The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Miss Elsie Raclcstraw 139 E. Bradley Lane, Chevy Chase 15, Maryland J A / i 17 J 0 To Jo do , TYM! hi 77K w*** Miss Elsie Rackstraw 139 E. Bradley Lane, Chevy Chase 15. Maryland f& "fattZU** /friwlirvnc A JDrtnd /\ RACKSTMW, Elsie March 1, 1954- Dear Miss Rackstraw: ¥hen we talked over the telephone late in January, you thought you might be back in Washington by March, and, if so, that you could be interested in some work et the Xiibr&ry of Congress. I have been hoping to get vord from you, but I know that these things do get pushed off with a situation like the one you vere feeing. I hope, however, that you may be back in time to help us with this project, Mould you be kind enough to let me know what your plans are for the aonth of March? I do hope things are going better than you feared. Sincerely yours, Mildred idams Miss Elsie Rackstraw 139 East Bradley Lane Chevy Chase Maryland MAiiaa RADISSOW xiOTEL June 17, 1955 Miss Beth Anvay, Credit Manager The Hotel Radissoa Minneapolis 2, Minnesota Dear Miss Anway: I am asked by Miss Adams to acknowledge your letter of June 15th, She is very grateful to you for clearing up the matter of the miscellaneous charges on herVblll* Miss Adams asked me to be sure to tell you that she enjoyed the Radisson very much and will certainly come again. Very sincerely yours, Research Assistant IN MINNEAPOLIS Mildred Adams Com# on the History of the Federal Reserve System Federal Reserve Bank 333 Liberty St* New York, N # Y # Dear Miss Adams: This is in response to your letter of June 12th regarding miscellaneous charges shown on your folio 22207* In checking our records we find that the four miscellaneous charges are telegrams sent to New York City# On the two telegrams sent June 8th, we have no information other than that they were sent to &ew York City* On June 9th, one wire was sent to the Hotel Muehlebach, Kansas City, Mo # - $1.21} the other wire was to W # H # Kenyon in New York - $6 May we explain that had these wires been telephoned through our switchboard they would have been oosted to your account as telegrams and so indicated# However, when a wire is sent at the Front Desk over the Telefax Machine, it is charged on a miscellaneous voucher and posted to the account as a miscellaneous charge. We are very sorry for the confusion caused by these postings and hope that our explanation will be satisfactory to your auditor* Continued on Page 24 Continued from Page 1 # June 15, 1955 Thank you for your patronage* We hope that your stay at the Radisson was most enjoyable and that it will be our pleasure to welcome you here again soon* Cordially yours, BETH ANWAY Credit Manager BA/js enc# RAGLAND, S . E . OF MEMPHIS NORFLEETTURNER PRESIDENT April 11, 1955 "Our 92nd Year11 1.3 1955 COMMITTEE CH THE Of SYSTEM Mr. Donald B. Woodward, Secretary Committee on the History of the Federal Reserve System 33 Liberty Street New York 45, New York Dear Mr. Woodward: Your letter of April 4, 1955, addressed to Mr. S. E. Ragland has been received. Mr. Ragland passed away in November, 1949. Yours very truly, (Mrs,) Bettie Brandon Secretary to Mr. Turner RAUBER, Margaret See correspondence file FEDEEikL RESERVE BOARD REED, Harold L, r COMMITTEE ON THE HISTORY OF THE I M R A L HBBtfl 5YST£H 33 Liberty Street, New York 45, § M York Telephone: RSctor 2-5700, Extension 286 August 31, 1954 Dr. Feeds The package of books followed close on the heels of Tour letter, and I send you verm thanks for both. We are proud to add your volumes to our growing library, and as for the bibliography, it will be put to work at once. Also I em most grateful for permission to 0*11 on you on a "when in need11 basis. Meanwhile, do keep turning this history project over in your mind. If we can get scholars like yourself thinking for us we will be able to -nova forward a little faster. My thanks, and warn regards to you. Most sincerely, Mildred Adams Research Director Dr. Harold L. Reed 422 Cayuga Heights Road Ithmca, 15ew York P.S. I wrote Mrs. Robert E. Tre&an asking about her father-in-law1 s papers, but thus far have had no reply. If you hear anything about them, do let us know. HAROLD L. REED 4 2 2 CAYUGA HEIGHTS ROAD ITHACA, NEW YORK <-*£~U^- 7 HAROLD L. REED 4 2 2 CAYUGA HEIGHTS ROAD ITHACA, NEW YORK ££^5 &&.?. #~-Q; *7ZZ-.4L~4~~~2? J2*. HAROLD L. REED 4 2 2 CAYUGA HEIGHTS ROAD ITHACA, NEW YORK HEED, Harold L . r aagart 19, 1954 T»ie inevitable IMHlt >f U atittjluting • v i r i t 25 yo-j vere to gre^t M ye^tercfuy If (toil ruesti-sns k«#p waergi should have b®m &$k@*2 w&ile I had the chance* r a i l i n g tbftt, m&y 1 &j§fc thea in t&li -:Alaye<1 form* I t goes vithout spying that -we a.re In the cotir^« of o i r «ccu*ul«tln4 various bibl.iogr«phies # both, of pablif?h#d i r t i f l i i l • I v ' t h a t pafMM9| M i vatehirig th« 6WPd f i l e s grow, I H ^hat M ©xp#rl«ic#d t#isch@r like you mold eon^tflftr th# ssiftlsiai i&leh should b<? r©n-d a s the b&als for « ftf tJi« kind * • Hart under ^utstlon i s sh«rp#r»ed byttMfe.ct thfet I tH about to i but not hioni*? and feMfcSj|f« B«l?sg i s int«llig#rit young person, to ^o 9QR« baste reading; b#for© sh# b#g.l?2.3 vosk ^@r# in «n s t u r t h«r off '#l,th t i e Bo«?dfr» «HB pamphlet, Furposes «n -of th» Fed#r«l Reserve % s t « ^ , fcttt I t ^i8r31y PMMP i<?«cas.t#? und B i s U4Wta> bellied i t # sisooth s#nt«no#s fhut I t glv*s RS l l l t t i i m of , her nMids merely point *ap thf» problcai of n b#«t© Kill ill has b##!i iMSiftttttg me for e-*M® tim«» Any aid can gfii l i on thli itU be $r*«tly # say X th#nk fmt cgfeln ftHF j o u r klndii#ss In acting •e It«ltft» consultant *.n.& m^wi^orm 1 v l l l report HM r v s u l t of mir conv«rsa.tions tn th* Co»Bitt*« y HN0 I hfefe no ioubt t h a t w s r e s u l t you v l l l find attempts e t assault Mdt on j o u r eheHsfhfd l«lf<ur»« V> gr®f.tlj value j o u r t>Wr<lt In tliie p r o j ^ e t , uul « • v l l l WICCSM suggestions you s^« f i t to 04P.ke» ^ Profestsor Heroic! JL» Heed 422 Cayjga litgfcti # Rev fork l yours, HAROLD L. REED 4 2 2 CAYUGA HEIGHTS ROAD ITHACA, NEW YORK ' • ' VIA AUKAIL August 10, 1954 Deer Professor Reed: Miss Adams is very pleased to have your prosit and generous response to our request for an appointment with you. She wishes me to thank you for your suggestion of a meeting piece on campus, and would like to arrange to see you at the Statler Club on Wednesday, August loth. She plans to come to Ith&et on the overnight train and should (if we are successfol in our request today for a room reservation) be installed at the Inn *>y breakfast time. I nould suggest, if this is convenient for you, that an early appointment, sey around 9*30 ajs., unless ve hear fra& you to the contrary* may be most con*, renient. She may while she is in Ithaca viwh to look up some persons now or formerly affiliated vith the Nev York Beserre Bank, and vill, I think, want to return to Nev York in the late afternoon or on the oTemight train. Sincerely yours, Research Assistant Professor Harold &• Reed 422 Cayuga Heights Road Ithaca, New York HAROLD L. REED 4 2 2 CAYUGA HEIGHTS ROAD ITHACA, NEW YORK HAROLD L. REED 422 CAYUGA HEIGHTS ROAD ITHACA, NEW YORK If -&. AJf— , i e, o •»•<•* .t-y. ^ a~- August 3, 1954 Dear Professor Reedt It has come to the attention of several members of the above Committee that you formally retired from the Cornell faculty last June. They have suggested to Hiss Adams, Research Director for the Committee that she should try to arrange an appointment with you at an early date to discuss the program of research on the history of the Reserve System upon vhich she is currently engaged under a grant from the Rockefeller Foundation. The Committee feels that in the light of your OTTO long stu$T of Reserve problems you might have a special interest in this program of research and that your counsel vould be Invaluable to Hiss Adams. Kiss Adams has asked me to send you this note to find out your present whereabouts and suggests, if you find It possible to arrange a definite appointment in Ithaca at this time, that she could come up to see you either oa Wednesday or Thursday of next week (August 14*15) or on the following Monday or Tuesday (August 19-20). Mould you be good enough to let us know whether you are willing to see Miss Adams, and, if so, what your preference is as to a meeting date and placet Sincerely yours, Research Assistant Professor Harold L. Reed c/o Department of Economics Cornell University Ithaca, Hew York km COMPO PARKWAY . WESTPORT . CONNECTICUT Friday Dear KayWould you write one of youiprery nice letters to Dr. Harold Reed at Gomel\9asking if I might come up to see him Wednesday the 11th or Thursday the i£h 12th to discuss certain problems which this Oommittee faces. The genesis of the request is, of course, the letter from Donald Woodward suggesting that I see Reed and sound him out, and then report to the Executive Committee on both Reed and Wood, Sproul suggested Reed at one time, and Don seems to think we!d better carry through on it, a£ least this far* You might suggest that if nether date is possible, an equivalent date in the next week (that is the 19th or 20th) might do. He may, of course, be on vacation. I am enclosing letters of thanks for Lois to copy so that I can sign them the first thing Tuesday morning and send them out. They ought to be dated on Tuesday, and sent airmail. Tha nks much REED, James (Pepers) WESTERN HISTORICAL MANUSCRIPTS COLLECTION 3O5 GENERAL LIBRARY UNIVERSITY O F MISSOURI COLUMBIA, MISSOURI H _ _ £ C _ £ 1 V E January 17, 1955 JAM Ji 0 19::!3 COV.MiiTLiT Ori >HE HiVf.. OF VH£ RESERVE SVSY&* Miss Mildred Adams, Research Director Committee on The History of The Federal Reserve System 33 Liberty Street New York l\$$ N. Y* Dear Miss Adams: Although I regret having to do so, again I must report failure to uncover any material on the Federal Reserve System* We have a few Collections of bank's papers, but they are all of a local nature. In one collection there is a small amount of correspondence with the District Bank in St. Louis, but it is of a routine and official nature. As to the papers of persons who were instrumental In the affairs of the Federal Reserve System; we unfortunately do not have any of those either* We have been in correspondence with Mrs* James Reed concerning the late Senator*s papers and have good hopes of getting them, but as yet we have not succeeded* I have no knowledge of any papers of Rolla Wellsj however there is a good chance that they are in the hands of the Missouri Historical Society of St* Louis and I would assume that if his papers were deposited anywhere the Society there would have them* I am very sorry that it has not been possible for us to assist you more In this matter* If there is any way in which we can be of service we will be glad to help* If we should receive any useful material In the near future I shall promptly let you know* Sincerely yours, A. Galloway JAG/jp This document is protected by copyright and has been removed. Author(s): Article Title: George W. Reily, 83, A Banker 62 Years Journal Title: New York Times Volume Number: Date: June 6, 1954 Page Numbers: Issue Number: REIBURN, SAM z Itarch 28, 1956 r Mr« Rayburn t In goir^ through no tea on things l e f t uudone, I find ttk&t X meant to nudge your elbow i n January on the subj e c t of f u r t h e r l e t t e r s to your grandson, Lt* Sem H i l b e r t . Xou wrote him a a o s t i n t e r e s t i n g one tn J u l y 1955* find sent us & copy -v?hich we t r e a s u r e , but \*"e aeoia not to h**.ve rec©ived fux-ther i n s t a l l m e n t s * As t h a t l e t t e r ends i n 1911, leaving zx&ny i n t e r e s t i n g years of your ova a c t i v i t y s t i l l to be recounted, I em hoping t h a t you heve gone ahead with these I n f o m e l memoirs* Anything we can send you >&ich w i l l s t i r o r amplify your memory we w i l l forward with pleasure* Most c o r d i e H y Mildred Adeiss Mr* Sfaoa Reyburn 3 Sunset Apt* 1127 H, Grulf stream Avenue Florida i REYBURN, Sam July 19, 1955 Mr. Samuel Keyburn c/o Mrs. Frederick Abbott Cherry Street Satonah, Hew Dear Mr. Keybarn: The copy, dated July 14 th, of your letter of reminiscencee written to your grandson, Lt. Sam Hilbert, reached us yesterday* I read it with great interest, ana shall be looking forward to a second installment in the near future. ¥e are setting up a file for Reyburn archives, and we hope it will gworw fat with general memories of finance and financiers, as well as with specific ones that concern your connection with the Federal Heserve Bank of Hew Xork« If, &t the same tirse, I say that we hope you will not come to town until the heat moderates, you will understand it is only to spare you the impact of these hot canyons* I shall be delighted to see you whenever it is convenient for you. Meanwhile ay thanks for the first chapter in what we know will be a fascinating series. Very sincerely yours, Mildred Adams REYBUfilLSam July 15, 1955 Mr. Saauel V. Reyburn c/o Mrs, Frederick Abbott Cherry Street Katonah, Hew York 8ear Mr, Key burns My assistant tells me that you have finished the first chapter and are sending it in. She also says that you will be in Hew lork on Monday or Tuesday, and may come into this office. ¥e will look eagerly for the manuscript and for your presence* I shall be here Monday morning until 12, Monday afternoon after 3, and all Tuesday except for a business lunch which will take a couple of hours out of the middle of the day. Very sincerely yours, Mildred Adams Sam July 6, 1955 Dear Mr» Reyburns teles you told this noon of banking and bankers were so valuable that I em writing to ask for more of them as soon as possible* X came Into the room too late to hear how you first met Benjamin Strong, though from something you said I wonder if it was while he was at the Bankers1 Trust Company and soon after you organised the Union Trust Company of Little Rock* After that, there are a great many other questions I*d like to ask, but I*m sure you will answer some of the® in the memoirs you are going to write for your grandson and for us* We will be hoping to see them at an early date; as a token of our keen interest, I am taking the liberty of asking Goldsmiths to send you a set of long yellow pads so that you will have your ehosen paper immediately at hand* We hope these will persuade you to write freely and fully, with all the picturesque detail put in to explain and balance the action* What we want most to know is what never gets into books - the things that move men to try this course of action or neglect that* It was a great pleasure to meet you &nd to listen to you* X hope we may have further conversations as the memoirs grow* Very sincerely yours, Mildred Adams Mr* Sam Reyburn c/o Mrs. Frederick £* Abbott Cherry Street Ketonah, Sew Xork REYBURN, Sam 1, 1955 Mr* Reyburnt lorn: daughter, Mrs* Abbott, has informed s^ office that the h«.ppy event of a daughter 1 s marriage brought you to Ksv Xork earlier tfoaa you had e j e c t e She fcdded that you haT« returned to Florida but will cm® north again ne&r the end of June* Ve lunt tJier^fort ns^uffied that you would -went us to eanc@l your luncheon appointment ©a June 9th with Mr* Sproui. Mr» ^proul i t plifming his Tae&tios for August} I shall be here through June mid July, If you eould glT© us isom@ indication of conY#nient dates, perhaps we can arrange an appointment for the end of f or early I aa looking forw&rd to hearing your neaories of the ^Currency Feaic of 1907® as v@ll as of early Federal K@serve probl®a®. Very sincerely yours. Mildred Mr. Saa 3 Sunset Apt, 1127 H. Gulfstreara Ave, Sarasota, Florida c.c« * Mr, Sproui REYBURN, Sam Kerch 21, 1955 Dear Mr* Beybura* I t w*s a pleasure to rend your l e t t e r s of H&rch 14thf with their assurance that we sen count on you for aeaorien nhsa ywx eoae north* Tour I s t t e r to Mr* $proiilf -shieh he sent to this office, gives u^ &a idea of your «Juu# schedule* I vender if, In viev of Mr. Sproul** i a r i t a t i o n to lunch with hi® cud the present dinse-tors on * Thursday, you night like to mt© Jim© 9th &© a possible dny for lunching nlik Ms and talking with data iae.de three month© in advance i s , of eottrse, tentative and subject to ehaug@# Thursday, J-one 91H, may not suit your eosivenieace in the l e w t , sad if not, i t can readily be shifted* If, rather than comiag to -the city, you wold prefer that 1 com© to Katosnh, I Kill do that with Tom ask about th© fraaework w set up for this history — thus f«r, und until that Misty person w© call the Historian has been appointed, M% have only the System's chronological skeleton, l i t h i n that skeleton, m take a l l we can get. I&r^y in this project i t becase el@ar that w# aust learn some thing about t a t banking conditions imich the Federal Reserve Act m.& intended to r#fora, so we did a e&all amount of research into the -working© of the iSa~ tlonal Monetary Co^iiB^ioR which w©.s set up uader Seas tor Mdrich. that took ug b&ck to 1911 • -2COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM Xou are the f i r s t person who ha* offered us banking memories going back as far as 1901, and the offer i s highly appreciated* I would be raost grateful i f you would, as you say, "get the rust out of* those early memories* I t would be very helpful to know how that Currency Panic of 1907, and the subsequent moratorium, looked fro© your vantage point# Alao, I would welcome your memories of the various a t t i t u d e s of bankers toward banking refonae »s presented by Senator &ldrieh and as presented by Mr. All t h i s covers a couple of decadts before you came to the flew lork Bank* If you can also give us time and talking strength to r*t.«.oe memories of bank action during the Slock tiarlcew crfabh of 1929 and tae Banking Holiday of 1933, we will be doubly grateful, but i t iw Uit fco.r-i.iex m«50uOri#f wuich will be unique* Ve shall be looking forward to June witli trie iaost lively expectation. Perhaps you will hold two or thre© days for us, not merely one* sincerely yours, Mildred Adams Kr. Sam V# Reyburn 3 Sunset Apartments 1127 U» uuif stream Avenue Sarasota, Florida c . c . - Mr* Sproul REYbURN, Sam V. \ / MISC. 14OA.1—36M-7-54 FEDERAL RESERVE BANK OF NEW YORK NEW YORK 43. NEW YORK March 17, 1955 Sam W. Reyburo, t Apt., 1127 Ho. Gulfstream Avenue, Sarasota, Florida. Mr. Reybum: It was good of you to take the trouble to write to me as id i s your letter of March 14* This letter se rves as confirmation, format las. was necessary, that we should interview you in our it of information concerning the history of the Federal Reserve Miss Adams will be getting in touch with you to arrange am intaent or appointments when yon are in this vicinity next June. —. At the same time, if you are ever In Hew York City on a Thursday, why don't you have lunch with me and some of our present We should ail be glad to see you* With best regards, Yours sincerely. Allan Sproul 3 Punset Aot. REibURfl, Sam ¥• 112"* ** r ;fstream Ave. Sarasota, Florida RECEIVED MAIM Irtr J r-DERAL RESERVE SYSTEM 1/ <<y &jf //le /A /£&&<&• $Crd&Lct£ /ULMJQ/I-TAJI e^c^p/^c^^- % J? 4io h /tn*. f Kjj /Cf\-*~ ^O^Qst^ LA^e^l /??-- ca, c*d ', ' Cttt Ti 7 . qjf, CVLLCI tL // y* C 0 PX 3 Sunset Apt. 1127 a. tfulfstream Ave. Sarasota, Florida March U t h , 1955 Dear Miss (or Mrs*) Mildred* Xour letter of 10th inst* is most interesting and of course 1*11 do anything I can to help in recording a history of the Federal Reserve %stem. By this mail I have written Mr# Sproul end I am assuming you will see that letter. Having no stenographer end a hand wrought letter is a chore to write and a bore to ready I'll not repeat here what I said there* ND doubt you, as Research Director, will soon have a syllabus or an abatract of the lines to be followed in preparing or seeking the desired naterial, end if one can be sent me, it will help by confining my recollections to those points you may wish recalled With the best of good wishes for the ^Clause* and for you Sincerely Samuel ¥• Reyburn Mildred Adams, Research Director Committee on H» F. R, S. 33 U.berty Street Hew York 45, 8. X. KEiBURw, I S Sunset Apt. 1127 N. Gulfstream Ave ' RECEIVED <^ OUL^ e /fl&/Jm COPY 3 Sunset Apt* 1127 a* Gulfstream Ave. Sara3ota, Florida March 14, 1955 Mr* Allan Sproul, Chan. 33 Liberty Street New York 45, K. *. Dear Mr* Sproul: The interesting letter has been received from Mildred Adams* I expect to be in New York, that is Cherry Street, Katonah, telephone 4 • 0031, by noon Friday, May 27th• A grand-daughter graduates at RoBemary June 2nd and a grand-son June 3rd and then another grand-daughter graduates at Wellesley June 11th to 13th «• Can see you or Misa (?) Adams June 6th to 10th or June 14-th to 17th both inclusive. Will be available by appointment during some -of the weeks later in the summer* It seems to me that there should be, in the beginning of such & history, one or two chapters cf background as to IJ* S* Banking Laws* Sketchy, of course, but interesting *ud accurate* I became a Director and was on the Executive Committee of a national Bank early in the century - 1901 or 2 - and was in daily touch vita its business until I came to N. Y. in July 1914* Also I was a Director of the Trust Company Section of the American Bankers Association from Sept* 1906 to 1909 incl. - then on its Com* on Legislation for two years and then again a Director from 1911 to 1914* Vas Secty* of the Clearing House Committee at Little Rock, in charge of issuing Clearing House Certificates in that 90 days of a limited moratorium in Oct. 1907 to Feby. 1908. It was after that so oalled "Currency Panic," (but a more descriptive term might be "Seepage of Deposits") - that the campaign for a new Federal Bank Law began under the political leadership of Senator Aldrich* If your History does include these back periods, let me know so I can oil fem up and get the rust out of the memories of those last years of the Golden Victorian Century* After the Aldrich bill failed to pass and Wilson was elected Preed*. the work for change in the law was continued under what was known as the "Owen-Glass Bill," which on passage in December (t) 1913 became the Federal Reserve Act. I studied both the Aldrich bill and the Owen-Glass bill and sought changes in the latter through congressmen from my own and other States and called on Congressman Glass several times seeking changes* Senator Owen was blind, and as a result Congressman Glass was much more active in meeting and discussing the bill with representatives of Banks and the Public. He was looked upon as the important representative of the President* In one of my appeals for a change he seemed to agree with me (I said "seemed") but said the President would not approve* Write me if these suggestions seem interesting - Sincerely Sam W. Heyburn REYbURN, Sem March 10, 1955 Dear Mr* Heyburn: I am writing at the suggestion of Hr* Allan Sproul who hag asked me to bring to your attention the history project on which we ere now engaged end to seek your cooperation for it* the project was started in the belief that the time had com© for a new look at the long eour&e of Federal Reserve history* Too many of the men who created the System were no longer available to tell historians what really happened on disputed points. Even their papers were dispersed and in certain instances destroyed* before the losses mounted higher, it was felt that a real effort should be m&d® to record aeasories and locate correspondence and other papers that sdght be of value to the historian, About a year e,go the staff assembled by this Committee, with the aid of a small grant from the Rockefeller Foundation, began to interview peoplef who had played an important part in the %"Stei5 s foundation md development, end to locate and catalogue information and material which might be valuable to the historian* the pilot project was so successful that In June the Rockefeller Foundation Made ue a five-year grant to further the Committee1 a work* We hfrv© been, since «Tuly, 1954. working with the assurance that we hed time in which to continue "toe program of collecting memories and papers from the men who have made the System what it is. If our records are correct, you were a director of the Federal Reserve Bsnk of Sew Xork from 1925 to the end of 1933. ^his means that you were active there in the latter years of Benjamin Strong's lifetime, and that you would be able to tell us not only about the latter days of his dealings with European central banks, but also about the bank 1 3 activities at the time of the Stock Market crash of 1929 and the banking holiday of 1933* All three of these are, of course, extremely interesting periods from the point of viev of anyone voicing with the history of the Federal Reserve System* Ve are hoping, therefore, that when you come back to New York in the spring you will oonsent to one or two interviews on these matters* It would be of the greatest help to get your point of view on certain details, end to know how certain key incidents looked from where you saw If you could let us know when you expect to return to New Xork, we would like to put these interviews on our schedule at e moment which would be convenient for you* Tae Committee in general, and Mr. Sproul in particular, would want me to thank you for your kind consideration of this request* Very sincerely yours, Mildred Adams Mr* Sam Reyburn Sunset Apartments Sarasota, Florida This document is protected by copyright and has been removed. Author(s): Article Title: Charles Rhoads, Long a Banker, 83: Civic Leader in Philadelphia Is Dead Indian Affairs Commissioner, 1929-33 Journal Title: New York Times Volume Number: Date: January 4, 1956 Page Numbers: Issue Number: This document is protected by copyright and has been removed. Author(s): Article Title: Retired Banker Recollects days in Wilson's Life: Charles J. Rhoads, Now in His 84th Year, Saw Him Often at Home Journal Title: Main Line Times Volume Number: 26 Date: December 1, 1955 Page Numbers: 17 Issue Number: 4 . , _-„.-. MILL FARM ft~h' p^tA^^fiT* COMMtTTEt ON THE HISTORY OF THE * , 1 J' / . ? * f~^ § A* RHOADS, Charles July 1, 1955 Dear Mr. Bhoadsi May I send you ay warm thanks for a most delightful day with you. lour memories of the first day3 of the Federal Reserve Bank of Philadelphia, and hov it felt to become a central banker by sudden appointment, were vivid and valuable. They add some hitherto missing pieces to the complex mosaic which we are in the process of putting together* As for the hospitality of Ithan master, that will long remain a cherished drive and the lovely old house, the chain wonderful food formed a very rare prelude able talk. Mill Farm and its memory. The yew of gardens and the to good and valu- I am reporting your kindness to this Committee, and they will want me to thank you in their name as well as on my own aceount. Very sincerely yours, Mildred Adams Mr. Charles Rhoads Ithan Mill Farm Bryn Mawr, Pennsylvania 7 [THAN M I L L FARM BHYN M A V R , PENNSYLVA Jtzur V 7t.fr ' VINVA1ASNN3(J 'HA\VJ^ NAHQ K p C REC E IVED JUN 2 4 19o5 COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM \ RTIOABS, June 21, 1955 Be&r Mr. JRhoads: When I talked to you last Friday, I promised to send you an informal skeleton of the period in vhieh I would be asking questions so that you might refresh your memory on these things* According to our records you were with the Girard Trust Company in Failadtlphia from 1393 until 1914.. Taen being vice president, you resigned to become the first Governor of the Federal Reserve Bank of Philadelphia, and you continued in t&at capacity for four yearsf fro® 1 9 U to 1918. The Federal Reserve Act was passed in December of 1913 under the joint urging of Carter Glass of Virginia and Senator Owen. I -would like to know anything you can remember as to your ovn attitude and that of your associates toward the Act at the time it was passed. If you i*ere a Republican, you may very well have preferred to have had the so-called Aldrich Bill passed in 1912, -which would have provided a sore closely centralized system. Anything you can remember about this controversy will be of assistance* Tfefe twelve Federal Reserve Banks were officially opened on November 16, 1914-* World Var I was then three months old. I have been told in some of the banks that the actual opening Charles J, -2- of the big front door was something of an anticlimax and that the expected rush to send in money on the part of the national banks* t?hich vere compelled to join, did not eventuate* I would like to know what you remember of the es.rly happenings in Philadelphia Check collection, I believe, started first in 1915. The first Liberty Loan was announced in April of 1917, end. the second one begem October 1st* The others followed in due Reason* I also find a notation that in 1918 Philadelphia bought e. building for #600,000, having, in cousnon vith the other banks, found its first quarters completely inedequ&te for its needs. Vith the exception of your early attitudes toward the discussion of the Federal Reserve System, I would probably confine iny questions to the four years, 1914- through 1918, Ycur closest associate in the Bank was, I assume, Mr, Richard L. Austin, Chairman of the Board and Federal Reserve Agent, I would like to know something about the relationship between the tvo of you, ag in soce of the Banks there wef? en obvious confusion es to which officer, the Governor or the Chairman, ran the Bank* I hope that these somewhat sketchy dates and items will call the period back to mind, Any tiling that you can tell me of *jh£t you remember will be of great interest to us. I sis looking forward to our conversation next week eagerly, and I do want you to know that I am very gr&teful for your kindness in giving me this opportunity. Very sincerely yours, Kilnred Adams Mr* Charles J. Khoads Ithan Mill Farm Bryn Mawr, Pennsylvania PJOADS, Charles J. June 17, 1955 Dear Mr. Bhoadss It is kind of you to shift, at the last moment, our appointment from the 22nd to the 29 th, Only necessity would have made me ask this* As I told you over the phone, I will follov on tiie 29th the time-table you suggested for the 22nd, thus accepting your kind invitation for luncheon. On Monday we will send you h. modi, skeleton set of questions I shall went to be Again my thanks for your kindness Most sincerely yours, Mildred Adams Mr. Charles J. Rhoads Ithan Mill Fans Bryn Mewr, Pennsylvania RHOADS, Charles J. June 13, 1955 Charles J. Hhoads Esq. I than Mill F a m Bryn Mavr, Pennsylvania Dear Mr. Rhoadss I have been asked by Miss Adams,who is away on a business trip, to answer your letter of June 8th. lour arrangementsfor an appointment on Wednesday, June 22nd, are most thoughtful and Miss Adams will be delighted to eoae to Bryn Mawr on that date. She will leave Kew York at 10 8 30 «uiu as you suggest and will arrive at Bryn M&wr at 12:38. She is looking forward with great interest to meeting you. Very sincerely yours, Ellen C, Singer Research Assistant ^ * 1 . BRYK MAWR, PENNSYLVANIA ITHAN MU.I. FARM I AX RHUADS, Charles J. June 6 f 1955 Charles J. Rhonda Esq. Xtfcfta Mill Farm Bryn M&wr, Pennsylvania Bear Mr* Bhosds: Early in Msy you were kind enough to say that you would see sae after the middle of June, tad I am wondering if your calendar Is now free enough so that we could arrive at a date which would be mutually possible. Tuesday or Wednesday, the <!lst or 22nd of June, look claarj so do corresponding days (the 28th or 29th) in the following week. If none of those la posaible, I would suggest the 6th or 7th of July. I shall be locking forward to seeing you on one of these days. Most sincerely yours, Mildred Adams ITHAN MILL FARM /tstr&L*~f *7 BRYN MAWR, PENNSYLVANIA t RiOADS, C. J. May A, 1955 Dear Mr. Rhoads: Mr. Woodward has handed me your good letter of April 9th, and I a® delighted to read that you will be viliing to telk with me about the early days of the Federal Reserre System, and your service with the Federal Reserve Bank of Philadelphia. It is such a short distance from xtev York to Philadelphia that I would coeie to Bryn Mswr almost at your Convenience. Unfortunately the month of Kay, and the first ten days of June, are planned for several visits outside the Hew Xork area, but if you ere to be in Bryn Mawr around the middle of June, perhaps you would let me cose then. Thanks so much for your courtesy in this. I am looking forward to seeing so distinguished an early director of the Philadelphia Bank. Most sincerely yours, Mildred Adams Mr. C. J. Rhoads Ithan Mill Farm Bryn Mawr, Pennsylvania . R E C E IV ILUMILL FARM O^Si". 9 . / BRYN MAWR, P PENNSYLVANI / APR111955 ITHAN MILL FARM BRYN MAWR, PENNSYLVANIA ITHAN MILL FARM BRYN MAWR, PENNSYLVANIA RIDDLE, H. fl« See under WRITERS, (PROPOSED) correspondence folder RIEFLER, Vinfield See special section in correspondence file of MARTIN, William McC. Jr. ROBERTS, G e o . B , GEORGE BASSETT ROBERTS 5 5 WALL S T R E E T NEW YORK IS, N.Y May 1 7 , 1954 Dear Miss Adams: I return herewith the report on the proposed history of the Federal Reserve System which you sent me, and which I have read with interest. Sincerely yours, Miss Mildred Adams, Research Director Committee on the History of the Federal Reserve System 33 Liberty Street New York 4.5, New York ROBERTS, George B. May 13, Dear Mr, Roberts t Mr* Donald Woodward has asked me to send you a copy of the report of th© pilot project which this Committee is carrying on and a copy of the Coasiittee^ proposal to the Rockefeller Foundation for a further grant. Ion will find both docunents in the folder which is enclosed with this letter. This is an office copy and we would be grateful if you will return it when you are finished with it. Very sincerely yours, Mildred Adams Enc. Mr, George Hoberts National City Bank of New York $$ Wall Street Mew York, Hew York , A. W. M&rch U , 1955 Dear Mr* Rogers; It was most kind of you to have so thorough a search made in your files for material bearing on whatever effect the Federal Reserve System might have had on the Canadian Banking System. We are very grateful for the list of articles and for your suggestions as to where we can find back copies of The Canadian Banker* The Committee members would w&nt me to thank you in their name for your generous cooperation, Very sincerely yours, Mildred Adaas Mr» A, W. Rogers, Secretary The Canadian Bankers* Association 901 Bleury Street Montreal, Canada ROGERS, A . W. December 31, 1954. Miss Mildred Adams, Research Direct or, Committee on The History of The Federal Reserve System, 33 Liberty Street, New York 45, N.Y. Dear Miss Adams: United States Federal Reserve System We have your letter of December 29 asking for information relating to the implication of the Federal Reserve System on the Canadian Banking System. As I did not join our Association until 1931, I have no personal knowledge of what our files may contain, but as the opportunity is afforded, I shall inspect our minutes and files that are available here, and let you know what we find. Unfortunately, many of our older files are in storage in a bank basement in Toronto, and are not readily available to us, so it will probably be necessary to report our findings on the piecemeal basis. Yours very truly, • • / Secretary. ROGERS,A. W. December 29, 1954 Dear Mr. Rogers: He are writing you at the suggestion of Mr. K. If, Taylor, Deputy Minister of Finance, with whom we have had correspondence concerning the work in which this Coa&ittee is engaged* Mr. Taylor tells Be that the Canadian Bankers' Association was established in 1900 hnd iii the normal channel of ooanniai cation between the chartered banks and the Government* He saggests that you nay have in your files material relating to the impact of the Federal Reserve System, which, as you knov, was established in 1913, on the Canadian banking system, ¥e j.re searching for all the light ve can get on the history of the Federal. Beserve System, and moat particularly, we are seeking documents and neaories bearing on its early days* We would treasure any references which your files may shov relating to contacts, interests, or infiuencea between the banking ccLisimities of the two countries with regard to the then nev In addition to expressing gratitude .Cor your aid in this, I would like to take this occasion to send you the beat of greetings for the New Iear. Very sincerely yours, Mildred Adems Mr, A. W. Rogers, Q« C , Secretary Canadian Bankers1 Association 901 Bleury Street Montreal, Canada ROGERS, Mrs. Charles E. Ill See under DRAPER, Ernest ROOSEVELT LIBRAE! See under KAHN, Herman ROOT, E l i h u RECEIVED FIFTY-TWO WALL STREET NEW YORK 5 November 3, 1955 COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM Miss Mildred Adams Committee on the History of the Federal Reserve System 33 Liberty Street New York 45, New York Dear Miss Adams: I have your letter of November it 2nd* 1 All my father s papers, including his A speeches and lectures, were deposited after his death with the Library of Congress where they are indexed and available for use by qualified scholars. Sincerely yours, Elihu Root, Jr. ROOT, Elihu (Papers) November 2 , 1955 Dear Mr. Root! Ve wrote you in March to make inquiry on a subject of importance to this Committee. Ve now understand that you were in Florida at that time and the letter may never have reached you* X an therefore taking the liberty of repeating the question* This Committee, financed by a Rockefeller Foundation grant and working in cooperation with the Brookings Institution* has for the last year been collecting information about the papers of men who were active in the early days of the Federal Reserve System* During the period when monetary reform was under discussion in the Senate* your distinguished father made several highly important speeches* We are eager to know more of his point of view and his activities in the formative days of the Federal Reserve System than can be obtained from secondary sources* Could you tell us where the papers of Mr* Elihu Root, Sr« are deposited and whether they are available for study by qualified scholars? Ve would be particularly interested in that section which covers the first fifteen years of the 20th century and includes his service in the United States Senate* Ve will be grateful for any information you can send us on this matter* Very sincerely yours* Mildred Adams Mr. Elihu Root, Jr. 52 V a n Street Mew Xork, N. ?• ROOT, Elihu Jr, Harch 3, 1955 Dear Mr. Roots This Comittee, financed by a Rockefeller Foundation grant and working in cooperation -v&th the Brookings Institution, has for the last year been collecting information about the papers of men who were &ctive in the early days of the Federal Reserve System* Inevitably we are reaching back to the Pujo investigations, wid recently we have repeatedly come across references to your distinguished father* Gould you tell us where the papers of Mr* Elihu Root, Sr« are deposited and whether they are available for study by qualified scholars? We would be particularly interested in that section which covers the first fifteen years of the 20th century and includes his service in the United States Senate* We will be grateful for any information you c&n send us on this matter. Very sincerely yours, Mildred Adams Mr. Elihu Root, Jr» 36 Sutton Place South Hew Tork, U» !• ROTHWELL, C* Easton Director, Hoover Institute and Library Stanford University See under HOOVER LIBRARY. a w a n IE B A KAMm MMhi ROUNDS, Leslie May 1, 1956 De&r Mr* Hounds; I t I s good of you to go over this transcript and f i l l in the hole£>« Had ve been more experienced with the recorder, and with HM relationship tatfWMB the recorder Mid certain types of voices had we had a siore sensitive microphone able to carry tli&t nice soft voic© of yours, we vould have done better* If you e$n g@t this back to us with the sp&eeg filled in before you go to Mainej we will b© ever grateful* Moat sincerely yours* Mildred Adams Mr* Leslie Rounds 32 Washington Square West &sw Icrk City, ». I . Enc. ROUNDS, Leslie March 29, 1955 Leslie Jw Rounds Esq. 32 Washington Square flew lork 11, N.I'. Dear Mr« Rounds: Miss A-dams left this morning to visit the Federal Reserve Banks in Dallas and San Francisco, Her trip will last two weeks and she will return to the office on April twelfth. I know she will be most disappointed to miss you this week but will hope to work out an appointment when she returns. May I telepohone you on April twelfth, after Miss Adsas returns, in hopes of making an appointment for the of that week. Very sincerely yours, Mrs. Singer Research Assistant ROUNDS, L e s l i e R RECEIVED LESLIE R. ROUNDS 32 WASHINGTON SQUARE NEW YORK 11, N. Y . COMMITTEE Of! THE HISTORY OF THE RESERVE SYSTEM March 2Vth 1955 Dear Miss Adams: Your letter of the 23rd was here when I teturned from Washington Friday evening. I shall be very glad to be helpful to whatever extent I can. Perhaps we can best arrange it if I give you my schedule through April so fax as I can at this time. For this coming week I expect to be in Hew York the first three days i#e# March 28,29 & 30. The following week,Apr.4th I expect to be here all the week but 1 have a committee meeting at U.H. which will take all my time the first three i.e. Apr. 4,5 & 6. Will be in Hew York most of the week of Apr.11. possibly all of it. With the possible exception of Apr. 18th I shall be in Washington the entire two weeks ending April 30th. The week of May 2nd I expect to have to be in Washington at least a couple of days but I do no* yet know which days, but think I could see you on one or two days that week. We hope to go to Maine about May 12th. If you are to be away all of the week of April 11th perhaps sometime in these next three days (Mar. 28 to 30th) would be most convenient for me if they are also for you. Perhaps you would telephone me when it would be convenient for you. My phone is GR 7-1794. Yith kindest regards, Sincerely, Miss Mildred M a m s Federal Reserve Bank of H.Y. Hew York 45, 29. Y. ROJWDS, Leslie March 23, 1955 Dear Mr, Rounds; In going over memoranda aiade l a s t year when you were kind enough to play an early tad Important part in our interview l i s t , I realize that my questions merely scratched the surface of your vast knowledge of the Sev lork Bank's early d&ys. We very such need not only more of your time, but also I more adequate way cf recording your memories titan pencilled notes* Mr* Sproul, with tfaoa I discussed th« problem, t e l l s me that yon are slaoat through «±tb trie work you have been doing on rubber plants end suggests that i t would be well to get in touch •with you bftfert you go to I4aine, I am therefor© wondering i f i t would be possible for you to come in for & couple of a*ta# ?n two separate days around the middle of April, We can then borrow a tape recorder fro® the public relations people and re&lly do j u s tice to your vonderful memory for the benefit of this history proJecU X do hope this plan may be possible for you» My own plans take me to the West Coast in early April, but I v i l l be back by thf» 15th and eager to talk with Very sincerely yours, Mildred Mr* Leslie Hounds 32 Washington Square Hew lork, 8. !• RUDDELL, Richard Supervisor, Records Section Ford Motor Company Archives 3000 Schaefer Road Dearborn, Michigan See under AMERICAN ARCHIVIST correspondence RUSSELL, Edward W, See under UNTERMEXER, Samuel (Papers)
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