The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
June 30, 1956
Star Mr. Leachi
Vlth the resignation of Mr. Allan Sproul from the Presidency
of the Federal Reserve Bank of Sew York, and his return to California,
has come his decision that he can no longer carry on the active chairmanship of the Com<tee on the History of the Federal Reserve System.
Under those circumstances, and vith great regret at losing so
valuable a chairman, the Committee has decided to accept the offered hospitality of the Brooklngs Institution and to move its office and its
research activities to Washington. A nev chairman has not vet beec
chosen, bat the work vill go forward there under the broad supervision of
the President of the Brookinge Institution, Dr. Robert D. Calkins* vho is
also an active member of this Committee.
AS my ovn home Is in Sew York City, this move necessarily Barks
the severance of ay connection vith the Cosomlttae in the capacity of Its
Research Director. I think you k&ov hov sraach I have enjoyed this inquiry
into the history of the System, and particularly that part which brought
me i&to contact vith the Federal Reserve Bask of Kicrimond. It is good to
know that we can continue to look forward vith great Interest to the result of future research to follow under the scholarly auspices of Brooklngs.
For much courtesy shown to me in Richmond, I want to thank you
most warmly. Ion and the liaison officer appointed there, vith other meatbers of your staff, have been continuingly kind and cooperative. I am
sure that that cooperation vill be extended to my successor at Brookings.
We 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 Place, 8. V., Washington 6, D. C.
Letters should, until further notice, be addressed there to Dr. Robert
Calkins in person.
Very sincerely yours,
Mr. Hugh Leach
President
Federal Reserve Bank of Richmond
Richmond 13, Virginia
MAifeft
Mildred Adams
BEACH, Hugh
April 21, 1956
Deer Mr. Leach;
Thanks so much for your l e t t e r of April 23rd
t e l l i n g u» of the gradual decline of Mrs* Seay* and the
r e s u l t s of your conversation with Kr* John Skelton
Williams J r * I t i s very good to knov t h a t you ere keeping track of both these situations*
I do hope you -will have luck in pushing Mr*
Williams into a c t i o n . His f a t h e r was so controversial
a figure t h a t I ' d think the faiaily vould have & r e a l
i n t e r e s t in making the J* S« Williams point of view
available to schol&rs, i f only to round out fee p i c t u r e .
The Goisffiittee also has you to thank for consenting to represent thesa s t the Woodrov Wilson Centennial celebration in Steunton* For a l l these kindnesses* may I add asy g r a t i t u d e to t h e i r s *
Host sincerely^
Mildred Adams
Mr* Hugh Leachf President
Federal Reserve Bank
Richmond 1 3 , Virginia
LEACH, Hugh
FEDERAL RESERVE BANK OF RICHMOND
D I 3, V I R G I N I A
APR 2 4 !25
ON THE HISTORY
OFTH
FEMBML R&Sfcfevc SYSTEM
Miss Mildred Adams, Research Director
Committee on the History of the Federal Reserve System
33 Liberty Street
New lork 45, New York
Dear Miss Adams:
Absence from the city and difficulty in getting in
touch with Mr. John Skelton Williams, Jr. have delayed me
in answering your letter of March 28.
Mrs. George J. Seay continues to get more feeble,
and our bank has not received any more papers from her.
Mr. John Skelton Williams, Jr. tells me that he
has decided that his father1s papers should be sent to
the University of Virginia library, and says he will discuss the matter with his mother when she returns from
Florida in May. This is similar to the statement he gave
me over a year ago, but I hope to get action this time.
With best wishes, I am
Sincerely yours,
Hugh Leach
President
STORRS, Thomas I.
November 13* 1955
Dear Mr# Storrst
Thanks so zsuca for your kindness in
sending us the list of persons occupying positions of Deputy Governor or Vice President or
comparable offices since the inception of the
Federal Reserve B&nk of Richmond* this will
enable us to make the necessary corrections
in our own list* It was most kind of you to
send us so thorough a response*
Very sincerely yours*
Mildred Adams
Mr. Thomas I* Storrs
Assistant Vice President
Federal Reserve Bank
Richmond 13, Virginia
STORES, Thomas I.
October 24* 1955
Dear Mr. Storrss
In the process of completing our file on men -who have served as Federal
Reserve Bank officers* we would be most grateful for your further aid*
Our listing of Vice Presidents (and Deputy Governors) of the Federal
Reserve Bank of Richmond over the years still has holes in it* thanks to your
cooperation and that of Mr. Howard, we have information on many of them, but we
need some way of checking those who are still missing. Would you, therefore, be
kind enough to send us a list of all Vice Presidents (and Deputy Governors) who
have served in the Richmond Banksdince the beginning? We would like to have with
their names the dates of their service in the Bank, and also the dates of their
various officsrships* this will enable us to check off those for whom our information is already complete and to start the search for biographic data on those
now missing In our records*
One point that has given us trouble is the office of Cashier• We have
found that in some Federal Reserve Banks the Cashier is a Vice President (in
which case we want to include him as such); in other banks the office of Cashier
ranks below & Vice Presidency* this practice may have varied with the yeers,
but our present interest is in only taose who have ranked or do rank as Vice
Presidents (or Deputy Governors) •
there is ao immediate rush on this, but we would be grateful if you
could send us the requested information within the next two or three weeks if
possible*
Meanwhile may we send warm thanks for your continued assistance* Xt
i& of the greatest help &nd most genuinely appreciated.
Sincerely yours,
Mildred Adams
Mr* Thcan&s I. Storm
Assistant Vice President
Federal Reserve Bank
Richmond 13, Virginia
FEDERAL RESERVE BANK OF RICHMOND
R I C H M O N D
Research Department E C
E
13,
V I R G I N I A
I V E D
October 20,
OCT 211955
COMMITTEE ON THE HISTORY
OF THE
FEDERAL RESERVE SYSTEM
Miss Mildred Adams
Executive Director
Committee on the History
of the Federal Reserve System
33 Liberty Street
New York A5, New York
Dear Miss Adams:
Thank you for the outline of material which your
committee views as potential source documents. It will
indeed be helpful to us in deciding upon the propriety
of disposing of particular records.
Sincerely yours,
Thomas I. Storrs
Assistant Vice President
1955
STORKS, Thomas I.
October 18, 1955
Dear Mr. Storrs:
Tour letter of October 11th throws into sharp relief the difficult
problem which has persisted throughout our series of Federal Reserve Bank
visits • namely, the listing of those records which, out of the mess of material
handled daily in the banks, can be labelled as having historical value and
therefore being worthy of long retention.
Thanks to the kindness of officers, file heads and librarians, and
after many consultations and revisions, we hsve now arrived at a program which
will, we hope, combine the needs of the historian with the practical realities
of bank practice in regard to records*
lour letter came just after these suggestions were presented to a
meeting of the Subcommittee on Destruction of Records which, I understand,
functions under the Committee on Miscellaneous Operations of the Conference of
Presidents* This Subccaamitte© was given the assignment of conferring with the
staff of this Committee with a view to developing guides and standards for the
preservation of historical material by the Federal Reserve Banks*
At the meeting of the Subcommittee held in Mew fork on October 5-7f
1955f I conferred with the members of the Subcommittee and we then developed
Jointly the attached list of records and other papers 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 Mlseel*
laneous Operations, I am hopeful that, in the meantime, such material will
prove helpful to you in deciding upon the propriety of the disposal of particular records.
Very sincerely yours,
Mildred Adams
Mr* Thomas I* Storrs
Assistant Vice President
Federal Reserve Bsnk
Richmond 13, Virginia
Enc.
STORRS, Thomas I .
FEDERAL RESERVE BANK OF RICHMOND
RECEIVED
R I C H M O N D
Research
flfr£fttife%
1955
COMMITTEE
ON THE
HISTORY
13,
V I R G I N I A
October 11, 1955
OF THE
FEDERAL RESERVE SYSTEM
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:
Mr. Sproulfs letter of February 11, 1955, to Mr. Leach
indicated that a member of your staff would get in touch with
our liason officer to outline your wishes with regard to the
preservation of records. In his reply to Mr. Sproul of
February L4, Mr. Leach designated me as the liason officer.
Since that time our records destruction program has
been brought to a virtual standstill awaiting some statement
of guiding principles as to the records that are believed to
be of historical value. We realize that this statement had
to await your survey of the filing systems and the contents
of the Banks' files. Storage problems are becoming pressing,
however, and we should appreciate such guides as you can make
available at this time.
Sincerely yours,
<&IO#UM
Thomas I. Storrs
Assistant Vice President
HOWARD, Robert G.
August 30, 1955
Dear Mr. Howard:
Thanks so much for your kindness
in sending us the biographical sketches of
Mr* H. U Rust and the late Mr. M. F. H»
Gouverneur and for continuing to vork on
the cerrer data for Mr. W. M. Add!son•
Xour cooperation is most valuable
to us, and ve are glad to get these as they
cose along*
Very sincerely yours*
Mildred Adams
Mr, Robert G. How&rd
Assistant Vice President
Federal Heserve Bank
Richmond 13, Virginia
HOWARD, R o b e r t G.
FEDERAL RESERVE BANK OF RICHMOND
R I C H M O N D ! 3,
V I R G I N I A
W31SA8 3AU3$3U TVM3O3J
3H1 JO
AHO1SIH 3HJL NO 33UIWW00
August 23, 1955
Miss Mildred Adams
Committee on the History of the
Federal Reserve System
33 Liberty Street
New York 45 > New York
Dear Miss Adams;
Enclosed are two more biographical sketches that we have
been able to obtain — of Mr. H. L. Rust, a present director
of this bank, and the late Mr. M. F. H. Gouverneur, a former
director.
So far we have not obtained the required information on
Mr. ¥. M. Addison, a former director. Mr. Addison is in poor
health, but his son has assured us that he will try to provide
the data as soon as possible.
Very truly yours,
/
Robert G. Howard
Assistant Vice President
STORES, Thomas
c
FEDERAL RESERVE BANK OF RICHMOND
R I C H M O N D
Research Department
.
13,
V I R G I N I A
.*" /~~ CT I \ / ET 1%
August 22, 1955
A ! J: 2 3 1955
COMMITI££ ON THE HISTORY
OF THE
FEDERAL RESERVE SYSTEM
Miss Mildred Adams
Executive Director
Committee on the History of
the Federal Reserve System
33 Liberty Street
New York 15, New York
Dear Miss Adams:
In Mr, Storrs1 absence from the office, I am
taking the liberty of acknowledging your letter of
August 19 to him.
I feel certain he will be in touch with you
very shortly after his return from his vacation on
August 29*
Very truly yours,
secretary to
Thomas I* Storrs
Assistant Vice President
HOWARD, Robert G.
August 19, 1955
Dear Mr* Howards
Miss Adams has asked me to send you
our much overdue thanks for the biographic
material with vfaloh you so kindly supplied us*
I t has already been put to good use. We ^dll
be h&ppy to receive the additional information
on Messrs* Addison, Rust and Gouverneur when
you are able to track i t down*
¥e ar© extremely grateful for your
aid in t h i s .
fery sincerely*
Iraa Bursteia
Secretary
Mr. Robert G. Homrd
Assistant Vice President
Federal Reserve Bank
Richmond 13, Virginia
STORRS, Thomas
August 19, 1955
Dear Mr. Storrss
Thanks so much for your kindness in filling out our
•Preliminary Questionruiire on Files end Historical Source
Material" and returning it so quickly. We are very glad to
have coaplete details, and all this data is of the greatest
help.
I keep wondering what is happening to the elderly
Mrs, Seay and •whether it has been possible to get any track
of the papers she has in that old house. I know that you and
your assistant are watching the situation, and, of course,
my hope3 that she has historical material nay be quite vain,
but I f U depend on you to let us know if anything changes
there*
It vili be a pleasure to send a H future correspondence on available materials direct to you.
Cordially yours,
Mildred Adams
Mr. Thomas Storrs
Assistant Vice President
Federal Reserve Bank
Richmond 13, Virginia
STORES, Thomas
FEDERAL RESERVE BANK OF RICHMOND
R I C H M O N D
Research Department
13,
V I R G I N I A
August 10, 1955
RECEIVED
Miss Mildred Adajns
Executive Director
Committee on the History of
the Federal Reserve System
33 Liberty Street
New York 4.5, New York
11 3°
COMMITTEE ON THE HIITOH*
~
Of THS
FEDERAL RESERVE SYSTEM
Dear Miss Adams:
Enclosed is the completed questionnaire on the files
and historical source material in this Bank. If you have further
questions in this connection, I will be glad to try to obtain the
information for you.
It is our understanding that future correspondence in
connection with the survey of available material will be routed
through me. This will be helpful since some confusion has arisen
in the past through the direction of related inquiries to different people within the Bank.
Sincerely yours,
Thomas I. Storrs
Assistant Vice President
Enclosure
HOWARD, R o b e r t G,
FEDERAL RESERVE BANK
R I C H M O N D
13,
RECEIVED
V I R G I N I A
AUG 8 1955
COMMITTEE ON THE HISTORY
AUG
B 1955
COMMITTEE ON THE HiSTOMg
OF THE
FEDERAL RESERVE SYSTEj|
FEDERAL RESERVE SYSTEM
August 5, 1955
Miss Mildred Adams
Committee on the History of the
Federal Reserve System
33 Liberty Street
New York 4-5, New York
Dear M s s Adams:
Your letter of July 22 to Thomas I. Storrs "was turned over
to me for handling as we in the Public Information Department maintain most of the biographical information on our officers and directors,
both present and past.
In view of your August 8 deadline, we are enclosing the twentyeight biographical sketches that we have been able to complete or complete partially. The records are rather sketchy on some of our past
directors, but we have "tried every means that we know of to get the
required data. You will find that some data has not been found.
Three forms have not yet been completed — those for ¥. M.
Addison, H. L. Rust, and the late M. F. H. Gouverneur. We have written
to Mr. Addison and Mr. Rust and to Mr. Gouverneur1 s widow and are
hopeful of receiving their replies in a few days. We shall forward
this data to you as soon as we receive it.
Sincerely yours,
Robert G. Howard
Assistant Vice President
3T0RR3, Thomas I.
July 27, 1955
Bear Mr. Storrs*
Back in February, Mr. Sproui vrote to Mr. Leach asking for the
of an officer vith vho® the staff of this Cosaaittee could establish liaison, and wio would "act as guide to the supervisor of your files,
your custodian of storage records, your librarian, officers, department
heads, or anyone alse vho might have questions about the destruction of
records, reports or studies in which the Committee may have an interest.11
We understand that Mr, i*eaeh asked you to accept this assignment*
In the intervening months we have been trying to find some basis
for collecting data on the files and file material which the various banks
keep, and on the patterns by which they discard. We have finally decided
that we need first to knov certain basic facts about filing practices in
the various banks*
We hsve therefore vorked out a skeleton questionnaire on files
-which vill, viXh 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), -vre will have the basis for a better understanding of what
materiel of historical value ve can and cannot hope to find preserved in
your files.
The Cosiaittee would want me to thank you in advance for your
kind cooperation in this matter*
Very sincerely yours,
Mildred ideas
Mr. ISiomas I. Storrs
Federal Reserve Bank
Richmond 13, Virginia
July 22, 1955
Mr. Thomas I. Storrs
Federal Reserve Bank of Richmond
Richmond 13, Virginia
Pear Mr. StorrsJ
Xou were so kind l&st year during my visit to Richmond that I am taking
the liberty of writing you again in an appeal for further aid.
¥e are now in the familiar position of those who start to collect with a
rather loose hand, and then find themselves obliged to refine. On re-examining
the biographic material which came from Richmond, we find thirty-one people for
whom we neeG acre information than we have*
¥e very snach hope that your records will yield this additional data. A
list of the sen concerned is enclosed, with a career blank for each one* In
case we are, as sometimes happens, asking for more than is available, may I
say that the categories of information most important for our present purposes
are the following:
Full name
Date and place of birth
Date of death
Federal Keserve service record
Education
Career data
Home address, or tfoat of surviving relative
One other imperative is the time element. Me are under pressure to get
this data together aa quickly as possible. Much as we hat© to push, I know
that in scheduling this you will want to know that Monday, August 8th, is a
deadline for us.
My wars thanks in advance*
Very sincerely yours,
Mildred Adams
Richmond
Unless otherwise indicated, all information on attached
blanks is needed for each person listed*
Addison, V, M. (Director, Class B, 1931)
Armistead, N* L. (Vice President, 1950 to date)
Braswell, James C. (Director, Class A, 1926 - 194-6)
Bruton Col. John Fletcher (Director, Class A, 1914-1925 and Member, Fed. Adr. Coudcil,
1926-1928)
— Need date of death only.
Cherry, R. L. (Vice President, 194? - 1951)
Sry, J. G # (Vice President, ? - 1944)
Gouverneur, M.F.H. (Director, Class C, 1934-1917)
Guthrie, Claude L, (Vice President, 1945 - 1948)
Hagner, D. F, (Vice President, 1951)
Harrison, James D. (Director, Class A, 194.6-1954)
Heflin, Aubrey N. (Vice President, 1953 to date)
Hyde, Edwin (Director, Class B, 1951-1954)
Ingle, William (Chairman and Fed. Res. Agent, 1914 - 1916)
•— Heed all information except career data
Johnson, Warren S« (Director, Class A, 1947 to date)
Keesee, George H. (Vice President, ? * 1945)
Lassiter, Robert (Director, Class C, 1923 - 1946, Chairman 1937 - 1946)
— Need marriage date and wife's name, and home address only
Malloy, Edwin (Director, Class B, 1934-1947)
Mann, Edwin (Director, Class A, 1914-1920)
Martin, Upton S. (Vice President, 1953 to date)
Mercer, R. W. (Vice President, 1941 - 1954)
Milford, W, R. (Vice President, 1947 - 1950)
Moncure, James A* (Director, Class C, and Deputy Chairman, 1914 - 1921)
Page, Cary L. (Director, Class B, 1948 - 1953)
Reed, Charles C. (Director, Class B, 1932 - 1949)
Rieman, Charles U l e t (Director, Class A, 1913 - 1945)
— Heed only date of deata, if deceased
Rust, Jr.| Harry Lee (Director, Class B, 1944 to date)
Sibley, W, A. L. (Director, Class B, 1954 to date)
Strathy, C« B. (Vice President, 1945 to date)
Sydenstricker, John A, (Director, Class A, 1942 to date)
Watson, Dr. K. Brentley (Vice President, 1949 - 1954)
Wayne, Edward A. (Vice President, 1943 to date)
WALFBBD, Bess P.
FEDERAL RESERVE BANK OF RICHMOND
RICHMOND 13, V I R G I N I A
RECEIVED
April 1, 1955
APR 41965
ooMMtrri
OFTMC
Miss Marguerite Burnett
TOW*!.
ftCSEftvg
SYSTEM
Research Associate
Committee on the History of the Federal Reserve System
33 Liberty Street
New York 4-5, N. Y.
Dear Marguerite:
I am enclosing the questionnaire you sent. In most cases
I have answered the questions on a separate sheet in to order
to have space. If there are any further questions please let
me know.
Your name has been placed on the mailing list to receive
a copy of our Organization Chart, and I expect you have already
received the January 1, 1955 edition.
We have photostatic copies of our Organization Charts for
the following dates:
February 1924.
January 1, 1926
January 1, 1932
January 1, 1935
August 16, 1936
May 1, 1937
October 16, 1937 - only Head Office
September 16, 1938 - only Head Office and Baltimore
January 1, 1941
July 15, 1941 - only Head; Office
We have printed copies for the following dates:
May 1, 1942
May 1, 1943
August 1, 1943
February 1, 194.6
April 1, 194.6
August 1, 194-6
September 1, 1947
September 8, 1949
June 1, 1950
January 1, 1951
October 1, 1951
May 1, 1953
January 1, 1954January 1, 1955
Copies of the Organization Charts are retained in the
Library1s current files and -with the archival material.
If we can be of any further assistance, please let us
know.
Sincerely,
Bess P. Walford
Reference Librarian
BFW/fs
Enclosure
WALFORD, Bess P.
torch 9,
Miss Bess P* Wali'ord, Research Librarian
Federal Reserve Bank of Richmond,
Richmond, 13, Va.
Dear Pat,
The enclosed questionnaire i s in the natuie of a follow-up of
the v i s i t Kiss Adaiis made to your Bank and in some instances may duplicate questions she asked you at that time. If so, we beg your indulgence,
as the f i l l i n g out of t h i s record will help us form a comprehensive picture of the way the Reserve Banks keep their archival material. This
will be followed l a t e r by a second questionnaire frained to go more in
detail into the materials most vital for System history.
May I at the same time ask if a 19££ edition of your Bank's
Organization Chart has been issued? We should like t o have a copy when
i t becomes available. Could you have our name placed on the permanent
mailing l i s t so that we may receive new editions automatically in the
future?
At your convenience we should appreciate your reporting to us
how extensive a series of the previous editions of these Organization
Charts your Bank has on hand, l i s t i n g the dates and where they are filed*
Sincerely yours,
Marguerite Burnett
Research Associate
FEDERAL RESERVE BANK OF RICHMOND
^
v** ^ £ I W
F£e
M»
RICHMOND
13, V I R G I N I A
15 1955
February U, 1955
Mr. Allan Sprb&l, Chairman,
Committee on the History of the Federal Reserve System,
33 Liberty Street,
New York 45, New York.
Dear Allan:
As requested in your l e t t e r of February 11, I
have appointed Thomas I . Storrs, Assistant Vice President,
to represent this bank in maintaining communications with
the staff of your committee.
Mr. Storrs will be glad to
see that records of historical value are not destroyed.
Sincerely yours,
Hugh Leach,
President.
LEACH, Hugh
FEDERAL RESERVE BANK OF RICHMOND
R I C H M O N D
13, V I R G I N I A
January 21+, 1955
Miss Mildred Adams, Research Director
Committee on the History of the Federal Reserve System
33 Liberty Street
New York U5, New York
Dear Miss Adams:
In regard to your letter of January 20, I have
not seen Mrs. George J. Seay for some time but the member
bank trust officer who keeps in touch with her tells me
she has changed little in recent months.
I shall bear in mind your interest in certain
historical papers.
With all good wishes, I am
Sincerely yours,
Hugh Leach
J 1955
COMMITTEE OH THE HISTORY
OF THC
FEDERAL RESERVE SYSTEM
President
LEACH, Hugh
January 20, 1955
Dear Mr. Leach:
lou may remember that when I was in Richmond laat spring I
took occasion to call on Mrs, George Seay, the widow 02" your late
predecessor, in the hope that she might have a collection of the
Governor's papers which would be valuable in this history project*
At that time I car&e away with the knowledge that she had a
printed copy of the brief for Richmond1s case in wanting the bank
there, and the impression that there might be other papers as
well on the upper floors. Her rrdnd was so far gone that nothing
could be done about them vhile she lived.
I aa writing you about all this because I was told in Cleveland
last week that Mrs. Seay had recently d i e % If there is truth in this
rumour, it is important to us, and to your own collection of historical
materials, that any papers which Governor &eay a&y have left should
be returned before the estate's executor deij^roys them.
On the other hand, the rumour may be totally false. We would
be most grateful for word from you on this.
Very sincerely yours,
Mildred Adams
Mr. Hugh Leach
Federal Reserve Bank of Richmond
Richmond 13, Virginia
LEACH, Hugh
December 20, 1954
Dear Mr. Leach:
Tour note of December 17th, %-ith its news t-bout the
John Skelton Williams papers, comes as a fine Christaas tonic.
I do hope that the advice of Mr. Willises Jr. is effective
Mrs. Williams Sr.
Thank you so Euch for your decisive intervention in
this, and may I, at the noise tize, send you most cordial
Christmas wishes.
Gratefully yours,
Mildred Adams
Mr. Hugh Leach, President
Federal Reserve Bank of Richmond
Richmond 13, Virginia
FEDERAL RESERVE BANK OF RICHMOND
R I C H M O N D
13,
V I R G I N I A
December 17, 1954
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:
Mr. John Skelton Williams, J r . told me today
that his family have about decided to send his father 1 s
papers to the University of Virginia library soon after
the f i r s t of the year. The only thing lacking i s the
approval of his mother, which he expects to get in
Florida during the Christmas holidays.
With best wishes, I am
Sincerely yours,
Hugh Leach,
President.
REC EIVED
DEC 2 0 1954
COMMITTEE ON THE HISTORY
OF THE
FEDERAL RESERVE SYSTEM
HOWARD, R o b e r t C,
FEDERAL RESERVE BANK OF RICHMOND
EU
• »
•""
RICHMOND
13, V I R G I N I A
December 9> 1954
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:
Edward A. Wayne, first vice president of this bank, has asked me
to reply to your letter of December 3 addressed to him. He has also
turned over to me the complete file of correspondence between your
committee and various officers of this bank, with the request that I
ask you to address your future correspondence to me.
To date, we have published nothing calling attention to the bank's
fortieth anniversary, although the forthcoming issue of our employee
publication, Federal Observer, will carry an informal historical article.
We are adding your name to the Observer mailing list.
Enclosed is an article by a local historian that appeared in the
Richmond Hews Leader on April 2, 1954 that may be of use to you. While
it may suffer from some omissions that would be significant, I understand
that it is otherwise pretty accurate.
I am uncertain of the full meaning of your sentence mentioning your
"files on people in the Federal Reserve System and on the regional banks."
You of course have biographical sketches of all of our past chairmen and
the present chairman. If you would like additional biographical sketches
of other directors and/or officers, we shall try to supply it — although
I daresay that may prove to be a difficult chore.
However, we shall continue to try to be helpful. Please do not
hesitate to ask us for anything that you think we might be able to provide.
Very truly yours,
Robert G. Howard
Assistant Cashier
December 6, 1954
Dear Mr, Leech:
Xou were so kind and hospitable to me when I was in Richmond last
spring that I am taking the liberty of asking your advice and, if possible,
your aid on a quest which has thus far been fruitless.
As I think you knew at the time, one of the distinguished Richmond citizens whose papers I hoped to locate was John Skelton Williams,
Comptroller of the Currency from 1 9 H to 1921 and thereby influential in
the early dsys of the Federal Reserve System*
Thanks to a Bank suggestion, I found the Comptroller's son, Mr»
John S. Williams, at the office of the Equitable Assurance Company where he
was employed. He was interested in this history project and pleased that
we were interested in his father's papers. He told me that the family was
thinking of depositing the papers either in the University of Virginia Library at Charlottesville or in the Virginia Historical Society at Richmond.
I suggested that, as Mr. Williams was a federal official, the
family might consider sending the papers to the Library of Congress. Secondly, as the Carter Glass papers are in the University of Virginia Library, and knowing that that library was equipped to handle scholarly needs,
I suggested that the papers might go to Charlottesville. Mr. Williams promised to let me know when the family made their decision.
Since then, we have heard only silence. I wrote Mr. Williams a
follow-up letter repeating, that we were eager to know where the papers were
going, I have just hed-.vord that Dr. Elbert Kincaid end Dr. Francis Berkeley, Curator of Manuscripts at Charlottesville, have also written Mr* Williams inviting him to deposit the paters in the University library.
What I am now wondering is whether you would feel you could add
your own considerable \ressmre in this matter. Regardless of whether the
Williams family chooses to put the papers in Richmond, Charlottesville, or
Washington, the important thing, from the point of view of people interested in the Federal Reserve System and the various influences playing on its
early days, is that they deposit them in a place where the collection can
be readily available to students* A ward from the President of the Federal Reserve Bank of Richmond should represent the final push needed to
move the Williams family to action« We would be moat grateful if you felt
it wise to say that word.
Very sincerely yours,
Mildred Adams
Mr* Hugh I*each
President
Federal Reserve Bank
Richmond, Virginia
WALFORD,
December 6,
Miss Bess P. Walford, Reference Librarian
Federal Reserve Bank of Richmond,
Richmond, 13, Va,
Bear Pat,
On ay return to my desk after two days 1 absence I find
that the Organisation Chart and t h e Directory of the Richmond
Bank arrived on December 2 #
Thank you very much for these replacements for the
originals that apparently disappeared on the way here.
Sincerely yours,
Marguerite Burnett
December 3, 1954
Dear Mr. V'aynej
As you probably knov, for the past year the above
ha* been assembling material on the history of
the Federal Reserve System for the use of scholars and
students. We are gradually building up in this office
*\ history research center vhich includes airong- other tools
files on people in the Federal Reserve System and on the
regional ban-:s. The Committee would like to receive
regularly from you any material the Richmond Bank publishes
vhich vould contain information of use to this office. Ve
are particularly anxious to receive anything you may have
published in connection vith the /+Oth enniversary of the
System. Ve vould also like to be }ut on the regular
mailing list of The Federal Observer vhich we feel could
be from time to time a useful source of information.
The Committee will be most grateful for any assistance
you can give us.
Sincerely yours,
Mildred Adams
Mr. Edward A. Wayne
Federal Pe«erve Bank of Richmond
Richmond 13, Virginia
WALFORD, B e s s P .
FEDERAL RESERVE BANK OF RICHMOND
RICHMOND
13 r
VIRGINIA
December 1, 1954-
Miss Marguerite Burnett
Committee on the History of the Jj'ederal Reserve System
33 Liberty street
Nev lork A5f New lork
Dear Miss Burnett:
I am sorry that you. did not receive the organization
chart and our directory which we sent on November 19th.
I am sending you another copy of each, under separate' cover,
and would appreciate it if you would let us know if these
are received.
Our organization chart is being revised and should be
ready for distribution sometime in January. I will send
you a copy of this when available^.
Sincerely yours,
P.
Bess P. Waiford
Reference Librarian
fs
RECEIVED
DEC 2 1954
COMMITTEE ON THE HISTORY
OF THE
FEDERAL RfiSCftVE SYSTEM
VALFORD, Bess P.
h
f
~ A* tsJUfjf Iff 3b
FEDERAL RESERVE BANK OF RICHMOND
c
RICHMOND 13,
VIRGINIA
Research Department
November 19, 1954
¥x £, CJ F"* I V/ P?" ;
FEDERAL !ii~SLl<Vj.
Miss Marguerite Burnett,
Committee On the History of the Federal
Reserve System,
33 Liberty Street,
New York 4-5, New York
Dear Miss Burnett:
We are sending you a copy of our latest organization
chart under separate cover. We are also sending you a
copy of our Directory, since we have it for a later date
than the chart.
Sincerely yours,
Bess P. Walford
Librarian
VALFORD, Bess P.
Bovember 18, 195k
Miss Bess P. Walford, Librarian
Federal Reserve Bank of Richmond,
Richmond, 13, ?a*
Dear Pat,
May I enquire i f your Bank has an organization chart? If so,
may we have a copy of the latest 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 let us have any bulletins
or mimeographed l i s t s that give the names of your officers and their
functions and the personnel of the Bank's coaimittaes.
Sincerely yours,
Marguerite Burnett
WALFORD, Bess P.
Hovember 3,
Miss Bess P. Walford, Research Librarian
Federal Reserve Bank of Richmond,
Richmond, 13, v"a.
Dear Pat,
I want to thank
on your library. I hope
therefore did not weifth
to have t h i s up-to-date
you very much for your filled-in questionnaire
that you had a good vacation and that this chore
too heavily on you* It is most helpful to us
information on hand.
lie are now trying to compose a questionnaire about the archives
resources of the Reserve Banks. This requires considerable preliminary
study in order t o make i t meaningful, so that one keeps busy. It has
not been decided to whom the questionnaire will be addressed but I am
sure that somewhere along the line the librarians will be involved* I
shall then be glad to accept your offer of further assistance.
Sincerely yours,
Marguerite Burnett
WALFORD, Bess P .
FEDERAL RESERVE BANK OF RICHMOND
*
RICHMOND 13, VIRGINIA
October 28, 1954
Miss Marguerite Burnett
Committee on the History of the Federal Reserve System
33 Liberty Street
New York 45, N. I.
Dear Miss Burnett:
I was on vacation when your letter arrived, hence the slight
delay in my reply.
A number of pamphlets are shelved with the books, and they
are therefore in that count. Pamphlets of permanent value in
the vertical files are cataloged and these are the ones I have
indicated.
loiar new job sounds most interesting and I know you are
enjoying it.
If I can be of any further assistance, please let me know.
Sincerely yours,
Bess r. Walfofrd
Reference Librarian
BPW/fs
October 27,
Dear Mr. Williams:
Thank you so much for your letter of October 21 giving
us the names of professors in your District whom you consider
particularly competent in the field of money and banking. We
are deeply appreciative of such discriminating cooperation.
Very sincerely yours,
Mildred Adems
Mr. Charles V.
Vice President
Federal Reserve Bank of Richmond
Richmond 13, Virginia
FEDERAL RESERVE BANK OF RICHMOND
R I C H M O N D
13,
V I R G I N I A
October 21
1954
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:
In line -with your recent request, I am glad to provide a list of names of individuals, chiefly instructors
in Money and Banking, in the Fifth Federal Reserve District, some of -whom could undoubtedly prove of assistance
in your broad study of the history of the Federal Reserve
System.
The first group comprises eight individuals, the first
six of whom participated in our central banking seminar
last year. They might be labeled the Myounger group" and
characterized as possessing considerable interest in both
background and current functioning of the System. Group 2
might be labeled the "senior group;" that is, mature and
well-established professors and specialists, who might be
of considerable value in reviewing at the manuscript stage*
In addition, we have the feeling you might wish to invite
participation in the project of some of the "old-timers,11
namely, retired operating officers. We have therefore included the names of Messrs. Valden and Keesee, (Group 3) •
I hope the enclosed list is in line with your requirements and that you will feel free to call on us further if
we may be of assistance.
Sincerely yours,
Chas. V. Williams,
Vice President
Richmond
»
Group 1
Edward C, Atvrood, Jr.
Washington and Lee University
Lexington, Virginia
Gaines M. Rogers
Wake Forest College
Wake Forest, North Carolina
John G. Gurley
University of Maryland V
College Park, Maryland
Wilson Schmidt
George Washington University
Washington, D. C.
Olin S. Pugh
\/\
University of South Carolina
Columbia, South Carolina
Warren L. Smith
University of Virginia
Charlottesville, Virginia
Anthony L. Sancetta
College of William and Mary /
Wiiliamsburg, Virginia
*
Thomas Melville Stanback, Jr.
University of North Carolina
Chapel Hill, North Carolina
Group 2
John Forbes
University of Virginia
Charlottesville, Virginia
E. C. Simmons
\y
Duke University *
Durham, North Carolina
E. A. Kincaid
Rugby Road at Mason Lane
Charlottesville, Virginia \
Herman P. Thomas
University of Richmond
Richmond, Virginia
B. U. Ratchford
Duke University
Durham, North Carolina
Group 3
John S. Walden, Jr.,
3903 Seminary Avenue
Richmond, Virginia
J
Geo. H. Keesee y
Monroe Terrace ^
Richmond, Virginia
October 19, 1954
Dear Miss Valford:
I am writing to you in connection with ay new 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
mterial that is in each Federal Reserve Bank and the Board of
Governors, and you vill be hearing fros me later about that
project. I shall very much need the help of ?sy Federal Reserve
Library friends.
Meanwhile, I am 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 end the fora 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 vhat I
knew to be recent data. I shall be most- grateful for your
aid in this.
Sincerely yours,
Marguerite Burnett
Inc.
Miss Bess P. Valford
Librarian
Federal Reserve Bank of Richmond
Richmond 13, Virginia
RXSEHVE BASX OF BICIWOHD - LXBBARX
Bichsiondi 1 3 , f i r g i u l e
E»t&bil®tieci?
Date
Librarian* Buss P. Waiford
Research Department - Vic© President i s eharfti (lame)
|»l%««,riaK reports to* (Name C&6 t i t l e )
Steffi Total Professional Sonreei
foluaeai
-
Puipldetii
'
•
Added Anauallyi
Mo» Beceivedi
Wo. Boti»4t
Disposal of othersi
Vertical file draw^re:
lo. M©vspap®rsi
Special collectionSJ
lo* Bound or on
iticrofllat
publicationst
DISCBIFTIOI OF LIBBABY (Subjectn stressed, etc.)
Bo#» Library prepare an manual report?
i f 8©t vhere?
Kam« o f supervieor o f the B&nk'g corretipor.aence
O f f i c e r to nbo® she reports (naiie and t i t l e ) t
I s a mmsmvy published,
CCMilTTEE OU THE HISTORY OF THE FEDERAL RESERVE SYSTEH
33 Liberty Street, New York 45, New York
October 15, 1954
Dear Mr. Williams:
On September 21st we wrote asking you to
names of people teaching money and banking in your
ere actively interested in studying various phases
System", The Committee wishes to vrite these men,
them of this project and inviting their interest.
suggest the
area "who
of the
telling
We recognize it to be of the utmost importance that
the area of Richmond is represented in our list. Since the
Comittee wishes to send out a letter about this project as
soon as possible, it would be most helpful if you could send
us the names you vish to suggest. Even though we have been
given a five-year grant, we are painfully aware that time is
of the essence.
Most sincerely your*,
Mildred Adams
Research Director
Mr. Charles V. Williams
Vice President
Federal Reserve Bank of Richmond
Richmond 13, Virginia
FEDERAL RESERVE BANK OF RICHMOND
R I C H M O N D
13,
V I R G I N I A
Research Department
September 24
Miss Mildred Adams, Research Director,
Committee on the History of the
Federal Reserve System,
33 Liberty Street,
New York 4.5, N. I.
Dear Miss Adams:
Thank you for your good letter of September
21. It is naturally pleasant to note that your
Committee is now ready to embark on its historical
study of the Federal Reserve System. We, of
course, wish you well in the prodigious task.
Your request for a list of people teaching
money and banking in the Fifth Federal Reserve District has been noted. Since such a list is understandably quite important, we would like to give
it careful attention for the next fortnight or so
and then pass along to you a list that, in our
judgment, would be, as you put it, "carefully selected" and useful in your research effort.
Sincerely yours,
Chas.^W. Williams,
Vice President
September 21, 1954
Bear Mr. Williamst
I think you know, from a letter which Mr. Allan Sproul
recently wrote to Mr. Leach, that this Committee now has its fiveyear grant and is ready to embark on the definitive study of the
Federal Reserve System for which the grant was made.
It goes without saying that we need the very best help
we can get in order to achieve work of the quality we aim 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 men who are aware of the project and interested
in it.
We understand that you have a list of people vho are
teaching money and banking in the Richmond region. Could you e-ive
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 - we have every desire to include men
of many opinions, including those vho have shown themselves critical,
¥hat we aim at is a list of the top 150 to 200 men in the
country vho are actively interested in studying various phases of
the System and we are most anxious to include a proper proportion
of those in the Richmond district. Ve will be very grateful for your
cooperation in this.
Very sincerely yours.
Mildred Adams
Research Director
Mr. Charles V. Williams
Vice President
Federal Beserve Bank of Richmond
Richmond 13, Virginia
COPY
FEDERAL RESERVE BANK OF RICHMOND
Richmond 13, Virginia
September 15, 1954
Mr. Allan Sproul, President,
Federal Reserve Bank of New York,
Nev York 4.5, Nev York.
Dear Allan:
It is good to know that the Rockefeller
Foundation has made a generous grant to further the
work of the Committee on the History of the Federal
Reserve System. We are naturally very much interested
in this project and you may count on us to help in any
way we can.
Vith all good wishes, I am
Sincerely yours,
/s/
Hugh
Hugh Leach,
President.
Key 24, 1954
Dear Mrs. Rhodesi
MiSB Adams wishes ae to thank
you for your kindness in returning the corrected
pages of the bibliography and your notes on the
interview with Mr. Keesee.
She -would like me to express
also her apprecietion to you, to Mr. Storrs, and
others in the Richmond Bank vho aade her recent
visit so enjoyable. She hopes to keep in touch
with you as her vork moves forward*
Sincerely yours,
Research Assistant
Mrs. Patricia G. Rhodes
Research Assistant
Research Department
Federal Reserve Bank of Richmond
Richmond 13
Virginia
FEDERAL RESERVE BANK OF RICHMOND
RICHMOND
13,
VIRGINIA
Research Department
May 2 1 , 1954-
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:
Mr. Storrs gave me the two pages from the bibliography
which you sent and I have made the additions to my copy. Thank
you very much.
I must admit that I didn't make any notes on Mr.
Keesee's conversation, but since your letter came I have put
down all, that I can recall of the anecdotes he told. I am
enclosing them along with pages one and three of the bibliography.
Plans still haven't been formulated as to the method
of drawing on Mr. Keesee's knowledge, but I hope, as you do,
that something will be worked out.
It was a pleasure meeting you, and I am glad that
our files contain some material that will be of value to you.
Sincerely,
(Mrs.) Patricia G. Rhodes
Research Assistant
PGRjvl
Enclosures
Mr. Keesee was asked by Mr. Seay the night before the Federal Reserve
Bank opened to be an officer. He accepted but did not start work at once
as he felt he must give the bank where he was then employed due notice.
As the two banks were only a few doors apart he more or less divided his
time between the two before entering the employment of the Federal Reserve
Bank.
During the time that Richmond was "campaigning" for one of the Federal
Reserve Banks, groups of Richmond citizens (bankers, businessmen, etc.) went
out and visited all of the banks in the area that now comprises the Fifth
District and surrounding territory. He recalled one group that he was in
that went to Lexington, Ky. There they met with the members of the Clearing
House Association and presented Richmond's case. In the course of presentation they asked them only to vote for Richmond as second choice, as they
would naturally expect them to give first preference to Louisville, if for
no other reason than state pride. Before the meeting closed the members
went on record as wanting Richmond for their second choice. From Lexington
the group divided into parties of two and headed back to Richmond, visiting
banks all along the way. Mr. Keesee and Mr.
were partners and at
one of their stops in the southwestern part of Virginia they were talking
with an old gentleman that ran a one-man bank. It was Mr. Keesee's turn to
tell about Richmond and he began by telling about Richmond's good points
and then asked the banker if he had ever been there. The reply was rather
startling. He said he had been in Richmond only once^in I864. as a prisoner
at Libty prison.
In the first building in which the Federal Reserve Bank was housed
there was only a small, safe; the bank keeping all of its money in the vault
of the First National Bank. Mr. Keesee can remember seeing Mr. Seay many
times going to the First National with a porter to get some money. The
porter would carry the money and Mr. Seay the gun.
BIBLIOGRAPHY ON PRINCIPAL SOURCES ON THE
FEDERAL RESERVE BANK OF RICHMOND
Annual Report of the Federal Reserve Bank of Richmond. Vols. 1-21, 1915-1935;
Vols. 37-39, 1951-1953. (1936-51, Balance sheets, report of condition only.)
Proceedings of a Meeting of Stockholders of the Federal Reserve Bank of Richmond.
Vols. 1-8, 1925-1932.
Fun and Finance. June 1922-April 193/2• (Bank House Organ — employees information
and relations.)
The Federal Reserve Bank of Richmond, by Charles Guernsey Coit. Columbia University
Press, New lork, 1941.
History and Description of the New Building. Federal Reserve Bank of Richmond,
October 1921.
Review of the Operations of the Federal Reserve Bank of Richmond. From Date of
Organization to the Close of the Year 1915.
The Development of the Check Collection System During the Past Twenty-five Years* by
Claude L. Guthrie. June 1941* (Thesis written by bank officer for Rutgers School
of Banking.)
An Argument in Favor of Putting into Immediate Operation the Complete Reserve Provisions
of the Federal Reserve Act, by George J. Seay. 1915. (Pamphlet)
Chronological calendar of Mr, Seayfs activities in connection with founding of
Richmond Bank, compiled by Mrs. Seay. (T^ped only)
Report of the Conference of Members of the Federal Reserve Bank of Richmond. District
No, 5, held in Richmond, on May 18, 1914Brief on Behalf of the Citizens of Baltimore—Before the Federal Reserve Board in the
matter of the designation of the Federal Reserve City in the Fifth Federal
Reserve District. 1914*
An Appeal to Justice Presenting Baltimore^ Claims to a Regional Bank. This was written
after Richmond w&s designated as the Reserve City. (Pamphlet in Virginia State LibrarJ
Richmond as the Location of the Bank—A brief submitted to the Reserve Bank Organization
Committee by the Committee representing Richmond (written by George Seay).
Reply Brief on Behalf of the Richmond Member Banks of the Federal Reserve Bank of
District No. 5—Before the Federal Reserve Board.
5
"The Baltimore Protest,11 editorial in Journal of Commerce and Commercial Bulletin,
April 1914.
Letter to the Editor of Journal of Commerce and Commercial Bulletin on the above
editorial by George J. Seay, April 21, 1914-* It appeared in the paper on
April 24, 1914.
- 3 The News Leader. Monday, November 16, 1914 • Opening of Bank.
The Richmond News Leader. Wednesday, March U> 1936 and Thursday, March 5, 1936.
Governor Seay retires.
Richmond Times Dispatch. Thursday, March 5, 1936. Governor Seay retires.
Richmond Times Dispatch. Wednesday, March 25, 1936. Testimonial dinner given for
Governor Seay.
The Richmond News Leader. Wednesday, March 25, 1936. Testimonial dinner given for
Governor Seay.
Box of papers of Governor Seay. including clippings, pictures, letters and
original telegrams between Richmond and Washington on opening of the
Richmond Federal Reserve Bank.
Letters to College Classes in Economics and Banking Discussing the Practical
Operations of the Federal Reserve System. Nos. 1-19, Dec. 1921 through
June 1925, Federal Reserve Bank of Richmond. Loose-leaf book of educa313F
tional folders written by Vice Governor Charles A. Peple, distributed
by Richmond Federal Reserve Bank.
Financing the World War — credited to George J. Seay, April 1923, but contains
covering letter indicating it was prepared hy Albert S. Johnstone,
Assistant to Governor Seay. Typewritten, bound in 4 loose-leaf volumes.
Memoranda. Nos. 1-13 — Dr. Kincaid to Mr. Leach, 1937-38.
Remarks. 1938-194-9, Dr. E. A. Kincaid — mimeographed, bound annually in looseleaf volumes — prepared monthly for meetings of Board of Directors of
Richmond Federal Reserve Bank, (index exists).
BIBLIOGRAPHY ON PRINCIPAL SOURCES ON THE
FEDERAL RESERVE B A M OF RICHMOND
Annual Report of the Federal Reserve Bank of Richmond. Vols. 1-21, 1915-1935;
Vols. 37-39, 1951-1953. h ^ - i r , - ^^^,, ™ - ^ , .^\ v . ^ ^ u ^ ,
-»/)
•I
Proceedings of a Meeting of Stockholders of the Federal Reserve Bank of Richmond.
Vols. 1-3, 1925-1932.
Fun and Finance, June 1922-April 1931. ( f t ^ H ^ ^ - ^ - iu^v- • •••
The Federal Reserve Bank of Richmond, by Charles Guernsey Coit. Columbia University Press, New York,
History and Description of the New Building, Federal Reserve Bank of Richmond,
October 1921.
Review of the Operations of the Federal Reserve Bank of Richmond From Date of
Organization to the Close of the Year 1915The Development of the Check Collection System During the Past Twenty-five Years,
r
by Claude L. Guthrie. June 19-41. i-ri^,
;6t
An Argument in Favor of Putting into Immediate Operation the Complete Reserve
Provisions of the Federal Reserve Act, by George J. Seay. 1915. v .- > *->')
Chronological calendar of Mr. Seay'3 activities in connection with founding of
Richmond Bank, compiled by Mrs. Seay. ("TiyLtI <nvt*-\S)
Report of the Conference of Members of the Federal Reserve Bank of Richmond,
District No. 5, held in Richmond, on May 18, 1914-«
Brief on Behalf of the Citizens of Baltimore—Before the Federal Reserve Board
in the matter of the designation of the Federal Reserve City in the Fifth Federal
Reserve District. 1914-•
An Appeal to Justice Presenting Baltimore's Claims to a Regional Bank. This was
written after Richmond was designated as the Reserve City.
^ \
?
Richmond as the Location of the Bank—A brief submitted to the Reserve Bank
Organization Committee by the Committee representing Richmond, (w-ivttU. ^ ywH-f ""**
Reply Brief on Behalf of the Richmond Member Banks of Federal Reserve Bank of
District No. 5—Before the Federal Reserve Board.
"The Baltimore Protest", editorial in Journal of Commerce and Commercial
Bulletin, April 1914.
Letter to the Editor of Journal of Commerce and Commercial Bulletin on the above
editorial by George J. Seay, April 21, 1914. It appeared in the paper on April
24, 19M.
"Reasons for a Regional Reserve Bank in Richmond", paper by Dr. S. C. Mitchell,
Professor of History, University of Richmond.
Location of Reserve Districts in the United States, Letter from the Reserve Bank
Organization Committee transmitting the briefs and arguments presented to the
organization comriittee of the Federal Reserve Board relative to the location of
Reserve Districts in the United States. Washington, Government Printing Office,
1914.
Smythe Bros.-McCleary McClellan Co. letter to Mr. George C. Gregory, Secretary,
Richmond, January 26, 1914- Re: selection of Richmond as the proper site for
location of one of the Federal Reserve Banks.
Post Office letter to Mr. G. Gregory, September 26, 1914. Re: approximate time
in transit of mails from certain principal cities to Baltimore and Richmond.
Comparative statements of area, population, value, etc. of Atlanta, Birmingham,
Nashville and Richmond.
Train schedules from Richmond to Baltimore from other cities.
Number of banks by cities and towns in Virginia, West Virginia, North Carolina,
South Carolina and other states with accounts in Richmond.
State Banks in West Virginia voting for Richmond.
Comparative Statement of State Banks in the Fifth District as given in the Comptroller1 s reports showing aggregate resources and capital, surplus and profits in
190^ and 1913.
Mr. George J. Seay letter to Mr. Waldo Newcomer, New York, July 31, 1914.
Re: organization.
Notes on the History of the Federal Reserve Bank of Richmond, Prepared at the
request of a Richmond newspaper on the Twenty-Fifth Anniversary of the opening
of the Bank, November 16, 1939.
Newspapers
Times Dispatch, Friday, April 3, 1914 (Includes Federal Reserve Bank Section).
Richmond selected as location for Federal Reserve Bank.
Winston-Salem Journal. Sunday, May 3, 1914, P« 1-7. Features Richmond as the
financial capitol of the Southeast area.
Times Dispatch, Tuesday, May 19, 1914- Directors for Richmond Bank nominated.
Times Dispatch, Tuesday, October 6, 1914. George J. Seay elected Governor of
Richmond Bank.
Richmond Times Dispatch, Monday, November 16, 1914. Federal Reserve Bank of .
Richmond opened its doors for business.
The News Leader. Saturday, November 14, 1914. Opening of Bank.
-3The Nevs Leader, Monday, November 16, 19M-*
Opening of Bank.
The Richmond News Leader, Wednesday, March U, 1936 and Thursday, March 5, 1936
Governor Seay retires.
Richmond Times Dispatch, Thursday, March 5, 1936. Governor Seay retires.
Richmond Times Dispatch, Wednesday, March 25, 1936. Testimonial dinner given
for Governor Seay.
The Richmond Nevs Leader, Wednesday, March 25, 1936. Testimonial dinner given
for Governor Seay.
U
,i
r twt/
U
7-
L
CHAIRMEN M D FEDERAL RESERVE AGENTS
William Ingle—appointed October 5, 1914
terminated February 12, 1916
Caldwell Hardy—appointed April 1, 1916
terminated August 26, 1923
William V. Hoxton—appointed September 15, 1923
terminated December 20, 1935
Frederic A. Delano—appointed March 17, 1936
terminated December 31, 1936
Robert Lassiter—appointed January 1, 1937
terminated December 31, 194-6
W. G. Wysor—appointed January 1, 194-7
terminated December 31, 194-8
Charles P. McCormick—appointed January 1, 1949
terminated December 31, 1953
John B. Woodward, Jr.—appointed January 1, 1954
Governor
George J. Seay—elected October 5, 1914
retired March 1, 1936
President
Hugh Leach—appointed March 12, 1936
DIRECTOR'S BIOGRAPHICAL SKETCH
Name:
William Ingle
Date of birth:
August 27, IS58
Place of birth:
Baltimore, Maryland
Principal business affiliation:
Baltimore Trust Company, Baltimore, Maryland.
Additional biographical information:
1878-1881
1881-1914
1914-1916
1916-1925
1925-1927
Clerk with the Farmers & Merchants National Bank, Baltimore,
Maryland.
Associated with Merchants' Mechanics' Rational Eank and
advanced to the office of vice president.
Chairman of the Board and Federal Reserve Agent of the Federal
Reserve Bank of Richmond.
President of the Baltimore Trust Company, Baltimore.
Vice chairman of the Baltimore Trust Company, Baltimore.
Retired February 1927.
Mr. Ingle was an earnest fighter in the scheme to secure a
Federal Reserve Bank for Baltimore, and was one of the
leaders in all meetings and conferences held to secure such
a bank.
Date of death:
?
(Circa 1941)
DIRECTOR'S BIOGRAPHICAL SKETCH
Name:
Caldwell Hardy
Date of birth:
May 13, 1852
Place of birth:
Camden County, North Carolina
Principal business affiliation:
Norfolk National Bank, Norfolk, Virginia.
Additional biographical information:
1870
1885-1916
1893-1916
1895
1902
1916-1923
Date of death:
Educated at the Polytechnic Institute of Brooklyn.
Began employment in a broker's office in lAiall Street, but
soon moved to Norfolk, Virginia and entered banking field.
Norfolk National Bank. This bank was organized in 1885 and
Mr. Hardy became its first cashier. He was made president
in 1899.
Norfolk Bank for Savings and Trust. This bank was organized
in 1893 and Mr. Hardy became its first cashier, in 1899 he
was made vice president,and in 1901 president.
President of the Virginia Bankers' Association.
President of the American Bankers' Association.
Chairman of the Board and Federal Reserve Agent of the Federal
Reserve Bank of Richmond.
August 26, 1923.
DIRECTOR'S BIOGRAPHICAL SKETCH
Name:
William Winslow Hoxton
Date of birth:
May 20, 1871
Place of birth:
Jefferson County, Vest Virginia
Principal business affiliation:
Federal Reserve Bank of Richmond, Richmond, Virginia.
Additional biographical information:
1890-1891
1891-1894
1894.-1897
1897-19141914-1919
1919-1923
1923-1935
Date of death:
Educated at Episcopal High School, Alexandria, Virginia.
Taught at Trinty Hall, Louisville, Kentucky.
Taught at Episcopal High School, Alexandria, Virginia
Newspaper and magazine writer in St. Louis.
St. Louis Clearing House Association, advancing from
assistant manager to manager.
Deputy Governor of the Federal Reserve Bank of St. Louis.
For a few months following April 1919 he was connected with
the firm of Otis & Company, Investment Bankers of Cleveland,
Ohio to assist in creating and fostering an open market for
bankers' acceptances in the Fourth Federal Reserve District.
General Secretary of the Federal Reserve Board.
Chairman of the Board and Federal Reserve Agent of the Federal
Reserve Bank of Richmond.
December 20, 1935.
DIRECTOR'S BIOGRAPHICAL SKETCH
Name:
Frederic Adrian Delano
Date of birth:
September 10, 1863
Place of birth:
Hong Kong, China (of American parents)
Principal business affiliation:
Twenty-nine years railway official prior to nomination to
Reserve Board in August 1914* Active between 1907 and 1914
in study of currency legislation.
Additional biographical information:
Graduated from Harvard in 1885.
1885-1905
Associated with C.B.& Q. Railroad. He entered their service
in the engineering corps and became superintendent of Motive
Pover and later general manager.
1905-1913
President of Wabash Railroad.
January 1, 1 9 U - August 10, 1 9 H
President of the C.I.& L. (Monon
Railroad).
August 10, 1914Appointed to a six-year term as vice-governor of the
Federal Reserve Board.
June 1918 - October 1919
Entered the Engineer Corps of the American
Expeditionary Force, rising from major to colonel.
1920
Designated as receiver by the Supreme Court of the United
States in the boundary (Red River) dispute between Oklahoma
and Texas, United States of America, Intervener.
1921-1936
Class C director of the Federal Reserve Bank of Richmond.
March 1936 - December 1936
Chairman of the Board and Federal Reserve
Agent.
1934--1943
Chairman of the National Resources Planning Board.
Date of death:
March 28, 1953-
DIRECTOR'S BIOGRAPHICAL SKETCH
Name:
Robert Lassiter
Date of birth:
August 2, 1877
Place of birth:
Henderson, North Carolina
Principal business affiliation:
Mooresville Cotton Mills, Charlotte, North Carolina,
Additional biographical information:
1897
1903-1907
1903-1907
1908
1923-19-46
1937-194-6
Date of death:
Educated at Homer Military School, Oxford, North Carolina
end the University of North Carolina.
Entered mercantile business, wholesale and retail in
Henderson, North Carolina,
President, Henderson Loan and Trust Company.
Vice president, First National Bank of Henderson.
Moved to Charlotte, North Carolina and became engaged in
cotton textile manufacturing with interests in North and South
Carolina.
Chairman of the Board of Mooresville Cotton Mills.
President of Lassiter Press in Charlotte.
Class C director of the Federal Reserve Bank of Richmond.
Chairman of the Board and Federal Reserve Agent.
February 13, 1953.
DIRECTOR'S BIOGRAPHICAL SKETCH
Name:
William Geoffrey Viysor
Date of birth:
December 1, 1892
Place of birth:
Pulaski County, Virginia
Principal business affiliation:
Southern States Cooperative, Inc., .Richmond, Virginia
Additional biographical information:
Graduated from Virginia Polytechnic Institute in 1914-•
County agricultural agent in Russell County, Virginia.
Organized one of the first livestock improvement associations
in Virginia.
1916-1918
General manager, Georgia Land and Livestock Company, which
operated a farm of 128,000 acres—largest farm east of the
Mississippi River.
I919-I92O
Secretary-treasurer, Stuart Land and Cattle Company of which
the principal owner was former Governor H. C. Stuart.
1920-1922
Extension agronomist at V.P.I. Organized the Virginia Crop
Improvement Association, which was the first seed certifying
agency in the South.
1923 - present
Organized Southern States Cooperative and served as its
general manager for 25 years until June 30, 194-8. Since that
time has been management counsel of Southern States Cooperative,
which has farmer members in Virginia, Maryland, Delaware, Vest
Virginia and Kentucky. From the standpoint of membership,
Southern States Cooperative is the largest farmers' cooperative
in the world.
1937 - present
Class C director of the Federal Reserve Bank of Richmond.
194-7-194-8
Chairman of the Board and Federal Reserve Agent,
1914-1915
DIRECTOR'S BIOGRAPHICAL SKETCH
Name:
Charles Perry McCormick
Date of birth:
June 9, 1896
Place of birth:
Morelia, Mexico (of American parents)
Principal business affiliation:
McCormick & Company, Inc., Baltimore, Maryland.
Additional biographical information:
1917-1919
1912
January 6,
January 1,
August 31,
January 1,
Educated at schools in Puerto Rico; Eirmingham, Alabama;
and Paris, France; Lincoln High School, Virginia; Baltimore
City College; and Johns Hopkins University.
U. S. Navy. Naval athletic director Fifth Naval District
for nine months. Served overseas on SS Edgar F. Luckenbach.
Began working for McCormick & Co., Inc., Baltimore during
vacations. Director 1926; vice president 1928; president
1932 upon death of Mr. Willoughby M. McCormick, founder,
1937 - August 30, 1939
Director of Baltimore Branch of
Federal Reserve Bank of Richmond,
1939 - August 30, 1939
Chairman of Board of Baltimore
Branch.
1939 - December 31, 1953
Class C director of Federal
Reserve Bank of Richmond.
1949 - December 31, 1953
Chairman of the Board and Federal
Reserve Agent.
Author—
"Multiple Management" (Harper & Brothers, Publishers, New York).
English Edition "The McCormick System of Management" (Efficiency
Magazine. Publishers, London); many articles on the "McCormick
System of Management".
"The Power of People" (Harper & Brothers, Publishers, New York).
DIRECTOR'S BIOGRAPHICAL SKETCH
Name:
John Brockenbrough Woodward, Jr.
Date of birth:
November 6, 1837
Place of birth:
Richmond, Virginia
Principal business affiliation:
Newport News Shipbuilding and Dry Dock Company, Newport
News, Virginia.
Additional biographical information:
Graduated from Richmond College 1907 and Massachusetts
Institute of Technology 1913.
1907-1910
Instructor, Denison University, Granville, Ohio.
1913-1914Professor, Richmond College, Richmond, Virginia.
1914- — present
Associated with Newport News Shipbuilding and Dry Dock
Company. He entered the business as a draftsman and rose to
the presidency in 194-6. He was made chairman of the board
in 1953.
1949 - present
Class C director of the Federal Reserve Bank of Richmond,
January 1, 1954 - present
Chairman of Board and Federal Reserve Agent.
OFFICER'S BIOGRAPHICAL SKETCH
Name:
George James Seay
Date of birth:
March 10, 1862
Place of birth:
Petersburg, Virginia
Principal business affiliation:
Federal Reserve Bank of Richmond, Richmond, Virginia.
Additional biographical information:
1878-1903
Petersburg Savings and Insurance Company. He started as a
runner and became cashier in 1894.
1903-1909
Member of the stock brokerage firm of Scott & Stringfellow,
Richmond, Virginia.
1909
Mr. Seay resigned to pursue his studies in banking and
currency reform. His writings on banking and railroad finance
had already attracted attention. When the Federal Reserve
Act was passed and several cities put in their bids as a
location for a district bank, Mr. Seay was asked to prepare
the case for Richmond as a site for one of the banks. He
wrote a brief and presented it to the Reserve Bank Organization Committee at Washington.
November L4, 191/+ - March 1, 1936
Governor, Federal Reserve Bank of
Richmond,
Member of the Federal Advisory Council during first year as
Governor.
During World War I he participated in the conference in
Washington with the Secretary of the Treasury that developed
the first Liberty Loan. He later planned and initiated the
campaigns of the Liberty Loans in the Fifth District.
Date of death:
November 12, 1952.
OFFICER'S BIOGRAPHICAL SKETCH
Name:
Hugh Leach
Date of birth:
September 2U9 1894
Place of birth:
Richmond, Virginia
Principal business affiliation:
Federal Reserve Bank of Richmond, Richmond, Virginia.
Additional biographical information:
Graduated from McGuire's University School of Richmond 1913
and the University of Virginia in 1916 and in 1917 received
his Master of Arts Degree.
Summer 1916 clerk, Old Dominion Trust Company, Richmond.
1917-1913
Bookkeeper, later office manager, A. P. Youngblood, Inc.,
member New York Stock Exchange.
1918
Cadet Air Service U. S. Army.
1919-1920
Member of Richmond staff, F. ¥. LaFrentz and Company, Public
Accountants of New York City.
1921-1927
Assistant auditor and auditor, Federal Reserve Bank of
Richmond.
1927-1931
Managing director, Charlotte Branch of the Federal Reserve
Bank of Richmond.
1931-1935
Managing director, Baltimore Branch of the Federal Reserve
Bank of Richmond.
February 2, 1932 - September 25, 1932
Treasurer, Reconstruction Finance
Corporation, Washington, D. C. while on leave of absence from
the position of managing director of the Baltimore Branch of
the Federal Reserve Bank of Richmond.
1936 - present
President, Federal Reserve Bank of Richmond.
Mr. Leach is a Certified Public Accountant.
FEDERAL RESERVE BANK OF RICHMOND
HUGH LEACH
PRESIDENT
April U , 1954
Miss Katherine McKinstry
Research Assistant
Committee on the History
of the Federal Reserve System
33 Liberty Street
New York 4.5, New York
Dear Miss McKinstry:
In answer to your letter of April 13,
I expect to be at the bank on Friday, April 30,
and shall look forward to seeing Miss Adams at
that time.
Sincerely yours,
Hugh Leach
President
April 13, 1954
B«ar Mr* Leach:
Oa behalf of Miss Adass, I an sending
you this aote to &ak whether it would be possible
for you to sea her if she comes down to the Richmond Bank on Friday, April 30th, She would very
much appreciate an opportunity to zcset you and
others ia the Eichaond Bank.
Jtr* Starrs has been extreaely helpful,
but Miss Adcms is anxious to pe.j a personal call
at each of the Reserve Banks as her schedule allows
such trips avay froa her office here. She has elready visited the Reserve Banks in Boston and
Philadelphia, L E well as the Board in V&shingtoaf
a&d vou&d be mogt grateful to you if you could
find time to see her while she is in Virginia for
the last weekend in ipr.il.
Sincerely yours.
Research Assistant
Mr. Hugh Leach
President
Federal Reserve Beak of Richmond
Eichttoad 13, Virginia
FEDERAL RESERVE BANK OF RICHMOND
R I C H M O N D
13, V I R G I N I A
March 9, 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 reply to your letter of March 1 has
been delayed by nry absence from the bank.
We have undertaken an inventory of historical
data about the bank and the preparation of the material
on chairmen and presidents. I have asked Mr. Thomas
Storrs to take charge of this project and to send the
information to you when it is complete.
Please feel free to call upon us for whatever assistance we may be able to give. My associates
and I are very much interested in your project.
Sincerely yours,
Hugh Leach
President
Hareh 1, 1954
Ue&r Mr, I^&cht
Hr» Sproul has gant to this office yoiar rep2jr to
his l e t t e r of February 18th kindly assurii 1 ^ -as of your cooperation in the work of this
Knowing how important the Richmond Seserve Bank
has been in "the dovelap&est cf the System, we are eager to
kaow of aa^" s a t e r i a l waich has be#n compiled as to the Baak*s
hlatoiy, i t s opsrstioas, i t s plac« i s the econosdc lif© of the
Fifth District* If this c«a be seat to us, i t >dil be
weloode.
We also need a l i s t of th® aost influential
have helped to aak<a the Richmond Beak vhat i t i s todss". We
vould like to s t a r t vith the asusas of thr? msa *^ho h£.ve been Chairmen, Presidents (or Governors), aiad Federal Pweaerve igeata* If
ve could have thea»3, with th» dates vhen they vere appointed eM
^hen their teras eMed, and vhatever biographic data, you have a t
hand about them, i t vouLd be an tansediate help*
The Coffi»ittee asks me to thank you in advance for
your assistance in this*
sincerely yo^trs,
Mildred Adams
Mr. Hugh Leach
President
Federal Reserve Bank of Richmond
Richmond 13, Vii^izda
COPY
FEDERAL RESERVE BANK OF RICHMOND
Richmond 13, Virginia
February 25 > 1954-
Mr. Allan Sproul, President,
Federal Reserve Bank of New York,
New York 45, New York.
Dear Allan:
It is good to know from your letter of February 18 that
there has-recently been established a Committee on the History
of the Federal Reserve System of which you will be Chairman.
I am naturally interested in the project and assure you that our
bank will cooperate in every way practicable.
Dr. Kincaid, who is now at the University of Virginia,
just told me that Miss Adams knows about the Carter Glass papers
which are at the University Library.
With best wishes, I am
Sincerely yours,
(Signed) Hugh
Hugh Leach,
President.
May 17, 1954
Bear Mr. Storra*
I proB&sed Mrs. Lougbridge so&e notes which I took in Hichrnond to be added to the excellent bibliography of archival material
which she prepared* To that list, vhich of course forms a valuable
docxment bee ring on your own file a, she will probably want to add
some small explanatory phrases on the first and third pages which she
gave se verbally and half a do*en iteaa vhich she showed ae while X
vas there. X a» enclosing two sheets listing these.
At the time we net with Mr* George Keesees (ep.?), she and
X both agreed that ve would put down notes of his conversation and
exchange them for our mutual benefit. I find my own so much a aatter of scraps and pieceB that I am not going to Inflict them on her,
but if she herself put down some of the data he gave us, X would be
aoat grateful for It. As X wrote Mr* Leach at the time, his meaories
certainly ought to be captured for the history of the Richmond Bank,
and as much of his sparkle put into them as possible. X do hope he
can be persuaded to write them down.
Thank you again for your a&ny courtesies.
Cordially yours,
Mildred Adams
Mr. Thcaas X* Storrs
Assistant Vice President
Federal Reserve Bank of Richmond
Riciiaond 15, Virginia
April 5, 1954,
Dear Mr. Storrst
lour letter of March 31, addressed to Miss MeKinstry,
has not been answered because she has had a faisily crisis at hois#
and has had to go to Massachusetts for a couple of weeks.
We are working out a series of questions which we hope
will present a little sore clearly the needs of this Cotsmlttee,
As soon as Miss McKiastry returns I shall hope that this can go
formrd. Meam&ile, w&rm thanks for your quick response*
Sincerely yours,
Mildred Adams
Research Director
Mr* Thomas I. Storrs,
Assistant Vice President,
Federal Reserve Bank of Richmond,
Richmond 13, Virginia.
MJUhva
FEDERAL RESERVE BANK OF RICHMOND
RICHMOND
13, V I R G I N I A
March 31> 1954
RESEARCH DEPARTMENT
Miss Katherine McKinstry, Research Assistant
Committee on the History
of the Federal Reserve System
33 Liberty Street
New York U5, New York
Dear Miss McKinstry:
As you stated, your letter of March 26 contains a
large request. The material which we sent you represents, I
fear, all that we have currently available on this subject.
If additional listings such as you suggest are essential to
the current phase of your project, however, we shall undertake to provide them for you.
We maintain a system of permanent records covering
the basic correspondence files and accounting records of the
bank. Unfortunately, there is no printed description of it
such as a classification of subjects. Here again though, if
this is essential to your survey of available material, we
will prepare such a list.
Please let me know your requirements.
Sincerely yours,
Thomas I. Storrs
Assistsnt Vice President
TIS:hmw
March 26, 1954
Mr, Thoaas I. Storrs
Assistant Vice President
Federal Reserve Bank of Richmond
Richmond 13, Virginia
Dear Mr- Storrss
On behalf of Miss Adams, I should like to thank you and also Mr*
Leach for your excellent collection of biographical data sent In response to
our earlier request. ¥e are pleased to have the bibliography of source
materials on the Richmond Bank which you so kindly provided*
At this stage, we are concentrating mainly upon locating and listing
basic materials in the files of the Board, the individual Reserve Banks, as well
as private collections of papers deposited in various university libraries*
Before drawing up the framework for the whole research program, we are anxious
to do as much spadevork as we can now on materials which can be drawn on for
later historical studies. We are wondering whether it would be possible for us,
without placing an undue burden upon your research staff, to secure a rough
inventory of relevant materials at the Richmond Bank. Ve would, for example,
be glad to have any of the following which you can conveniently supply:
(a) a chronology of important happenings in the history of the
Richmond Bank;
(b) a bibliography of notable studies or (unpublished) Eemoranda
prepared by members of the Richmond Bankj
(c) a list of whatever clipping files may be kept by your library;
(d) an index of speeches made by top officials and economists of
your Bank*
This does sound like a large request, and I hope you will not try to
do more than pass on to us whatever you already have on hand. If your Bank has
set up a system of permanent records, we should like to know about it and to
inquire whether you may not have a printed description of it, such as tae classified subject file of materials we have received recently from the Board*
Sincerely yours,
Research Assistant
FEDERAL RESERVE BANK OF RICHMOND
RICHMOND
13, V I R G I N I A
March 2 2 , 1954-
RESEARCH DEPARTMENT
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:
As Mr. Leach promised in his letter of
March 9, I am glad to enclose material on the history
of the Federal Reserve Bank of Richmond.
The bibliography is a partial one covering
largely the source material that we have on the founding and early operations of the bank.
If there is any other information that we
can give you, we shall be happy to do it.
Sincerely yours,
Thomas I« Storrs
Assistant Vice President
TIS:vl
Enclosures 2
COMMITTEE TO r JDY THE HISTORY OF THE FEDHtAL RES
3YSTEM
35 Liberty St«et
New York 41
Gharlottesville
May 1st, 1954
Dear. Mr#
I hope you will pardon the inform&fLlfcty of this note*
I did not want to wait u n t i l I returned to Hew York, and to
my very efficient secretary, to write you lay thanks for a
most delightful and informative day in the Federal Reserve
Bank of Richmond* Hot only was I received on a l l sides with
the utmost in courtesy and understanding, but the information
given me will be a great help in further formulation of the
study on which I have been working*
Kioosee has a flood of incidents which set the picture
of the fearly days, and give them that sense of human struggle
and aocomJUbshment which some times gets buried under bank a r i t h metic* I hope a ome way can be found to persuade him to write
them, or to talk them to a sympathetic secretary. They are
they very stuff of life of your bank, and i t would be a shame
to lose then when that fine Mg^^mmmm.m^rnovY i s <?one*
Mr* ^torra, Mrs* Loughridge and J£rs» omiuh wore very
encouraging aboit early material* They are, of course,
exceptional people, and and their quick comprehension of
what we are looking for is combined wi£hj( a type of recordkeeping which makes looking easier than wa sometimes rind i t *
Bne secret i s , I'm convinced, a good central f i l i n g system,
steadfastly maintained a^Lnst the inevitable attempts of
departments to keep their own f i l e s in their own hands*
Another i s a person like Mrs with In charge, possessed not
only of an excellent memory , but of the rarer understanding
t at she will not always be there, and therefore she must
so organize her work so that someone else can carry i t forward.
I have promised Mfr» storrs a further memorandum about
the archives idea, which i s s t i l l in the planning stage,
and which has greatly profited by my v i s i t to your bank*
Mr. Sproul i s eager to have i t worked out not only for the
New York bank, but in some form which would be adaptable for
other regional banks If they are interested* Certainly the
Committee's study would be rendered much easier if we can
arrive at 3 workable plan to encourage such an e i f o r t .
So my gratitude to you goes far beyond any single set
of thanks for the warm welcome you gave me, and the fine
cooperation you set in motion on the part of your staff*
With your permission, I will keep you in touch with the
progress of the Commlttee*s work, particularly on the points
discussed in Richmond•
Very sincerely yours,
Mildred Adams
Research director*
COMMITTEE FOR A STUDY OF THE EEEERAL RESERVE SYSTEM
35 Liberty S t r e e t
New York45
Charlottesvilie
May 1 s t , 1954
Let-.- .,£•. S t o r r s I d i d not want t o wait u n t i l 1 r<turned t o New York,
proper s t a t i o n e r y , and the e f f i c i e n t a i d of Miss McKinstry,
t o fchaak you, jftra* Loughridge and Mrs* Smith f o r your fine
help y e s t e r d a y . I have w r i t t e n my thanks t o Mr* Leach, but
I also wanted t o send them d i r e c t t o you* Your understanding,
i n t e r e s t and encouragement are wonderful, and I hope you w i l l
thank t h e others f o r me*
As I kBep t e s t i n g t h e v i a b i l i t y of t h i s a r c h i v e s Idea,
and when i t begins t o take on more shape than I t h a s at p r e s e n t ,
I w i l l c e r t a i n l y send you t h e promised memorandum* Meantime,
I went over with Mrs* Loughridge t h e bibliography she s e n t ,
saw some of t h e m a t e r i a l , and t o l d her what I thought s p e c i a l l y
important, namely t h e l o c a l and p a r t i c u l a r l y the unpublished
m a t e r i a l in t h e form of contemporary s t u d i e s end memoranda*
She showed me, f o r example, an account^of t h e Richmond a r e a ' s
Liberty Loan a c t i v i t i e s , w r i t t e n f o r Governor Seay o+byn A^berjg
J 0 hnotone, vihi,,h looked at f i r s t glance t o bo almo nodel
of what we hope t o r i n d i n that f i e l d .
As f o r Mrs* Seay, she i s a p a t h e t i c l i t t l e old lady with
a wandering mind, b u t she may have some m a t e r i a l of value* Sh©
t o l d ma (and obviously anything she ways i s open t o the kind
of e r r o r s than come with age) that she took t o Mr Leach a t t h e
Bank eight boxes of Mr* seay f a papers which she had packed up
on t h e t h i r d f lo<...
ouse* &he aimed me photographs
(always of the youn^ u^vcrnor i n a high c o l l a r ) and she has
a p r i n t e d copy of the brfcef f o r Richmond's case in wanting the
Bank there which I s obviously a contemporaneous item t h a t should
be in t h e Bank's collegfc&on* She holds i t very desv, she was
a f r a i d I w ould ask f o r i t * I t i s bound &n limp black leather*
and I am sure there were many others made a t the time — t h e l e g a l
department may have one i n I t s f i l e s *
I t occurs t o me t h a t someone young, p r e t t y , I n t e r e s t e d , and
connected with t h e Bank, l i k e Mrs. Loughridge, might p r o f i t a l l / y
go t o see Mrs* seay once i n a while i f these suppositious e i g h t
boxes of papers nev; r reached the Bank# This may, of course,
be e n t i r e l y imaginary; butG^vernor*s widow i s l o n e l y , ahe loves
t o t a l k of her husl and, and i n t h e process Items might come t o
l i g h t which t h e Tank would l i k e t o recovnr#*.for those aufeidUres*
Direct a t t a c k wouldn't get them, but sympathy m:~ght«
T^ank you a^ain, and do send me any suggestions t h a t occur
t o you which w i l l help us on our way*
Cordially and gratefully,
WILLIAMS, John Skelton
Jvlj 1, 1954.
Dmr Mr* VilHaast
la checking over records of w? very pleasant visit in
Richmond I find that ne talked about your plan for depositing
your father1© p&pmr* either in the tJaiverslty of Virginia At
Chsrlott»svUle or with the Virginia Historical Society at
Blchnond. is I remember, you had sot aade up your n&sd, which
place of depoiit the family vould choose.
This is just to ask if you vouLS be so kind as to
1st us know when you have a&4$ your choice nna where the p«p«r»
finally go* They are, of course, a Taluable source of information
concerning th# Federal Reserve Systea and ve are eager to knov
where scholars might consnlt ths»* If when you deposit them you
mtkm any sort of a list of the contents of the collection, -we
be very gmteful if we could, have a ©o$y for ottr own files.
Thank you again for your kindness in all this.
fery sine^rely yours,
Mildred Adaas
Research Director
Hr. jr. £.
£quitable Life Assurance Co.
Richmond, Virgiaim
FEDERAL RESERVE BANK OF RICHMOND
RICHMOND
13, V I R G I N I A
April 20, 1954
RESEARCH DEPARTMENT
Miss Katherine McKinstiy
Research Assistant
Committee on the History
of the Federal Reserve System
33 Liberty Street
New York 45, New York
Dear M s s McKinstiy:
I understand from Mr. Leach that he has an
appointment with M s s Adams on Friday, April 30. I
will be happy to arrange appointments with the other
people in the bank that will be concerned with the
project.
Since she will be here to discuss the project
needs in detail, we will defer action on the subject
classification of the permanent records until we have
had an opportunity to discuss these records with her.
Sincerely yours,
Thomas I. Storrs
Assistant Vice President
TIS:vl
FEDERAL RESERVE BANK OF RICHMOND
RICHMOND
13,
VIRGINIA
Research Department
April L4, 1954
Miss Katherine McKinstiy
Research Assistant
Committee on the History
of the Federal Reserve System
33 Liberty Street
New York U53 New York
Dear Miss McKinstry:
Mr. Storrs is out of the bank this week on
business. I shall bring your letter of April 12
to his attention upon his return next week, and
I am sure he will contact you or Miss Adams at
that time.
Sincerely yours,
Secretary to Mr. Storrs
April U , 1954
Dear Mr. Starrs*
I should like to thank you for your kind
Bete of March 31st and offer of further assistance,
which arrived here in ay absence. In viev of your
extremely heavy duties at the Bank, not to mention
the work which you aay be doing outalde on your doctoral thesis, I hesitate to impose further on you.
Jfy request cf March 26th was merely an effort to discover what material might be on tap* It is trae that
•we have not progressed far enough to make direct uae
of materials in the various district Reserve Banks.
In this explor&toiy phase, we are concentrating on
locating and classifying materials in the files of
the Board and the individual Banks in the hopes that
we can build up a central caster file which will be
useful to the people who actually vrite the studies
later oa. Ve are of course much interested in the
peroaneftt records you mention, and should like at sone
later tin© a subject classification of these materials
if it would be possible to obtain it without imposing
too great a burden oa your research staff.
The ncin point of this note is however to let
you knov that Miss idaas is hoping very such to visit
tha Richmond Bank on Friday, April 30th. She vouLd
greatly appreciate an opportunity to discuss this
project with you, to faniliarise herself with your files
and library, and perhaps talk to some officers and nesbers of your research staff. She is writing tcday to
Mr. Le&ch for a appointment on the 30th, and if the
date she has suggested .suits you and others in the Bank,
she would like to leave her schedule of appointments
within the Bank in your hands.
Sincerely yours,
* Thomas I. Storrs
Research Assistant
@FedFRASER