with ue, and
we ere being asked to make a study based on the information
on the said blanks,
Under those circumstances, I 01 forced unhappily
to put on whatever pressure Cf,n be exerted from this distance. We do need the blanks as quickly as you can get
them bacV to us> F.nd hence this somewhat abeshed plea.
Could we possibly have them back at the ond of next week?
It would help us greatly in this study for which e rush
date has been set.
Hay I rise say at the same tine that I have been
enjoying your very interesting thesis on the services performed by Federal Reserve Banks, and I will send it back
to you in the very near future.
My thanks in advance and my most cordial greetings
to the people who were so nice to me in Minneapolis*
Very sincerely yours*
Mildred Adams
Mr. Lysen
Federal Reserve Benk of
Minneapolis
Minneapolis 2, Minnesota
UELAWD, Sigurd
Jtme 21 f 1955
Dear Kr» tfeland;
I have- re-ad with great interest your
discussion of *Vhether It ¥as the Intent of
Congress to Give the Board a Whip Hand in the
Administration of Regional Matters as veil as
Control in the Field of national Monetary and
Credit Policy.«
'
On© of the facets of Board and Bank
history which most concerns us is the regional
aspect of the System and the way in -which it
has changed or beea modified during these forty
yesr#w lour discussion sheds light on that
field, and we &re taking the liberty of listing
it among unpublished sources ^which. may be
I am returning the document itself
end essftxaing that you will ba kind enough to
let us borrow it if « scholar wants to refer
to it* Th&nk you again for your kindness•
sincerely yours*
Adams
Mr* Sigurd Ueland
Federal Eeserve Bank
Minneapolis 2, Minnesota
Enc.
POWELL, Oliver S.
June 17, 1955
Dear Mr, Powell*
How that 1 am back at my desk again, I do
want to send you a note of appreciation for the many
kindnesses, personal and official, which were shown rae
in the Minneapolis Bank* My visit there shines ae a
motiel of what. I w o l d hope these quick bank surveys
could be. From your own office down to the smiling
guard*; and the man who drove me to St. Paul, everyone
vith whom I cane in content vas kindness itself. I
shall long be grateful for that bright memory*
Had it been possible for me to cose in May,
it "would have been easier to get out the data I needed*
Due to moving and compression of files, I hf.d to leave
some tag ends with &r« Lysen. I hope they vill not
prove too onerous*
The Coamittee would want me to express their
vans gratitude for your cooperation and that of your
officers and staff* tty personal thanks go with theirs*
sincerely yourc,
Mildred Addas
Mr. Oliver S. Powell, President
Federal Reserve Bank of Minneapolis
Minneapolis 2, Minnesota
34.S-24M-7-54
COPY OF TELEGRAM
FEDERAL RESERVE BANK
OF NEW YORK
SEND TO FILES
SENT BY
TOt Kr»
Powell, President
Minneapolis, Minnesota
Plan* aov made to errire KlBneapoIls Tww&aj eTening9 June 7, v i s i t Bank
Juen 3 through 10. Will eppreeiate hotel reserration June 7 through 10•
Mildred team*
£
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2
NY MIN 1 1 3 - 2 5 - 1 1 0 2
H
MILDRED ADAMS
*5
SECOND WEEK IN JUNE FOR YOUR VISIT SATISFACTORY WITH US. PLEASE WIRE
25>
MM.
85
ME DATE AND TIME OF YOUR ARRIVAL SO WE CAN MAKE HOTEL RESERVATION FOR
YOU
O S POWELL
7Z. S4.3-24M-7-54
S
®r History FRCSftlfiwDF TELEGRUMs Mildred Adaae
SEND TO FILES
OF NEW YORK
SENT BY
Mr* Oliver S. Powell« President
He serve ^ ^ m
is 29 Kincesota
Wire received*
Woulo. »#cond week in Jun# fc* vett.er»
•Roping to gear
A®^eei»iit? trips to
Kansas City ir. first t w fm* \tmn&q> Vouia appreciate
auick vord as aaist clear change vith K^itf^s City.
4
Mildred
£
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NY MIN 9 9 - 2 5 - 9 2 3
1955 MAY 25
AM ii
MILDRED ADAMS
REGRET THAT WEEK BEGINNING MAY 30 IS NOT CONVENIENT FOR US TO GIVE
YOU GOOD COOPERATION IN YOUR PROPOSED VISIT. WE;START CONSTRUCTION ON
OUR EXPANDED BUILDING ON JUNE 1 AND FROM NOW UNTIL THEN ALL AVAILABLE
PEOPLE WILL BE MOVING FILES AND DEPARTMENTS TO-MAKE SPACE FOR THE
BUILDERS. CONSEQUENTLY I SUGGEST A LATER VISIT-
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SENT BY
Mr
Federal Reserve Bank
2, Minnesota
Find I ear* come to Mina*apoli« Monday night May 3 $ through jfrid&j| June 3»
If this is convenient for you, will you please smk.9 hotel
for a», and wire reply*
Mildred
April 27, 1955
Dear Mr. Powell:
I was so sorry to have to -wire you today that
an unexpected conflict of plans will meke it impossible
for me to come to Minneapolis in early May as I had hoped.
this is, however, only a postponement. If all
goes well, I shall be expecting to carry out the original
plan the first or second week in June* If you have any
preference, would you let me know and I will try to make
the schedule accordingly.
Would you also be so kind as to have my hotel
reservations cancelled for the moment? I should know
next week how the June dates will fall, and I will write
you again at that time,
Thanking you for your kindness, I am
Very sincerely yours,
Mildred Adams
Mr. Oliver S. Powell, President
Federal Reserve Bank
Minneapolis 2, Minnesota
April 25, 1955
Dear Mr. Powells
I t was inost kind of you to have a
reservation made for ffie a t the R&disson Hotel
in Minneapolis. I shall be arriving there on
Sunday night, May 8th, and will come to the
Bank the f i r s t thing Monday morning.
I shall look forward to learning as
much as i s possible in a short time, not only
of the Bank i t s e l f , but also of the d i s t r i c t
in which i t l i v e s . I t will be a pleasure to
be there*
Cordially yours,
Mildred Adams
Mr. Oliver S. Povell, President
Federal Reserve Bank
Minneapolis 2, Minnesota
FEDERAL RESERVE BANK
OF
MINNEAPOLIS
April 19 !
Miss Mildred Adams, Executive Director
Committee on the History of the
Federal Reserve System
33 Liberty Street
New York 45, New York
Dear Miss Adams:
This will acknowledge receipt of your letter
of April 15 informing us as to the dates in May when you
will be in Minneapolis. We have made a reservation for
you at the Radisson Hotel in Minneapolis, which we trust
you will find quite comfortable.
We are all looking forward with a good deal
of pleasure to your visit, and I trust it will be both
pleasant and fruitful from the standpoint of your project
Regards,
Oliver S. Powell
President
V
>v
April 15, 1955
Bear Mr. Powell*
Xour ho3fltable letter vas waiting for me when I returned
from San Francisco, Since the second week of May will b© convenient
for you, I am arranging My plans accordingly.
My schedule calls for me to arrive in Minneapolis Standay
evening, May 8th, and spend Monday, Tuesday and Wednesday in the
bank. I will be leafing for Hew Tork Wednesday night* Since I am.
not familiar with hotels in Minneapolis, I would be most grateful
if you could have e reservetion made through the Bank for a single
room and bath for Sunday to Wednesday.
Ve have heard so much about Minneapolis* part in the
early days of the System that I em eager to see the records and
hear the memories of that formative period, as veil as to make the
acquaintance of officers presently carrying on the 8aakfB work. It
will be good to be there in early Hay.
Vary sincerely yours,
Mildred Adams
Hr, Oliver S. Powell, President
Federal Reserve Bank
Minneapolis 2, Minnesota
POWELL, Oliver S.
Kerch 23, 1955
Dear Mr. Povellx
Ever sine© Mr. Sproul first wrote you about thia project in the
spring of 1954* I have been hoping to visit the Federal Reserve Bank of
Minneapolis, but for various reasons my steps have been confined to the
northern and eastern banks* How I am about to break that pattern by visiting Dallas and San Francisco, and, if it is convenient for you, I hope to
come to Minneapolis early in May for perhaps 3 days*
These three-day visits to regional banks are proving very valuable
to this study* Despite the shortness of the time, they do sake it possible
to get a B^ncz of the bank in operation, to meet the President and the senior
officers in order to discuss thia history project on which the Committee is
engaged, to talk with the research officer, to meet the file clerk anc the
librarian in order to find out how archives (present or future) are kept,
sometimes to talk with specially knowledgable retired officers whose memories of older days are clear and interesting,
Minneapolis will certainly have a great deal of individual value
to contribute to this study. What is at the moment most important is to
make sure that you yourself are planning to be in Minneapolis during the
week of May 9th, and that those days will be convenient to receive me, or
if that week is difficult, the next one#
I shall be eagerly awaiting word from
sincerely yours,
Mildred Adams
Mr* Oliver S # Powell, President
Federal Reserve Bank of Minneapolis
Minneapolis 2, Minnesota
STRAiND, M i l d r e d
FEDERAL RESERVE BANK OF MINNEAPOLIS
MINNEAPOLIS 2, MINNESOTA
__ __ ^_
RECEIVED
March 25, 1955
MAR 3 1 8 5 5
Miss Marguerite Burnett, Research Associate
Committee on the History of the Federal
COMMfflfiOlt fWt
PffftfftM S M S M ayaiau
Reserve System
33 Liberty Street
New York 45, N. Y.
Dear Miss Burnett:
In accordance with your request of March 10, we are forwarding you the 1955 edition of our Organization Chart. Your name has
been placed on the permanent mailing list so that the Committee will
receive future editions automatically.
On file in the office of the First Vice President are the
following editions:
November
March
March
July
January
January
May
January
February
January
22, 1943
15, 1944
13, 1945
1, 1945
19, 1946
1, 1947
1, 1947
15, 1948
10, 1948
14, 1949
May
17, 1949)
September 9, 19491
December 6, 5-949J
June
23, 1950
September 15,1950
January 11, 1951
January 22, 1952
September 10, 1952
January 22, 1953
January 15, 1954
We trust this information answers your request satisfactorily.
Very sincerely yours,
MSrSBC
Mildred Strand
Librarian
STRAND, Mildred
March 10,
Kiss Mildred Strand, Librarian
Federal Keserve Bank of Minneapolis
Minneapolis, 2, Minn.
Dear Miss Strands
May I trouble you to obtain for us a 1955 edition of your
Organization Chart when issued? I b8lieve you wrote me last fall
that you expected a new one the first of this year. If possible,
could you have our name placed on the permanent mailing list so that
future editions may be sent to us automatically* then I shall not
need to bother you a rain*
At your convenience we should appreciate your reporting
to us how extensive a series your Bank has of previous editions of
these Organization Charts, with dates of issue, and stating where
they are filed.
Sincerely yours,
Marguerite Burnett
Besearch Associate
\
Y
FEDERAL RESERVE BANK
OF M INNEAPOLIS
OFFICE OF
THE
PRESIDENT
February
Mr. Allan Sprt^l, Chairman
RECEIVED
Committee on the History of the
Federal Reserve System
33 Liberty Street
New York 45, New York
Dear Allan:
15, 1955
„ ,Q[ r
TLU I ( I^J
A ca
crD1
ANSWEREB
ATTENDED TO
This is in reply to your letter of February 11
asking us to name an officer on our staff who is familiar
with the files of this bank and who has some appreciation
of their historical value.
I should like to name Mr. Orthen W. Ohnstad,
who is an assistant vice president here, for this post.
Mr. Ohnstad is a one-time general auditor of the bank
and is fully acquainted with our files and records. His
intimate knowledge of these affairs should make him a
valuable assistant in the development of material for the
proposed study, and I hope you will call on him for service in this connection.
Regards,
Oliver S. Powell
President
BERGQUIST, Carl
December 23, 1954.
Dear Mr, Bergquist:
I had not seen the Minneapolis Bank's Annual Report
for 1953 until you sent us a copy. It is so useful that I
hope you vili send us another so that we may clip one and
piece the other intact in our files*
Thank you for adding this office to the mailing list
of the BAHK HEWS.
;'
Sincerely yours,
Mildred Adams
Mr. Carl E» Bergquist
Federal Reserve Bank
Minneapolis 2, Minnesota
I I E C C I V E f i J P E R A L RESERVE BANK OF MINNEAPOLIS
MINNEAPOLIS 2, MINNESOTA
DEC 919 54
December 7, 1954.
OOfttfftTTCt ON THE HISTORY
OF THE
Miss Mildred Adams, Research Director
Committee on the History of the Federal Reserve System
33 Liberty S t r e e t
New York 45, New York
Dear Miss Adams:
Your l e t t e r to Mr. Preston requesting information
on the Federal Reserve Bank of Minneapolis has been referred
to me.
The Federal Reserve Bank of Minneapolis used as a
medium for describing i t s 4-0 years' h i s t o r y the Annual Report
of 1953*
You probably already have a copy of t h i s r e p o r t ,
but in the event you do not have one we are sending i t to you,
We are requesting the e d i t o r of our BANK NEWS t o
place you on the mailing l i s t .
Sincerely yours,
Carl E. Bergquiifet
CEB:DC
A s s i s t a n t t o Mr. P r e s t o n
• •few•
D«e«aber 3, 1954
Dear Mr. Preston:
As you probably knov, for the past year the above
Coowaittee has been assembling material on the history of
the Federal Reserve System for the use of scholars and
rtudents. Va are gradually building up in this office
a history research center vhich includes asong ether tools
files on people in the Federal Reserve System and on the
regional banks. The Committee would like to receive
regularly from you any material the Minneapolis Bank
publishes which would contain Information of use to this
office. Ve are particularly anxious to receive anything you
may have published in connection with the 4Cth anniversary
of the Systen. Ve vould also li.ee to be txit on the regular
mailing list of The Bank News vhich ve feel could be fron
time to ti!?ie a useful source of information.
The Committee will be nost grateful for aay assistance
you can give us.
Sincerely yours,
Mildred Adams
Mr. Otis R. Preston
Federal Beserve Bank of Minneapolis
Minneapolis 2, Minnesota
Committee on the History of the
Federal Reserve System
TO
Miss M. Strand
FROM
REMARKS
Thank you very much for the
Organization Chart of your Bank.
Yes, we would appreciate receiving
a new edition when issued the
first of next year.
STRAND, Mildred
FEDERAL RESERVE BANK OF MINNEAPOLIS
MINNEAPOLIS 2, MINNESOTA
November 22, 1954
Miss Marguerite Burnett
Committee on History of the
Federal Reserve System
33 Liberty Street
New York 45, New York
Dear Miss Burnett:
I am enclosing a copy of our most recent organization
chart.
It is my understanding that a new chart will be issued
the first of next year.
If you wish we shall be happy to
forward it to you at that time.
Very truly yours,
Mildred Strand
Librarian
MS:ms
STRAND, Mildred
November 18,
Miss Mildred Strand, Librarian
Federal Reserve Bank of Minneapolis,
ytnnMpollt,2, Minn*
Dear Miss Strand,
May I enquire i f your Bank has an organization chart?
If so, say ire have a copy of the l a t e s t edition? Miss Adams has asked
me to round up charts for a l l the Federal Reserve Banks*
If you do not have a chart could you l e t us have any
bulletins or mimeographed l i s t s that give names of officers and their
functions and the personnel of the Bank's committees*
Sincerely yours,
Marguerite Burnett
STRAND, Mildred
I/UA/^^V^"-'
Sovember 3,
Hiss Mildred Strand, Librarian
Federal Reserve Bank of Minneapolis,
Minneapolis,2, Minn.
Dear Miss Strand,
thank you very much for the filled out questionnaire
on your library* The information is just what we want, and it is especially useful to have it up-to-date.
I am returning the carbon copy, since it was intended
for your file, I think you will have future uses for this information,
judging from sgr own experience with questionnaires as librarian here*
You should find your new work very interesting. It is
unusual to be part of a nation-wide network of libraries and I can
assure you that you can count on the helpful cooperation of all the
other Federal Reserve librarians* I hope you will be able to meet them
in person at the next Special Libraries Association convention, which
is the annual occasion for their petting together. They are all likable
people and keen about their jobs, so that discussion of mutual problems
is invariably profitable and stimulating.
Sincerely yours,
Marguerite Burnett
STRAiSD, Mildred
FEDERAL RESERVE BANK OF MINNEAPOLIS
MINNEAPOLIS
2, MINNESOTA
October 28, 1954
Miss Marguerite Burnett
Committee on the History of the
Federal Reserve System
33 Liberty Street
New Xork 4-5, New York
Dear Miss Burnett:
I am enclosing the information requested concerning our
library.
Indeed your task of unearthing historical data regarding
the Federal Reserve System is interesting, and also a lot of
hard work.
I shall be glad to help in any way possible.
Miss Joanne Dandois resigned as of September 3 to accept
a position as librarian at Stanford University.
that she is enjoying her new position very much.
I am enjoying my work here very much.
Sincerely yours,
Mildred Strand
Librarian
MS:ms
She reports
STRAND, Mildred
October 19, 1954
Miss Strands
I as writing to you in connection withraynew job as
assistant to Miss Mildred Adams, Research Director of the Committee on the History of the Federal Reserve System, It is a
most interesting assignment to uncover and record the archives
material that is in each Federal Reserve Bank and the Board of
Governors, and you will be hearing from me later about that
project. I shall very much need the help of my Federal Reserve
Library friends.
Meanwhile, I aa undertaking to bring up to date the
information cards in this office for all the Federal Reserve
libraries. These were based on the data given in "Special
Library Resources11 and the form used there has been retained.
Rather than repeat the information given for your library for
you to correct and revise, I thought it would be easier for
you to make fresh notations, and I have only inserted what I
knew to be recent data. I shall be most grateful for your
aid in this.
Sinceraiy yours,
Marguerite Burnett
aic#
p. s
Hiss Mildred Strand
Librarian
Federal Reserve Bank of Minneapolis
Hinneapolis, v Minnesota
t&h of /LZ*
WWBUL
1st. 1923
. BASK OF MINNEAPOLIS - LIBFAIT
Kinneapolia, Minnesota
Mildred Strand
h Department * Vice President in charge: (Name)
Librarian reports tot Fraaklin L. Parsona, I»»ociate Direetor of Easearoh
Staffi total Proftiaional -
Volumess
Ho.
Uo. Bound*
Annuellyi
Dlspoaal of otharii
Vertical fil«f drawers $
collactionu
So* Bowid or on
alerofUai
Library publicatioaai
OF U B M I t (Subjects stressed^ etc.)
Library prepare an annual report?
and i f so, where?
of iupervisor of the 3aafc*# ttvreaponde&ce filest
Officer to whom she report a (name and t i t l e ) t
Is a suissary published,
COMMITTEE ON THE HIvSTOFY OF THE FEDERAL RESERVE SYSTEM
33 Liberty Street, New York 45, Sew York
October 15, 1954
Dear Mr. Parsons:
Thank you for your letter of September 29th giving
us the names of people teaching money and banking in your area
who have a special interest in the Federal Reserve System. The
Committee plans to write these men during the first part of
November informing them of this project and inviting their
interest and suggestions.
As this project goes forward we will undoubtedly be
needing to call again on your knowledge and cooperation. It is
good to know we can count on your warm support.
Sincerely,
Mildred Adams
Research Director
Mr. F. L. Parsons
Director of Research
Federal Reserve Bank of Minneapolis
Minneapolis 2, Minnesota
FEDERAL RESERVE BANK OF MINNEAPOLIS
MINNEAPOLIS 2, MINNESOTA
September 29, 1954
Miss Mildred Adams, Research Director
Committee on the History of the
Federal Reserve System
33 Liberty Street
New York 45, New lork
Dear Miss Adams:
In reply to your letter of September 21, we are submitting the names
of nine money and banking professors in this district who will be interested
in knowing about the project on the history of the Federal Reserve System.
These names are as follows:
UNIVERSITY OF MINNESOTA
MINNEAPOLIS 14, MINNESOTA
^-Walter V. Heller, Prof.
v
-Harlan M. Smith, Prof.
SOUTH DAKOTA STATE COLLEGE
COLLEGE STATION, SOUTH DAKOTA
-Limen T. Smythe, Prof.
MONTANA STATE COLLEGE
BOZEMAN, MONTANA
-James Van Winkle, Prof.
MACALESTER COLLEGE
ST. PAUL 5, MINNESOTA
-Forrest A. Young, Prof.
MANKATO STATE TEACHERS COLLEGE
MANKATO, MINNESOTA
-Duane McCracken, Prof.
ST. OLAF COLLEGE
NORTHFIELD, MINNESOTA
-Tillman M. Sogge, Prof.
ST. CLOUD STATE TEACHERS COLLEGE
ST. CLOUD, MINNESOTA
-Carl Folkerts, Prof.
UNIVERSITY OF NORTH DAKOTA
GRAND FORKS, NORTH DAKOTA
, -W. E. Koenker, Prof.
I am not sure whether any of these people would be interested in
working on some phase of the project. Each of them, however, has expressed
at various times a sincere and deep interest in the Federal Reserve System and
its policies.
Sincerely yours,
F. L. Parsons
Director of Research
FLP s
September 21, 1954Dear Mr. Parsons:
.
I think you know, from a letter which Mr. Allan Sproul
recently wrote to Mr. Powell, that this Committee now has its fiveyear grant and ia ready to embark on the definitive study of the
Federal Reserve System for which the grant was aade.
It goes without saying that we need the very best help
we can get in order to achieve izork of the quality ve ain for*
Thus far we? have limited our area of consultation to experts more
or less immediately at hand, but we now are eager to widen the
circle of qualified ®&n who are awnn of the project and interested
in it.
Ve understand that you have a list of people who are
teaching raoney and banking in the Minneapolis region. Could you
give us, not the full list, but a carefully selected list of those
particularly well equipped who would be interested in knowing about
this project, and even, perhaps, in working in some phase of it?
That phrase "carefully selected" refers, of course, to caliber of
mind and skill - ve have every desire to include men of many opinions,
including those who have shown themselves critical.
What we aim at is a list of the top 150 to 200 men in the
country who are actively interested in studying various phases of
the System end we are most anxious to include & proper proportion
of those in the Minneapolis district. ¥e will be very grateful for
your cooperation in this.
Very sincerely yours,
Mildred Adams
Research Director
Mr. Franklin L. Parsons
Director of Research
Federal Reserve Bank of Minneapolis
Minneapolis, Minnesota
@FedFRASER