Full text of Committee on the History of the Federal Reserve System : General Correspondence : L (1954-1956), Entry 164, Box 8, Folder 9

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

LA FOLLETTE, Robert M.

March 21, 1956
De£.r Hiss Harper:
Miss Adams i s out of town at the present ttrae,
but jour l a t t e r of March 17 will be brought to her a t tention on her return*
May I tiumk you, in Miss Adams1 name* for the
information you seat us on the Richard Ely and Robert M.
I#& Follette collections in the Wisconsin State Historical
Society* This i s just trie kiiid of deta for 'which we are
looking* tt we have &ny further questions, we *dll take
advantage of your kind offer to be of further assistance.
Very sincerely yours*

Xrs&n. Burstein
Assistant

Miss Josephine L* Sarftt
Manuscript Librarian
Wisconsin State Historical
Society
816 State Street
Madison 6, Wisconsin

LA FOLLETTE, Robert M.

txi
STATE HISTORICAL SOCIETY
816 STATE STREET

Madison 6, Wisconsin
March 1 7 ,

1956

CLIFFORD L. LORD
DIRECTOR

Pft

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

§5* f**

12" i % #" »

JgONALD R. McNEIL

^ a W & I V E p

ASST

- ERECTOR

~ ^
MAR £ 1 !rb6

o

C O M ^ n E c G f l THE HISTORY

Dear Miss Adams:
In reply to your letter of February 28, may I say first that we are presently
preparing a supplement to our 1944- Guide to Manuscripts, for we have practically
doubled our manuscript collections in the last fifteen years*
The Richard T. Ely Papers constitute one of our largest collections, containing
over 122,000 pieces of correspondence alone, which is arranged chronologically*
The collection has not been indexed in any detail, but our inventory notes do
not indicate any specific references to material on the Federal Reserve System*
It is probable that some references to it might be found, although during the
time the system was being developed, Ely f s chief interest was land reform rather
than monetary change* Earlier-~l38Ofs, Y 90 l s, and early 1 9 0 0 f s ~ he had been
interested in tax reform, and there are letters concerning his membership on
the Baltimore and Maryland tax commissions (1885-88), on the New I o rk Tax
Reform Association (1890-1900), and on the Massachusetts Single Tax League of
Boston (1901-06) in particular, with other scattered correspondence I&DCM other
areas also on tax reform*
Our collection of Robert M* La Follette Papers is now open for research* We
have only a scattered few papers dated after 1910, and these do not contain
any material relative to the Federal Reserve System. As you undoubtedly know,
the papers relating to La Follettefs Senatorial career after 1906 are in the
Library of Congress, but are still closed to all but the La Follette family*
The major portion of our collection deals with La Follettefs early career in
Wisconsin, particularly his period as governor, 1901-05• These papers of course
contain material on financial matters, particularly here in Wisconsin* This
collection also is arranged chronologically, and is not indexed in detail*
If you have additional questions about these or other collections, please
do not hesitate to write to me again*




Sincerely yours,

7

/ Josephine L« Harper
Manuscript Librarian




LA FOLLETTE, Robert M,
Februaiy 28, 1956
Letter of inquiry about LaFollette papers in State Historical
Society of Wisconsin, dated 2/28/56, filed under
HUSTING, PAUL 0.

LAMBIE, Joseph
See under WRITERS (PROPOSED)




LAMONT, Tnomes S.

June 1, 1955
Dear Toms
Thank you for your l e t t e r of April 29th telling me
ebciut the Morgan papers and the subsequent telephone c a l l ^hich
Mr. Junlus Morgan made to this office.
I t helped enormously to hart you take e. hand in thia,
sad I now feel that the fog vhieh has always surrounded the Morgan papers h&d been brushed away. I s t i l l regret that the papers
ere not available, but I roa, zs you may have guessed* developing
a kind of dedicated hunter's attitude toward t h i s vhole business
of making &vailablo the papers of important people vho have in
their way played ft v i t a l pert in aakin^ the economy what i t i s .
I t i s for this reason that I keep Bticking pins into
you about the financial papers of your own father, and some day
I hope to hear that they are veil organised and in a proper depository for students* use.
Houston t e l l s me that you have also been kind about
shedding l i g h t on ay desire to do something useful about the
education of the American female. For that aid too my warmest
thanks.
Cordially yours,

Mildred Adams
Mr. Thomas S, I#amont
J , P . Morgan and Company
23 Vail Street
New toifc 3 , N. I .




LAKONT, Thomas

REG E1VED
1QCC
'^^^

23 WALL STREET
NEWYORK8,N.Y.

April 29, 1955

CO M M«TT E ,0 M TMEH,STOBY
OF THE
fEDf WAL RESERVE SYSTEM

Dear Mildred:
This will acknowledge your letter of April 18th
regarding Mr* Morgan's files and papers.
I talked to Junius Morgan about this and asked him
to telephone you, and I guess he has*
blank wall there.

I really ran into a

I understood him to say he wouldn't know

where to look for any material that might exist and that, if
his father had had any extensive correspondence with Mr. Strong,
the originals would be in Mr. Strong's files. I also talked
with Mr. Leffingwell about the matter, and he felt, as I did,
that it was very unlikely that there would be anything of importance in such files if Junius did find them. Mr. Morgan did
not carry on a lengthy and active correspondence the way my
father did, and I don't believe he was a close friend of Mr.
Strong in the way that my father and Mr. Leffingwell were.
However, these are just my own guesses. The real
answer is that Junius Morgan doubts that any papers exist
and says that he can't find them even if they do.
Sincerely yours,

Miss Mildred Adams,
Executive Director, Committee on the History
of the Federal Reserve System,
33 Liberty Street,
New York 4$, N. I.







LMONT, Thomas

April 13, 1955

Dear torn:
Ifm not sure but what this letter
might properly be addressed to Gordon Wasson,
but as I h&ve discussed this history project
more fully with you than with his, I am sending
it to you.
The work of this Committee has
reached the stage where we are now asking specific questions about specific collections of
related papers. As I think you know, Dr. Lester Chandler of Princeton is at work on the
first of several historical studies - a life
of Benjamin Strong, first Governor of the
Federal Reserve Bank of flew lork, with particular reference to his activities as a central
banker* This period covers the fourteen years
19U-1928.
The papers which Mr* Strong left in
the Sew lork Federal Reserve Bank have been
mf.de available to Dr. Chandler, and so has
correspondence in the possession of the Strong
family* In the course of his reading, he has
found evidence of close links between Mr.
Strong and Mr. J. P. Morgan, including cablegrams and memoranda concerning matters in
which Mr* Morgan had a part.
Like tiie good economic historian he
is, Dr. Chandler now wants to fill out the
picture. He has asked me to find out where




the Morgan papers are, and whether they might
be available for his reading in connection
with this study« We seem to hav© no other information than that the bulk of them is "atill
in possession of the fsadly,* though we assume
that some of them may still be in the Morgan
business vaults*
It is at this juncture that I seek
your good aid. Uiven the position which Mr*
Morgan occupied in American economic and financial affairs for more than half a century,
X am sure that we are not the first historywriting group to ask permission to consult his
papers* A policy may well have been established for dealing with such requests* On the
other hand, it can very properly be said that
we can bring unusually good references if
those will help to break down any existing
reluctance to have those papers read by properly equipped scholars.
What we need at the moment is your
good advice as to the place where permission
can most usefully be asked* Should we address
ourselves to the Morgan family (&nd if go, to
whom?) or the Morgan firm? I know I apeak for
the Committee as well as for myself when I say
that any aid you can give us will be most
warmly appreciated.
Very sincerely yours,

Mildred Adams

Mr. Thomas Lemon t
J. P* Morgan and Company
23 Wall Street
New Tork, H. I*




LAMONT, Thomas S,

January 25, 1954

Dear Tomi
In contemplating the feet that again v© are
to lose the pleaetir© of having you with us when Barbara
Ward 1$ there, and this Use miss i t by go aarrov a
margin, I vender vhether i t vould help ©afters i f ve
advanced that dinner party for a day or tvo* ¥© hair©
»aid Harch 3rd, and I have not y®t had & eonfirasatioa
from Barbara* If we aaid Hsrch 2nd or March 1st, i s
there ary chance that you could sake It? If we could
have U l i e , too, i t would be vonderful, but I under-*
stood you to say that she vao sailing considerably
earlier*
I am counting on vord froa you about your
father's p&p*T3 and th© Federal Reserve.
Hurriedly,

Mildred Adaas
(Hrs» ¥• Houston Senyon, $

LAND, Robert
See correspondence file LIBRARY OF CQMGRESS







LAtfE, Franklin K*

November 22, 1955
Dear Mr* Haaasiondi
Thank you so much for your letter of November
18th giving U3 the complete story on the Lane papers* As
you may have foreseen, we were surprised to find that the
collection is so small but glad to know vhat the true
situation is,
I note that you say, nUo special listing or
inventory of these papers has yet been completed.* I
thought that when we sent you the two boxes in February,
we had included a listing of what was in them, but I find
no such notation in sy letter to Dr. Kinnaird* I am enclosing a carbon of the inventory &&de for us at the time
by the Hational Records Management Council« I hope this
may be useful as a general statement of what is in the
boxes*
Thank you again for your kindness*
Cordially yours,

Mildred Adaas
Mr* George P. Hamond
Director, The Bancroft Library
University of California
Berkeley 4, California
Enc,

LAME, Franklin K.
UNIVERSITY OF CALIFORNIA
THE GENERAL LIBRARY
BERKELEY 4, CALIFORNIA
THE BANCROFT LIBRARY




November 18, 1955
Miss Mildred Adams
Committee on the History of the
Federal Reserve System
33 Liberty Street
New York l\$, New York
Dear Miss Adams:
In response to your letter to Dr. Kinnaird,
who is now back in the History Department again,
I am pleased to give you the following information
on the papers of Franklin K. Lane that we have in
the Bancroft Library. As a matter of fact, we can
scarcely be said to possess the papers of Franklin
K. Lane, despite the widespread opinion to the contrary. What we have occupies about two linear feet
of shelf space, and includes the following groups:
Some of Lane ! s speeches and articles, and considerable miscellany, but no correspondence, presented by % s . ^ane to the Bancroft Library in 19
We have Lane ! s famous letter to Dr. John Finley,
1921, proposing a flSuper University", recently transferred to us by the President's Office of this University.
We have two boxes of the papers of the Franklin
K. Lane Memorial Fund, given to us by the Committee
on the History of the Federal Reserve System in 1955*
We have eight of Lane's letters to Chester
Rowell, in our collection of Rowell Papers.
We have some miscellaneous Lane materials in the
Ralph L. Phelps Papers, but this is not very extensive,
No special restrictions have been placed on any
of this material. No special listing or inventory of
these papers has yet been completed. I hope that this
information will be useful, and if you need more, we
will try to supply it.
Very/sine
5i*ge ^. Hammond
Director
GPH:cs

LANE, Frnaklin K.

November 4., 1955
Dear Dr. Kinnaird:

We ?re engaged la trying to amplify certain corses of information vhieh hare been gathered oonoeming coli©Qtion$ of peper*
which sre of particular interest to thia Committee*
According to our nota«, the ptpers of Franklin X, Lfcttt
era In th« Bancroft Librc.ry, If this la correct, could you send us
th« follovlng infonnition about this oollectioni
1 - Sow nLny linear f»#t of aielf spt.es does the ccllectlon occupy?
2 - Approxlaf tely liov BUWJT i^«MI ert Included In it?
3 - ttas M^r Hating or Inventory been Bad* of which we
Bight hare| or stake3 a coryf
4 - SftVi £«nj re s t r i e tier), j been put on thes« p&pers AI to
litersr; r rights or use by properly equipped research studentsi and
if eot vhat?
Ve will be most grateful for your cooperation in securing
this information for UB«
Very eincereiy yours 9

Mildred Adams
Dr. Lawrence Kinnaird
ictlng Director, Be.ncroft Xdbrary
University of California
Berkeley 4,, California







LAKE, Franklin K. (papers)

February 1, 1955

Dear Hr. Saiff:
I have just heard fro© Dr. Kinnaird of the
Bancroft Library at the University of California that
the Franklin K. Lsne Memorial Fund papers arrived
safely. Dr* Kinnaird says:
•We are glad to have these papers her©
where they may be consulted by scholars and
research students alike* On behalf of The
Bancroft Library, may I thank you for tfo©
efforts you mud® to send thsia to us.1*
I have written to the Brookings Institution,
-which &cta as our disbursing agent, to reimburse you
for tiie postage &nd insurance. Th&nk you very much
for doing ail this for us.
Very sincerely yours,

Mildred Adams

Mr. Robert A. Shiff
National Records Management
Council, Inc.
50 East 42nd Street
«ev Xork 17, «. X.

LAJSE, Frankilin K,
UNIVERSITY OF CALIFORNIA
THE GENERAL LIBRARY
BERKELEY 4, CALIFORNIA

JailUarj

2.$,

THE BANCROFT LIBRARY




Miss Mildred Adams, Research Director
Committee on the History of the
Federal Reserve System
33 Liberty Street
New York h£>9 New York
Dear Miss Adams:
Yesterday we received from the National
Records Management Council the two boxes of
papers relating to the Franklin K« Lane Memorial
Fund which you requested them to mail us.
We are glad to have these papers here
where they may be consulted by scholars and research students alike. On behalf of The Bancroft
Library, may I thank you for the efforts you
made to send them to us.
Sincerely yours,

Lawrence Kinnaird
Acting Director

DECEIVED
JAN
CO.V'iviiTTEZ C;i THE
OF THE
L RESERVE SYSTEM

LANE, Franklin K.

January 10, 1955

Dear Dr. Kinneirds
At the request of Mr. Robert H* Underbill, Secretary to
the Regents, we ere having sent to you a bundle of papers pertaining to Franklin K. Lane. I am sure that Mr. Underbill will hare
forwarded to you the letter of description which I sent to him.
If we can tell you anything further about these papers, please do
not hesitate to let us know.
They will be sent to you by the National Records
Management Council, Inc., 50 East 42nd Street, flew lork 17, $. I.,
which sorted and enalyssed them at our request. I am enclosing a
copy of their analysis for your use.
Very sincerely yours,

Mildred Adams

Dr. Lawrence Kinnaird
Acting Director
Bancroft Library
University of California
Berkeley U§ California




LANE, Franklin K,
(papers)
THE REGENTS OF THE UNIVERSITY OF CALIFORNIA
OFFICE OF THE SECRETARY AND TREASURER

ROBERT M. UNDERHILL
Secretary and Treasurer
GEORGE D. MALLORY

Assistant Secretary and
Assistant Treasurer

2 4 0 ADMINISTRATION BUILDING
BERKELEY 4, CALIFORNIA

January 7, 195$

MARJORIE J. WOOLMAN

Assistant Secretary

Miss Mildred Adams
Research Director
Committee on the Histoay of the Federal
Reserve System
33 Liberty Street
New Tork 15, New York
Dear Miss Adams:
Thank you for again reminding us, in your letter of
January k, of the Franklin K# Lane papers•
Immediately upon receiving your letter last October,
it was sent to the Bancroft Library, but unfortunately* some
of the people who usually act on these matters was away#
These papers would be a fine addition to the
collection in the Bancroft Library, and it would be much
appreciated if you will send them to Dr* Lawrence Kinnaird,
Acting Director of the Bancroft lAbraiy, University of California, Berkeley Ij., California.
Sincerely yours,

RKU:eoh




Lsne, Franklin K.
COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
33 Liberty Street, New York A5, New York

see

MILLER

Adolph C.

October 13, 1954

Dear Mr. Underhills
Last spring we wrote you concerning papers left by Dr.
Adolph C. Miller, sometime Governor of the Federal Reserve Board
in Washington.
Now ve think you may like to know that there has come
into our possession a bundle of papers concerned with Franklin K.
Lane, also a distinguished Califomian, and a friend of Dr. Miller.
As you may know, Dr. Miller helped collect and seems to
have administered a fund which was raised for a memorial to Mr. Lane.
Ve understand that this fund was in 1939 transferred to the University
of California.
The papers which have come into our hands constitute a
record of the Lane fund from 1921 to 1939. They cover the original
donations, the payments made to Mrs. Lane, the study of a permanent
memorial, and all the financial records of the period. In bulk, they
would be contained in approxiiaately one cubic foot of space.
These papers have little importance for the work of this
Committee, but they include letters from donors to the fund which
express high regard for the memory of Franklin K, Lane. From that
point of view they constitute a final chapter in the life of that
distinguished citizen. As other papers concerned with Mr. Lane are
on deposit at the University, we wonder if you would like us to send
you this collection. If not, we will probably see that it is destroyed,
"We await with interest an expression of your wishes in
this matter.
Very sincerely yours,

Mildred Adams
Research Director
Mr. Robert M. Underbill
Secretary, Board of Regents
University of California
Berkeley, California




LAIME, Franklin K,
MILLER, Dr. Adolph C.
Franklin Lane papers
COMMITTEE Dl THE HICT08I OF THE F1DUUL H U R T S SY8VEM
33 Liberty Street, Rev Tort 45, Umt YorV.
Telephone: REctor £-5700, Extension 286

September 1, 1954
Dear Mrs. Mitchell:
Ye*: will, I hope, remember that among the pap«rs from
Mrs. Miller's house which vere banded to re last spring was a
bundle marked Franklin K. Lane, for which I promised disposal.
Ve have finally had Ita contents sorted o>it, sad a H e t
In the main| the papers concern the organisation and
of the frattklin K, lnr:e Memorial Fund, including ftaasoittl records
of the fund.
I tr..ke it from what 70U Bald st the time that these papers
have ro value fcr you or Mrs. Miller, and that yov. vould be entirelywilling to have thftt disposed of anyvay we see fit. Probably the
Begents of the University of California should be asked whether they
want them sent out there. Before taking that latter step I wanted
to oak* this report to you, lest some changes have occurred which
gave the papers new importance in your eyee. If you want then back,
nov neatly sorted nnd described, do let us know and we will be glad
to send them to you. If not, I will write to California about them.
Meanwhile, I have not forgotten that you loaned me your
own K>8t interesting book. I haven't vanted to send it back until
I know you had returned to Hew York.
Most sincerely yours,

Mildred Adams
Pesearch Director
Mrs. Vesley Mitchell
730 Greenwich
York, New York




LANS, Franklin Knight
Lane Memorial—University of
California (BerJceTeyT—
THE LIBRARY OF CONGRESS
WASHINGTON 25, D. C.

REFERENCE DEPARTMENT

e

*

-W54

MANUSCRIPTS DIVISION

Dear Miss Adams:
lour letters of June 3 to Miss Brand and myself
have been received.
Miss Brand is ill today, but she informed me by
phone that, when she returns to work, she would write you
about the progress of the material she is preparing for your
use* In the meantime, I am forwarding to you, under separate
cover, the three items you requested for your files*
I am glad to hear that you have talked to Mr* Shiff•
News of your progress will be anxiously awaited* If we can
be of help, please do not hesitate to let us know*
The papers of Franklin K* Lane were given to the
University of California (Berkeley), where the Lane Memorial
will be* Mrs* Lane, who presented the papers to the University,
wrote to Mr* Mearns last year that the collection was "principally addresses and papers of that kind,"
Sincerely yours,

Robert H* Land
Acting Chief
Manuscripts Division
Miss Mildred Adams
Committee on the History of
the Federal Reserve System
33 Liberty Street
New York 45, New York




LANE, Franklin
See also correspondence concerning MILLER, Adolph (Papers) and with
MITCHELL, Mrs. Wesley




LANE, Frederic C.
COPY
TOE JOHNS HOPKINS UNIVERSITY
Baltimore 18, Maryland
Department of History
September 28, 1954
Mr* Donald Woodward
Committee on the History of the
Federal Reserve System
Federal Reserve Bank of New York
Federal Reserve P*0« Station
New York 45> New York
Dear Mr. Woodward:
In my discussions with Mr. Willits concerning research
on the history of the Federal Reserve System, I remarked how
useful that research might be to general students of American
history, since the establishment of the Federal Reserve System
as an effective agency is important not only from the point of
view of the history of banking and public administration but also
in American cultural and political history. Much of the material
which Miss Adams is locating and arranging to make available could
be used in studies that are peripheral to your central theme.
Moreover, in determining what is peripheral and what is central
to your theme, and in guiding accordingly the search for material
and the planning of monographs, your committee might, I thought,
find it useful to have an American historian of distinction
participating in your discussions. He need not be especially
interested in banking, but I had in mind someone thoroughly at
home in the traditional problems of American history, and especially
familiar with the political life of the period in which the
Federal Reserve was created. But I do not myself qualify in
these respects. I had in mind such persons as W. Stull Holt
of the University of Washington, Commager of Columbia, or Tom Cochran
of Pennsylvania. My own interests, although extended broadly over
economic history in general, are primarily in European Economic
History of early modern, almost medieval, times. After considering
the matter more carefully than I could do during our telephone
conversation, I have come to the definite conclusion that I lack
competence and also lack time to devote to being a useful member
of the Committee on the History of the Federal Reserve System.
Much as I appreciate the compliment you have paid me by
inviting me to become a member, I feel that I must decline to
accept the honor.
I enclose the material that Miss Adams so kindly sent me.
Sincerely yours,
/s/ Frederic C. Lane
Frederic C. Lane
Enclosure



LAJHEje F r e d e r i c . C.
THE JOHNS HOPKINS UNIVERSITY
BALTIMORE 18. MARYLAND
DEPARTMENT
O F HISTORY

Dear Miss Singer>
I regret that in the confusion of moving
from our summer home in Massachusetts I neglected
to acknowledge the receipt oif the reports
sent by Miss Adams* They arrived safely.
Please give her my thanks for sending them.




Sincerely yours,

Frederic C• Lane

LAM, Frederic C.
G0I4&ITTEE TO STUDY THE IIISTORI OF THE FEDERAL RESERVE SYSTEM
Federal Reserve Bank of New York
33 Liberty Street
Hew York 45, M.Y.
September 22, 1954

Dear Br»
Before Miss &dems left on her vacation, sh© asked me to
ascertain vhether you had receiver' a group of reports she sent
to you an Ssptesiber 8th. ¥e would like to sand you duplicates
of the reports if you hav« not alre&t^f received th«a«
llould you let me knov* at the above address m that I can
tak© appropriate action? Please forgive se for interrupting
your vaoatlon -with this question but Miss Adapts T^SS
to clear this a&tt©r up.
Sincerely,

Research Assistant

Br. Frederic C. Lane
Westminister
Massachusetts




LANE, Frederic C,

Comittee on the History of the Federal Reserve Sy&tm

September 8 f 1954

Bear Dr. Lanet
The enclosed material i s sent you at the request of Mr*
Donald ¥oodvard, secretary of this Cossmittee* Mr* ¥oodward hag Just
had word fro® Br, Joseph V i l l i t a , vho had agreed to relay to you the
earaeat invitation of the members that you join their numbers•
Dr. V i l l i t s may here told you that ve started work in
January *&th a small grant to pay the cost of m pilot project, and
that the pilot project in turn proved sufficiently successful so
that the Rockefeller Foundation entrusted us vith e larger sum
-which makes i t possible to embark on the longer uork« The simplest
>say to convey to you -what the longer vork entails i s to send you
the Eeport of the pilot project, the Proposal for the second and
longer phase (now just started) and the six Progress report* vhich
have gone to Committee Members* Those documents are enclosed* I
would be grateful if you nould return the Report and Proposal vhen
you have had a chance to read them*
Our temporary shortage
me to suggest that you v i l l find
toe Progress reports* The sixth
James of McGill University vhich
Mr*
hope that you
tended for us
I add my vish

of adequate letterheads leads
the names of Gomitta© Humbert on
report include© that of Dr. Cyril
has j u s t been added.

Woodward asks me to express to you his personal
v i l l accept the invitation -which Dr. Willits exand allov us to velcoae you on the Committee, May
to his*
Very sincerely yours,

Mildred Adams
Research Director
Itaclosures
Dr# Frederic Ct Lane
Westminister
Massachusetts







LANGUM, John
See also under WRITERS (PROPOSED)
correspondence file

LARGE, James M.
See under LOEB, Howard A*







Larson, Henrietta

October 25, 1954

Dear Miss Larson:
Thank you for your petient listening end wise
counsel last Friday.
It was a great pleasure to see you end I hope
that one of the times you cose to New York, you t-dll
come down to this section of town.
Very sincerely yours,

Mildred Adsias

Miss Henrietta Larson
Harvard Business School
Boston 63, Massachusetts

LARSON, Henrietta

HARVARD UNIVERSITY
GRADUATE SCHOOL OF BUSINESS ADMINISTRATION

gEORGE F. "BAKER FOUNDATION

SOLDIERS FIELD

HENRIETTA M. LARSON

Associate Professor of Business History

BOSTON 6$, MASSACHUSETTS

October 15, 1954-

Miss 14ildred Adams, Research Director
Committee on the History of the Federal Reserve
System
33 Liberty Street
New York U5, New York
Dear Miss Adams:
I shall be glad to see you next week if I am here
when you are free. I shall surely be here Thursday morning
because I have a doctoral examination that afternoon, but I
may have to be away on Friday•
Sincerely yours,

HML:ab




LARSON, Henrietta
COmiTTEE 0^ TH£ HISTOKY 'ft TRt FEDERAL RESSBYI SYSTEM
33 Liberty Street, New York 45, New York

October 11,

Dear Miss Larsons
Thank! so zsiich for your note of October 4th referring us
to Mr, Robert Lovett in the matter of what constitutes "business
archives".
I note that my assistant has already written you that
we would be eager to have your "very definite ideas about vhat
are the moet valuable records for historical purposes". I am
expecting to be in Cambridge late next week, Friday and perhaps
Thursday. If you could aakfl an appointment to see at on Friday
morning, we could discuss this at greater length than in a letter.
Vouid you let ae know whether this aigbt be possible.
I hope your vacation did all that a good vacation should,
Cordially yours,

Mildred Adoat
Research Director

Miss Henrietta M. Larson
Harvard Business School
Soldiers Field
Boston 63, Massachusetts




LARSON, Henrietta

HARVARD UNIVERSITY
GRADUATE SCHOOL OF BUSINESS ADMINISTRATION
QEORGE R "BAKER F0UNDATI071

HENRIETTA M. LARSON

Associate Professor of Business History

SOLDIERS FIELD
BOSTON 63, MASSACHUSETTS

October 4 ,

Miss *ll«n 0, Singer
Committee on the history of
the Federal Reserve System
Federal Reserve Bank
New York City
Dear Miss Singers
I have reveiyfed your letter of September 29
in which you inquire about wrfther the Harvard Business School
has worked out a definition of ttbusiness Archives#H
May I refer you to Mr. Robert Lovett, the
archivist at the School? He has no doubt thought more
about that question than I have, because he is in charge of
the business records collection at the School*
If I can be of any help in other ways, please
call on mg» I have very definite ideas about what are
the most valuable records, in general, for historical
purposes, but Mr. Lovett has thought of the problem as an
archivist•
Sincerely yours,




^

LARSON, Henrietta

COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM

September 29, 1954

Deer Mis3 Larsons
Before she left on her vec&tion, Miss Adems asked me
to writ© you to see if et the Harvard Business School you hed
•worked out any definition of "business archives".
The Coiimittee is interested in helping each regional
bank in the Reserve System to set up or expand existing
archives so that they •will contain material needed by
future historians* Miss Marguerite Burnett, -who has recently
retired as librarian of the Federal Reserve Bank of New York,
is to be in charge of this project. Miss Ad©ias £n& the
Committee will be most grateful for any light you can throw
on tli© subject of archives.
Sincerely,

Research Assistant
Miss Henrietta Larson
Harvard Business School
Cambridge JB, Mass.




JA BS LAURENCE LAUGHLIN PAPERS
Ao. ii-788 and add. 1

r

Fhe papers of James L&urence Laughlin, professor, writer,
economist, were presented to the library of Congress In 192k and
1935t by Lawrence Cramer Laughlin,
Linear feet of shelf space occupiedj $|A-nproximate number of items: 2f>00
The papers may be used under Library Restrictions.
No dedlcat5on of literary rights in the unpublished writings
of James Laurence Laughlin.




-2Biographi c al Note
, Apr. 2

Born in Deerfield, Ohio; son of Harvey and rary
Hills Laughlin

1873

AB Harvard

1873*78

Taught in HQpkinson*s Classical School, Boston

1875, Sept#

1 arried \llce JcGuffey

I876

AM and HID Harvard

1878*83

Instructor in Political Economy, Harvard

1883-88

Assistant Professor Political Economy, Harvard

1888-90

President, Iianufaeturers Kutual Fire Insurance
Company, Philadelphia

1890-92

Professor of Political Economy, Cornell

1892-1916

Professor and Head of Dept. of Political Economy,
Univ* of Chicago

1892

Became editor of Journal of Political Economy

18914.-95

Prepared for government of San Domingo a scheme
of monetary reform, which was afterwards adopted*

1897

Member of Monetary Coxnmission created by Indianapolis monetary Conference*

1906

Lecturer in Jerlin on invitation of Prussian
Cultus Kinisteriumj Doctor, honoris causa, Univ.
of Giessen*

1909

Delegate Pan-American Scientific Congress, Santiago,

1911

Chairman, Executive Committee National Citizens1
League for Promotion of Sound Banking System,

1919

Member European Commission of National Industrial
Conference Board.

1933, Nov. 28

Death




-3Author oft
Ang;lo~ Saxon legal Procedure In Anglo-Saxon Laws, I876
£* .§• ^ H ' g Principles of Political Economy (abridged), l88ii.
Study o£ Political Economy, 1885
History £f Blmettalllam In United States» 1886
Elements o£ Political Economy« 1887
Gold and Prices Since 1873. 1887
Pacts About Money« 1895
Report of Monetary CoP!mlsBlon< I89C
Principles o£ l!oney» 1903
Reciprocity, 1903
Industrial America, 1906
Aus drnn Amerikanischen Wlrtschaftsleben. 1907
Latter-Day Problems. 1909
Credit of ^ e Nations, 1918
Koney and Prices, 1919
Banking Progress, 1920
Honey, Credit and Prices, 1931
The Federal Heserve Act, Its Origin and Problems, 1933*




Description of Series
Containers

Series

1

Miscellaneous Correspondence. 1902-27. Part
of 1 container.
Letters sent and received (mainly letters
received). Chronologically arranged by years.

1

IMiscellaneous Financial Papers. 1927-31. Part of
1 container.
Mainly re the financial affairs of Agatha Laughlin

1

Miscellaneous Notes#fi
a* Part of 1 container.
1 thin folder of unidentified, unarranged notes,
handwritten or typed*

2«4

Name and Subject File.r 3 . 3 containers.
Letters sent and received and other papers.
Alphabetically arranged by names of correspondents,
or by subjects. c ^ » Laughlin * a working groups
of material have been retained for the present,
so far as possible. When the papers are re>processed there will almost certainly be changes
in this series#j

5-7

Articles, Lectures, etc.j
a# 3 containers.
Handwritten and typed drafts of articles, lectures,
eto #f notes, occasional printed matter, and
occasional letters. Arranged alphabetically by
titles.

8*10

Manuscript and Notes, The Federal Heserve Act, Its
Origin and Problems .c
j . 3 containers.
Manuscript, notes, correspondence, etc. Arrangement
by chapters; no arrangement within chapter folders.

11-13




Printed l ? atter. t
3 containers.
3.
Pamphlets and clippings. No arrangement.

Container List
Container8
1




Contents
Miscellaneous Correspondence.

1902-27

Miscellaneous Financial Papers, 1927-31 rMainly
the financial affairs of Agatha Laughlln3
Miscellaneous Hotes* c
Hams and Subject File,
it

n

«
n

n
ft

w
»
ft

it

it
tt

tt

a

n

ft

tt

ti

ft

it

n
!!

tt

tt

ft

ft

ft

ii

ft

ft

tt

it

ft

tt
ft

if

ft

ft

n

ft

»

tt

ft

ft

tt

n

it

ft

w

*

n

»

n
n

ft

ft

tt

tt

ft

ft

ft

ft

tt

If

ft

S

tt

ft

ft

«

It

tl

ft

tt

„

.-'

tt
II

tf

tt

tf

tl

ft

ft

tt

11

tf

tt

a

Aldrioh Plan
Aldrioh, Nelson W. (Life of)
Bank Currency Based on Trade
Banking (Chamber of Commerce of U.S.)
Banking Control
Banking Reform
Bond-Secured Circulation
Bryan, W # J #
Carson, Willim E«
Currency Act, 12«-3~13
Delano, F.A.
Dictionary of American Biography
Farwell, John B*
federal Reserve Board-Printed
Circulars, Regulations, etc.
Federal Reserve Board-Statements
for the press, and other Multicopy Material
Financial Housekeeping; Elasticity
of Credit and Currency
Glass Bill, Creatiun of
Guarantee of Deposits
Hamlin, CSharles S #
Hepburn, A.B,
Influence of Vox. Upon Volume of
Bank Notes
Kalamazoo
Lauok, W.J.
LeBeDthon, T.T.asJ.L,
Marie Antoinette Indictment
^onsry Trust"
Morss, Charles A #

Containers
Contents
~3 oon f t. Name and Subject
File National Citizen's league-Formation of
f1
"
»
«
"
"
" ..Miscellaneous
Correspondence
"
»
»
"
"
•
"
-Financial
Reports
n
"
"
»
"
"
"
-Retirement of f,
Laurence Laughlin
"
"
"
" New York Banking Law
I4.

H
"
»

ft
"
»

»i

»

"
"

11
11
11

"
11
11
H

5

"

»r
"
"

Patterson, C. S #
Peabody, George Foster
Perrin, John

i!

u

"Plan D"

«

«

"

Roosevelt, 1^ieodore«Correspondence re 9 2hr
Article on

"

•
"
"
"
"
"
nn

"
"

f!
n

"
n
"
"
lf

«
M

n

n

"

tf
w

"

ft

n

R# B# H # " c R e d Brick HouB©^f J a f f r e y , ^i H,
R e d f i e l d , V/illiam C.
Reynolds, G. M#
S c o t t , William A.
Underwood, Oscar W#
Taftp V/illiam Howard
Untermeyer, Samuel
Warburg, Paul M«

" Weltcm, A # D.
?l
*
*
"
Willis, H # barker
"
"
*
"
Weeks, John W #
H
"
""
"
Wilson, Wocdrow
Articles,
Lectures,
etc"Abundance
of Gold"
n
tf
n
"
The
Amazing
Adventures of Silver"
tf
H
"
"Bank
Notes
and
Lending Powor"
w
"
" "Banking Reform" (3 folders)
"
"
" H"Banking Reform and the Constitution"
"
"
" 1!he Bolshevist Pearls"
)f
"
"
"Capitalism"
tf
M
" "fCoin» Debate-Pree Silver"
"
"
" "Confiscation by German Paper Koney"
l!
"
" "Coolidge Policy-Tariff,
?"
»
"
"
ir
"
" "Duration of the War"
"
" "^^conomic Factors in International Relations"
"
"
" "Effects of the European War on the Credit
Situation of the U f S # "
"
"
"" "The Plambeiu River"
"
"
" "Future of Prices"




'

•7Containers

Contents
Articles, Lectures et
M

tt

tt

tt

it

ti

tt

tt

n

It

!f

ft

it

tf

5*

tt

H

»t

tt

.„

ft

11-13




it

tt

n

tt

tt

it

n

tt

it

N

n

ti

ti

ti

H
N

?t

it

11

II

II

n

8-10

v

it

"

Tt

N

n

tt

»l

n
n

!?
II

n

H

tt

„

tt

tt

n

ft

n

tt

it

tt

»i

tt

tt

tt

i?

tt

TI

it

tf

tt

H

n

il

N

tt

ti

tt

n
n

Government and Bankingff
Henry Adorns"
Historical Research"
Hoover»s Economlos"
Iowa Bankers Association 1911 c?° t5.tlej
John Brown's Grave"
Laughlln, J»L.-Statement Before House
Hearings
^Leadership"
"Logic of Capitalism"
"Malche"
"Monetary and Credit Problems of the
War"
"Monetary Reform, 1910"
"Money and Banking Reform"
"A National Reserve Association in the
I ovement of Cotton in the South"
"National Reserve Association of the U#S<
"New Bryanism"
"The Peril of Labor"
"Personal Reminiscences of Some Literary
Men"
"Politics at Work"
"The Railway Situation Today"
"Recollections of the Founding of the
University" t Cornell;)
"The Recovery of Business"
"Roosevelt Theodore at Harvard"
"Solution of Labor Problems"
"Spiritual Life"
"Strategy of the Coolidge Adminlstrationf
"The Tariff of Exaggerations, 1922"
"Tracts for the Times"
"Wages and Prices"
"World's Monetary Problems"
"The Younger Generation"

Manuscripts and Notes, The Federal Reserve Act, Its Origin
and Problems#
Printed Matter

LEFFINtr¥EJUL.
Russell
¥EJUL. Russe

COPY

23 Wall Street
New York 8
R. C. Leffingwell

March 12, 1956

Dear Allan:
Thanks so much for your nice
letter.

I shan't forget your interest in the

copies of my Treasury records.
Sincerely yours,

/ s / Russell

Allan Sproul, Esq.
Chairman, Committee on the History of
the Federal Reserve System
33 Liberty Street
New York 45, N. Y.




LEFFIwiiWELL, R u s s e l l

RECSIVIO

March 9, 19S6
Mr* R, C,
13 Will Street,
New York S, H.Y.
Bear Russell:
Thanks for responding ao sympathetically to my recent
appeal lor p$Lp®r$, in behalf of the Committee on the History of the
JTi-deral E l i l l i l System* The matter of completeness of records, to
\thich you refer iti your letter of inarch 1st, Is always a difficult ©&©•
Ko ujafciear haw much material one collection contains, there i& always
sure to be some thing which must be hunted somewhere e l s e . Xt has b«ea
our experience, in tracking down material for the use of scholars working
on Ifcti project, that private collections ©£ papers, beteg smaller and
closely locussed than public files, frequently iUumine and provide
which make th* public man* more useful, and at times more
com prelw ag ible •
It i s , in part, for this reason that we have kept after you about
/Our y p t f * Our suggestion that thty tx%ht be deposited at Colombia was
auly a suggestion - if you decide to offer th^m to the Library of Congress» we
sUtiil fee equally pleased• Thr chief aim is to make sut€ that papers of men
like youj-s^U, who have played important parts In the nation's monetary affairs
at iauportasit monoents, arrive intact at responsible repositories without being
di&dipatci or lost. A secondary concern is that we know where such papers
or where th$y are going» M that wt- cam pass oti this information to
scholars working in thin field.
Your letter of March iat take^i care of both IfctM points Cor the
I #kail remind Miss Adams that she has your permission to
your letters and miscellaneous papers when and if she needa to.




With thanks and best regards,
Sincerely yours,

Allan Sproul

LEFFIriuWELL, Russell C.

COPY
23 Vail Street
New York 8
R. C* Leffingwell

March 1* 1956

Dear Allan:
I received your letter of February 23rd written as Chairman of
the Committee on the History of the Federal Reserve System. I am wholly
sympathetic with this project and naturally would like to do what you want
me to do* I have no plan to dispose of my Treasury papers at present but when
the time comes to do so I shall certainly take into careful consideration your
suggestion that I give them to Columbia, although my plan has been to offer
them to the Library of Congress*
I enclose a copy of my letter to Mr* Woodward dated April 7* 1955*
Miss Adams came to see me two years ago and it was at her request that I had
isy essays and addresses bound up for her* At the same time I told her that I
snould be glad to let her see my letters and miscellaneous papers if she
thought it worthwhile* though I doubted it*
When I left the Treasury in 1920 I brought no original documents
about the public business away with me* I have only copies of some Treasury
papers which were sent to me afterwards as unwanted duplicates*
Your own records in the Federal Reserve Bank of Hew York must be
pretty complete both in regard to monetaiy policy and the Treasury's domestic
business* which was done through the Federal Reserve banks as fiscal agents
of the United States. To have recourse to my incomplete copies of some of the
papers would be most unscholarly and perhaps misleading* When I had occasion
some twenty years ago to refresh my memory for a Senate Committee of our
Government's foreign loans in war time I found it necessary to consult the
Treasury records because the copies that had been sent to me were one-sided
and incomplete*




Leffingwell

- 2 -

So far as foreign affairs are concerned, they were of course no
part of the business of the Federal Reserve banks• However Albert Rathbone
and I gave a pretty full account of our foreign loans to the Senate Committee
in 1936* This account is item 17> "British and French Debts,11 in the bound
volume which I sent to Miss Adams.
The original Treasury papers are no doubt still available to scholars
at the Treasury and at the Federal Reserve Banks and the offices of the Federal
Reserve Board, ity incomplete copies are of little value except to me.
Sincerely yours,
R. C* Leffingwell

Allan Sproul, Esq*
Chairman, Committee on the History
of the Federal Reserve System
33 Uberty Street
New York 45> New loric
Enclosure




LEFFI itfGWELL, i ^ g p i k ^ . w . ^ « , ^

*

*

*

*

*

*

February 23,
Mr, Kussell G* Leffingweil,
23 Wall Street,
New York 8, N.Y.
Dear Russell:
I think you know of the Job which has been undertaken by the
Committee on the History of the Federal Reserve System, on whose
letterhead I now write. One of the most important aspects of our project
has been the hunt for papers of those who played an important role in the
financial affairs of the nation during the formative period of the history
of this Sygteir,, and helping to make arrangements for the proper disposition
of such papers, so that they will be available to and usable by scholars in
the field of monetary history.
We have been quite successful In our hunt for papers having
already located 104 collections which we think have historical value* As a
pilot project we financed a preliminary examination *»nd classification of
the papers of Senator Glass, and we have helped in the placing of other papers
with the Library of Congress or appropriate educational Institutions.
A particular part of this project* which is dear to me, is the
promotion of the idea that there should be at Columbia University a center
of financial studies, which could draw on the historical papers of members
of the New York financial community, as well as benefit by Its proximity to
the institutions and people who make up the chief financial market of the
country and the world* We have found the people at Columbia most receptive
to this idea, and a start has been made on giving It life* I can think of nothing
which would do more to promote this idea than to have your papers deposited
with Columbia University for this pur pose • And X have reason to believe that
the University would welcome having the papers and would sort, classify and
catalogue them so that they would be available for scholarly research by
students in the field*
X know you have already helped us with a gift of a bound
copy of your writings, which we were most glad to receive, but X would




*

*

-2-

Mr. Leffingweii

2/23/56

like to urge your further assistance in what I believe is a most worthwhile
public project. Old timers at the Treasury think that several boxes of
papers were sent to you after you finished your important service there.
If this is so, and if they are lying in some basement or attic, we would
like to have a chance to retrieve them for deposit with Columbia University,
This would seem to be an act appropriate to your relations with the
University, with the financial community, and with the history of financial
developments in the United States.




Sincerely,

Allan Sproul

LEFFIWUWELL, Russell G.

.-RECEIVED

o
R.C. LEFF1NGWELL

April 7j 1955

^ O £ * A L * £ S £ * V i S*ST*¥

Dear Mr. Woodward:
I received your letter of April 4th. Miss Mildred
Adams did come to see me, and I collected my essays and
addresses and had them bound for her. As I think I told her
I should be glad to let her see my letters and miscellaneous
papers if she thinks it worth while.

I doubt it. My official

communications with the Federal Reserve will be in the Treasury
files and the Federal Reserve files either of the Board in
Washington or the Bank in New York or other Federal Reserve Banks.
So far as I know there is no record of the many conversations I
had with the Federal Reserve Board in Washington and the Federal
Reserve Bank in New York.

The offices of the Board in ray time

were in the Treasury building on the same floor as mine, and the
Treasury had a direct wire to the Federal Reserve Bank in New Yorkj
so talks were easy and frequent.

I kept no record of these talks

and kept no diary or journal.

ttppftjfrfrjy I gave the best account I could of what happened an
why in my published essays and addresses some of which were written
in the early days after the events and while my memory was fresh.
However if there is anything I can do to help you or Miss Adams
further I shall be glad to do so.
Sincerely
Donald B. Woodward, Esq.
Secretary, Committee on the History of
The Federal Reserve System
33 Liberty Street
New York 45, N.Y.






LEFFINGWELL, Russell C,

April 12, 1954

Dear Mr* Leffingwell:
The stoutly bound copy of your printed
papers was delivered by messenger while I was in
Washington, and it greeted me when I returned this morn¥e are delighted to have these particular papers,
and to have them in so compact and useeble a form is a
pleasure which will be shared by every ststctent who has
reason to consult them. You were most kind to have them
done for us*
May I send you wax® thanks on behalf of the
entire Committee.
Cordially yours,

Mildred Adams

Mr. Russell C. Leffingwell
J. ?• Morgan and Co., Inc.
23 V a n Street
Mew fork 8, Hew lork
Xftlktt

$

R.C.LEFFINGWEUL

April

8,

Dear Miss Adams:
Referring to your letter of
February 15th and my reply of the 16th
about my papers, I have now received
a bound copy of them, and am glad to
send it to you.
Sincerely yours

Miss Mildred Adams
Committee on the History of the
Federal Reserve System
33 Liberty Street
New York 45, N. Y.
Enclosure




LEFFIM1WELL, Russell C.

J?3 "W^tStreet
<5

R.C. LEFFINGWELL

February 16,
Dear Miss Adams:
I received your letter,
and Ifll be glad to have the papers
bound up for you and send them along
when It Is done*
Sincerely yours

Miss Mildred Adams
Committee on the History of the
Federal Reserve System
33 Liberty Street
New York 45, N.Y.




LEFFING¥ELL, Russell C

February 15, 1954-.

Mr. Russell C. Leffingvell,
J. P. Morgan & Company, Incorporated,
23 Vail Street,
Rev York 8, Sew York,
Dear Mr. Leffingwell:
¥hen I saw you about this history project in January we discussed the
question as to whether a collection of your speeches, which ve very such
want, would be more easily handled in loose or in bound form. After
looking through papers here I have come to the conclusion that the bound
for® would be Biore usable.
You vere kind enough to say that you would have them put together and
bound in some durable manner. We would accept this offer most gratefully,
I send you warm thanks in advance.
Cordially yours,

Mildred Adams.
MAiek




LELAWD, Simeon E.
XX
Dean of College of liberal Arts
Northwestern University
See under DAWES, Charles. Correspondence concerning Daves papers*







Lichtenstein, Walter

October 25, 1954

Mr. Lichtenstein:
that was a delightful hour I spent with yon and I
found i t most valuable, I feel lucky that my vork for
this CoiBmittee gives me the opportunity to discuss
ideas vith men like you vho have t&ken active pert in
the banking system of this country.
I t was wonderful to get a glimpse of your
collection 'which promises such riches for the student,
I shall be waiting impatiently for a chance to profit
by i t .
Very sincerely yours,

Mildred Adams
Mr. Welter Lichtenstein
Gray Gardens West
Cambridge 33, Massachusetts

LICHTENSTKLN, Walter
COPY




July 1 , 1954

Mr, Walter Lichtenstein
The First National Bank of Chicago
Chicago, Illinois
Dear Walter;
I am no end delighted with your letter. We are putting
a note on the calendar to follow you up in the Autumn.
With warmest regards.
Cordially,

DBW;lw
cc; Mildred Adams

COPY

LICHTENSTEIN, Walter

Dear tkmi
T3mak» no laueh for jour dextrous sud b« gull lag l e t t e r to
Mr- Licfatenstain. I t should nelt & heert of stone ana I only hope
that G*rm&ai© atln£ Is
You w i l l b^ interested to hear that vhea I t&lkeu vith
Mr* Sprmal oa Friday i t bec«ka« «p^ar«at tifj&t h^ himself al^bt
to contribute to UM series * voluae of papers on various phases
of tmd&ru $m%$&i hacking, Naturally I oppleuddd the idea vith
ohe«rs« Maybe we could e n l i s t the vtduas of oonpetitioa vithia
the Coaesittee?
Best as

Mildred Adaise
Mr. Donald B.
Vick Cheadeal
122 East ^2ad
Men tork City




Voodward
Coapaaj
Street
17, » . I .

COPY




THK FTHST 8ATI0SAL BASK OF CHICAGO
Chicago, Illinois

28 June 1954

Dear Dons
Your letter of 25 June eaxa@ this morning.
I have said all along that after I get settled in
Cambridge, I shall be glad to have someone corae
and interview me and I shall have say diaries and
papers on hand to refer to* My wife and I expect
to gst to Cambridge at tfa® end of September so I
should say that around the second half of October
I should bo available*
Best regards.
Sincerely yours,
/«/ Walter
fcalter Llohtenstein
Mr, Donald B« Voodvard, Secretary
Committee on the History of the
Federal Reserve System
33 Liberty Street
Sew Torfc 45, Hev lork

COPY




June 17, 1954
Dear Don:
You may remember that some time ago I asked for
your help in persuading Walter Lichtenstein not to put a
time seal on his diaries* A letter has just come from
him which sharpens the matter* He says wAs for my diaries,
I regret to have to say that these will not be open to inspection for many years after my death. They are completely
private and contain largely matters of distinctly personal
interest and concern. It would be most embarrassing to me
and many others if I made them accessible to others. Furthermore, they contain entries which would have to be cleared by
the proper authorities. I have in fact at times thought it
might be best if they were destroyed, but so farrayhistorical
training has prevented me from carrying out such a scheme". I
do hope you will be able to persuade him to change his mind
on this particularly for the purposes of the Committee.
Best as always,
/s/

Mildred Adams
Mildred Adams

Mr. Donald B.
Vick Chemical
122 East 42nd
New York City

Woodward
Company
Street
17, N. Y.




COPY
The First National Bank of Chicago
Chicago, Illinois
10 June 1954

Dear Miss Adams:
Your kind letter of 28 May came to my desk
some time ago but I have been out of town so that this
is the first opportunity to reply to it*
I expect to come to Cambridge in the fall
and shall then attempt to sort out my papers and decide
which may be made available.
As for my diaries, I regret to have to say
that these will not be open to inspection for many
years after my death. They are completely private
and contain largely matters of distinctly personal
interest and concern. It would be most embarrassing
to me and many others if I made them accessible to
others* Furthermore, they contain entries which
would have to be cleared by the proper authorities.
I have in fact at times thought it might be best if
they were destroyed, but so far my historical training
has prevented me from carrying out such a scheme.
Sincerely yours,
/s/

Walter Lichtenstein
Walter Lichtenstein

Miss Mildred Adams
Research Director
Committee on the History of
the Federal Reserve System
33 Liberty Street
New York 45, N. Y.

LICHTENSTEIN, Walter

May 28, 1954
Dear Mr. Lichtenstein*
Ever since we heard that your papers had been given to
Harvard University we have been anticipating the moment vhen it
might be possible to get an inventory of their contents. Professor
Arthur Cole has given us a glimpse of the correspondence, and we
understand that the diaries are in the Houghton Library, or are
to be placed there.
All this material, representing as it does close
with the System over many years, is of vital importance to
of this Committee. Ve are eager to know as much as we can
and we look forward to the time when students will be able
riches.

contact
the work
about it,
to use its

It was therefore with some concern that I recently listened
in Boston to a report that you intended to put a seal on the diaries
for a long period of years. When I reported this to Mr. Donald Woodward
he showed immediate alarm. He would be writing you himself, but for the
circumstance that he is leaving town on a business trip. He asks me to
write immediately in his place, and to urge you most strongly to withhold
any such action as is rumoured until he has a chance to talk with you
about the work of this Committee.
The rumour may, of course, be false. If it is, I hope you will
accept this letter as reflecting our vivid interest in the records which
are of your authorship.
Very sincerely yours,

Mildred Adams
Research Director
Mr. Walter Lichtenstein
First National Bank Building
38 South Dearborn Street
Chicago, Illinois




LICHTENSTEIH, Walter

Tin:

F I R S T N A T I O N A L 1>ANK OV C H I C A G O
CHICAGO, ILLINOIS

m;^ 0-1954
J, H. W .
I4. M a r c h ,

I95I4.

MBWERED.
ATTENDED TO.

Dear Miss McKinstry:
Your interesting letter of 2 March
reached me just now, 1 had heard from Mr. Cole
about Miss Adams1 inquiries* Of course, I shall
be glad to talk with Miss Adams, but I do not
know how a meeting is to be arranged,
I gave up all remunerative employment
at the end of 1953 and now have little or no occasion to come to New York, I have been appointed
Honorary Curator of German History in the Harvard
Library and hope to be able to spend some time in
Cambridge, In fact, I plan to be there 5 - 1 0
March, leaving by plane for Boston tomorrow (Friday)
I shall be at the Continental Hotel, Garden Street,
Cambridge, Massachusetts, during this short stay.
Sincerely yours,

Walter Lichtenstein
Miss Katherine McKinstry
Research Assistant
Committee on the History of
the Federal Reserve System
33 Liberty Street
New York ij.5, New York
WL: jkb







LICHTEJSSTEIN.

Welter

Kerch 2, 1954
Dear Mr. Liechtenstein:
Although your visits to the Mew York Reserve
Bank have been more infrequent in recent years then formerly, I em sending this note to you in the hope that
you may be cosing laat very shortly to attend the spring
meeting of the Visiting Committee for the Department of
Economics at Harvard. Miss Mildred Adass, Research
Director for the above recently formed Committee,
following her visit to Harvard, last week where she had
a long talk with Professor Cole and learned of your
gift of private papers to the Harvard, libraries, has
expressed a wish to talk vith you about your long
Reserve Systea experience. She vould such appreciate
an opportunity to see you here if you happen to be
passing through Mew lork.
With the aid of s gr&nt from the Rockefeller
Foundation, a pilot project has been organised to interview people who have had something to do with the development of the federal Reserve £tf ^teis, &nd to locate and
catalogue information and materiel "which might form the
basis for later studies and publications vith respect to
the Reserve System,
Miss Mems, vho has been assigned an office here
ia the New Xork Bank, has only just bsgun her exploration
of materials* If the preliminary phase of the work in
successful, it m&j lead to a series of historical studies
which could extend over a period of years. In view of your
long interest in Reserve System natters, Kiss Adems feels
that you are one of t&« persons she ought to talk to at
an early date* She very nuch hopes.you can find time to
grant her an interview on your next trip to lev York.
Sincerely yours,

Mr. Walter Liechtenstein
First Ration&l Bank Building
38 South Dearborn Street
Chicago 3, Illinois
ka

Research Assistant

LIKERT, Rensis
UNIVERSITY

OF MICHIGAN

'

•

INSTITUTE FOR SOCIAL RESEARCH
* O i[j ;,;,

ANN ARBOR, MICHIGAN
RENSIS LIKERT. DIRECTOR
SURVEY RESEARCH CENTER
ANGUS CAMPBELL. DIRECTOR
RESEARCH

CENTER

FOR GROUP

DYNAMICS

DORWIN CARTWR1GHT, DIRECTOR




February k>

Miss Mildred Adams
Committee on the History of
the Federal Reserve System
33 Liberty Street
New York U5, New lork
Dear Miss Adams:
We have not used group Interviewing
techniques in any systematic way and have no ideas on
the matter that would be of much help to you. It is
an interesting idea, and I expect that you will find
that group discussions will produce a more rich
account of past events that would separate interviews.
I do not know of any published material on group
interviewing methods except in connection with clinical
work and therapy, and this material is not relevant to
your purposes•
Sincerely yours,

r

RL:ry

snsis Likert

fc

I




January 31, 1955

Dear Dr. Likert:
On December 31st Miss Mildred Adeias, Research
Director of the above Committee, vrote you about techniques of group interviewing. Because we have received
no reply, I am efreld that Miss Adams1 letter has gone
astray, I am therefore enclosing a copy of Miss Adems1
letter. Sue will be most grateful for a
Sincerely,

ICS>
Research Assistant

Dr. Rensis Likert
Institute for Social Research
University of Michigan
Ann Arbor, Michigan

C 0 PI

December 31, 1954

Dear Dr. Likert:
I am writing you at the suggestion of Dp, Robert Celkins of
the Brookings Institution to ask for inatsrial ne thinks you have on
successful techniques of group interviewing.
lou probably have neard froji Donald Woodward about the work
of this Committee. In the process of gathering in the memories of the
early officials in the Federal Reserve System, we have thus far been
relying en individual interviews. Recently, Dr. Walter Stewart suggested th&t it might be fruitful to get together two or three people
who had worked on various phases of a common experience &nd try a
process of group discussion. His theory is that this would recreate
diverse points of view and arrive at a more lively memory than is
possible from talking to on© person.
la tne beginning at least, Dr. Stewart himself would probably
participate in this, and we would be working at the executive level
rather than ths operating level.
If, vith this small indication, you can send us material
which -Hill help us to improve our oua techniques in this experiment,
we will all of us be very grateful.
I know that Dr. Calkins and Mr. Woodward would want me to
send you warm greetings.
Very sincerely yours,

Mildred Adams
Dr. Rensis Likert
Institute for Social Research
University of Michigan
Ann Arbor, Michigan




LIKERT, Rensis

December 31, 1954.
Dear Dr. U k e r t :
I «B writing you at the suggestion of Dr. Robert Calkins of the
Brookings Institution to ask for materiel he tainks you have on successful
techniques of group interviewing,
lou probably have heard from Donald Woodward -.about, the vork of
this Committee• In the process of gathering in the memories of the early
officials in the Federal Reserve System, ve have thus far been relying on
individual interviews. Recently, Dr. Waiter Stewart suggested that it might
be fruitful to get togetner two or three people -who had worked on various
phase3 of a common experience and try & process of group discussion. His
theory is that tuis would reere&te diverse points of view and arrive tt a
more lively memory tn&n is possible from talking to one person.
In the beginning at least, Dr« Stewart hiicself would probably participate in this, and we would be working e.t the executive level rather than
the operating level.
If, with this smell indication, you can send us material which
will help us to improve cur own techniques in this experiment, we will ell
of us be very grateful,
I know that Dr. Calkins and Mr# Woodward would want me to send yo-u
warm greetings.
Very sincerely yours,

Mildred Adams

\ IV
Dr. Rengis Ldkert
Institute for Social Research
University of Michigan
Ann Arbor, Michigan




\




LOUUE, Henry Cabot (Papers)

5, 1956
Dear Mr, Mitchell:
Thanks so much for your kindness
in sending us Inforaatioa on the papers of
Henry G&bot Lodge* We are glad to kaov they
are Intact and safely housed Kith the Massachusetts Historical Society* This will be
a great help in filling out our records of
important collections, and ve fere meat grateful for your aid*
?ery sincerely yours,

Irma Burstein
Assistant
Mr* Stewart Mitchell, Director
Massachusetts Historical Society
1154 Boylston Street
Boston 15, Massachusetts

i-.OLuE, :ienry Cabot

USETTS
1 1 5 4

HISTORICAL

B O Y L S T O N

SOCIETY

S T R E E T

B O S T O N

JAM 51556
»RY

j

a n u a r y

4,

rn
Dear Miss Burstein:
Your letter of November 9, 1955, of which you sent me a copy on
December 27, 1955, certainly did go astray. I am sorry for the delay and the
apparent discourtesy of my not having answered something I never received.
All the papers of the late Henry Cabot Lodge (1850-1924) were placed
on deposit in this Society about 1928. They fill 125 file boxes and contain
thousands and thousands of items.
The Society had these papers sorted and arranged by alphabet and year
about six years ago. They are in very good order, but we have no inventory of
them for we could not afford the expense of making one.
The three trustees in control of the use of these papers are as
follows;
!• The Honorable Henry Cabot Lodge, Jr.,
"" American Ambassador to the United Nations,
Two Park Avenue,
New York 16, New York.
2. The Honorable John Davis Lodge,
"~ American Ambassador to Spain,
American Embassy,
Madrid, Spain.
£ . The son of Henry Cabot Lodge, Jr.
The Lodge Papers were closed in March, 1951, because of the prof e s s i o n a l misconduct of a professor who was working with them. You would do
well to write d i r e c t l y to Ambassador Henry Cabot Lodge, J r . on this subject.
Very truly yours,

ttrrvi

Stewart Mitchell
Miss Irma Burstein, A s s i s t a n t ,
Director
Committee on the History of the Federal Reserve System,
33 Liberty S t r e e t ,
New York 45, New York.
SM:RM






LODaE, Henry Cabot (Papers)

Ceeember 27f 1955
Dear Sin
On November 9th I vrote to you requesting
certain information about the papers of Senetor Henry
&abot Lodge which we understood were deposited vith
the Massachusetts Historical SocleV*
that letter seeme to hare gone astray, so
I am sending you a copy of It vith the hope that you
will be able to send ue any or all of the data we
need*
Thanking you for your kindness* I am
V&ry sincerely yourSf

Irma Bur3teln
Assistant
Director
Massachusetts Historical Society
1154. Boylston Street
Bo»ston 15* Massachusetts
Enc,

, Henry Cebot

November 9, 1955
Dear Sirs
We are engaged in trying to amplify certain scraps of information vhich have been gathered concerning collections of papers vhlch
are of particular Interest to this Committee*
Kiss Mildred Adams, executive director of the above Committee,
has asked me to vrite to you concerning the papers of Senator Henry
Cabot Lodge vhlch, according to our notes, are deposited with the
Massachusetts Historical Society* If this is correct, could you send
us the following information about this collection!
X - How many linear feet of shelf space does the collection occupy?
2 - Approximately how m&ny items are included in it?
3 m Has any listing or inventory been made of which we
might have, or make, a copy?
4 m Have any restrictions been put on these papers as to
literary rights or use by properly equipped research students, and
If so, vhat?
We vill be most grateful for your cooperation in securing
this information for us.
Sincerely yours,

Inne Burstein
Assistant
Director
Massachusetts Historical Society
1154 Boylston Street
Boston 15, Massachusetts







i/)EB, Howard (Papers,)

20,

Dear Les:
A l e t t e rfe&flCOILQ in this morning from Kr. I*arge
concerning "the Howard Loeb papers* 3© will get in touch with
Mrs, Loeb hiaself and very strongly recoacend
thet ths papers
by turned over to Princeton* Ee sayaf WI do not beliere
there is any point in Dr. Chandler's cont&ctia^ Mrs» I*oeb#
because she ^&s not beer; a b i t v e i l , and X sh&ll simply get
her consent tad then eoateet Dr« Chandler myself ead l e t
you know** As Kr» I*arge se«E&s very saich a aan of his wordy
I would Bey that you would probably bs hearing fro© him in
the i m r future pud that tht papers vculd follow along soon*
I i U nice to knov that the p^pera are going to
Priacseton, and v*» are coatinuingly grateful for your &id«
Cordially

Mildred Adaa3

Or* tegt^r ?• Chandl«r# Oieiroan
Department of Economics end Sociology
Princeton University
Princeton, Hew Jersoy




Howard (Papers)

January 20, 1956
Bfjar Mr, I^r-gei

Thank you for your quick fceply to my
recent l e t t e r about Mr. Loeb's p*p*rru I here
written Dr. Chandler that you v i l l get in touch with
him after you h&fi heard from Mrs. Loeb# I know
that Princetnn v i l l ba very £led to Her© the papers,
and veftWglad tofco©vthst they wr3 to be in a
place xhere scholars can consult them.
Sineerely yours,

Mildred Ad«a»

•

Mr. Jpcies M* Larg®, President
TradeJ3mens Bsnk Bud Trust Company

end Chestnut Streets
Philfcdelphie 10, Panngylvania

.

!!

LOEB, Howard (Papers)

TRADESMENS
B A N K

A N D

T R U S T

C O M P A N Y

Broad and Chestnut Streets
PHILADELPHIA

R. LIVINGSTON SULLIVAN

JAMES M. LARGE

Chairman of the Board

President




10

PERCY C. MADEIRA, JR.
Chairman, Executive Committee

January 19, 1956

Miss Mildred Adams, Executive Director
Committee on the History of the Federal Reserve System
33 Liberty Street, New York 45
Dear Miss Adems:
Thank you for your suggestion about Mr. Loebfs
papers•
I am contacting Mrs. Loeb and will very strongly
recommend that the papers be turned over to the
Princeton library,
I do not believe there is any point in Dr.
Chandler1s contacting Mrs. Loeb, because she has
not been a bit well, and I shall simply get her consent and then contact Dr. Chandler myself and let
you know.
Sincerely yours,
^
PRESIDENT.
JHL:¥.

^




LOEB, Howard (Papers)

January IB, 195&

Ycur l e t t e r of the i ? t h Baying tfeftt you t&d Kr« BtXf

the librarian, vould like the Hc<?erd hooh papers for the Princeton Librery man to my desk thlf morning.
Ton Hilt t'bout IMQfl ttfid means of ^
ttw simplest thing vrould be for He to vrite Mr,
i n d i c t i n g th?.t you vent, tK« p«per6| end totting vhe-tHer t.
l e t t e r of ><qMmt from Princeton should go to him ro to Hrs»
Lo&b. I'm sure thftl* will be 10 cifficul^y - i t | e JQat a
matter of obeerviag -whichever forme 11 ty beet f i t s this p a r t i cular neecL
I f a gX*6 you utat tti6M for Princeton,
a particular ap«ce in th© big picture*

T12/ do f i l l

I vlll let you know vhen I &et a reply froa Mr«
Bent greetings,

Mildred
I>r« Lester V. Cnpndlert Chalxnan
Department of BooOMiOl and Sociology
Frinc©toa University
Frincetcn, Hr-v Jersey

LOEfl, Howard (Pspers^

January 18, 1956
Dear Mr* Larger
I STUG sorry to nrvo b#*Q io ion?; la replying to your good l e t t e r of
December l^th about the papers of Mr* Howard Loeb, but I wanted to be Quite
sure of ire/ fr*tt&d before vritin^ you again*
q s
h*ve bees Bade both at the Vhartoa School and f t Frinc#~
ton in an effort to fine* out at vrhioh institution these p&pere vould be most
useful for research fitur-.-sr-.ts. We are told that the library a t the Wkarton
School i s S3t up for reference only, and not equipped to handle research
material of tbia m t n r e . They vould be gl*d to nugsest tfc« pr;perp for the
general library at tiie University of Pejinsylvania, but tiie coliect5.on i s
small and BO specialised that I would hesitate to reacTimenf that ceurse.
Princeton, on the other h&ndj ^as for tOAO fei»e been building in i t s
library i re^e^rch section devoted to financiel papers* Dr» Lester Chandlerf
yfaam you say know as ohalxa&a of the Departii#nt of Eoonosties and Sociology
there (and rxlso a director of the Federal R&Berve Bank of Philadelphia),
writer nee that he and the librarian, Mr, Dix, would both like to have th«
Loeb papers for the Princeton Library*
Under thoM circumstances, I vould mmwitiMi thf t you and Mrs*
Loeb cannider this suggestions If you find I t ncceptable, Dr» Chandler
vould like to kftO* Aether he may send you e. l e t t e r inviting the papers to
Princeton, or vhether such a l e t t e r should go to MrB. Lo^b# He v i l l b© glad
to follow whatever procedure you vould find siost appropri.&to to the
stances.
Very sincerely

Mildred Adsras
Mr« Jemes M. Large, Preeident
Tradesmens B&rfc and Trust
Broad and Chestnut Streets
Philadelphia 10, Pennsylvania




, Howard (Papers)
PRINCETON UNIVERSITY
PRINCETON NEW JERSEY

January 17, 1956

Department of Economics and Sociology

RECEIVED
JAN 1 8 1956
COMM1TTCE ON THC Mf*T0*Y
Of TWS

Miss Mildred Adams
Committee on the History of the Federal Reserve System
33 Liberty Street
New York 45, New York
Dear Mildred:
Thanks very much for letting us know about
the papers of Mr. Howard Loeb. I have discussed the
matter with our Librarian, Bill Dix, and both of us
would like to have the papers for our Library collection*




How should we go about trying to get these
papers? Do you want to ask Mr. Large for us or
should we write directly to him, or to someone else?
Thanks again for telling us about the papers.
With best regards,
Cordiallx^yours,

V. Chandler
Chairman of the Department

LVC:J

Eln, Howard

c




January 13, 1956
ear Les*
Another asfiH collection of papers
on Federal Reserve matters has come our vey, for ixhich
I would like to recommend the Princeton Library as
depository if the library vould like to take the» in*
lou have In the past been kind enough to get us word in
ft similar situation, end heoause of /our Interest In
th$* subject, X am hoping you will be able to do m
again.
This i s no such large treasure as the Kent
collection, but a small o&© which would probably be
contained in tvo of th© standing manuscript boxes*
The papers belonged to Mr* flov&rd Lo#b \fatm you m&y
have knovn, as he was chairman of the boerd of the
Bitiik end t r u s t Cksaapaay of Phil&delphi&j
& meaber of the Federal leeenre Advisojey Council
trm 1930 to 1940*
On his death in 1955 H*« !«o®b l e f t among hid
pB$$TB four folders of Advisory Couaoll material* I
v©nt through thes« papers in Philadelphia l a s t jionth
aad csffie to the conalusloa th&t they oaght to be saved
and put Td.th ot&er Federal Eeserv© material^ sueh e.s
Princeton hue been &cemulating, if oaly beceuae they
nhed light on what & Federal Reserve Advisory Council
mesib^r does, t&ai sa&teri«d i s furnished hi®f #iat
responsibilities are asked of him, mid so on* These
are the papers of a member banker. There i s interesting
material bearing on the Board1s efforts a t moral suasion
in early 1929, a f i l e on the Glass b i l l of June 17 f 1930
with banker opinion on i t , one on the Fatasan b i l l of

~ 2 -

c




1937, a Survey of Banks vhich the Advioory Council undertook in 1937, and so on* (0n# of the notable items i s
a confidential raport \foieh Walter Liehtenstein made oft
Russia after visiting there in 1930} •
Oneggeta a certain aaount of the i lay of the
Board and the Philadelphia Federal Reserve Sank on
aenber b&nfcs, but even more of the attitudes of bankers
discussing among themaelves relevant con temporary prob*
lams as they come along • In a few instances they even
help pisee out the his torieel picture*
Mr* Jaiaes Large* President of the Tradesmen's
Bank, i s holding these papers awaiting our recommendation • There was some talk of putting them in the
Whsrton School library, in which Mr* Loeb was interested,
but theirs i s a reference rather thaa a research library*
Mr. Large would, X know, like to have the collection go
to Princeton i f Princeton would like to take them in«
Could you find out and l e t us know? X vould
be ever so gr*t©ful#
Cordially yours*

Mildred Adaass

Dr* Lester V, Chandler, GhairB&n
Department of Economics and Sociology
Princeton University
Princeton, Sew Jersey




LOEB, Howard (Papers)

January 13, 19 56
Dear Karli
thanks so much for your l e t t e r of January 12th con-*
ceraing the I»oeb papers* Mr* Vhittlesey's decision, with your
concurrence, Is -Hhftt I wuld have hoped, but considering Mr,
Loebfs interest in the Wharton School, I felt that the papers
nust be offered there first*
I viah vt could give s l i f t in trie natter of
book, but ther*> ftffe sever«il rtftieQfl vliy I hesitate to bring
i t up directly vith tliie Cor^-ltt©© at this moment, Vhea you
get beck from Columbia, yon may wmt to recommend action
here - if so, I trust you will 1st me know,
Msanvfaile, I be&a& at the prospect of being toasted
in Missouri I
Most sincerely,

Mildred Adams
Dr* Karl Bopp
Vice President
Federal Reserve Bank
1

Eb, Howard (Papers)

FEDERAL RESERVE BANK

RECEIVED

OF
F>H I LADELPHIA

January 12, 1956
eOMtfOTf C ON IMt HftfORV
Of IMC
fftKRVtlVtnM




Miss Mildred Adams
Executive Director
Committee on the History
of the Federal Reserve System
33 Liberty Street
New York 45, New York
Dear Mildred:
I talked with Ray Vhittlesey about the
Loeb papers* He said that the Lippincott Library of
the Wharton School is designed for reference rather
than research. Although the general Library of the
University probably would be willing to make space
available, Ray felt that the disadvantage of dispersing such materials is greater than the advantage
of keeping these items in Philadelphia, I share his

Les and I will talk about the possibilities of securing a Ford grant for Elmer when Les
comes in to the Board meeting next Thursday.
I plan to give a lecture in Columbia,
Missouri, early in February. Elmer and I will raise
a toast to your health and happinessI
Sincerely,

KRB/b

Karl R. Bopp
Vice President

LOEB, Hovard (Papers)

TRADESMENS
B A N K

A N D

T R U S T

C O M P A N Y

Broad and Chestnut Streets
PHILADELPHIA

10

HOWARD A. LOEB

JAMES M. LARGE

PERCY C. MADEIRA, JR.

Chairman of the Board

President

Chairman, Executive Committee




December 19, 1955

Dear Miss Adams:
Thank you for your nice letter of December 16th.
I shall be very glad, with Mrs. Loebfs permission, to put
Mr. Loebfs files where you may recommend. Ve have our own
fine Vharton School Library here and, as a matter of fact,
this institution is the one in which Mr. Loeb had a particular
interest.
I would have no objection to placirjg it with the Princeton
Library, especially as I em a Princeton graduate myself.
However, I would be influenced by your own recommendation
and I am very sure that Mrs. Loeb would agree. I am assuming you will let me have your recommendation when you think
this matter over.
¥ith best wishes for the Holiday Season, I am
Sincerely yours,

PRESIDENT.
Miss Mildred Adsms, Executive Director
Committee on the History of the Federal Reserve System
33 Liberty Street, New Tork 45

JML:W.

LOEB, Howard

December 16, 1955
Dear Mr. Large:
kind of you to *?¥•&£• yesterday for me to see the
four f i l e folders of Mr. Howard Loeb which contained wtterlal on the
Federal Advisory Council.
iy interesting afl repreaeotlni what b. Feder&Z
y
i l member did !?.• the decade of the 1930fs« (Mr, Loeb served
as alternate a t a fev meeting wit friling vithin that 10 year span, but
most of the materiel dates fror* 1930 to 194.0.)
folders contain l i t t l e of & confidential or highly revealing
nature, but there are t fev items we vould hate to think vere being destroyed* This material i s extraordinarily fluid tad elusive, t.ml these
items would help to piece out a picture which i s s t i l l in the aaking.
X assume that these f i l e folders are slated for ultimate d i s posal, but I wonder i f some arrangement could be made thereby there could
bo taken out of thes material in uaich this Cosnuittee would be particularly
interested. Another idea would be to put theia i n t a c t into some collection
of Federal Reserve material such as the Princeton Library i s gathering.
Either of these courses would h&ve the effect of saving this material for
the use of students of Federal Reserve history without burdening your own
etorege space*
When I l e f t the bank, you were closely engaged with other people,
and I did not attempt to see you* If this idea of putting the f i l e s some~
where for student use appeals to you, there are two or three other suggest
tions which X would be glad to make*
In the meanwhile, nay I thank you again for your courtesy and
wish you ft verj' pleasant Christmas season and a good Mew Tear*
Sincerely yours,
Mildred Adams
Mr* James M» Large, President
Tradesmen's Bank and Trust Company
Broad and Chestnut Streets
Philadelphia 10, Pennsylvania







LOEB,xHoward (Papers)

^

Becember 6, 1955

Bear Mr* Lsrge:
It now looks as though I would be in
Philadelphia on Thursday, Deceaber 15th, for an
afternoon conference. If it is convenient for
you, I will cocie to the Tradesmens Bank in the
morning in order to look at the papers of Mr.
How&rd 2«oeb*
Unless X hear fros you to the contrary,
I will assume that Mr, i^oeb's secretary will
have them ready for me* thanking you for your
kindness in this end regretting the changes of
date, X &m
Very sincerely yours,

Mildred Adams
Mr* Jeiaey M, Large, President
trftdesnens Bank and Trust Company
Broad &z*& Chestnut Streets
Philadelphia 10, Pennsylvania

J

DOMMT.C glUVICI

V

OiecktlUclass of eervicededred;
otherwise this message will be
sent as a full rate telegram 't
FULL RATE
TELEGRAM

SERIAL
NIGHT !
LETTER

1 NO. WDS.-CL.OFSVC.

WESTERN
UNION
W . P. M A R S H A L L ,

PD. OR COLL.

PRESIDENT

J INTERNATIONAL SERVICE \
1213

Check the claw of service desired;
otherwise this message will be
sent at the full rate
FULL
RATE
VICTORY
\LETTER

CHARGE TO THE ACCOUNT OF

CASH NO.

LETTER'
TELEGRAM
SMP
RADIOGRAM
TIME FILED

Send the following message, subject to the terms on back hereof, which are hereby agreed to

Air

N:

Street and No.
Care of or
Apt. No.

R

it

Place.

U

r 5 urv

j

u w r-il

J9L

K

1t

1

of

o « b pc

1

VoT

1

I

L.
0


http://fraser.stlouisfed.org/
Sender's name and address (For reference)
Federal
Reserve Bank of St. Louis

j v" acP /\ (i)

F^^

1

<•

nC S C^ V ^

/•

f Of 1

3

<

Sender's telephone number




LOEB, Howard

18f 1955
Dear Mr» Large*
thank you for your note of Hovember
14th • I a& very eager to see what papers Mr.
Loeb h&s left, and it was kind of you to ask
Miss Brien to hold his files until X could look
at them.
I expect to be in Washington the last
week In November * and if it is convenient for
you, I would stop in Philadelphia on Thursday,
the first of December* X would probably be
coming to the bank late in the morning*
I shall be looking forward to seeing
you if you vill have time to talk to me that
Very sincerely yours*

Mildred Adams
Mr. Jemes M» Large, President
Tr&desmens Bank and Trust Company
Broad and Chestnut Streets
Philadelphia 10, Pennsylvania

LOEB, Howard

TRADESMENS
BANK

AND

TRUST

COMPANY

Broad and Chestnut Streets
PHILADELPHIA

HOWARD A. LOEB

JAMES M. URGE

Chairman of th% Board

Pnsidint




10

PERCY C. MADEIRA, JR.
Chairman. Exicvtiv

Committee

November 14, 1955

Miss Mildred Adams, Executive Director
Committee on the History of the Federal Reserve System
33 Liberty Street, Nev Tork 45
Dear Miss Adams:
Thank you for your note about Howard Loeb. Ve
were very upset here, even though ve had been
expecting it for some time* He certainly was
a very great man and I have valued my personal
friendship with him* We shall miss him keenly.
As to his files, I have already asked Miss Brien,
Mr* Loebfs secretary, to hold these files until
she heard from you* If you will let me know when
you are coming over I shall be very glad to show
you what material we have and I think probably
Mr* Loeb!s family will be only too happy to let
you have any material you feel might be of
historical interest*
Sincerely yours,

PRESIDENT

JML:¥.

LOEb, Howard A.

Bovember 10, 1955
Dear Mr. Large?
I vae grieved to reed in the Times of the death of Mr*
Howard A. Loeb, chairman of /our board of directors and for ten
years a member of the Federal Reserve Advisory Council* I had hoped
to see him last summer* but plans were shifted* You say remember
writing Mr, Woodward in Hay that ftr* Loeb had been kind enough to
gey that X could hsve access to his files pertaining to Federal
Reserve activities* Z hsd also hoped to see him «hen I came to
Philadelphia.
His death robs me of the chance of conversation with him,
vnifih X very much regret* As for the files* X vould hope that it
might be possible to see them and to talk with you regarding their
disposal* If* as seems probable, they contain awitartal concerning
the Federal Reserve System which is of historical interest* we
vould very much hope that they could go someplace where properly
qualified students could consult them*
X vould be glad to cone to Philadelphia to talk with you
about this at whatever time is convenient for you* We have lost
files in the past through not moving quickly, aod X vould hope that
in the case of Kr« Loeb15 files this particular misfortune could be
avoided*
the Committee members would vant me to express to you their
sympathy in the lose of your chairman*
Very sincerely yours,

Mildred Adams
Mr* James M. Lerge, President
Tradesmens Bank and Trust Company
Broad and Chestnut Streets
Philadelphia 10, Pennsylvania




This document is protected by copyright and has been removed.

Author(s):

Article Title: Howard A. Loeb, Banker, Was 82: Chairman of Tradesmens in Philadelphia
Dies - Led R.F.C. Advisory Group
Journal Title: New York Times

Volume Number:
Date:

November 4, 1955

Page Numbers: 29




Issue Number:

LOEB, Howard

TRADESMENS
BANK

AND

TRUST

COMPANY

Broad and Chestnut Streets
PHILADELPHIA

WIAY 1 2 ^ 5 5

10

COMMITTEE ON THt HISTORY

OF THE
FEDERAL «E8ERVC SYSTEM

HOWARD A. LOEB

JAMES M. URGE

PERCY C. MADEIRA, JR.

Chairman of the Board

President

Chairman, Executive Committee




May 10, 1955

Miss Mildred Adams, Executive Director
Committee on the History of the Federal Reserve System
Care The Brookings Institute
Vashington 6, D. C.
Beer Miss Adams:
This will acknowledge your letter of May 9th, and we
shall have Mr. Loeb's Federal Advisory Council files
available on the occasion of your visit, some time in
mid-June•
Should I be absent from my desk my secretary vill be
familiar with this matter.
Mr. Loeb is still confined to his home, but is making a
gradual recovery.
Sincerely yours,

PRESIDENT.
JML:W.

LOEB, Howard A,

Hay 9, 1955
Dear Mr. Large:
Mr. Donald Woodvard has sent dovn
Hey 4-th in reply to his request to Mr. Loeb
cerned vith this project. He asks me first
in taking hold of this setter in Mr* Loeb f s
gestion that I get in touch with you -with a
Mr. Loeb f s files.

to this office your letter of
for materiel vhich would be conto thank you for your kindness
absence and second for your sugviev to finding out ^hat is in

¥e note that Mr, Loeb vas a isamber of the Federal Advisory Council
from 1930 to 1940 and that for the greater part of the next decade he was a
director in the Federal Reserve Bank of Philadelphia. At the present time,
•w© are doing moat of our vork in the first three decades of the System vhich
means that Mr. Loeb*s Federal Advisory files -would be of greet interest to
us* They would certainly shed light on the banking holiday in Philadelphia
and the pess&ge of the tvo Banking Acts, 133 ®i*d 1935 respectively, %rlth
i^hatever effects those tvo acts have had on tha situation in the third district as he sees it. Those years vere, as you so justly sey, of particular
interest and great activity. It is good news that Mr. Loeb has files *?hieb
concern them*
I shall be coiaiag to Philadelphia in the neer future, and perhaps
it vould be easier if, instead of asking questions vhich vould take some digging, X came to the bank and spent some time looking into the files* If this
is agreeable to you and to Mr. Loeb, I vould try to schedule such a visit
around the aiddle of June*
In the meantime, the Committee members are eager that you and Mr*
loeb should know of their pleasure in learning of your kind cooperation*
May I add w/ thanks to theirs.
?ery sincerely yours,

Mildred Adams
Mr. James H. Largo, President
Tradesmens Bank and Trust Company
Broad and Chestnut Streets
Philadelphia 10, Pennsylvania




LOEB, Howard A.

TRADESMENS,, BOBIVB1 J'
BANK

AND

TRUST

COMPANY

Broad and Chestnut Streets

MAY

*> 1*55

COWItnttONTlUHftlOIIY
Of TNI

natwtvmm
HOWARD A. LOEB
Chairman of fhe Board

f JAMES M. LARGE
'•

President

\

PERCY C. MADEIRA, JR.
;

Chairman, Executive Committee

May U> 1955

Mr. Donald B. Woodward, Secretary
Committee on the History of the Federal Reserve System
33 Liberty Street, New York 45
Dear Mr. Woodward:
In reply to your letter of May 4th addressed to Mr. Loeb I
am sorry to report that he is presently ill and that, while
he is making a rapid recovery, he probably will not be in
the office for several weeks.
I have discussed the subject of your letter with him over
the telephone, and he has told me that Miss Adams may certainly have access to all the files he has pertaining to the
Federal Reserve activities during bis years of service to the
System. I believe the files are in good shape and, undoubtedly,
will contain some matters of interest from an historical point
of view.
The papers ere here at the Bank and are in good condition, but
I am not presently in a position to comment on their arrangement.
However, if Miss Adams will contact us ve shall be more than glad
to dig into the files end see what materiel might be available.
The years of Mr. Loebfs service to the System were, of course,
years of particular interest zv.d greet activity.
Sincerely yours,

JML:¥.




PRESIDENT.

LOGAN, WALTER
TELEPHONE HANOVER 2-84QO
CABLE ADDRESS"RENOLRICH"

R E Y N O L D S , R I C H A R D S , M ^ C U T C H C O N & Em m? *+ ^
ATTORNEYS AND COUNSELORS AT LAW
WALTER S.LOGAN

6d

WILLIAM STREET

ROSWELL COTHEMAN

K

FREDERIC W.G.RDNER

N EW YORK 5 ; N - Y .

l

w

- . *. •

W

mm gj

VICTOR H.MCCUTCHEON

w

WILLIAM B.LAVENTURE
ROSS H.MINER
THOMAS NICHOL.JR.

DAVID DUVIVIER

April

RICHARD L.MORGAN
RICHARD P. HADLEY

ROGER B. HUNTING
SAMUEL R.DAVIS
JAMES M. FITZSJMONS
HUBERT W.PAUL,JR.
THOMAS D.WELLINGTON

Mr. Donald B. Woodward,
Secretary, Committee on the History
of the Federal Reserve System,
33 Liberty Street,
New York 45, N. Y.
Dear Mr. Woodward:
I have received your interesting letter of April 4 describing the project of your Committee. I have already had
the pleasure of being interviewed by Miss Mildred Adams and
of talking also with Miss McKinstry who was assisting her.
The latter part of your letter makes inquiry about papers
which are concerned with my Federal Reserve experience. I made
no speeches, wrote no articles for publication, and kept no
diaries, journals or personal memoranda. Copies of everything
I ever wrote, or participated in writing, in the course of my
work for the Federal Reserve Bank of New York are in the bank
files. Consequently, I do not have any papers of the kind you
have in mind.
The project of writing a history of the Federal Reserve
System is indeed a worthwhile one and I am very glad that it
has been undertaken by such a competent committee and under such
favorable circumstances.




Sincerely yours,

Walter S. Logan

LOGSDON, Richard
Director of Libraries
Columbia University
See correspondence folder COLUMBIA UNIVERSITY




LONG, Huey (Proclamation)

J. BLANC MONROE
MONTE M. LEMANN
J. RABURIS1 MONROE
MALCOLM L. MONROE
WATTS K. LEVERICH
NICHOLAS CALLAN
WALTER J . SUTHON, JR.

MONROE & LEMANN
ATTORNEYS AND COUNSELLORS AT LAW

BAT P. SU LLIVAN, JR.
MELVIN 1. SCHWARTZMAN
ANDREW P . CARTER
RALPH N. JACKSON
WALTER J. SUTHON, I I I
THOMAS B . LEMANN

WHITNEY

BUILDING

NEW ORLEANS 12

May 18,1955
5495
1562

CABLE ADDRESS
"RONCAL"

195S

Mr.Keehn W« Berry,President
Whitney National Bank
City*

"*$£**£ Sy

r£

**

Dear Keehn:-

In accordance with your request, I am enclosing to you herewith
a copy of theProclamation written by Huey long in New Orleans and
published over 0#K* A!}.len!s signature the next day declaring a
legal holidy on February 4,1933*
I had left the Clearing House at about 3 o'clock in the morning,
at which time it was agreed that on the following morning ,Saturday,
the Hibernia Bank & Trust Company would close. I went home to get a
little sleep to prepare for the trouble the next day. At 7 o!clock,
I woke up and read this Proclamation in the morning paper• At the time
the statutes of Louisiana read n the following and no other shall
be legal holidays in the State of Louisiana1* and February 4th was not
included* There was, however, a statute on the Louisiana B^ofesiwhich
prescribed that any Clearing House Association, with the appro/al of
the Governor of the State, could suspend specie payments by resolution*
We, therefore, called a meeting of the Clearing *k>use Association at,
I think, 8 a#au in the morning, and adopted a resolution reading as
follows:
"WHEREAS, the Governor of the State &f Louisiana ha« declared
this February 4,1933* to be a Legal Holiday, as per his proclamation at
the foot of this resolution and thereby consents to and approves the
action hereby taken:
NOv?, THEREFORE, BE IT RESOLVED by New Orleans Clearing House
Association that the payment of demand obligations during this
Saturday, February 4*1933, be and the same are hereby suspended*H
The Proclamation was issued so late at night that the country editions of
the uaorning papers didnot get it and,therefore, the great bulk of the banks
throughout the State knew nothing about the legal holiday until after the day
was over. However, all the banks in New Orleans,including the Hibernia, were
closed,and over that week end arrangements were made to keep the Hibernia open*
That is another and equally dramatic story*
I am sending you a copy of this letter so that you can send it to Mr#Earle L*
Rauber, if you desire.
Sincerely yours,
jbm~d
ends*


http://fraser.stlouisfed.org/ P*S*
Federal Reserve Bank of St. Louis

I return Mr# Rauber1s l e t t e r here*ith#




copy

LEGAL HOLIDAY
TODAY CALLED
BY GOVERNOR
Today was proclaimed a legal holiday in Louisiana in a proclamation
issued Friday night by Governor
0* K # Allen, commemorating the return to the "far-reaching principles"
of Wbodrow Wilson, sixteen years
after the severance of diplomatic
relations with Germany*
In the proclamation the governor
orders a suspension of all public
business and the holding of proper
ceremonies to mark the event• The
proclamation follows:
"7ftiereas, on the nights of
February 3 and 4, 1917, Woodrow Wilson, president of the
United States, severed diplomatic
relations with the Imperial German
government; and
"Whereas, more than 16 years
has intervened before the great
American people have turned
their eyes back to the lofty
ideals of human uplift and new
freedom as propounded by Woodrow Wilson; and
"Whereas, it is now fitting that
due recognition be given by the
great state of Louisiana in line
with the far-reaching principles
enunciated by the illustrious
Southerner who sought to break
the fetters of mankind throughout the world;
"Now, therefore, I, Oscar Kelly
Allen, governor of the state of
Louisiana, do hereby ordain that
Saturday, the fourth day of February, 19339the 16th anniversary
of the severance of diplomatic
relations between the United
States and the Imperial German
government be, and the same
is hereby declared, a holiday
throughout the state of Louisiana and I do hereby order that
all public business, including
schools, colleges, banks and
other public enterprises be suspended
on said day and that the proper ceremonies
to commemorate that event be held*
"In witness whereof I have caused to be
affixed the great seal of the state of Louisiana
on this, the third day of February,in the year
of Our Lord, A.D. 1933«
"OSCAR K. ALLEN*
"Attest, E # A. Conway,
"Secretary of State."




LOUTSVIU,E, Univ. of
See under BRA^DEIS, Louis correspondence of May, June 1954-




Lovett, Robert

October 25, 1954

Dear Mr, Lovett:
I am sorry to have been so late to our appointment
and to a©v© rushed your schedule. I am most grateful to
you for your counsel and as particularly glad to have
had & chance to see that extraordinary collection on the
history of economic thought which you introduced me to
in the Kress Boom.
I shell take the liberty of keeping you in touch vith
this project as it goes along*
Sincerely yours,

Mildred Adams
Mr* Robert Lovett
Baker Library
Harvard Business School
Boston 63* Massachusetts

LOVETT, Robert

Committee on the History of the Federal Reserve System

October 6, 1954.

De&r Mr* Lovetti
Miss Henrietta Larson suggested that you might help this
Coiffittittee on the subject of archives.
Fore the psst ten months, Hiss Mildred Adams, Research
Director of the above Committee, has been engaged in collecting
material, in the form of private papers, f i l e s , and memories as
well as published vorks, for a history of the Federal Reserve
Sjystenu This project vas financed f i r s t as a p i l o t stucjy and now
under a five-year grant j o i n t l y to the Committee and the Brookings
Institution from the Rockefeller Foundation* One aspect of the
project i s setting up archives in each of the regional banks 'where
material for the use of future students and historians w i l l be
collected* Miss Marguerite Burnett, vho recently retired as head
of the library in the Federal Reserve Bank of Hew lork, i s Joining
the staff of this Committee to help the banks set up central
archives*
Miss Adams hopes that you may have worked out some
definition of business archives which w i l l throw l i g h t on our
problem of banking archives* She and the Comittee will be
most grateful for any assistance you can give.
Sincerely,

Research Assistant

Mr* Robert Lovett
Harvard Business School
Soldiers Field
Boston 63, Massachusetts




LUCIUS, Marian
See correspondence SPECIAL LIBRARIES ASSOCIATION




LUNT, Storer
See undertfORTOtf,V. W. in folder e n t i t l e d PUBLISHERS