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f^ Rob&ut V. Calkin* 5415 Conn, Ave., Apt, 507 Washington, DC 10015 dU^^J-^^ *2 ^^ **i a Apartment #507 5415 Connecticut Avenue, N. W. Washington, D. C. 20015 May 31, 1978 Mr. Bruce K. MacLaury President The Brookings Institution 1775 Massachusetts Avenue, N. W. Washington, D. C. 20036 Re: Disposition of History of Federal Reserve System Files - four files now located in second floor file room Dear Bruce: I submit herewith my report and recommendations on the disposition of these files on the History of the Federal Reserve System. They consist of four metal cabinet files, which I have numbered FRH-1 through FRH-23. My report consists of (1) a brief history of the project and an account of how these files were accumulated, and (2) an inventory of the files with recommendations as to their disposition. In view of your familiarity with the Fed, ^ou may have better views as to the useful disposition of these papers. free to exercise your best judgment. You are of course I have had earlier discussions with Miss Mildred Adams (Mrs. H. Kenyon), who directed the preliminary research, several members of the Committee on the History of the Federal Reserve System, and Everett Case, who with his wife, 2 — is doing a biography of Owen D. Young, his father-in-law. But my recommendations are finally my own. Enclosed also are two precious volumes of interviews which Mildred Adams had with surviving participants in the early experience of the Fed. These are the only copies and deserve preservation. Appended are memoranda from Everett Case, correcting the record for portions that' involved O. D. Young and J. H. Case, his father. I have agreed that these corrections would be attached to make a more accurate record. The recollections of those on the Dawes and Young negotiations re war debts are especially valuable - including the humor. History of the Project In late 1953 I discussed with Dr. Joseph Willits of the Rockefeller Foundation the possibility of doing a history of the Federal Reserve System. He was interested, and a request for a preliminary grant was made on January 7, 1954. The Rockefeller Foundation responded with a preliminary planning grant of $10,000 on January 21, 1954. on the pilot project was submitted on April 20, 1954. A report The unexpended balance of the preliminary grant was held as part of the major grant which came shortly thereafter. A request for a major support grant with which to proceed with the history was submitted April 26, 1954, and on May 24, 1954 a grant of $310,000 was made, payable semiannually, as indicated in the attached memorandum. An advisory committee was established by Brookings, consisting of Allan Sproul, chairman; W. Randolph Burgess, Robert D. Calkins, William McC. Martin, Jr. , Walter W. Stewart, and Donald B. Woodward. Later were added F. Cyril James and Joseph H. Willits. The Institution, on the advice of the advisory committee, engaged the services of Mildred Adams as director of research, and Mrs. McKeithan as her assistant, to gather relevant materials pending the selection of someone to direct and write the history. Mildred Adams and her assistant were afforded office space in the Federal Reserve Bank of New York and given every assistance. They compiled two filing cabinets of bibliography and biographical records, located archives and personal papers of those, associated with the System in its years 1914 to 1956, interviewed many of the living so associated, and located materials in the twelve banks and branches. Some of the personal papers so accumulated were later turned over to relatives or to libraries recommended by relatives. A most valuable file of inter- views by Mildred Adams with those involved is in our files and should 4 be invaluable to any future historian. The materials assembled now fill four filing cabinets. The advisory committee met on several occasions during 1954 and 1956, often to consider prospective directors for the project. At one time we solicited the interest of Cyril James, but he could not undertake it because of his obligations at McGill University. Later we negotiated with Professor Sayers of the London School of Economics, but he could proceed on no more than a commuting basis from London for a few days a month in view of his other obligations. In the end the committee decided wisely that no major scholar equal to the task was available at the time and the decision was reached to abandon the project. So the project was terminated June 30, 1958. had amounted to $99,830. Total expenditures Any balance in our favor was refunded to the Foundation. The several progress reports indicate accomplishments. We assembled a great deal of bibliographical and biographical material that will be invaluable to any historian. deposit in many libraries. We located archives and papers on We authorized and published Lester Chandler's biography of Benjamin Strong, and Kincaid's inventory of the Carter Glass papers. Earlier Efforts to Dispose of Files When the project was abandoned in June 1958 we took steps to dispose of the files. They were first offered to the Federal Reserve Board, but they were interested in only a few items. The private papers of Leffingwell, Curtis, Kent, and a few others, were at their direction, or the direction of their heirs, deposited at Princeton, the Boston Bank, or elsewhere. We then explored the possibility of depositing the remaining files with Columbia University Library, the Harvard Business School, or others. (See Mildred Adams' letter of June 2, 1961, and memos to Kermit Gordon dated November 26, 1967 and November 18, 1974. ) Columbia was interested, but wished a substantial foundation grant to process the papers. We abandoned the idea,, The Federal Reserve Bank of New York or the Archives seemed the simplest solution. Inventory of Files with Recommendations as to Disposition Following is an inventory of the papers on. the History of the Federal Reserve System, together with my recommendations for their disposition: File No. FRH-1 Transcript of advisory committee meeting, November 21, 1954 (1 copy). Edited transcripts of meeting, January 29, 1955 (12 copies). Both confidential. Recommendation: Keep one copy of each in Brookings Institution files; discard other copies. File No. FRH-1 (cont'd) Progress Reports. Recommendation; Select and build a file of progress reports to the Rockefeller Foundation for Brookings Institution files. Correspondence of Committee, 1953-1956. Recommendation: Cull this and retain material for Brookings Institution files and essentials for future historians. Mildred Adams1 interview notes with personages involved with the Federal Reserve System. This is a most important and unique file. Many comments were not for quotation^ but they are helpful as background information and contain many anecdotes. Everett Case, in doing the history of his father-in-law, Owen D. Young, corrected the interview notes on dates and minor details of interviews with Owen D. Young and his father, J. Herbert Case, former Chairman of the Board of the Federal Reserve Bank of New York. I have by agreement with Everett Case appended his .corrections to these interviews and enclosed a xerox copy of his corrections to verify his requests for the changes, Mildred Adams, I understand, has no objection to these corrections. Recommendation: This is a most valuable record and should go to those who welcome the basic file of materials, with warnings not to quote directly, if prohibited. Some-were confidential. FRH-2 Correspondence of Committee. Recommendation: This should be culled for material important to Brookings and to future historians. Most can be discarded. FRH-3 Miscellaneous pamphlets, photographs, and cartoons of possilie interest to the project. Recommendation: Cull and send to Federal Reserve Board or to New York Federal Reserve Bank. 7 - File No. FRH-3 (cont'd) Court decisions and opinions of Attorney General affecting the Federal Reserve System. Recommendation: Keep with central file for deposit at Federal Reserve Bank of New York or the Archives. Index of the inventory of Carter Glass papers. Recommendation: Keep one copy with central file for depository. Inventory of Carter Glass papers, (see next file) Registers of private papers - important - 2 copies. Recommendation: One to depository and one to Archives or the Library of Congress. FRH-4 Carter Glass papers by Kincaid - 6 copies; another copy in file FRH-3. Recommendation: Deposit one in Library of Congress, one in Archives, one at Columbia University Library, one at Harvard Business School Library, and keep others for depository chosen. FRH-5 Archives, files, libraries, biographical data on each of the Federal Reserve Banks. Recommendation: Keep in files for depository. FRH-6 Archives, files, libraries, biographical data Federal Reserve Board and Treasury. Aids to finding archival materials . Recommendation: Keep in files for depository. FRH-7 Papers, speeches related to history of Federal Reserve System. Recommendation: Keep in file for depository. Committee materials, minute books, progress reports, miscellaneous materials. Recommendation: Cull and leave only essentials for depository. File No. FRH-8 Retired correspondence, early phase of project, form letters, reports. Recommendation: Cull and keep only essentials for Brookings Institution or depository. The rest are card files, mainly bibliography or biography. FRH-9 Chronological time file, 1907-1956, on events, structure, persons in command. Recommendation: Keep with file for depository. FRH-10 Biographical data on persons associated, A to Z. Recommendation: Keep with file for depository. FRH-11 Economists — biographies and careers. This was assembled for the Committee, outdated now. Recommendation: Discard. FRH-12 Material respecting persons associated with Federal Reserve Board, Federal Advisory Council, Treasury, Federal Reserve banks and branches, 1914-1956. Recommendation: Keep for depository. International economic developments, 1920-1930s Gold standard and experience, 1930s. Recommendation: Keep for depository. FRH-13 War dislocation - trade and exchange. Exchange stabilization, 1920s. World economic crises, 1931-1933. Currency depreciation and new stabilization, 1930s. Recommendation: Keep for depository. FRH-14 Books. Directory of American Political Science Association, 1953. Recommendation: Discard. Printed papers of R. C. Leffingwell. Recommendation: Discard. File No. FRH-14 (cont'd) Digest of Rulings of Federal Board of Governors, to October 1937. (2 copies) Recommendation: Keep one copy for depository; discard other. Banking and Monetary Statistics. Recommendation: Discard. Purpose and Functioning of Federal Reserve System, 1954. Recommendation: Discard. Federal Reserve Policy, 1947. Recommendation: Discard. Guide to Business History - Larson, 1950. Recommendation: Discard. Addresses of Samuel Untermyer, 1910-1928. Recommendation: Discard. Episodes of My Life - Rolla Wells, 1933 (President, St. Louis Federal Reserve Bank). Recommendation: Keep for depository. FRH-15 Photos of men connected with Federal Reserve Bank and Dawes Committee. Recommendation: Mildred Adams recommends they be given to Federal Reserve Board Library. I agree. FRH-16 Bibliography. Addresses and public lectures. Doctoral dissertations on money and banking, etc. Recommendation: Keep with file for depository. FRH-17 Hearings, testimony, (subject and authors). General references. Indexes and chronologies. Histories, economics and finance. Economic thought. Biographies and memorials. Recommendation: Keep with file for depository. FRH-18 Money and banking, textbooks and readings. Monetary theory (chronological). Interest rates in theory and policy. Recommendation: Keep with file for depository. 10 - File No. FRH-19 Pre-1914 U.S. banking and currency experience. Central banking, traditional theory. Comparative banking Foreign central banks International cooperation Monetary policy (foreign) Recommendation; Keep with file for depository. FRH-20 Federal Reserve System, organization, structure, operating experience, controversies, and credit control. Commercial banking and noncommercial banking. Agricultural credit and finance. Recommendation: Keep with file for depository. FRH-21 Banking theory. Federal Reserve System - agencies of policy; guides, and objectives. Credit control - problems and policies. Money - capital - security markets. Banking and stock market. Business finance. Banking concentration. Monetary reform proposals. Recommendation; Keep in file for depository. FRH-22 Government expansion in economic sphere. Public finance and fiscal policy. U.S. recovery program, 1930s. Economics of public debt. Debt management and monetary policy. Wars and economic instability. Inflation and war economics. War finance. Recommendation; Keep in file for depository. 11 File No. FRH-23 Business fluctuations, textbook and theoretical literature, Capital theory and trade cycle, modern approaches. Income, saving, investment. Wage-price-profit relations. Business cycles - history and experience. Domestic stabilization problems and policies. Monetary and fiscal vs. direct controls. Recommendation; Keep in file for depository. In brief, except for correspondence and confidential files or reports to be kept in Brookings Institution files, and a few other previously designated for delivery elsewhere, the bulk of these files should go as a package to the Federal Reserve Bank of New York if it is interested; otherwise to the U.S. Archives. Library of Congress. If they are not interested, then to the They can and should be made immediately available to qualified scholars. I regret not to have submitted this report earlier. on my desk for some months. Sincerely yours, (signed) Bob Robert D. Calkins It has been October 18, 1974 To: Kermit Gordon From: Robert D. Calkins Re: Federal Reserve History Files I went through these files last summer and reviewed Mildred Adams Kenyon's recommendations as to their disposition. Some historical materials should be offered to the Fed, the Archives, or to a university library. The files of the Brookings* Federal Reserve History Committee should be reviewed and discarded unless of historical importance, as recommended by Mildred Adams Kenyon, our Director of Research. My preliminary suggestion is that a) you have the files moved into my office (834-A) and allow me when possible to sort out the files that should be destroyed from those that should be preserved. (Amelia Suttle knows which file cabinets they are); b) you review the inventory of files preserved and consider my recommendations (after consultation with surviving members of the Committee) as to their proper disposition^ c) if there are doubts about the disposal of files, I will mark them with recommendations for your decision. 7/17/75 MEMO To: RDC From: eb Re: History of the Federal Reserve System A grant of $10,000 was received from the Rockefeller Foundation for the pilot study: request for grant, January 1, 1954; notice of grant, January 21, 1954; payment of grant, February 5, 1954. Report on pilot project: 4/20/54. (unexpended balance of grant added to grant for major study) Request for grant for History of Federal Reserve System: April 26, 1954; notice of grant: May 24, 1954. amount of grant: $310,000 (in addition to previous $10,000 grant). Payments under the grant to be on a semi-annual basis, contingent on receipt by the Rockefeller Foundation of a project budget at the beginning of each year. Payments received (additional to the original $10,000): June 1954-$26,662.50 Jan. 1 9 5 5 - 26,662.50 Jan. 1 9 5 6 - 31,913.39 Aug. 1958 — 4,591.80 (received after notice of termination, to balance acct. of expend.) Project terminated June 30, 1958; formal notification by RDC to Dean Rusk (with financial statement) July 16, 1958. Total expenditures (both grants) - $99,830.19. Original members of the Committee on the History of the Federal Reserve System were: Allan Sproul (Chairman) W. Randolph Burgess Robert D. Calkins William McC. Martin, Jr. Walter W. Stewart Donald B. Woodward Added later: F. Cyril James Joseph H. Willits (Mr.Stewart's name does not appear on the final report.) October 26, 1967 Memorandum to: Kermit Gordon From: Robert D. Calkins I have not had time to go through the Federal Reserve System files, but I have reviewed Mildred Adams* memorandum of June 1, 1961. It seems to me that her recommendations are appropriate in all instances, and I would be inclined to follow them. There is some material contributed by Don Woodward, You may wish to ask his advice as to its disposition. I assume that the material is not particularly confidential. The boxes of private papers should be disposed of as Mildred recommends. Most of them would go to Columbia, and presumably they would assume responsibility for making them available to the researcher working with the Patman Committee. Frederick Curtiss died several years ago. He requested earlier that his papers be returned and they were. We had a request from the Boston Federal Reserve Bank for the papers, which we felt we could not honor; although we did allow a staff member from the Bank to look over the papers. The Leon Fraser papers probably should be sent to his son. Leon was a member of the Board of the New York Fed and committed suicide in the 1940*8. I believe that the correspondence of the Committee on the History of the Federal Reserve should be weeded out before it is shown to outsiders. My impression is that there will be rather confidential statements about personnel in the files, and some of these relate to living persons and should be destroyed. I hope this is helpful. If you could spare the time of a good young researcher for a week or ten days, he could probably sort out the materials and arrange for their disposition. You will note that Mildred suggested destroying the confidential files of the Committee. I believe most of them are identified and I suspect that since the five year period has elapsed they should be destroyed. 3 4 O KAST 7 2 M S T R U T , NEW Y O * r 2 1 , W.* June 2, 1961 Itear Bobt In reply to the l e t t e r s test out concerning of th* papers which were ©oilacted on ih© History of the Federal Reserve 8yst*», X have had tvo r e p l i e s . SOBM the firsi, from Mr, Alexander ?• Clerk, Oar*tor of Stausoripts, Princeton University Library, Princeton, Hew Jersey, reads as follows! *8inee t h i s Library h*«, in substantial quantity, the papere of Fred I* %m\t «rt are particularly glad to aoeept, ae an addition to these papers, the box of his manuscripts which you believe would be sore relevant hero* Will you please ask Dr. Oalkins to accept our sincere thanks for offering the papers, and hare them addressed to the undersigned, Manuscripts Division, Princeton University Library!• The second, in regard to the papers of Mr* Leon Praser, Mr. James M. Nicely, now Vice President and Treasurer of the ford foundation, suggests that th«8* be sent to Hr, FraseHs son, Mr. James L. fraeer, Perth Qranville, New Tork» At the same time, I am enclosing a detailed moaiorandum concerning disposal of Oocadttee material* I think this covers the points we talked about when I wafl in Washington two weeks ago* For me,this ie a bit like breaking up a household, but you know you can count on me to be of service when and as you need me. Sincerely ycAifs, KAijt Mildred Ad Dr. Itebert Calkins Brookings Institution 1775 Massachusetts Arenue, K*V. Washington, D. C* Mildred Adams }M0 East 72nd it HT 21 June lt 1961 Suggestions for Future of Federal Besenre History Material Memo to Dr. Cnlkinss The question of tht future of this material, so oar ©fully collected and thus far so little used, comes down to questions of where it will b« most useful, and when it should be distributed* Z here written concerning some of the private papers, and aa JncUrsiLng at least one reply (from Princeton), I asked Miss Maltby, the Brooking* Librarian, and Kiss Alverne Sutherland, the Federal Reserve Board Librarian, to look over the vertous segments in order to find out whether any of it fell in their particular provinces* The letter brought with her an assistant, Carma Burgess, also of the Federal Reserve Library* I have also talked with Professor Harold Barger of Qolumbia University, who used some of the material earlier as background in preparation for a book on the Management of Money (which Ramd McNally is bringing out in the fall), and with Mr. Baughman of the Oolumbia University Library who was instrumental in starting their Federal Reserve Collection under spur, and subsidy, from the Committee* Professor Bartrer showed preat interest in the collection, and an eagerness that it be acquired, at least in part, by Columbia. He offered to look over the material egain when next in Washington* Mr* Baughman of the Oolumbia University Library reinforced what Professor Barger said about Oolumbia1s interest in the material* I had expected that he would w*nt the private papers, memos of interviews and other primary material. In addition, and somewhat to my surprise, he shoved interest in the secondary research aids - the bibliography. Tito* F l i t , Persona F i l e , e t c . I assured hia that he would be inferaed when any decision was made. Ky own racoBiaepdatlon would be that the research material, primary and seeendary, be divided and distributed as I Kara Indicated In the enclosed detailed Hat* the Otnalttee correspondence, Minuted and other internal material, should, I think, be kept Intact for another f i r e years, though son* weeding oeuld be done* 1 will be glad to aid in the actual division i f you see f i t . This material ia contained in h steel f i l e cases (in the File Jteom on your 3th floor) of which two are regular 4-drawer correspondence f i l e t , one i e an 8-drawer library card f i l e eate for 3 x ^ cards, and ene a 7-drawer case for larger 5 * 8 cards. In addition there are on top of the f i l e s some ten books, and several manuscript boxes, containing aaterial of varying value related to specific individuals. There are also two packages of material sent by Donald Woodward which should be incorporated with Gbntmittee Internal material. The &ass can be weeded down, but there are segments that represent the heart of the work done. The problem i s therefore one of making those segments available while preserving the necessary degree of confidence demanded by thair nature. Books 1. In common use - to be taken over by Miss Maltby for the Brookinge Library or destroyed at her discretions Digest of Rulings of the Board of Governors of the Federal Reserve Board from 1914 to 1937• Two copies, both mutilated in making of Tine F i l e , Reoonmend destruction* Directory of the American P o l i t i c a l Science, 1955. (n° w outdated). Banking and Monetary S t a t i s t i c s , Federal Reserve Board, The Federal Reeenre System-Purposes and Functions, 19?4. 2. Rare of especially useful — Mini Maltby of Brooking* and Hits Sutherland of the Federal ft* serve &£bt&ry have both indicated interest in this group* Aa suggesting as follovti Federal Itoserr* Policy* Postwar Eoonomie Studies t $ 0 . 8 , NOT 9 (includes papers by Karl Bopp, Robert (out of print)* XOOSA, Carl Parry, e t c . ) - to Fed. Library Larson, Henrietta, Quids to Business History* Press, 1950 —- to Brooking*« Harrard University Leffingvell, R.C., Printed Papers* (Speeches and Uvmirt, 1920-50, privately bound, probably for Obmmitte* on Federal Reserve History* Gift of Mr* U£&Bf&&X) — to Brooking** Unteraeyejr, 8«au*l« Addresses, 1910-1926* of Untermeyer family — to Brooking*« Privately bound, gift Wells, Rolla. Ipiaodea of M ttfe, 1955. (Autobiography of f i r s t y President of Federal Reserve Bank of 8t* Louis, privately printed and bound. Gift of family) — to Federal Reserve Board Library. Inventory of the Papers of Carter Glass at the University of Virginia. 7 copies, in two drawers of the 4«-drawer f i l e cabinet. Federal Reocrve Board Library would like two copies of t h i s . Remaining 5 copies to be kept by Brookings for f i l l i n g requests* Manuscript Boxes of Private Papers These, like the folders of smaller groups of private pepere in the correspondence f i l e cabinet, were piven the Committee at various times and under various type of restriction. For the f i l e boxes, some individual attention i s needed, and Is beinr fiven. Otherwise, the private papers not otherwise assigned might well go to Columbia University which has (thanks to the Committee) e growing; collection of Federal Reserve materiel. Suggestions for the manuscript boxes are as followsi Curtis, James Freeman - this materiel i s the script of an oral interview conducted at Oolumbia University. Should go to that library. Ourtiss, Frederic Halnes of Boston. I have written to the President of the Federal Reserve Bank of Boston to see i f Mr. Ourtiss, who was very old in 19^6, i s s t i l l l i v i n g . If not, these papers could well go to Oolumbia University Library. Te Fraeer, Leon — these papers were given us by Mr. J&mes Nicely, ^whoa I wrote to ask if Freaer's son is s t i l l arranging his papers. The reply i s that the papers should go to Mr. James L* Fraoer, Borth Oranville, Kew York. Kant* Fred 2* — Papers should be sent to Kr. Alexander P4 Clark, Curator ef Manuscripts, Princcfeoa U&iveralty Idbrary, Princcrton. (See l e t t e r to K80 about t h i s ) . Millar, Adoiph — One l e e s e - l o o f book should go to Kiss Sutherland of Federal Reserve Library te ba put with other Miller papers there. P l a t t , Idmrad — These should go to Oolumbia University Library. 8prague, Oliver M.Vf. Thete are oopiee of papers, were given ua by Kr. 8 p r a c e ' s son who was arranging h i s papers a t the t l a e « They ara o f no s p e e i a l v a l u e , but probably should b« returned to the son, i n Cambridge. Piled Katerial Primary material i* filed under headings in the first and third steel eorrespoadenoe file at the left of the Federal Reserve Genadttee group of files* Secondary material in second and fourth card file cases. Contents of drawers, and suggestions for possible disposition if the file is to be broken up, are as followsi File Drawer I - Reports of two Princeton conferences held by the e n t i r e Committee and reported verbatim. These are i n t e r e s t i n g and v a l u a b l e , s t i l l c o n f i d e n t i a l * Should go under proper safeguards to Columbia* Registers o f Papers as d i s t r i b u t e d , be d i s t r i b u t e d as requested. four copies* Can Volumes o f Carter Glass Papers Inventory - see above under "books." Drawer 2 •» Ooramittee Correspondence - Hold f o r 5 y e a r s . from Donald tfoodward i n with t h i s * Put 2 packages Drawer j - Two early photographs of bank o f f i c e r s and oentral bankers* These to Miss Sutherland at the Fad* Pamphlets, cartoons, e t c * , o f h i s t o r i c i n t e r e s t - t h e s e to Obluiabia U n i v e r s i t y Library. Drawer 4 - Bound copies Carter Glass Inventory - see above under "books." File Casa 2 (from the loft) Bibliography t h i s bibliography Is of great lBjportjwe* %o a ftudent. I t if described in a typed folder in th® top drawer. I t ia in 3 drawer* plus cardboard boxes full of cards in c g 9 4 from the l e f t , where two bottoa drawers &< hav® additional bibliography material, Thase eards can probably be orowd®d into the 8-drawer f i l e cage, hut car® mist be talcon with t h i s , and I would prefer to do i t ssysslf the B«xt tine I a in Washington; m the hee-dings are vital and must not be disturbed. File Qe.se ? (fro® the left) Drawer I Biographic material froa the 12 Federal Rsaerrm Banks. This would standing sosee weeding out, but in the main oould go as i t ia to the Columbia University Library, Prawar 2 Registers of Papers, Confidential Memos containing r e port of Interviews with older bank personnel, card f i l e containing k«y references to interviews, biorraphic material, miscellaneous pamphlets. Moat of this would , r to Oolumbia University eventually, eo if i t ia decided to break up the Ooruaittee material. Should be processed f i r s t to b sure CONFIDENTIAL stamp © on Confidential mestos. — Internal Comnittoe correspondence, Minutes, e t c . for 5 yearn. Some wooding1 out may be possible. Hold File Caae 4 (from the left) This is a ^ x 8 f i l e drawer cfiaa containing Time File, Biographic materiel, e t c , , heart of our secondary material. Columbia would like i t . These arc research &ids of r©Rl importance. Drav,'cr I « — flas,e File (described on pink card within) cross-indexed in Persons File, Drawer 2 — Persons File - biographic f i l e for dramatis persons* of Federal Reserve History, Oroas-indexed to Timo and Persons File where appropriate. Drawer 3 —• Economists' File - this biographic f i l e arranged accord ing to fields of i n t e r e s t . I t was compiled to aid the a®arch for The Historian - oeriiRPS outdated, but s t i l l useful. Perhaps tc & & £» *\ 6. — Banks and Branchas -» cross-indexed to Persons f i l e . 6 — Four boxes of Bibllogr&pfey cards belonging la O&se 2 ^•v« Also packages of 0©ffiaitt«« *mm pads, to b« dostroyod* Drawer | — Two boxas of Bibliography cards belonging 1A Oas« 2 q«T« Also p»ekag«s of Oomltiee naao pads, to be destroyed* Drawer