Full text of Committee on the History of the Federal Reserve System : Correspondence : Federal Reserve Board (1954-1956), Entry 164, Box 6, Folder 4

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BDARD DF GDVERNDR5
DF THE

FEDERAL RESERVE SYSTEM
WASHINGTON

Mr. Lewis H. Clark,
Fir&t Vice President,
•
*
•
.
Federal Reserve Bank of Atlanta*
Atlanta 3, Georgia*

MAY 2 9

Dear Lewis?

Reference i s again made to your l e t tar of May 1 regifeting the
jpfttive medal owned by Mr. Francis V, Foote.
..'•':•

Enclosed, in this connection, aret

1. A copy of a l e t t e r dated Hay 11 that Miss Mildred Mass,
Executive Director of the Committee on th© History of the Federal Reserve
System,addressed to Mr. Foote.
.-.
2, A photostat of a l e t t e r dst«d-$&y 21 which Hiss Adams addressed to Hr» Horbett, Associate Di.r6c"ibr 1of"'the Board f s Division of
B&nk, Operations, suggesting Umt "ru^irigs * of both sides of the medal
be furnished the firm thatfflariuf»c;tar^Mi t (whose name and address she
furni&he«) to assist in Identification"at that
3. Photostats of:'pertinent portions of a booklet on
engraved in 1914 which Hr,\l|orJ^tt was ^ble to borrow fron the Bureau of
the Hint, Paragraph #37 oa'onra' of the photo&tate leads Mr. Horbett to
think that a meeting of Federal Reserve Bank directors saay have been held
in Chicago in 1914 under the au&pioes of the Illinois Bankers Association,
inasmuch as the Association h&d & separate medallion struck shoving its
title* It also occurred to IHr. Horbett that record? of the proceedlng& of
the Association for 1914- might throw light on the nature of, and perhaps
attendance at, the seating of Federal Reserve officials. Paragraph #36,
also photostated, is of course a description of Mr. Foot©18 medal*
We hop«s that these leads nay enable Mr. Foot© to establish th©
circumstances eurrounding his acquisition of the
-~ •"•• ^ •• S i n c e r e l y y o u r s ,

SIGNED) S. £.

::

Q

S» R. Carpenter,

cc:

Miss Adams







June 30, 1956

Bear Mr. Carpenters
It is, of course, no news to you that this
Committee has decided, in view of Mr. Sproul's resignation as Chairman, to accept the hospitality which
the Brookings Institution has kindly offerred and
to move its office and its research activities to
Washington.
Udder those circumstances, my own tenure
as Executive Director comes to an end, but before then
I want you to know how much I have appreciated the
quality of cooperation and of continued kindness which
you have always shown me. It has been a great pleasure
to enter your hospitable office and always to find a
welcome.
My warm thanks, and best personal greetings,
along with the hope that I say come calling again, even
though not in my present role.
Very sincerely yours,

Mildred Adams
Mr. San Carpenter
Secretary
Board of Governors of the
Federal Reserve Board
Washington %5> &* C.

»tk»

BURR, Susan

BDARD DF GDVERNDRS
DF THE

FEDERAL RESERVE SYSTEM

f

WASHINGTON 25.
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD

MAY 1 0 1956
COMMimE ON THE ftMUQftg
Of TH€

May 9 , 1956.

Miss Mildred Adams, Executive Director,
Committee on the History of the
Federal Reserve System,
33 Liberty Street,
New York U5, New York.
Dear Mildred:
I note in your l e t t e r of May 7 that you
expect to be in Washington Thursday and Friday of
next week. I will be free for lunch either day.
Perhaps you will give me a ring when you arrive.




Cordially yours,

Susan S. Burr.




BURR, Susan

Ha? 7, 1956

Bear Susan t
Xou vrote me a week or so &go in reply
to a suggestion I asd© about the World Bank, and.
s&id you'd like to talk to &@ further about it when
next I caae doviw
w

l«ejttR will be for Hay 17 - 13, Thursday
and Friday of next w##k* Could Z p#rsuad« you to
lunca vith me either day! I do hope so.
Cordially

Mildred

Hisa Sussja Burr
Federal Reserve Board
Washington 25# !>• G»

BURR, Susan
BDARD DF GDVERNDRS
DF THE

FEDERAL RESERVE SYSTEM
WASHINGTON 25. D. C.
ADDRESS

OFFICIAL

CORRESPONDENCE

TO THE

BDARD

April 18,

Miss Mildred Adams, Executive Director,
Committee on the History of the
Federal Reserve System,
33 Liberty Street,
New York k$9 New York.
Dear Mildreds
The suggestion in your letter of March 30 was
received with considerable interest. Unfortunately the
specifications for the article made us realize the problems
of publishing in the Bulletin, and there it rests.
Some time when you are in I would like to talk
this over with you.




Sincerely yours,

wwSusan S. Burr,
Assistant Director,
Division of Research and Statistics.

BURR, Susan

c
M&reh 30, 1956
Dear Susani
We vere delighted to see the full l i s t of Board
members since 1913 in the February Bulletin, We have acquired
fe proprietorial fueling tov&rd them, partioularly the older
ones, sad w§ like to see taea in the light of day« Also i t
gives us e chance to check records.
I have been reading with great interest toe testimony
of various Federal Keserve officers in 1945 &t Senate Cosadtt**
hearings on the Bretton Woods Agreement &ct# Xt occurs to ffie
that as the Bulletin published in October 1946 $©nt&in© the
f i r s t reports of the Fund mid the Bank, &o in 1956 i t Flight veil
k© the Buxletin which would do & b&ng-up job on the ten yeerg
of experience with those international orgenisias# How "the i n t e r national Bionetaiy picture h&s changed, an evaluation of the part
they have or have not flayed in the ohtitig©# an account of Boferd
relationship to toes, & check on old prophecies in the light
of
present performance, a consideration of the institutions 1
adequacy (or lack of i t ) for ths future - a l l this ie
should like to read in your esteemed joumei*
Hopefully,

Kildred Ad ems
Miss Sa&an Burr
Federal Reserve Board
Washington 25f B. C.




BURR, Susan
COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
33 Liberty Street, Sew York 45, Hew York

October 11, 1954

Dear Miss Burr:
I am returning herewith a copy of the report
on the Board's statistical activities which you were icind
enough to lend me last month. Together with the report I
am keeping it gives us the information ve need and I am
ever so grateful.
Also I have a happy memory of an excellent
luncheon conversation and I shall be hoping to see you
ag&in the next time I come to Washington.
Most sincerely,

Mildred Adams
Research. Director
Eae.

Miss Susan Burr
Federal Reserve Board
Washington, B. C.




BDARD DF GOVERNORS
OF THE

FEDERAL RESERVE SYSTEM
WASHINGTON 25. D. C.
DIVISION OF"
ADMINISTRATIVE SERVICES

RECEIVED

"*««•***

July 26, 1955.

JUL271955
COMUKTTtt OH THi WWOAY
^ ^
OfTMt

Miss Ellen C* Singer, Research
Assistant,
Committee on the History of the
Federal Reserve System,
33 liberty Street,
New York l£, New York*
Dear Miss Singer:
WB have received your letter of July 18 and the
copies of the Board's Annual Report which you returned to
us* We are glad to know that you found the Report useful.




Very truly yours,

f

Chief, Publications Section,
Division of Administrative Services*

CARMICHAEL, Elizabeth

July 18, 1955

Mis8 Elizabeth Carmichael
Federal Reserve Board
Vaahiagtoa 25, fc.C#

Bear Hiss Carmich&els
Last November you were kind enough to send us from the
Board «u:set of bound Annual Reports. We have found that set
useful.
Keeently, the Libr&ry here at the Kev lork Bank offered
us a duplicate set of Annual Hepcrts which they had just
acquired* Since we can keep that set peraanenetly, we are
enabled to return to the Board the set you so generously
lent us last fall. The books will be sent by express from
tiie Mew ^ork Bank tomorrow. Will you please let me know when
they arrive.




Many tfa&nka for all your courtesy in this.
Sincerely,

Research Assistant

CAEPJCHAE:« Elizabeth

it

November 16 > 1954

Dear Miss Caraichael:
The set of Annual Reports of the Federal Reserve Board arrived
yesterday and ms.kes a handsome addition to our library here in
this office. In fact, it ie almost the whole library.
We are very grateful to you for loaning us these volumes
and we shall take excellent care of them. Thank you so much
for sending them.
Sincerely,

Mrs. Singer

Miss Elizabeth Caraich&el
Federal Reserve Board
Washington 25, D.C.







Hay 25, 1956
Dear Mr. Carpenters
I am sure you m\xs% have heard that this Goaa i t t e e >dll probably be moving i t s headquarters to the
Brookingn Institution in Washington. 'Xhe decision i s to
be made on Monday, the 23th, but I aa anticipating i t in
order to return to you the excerpts from the Charles
Haailin diariee waica you so kindly loaned us. We are
sending them out todtsy in two envelopes. They were of
considerable use to ua, end we are most grateful.
I also take this occasion to thank you
most 'mraly for the many kindnesses you have shovn ©e in
the course of this most interesting pursuit* I t has been
a pleasure and a privilege to be welcomed so warmly
vh^never I casie to the Board. I only wish I could hsve
cone aora often.
Very sincerely yours,

Mildred Adams
Mr. Sea Carpenter
Secretary, Federal Reserve Board
Washington 25, ©• C.




CARPEwTER, Sam

Kerch X, 1956
Dear Mr* Carpenters
so much for your kindness la
tending us the ecreer data for Hr. Ilr.ckley.
will make i t possible for us to bring his record
up to date.
Gratefully yours*

Mildred Adsias

Bo&rd

iii^ton 25, D. C*




CARPENTER, Sam
BDARD DF GDVERNDRS
DF THE

FEDERAL RESERVE SYSTEM
WASHINGTON 25. D. C.
ADDRESS OFFICIAL

RECEIVED
MAR 11956

February 29, 1956.

COMHITTIE OH TMt H*tTO*r

Of THE

Miss Mildred Adams, Executive Director,
Committee on the History of the
Federal Reserve System,
Federal Reserve Bank of New York,
New York U5, New York,
Dear Miss Adams:
In accordance with your request of
February 20, 1956, enclosed is a biographical
statement relating to Mr, Howard Hackley,
Please do not hesitate to call on me if you
feel that I can be of any further assistance.
Very truly yours,

S. R. Carpenter,
Secretary.
Enclosure.

CORRESPONDENCE

TD THE BOARD




CARPENTER, Sem

February 20, 1956
Dear Mr. Carpenters
In going over our career cards on men
connected with the Federal Reserve System, ve find
we lack data on Mr* Hov&rd Hackley of the Board's
Legal Division. We would be most grateful if you
would send u£ the usual biographical information
on Mr. Hackley. I em enclosing a "career blank*
for this purpose*
Mcy I thank you in advance for your
continuing aid in fill the&e matters*
Very sincerely yours,

Mildred Adams
Mr» Sea Gerp&neerj Secretary
Federal Reserve Board
Washington 25* D. C.




CARPENTER, Sam

December 5* 1955
Dear Mr. Carpenters
I am returning v i t h t h i s the memorandum
vhich you kindly loaned me l a s t week e n t i t l e d
11
Development of Research Work i n the Federal Reserve System. 11 Venn thanks for t h i s among many
kindnesses,
Cordially yours*

Mildred Adams
Hr. Ssia Carpenter
Secretary, Federal Reserve
Boerd
Washington 25» D. C.
Knc.




CARPENTER, Sam

Sovember 18, 1955

Bear Hr# Carpenters
Present plans CP.11 for my being
in Washington Sovember 29th and 30th. If
rooffl 1029 is not in use, I would be grateful if I could tske advantage of ita
facilities.
It viUL be good to see you
Cordially yours*

Mildred Adeias

Hr« Sam Carpenter
Secretaiy, Federal
Easerve Board
Washington 2$$ D» 0
.

CARPENTER, Sam

September 1, 1955

Bear Mr» Carpenter:
In sorting out the various types of
Federal Reserve material whose whereabouts we
would like to record for the convenience of
research students$ we have compiled a list O B
which w® need your good advice. Me have assumed that the records listed below are to be
found at the Board, and sre permanently retained
there, bat we may be ia error on this*
Can w© therefor© ask you to let us
know whether complete sets of the following
records are permanently filsd with the Board$
if m, are they filed with you, in the General
Files, in the Library, or elsewhere? tfe would
also be grateful if you could give us the
starting dates for these records.
\/ Federal Reserve Governors1 Conferences
-Minutes (l9U-1935t)
~ J
-Related Memoranda *

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Cwl/ u v ^ ^ ^ " "

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Federal Reserve Bank Presidents*
Conferences
-Minutes

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-Related Memoranda
Federal Reserve Agents1 Conferences
-Minutes
-Belated Correspondence

• • I
' ' • '^
:

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-2-

Federal Reserve Bank
Conferences
-Minutes
-Related Memoranda ,
Federal Reserve Advisory~4fam8tZt®€
-Related Memoranda
-Recommendations to Board
Federal Opes Market Committee
-Miiaites
-Meekly Report
Federal E@s©rv@ System Cossiittets
-Hinutes and Report© (partioularly the early ones)
sponsored by the BoardJ

-Reports

I

This information vill help us very
much* My most grateful thank* for your continuing kindness*
Very sincerely yours,

Mildred Adams

Mr. Sas Carpenter
Secretary, Federal Reserve
Board
Washington 25, P* C #

A..^u..* xi




CARPENTER, Sem

May 16, 1955

Dear Mr, Carpenter*
I as planning to be in Washington
Wednesday through Friday noon of this week.
If room 1Q29 is free, I would be grateful if
it could be made available. Thanks ever so
such for your kindness in this*
Cordially yours,

Mildred Adams

Mr. Sam Carpenter
Secretary
Federal Reserve Board
Washington 25, D. C.




CARPENTER, Sam

April 15, 1955
Dear Mr. Carpenters
I em planning to be in
Washington on Wednesday, the 20th, and
Thursday, the 21st, of April. If it
is convenient, I should be glad to us©
that hesuitable room 1029.
Cordially yours,

Mildred Adams

Mr. Sara Carpenter, Secretary
Federal Reserve Board
Washington 25, D. C.

CARPENTER, Sam

BDARD DF GDVERNDRS
DF THE

FEDERAL RESERVE SYSTEM
^WASHINGTON 25, D. C.

c. v.* E. i v

ADDRESS OFFICIAL C d R R ES P O N D E N C E
TD THE BOARD

^o^^^u-*




[••'j ?'! u 9 -'> 1 0

J?5

""m " ° ! J J J

!ferch22,

COMMITTEE ON THE HISTORY
OF THE
FEDERAL RESERVE SYSTEM

Miss Ellen C. Singer,
Research Assistant,
Committee on the History of the
Federal Reserve System,
33 Liberty Street,
New York 45 > New York.
Dear Miss Singer:
In response to your letter of March 21,
Governor Balderston*s predecessor as Vice Chairman
^
was Ronald Ransom, who served in that capacity from ^/
August 6, 1936 until his death on December 2, 1947.
Very t

S. R. Carpenter,
Secretary.

CARPENTER, Sam

March 16, 1955

Dear MY* Cerpenters
Professor Lester Chandler of Princeton, viio, in preparation for his book on Kenjacdn Strong, i s now reading the typed exeerpts of the Hamlin diaries which you kindly loused us, has
raised the question as to whether they should h&ve been kept under saore than a tea-year seal -when they were deposited in the
Library of Congress*
As £ searcher for historical fact, this question p&ins
me, but at the seme tine 1 K& sure that i t v i l l not be & new
question to you, the Board probably debated i t -when the diaries
were deposited in the Library. If you have any recollection in
the matter that I could pass on to Professor Chandler, i t might
ease his own mind*
Don't bother to reply "by mail, I && cosdng to ¥ashington next week (Kerch 24,th and 25th) and shell hope to see you,
as weH as to use Room
1029 • Perhaps you can &ive me the answer
to Professor Chandler1a concern a t that time#
Cordially yours,

Mildred Adams
Mr* Bern. Carpenter, Secretary
Federal Reserve Board
Washington 25, D. C,




CARPENTER, Sara

c
c




March 21, 1955
Mr* Saia Carpenter
Federal Reserve Board
Washington 25, B.C.
Dear Mr. Carpenter:
¥e note in the papers that C, Canby Balderatoa
has ju»t been appointed vice chairman of the Federal
Heserv© Board. Could you tell us who his predecessor
waa? I had not realized that the office of vice
chairaan existed though I fauna when I checked the
question that the Annual Report of the Board lists
a vice chairman through 1946.
I shall be most grateful for any information
you can give us on this question.
Very sincerely yours,

Research Assistant




February 2k* 1955

r» Carpenters
If my present plans hold, and I
see no reason vhy they asy not, I em planning to be in Washington on Monday and Tuesday of next week, February 28th end March 1st.
I am hoping that the pleasant room opposite
your office, -which has been assigned to me,
may be free for my use on those days.
It vill be good to see you again*
Cordially yours,

Mildred Adams

Mr» Sam Carpenter, Secretary
Federal Reserve Board
Washington 25, £• C.




CARPENTER, Sam

February 14, 1955

Bear Mr. Carpenter:
Last week I vrote Mr. Bray Heismond thet I would
be in Washington on Friday, February 13th, vith the hope
of speaking vith him &t th&t time. I further indicated
to hitt, since I always check in vith you, that on thet
dey he night inquire in your office ea to Whether I had
yet arrived and where I could be readied
Hovsver, plans h&T9 pow chfinged so t h a t I K
have t o postpone isy v i a i t to the C a p i t o l . I have w r i t t e n
Mr, Heamond to t h i s e f f e c t b u t wanted to Infons you a s a
double check.
I hope 'to be i n Vitshlngtosi &oon and t o see you

at that ti-ae.
Gratefully,

Mildred Ideas

Mr. Sam Carpenter, Secretary
Federal Reserve Board
Washington 25, $• €•

.

SUTHERLAND, Alvern

O
11, 195$*
Hiss Alvern Sutherland, Librarian
Board of Governors of the Federal
Reserve System,
Washington, 2$, D.C.

,
-V^
\
\

Dear Alvern,

Thank you so much for your very complete reply of January 10
to my inquiry about records of the Reserve Bank Organization Committee*
Miss Adams is out of the city for a few days fbut I shall show her your
letter and the list of material in the Board s General Files, when she
returns*
mwhile I shall file the cards you so thoughtfully made for
us, in our small but rapidly growing catalog of Federal Beserve material,
1 find many useful cards previously supplied by your library.
You must have had an unusually rewarding vacation in Mexico «*
5 weeks really permitted you to get around as I was never able to in
2 weeks which included the train trip down and back* I have always
wanted to go back* I am looking forward to some future opportunity to b
ply you with questions*
•*
I want to t hank you for your attractive, as usual, Christmas
greeting card. Ify own cards never got sent this year, due to the serious
illness of my father, who required all my attention* I hope you did not
think you had been overlooked. Let me at le ast wish you now the very
best of everything for 1955*




Sincerely yours,
Marguerite Burnett

-

;

\
\

i °

SUTHERLAND, Alvern

BDARD DF GDVERNDR5
DF THE

FEDERAL RESERVE SYSTEM
WASHINGTON 25, D. C.
ADDRESS OFFICIAL CORRESPONDENCE
TD THE BOARD

January 10, 1955.

Miss Marguerite Burnett,
Committee on the History of the
Federal Reserve System,
33 Liberty Street,
New York 45, New York.
Dear Marguerite,

RECEIVED
JAN 1 1 1955
ON THt WSTQKY
_
OF THE
FEOCRAtftCSERvCSYSTCM

Your letter of December 23 about the Reserve
Bank Organization Committee material was awaiting me
when I returned from my five-week vacation in Mexico.
I have typed up cards for the six items we
have in our Library. The item referred to in the footnote on Page 589 of Willisf book is the document on
"Location of Reserve Districts in the U. S.," of which
both our Libraries have a copy.
Miss Adams probably remembers that I showed
her, about a year ago, the ten linear feet of material
that was on the Library shelves. A ligt jof this material,
which was turned over to General Files on July 14, 1954,
is enclosed. (Please excuse the mistakes in typing in
^
this list since I did the typing, and I am a "hunt and
pick" typist.)
The Minutes and Indexing Unit of the Secretary's
Office has 18 mimeographed volumes entitled, "Stenographic
Minutes: Federal Reserve District Division and Location
of Federal Reserve Banks and Head Offices." This covers
hearings for all 12 districts and an index of witnesses
and exhibits.
General Files also has four file drawers of
material of the Reserve Bank Organization Committee, (in
addition to the material turned over by the Library.) A
cursory examination of the material did not reveal the
confidential memorandum referred to on Page 585 of Willis's
book.




j

Miss Marguerite Burnett

-2-

Miss Adams will probably want to get permission
from the Secretary's Office to make a careful survey of
all the material at the Board.
Sincerely,

Alvern H. Sutherland,
Chief Librarian.
Siclosures 11







CARPENTER, S. R.

December 29, 1954

Dear Mr, Carpenters
It is indeed disappointing that there is not nore
material in the organisation charts of the Board for
the period before 1930, but I as* grateful Ui&t you have
found so Tuuch that will be ufteful to us* We would
like to have photostat copies made of the charts you
mention in your latter of December 23$ 1920, 1932-3-5-6-799,
1942-3-4-5-7-9, 1950-2-3.
Thank you for getting this lnfors
Sincerely yours,

Mildred Adams

Mr. S. H. Carpenter
Federal Reserve Board
Washington 25, D.C,

I

SUTHERLAND, Alvern

4

c
December 2^, 195it
V

|\V

Miss Alvern Sutherland, Librarian
Board of Gove rnors of the Federal
Reserve System,
Washington, 25, £#C.
Bear Alvern,

A:
r

j
•

,

We would like to find out whether there are in your library, or
elsewhere, records, reports, memos, and in general the official papers, of
the Reserve Bank Organization Committee of 191U.
I should tell you in advance that we have in the Reference library
the two following official publications of the committee*
.

.

"

-

'

•

'

•

•

•

'

.

•

•

;

•

•

•

•

!

.

.

•

.

.

.

.

;

*

•

.

•

Report to the Reserve Bank Organization Committee by the Irelimi—
nary Committee on Organization* Hew York, 191b? (Confidential no. Ilk)
H.Parker Willis, Chairman.
Location of Reserve Districts in the United States; letter from
the Reserve Bank Organization Consnittee, transmitting the
*
briefs and arguments presented to the Organisation Committee •
•i ''"!
of the Federal Bessrve Board relative to the location of Reserve Districts in the United States* Wash.Govt.print.off.
* ,
191k • (63d.Cong.2d.sessJ)oc.no«i48^)
However, Miss Adams feels that there must be more unpublished,
confidential documentation in existence somewhere. She refers to two footnotes in H.Barker Willis* "The Federal Reserve System"i
• A detailed report on this subject covering the whole question of
districting which was prepared by the author for the Organization Committee
at the direction of Secretary McAdoo and was submitted to the Committee at
the conclusioa of its hearings. It is the only analysis (so far as known)
that was made of the testimony taken by the Committee, and at the time was
held confidential, no statement of it ever being published. The section of
the printed report of the Committee of Technical Experts which dealt with
districting was prepared by the author but discussed general principles only
(the details of districting recommended being reserved ffcr the complete confidential report.)
Footnote.
'I
• In a Senate resolution adopted April lU, request was made for
•copies of all briefs and written arguments made by each city ... and the
reasons relied upon by the Organization Committee ... f In response the
Committee transmitted the infomation called for together with a mass of



statistics• Most of thia material was of little interest, the really
niflcan.k testimony being found in the stenographic report of the hearings
which has never been published•"
Text.
2j&§2.i Footnote. "The reply of the Organisation Comittee was published
as Seriate Document I4&5 ..• The material presented in thia document was
extorisive and, while fragmentary and inconclusive, as stated in the text
abov'fi, constitutes the only official collection of information on the districting question*11
//
Hihen this reaches the Board tomorrow you will be enjoying a preChristmas holiday, I hear. You will be interested to know that I, too,
under V/ashington procedure and have been granted the day off by Brook**
Institution, which apparently falls in line with Civil Service, I an
delighted at the unexpected gift of a whole day. The Bank, of course, has
to stay open, althoufi the employees are usually allowed to leave early•




I want to extend the Seasonfs Greetings to you and your Staff.
Sincerely yours,
Marguerite Burnett

CARPENTER, 8 . R .
BDARD DF GDVERNDRS
DF THE

FEDERAL RESERVE SYSTEM
TON 25, D. C.
ADDRESS OFFICIAL CORRESPONDENCE:
TD THE BOARD

2 T 1954
December 23, 19 54-.
Hi

Miss Mildred Adams,
Research Director,
Committee on the History of
the Federal Reserve System,
33 Liberty Street,
New York 4-5, New York.
Dear Miss Adams:
An examination of our file on organization charts
of the Board was made when we received your letter of December 21. The material pertaining to the period before
the 1930fs is somewhat disappointing: only one early (1920)
chart shows more than bare title and lines of authority,
and your interest would seem to lie principally in statements
of functions performed.
Organization charts which show also the duties performed are on hand for the following additional years, and
if you will indicate the dates that would best meet your needs
we shall be happy to have photostats made for you:
1932-3-5-6-7-9, 1942-3-4-5-7-9, 1950-2-3.
Your wishes for the Holidays and New lear are cordially reciprocated.




Sincerely yours

'penter,
Secretary.

CARPENTER, Sam

December 21, 1954

Dear Mr* Carpenter:
Through the good offices of the library here in 8ew Xork,
we have obtained a series of extremely interesting and informative
charts shoving the working structure of the Federal Reserve Board*
For anybody who likes charts es I do, these are a very quick way to
understanding, end I am wondering if, by any good chance, it would
be possible to obtain similar sets for earlier years. I realise
that they are brought up to date at various intervals, and I em sure
there is not sufficient change in them to warrant asking for an annual set, but if, for instance, they had been made »t five-year intervals since the early days of the Board, they would reveal the
various changes in structure that have taken place over the years*
I may be asking for something which does not exist, but
this present set is so very useful that I aa sure the historical
series at five-year intervals would, if obtainable, be a boon to
students of the System•
There is no hurry about this, but I did want to pose the
question. Meanwhile, say I take this occasion to send you best
wishes for a very good Christiaas and an even better Hew Tear.
Cordially yours,

Mildred Adams

Mr. Sam Carpenter, Secretary
Federal Reserve Board
Washington 25, B. C*




December H, 1954Bear Mr. C&nsentert
I was sorry not to see you again last week about the Ramlin
papers, but you got caught in a rush of "Jork, and I had to cose back to
Hev York*
I found the Varies extressly interesting and valuable in the
present phase of our research. Miss Jones vas most kind in getting out
everything I vented, and she even secured permission fron Mr. Kenyon
for me to bring e set of carbons back here vhere I could reed them in
more detail. We viil, of course, keep their, most safely and see that
they do not fall under the eye of unauthorized persons* I do want you
to know how very grateful I eci to you and Mr. Kenyon for making this
possible. It vill speed this phase of the research job, end we ail
thank you.
If I do not see you again before Christmas, may I send you
most cheerful holiday greetings.
Cordially yours.

Hildred Adams

Mr. Sam Carpenter
Secretary
Federal Reserve Board
Washington 25, D«. C,




CARPENTER, Sam

Decesber 1, 1954
Bear Mr, Carpenter:
I t looks now as though I should be in Washington for T&ursdey and Fridey of next week (December 9th and 10th). If room 1029
i s vacant those Aeys, I vould like to be able to use it«
I thiuk you told ise that soae of -he a&terial in the Hssslin
diaries had beea typed for e*re of reading end thet either you or Mr.
Kenyon had i t . If this i s easily svailable, I would like to go through
i t wien I GM down there next seek. Thanks BO &uch for your continuing
kindness*
Cordially yours.

Mildred Adams

Mr- Sam Carpenter
Secretary
Federal Reserve Board
Washington 25, £• £•




CARPENTER, Sam
BDARD

DF

GDVERNDR5

OF THE

FEDERAL RESERVE SYSTEM
WASHINGTON 25. D. C.
ADDRESS OFFICIAL C D R R ES P D N D E N C E
TD THE BOARD

November I4,

Miss Mildred Adams,
Research Director,
Committee on the History of
the Federal Reserve System,
33 Liberty Street,
New York ii5> New York,
Dear Miss Adams:
It is expected that the room on the first floor of the
building which you have used in your past visits to the Board's
offices and about which you inquire in your letter of November 3
will be available to you next week* At any rate, please don't
hesitate to come to my office when you reach the Board's building
on Tuesday morning and if the room in question isn' t then available,
we will provide you with another,
I shall look forward to talking with you at that time
about the Adolph Miller papers•




Very tr

Secretary

CARPENTER, Sam

3, 1954

Dear Mr, CXrpentert
I vender If you have caste to any decision as to where the Adolph Millar papers are to be deposited* Tou v&re kind ©aough to ask
vhetber w® bad eoy sagge&tions &bout tte,ei% and I wrote you on July 13
oertaia recosoBesdfi.tioii8»
At that tine, I wes hoping to look the collection o v w
ring the sunaer* but aomehov the sutaner got by -dtbout ay asking
for them* I expect to be in Washington next week and. will take the liberty of stopping in to ask you about those papers.
If, at that time, I could mm the room oa th# first floor
vhicfe you have kindly lotted m© in the past, I would be aore than
grateful. I shall probably not b© tfe#re- until Tuesday
?@ry sinoarely yours#

Mildred
fiesearch Director

Mr* 8* &• Carpenter
Secret'- ry
Board of QoTernors of the
Vethingtoo 25, D. C.
ib




BOARD DF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

JU2t
Q

fr^JL

JUA*J




^
/u

U
d
AJL4J)

rut

9




t>

SUTHERLAND, Alvera

October 19, 1954
Dear Alverat
I »m. writing to you in connection with my new job as
assistant to Miss Mildred Adams, Research Director of the Coaaittee on the History of the Federal Reserve System. It is a
most interesting assignment to uncover and record the archives
materiel that is in each Federal Reserve Bank and the Board of
Governors, and you will be hearing fro® me later about that
project, I shall very much need the help of mp Federal Be serve
Library friends.
Meanwhile, I am undertaking to bring up to date the
information cards in thie office for all the Federal Reserve
libraries. These vere based on the data given in •Special
Library Resource®11 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.
Sincerely yours,

Marguerite Burnett
Enc.
Miss Alvern Sutherland
Librarian
Board of Governors of th©
Federal Reserve Syste.
Washington 25, D. C.




-£a2T\ a/to/tS
—77,/ '
7*v*^« ^
(/

^
V

BOARD OF GGVIRS0E3 OF TBI FIB^AL RESER?E STSTBi - LIBEABT
Washington 25, D. C.

Established?
Date

Librarian! Alvern Sutherland
Besearch and S t a t i s t i c s Division - In Chargei Balph A. Young
Librarian reports toi Susan S. Burr, Assistant Director,
Stafft Total Professional ServesI
MATERIALS

PERIODICALS
lo. Receivedi

Paaphletft

So. Boundi

Added

Disposal of othersi

Vertical file drawersi
Ho* Kevspapersi
Special collectionat
So. Bound or on
miorofilait
Llbrsry public*tiocsi
Of UBItARI (Subjects stressed, e t c . )

Bees Library prepare an annual report?
Is a summary published,
and if so, where?
Board's
Naae of supervisor of the Baak1* correspondence f i l e s i Miss £• Betz Poeppel
Officer to whom she reports (name and t i t l e ) i M r . Kenneth A, Kenyon, Asst. Sec.




SUTHERLAND, A l v e r n
BDARD DF GDVERNDRS
OF

THE

FEDERAL RESERVE SYSTEM
WASHINGTON 25. D. C.
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BDARD

October 18, 1954.

Miss Marguerite Burnett,
Committee on the History of
the Federal Reserve System,
33 Liberty Street,
New York 45, Hew York.
Dear Marguerite:
In accordance with your telephone request of
October 14, I am enclosing:
(1) List of the Federal Reserve librarians. /
(2) 3 copies of the list of System Research /
Committees, May, 1954.
I talked to Miss B. Betz Poeppel, who is in
charge of the Board's correspondence files, and she
reports to Mr. Kenneth A. Kenyon, Assistant Secretary.
Miss Poeppel does not know who is in charge of the files
at the various banks. (By the way, Miss Burr says any
letter about Library policy should be addressed to me.)
Our library has legislative histories of all
the Federal Reserve legislation and most of the important
money and banking acts. They include the various prints
of the bills, House and Senate reports, the Conference
report, and the public act. They are all entered in our
card catalog under U..S. Laws, statutes, and are arranged
by Congress. We have three quarters of a catalog drawer
of these entries. We catalog the hearings separately,
but we have all those affecting money and banking since
1913 and some earlier.
The presentation to the Board went off very
well, but I am glad it is over.
Sincerely,

Alvern H. Sutherland,
Chief Librarian.
Enclosures 4






CARPENTER, S. R,

October 18, 1954

Dear Mr» Carpenter?
Miss Adams he.a asked me to vrite you for soise
assistance. We have on file here a pamphlet issued by
tie Government Printing Office in 1952 vhich gives the
Federal Reserve Act of 1913 vita amendments and lavs
relating to banking through March 10, 1952. Could you
send us a list of any amendments to the Act and a list
of lews relating to banking since that date. We feel
that this material vi.ll be a aoat useful tool to have in
thia office.
Thank you very such for your help.
Sincerely,

Research Assistant

Mr. S» R. Carpenter
Board of Governors of the
Federal Reserve System
Washington 25, D.C.

CARPENTER, S . R .
BDARD DF GDVERNDRS
*<•**??*».

D F THE

FEDERAL RESERVE SYSTEM
WASHINGTON 25, D. C.
ADDRESS OFFICIAL CORRESPONDENCE
TD THE BDARD

August 2,

Miss Katherine McKinstry,
Committee on the History of the
Federal Reserve System,
33 Liberty Street,
New York h$9 New York.
Dear Miss McKinstryj
In compliance with the request contained in your letter
of July 29 we are sending you herewith biographical data published
in the 1923 Federal Reserve Bulletin regarding Milo D. Campbell
and Edward H. Cunningham.
*Who Was Who in America" contains a biographical sketch
for Hr» Cunningham but not for Mr. Campbell. Since this publication
contains sketches of persons in "Who's Who" who have died, Mr*
Campbellfs name presumably never appeared in "Who's Who.*
As you will note from the attached excerpt from the Board* s
Annual Report for 1923, Mr* Campbell served as a member of the Board
for only eight days*
Very

Enclosures 3




Excerpt f rom"Who Was Who in America;1 Volume 1, 1897-1912

CUNNINGHAM, Edward Henry, member, Federal Reserve Board;
born, Burlington, Wisconsin, December lit, 1869; son of P* H« and
Hannah (Nagl«) c«; educated common and high schools; married
Ida F* Scovel, August 28, 1893• Farming in Iowa, 1889;
member Iowa House of Representatives 3 terms, 1909-13 (speaker of
House, 1913); secretary, Iowa Farm Bureau Federation, 1920-23;
member Federal Reserve Board, 1923-• Republican, Congregationalism
Mason* Home: Cresco, Iowa* Died November 28, 1930*




Excerpt from Federal Reserve Bulletin for February, 1923*

On January 12 President Harding sent to the Senate the
Mr* Milo D* Campbell^ of Michigan, to be a member of the
Federal Reserve Board, and the appointment was confirmed by the
Senate on January 2£* At the time of his nomination Mr* Campbell
was president of the National Milk Producers* Federation and
vice chairman of the National Council of Farmers1 Cooperative
Associations* He owns two dairy farms at Coldwater, Mich*
Mr* Campbell was born in 1351* He has held a number of offices
in the State of Michigan and has been a director of banks in
Coldwater and in Detroit* He was at one time a member of the
State legislature, and has been secretary to the governor, mayor
of Coldwater, insurance commissioner, tax commissioner, and
member of the State prison board*
of

Excerpt from Federal Reserve Bulletin for June, 1923*

On May lU Mr* Edward H* Cunningham, of Iowa, who was
appointed a member of the Federal Reserve Board by the President
on May $ to fill the vacancy created by the death of Mr* Milo D*
Campbell, took the oath of office* Mr* Cunningham has been
actively identified with farming interests in the Middle West,
and at the time of his appointment was secretary of the Iowa Fara
Bureau Federation and prominent in the work of the American Farm
Bureau Federation*




Excerpt from Annual Report of the Federal Reserve Board - 1923*

On March Hi, 1923 > Hon. Milo D« Campbell, of Coldwater,
Mich*, was appointed a member of the Federal Reserve Board, in
accordance with the amendment to section 10 of the Federal Reserve
Act whereby the number of appointive members of the Board was
increased from five to six* Mr* Campbell died suddenly on March 22,
after having served as a member of the Board only eight days. To
fill this vacancy Hon. Edward H» Cunningham, of Des Moines, Iowa,
was appointed, effective May lii, to fill the unexpired term of
10 years*







CARPENTER, Sam

July 29, 1954

Dear Mr. Carpentert
la filling up tii© fev remaining gaps
in her biographical register of members of the
Board, of Governors, Miss Adams finds that, with
the directories which we have available ia this
Bank's library, she has been naabl© to turn up
biographies of two former Board ©embers — Mr.
Edward H. Cunningham and Mr, Milo D. Campbell•
She has asked
not© to ask whether you
the relevant facts from
(our earliest volssae is
files.

me to send yon this
could provide her with
an earlier Mho's % o
1931/32) or from the
Sincerely yoursf

Research Assistant

Mr. S. R. Carpeater
Board of Governors of the
Federal Reserve Systea
Washington 25, D» C.

CARPENTER, S. H.

July 13, 1954
Dear Mr. Caroenter:
About a xonth ego yon were kind enough to eead us a copy
of the preliminary inventory of the papers of Dr. A. C. Miller and
to ask for suggestions as to vhat should be done vith the whole
collection.
Ve would recommend, as vs are recommending in similar
cases involving the papers of distinguished public men, that th#
collection as a whole should go to the Library of Congress. I
have assurances that the Library will welcome this particular
body of papers, and they are equipped to provide the k:ind of handling and servicing which will laake it most useful to scholars.
Ton have, I note, sorted the collection roughly into
three categories - (l) articles and speeches, (2) mimeographed
material, and (3) miscellaneous envelopes and folders. Of these,
category 1 (articles and speeches) contains many duplicates and
reprints. I vould think that it sight be well to make up five
sets of the material in group 1, to be distributed as follows2
1 set to the Board library (or more if they need them)•
2 sets to the Library of Congress (one for the Manuscript Division and one for the general collection)•
1 set to the University of California Library.
1 set to the Committee on the History of the Federal
Reserve System.
The remaining duplicates of articles and speeches could,
I should think, be burned or otherwise disposed of.
The Library of Congress vould thereby be given 2 copies
of articles and speeches, and all of the -naterial in the other two
groups (raimeographed material, and miscellaneous envelopes and
folders). Students asking for information about this material
can then be referred to the preliminary inventory sade by the
Files Section of the Board.




I have been hoping to get to Washington with time
enough to look ovar some of this material before it goes to
the Library, but summer seems more than usually difficult.
If you are in no hurry to use the space the papers now occupy,
perhaps they eould stay at the Board a bit longer* I will
certainly be in Washington in August and in September, and
would like to look them over then*
Most sincerely yours,

Mildred Adams
Research Director

Mr* 8* E. Carpenter
Secretary
Board of Governors of the
Federal Reserve System
Washington 25, D. C»




CARPENTER, Ssm R.

June 10, 195-4

Dear Mr. Carpenters
I am planning to be in ¥ashington Monday afternoon and Tuesday
(June 14-th and 15th) of next week. I would be grateful if I could use
the usual office on those days.
The last time I "was there I asked vhether the diaries of Mr.
Charles Hasilin had been typed, and was told that a beginning had been
made. It was not possible to get this out of files on short notice.
I would very such like to consult it and I vonder if this might be
available next week. Also I would be grateful if I could see the
first set of minutes of the Board beginning in 1914. I have been
started on the long process of reading the Annual Reports &n& the
1914 Report makes me want to go back to the minutes. Thanking you
for your help in this which is always generous, I am
Very sincerely yours,

Mildred Adams
Research Director

Mr. Sam Carpenter
Secretary, Federal Reserve Board
Washington, B. C.

P.S« Thanks for your kindness in suggesting Mr. &ead. He writes mm
that he vill be in Washington Monday afternoon. As I m s not sure -where
I vould be I suggested that he telephone you. Vould you be most kind as
to tell him that I vill be at the Federal Reserve Board at 2t30 P.M. and
will expect to meet him in your office.







CARPENTER, S. R.

April 28, 1954

Mr* S. E* Carpenter
Secretary
Board of Governors of the
Federal Reserve %"si@ss
Washington 25, 2. C*
Dear Mr. Carpenter*
1 am planning to be in Washington on
Thursday, April 23t&, and Friday, May 4th, I
vould he most grateful if the usual spe.ce in the
office near you is free* I shall be hoping that
you will have a free moment to see me on Thursday,
Sincerely yours,

Mildred Adaas

KAika




CARPENTER, S. R.

Hard* 22, 1954

ru

Mr, Carpenter*
Misa Mildred Adams has asked me to
that she i§ eewlag doim to Washington this evening.
i*ould greatly appreciate it if she might have the
of aa office on Tuesday ax»3 ¥edaesdsy of thla
Sincerely yours.

Research Assistant

Mr* £• R. Carpenter
Board of Governors of the
Federal Reserve System
Washington 25, D* C*

CARPENTER, Sam
BOARD DF GDVERNDR5
DF THE

FEDERAL RESERVE SYSTEM
WASHINGTON 25. D. C.
ADDRESS OFFICIAL

CORRESPONDENCE

TD THE BOARD

February 25, 1954

Miss Mildred Adams, Research Director,
Committee on the History of the Federal
Reserve System,
33 Liberty Street,
New York 45, New York.
Dear Miss Adams:
This is in response to your letter of February 23
about Mr. 0. Howard Wolfe. I find that he is in Florida
at the Gulf Hotel, 5th Avenue, Naples on the Gulf, Florida,
and that he probably will be there for about another month.
Vhen he returns, his address will be 214 Ann Street, Milford,
Pennsylvania.
My information is that Mr. Wolfe, along with
Mr. Broderick, was a member of the preliminary committee on
organization which submitted a report to the Reserve Bank
Organization Committee. I would assume you would be interested in talking to him for somewhat the same reasons
that you would talk to Mr. Broderick about the early period
of this System. I hope you will be able to contact him.




Very truly

Carpenter,
Secretary

CARPENTER,

C

February 23, 1954

Bear Mr. Carpenter*
When I talked vith 7011 last month, you suggested that
Mr* 0. Howard Voolf was a staff man during the preliminary
phases of setting up the Federal Reserve Board* I got the impression at th&t time that you thought Mr. Voolf was still
alive and Bight hare interesting recollections*
Thus far, I have not been able to get further
information concerning Mr. Voolf, and I am vondering -whether
you have any suggestion as to hov I might locate him. Ve
would be rery grateful for any aid you can give us on this.
Ken vhoBe life-cp&n covers the full length of Board work are,
as you knov, very rare, and if Mr. ¥oolf is still alive, I
would like to be able to talk vith him*
Thank you so much for any help you can give us on
this.
Sincerely yours.

Mildred Adams

Mr* S. R. Carpenter
Secretary
Board of Governors of the
Federal Reserve System
Washington 25, D. C




Snm

CARPENTER, S. H,

C




9, 1954

Bear Mr. Carpenter*
According to my present schedule, t ea expecting to be in Washington for next week, cosing
down on Monday night and staying through Friday.
Bo you suppose I could have the saEe roo© which you
assigned to me when I was ther© before? Xwould be
moat grateful*
At that time| X aade a note that Mr, Ssead
spent spring and fall in Washington. Bo you happen
to know when his spring visit there usually occurs*
X should vary smch like to see him, if possible*
Cordially yours.

Mildred Adams

Mr* S. R. Carpenter
Secretary
Board of Governors
of the Federal Reserve
Washington 25* 8* C«

^^|w-iH(yjp|i

CARPENTER, S. H.

C
February 3# 195b*

Mr* Sam Carpenter,
Secretary,
Federal Reserve System,
Washington, D. C*

:
;

Dear Mr. Carpenter:
X hope that your secretary passed on to you my gratitude for
the kindness shown me in Washington by your department last week* The
office in Room 1029 was of the greatest service* If by any chance the
same room Is available on Friday of this week, February 5, when I shall
again be in Washington X should find It very convenient*

It is so nice

to have a hone away from home where X can work so efficiently with Re*
serve Board material*
thank you again for your kindness*
Cordially yours*

Mildred Adams,
Committee to Study the History
of the Federal Reserve System*
MAtek




HORBETT, J. E.
May 11, 1956

p

See letter concerning commerative med&l belonging to Francis Foote
filed under FOOTE, FR^uIS W.




KENYON, Kenneth.
Federal Reserve Board
For correspondence concerning Mr, Evans C. Johnson of Langdale*
Alabama and his study of Senator Oscar Underwood, see
under UNDERWOOD, Oscar in correspondence







KENYON, Kenneth

December 19, 1955
Mr» Ksnyons
I have just received from Mrs. Pilger
the information concerning the vhere&bouts of
certain Minutes and related data for which I
asked Y O U in a letter dated Deeeaher 16th•
perently the two pieces of correspondence
crossed* I hope taig note wili C Q » $
enough to avoid any dupllc&tlon*
Merr/ Chrx@tm&e again.
Cordi&lljf

Mildred Adaas
Mr. Kennoth
Federal Reserve Board
Washington 25 f D# 0,

KENY.ON, Kenneth

December 16, 1955
Mr* Kenyan:
¥hon I V R S la Washington early In the month, the files
turner! up for tm a statement from you dated Sovember
15, 1954 'rfi'iich gave m© the information I w&s seeking concerning
ths hereabouts of certain Minutes i*nd related dsta. Toil ra'sember ve talked of it at the time*
Vhan I got back to Hew York I foimd that the letter
fro© you was in our files, but ve have not b@en able to find a
cop/ of the accompanying statement• I wrot© Mrs» Pilger in the
hope that she could h&v© it reproduced from their files, but
something aiust have happened to my letter. Would it be possible
for you to send ua a copy of th&t original taeeiorandiM?
t am aorry to put you to this trouble, but it vl!i
supply a few specific dates tot noted in ths conversation I hs4
tilth you and Mr, Carpenter* thanks so much for your courtesy
and best wishes for a aerry Christmas*
Sincerely yours.

Mildred

Kr. Eeimeth Senyon
Federal Reserve Board
Washington 25, D. C,







, 1955

Bear Mr* X
Keferring back to a letter of yours of
September I9ta# which I caevered on October 3rd*
may I say that I now expect to be in Washington on
Tuesaay end Vedneedey, November £9th and 3Oth# If
It is possible at that time, I would very auch like
to talk to you bbcut trie problems which were raised
by ay inquiry of September 1st to Mr. Carpenter
concerning the vhere&bouts of certain official
records*
telephone you on arrival in order
to find out what time is most convenient for you*
Cordially yours,

Mildred Adams
Mr* Kenneth A* Kenyon
Assietant Secretary
Federal Reserve Boerd
Washington 25» D» C.

KX2O9XXXP

KENYON, K e n n e t h A,

c




October 3, 1955

Defer Mr. Seoyon*
On a/ return from vacation* I find a l e t t e r
from you to Mrs* Singer £ujipleme:itiii£ & telephone conversation concerning e l e t t e r of inquiry miich I wrote
on September 1, 1955*
I gather t&at tae purpose of the inquiry w&s
not quite clear. As I thisQc you know, I will bo i a
Wfcshlfl^ton l a t e r in tJiis month and **dil be gizd to
accept /our invitation to review toe matter with you
in person. I v i l l l e t you knov vhen dates &re oet»
V&?y sincere!/ yours.

Kildred A

Hr* Kennetli A. Xenyon
Assistant Sscretaiy
Federal Reserve Botrd
Washington 25, C C.

KEWYOfl, Kenneth
BDARD DF GDVERNDRS
DF THE

R L FEDERAL^RESERVE

SYSTEM

WAS^ffTCTON 25, D. C.
ADDRESS OFFICIAL CORRESPONDENCE

SEP 2 0 1955
COMMITTEE ON THE HISTORY
OF THE
FEDERAL KESEftVE SYSTEM

TO THE BOARD

September 19, 195$

Mrs. Ellen C. Singer,
Research Assistant,
Committee on the History of
the Federal Reserve System,
33 liberty Street,
New York Uf>, New York.
Dear Mrs. Singer:

This will supplement our recent telephone conversation
regarding MLss Adams1 letter of September 1, 1$5$, in which
she inquired concerning the location of certain Federal Reserve
records. It is understood that this information was requested
for use in connection with a list of material being compiled
for the convenience of research students.
As I indicated to you, the inquiry raises several
questions which it is felt warrant discussion. If I understood
correctly, MLss Adams is planning another visit to Washington
in the latter part of October, and we would be glad to review
the matter with her on that occasion. However, if she would
like to take up the matter before that date, I would suggest
that she get in touch with Mr. Carpenter or Mr. Sherman by
telephone.




Very truly yours,

Kenneth A. Kenyon,
Assistant Secretary*

KENION, Kenneth

16, 1954
Dear Mr* Kenyont
I t «*« so5t kind of you to send us the detailed statement on the availability of minutes and records vhieh arrived this
i&omlng. this is exactly v?het we have been needing, and OUT records will profit by having i t .
X was grateful for the smell interview vOh you last
week And shall be hoping to see you again next time I come to
Washington*
Most sincerely yours

Mildred Mm®

Uvm Kenneth Kenyon
Assistant Secretary
Board of Governors of the
Federal Reserve System
Washington 25, B. C»




KENYON, Kenneth
BDARD DF GDVERNDRB
DF THE

***?**»„

FEDERAL RESERVE SYSTEM
WASHINGTON 25, D. C.
ADDRESS OFFICIAL

RECEIVED

CORRESPONDENCE

TO THE BOARD

November 15, 1954

N0V16 1954
FEZ CN THE HISTORY
OF THE
FEDERAL RESERVE SYSTEM

Miss Mildred Adams,
Research Director, Committee on
the History of the Federal Reserve System,
33 Liberty Street,
New York ^5, Hew York.
Dear Miss Adams:
Pursuant to your inquiry while you were here in
Washington, there is attached a statement in regard to the
availability in the Boardfs Record Section of certain minutes
and related records of the Open Market Investment Committee,
Open Market Policy Conference, Federal Open Market Committee
(consisting of twelve members, one being appointed by each
Federal Reserve Bank), Conference of the Governors of the
Federal Reserve Banks, and Conference of the Federal Reserve
Agents.
Very truly yours,

Kenneth Kenyon
Assistant Secretary

Enclosure







, Mrs, M. E.

bomber 22, 1955
Bear Mrs, Pilger*
Th&riks so much for sending us the
revised st-.t~~.ent of availability1 of certain
minutes and records in the Boerd ? Record
Section which you enclosed with your l e t t e r
of December 16th* I t v i l l be most useful to
us, end we will be sure to file i t correctly
this time.
Best holiday greetings to you.
Sincerely,

Inaa Bur stein

Mrs. M, I. Pllger
Federal Reserve Board
Washington 25, £• C»




PILUER, Mrs,

December 2, 1955
Dear Mrs. Pilgert
We have found in our fil&s the l e t t e r
from Mr. Kenyon of ftove&ber 15, 1954* kut, 8las
the enclosed statement on the availability of
certain ainutee and records a t the Bo«rd has
disappeared* Miss Adams t e l l s me th&t she saw
your carbon of this material vhile she was in
Washington, and we would be rery ^r&tefiil i f
you could send us a copy of that st&taraent.
Mo3t sincerely yours f

Iraa Burstein
Assistant
Krs. Pilger
Federal Jiesei've board
Washington 25, B. C»

RAUBER, Margaret

January 14, 1955
Bear Miss R&uber;
Thanks so rauch for your l e t t e r of January 11th which I
found on my desk \&en I got beck from Cleveland* I am sorry to lose
the photograph but can quite understand that Chftin&an Martin would
be delighted to be given i t * • • • ; .
As for our needs, I picked up a copy of a, rather similar
one in Cleveland wiich may do u$» If not, I will follow your suggestion and ask Kr* Bethea. to h&v© a copy ®ade for us.
I appreciate Hrs. Draper's feeling ta&t she would rather
keep her husband's papers in Washington* I shall hop© to see the®
next time I coae dowi.
Meamihile Miss Katharine Brand of the Library of Congress,
wio says she knows you, ©ay speak to you about Governor Draper's
papers, I think she i s interested in knowing how large the collection might be«
I shall certainly be talking to you next time I come to
Washington, and meamwiidle my thanks for your good help.
Sincerely yours.

Mildred Adams

Miss Margaret R&uber
Board, of Governors
Federal Reserve %steia
Washington 25, B. C.




BDARD DF GDVERNDRS
DF THE

FEDERAL RESERVE SYSTEM
WASHINGTON 25, D. C.
ADDRESS DFFICIAL

CORRESPONDENCE

TD THE BOARD

January 11, 1955-

Miss Mildred Adams,
Research Director,
Committee on the History of the
Federal Reserve System,
33 Liberty Street,
New York 45, N. Y.
Dear Miss Adams:
I am sorry to be so long answering your letter regarding
the photograph of Federal Reserve officers taken in 1914• The
photograph had been offered to Chairman Martin (his father is in
it) before I received your letter, and he had accepted it and taken
it home. I have been trying to find another copy for you, but not
with much result. However, there is one in one of the conference
rooms here, and I feel sure that if you would request one from Mr.
Bethea, he would have a copy made for you.
I am taking this opportunity to say a word about Mr.
Draper's notes. Mrs. Draper is reluctant to send them to New York,
but she would be glad to have you read them here—they are brief—
or send abstracts of the portions with especial reference to public
matters in which you would be interested to you in New York.




With best wishes to you for the coming year, I am,
Sincerely,

I
RECEIVED
JAN 1 4 1955
COMMITTEE ON THE HISTORY
OF THE
FEDERAL RESERVE SYSTEM

RAUBER, Margaret

December L4# 1954
Beer Miss Beubert
In thinking over the setter of Mr. Draper's papers, vhich you
were kind enough to discuss vith me lest week, I was reiainded again of
th&t photograph of the Federal Reserve Officers and Directors which you
showed se# It occurs to me that if, &s I gathered, Mrs. Draper is not
eager to keep it, vs would be delighted to htf.ve it here in this office.
It has documentary value for us in that it isakes vivid the men vho first
set the System to working. We would be delighted to give it a place
her© and make it available for scholars vorfcing on System history.
Would you like to &sk Mrs. Draper about this, or would you prefer that I write her direct?
Thank you agsin for your kindness, and I shall be hoping to
read the Draper journal before long#
Cordially youra,

Mildred Admm

Miss Margaret £• Rauber
Legal Division
Federal Reserve Board
Washington 25, B. C.




SHERMAN, Merritt

Cl

•s

December 31, 195-4

Dear Mr, Sherman;
Miss Ads.R3 has e.3ked Re to write and thank you for
the photostats of organization charts of the Federal
Reserve Board -which you sent this office. The cherts
arrived this morning, even before your letter, ±nd we
are most grateful for your swiftness in sending the&u
Sincerely yours,

Research Assistant

Mr. Merritt Shensan
Federal Beserve Board
Vashiogton 2$, D.C»




SHERMANN, M e r r i t t

BDARD DF GDVERNDRS
• F THE

FEDERAL RESERVE SYSTEM

S

11954

WASHINGTON 25, D. C.
ADDRESfe OFFICIAL CORREfPDNDENCE

T THE

°

BOARD

OFFICE OF THE
SECRETARY




December 30, 1954.

Miss Mildred Adams,
Research Director,
Committee on the History of the
Federal Reserve System,
33 Liberty Street,
New York 45, New York.
Dear Miss Adams:
Photostats of the organization charts of
the Board for the years specified in your letter
of December 29 to Mr, Carpenter are being mailed
you today under separate cover.
Sincerely yours,

Merritt
n,,
Assistant Secretary.

SHERMAN, M e r r i t t

BDARD DF GDVERNDR5
OF

.**???***

THE

FEDERAL RESERVE SYSTEM
WASHINGTON 25, D. C.
ADDRESS DFFICIAL CORRESPONDENCE
TD THE BOARD

October 27, 1954

Miss Ellen C. Singer,
Research Assistant,
Committee on the History of the
Federal Reserve System,
33 Liberty Street,
New York U$, New York.
Dear Miss Singer:
Pursuant to the request contained in your l e t t e r of
October 18, 195k* addressed to Mr. Carpenter, there i s enclosed
a copy of a pamphlet published by the Board containing Amendments
to the Federal Reserve Act, and certain other Acts of Congress
affecting the Federal Reserve System, enacted between November 1,
19U6 and December 31* 1953* There i s also enclosed supplemental
material containing copies of Acts or excerpts from Acts enacted
during 195U* In addition, there i s enclosed a copy of the Federal
Reserve Act, as amended to November 1, 19U6, to the pages of which
the pamphlet references are keyed*
You will note that the table of contents in the pamphlet
l i s t s amendments to the Federal Reserve Act and certain related
laws. The Board i s not in a position to furnish a l i s t of a l l
laws relating to banking as that would cover areas over which the
Board has no jurisdiction, such as the Federal Deposit Insurance
laws and statutes relating to national banks. I hope the enclosures
will serve your purpose.
Very truly yours,

Merritt
Assistant Se<
Enclosures




stary




SOLOMON, Frederic

Hpvesiber i» 1955

Dear Mr. Solomon*
volume containing digests
of the principal oourt decialons Mid opinions of
the attorney general regarding the responsibilities,
powersi duties and character!3tics of the Federal
Reserve 3jst©® came in today* I t i s exactly what
w@ trould have mated, had ve been describing th*
ideal« I t 's-dll b© most useful, and we are «ver so
grateful to to© people in tho i«©gal division who
put i t togetrier for us« I know that the Ooiyuaiti.ee
i#ould went me to taaak you for zam && well as for
Myself in acknowledging this most useful compilation*
dratefuliy

Mildred Adams

Mr* Frederic Solomon
Assistant Generei Counsel
federal Reserva Board
Washington 25, B. C*

SOLOMON, F r e d e r i c
BDARD DF GDVERNDR5
DF THE

FEDERAL RESERVE SYSTEM
!T I \ #

£

WASHINGTON 25. D. C.
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD

COMMITTEDM THE HISTORY

Of 1HE
FEDERAL RESERVE SYSTEM

October 28, 1955.
Miss Mildred Adams,
Executive Director,
Committee on the History of the
Federal Reserve System,
33 Liberty Street,
New York 45, N. Y.
Dear Miss Adams:
In Mr. Vest's absence I am sending you under separate
cover a digest of the principal court decisions and opinions of
the Attorney General relating to the responsibilities, powers,
duties and characteristics of the Federal Reserve System, I hope
it will serve your purposes, but if we can be of further help,
please let us know.




Very truly yours,
Frederic Solomon.
Assistant General Counsel*




SUTHERLAND, A l v e r n

Hay 9 , 1956

Bear Mias Sutherlandi
Ihclosed are a few
which we omitted sending you
batch. We are finished wita
for you to dispose of as you

more yellow peges
with the earlier
thea and return them
viah. MEEQT thanks*
Sincerely youre#

Xraa Bu- stein
Assistant

Kiss Alvem Sutherland
Librarian, Board of Governors
of the Federal Reserve System
Washington 25* £• C«




SUTHERLAND, Alvern

May 1, 1956
Bear Alvern:
four suggestion that I return to you
the yellow sheets described In ny letter of April
24.th has just come in* I am hastening to return
the bundle to you with great pleasure. Va hav#
used til em T?ith profit and are grateful to you
for lending thm to ua.
I think you vere through i*Lth them, but
you can tell that better than I could, and your
waste basket is equally arailabl©, thanks
so such for your kindness in this*
Cordially yours,

Mildrad A&aas
Miss Alvern Sutherland
Librarian, Federal Reserve Board
Washington 25, D« C»

SUTHERLAND, Aivern

COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
33 LIBERTY STREET, N E W YORK 45, N E W YORK
TELEPHONE: RECTOR 2-5700, EXTENSION 286

ALLAN SPROUL, Chairman
W. RANDOLPH BURGESS
ROBERT D. CALKINS
F. CYRIL JAMES
WILLIAM MCC. MARTIN, JR.
WALTER W. STEWART
JOSEPH H. WILLITS
DONALD B. WOODWARD, Secretary
MILDRED ADAMS, Executive Director




With cooperation of
THE BROOKINGS INSTITUTION
722 JACKSON PLACE, N. W.
WASHINGTON 6, D. C.

1BBB

April 24, 1956

Dear Aivern:
A long time ago you were kind enough to give me
a fat bundle of yellow sheets containing bibliographic
items for a long list of Board members and System people.
You said at the time, if I'm not mistaken, that you were
through with them.
We have now converted the lists into card form,
and we ourselves are through with the yellow sheets, but
I hesitate to throw them out until I check your own
willingness to have them discarded. If any new need for
them has come up, or if I was mistaken in thinking you
never wanted to see them again, I111 send them back to
you with great pleasure.
Just scribble your desire on the bottom of this
sheet and send it back.
Hurriedly,

Miss Aivern Sutherland
Librarian, Federal Reserve
Board
Washington 25, D. C,

SUTHERLAND, Alvern
BDARD DF GDVERNDRS
OF

THE

FEDERAL RESERVE SYSTEM
WASHINGTON 25. D. C.
FFICIAL CORRESPONDENCE
TO THE BOARD

March 8, 1955

Miss Mildred Adams, Research Director
HISTORY
Committee on the History of
Reserve System
RESERVE SYSTEM
33 Liberty Street
New York 45, New York
Dear Mildred:
The reason no one can find reference to the postscript
hearing referred to in your letter of March 7» is that the hearing
was in executive session* No record of executive seesion hearings
is ever published.
We called the House Rules Committee to find out
whether they might possibly have the transcript. They report
that they never have a reporter at executive sessions and almost
never at open sessions of the Committee. During the last session
of Congress they had a reporter present at open sessions only
three times. So, no transcripts are available for the hearing
you referred to.
I hope that the next time you come down I shall
have a chance to talk to you. I called the second day to ask
you for lunch but you were apparently not in the building.




Sincerely,

Alvern H. Sutherland
Chjsf librarian.

SUTHERLAND, A l v e r n

o°




March 7, 1955
Dear
I wonder if I can bother you for a bit of help on
the matter of the Bellas hearing of 1928, which the bank library here recent!/ borrowed from you for us, (H U 2560 «2
1923}• The House Rules Committee held a hearing Kerch 16, 1928
at >*hioh Congressman Guan Williams of Texas attacked Uovernor
falley of the Federal Reserve Bank of Dallas* Mr. Joseph
Breibelbis tells me that this open hearing was followed later
by another hearing in executive session at which Governor
T&lley W»,B so successfully defended "feat the matter "was dropped,
Do you know under what heading we can find this
second hearing? Hiss Bulls seems not to have turned it up,
and I can't find it in the testimony card© we got fro® you
go&e tia© ago. I hate to leave the story half told, so if you
can track down this postscript hearing I'll be ever so grateful.
Hope you got your aemo finished*
Cordially yours.

Mildred Adas«

Miss Alvern Sutherland, Librarian
Federal Reserve Board
Washington 25* C. C*

BOARD OF GOVERNORS
OF THE

SUTHERLAND,

FIDEBAL RESERVE SYSTEM
Washington 25, V* C*

r

w
January 10, 1955
Miss Marguerite Burnett,
Committee on the History of the
Federal Reserve System,
33 Liberty Street,
Hew York 45, Hew York.
Dear Marguerite,
lour letter of December 23 about the Reserve #ank Organization
Committee material was awaiting me when I returned from ay five-week vacation
in Mexico*
I have typed up cards for the six items we have in our Library,
the item referred to in the footnote on Page 589 of ^iliis1 book is the document on "Location of Reserve ^istriet3 in the U* S*,w of which both our
Libraries have a copy*
Mi S3 Ad&Eis probably remembers that I showed her, about a year ago*
the ten linear feet of material that was on the Library shelves* A list of
this material, which was turned over to General Files on July 14, 1954* is
enclosed* (Fleaae excuse the mistakes in typing in this list since I did the
typing, and I am a "hunt and pick" typist,)
The Minutes and Indexing Unit of the Secretary1s Office has 18
mimeographed volumes entitled* "Stenographic Minutes* Federal Reserve District Division and Location of federal Reserve Banks and Head Offices*" This
covers hearings for all 12 districts ana &n index of witnesses end exhibits*
General Files also has four file drawers of material of the Reserve
Bank Organisation Committee* (In addition to the materiel turned over by the
Library*) A cursory examination of the material did not reveal the confidential memorandum referred to on Page 5^5 of Willis1 book*
Miss Adams will probably want to get permission from the Secretary's
Office to make a careful survey of ell the material at the Boerd*
Sincerely,

Jllvern H, Sutherland,
Chief Librarian*
Enclosures 11




c
16, 1954
Dear Alv@rn*
The Federal Reserve Mnu&l Reports arrived frost &izn
Ganrdcha©! in fine shfpe* Thanks so ruch for this and many other
kindnesses, snd vould you pleas* thank her for SL*«
I «Jo hope your illness of laat veek v&s not serious «nd
thst you h«ve completely recovered*
Cdlll

yours

Mildred Mm*

AlYeiTi Sutherland
Librarian
Federal Reserve Board
Washington 25, &• C*




BDARD DF GDVERNDRS
DF THE

FEDERAL RESERVE SYSTEM
WASHINGTON 25, D. C.
ADDRESS OFFICIAL

CORRESPONDENCE

TO THE BOARD

October 21,

Miss ELlen C. Singer, Research Assistant,
Committee on the History of the
Federal Reserve System,
33 Liberty Street,
New York 45, New York.
Dear Miss Singer:
We have received your letter of October 17
concerning a bibliography on organizational changes in the
Federal Reserve System.
Our Library has never prepared a bibliography
on this subject. I hope you will give us a copy of yours
when it is completed.




Sincerely,

H.
Alvern H. Sutherland,
Chief Librarian.




SUTHERLAND, Alvern

October 17, 1954-

Dear M I S B Sutherlandi
Miss Adams has asked me to find out if you have at
the Board &ny bibliography on organizational changes in
the Federal Reserve System, She feels that such a
bibliography would be a most useful tool for anyone
studying the System and that we ought to have it on file
in our office here. If you have this, may we have a copy?
In &ny ©vent, vill you let us know since ve shall vait
to hear from you before working on this here.
Thank you very much for your help.
Sincerely yours,

Research Assistant
Miss Alvem Sutherland
Board of Governors of the
Federal Reserve System
Washington 25, D.C.

SUTHERLAND, Alvern

June 16, 1954
D«ar Hies Sutherland:
In view of our conversation yesterday I am inclosing two
copies of the inventory of Dr. Miller's papers. It will be the
greatest help if you could have this list checked against the
articles and papers of Dr. Miller, which are listed in your own
library files. If you would check off those which you have on
one of the lists and return it to us, we would be moet grateful
and could then go ahead with the interesting problem of their
place of final deposit. The other list is for your files.
Very sincerely yours,

Mildred Adams
Research Director
Inc.

Hiss Alvern Sutherland
Librarian, Federal Reserve System
Washington 25, D. C,




SUTHERLAND, Alvern H.

April 2O t
Dear Mrs» Sutherland!
Thanks so much for your letter of April 16 with the
information about our photograph* «e are resting content with
that and putting on the back a saving clause •believed to be"*
It is interesting that there has been no demand for
a picture archive on the Board • As we go along her© X think
X shall gather in and fil© all that comes our way. It does
help any history writing to have contemporary evidence of what
members look like at a special moment* If you find photographs
coming your way you will remember us and send
Thanks again for your good help*
Cordially yours,
Mildred Adams
Mrs, Alvern I* Sutherland, Chief Librarian
Board of Governors of the Federal ffeserr© System
Washington 25, D # G #




BOARD DF GDVERNDRS
DF THE

FEDERAL RESERVE SYSTEM
WASHINGTON 25, D. C.
ADDRESS OFFICIAL CDRRESPDNDENCE
TD THE BOARD

April 16, 1954.

Miss Mildred Adams, Research Director,
Committee on the History of the Federal
Reserve System,
33 Liberty Street,
New York 45, New York.
Dear Miss Adams:
The Board has, at the present time on the walls
of Room 2019, individual pictures of every,member of the
Board who is no longer at the Board. Incredible as it may
seem, there is no other picture archive at the Board.
Miss IJyer and I have decided that the picture
you mention was taken on August 10, 1914, which is the day
the original Board took the oath of office. All the people
in the picture took the oath that day.
The same picture you described faces page 4 in
Harding's The Formative Period of the Federal Reserve
System, attributed to Clinedinst Studio. It is entitled,
"The Federal Reserve Board, 1914-18." Clinedinst and Buck
"both had photographers' studios in Washington which are no
longer in existence. We "believe that, after the Board
members took the oath of office, several photographers took
a picture of this historical event.
Secretary McAdoo married SLeanor R. Wilson on
May 7, 1914. The first Mrs. Woodrow Wilson died on August
6, 1914. While it is unusual to wear a black band for your
mother-in-law, we feel sure that is the reason for the
mourning bank on McAdoo's sleeve.
It is possible that positive proof could be made
through the picture morgue of some newspaper.




Sincerely yours,

Alvern H. Sutherland,
Chief Librarian.




SUTHERLAND, Alvern

April U , 1954

Bear Miss Sutherland:
A photograph of the Reserve Board has
been turned over to us vhich appears to hare been
taken in the suamer, some tine between 1915 and
1913* It bears the imprint of a Washington
photographer, G. ?• Buck (1113 ? Street) and shows
Secretary MeeAdoo in a m i t e linen suit vith a
•onrning band on his sleeve surrounded by the
other members of the Board—Mr. C. S. Haalin and
P. A* Delano beside him ia the front row* gad Mr*
P. M. Warburg, Mr. John Skelton Williams, Mr. V. F,
6« Harding, and Br. A. C» Miller ia the second row
(standing).
Have you any recollection of this
photograph and can you tell me the date of it?
Sincerely yours,

Mildred Adams
Miss Alvem H. Sutherland
Librarian
Board of Governors of the
Federal Reserve System
Washington 25, B. C.




SUTHERLAND, Alvern

Jfereh 15, 1954

Dear Miss Sutherlands
Miss Adsms has asked Be to let you know
tfaet she expects to spend two days in Washington,
Tuesday and ¥e(*aesday, March 23-24- The first day
she expects nay be largely spent looking over
material at the Treasury Department, but she -would
like to come in to see you at same tine, probably
dwiug the isomiag of Kerch 24t^i regarding the
carding "which you and your staff have so kindly
undertaken for her*
Sincerely yours,

Research Assistant

Miss Alvern 3 . Sutherland
library
Board of Governors of the
Federal Reserve System
25* &• C.

BOARD DF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

February 1, 195^
Dear Miss Adams;
I saw Carl Parry Saturday
night. He is not leaving on his Mediterranean
Cruise until February 25th,
Mr. Parry is very much
interested in the "project".

If you will

let me know when you will be in Washington,
I could arrange a luncheon appointment with
Mr. Parry for you.




Sincerely,

Sutherland, Alvern H.
PARRY, Carl E.

February 2, 1954

Mi as Alvern H. Sutherland
Board of Governors of the
Federal Reserve System
25# &• C,
Dear Klsa Sutherland*
In trying to g&t at tho sa&ttar of Federal Reserve
Goveraora, I find -feat in the Federal Regqrve Bulletin, of
1950 there i s » complete l i s t of the Oovsraors fro® 1913 to
that £rte» I hare h*d that Hat put into alphabetic order
and an enclosing a copy*
Vith that in hand, vould i t be toorauohto
that om of your people check i t against /our card catalogue!
If bealde the name they could note tne nuaber of cards wnich
you ©any i a the catalogue on that particular person, i t
imiaid give us aoswj idea vheris ia th« Library we ooixLd b
to look. The l i s t , an you v i l l note, Is not confined solely
to GoTernors, but most of the oemes on i t belong to that
category,
t expeGt to be in Vaahington on Friday, and i f by
that time i t he§ been possible to get at this, X will be most
grateful* I t v i l l give us a very rough Indication, and I v i l l
do the same thing here la this Bank's library. Also I think
we csn have the »a»e thing done
in the Library of Cozigrtts*.
With those three eoui*ce» in :-;tnd ve csn then go ahead to find
out exactly xtiat i t i s that i s noted fcy the cards.
I hope this doea not cone in a rushed moment, but
i f I t does, please do not l e t a^body vork at night on i t ,
I can, of course, &«ke the check myself vh«n X get d^vn there*
If, however, i t could poasibly be waiting for m&f I would be
»o«t grateful*




Cordially your»,

Mildred
just received your note of February 1st* I shall be
f pleased if you can vork out a luncheon appointment far
me on Friday (Feb. 5) if that would suit Mr* Parry.
If* A*




THOMAS, Voodlief

February 9, 1954

Dear Mr.
Xou have probably heard from gosse
of your colleagues about the project -which
ig now being set in motion for a study of the
history of the Federal Reserve System.
I had hoped to see you is Washington last week, but ay tia# there was cut short,
X shallf however, be down again next week, and
asa hoping that you can* find tiase to t&lk with
Ml*

Sincerely yours,

Mildred Adams
Regearoh Director
Coaadttee on the Higtory of the Federal Reserve System

Hr« Voodlief Thomas
Economic Adviser
Board of Governors of the
Federal Reserve System
Waahington 25, £• C*




THURSTON, E l l i o t t

February 9, 1954

Sear Hr« Thuraton*
At Miss Adaastf request, I
as sending you this note to l e t you know
that she expects to sp«n4 Tuesday trough
fhursday of next veek in Washington.
She hopes very much i t
•nill be ceifltenlftnt for you to see her at
some tiae during the course of the veek
In eonnection with the project on the
history of the Federal Beserve S^steo,
of ^iich »he i s Hestarch Director. She
v i H telephone your secretary on Tuesday
to see whether I t will be possible to arrange an appointment which would suit
your schedule*
8ioeerf>ly yours,

Secretary to
Miss Mildred Adams

Mr* Elliott Thureton
Assistant to the Board
of Governors of the
Federal Reserve System
Veahington 25* &« C« .
lex




VEST, George B,

August 29, 1955

De&r Mr. Vest*
Thanks 80 much for your letter of August
24th bringing us up to date on the matter of the
compilation of significant court decisions "which
involve the Board of Governors or the Federal
Reserve Banks*
¥e ere delighted to know that this work
is in progress* It % 1 U be very valuable, and we
are exceedingly grateful to you for undertaking it
for us* I am glad to be able to make mention of
it in the report which I am now preparing for the
Committee,
I am hoping to be in Washington before
too long and shell stop in to check vith you at
that time. We are not in any particular hurry,
but on the other hand we may be asked for this information at almost any time*
Thanking you again for your kindness, I i
Very sincerely yours,

Mildred Adams
Mr. George B. Vest
General Counsel
Federal Reserve Board
Washington 25, B. C #

VEST, George tf.
BDARD DF GDVERNDRS
OF THE

FEDERAL RESERVE SYSTEM
WASHINGTON

25. D. C. C M

\/ c-. ^
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD

AUG ?,•>

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:
In order to keep you posted, I thought I should write you
to let you know that, in accordance with our previous correspondence,
we are working on a compilation of court decisions of some significance
that involve the Board of Governors or the Federal Reserve Banks. We
have reviewed the court decisions which are contained in the 1937 "Digest
of Rulings of the Board of Governors of the Federal Reserve System"
and have also digested the decisions rendered since that time insofar
as they seem to have any importance in System policy or operations. I
am today writing to Counsel of the several Federal Reserve Banks, requesting their cooperation in reviewing this material, and when we have
received their responses and worked over the list again we hope to be
in a position to submit the compilation to you.
I am afraid it will still be some weeks before the program
on this basis is completed, but I trust that this will be satisfactory
to you.




Sincerely yours,

George B. Vest,
General Counsel.

VEST, ueorge

BDARD DF GDVERNDR5
DF THE

FEDERAL RESERVE SYSTEM
^WASHINGTON 25. D. C.
REC

ADDRESS OFFICIAL

CDRRESPDNDENCE

TD THE BOARD

July 8, 1955
THE
0FTH*

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:
I have your letter of July 6 with further reference to
the listing of court decisions in which the Federal Reserve Board
and Federal Reserve Banks have been engaged in the past. We will
be glad to do our best to prepare a satisfactory list and will get
started on it promptly. I am sure that you understand that this
may take a little time, although we will push along with it as
much as we can. As I indicated in my previous letter, we may find
it desirable to enlist the aid of each of the Federal Reserve Banks.




Sincerely yours,

J.
Geoi^fe B. Vest,
General Counsel.

VEST, George B.

July 6, 1955
Bear Mr* Vests
I hare your letter of July 1st asking for further clarification on my request of June 21st for aid in listing the various
legal disputes in -which Board and Banks have been engaged.
Xou are quite right in assuming that we are chiefly interested in the litigation involving issues which are of particular
interest to historians of the System* Or, to quote back your own
phrase, in "cases which deal peculiarly with the characteristics,
powers and duties of the Board and the Federal Reserve Banks**
these, of course, still rank as generalities, and I quite
understand your desire for a more detailed request. The difficulty
ia the familiar voe o** the student vho needs something but c&nnot
ask for it specifically because he knows of the existence of the
something only in. the most general terms. He must learn what to ask
for in the process of askii
In other words, we need not only the list, but also your
judgement in deciding which cases should, from the histories! and
developmental point of view, find place on such a list.
I hope this is not too difficult a request. We will be
most grateful for your further aid.
Tery sincerely yours,

Mildred Adams
Mr* George B. Vest
General Counsel
Federal Reserve Board
Washington 25, D. C #




VEST, George B .

BDARD DF GDVERNDRS
DF THE

FEDERAL RESERVE SYSTEM
WASHINGTON 25, D. C.
ADDRESS OFFICIAL C d R R ES P D N D E N C E
TD THE BDARD

Miss Mildred Adams, Executive Director,
Committee on the History of the
Federal Reserve System,
33 liberty Street,
New York 45, New York.

JUL 5 1955
COMMITTEE ON THE HJftTOfty
« « ^ * , 0 F ™*
"OWL *£$

Dear Kiss Adams:
I received your letter of June 21, 1955 asking for a list of
suits in which the Board and the Federal Reserve Banks have been engaged
since the System began.
We do not have such a list, but will be glad to try to compile
one. As an aid to us, however, I would appreciate very much your specifying in somewhat more detail just what types of cases you would like to have
included in such a list. A complete list of all litigation in which the
Federal Reserve Banks and Board have been engaged over the years may not
be exactly what you want because the Banks engage in a great deal of litigation involving issues which are of no particular interest to a student
of the history of the System. For example, an employee falls and hurts
his leg and brings suit. Or a check is cleared through the Bank and becomes the subject of a suit between two other banks based on an alleged
forged endorsement. Or property held by the Bank becomes the subject of
a suit between two outsiders growing out of something not connected with
the Federal Reserve System, such as a divorce proceeding or a dispute over
a business contract.
For these reasons, it occurs to me that you are probably more interested in'cases which deal peculiarly with the characteristics, powers and
duties of the Board and the Federal Reserve Banks.' However, we would appreciate your guidance in this matter.
It is possible that we may find it necessary to seek the aid of
each of the Federal Reserve Banks in order to be sure that any list that is
prepared is reasonably complete and accurate. Whether we will need to do
so we will not be able to determine until we get into the matter a little
deeper after hearing further from you.




Sincerely yours,
George B. Vest,
General Counsel.

VEST, George

r

June 21, 1955
Dear Mr* Vesti
In filling out the various categories of information in our
chronological file on the System1s history, I note an empty sector on -which
we -would be grateful for your advice and aid#
Ve need e list of the various legal disputes in which the Board
and Banks have been engaged since tae *systeta began. We know there vere per
clearance suits, a Transaiaerica case and other legal contests, but thus far
we have found no memorandum which lists them in chronological or any other
kind of order.
We could probably dig out a rough approximation of such a list
from the Annual Reports, but tee reference to litigation in those reports is
ia general terms, sad the definitive dates are seldom given. Some times a
case appears in one volume and does not reappear until some years lster*
If & list of cases exists, with points at issue, dates of start
and finish, and decisions, we would very much like a copy. If not, I wonder
whether something of the kind could be prepared for us» ¥e need it, and
would rather htve a list which we could know was authoritative, rather than
on© we prepared from uncertain references*
The CoEsmittee would want me to thank you in advance for your good
aid.
Most sincerely yours,

Mildred Adams
Mr. George Vest, Counsel
Federal Reserve Board
Washington 25, D. C.







VEST, George

December 20, 1954
Dear Hr« Vests
Your letter of December 16th, vith ensvers to my
query about studies of the effect of court decisions on Federal Reserve lavs, was on my desk tftis morning. It is kind of
you to have taken such care vith this, and we are very grateful » I shall follow your suggestion of checking the Index of
Legal Periodicals for th© vhole period*
May I take tnis occasion to send you best Christmas
greetings.
Sincerely yours,

Mildred Adams

Mr* George B» ?est
General Counsel
Federal Reserve Board
Washington 25, D. £•

VEST, GEORGE
BOARD DF GDVERNDR5
• F THE

FEDERAL RESERVE SYSTEM
WASHINGTON 25. D. C.
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD

**"***

December 16, 19$lu

Miss Mildred Adams, Research Director,
Committee on the History of the
Federal Reserve System,
33 Liberty Street,
New York hS, New York.
Dear Miss Adams:
I have your letter of December 3> 1951i> inquiring as to
studies of the effect of court decisions on Federal Reserve laws.
The staff of this office has made few such studies. I
can refer you to an article in the Virginia Law Review, Volume XXX,
June 19kh, on The Par Clearance Controversy, prepared by Mr, Wyatt,
former General Counsel.
Also, since receiving your letter we have referred casually
to the Index to Legal Periodicals, and I attach a list of articles
of some possible relevancy. I have not read all of these articles,
or at least not recently, but it may be that some of them will be
helpful to you.
I should emphasize that we have not undertaken to make a
complete check of the Index to Legal Periodicals, and you may wish
to check the Index more carefully.
If I can be of any farther assistance to you, I shall be
very glad to do so.

RECEIVED

Sincerely yours,

DEC 2 01954
COMMITUE ON THE HltTOHY
<tf THI

Attachment




George B. V e s t ,
General Counsel.

INDEX TO LEGAL PERIODICALS
Banks and Banking

1926 - 1928
Bank collections, par clearance, Federal reserve system,
Federal Reserve Act. [Brookings State Bank v. Federal Reserve Bank
of San Francisco, 281 F. 222.] D. A. Macpherson, Jr. Oreg L Rev
6:370-80 Je »27; Am L Rev 61:917-27 N-D »27
Efficacy of bank stipulations to avoid liability for negligence in collecting. [Fergus County v. Federal Reserve Bank of Minneapolis
(Mont.) 244 Pac 883.3 Colum L Rev 27:294-300 Mr. '27
1928 - 1931
Par clearance system, coercion of nonmember banks. [First
State Bank of Hugo v. Federal Reserve Bank of Minnef^ba (Minn.) 219 N W
908.] Colum L Rev 29: 84-5 Ja ! 2 ; Minn L Rev 1:253-5 F «29
Recent federal reserve policy. H. L. Reed. J Pol Econ
37:249-84 Je '29
Some aspects of regulations of Federal Reserve Board and state
statutes authorizing forwarding checks for collection direct to drawee
banks and acceptance of drafts in payment. R. W. Reid, Wash L Rev
4:39-42 F »29 "
1946 - 1949
Judicial invalidation of Federal Reserve policy against bank
holding company expansion. [Peoples1 Bank v. Eccles, 161 F (2d) 636.]
Yale L J 57:297-307 D »47
Regulation - investment bankers held not "primarily engaged"
in underwriting since that was not largest single item of business.
[Agnew v. Board of Governors of Federal Reserve System, 153 F (2d) 785.]
Harv L Rev 59:798-9 My '46
Reviewability of conditions of state bank membership in the
Federal Reserve System. [Eccles v. Peoples Bank of Lakewood Village,
Cal. 68 Sup Ct 641.] Colum L Rev 49:265-9 F !49
1949 - 1952

>a

Transamerica - the bankholding company problem. Stanford
L Rev 1:658-75 Je '49




INDEX TO LEGAL PERIODICALS
Monopolies
1953
Clayton Act and the Transamerica case. P. C. Neal,
Stanford L Rev 5:179-232 F '53

YffOTBiH SHT \\




VEST, George

December 3, 1954
Bear Kr. Vest:
When we talked in Washington some weeks ago, you were kind
•enough to *&y that I might come bferJc for further information wheti I
needed it. So here I am, seeking aid*
It occurs to me that, in collecting bibliographic data for
this history, we bar© thus far found no references to studies of the
effect of court decisions on the Federal Reserve ISMS, and I em wondering whether you can give us help with this. Whet started »e off
on this t&ck vaa s brilliant article by Roseoe Found in the Harvard
Law Review (an article which had nothing to do «ith Federal Kes©rv#
aatters) anc3 an ensuing ciscussion on jtidge~®ade law*
I &m sure that someone in the fco&rd's legal staff xaay h«ve
done such a study is I suggest, or if not, thet such a autject has
attracted the attention of lav students elsewhere. Any references
or leads which you can give us will be most warsly appreciated*
Very sincerely yours,

Mildred

Mr* George B. Vest, Counsel
Board of Governors
Federal Reserve System
Washington 25, D. C.