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YALE OTIVERSITT TOBIH, James YALE UNIVERSITY DEPARTMENT OF ECONOMICS NEW HAVEN, CONNECTICUT April 6, 195U Miss Katherine McKinstry Research Assistant Committee on the History of the Federal Reserve System 33 Liberty Street New York k$$ Mew fork Dear Miss Mckinstry: I enclose a report from Mr. Liebert^ an associate librarian, in reply to your inquiry about Federal Reserve materials at lale. You will see that the results of his survey are negative, and the only possibility that remains is for you to identify the key individuals ybu are interested in by name and for him to see whether the library has any of their papers^ Sincerely yours, Mlames Tobin JTJGH YALE UNIVERSITY LIBRARY 30 March 1954 Bear Jim: This is in reply to your inquiry about materials here relating to the history of the Federal Reserve. As you know, I have almost completed a. survey of the resources of all our libraries, so that I believe I would have a pretty good idea of where to look for such material. I have looked in all the places that occur to me, and have drawn pretty much of a blank. m e have, of course, all of the reports and other serials issued by the system and the individual banks for public use. We have most of the usual monographs on the history, theory, and operations of the system. AJ1 these they will obviously have themselves. We do not saem to hav© any significant unpublished materials. I have checked the principal individuals concerned who might have given their papers to our Historical Manuscripts collection and found nothing of any apparent value. There is some material about the early history of the systemfs creation in the E.K#House collection, but Mr. Seymour tells me that he has published in his various volumes everything of substantial interest and that there is nothing in the collection about the system after its initial organization. I think, therefore, that we have little to offer, and that it is unlikely anything useful has been overlooked. The only further avenue that occurs to me is a check with our manuscript catalogue 6f any individuals in whom they might be particularly interested. This is an off chance, but if they care to send any such list, I will have it checked and report. Sorry our ore is of such low yield. Cordially, Herman Liebert * • YAEE HBIVERSITI * C March IS, 1954 Dear Professor Tobias It is perhaps not quite cricket to channel this inquiry through you* but because of Henry ¥aiiichfs absence abroad and aay own limited circle of aequaiat&nce at Isle, I am taking the liberty of addressing this request to you personally rather than to the University library directly. With a grant iron the Rockefeller Foundation, Hies Mildred Adams, Hece&rch M.rector for the above Committee, has recently begun aa exploratory project ia -which she is engaged in interviewing people connected with the Reserve System since its inception and in trying to locate and catalogue materials v±dch would be T&luabie at a later stage es a foundation for more intensive research end vriting on aspects of history of the Reserve Systea and of the iadividuel District Banks. Since & mmber of key figures in the development of the System, and particularly of the New ?ork Reserve Bank, have been lale alusani, me are wandering vhether JOIST University library or special libraries may have acquired collections of private papers and other material vhlch Ray be relevant to the work of this Ccmisittee, We have recently ofctained fairly deyailed reports on the Benjeain Strong collection at the Princeton University library and on the historical collections reposing in the University of Virginia library vhich are extremely helpful to "us. Vie >iould be »ost grateful if you would refer tills letter to soae~ one on your library staff -who could tell us whether there is available for our use BJ& printed report or other inventory of private papers and otlier a&teri&l housed ia any of l a i e ^ libraries which vould be of value in «onaection vith this project—*hat these collections are &nd vh.&r& they are located. I should perhaps add that no vriting is contemplated at this stage, and permission vouid of course be asked later on for use of such materials nnx&n the work of the Ccamittee has reached a move advanced stage. Sincerely yours, Research Assistant (also Assistant and Secretary to Br» J. H. Vllliaas) Professor James Tobln lale Oniversity Sev Haven Connecticut YOUNG, OVen D, Q October 20, 1955 Deer Stuart: Thanks so much for /our letter of October 18 th which sets in focus your ovn work vita Mr. Young and its timing with regard to his service vith the Federal Reserve System. Vn&t I em ideally hoping to get from you is further light on the Faris conference of the Daves Committee and its connections, however tenuous, vith the By stem* Mr. Young shoved me some delightful cartoons of those meetings, one of 'which included you in your gayest manner, so I know you were there end active. I shall certainly look forward to getting word from you when you see a moment clear, and perhaps questions will stir memories half forgotten. Houston would want me to send you his most affee* tionate greetings vith mine* Most sincerely* Mildred Adams Mr* Stuart H, Crocker Chairman, The Columbia Gas System, Inc. 120 East 41st Street Hew Xork 17, H. I. YOtJiKi, Owen D* THE COLUMBIA GAS SYSTEM., INC, STUART M. CROCKER •§• CHAIRMAN OF THE BOARD || s**%n ADDRESS REPLY TO \\ 1 2 O EAST 41ST STREET NEW YORK 17, N. Y. October 18, 1955 Miss Miiared Adams, Executive Director Committee on the History of the Federal Beserve System 33 Liberty Street Hew York kj, Hew York Dear Mildred: I have your nice note of October 7, which I set aside to see if by occasionally looking upon it I would be excited and stimulated to recollections which would be helpful to you and your Comittee* As you Isnow, I have been absent from my ^ob here for three months this summer, and I have found a good many things waiting forrayreturn that most be done* And then, too, I am taking over the late Garrard Winstonf s place as President of the Board of Trustees of The Boosevelt Hospital next week, which naturally necessitates many additional meetings and appointments* I am sure there is nothing I could add to meetings you have had with both my Chief and the two Cases* As a matter of fact, Mr* Youngf s extreme interest and importance to the early history of the federal Beserve Bank and its System did not occur until just as I was leaving Mr* Young, which I did almost simultaneously with the Depression* I was therefore not active in any way as his Assistant in Federal Reserve matters* Of course, I was a great admirer of Ben Strong—who was so sweet and gracious to young wen like myself j and it was at that approximate time that I first began to know and admire Randolph Burgess* Then came George Harrison, whom I did not really begin to know until after I had left Mr* Young as his Assistant* Of course, Randolph Burgess made a very great contribution in master** minding the drawing up of the Charter and By-Laws of the Bank of International Settlements* He was retiring then and is still retiring in manner, but an astonishingly capable draftsman* Why donft we leave it this way—that, after I get squared around a bit, I will call you and see if you still want to see mej because, franKLy, I can not possibly see what factual information I can give you with respect to the history of the Federal Beserve System* Please give my love to Houston and keep a goodly share for yourself* YOUNG, Owen h 1955 Boor maA 1 as* J w t tawfc fro* 1mm Bm^mrtXk#$ i^hmm m hod wonderful dtys m tli Mr* loung end frequently invoked your name* Both of mt m t v#iy tomjr to X«w» th*t y#tt timi toon £11* nod mi truot th*t mil i s H uith purpose of the trip was a second series of interviews mth Mr* loixng about kid tem of aerTiee on the Board of the Federal Reserve Bank of Mew Iork» We de^lt In mm oeteil vit,a tie Daves ana the loung Plans (both of them coming i s that period) * but i'aere ia a grtmt deal i^ore tiiat 1 want to I t ^eaiTei to us iftdld kt am im^king fhaty *S1# f#mr Jtottr wwlt mi %hm Mwm fhm i^B «ii!#ii wmM lUodttt ttda iturilr* NMMNKI** of in tne drsm? are quite as U'lportsnt to us mi taose of pushing policies around. Xf jwk m& i^kt t t m la ywur fem^ #i^#ial# f^r » ^#11 of f bont tbo itaww femfswaw #f 1924# #r a ^ r ^ i ^ y^m osn about Mr* loung and the Federal I t s t t t t Bank between 1923 anci the da te Everett Case took over mm Mr. loung1s assistant, i t would be of tne greatest nelp. I can come to your office, or ve can make i t a iin^#r hour conference #n an ^r«alaf «hco MmmUm «m i i t ia# J«»t lot B# teow Ai#fc wmld mtt both of Mildred Adams (Kenyon) Gas %o&oft 120 Wm% Mew lorlc, YOUNG, Owen D, 3eptesber 25th Dear Mr, YDUI I t i s jU3t a weok since louston and I returned from the Boat delightful coofcin tion of working trip and holiday that wehave ever had* '•*• are both of M» greatly indebted to you9 he for so vans a re-welooae on ghs part of friends whoa he greatly esteems* I for a l l the kindness with which you enriched the task of a researoner into Federal Reserve history! rhis inoludes haying at the hoae fans and gardening at the Inn, as well as the :>ad History of Roxanna Druse* I'a enclosing • copy of the Atlantis with Isaiah Berlin's revaluation of Franklin Fosserelt, of which we talked* Read as a background for the Trassa asnoirs i t takes on a special luster. I go back to the office next Monday, and shall hope fron tine to time that you nay be willing to resd a note or two concerning the rsgress of the project which so appily took Be to T/an Hornesville* That i t has your interest if of the nicest things about ftt« Gratefully/ your a, Mildred Adsws (Kenyon J 99 MSXe oxo ara aeueji **joo**q *v% s s tpmtm; v&f (SjBJOb - C»* ....' I B S September 25, 1955 Dear Mrs* Young* If all pilgrimages to Van Horaewrille are ae warily w* loomed and as charmingly entertained as were the Keoyons J t " f»T mm • NflMi p© Kid«f i? r - - D* YOUiNG, Owen D, Aiagust 29, 1955 Bear Mr. Joxmgt I m so &lftd thfet the wek-esd of the 17th i s «. convenient time for you* Your suggestion th&t weekend vork might not be ver^ • f f i c t e c t leade me to thiit 1 ¥ i l i b« tliere at 10 &•&• on Thurs<J»jr, &ae to voik thuredfty and Friday, and vith the p o s s i b i l i t y of sttplxm over Kosdty i f ?#e «lo»f t g#t through in th« previous v»ek« "Get through9 i s , of course, & b i t of p Xour a&teriitl «ad your ffi€s«ories k.re so rich th^t even i f ««ya wart t«msl&ted into months tbey vould not be But «,t l e a s t v« csn do & b i t more ao such for &«king a© so w«IcoMe» Adaiss (Ken/on) Kr« Owen 0 . •an Hew Xork i , Owen D* OWEN D. YOUNG President J. M. BEIERMEISTER Manager VAN HORNE FARMS, Inc. VAN HORNESVILLE, N. Y. August 23^ $ Miss Mildred Adams Gomnittee on the History of the Federal 33 Liberty Street MLnkfzw* *** New York l\$9 New York ""tWl Dear Mildred, Thank you for the coiay of the Schacht biography* By the time you get here in September I will be ready to make some comment on it* I am glad that Charlie and Houston have set the weekend of the 17th of September as convenient for them# Perhaps you ought to have two or three days either just before or after that weekend to work* I doubt if either you or I will work very efficiently on the weekend, so please set you own dates and send us notice* We will be very happy to see you* Very truly yours, Owen D* Young ODY/jh f YUUMi, Owen D. August 16, 1955 De r Mr. YoungTour kind letter or iuguat 12th, with its enclosed envelope shoving what fate lies in wait for the bearers of aliases, came to ray desk as I was about to write asking you when it might be convenient to let me come again. I 1 a so glad to know that X didn't wear out my welcome the first time. this office is in the midst of preparing a rather extensive report for the Committee; our deadline is August 31st* Any time after that I will cose with pleasure, and so will Houston* He learned from your son Charles this morning that the latter plans to be in Van Romesville the week-end of the 17th, staying fiver through Monday. If that would be convenient for you , we would write for loding in that pleas* and Cooper Inn. If another tiae is better, please let us know and we will adjust dates aaoordinlly. A free month ahead is a wonderful to contemplate* I have been reading Emil Moreau's account of what he did in 1927 and 1923 to upset Montagu Gorman's applecart, and Schacht's new biography ( in translation) has now just come to my desk. The latter quotes a laudatory letter from you, and tells the tale of taking a week off fro® Xoung Plan deliberations to visit "with EQT wife* the castles of Touraine, but gives you no credit for the permission. If you have not seen the book, I'd like nothing better than to be allowed to bring a copy with me* Please? Also, Mr. Samuel Reyburn, once your fellow director in the rank, came in yesterday and told a tale of a dinner you gave for Montagu Rormaft at which the latter expatiated on the greatness of the Federal Reserve System* As Mr* Reyburn remembers it, Borman called this American invention greater than the Bank of England. He asked me to check this with you* and is I include it In this for your interest* (fill you please give agr greetings to your wife, and to your fellow sages, all of whoa I hope to see when next I cose. lou will tell me when that is to be* Very sincerely yours, Mildred Adams IOUM*, Owen D« OWEN D. YOUNG President J. M. BEIERMEISTER Manager VAN HORNE FARMS, Inc. VAN HORNESVILLE, N. Y. RECEIVED August 12, 1955 COMMITTEE ON THE HISTORY Miss Mildred Adams FmmMm C/o Federal Reserve Bank 33 Liberty Street Hew York, New York Dear Mildred, JJjgj* "W«TO I do not think anyone could have written a nicer letter or one that was appreciated more than your note about your visit to Van Hornesville* Both Everett Case and his father were generous and enthusiastic both about your spirit and your expression* If you do your history as well, I predict that it will be a great success* Incidentally, I enclose the envelope of rny earlier letter to you irhich indicates the confusion even in higher places of the use of a pseudonym* Charles Lamb had some temporary trouble with ftELia!f* We shall look forward *4 th great interest to seeing Mr* and Mrs* Houston Kenyon later in the year* Very sincerely yours, Owen D* Young ODY/jh i, Oven D. c August 1, 19£5 Bear Mr. Young: After so bountiful a welcome end so gay a trio of experts, my return to Liberty Street seems very drab* X have, however, spent several hours confiding to a dictating machine just "what rich treasures Tan Hornesville holds, m the purpose of the visit is recorded for the Coae&ttee while the chens of it continues to glow* Houston insisted on hearing all non-banking details, and was delighted to know just what kind of a good time you were having at eighty. He sounded plain envious* I am now piling up all those inevitable questions of the morning after, and I hope X may persuade him to cotae with me when X find it possible to take advantage of your invitation to come again. % thanks also to Mrs. Toung, end to your partners in remembering, the two Cases* Those were marvelous sessions* Most gratefully yours, Mildred Adams Mr. Owes D. Xoung fan Homesville Sew fork MNG, Oven KENYON & KENYON 168 BROADWAY COPY NEW YORK 6. N. Y. RECEIVED JUN 27 855 June 2k, 1955 OOMWTTIE ON Of TMf nocatt mscjivt Dear Mr # Young: I guess 1 had better warn you about an Impending visitor to Van Horaesville, who signs herself "Mildred Adams", and who hide^ behind the official title of Director of Research (or something like that) for the Committee to Study the History of the Federal Reserve System. I learned the other day tha he has been in touch with you and expects before lon; to have a talk with you about the early days of the federal Reserve, as she has talked with a good many others. Also, I learn, you have been good enough to say that you would see her at the Farm. What you may not have kr»own when you put your head in this noose is that the Mildred in question is none other than my Mildred. She continues to use her maiden name in her historical and journalistic work, and did not want to ask your cooperation on any other basis. Since, however, you would undoubtedly recognize her, find she would probably x/ant to mention the delight we have had over the years in the handeoire Van Ostaade etching which you and Rrs« Young gave us for a wedding present twenty years ago, I thought I had better let tha cat out of the bag before she takes off for Van Horaesville Another reason for writing is to ask what you regard as the easiest mode cf travel between Hew York and Van Homesvllle. Mildred has found that she can fly to Utioa, and has in mind getting a Kertz car thesre. Is there any easier route that your friends use? It has been a terribly long time since I last saw you. Once in a great while I hear about you, and the news is favorable. Charlie, Stuart and the rest of us remain uncommunicative but good friends. The Hennspin Association will soon be getting ready for its thirtyfifth year reunion. Mr. Owen D# Young Van Kcmesville, N.Y. bcc : Mildred Adams ^ f n Kenyon, J r . ¥OlMi, Owen WASHINGTON OAKS - S T . A U G U S T I N E - FLORIDA March 18, 1955. Hi?T Miss Mildred Adams Research Director Committee on the History of the Federal Reserve System, 33 Liberty Street New York k$, N. Y. ro.^AL i;?;5?^ Dear Miss Adams: This will acknowledge your letter of March tenth to Mr. Young. Mr, Young will not be leaving Florida until the end of May and will be obliged to stop on his way North for an important meeting in Philadelphia during the first week of June. Therefore, he will not be available in Van Hornesville until sometime after the middle of June. I am sure an appointment can be worked out at that time. Sincerely yours, Margery ft. Cosgrove Secretary to Mr.'Young YUUMi, Owen D, March 10, 1955 Dear Mr* Youngs When X wrote you In flovember, I was hoping that Committee business might bring me to Florida t h i s winter, but I have not managed to get further south than Atlanta, and then at a moKent when i t looked as bleak as Hew England. Bow that the f i r s t crocuses are up, I am eager to learn when your schedule v i l l bring you back to Van riomesville and you w i l l be able to 2&ake the Ion*;-sought appointment* Ve now have Professor iiester Chandler at work on a l i f e of "Benjamin Strong - Central Banker," and he i s as eager to benefit by your memories of the 1920*8 in the Hew York Federal Reserve Bank as I aa to ask about other facets of your banking experience. Perhaps you would l e t us cose together when you get back* Any information you can send us as to your schedule v i l l promptly be put on ours* sincerely yours, Mildred Adams Mr* Oven D. Xoung Washington Oaks St. Augustine* Florida c 1 3, 1954 Dear Mr. Young* I t ves siost kintf of you to vrite -;c fully under $ste of Ho5« X r? i^ nr-t rree.v> to eppeel to your conscience, eud ve hf.d no sense that you hed in any vay l e t us dovn* I t is: only thet dir}cni«Kion wi"Ui you i s so very valuable to our vork that ve sr© iaapelled to keep nudging your I shall note ^hat you -ey ebout St. Augustine, and if the winter brirgn &e to that aree, I vi.ll certelnly l e t you knov veil ia edr&nce* Apologies t^> Mr» Burgess £re br --= se&n« necessary, but he be delighted to know thftt you s t i l l h&Te us in irdnd. Most sincerely yours, Mildred Adi&e Mr. Owea P» Toung The Van Home:?ville Coisauriity Corpcratioia Van Homeaville, Hew York c*o*. - Mr. H&ndolph Burgess XOUtfc, Owen D . W^t Jfaw pfarras&tlb Olmtummttg Cm^aralum VAN HORNESVILLE. NEW YORK November £, 195>1|. Miss Mildred Adams Committee on the History of The Federal Reserve System 33 liberty Street Hew York l|5, New York Dear Miss Adams: We were detained in Florida this stammer due to the serious illness of Mrs. Youngfs mother. When that came to its inevitable end, we started for Van Hornesville so as to get here for a family celebration over Labor Day. I should have notified Mr. Burgess and you of our arrival and I apologize for not doing so. I was particularly anxious to have our meeting here where I have a very complete record of my activities in several major fields including,of course, my relationship to the Federal Reserve System. Certainly, after an interval approaching twenty years, one needs the stimulation and refreshment of recollections. In Florida I have nothing of that kind and my chief activity is forgetting facts and impersonal incidents and remembering friends. I regret to say that Mrs. Young and I will have to leave for Florida in the next day or two because it is necessary for her to return at this time in order to take action there in closing her mother*s house, so 1 shall not have time to see you here. Your visit to me in Florida would, at best, be disappointing to you. You would have to come supplied with questions and backgrounds to arouse even a minimum of mental activity in me* Please let me say at once that I would be glad to help yoxi there if I can. In case you decide to come, please write me at St. Augustine in advance. We live in a cottage in a remote live oak forest twenty-five miles south of St. Augustine, toward Daytona. Vie have no telephone and it may be. $faw ^omt&tnlk Olmttmomttg (Eorporattmt VAN HORNESVILLE, NEW YORK Miss Mildred Adams Page 2 November £, because of road reconstruction in our area, that Mrs* Young and I will stay some weeks in her mother!s house in St. Augustine• know about this until we get there• I will not *£his is the reason I am suggesting that you let me know in advance of your coming so that you will have the least possible trouble in finding me* I certainly apologize to Randolph Burgess and members of your committee and to you for my failure to do what I ought to have done* Very sincerely yours Owen D« Young ODY:hb Ifovmbor l f If 54 1. clipping from tho f w Torl& finnf has CKMM to « aakoa 10 wmitir wto#tb#r tharo i s aajr cfea&ot of t##ing jwn mttmr* «f iat«rwt to this to^tt## btforv y@m Immi fur fern mjf r^»mi#r ttot yom T^XJT klaily tstmtd «§ f$Kr$Ag to Hr* Iss^lpfe &irgtas #mgg#sting tbst "bo'tti of to fas SoAoirrlXXo in MBJ # fhss your rottixn from Florida ami w# sow to M^w MOMAOKT f«iXod ia gtttiag tfc# noirt tbat yom oone ted; If ttox# i t ^ ^ cfeftiieo that ^m ##^14 i## a# t#fnr# JPO« go 1 ocwid osHMi mp at jfewr »sv#si#^€#* to th# #^#r hand* i f a t -data tMn&d b# bat'tor for your plaaa# perhspt ^oa nould alXov wm to t a l l oat yoo i s florida thla wint«r# f » » t i i » to tiaa « « ^ r # of thl# ic^nttte# aik ia#ittta^y If I femm s#«t yo% asi 1 «itili liko to 1»o alAo to tmplj aatlafaotorily* •any MUdnd MMM fas B0»M«i]la # limr foik YOUNG, Owen D» WASHINGTON OAKS - ST. AUGUSTINE - FLORIDA July 10, 1954 • Miss Mildred Adams Research Director Committee on the History of the Federal Reserve System, 33 Liberty Street New York k5, New York My dear Miss Adams: My secretary in Van Hornesville has forwarded your letter of June 30th to me, I regret that it is utterly impossible for me to set a date now for w$ return to Van Hornesville* Either I or Mrs» Cosgrove, icy Florida secretary, will let you know as soon as I know. Very sincerely yours, 0DY:mrc TICKLER FILE YOUNG, Owen D. OAKS — St* Augustine, Florida co February 19, 1954 Mr* ¥• Randolph Burgees Thirty Three Liberty Street Hew Xork 45, N. I, Bear Randy! I shall be delighted to contribute anything that I can to the important vork -which Allan Sproul, Walter Stewart and you are undertaking on the history of the Federal Reserve S|ystem. tfy records are reasonably adequate and they are all in ay office In Van Hornesville. I shall not be back there until some time after the middle of May. Then I will be very happy to have a visit from Miss Mildred Adaas and to devote as much time and attention to the matter as she may need* I can think of nothing that would stimulate nay recollection more than a visit from you at the same time, or at your convenience. Van Hornesville is likely to be at Its best around Memorial Day* The apple blossoms will be out in the daytime and the stimulation of recollection will occur any time after six* Hy son Dick, vho is visiting me for a day or two in anticipation of a trip to Saudi Arabia, interpolates "Nightblooadng recollections," As an antidote to Washington and lev lork, I recomend (after long experience) a visit to Van Koroesvllle, With warm regards, believe me to be Affectionately yours, (Signed) ODXimrc/lm OVEN D. tQWXk YOUNS, Owen D. OWEN D. YOUNG j .fcf.BEIERMEISTER VAN HORNE FARMS, Inc. VAN HORNESVILLE, N. T. July 2, Miss Mildred Adams,Research Director Committee on the History of the Federal Reserve System 33 Liberty Street New York l±%, New York Dear Miss Adams: This will acknowledge your letter of June 30th to Mr. Young. Mr. *oung has not yet returned to Van Hornesville because of the serious illness of Mrs* *oungfs mother in Florida. Perhaps you will hear directly from him as I am sending your letter on to him there • Yours truly, Secretary to Mr. Young YOUNG, Owen D. 0 Bear Mr* ToungJ May X 1 B the first place sand you warm thanks for speaking to Mr. Frederic Gurtiss of Boston about this project* I saw him in Boston last aonth and ha was kind enough to gir© us much time and valuable information. In the early spring Mr, BtadoXpb Burgess wrote to you about the work of this committee and you were kind enough to suggest a date in May when he and I might con® up to talk with you about your own experience in Federal He serve natters* Unfortunately Mr. Burgess was involved with appointments both in lurop® and South Asierica and he could not keep that appointment. He has since suggested that in view of his own difficulty in making dates ahead, I write you in his stead and ask if you will allow me to undertake the appointment arhich he had hoped to carry out» Would it be possible for you to see ae in ?an Homesrille the li*th or l£th of ^uly, or any day in the first week of August? If the suniBQr is difficult for yon, this can go until autumn, test time does ride one's shoulders in a short-term project, and I a to talk with you as soon as possible. ?ery sincerely yours, Mildred Adams Mr. Owen B . Young, fan HornesTHl©, Sew Tork# Tickler File YOUNG, Chren D, WASHINGTON OAKS ~- St. Augustine, Florida February 19, 1954- Mr* ¥• Randolph Burgess Thirty Three Liberty Street New York 45, H. 1. Dear Ranctp I shall be delighted to contribute anything that I can to the important work -which Allan Sproul, Walter Stewart and you are undertaking on the history of the Federal Reserve Sjystem. My records are reasonably adequate and they are all in my office in Van Hornesville* I shall not be back there until soiae time after the middle of May. Then I -will be veiy happy to have a visit from Miss Mildred Adams and to devote as much time and attention to the matter as she may need* I can think of nothing that would stimulate my recollection more than a visit from you at the same time, or at your convenience• Van Hornesville is likely to be at its best around Memorial Day. The apple blossoms will be out in the daytime and the stimulation of recollection will occur a*y time after six. }fy son Dick, who is visiting me for a day or two in anticipation of a trip to Saudi Arabia, interpolates ff NightblooBiiug recollections." As an antidote to Washington and New York, I recommend (after lo;qg experience) a visit to Van Hornesville* With warm regards, believe me to be Affectionately yours, (Signed) ODY:mrc/kra OWEN D. YGU1G , Oven r> February 8, 1954* Dear Ovens A small committee on vhich X am active, along with Allan Sproul and Waiter Stewart, is working to tap the memories of men vho were active in the early days of the Federal Reserve System and is trying to secure & list of their papers which might be available for study by a limited group of experts and students* Because of the Important part which you played in the Mew York Reserve Bank, and in certain international negotiations which made history, you stand high on the list of people we want to see. What we would like to do is to send our research director, Hiss Mildred Adane to see you in the hope that you would both talk to her of matters in the 1920's and let her take note of aaterlal in your files which might shed light on events in both the twenties and the thirties* This is purely a mapping and survey phase—any writing that is to be done will come later, and would, of course, be done only upon the grant of express permission for that purpose. I suppose and hope this stay follow you to Florida and that you are having a fine Winter. I get to Hew York, at the old stand for a day every few weeks end it is very pleasant. With warmest personal regards. Sincerely yours, f V. Randolph Burgess Mr. Owen D« loung, Honorary Chairman, the General Electric Co., 570 Lexington Avenue, Hew York 22, Mew York. YOuNU, Roy Hay U» 1955 Dear Mr, Young: Itou will, I hope, remember that when you were kind enough to talk with me last year I told you that I would be going on a round of the banks and that this round would, of course, include Minneapolis. Because your banking career started in Minneapolis, and also because Kr. Walter fcyatt said you would know a lot about early Federal Reserve matters in th&t city, I em taking the liberty of writing you on the subject* My present plans call for me to be in Minneapolis at the beginning of June. I shall be talking to people now at the Federal Reserve Bank there, end I am particularly eager to see some of the older sen who may have retired by now» Could you suggest any of those you knew in earlier days who would be able to contribute both memory of events and explanation of them to an outsider like me? My aia in these bank visits is to plan them so that I get the greatest possible degree of understanding as well as of information, end in this suggestions of the kind you could make would be invaluable* Thank you so much for your kindness in this. Most sincerely yours, Mildred Adams Mr» Roy A* Xoung 41 Spooner Road Chestnut Hill, Massachusetts YOUNGMAN, Anna P, c February 11, 1954. Miss Annie Youngmtin, Vestchester Apartments, 39 Cathedral Avenue, N. V., Washington, B. C. Dear Miss Youngman: In talking with Mr« Tyng at the Journal of Commerce regarding the late S. Parker Willis your name was mentioned as the person who wrote many of the editorials on the Federal Reserve System which were credited to Mr, Willis. I am planning to be in Washington the week of the 15th of February in connection with work for a committee interested in collecting unpublished material concerning the System. ¥e have been hoping to find a file of the editorials attributed to Mr* Willis, and it occurs to me that you might know where on© could be discovered. If not that, perhaps you have memories of early days which you would be willing to impart. ¥ith your permission, I will be phoning you when I reach Washington on Tuesday, and will be hoping that an interview way be possible* Very sincerely yours, Mildred Adams* Research Director* Committee to Study the History of the Federal Reserve System, MA:ek
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