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COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
CORRECTIONS TO BE MADE 01 "MOTES 01 VISITS TO FEDERAL
RESERVE BANKS"
p. 3
"pride"
p.7,
"Richard"
p . 8 , mmSUSXX
p.10
p.17,
"has" (not had)
"Ronald" (not Roland)
"project"
"Isaac"
Committee on the History of the Federal Reserve System
Notes on Visits to Federal Reserve Banks
j ^ 5*^$£
This skeleton report is made on the basis of three-day visits to nine
of the twelve Federal Reserve Banks* Of the others, the New York Bank houses
the staff, and information is there acquired by specific question and by a daily
process of osmosis! Boston and Philadelphia are so close at hand that they were
each visited on two separate occasions, rather than on the three-day visit
schedule«
Data set down after such quick surveys is necessarily superficial and
inadequate-* Much more remains to be learned about the history of the individual
banks and their place in the System, as well as about the material available to
scholars in libraries and files* What is here noted is only a sketch, to be
filled in after further work*
To supplement the notes made after returning from each bank, two questionnaires were sent out - the first a "Preliminary Questionnaire on Federal
Reserve Archival Material," which was sent to the librarians in the spring and
was in effect a query on library resources, the second, a "Preliminary Questionnaire
on Files and Historical Source Material in Federal Reserve Banks" which was sent
in July to the Committee's liaison officers in the various banks. Both were
filled and returneda
The material gathered at first hand is supplemented by answers to the
two questionnaires• The former is descriptive, full of detail, difficult to
compress into a quick report* Any attempt at summarizing the whole would, at
this point, produce little but a handful of disjointed facts* There are, however,
a few aspects which should be notedo
Committee members may remember at Princeton some discussion of the
difficulty of defining just what categories of material would be most needed in
historical studies of the kind contemplated. This problem of definition, particularly as applied to material in bank libraries and files, has been a constant puzzle* Finally the research director attempted to answer, "What kind of
material are you looking for?" by asking, "What material have you?" It was at
that point that the ttoo questionnaires were framed* Even now a complete definition of what we are looking for must still be expressed in general terms,, but
at least we know more about what is the material in banks from which we can
draw*
These we have divided into four categories* First come the documents
of incorporation and proprietorship - a bank*s Certificate of Incorporation?...
the contracts, deeds, leases, etc; These are kept generally in the President's
Office, the Secretary's Office, or the vault, and this category is, so far as
our quick search reveals, generally intact since 1914•
Also intact since 1914 is the second category which we call Management
and Policy Records - this includes Minutes of the Board of Directors, with supporting memoranda. Minutes of the Executive Committee, of the Officers1 Council,
and so on*
The third category, Operating Records, includes Annual Reports,
Presidents' Reports to the Directors, to the Stockholders, internal bulletins,
2
personnel records, officers' correspondence of a policy-making nature, legal
records, departmental memoranda., Of this group, the Annual Reports are intact
from 1914 to date except for a gap when none were published* Officers' policy
correspondence is intact for forty years in some banks but not in others*
As for correspondence less clearly of long importance, that in some
banks is kept active for 18 months, sometimes for two years, sometimes for five
years* It is then transferred to an inactive file center, variously named, and
kept for varying periods• Only one bank seems to be microfilming important
papers for indefinite retention in limited space«
The diversity in filing practice is such as to confound anyone prone
to assume that the twelve banks or any two of them are carbon copies of each
other* Some banks swear by centralized filing, some swear at it and prefer to
departmentalize their files* Some have their important files intact since 1914,
some have little on hand before 1925* one made basic changes in file organization as late as 1951*
Only the New York Bank pays specific attention to archives in the
usually accepted meaning of the terau One or two others use the word to designate the place where files are moved when they cease to be active, and from
which a varying degree of destruction is decreed*
The variety in filing practices, and in historical material thereby
available, is to a certain extent echoed in the bank libraries, but with this
difference - that library methods have an accepted degree of standardization and
librarians have a professional organization within which they meet to discuss
those standards * This brings them closer to a uniform practice than obtains
among filing circles.
The libraries vary in size, coverage, and in responsibility« Each is
rich in the material of its region, and in material common to the System* Some
have a marked historical interest that goes back to earlier days, one or two
spread their interest to the broader field of international finance* No one of
them,nor the Board itself, claims to have everything that an historian of the
System might want*
In short, the scholar who goes seeking data from Federal Reserve Banks
will find much that he needs, but not all of it in any one place* Files and
libraries will be his friends, but vaults and the Secretary's Office may be more
permanently dependable0 Official records of action taken in meetings of officers
and of directors can be found in all the banks, from 1914 to date* Correspondence
which might provide background, explain decisions or the lack of them, illumine
controversy, show the nucleus of an idea, reveal what was discussed but failed
of support - all this is in uncertain quantity* Some banks have kept it from
early days forward,. Others threw it out* Under these 6ircumstances, the finding of any crucial letter, on any subject, becomes in some degree a matter of
luck*
The situation may improve, now that the importance of historical records and the historical point of view is being stressed* One bank, New York,
has a collection of basic documents which is kept intact, by itself, and regularly added to as the years go by* Two other banks use the word "archives11 to
designate dead files, but do not keep them intact* A third intends to start an
3
??
archives1* center to preserve documents of historical importance* Others might
follow if sufficiently urged, for the sense of local price is strong* The danger
in this idea is that, with the best will in the world, the picturesque will be
preserved and the critical document will be judged confidential and kept out, to
be destroyed under another heading at another time.
The importance of official destruction schedules in this is more complicated than it may seem, and deserves more extensive treatment than it can be
given here* Conversations between the executive director and the chairman of
the pertinent sub-committee of the Presidents1 Conference are still in process*
Each of these bank visits is reported under the following headingsz
(a) Character of the district, with a note about bank histories if
they exist
(b) Subjects of Special Interest
(c) Officers or Directors to be Queried about Early Days
(d) Men Whose Papers Should be Sought
(e) Library Coverage
(f) Filing System (with a note about archives and about local impact
of destruction systems)
4
Visits to Federal Reserve Banks
District
Date of Visit
I«
March, 1954
Federal Reserve Bank of Boston
a)
This district includes all six of the New England states, with the exception of a southwestern county in Connecticut bound by transportation ties to
New York* Densely populated, old in banking traditions, the region offered considerable opposition to the System when first set up, and certain practices in
the Bank can only be understood in terms of that early history* Small, closely
integrated territory traditionally centered on Boston, no branches were necessary, The Bank's earnings were at first enough to rank it immediately after
lew York and Chicago, but other districts have grown faster*
A history written in 1938 by Joseph Taggart and published by Bankers
Publishing Company is entitled"Federal Reserve Bank of Boston."
"b)
Subjects of Special Interest
Co-equal responsibility of chairman and governors, as reported by
Mr, CurtisSo
Value to Bank of Stockholders' Advisory Committee, annual stockholders'
meeting, annual report to stockholders * Effect on System*
Experiment with Havana Branch, and resulting competition with Atlanta,
Bank's role in district's economic and industrial woes*
Effect of banking holiday«.
c)
Officers or Directors to be queried about Early Days
Frederic Curtiss (one of few original chairmen still living),
Roy Young, Walter Eddy, Carl Pitman, W« Wo Paddock, and retiring
vice presidents«
d)
Men Whose Papers Should be Sought
Frederic Curtiss, Wo P« Go Harding, Roy Young, Alfred L* Aiken,
Charles A* Morss, etc
e)
Library
Library is large in proportion to size of Bank* In addition to the
usual Federal Reserve Reports and Bulletins, it contains a file of reports of
the Comptroller of the Currency, and earlier reports of the Secretary of the
Treasury back almost to the founding of the Republic! 50 volumes of local banking histories| 20 years of Banking manuals and annual reports of the banking
commissions of the New England states; a complete run of the Commercial and
Financial Chronicle and its predecessor, Hunt's Merchant Magazine j, back to 1832,
and other source material for monetary historians• Large number of regular bank
publications here in complete series*
f)
Filing System
The present filing system, set up in 1948, is a mixture of the centralized and the departmental Correspondence and memoranda of senior officers
5
is centralized., so is Fiscal Agency correspondence * Legal and research material
is in the relevant departments. Files are considered active for 2 years, material is removed annually to uncurrent files and stored for varying periods, depending on destruction schedules a There is a complete set of bank publications
since 1947« In general, files can be said to go back to 1914« Selected Liberty
Loan material, 1917 a 1923, is still preservede
Bank has no archives division, either in files or library*. Destruction
schedules of Treasury and Presidents1 Conference apply•
District
II*
Date of Visit
Federal Reserve Bank of New York
(Staff housed here)
a)
This district is small in area, large in population, limited to one
state and parts of two otherso Bank has one branch in Buffalo. Concentration
of banks and money market makes active wealth the greatest of any in the System*
The Bank is consequently possessed of assets and income far in excess of any
othero Its influence in the System stems in part from this, in part from the
character of the men who have run it, in part from the functions peculiar to
itself which it performs for the entire System* As a bank, its size dwarfs the
others and makes useful comparisons difficulty yet for the purposes of this
resume, it is reported under the same headings*
A history written in 1930 by Laurence Roberts^ published by Columbia
University Press, is entitled tfThe Federal Reserve Bank of New York*"
b)
Subjects of Special Interest New York's role in establishing character of American central banking,
1914 - 1928o
Lesson of the Liberty Loans, 1914 - 1918.
Conflict between Bank and Board, and effect on System,,
Leadership relations with other regional banks*
International role, 1920 - 1929Bank's role in the making Of Monetary Policy.
The Bank and the Money Market*
Effect of the crash of October, 1929*
The Bank and the System8s Open Market Operations.
The Banking holiday in New York*
Development of research tools - e.g. Department store index* -
c)
Officers or Directors to be queried about Early Days
George Harrison (the second governor), Leslie Rounds, J. Herbert Case,
Owen D* Young, Samuel Reyburn, etc«
d)
Men Whose Papers Should be Sought
Papers of Benjamin Strong, George Harrison, Owen Do Young are available and rich. Others should be sought, e.g. Gates McGarrah,
J. Herbert Case.
6
e)
Library
Largest bank library in the System, with fine resources in district,
national and international material<> Books of clippings from 1914 valuable and
should be preserved. Treasures include reports of Secretary of the Treasury
1790 to date, long runs of government reports and financial periodicals, charters and laws governing important central banks of the world, their annual reports; yearbooks and statistical reports for foreign countries; wartime foreign
exchange regulations• Publications issued by the Bank are kept in complete sets*
Pressures of space weigh heavily on older material, but thus far have been
withstood.
f)
Filing System
Present filing system set up 1914 by former librarian who adapted
Dewey Decimal System to filing needs and set pattern for several other Federal
Reserve Banks a Central filing established as a policy, upheld by Governor
Strong and bank heads who followed. Covers general nonroutine correspondence,
but not legal nor complete research material• Subject file of important correspondence goes back to) 1914 and is rich in policy material valuable to historians • Files may be current or non-current, but are so well classified and
identified that the old can usually be located without difficulty. Destruction
schedules approved by Presidents" Conference and by Treasury apply to routine
material listed therein,.
"Archives" here refers to a collection of material Bet aside in a book
vault in 19^7 according to then current ideas of material with historical importance « Periodic items in this collection have been generally kept up to date.
Sense of history strong in this bank*
District
Date of Visit
Ilia
March 18, 1954
Federal Reserve Bank of Philadelphia
a)
This is in area the smallest of the districts, including one of the
smallest states in the Union and parts of two others* Long-settled, its banking
habits firmly fixed in the community, its early System days bear comparison with
those of Boston. Like Boston, the Federal Reserve Bank here has no branches.
In the first years its earnings ranked with those of Boston and Cleveland; now
they still rank with those of Boston«, The diversity of manufacture which the
Bank serves is said to make for a notable steadiness of business.
A history was published in 1943 by the Columbia University Press,
written by Frank J* Tomby, entitled "Federal Reserve Bank of Philadelphia,,"
b)
Subjects of Special Interest
Slow acceptance of the Bank in the district.,
Lending policies during the Austin period.
Philadelphia and Gold Settlement Fund.
Role in the economics of anthracite and steel*
Contribution to System in terms of research men«
Banking holiday of 1933•
7
c)
Officers or Directors to be queried about Early Days
Charles J. Rhoads, governor 1914 ~ 19lS, is one of the few original
bank governors still alive. Casimir Sienkiewicz, Thomas McCabe.
d)
Men Whose Papers Should be Sought
Richare L. .Austin, E. P, Passmore, George Norris, Thomas Bo McCabe.
e)
1
Library
Library is a good one, rich in historical material of the region and
the nation.* 9^000 volumes .
f)
Filing System
File system set up in 1914 by Library Bureau, and non-routine correspondence, beginning then, is still held* Mixture of centralized and departmental
systemso Present officers' files, Bank Examination, Legal, Government Bond and
Custody, Research files kept in departments where they originate . No archives
collection.
Destruction schedules of Treasury and Presidents9 Conference applied
except to officers * files.
District.
IVo
Date of Visit
Federal Reserve Bank of Cleveland
January 11-13, 1955
a)
District includes all of Ohio, and parts of three neighboring states,
giving it a mixture of highly industrialized and deeply rural regions with considerable agricultural variety. Not a homogeneous district nor self-contained,
but described there as ,!open-ended." The Bank has two branches*
A history was published by the Columbia University Press in 1940,
written by Arthur Blaser and entitled "Federal Reserve Bank of Cleveland«n Two
unpublished theses also contain material*
b)
Subjects of Special Interest
Cleveland!s part in events leading to the bank holiday of 1933Effect of Guardian Trust and Union Trust failures.
Cleveland Bank and big industry*,
Cleveland Bank and lake traffic.
Relations with Chicago.
1929 - 1933 periods
c)
Officers or Directors to be queried about Early Days
Ray Gidney, Mr. Laning, Mr. Ehninger. Several long-service employees
about to retire.
d)
Men Whose Papers Should be Sought
Gidney papers should be useful if obtainable. E. R. Fancher, David C.
Wills, George DeCamp. Same long-service directors. Crissinger of
8
the Board came from this district> but his papers have not yet been
found* Warren &* Harding was an Ohio man, but his papers are not
yet open to the publico
e)
Library
Library established in October^ 1918 by Miss Alta Claflin (librarian
1918 - 1944) after consultation with New Yorko Her idea of a library was a
place where historical research could be done,, Consequently Cleveland has much
valuable older material,, including a clipping file 1918 - 1944« Their particular interest is the fourth district » Library has notable file of staff papers
1918 to date.
This Bank is unique in its "Chronicle Log of Important Happenings and
Events" which is the particular charge of Mre Harmen Flinkers, and which gives
a picture of Cleveland Bank history for any year desired», .This is a useful research device for quick reference,,
f)
Filing System
Files not centralized * General file system set up in 1920 on alphabetic basis0 Includes general correspondence of senior officers^ but not Fiscal
Agency material^ officers8 memoranda, research or legal material; these latter
are kept in the departments concerned„ Active files cover current year and past
two years• Older material goes to uncurrent files for micro-filming of important material, which is afterward destroyed* Rest, including general correspondence^ is destroyed after 3 years without micro-filming «
The micro-filming program had not in practice caught up to the theory*
The destruction of old records at this Bank is, however*, a peril from the history
point of view*
"Archives" used here to mean uncurrent, or dead, files.
District
Vo
Date of Visit
Federal Reserve Bank of Richmond
End of Aprils 1954
a)
This district includes four of the southern states bordering on the
Atlantic, part of West Virginia, and the District of Columbia0 The Bank serves,
with its two branches, three big cities and several small ones^ but the district is predominantly agricultural and rural0
A "History of the Federal Reserve Bank of Richmond" was written by
Charles C. Coit, published in 1938 by the Columbia University Press *
b)
Subjects of Special Interest
Bank has had only one governor and one president - effect of these
long regimes?
Richmond-Baltimore rivalry in 1913°
Par clearance experience and controversies in this district»
Effect of this Bank on southern banking practice, and vice versa.
Agricultural depression of 1920fs.
Post - 1930 developmentso
9
c)
Officers or Directors to be queried about Early Days
Hugh Leach, now President, began as assistant auditor in 1921.
Mr. Kezeez, now retired, has good memory. Others can be found.
d)
Men Whose Papers Should be Sought
William Ingle, Caldwell Hardy, William Wo Hoxton, F. A. Delano.
Papers of Governor Seay (1914 - 1935) ought to be valuable. Much
is in the Bank, but there is material in the possession of his wife,
now very old. Papers of John Skelton Williams of this district are
in the possession of his son0 Those of Carter Glass are in the
library of the University of Virginia.
e)
Library
The library here, good if small, prides itself on being one of the
best financial libraries in the south. The staff has a sense of history rare
in banks and will try to hang onto their historical material, in which they have
some interesting items.. Chief function is to serve research division.
f)
Filing System
The filing system was set up in 1920, after conference with Miss Mary
Parker, head of files in New York, and according to the Dewey Decimal System she
favored. It is a subject file, but at some time a card catalogue was set up according to authors of letters, and this provides a personal key into old files
which is extremely useful. The files are not entirely centralized. Fiscal
Agency correspondence, legal correspondence, research studies, most officers*
memoranda are files in the departments from which they come. Subject files and
files touching the other Reserve Banks go back as far as 1914; subject files
are considered active for 5-10 years and then moved to the Old Record Room.
Thus, material useful in historical inquiry should be available here,.
Aside from one file drawer and a box, there is as yet no Archives
section; the subject was discussed when I visited the Bank in 1954, and we are
now told that future plans call for. the organization of such a section.
Destruction programs of Treasury and Presidents' Conference are
followed <,'
District
VI.
Federal Reserve Bank of Atlanta
Date of Visit
February 15-18, 1955
a)
This, the second southern district, includes three southern states and
parts of three others, runs from the Atlantic to the Mississippi. Larger in
area than the Richmond district, it includes about the same number of people^
but continues smaller in earnings than Richmond. The recrudescent South, coming
to balance old agriculture with newer industry, is burgeoning here, thanks perhaps to steel and chemical as well as textile mills. The bank, with its four
branches, has taken a considerable spurt since 1938A history of the Bank was published in 1940 by the Columbia University
Press, written by Axel E* Hielson, entitled "The Federal Reserve Bank of Atlanta."
10
b)
Subjects of Special Interest
Governor versus Chairman controversy, Wellborn versus McCord.
Par clearance experience and controversies.
Rivalry with Boston over Havana Branch,
Effect of this bank on southern banking practices, and vice versaAgricultural depression of the 1920*s.
Florida land boom of 1925-1926.
Role of the Bank in recent industrial penetration.
Economic research and the Bank.
c
)
Officers and Directors to be queried about Early Days
M* Be Wellborn, chairman, is old, deaf and in Florida. Mr. Lewis Adelson
might have useful memoirs to contribute. Frank Neely is a mine of
information.
d)
Men Whose Papers Should be Sought
Hoke Smith, RdlapfiL Ransom, Mr. McCrary, Mr. Saunders, Mr. Wellborn,
Frank Neely.
e)
J
Library
Library a good working collection, 10,000 volumes, but until now its
librarian has had little demand for keeping older materials or searching for
them. An unpublished "history" of the Bank was put together by Joseph McCord,
the first governor, after he was old and infirm. It is not distinguished, but
has some useful material*
f)
Filing System
Files suffer from past intervals of what was described here as "careless
housekeeping0" The policy from 1914 to 1948 was that everything should go into
General Files, but there is considerable evidence that General Files was hardly
equipped to handle material with complete efficiency. From 1948 to 1951 files
were kept in individual departments, and centralization, even as a policy, was
forgotten. In 1951 a new set of General Administrative files was set up, and
the sub-basement, which houses uncurrent files, was completely overhauled under
the direction of Miss Poeppel, head of files at the Board, and one of her assistants o The system of location then installed has mostly been followed, but
chaos still reigns within certain of the older file drawers.
For practical working purposes the General Administrative files serve
the present officers. For students seeking to do historical research, the subbasement is highly important. Fortunately there is no suggestion that early
files be destroyed simply because it has not seemed imperative to set them in
order. Material back to 1914 can still be found.
There is no archives collection.
Destruction schedules framed by Treasury and Presidents1 Conference
apply.
11
District
VIIo
Date of Visit
Federal Reserve Bank of Chicago
July 26-29, 1954
a)
This district, composed of the state of Iowa and parts of four other
states of the north central section, includes the major cities of Chicago and
Detroit. The latter contains the Bank's one "branch. While it has agricultural
interests, the size of cities and industries tends to dwarf the importance of
the farming element except insofar as it becomes the raw material for industry.
In wealth the Bank is second only to New York.
A history was published in 1935 ^y the Columbia University Press,
written by John Alfred Griswold, entitled "History of the Federal Reserve Bank
of Chicago.'1 Federal Reserve material also exists in Cyril James * two volumes
on "Growth of the Chicago Banks."
b)
Subjects of Special Interest
Given Chicagofs size, independence and rivalry with New York, it is to
be expected that banking characters and banking controversies both
flourished there.
Influence of Chicago in the Aldrich-Glass controversy which preceded
the setting up of the system.
Par clearance and collection troubles.
Reserve Requirements.
Discount rate controversy,.
Bank holiday.
Chicago's influence in the Federal Advisory Council.
c)
Officers or Directors to be queried about Early Days
Older staff members are going out. 8 men still in the Bank came to
work in 1914, 9 in 1916. Bentley McCloud, vice governor, is Interesting. President loung retires in a year or two, 3 vice presidents
retire in 1955* All have memories to be tapped.,
d)
Men Whose Papers Should be Sought
Papers of Forgan, Traylor, Wetmore are in the keeping of the First
National Bank of Chicago. Papers of James McDougal, George J.
Schaller, C. H. Bosworth, William A.Heath, Eugene M.Stevens would help*
e)
Library
The library Is good, useful, in charge of an able young librarian who
is alert to historical needs. She has several file drawers of archival material
with a certain historical importance. Some Liberty Loan material is preserved
in the Chicago Historical Society.
f)
Filing System
The filing system has from the start been decentralized, organized
alphabetically. Material of a record character is forwarded to General Files,
confidential and specialized material is retained in the department handling
12
the transaction., General correspondence, wires and advices are retained 10 years;
Fiscal Agency material is intact from 1925 «> Departmental files contain "permanent
file" subject matter of some age, hut this is spotty except for such essential
records as Directors' Minutes, etc. General Files holds material for 18 months,
then moves it to Bindery and Inactive Records Department where it stays for
3 l/2 years, then to Records Warehouse for 5 years; then destruction.
Three destruction schedules are followed - Treasury, Presidents1
Conference and the Bankf,s own.
There is no archives, section*
District
Villa
Date of Visit
Federal Reserve Bank of St. Louis
July 20-23, 1954
a)
This district includes the state of Arkansas and parts of six other
Mississippi Valley states. Slightly larger than the Chicago district in terms
of area, it has less than half the population and a quarter of the annual earnings . The economic balance of the district is weighted heavily on the agricultural side a Industry is diverse, including oil, a complex of chemicals and
atomic energy. The district includes the confluences of three great rivers, hut
river commerce is only recently being restored as an important economic factor*
.A history was prepared in 1941 as a graduate thesis for Washington
University, written by Wilher C. Bothwell, entitled "Federal Reserve Bank of
St. Louis."
b)
Subjects of Special Interest
Chairman as executive officer - Wells and Martin.
Early troubles with the discount rate«
Par clearance and collection.
Agricultural depression of the 1920*s«
Bank holiday of 1933.
Growth of specialized research.
c)
Officers or Directors to be queried about Early Days
Clarence Stewart, vice president and head of Little Rock branch,
Chester Davis, vice presidents near retirement *
d)
Men Whose Papers Should be Sought
William McC. Martin, John S. Wood, David C. Biggs, Chester Davis.
e)
Library
Library a good working collection, 6,000 volumes, mostly devoted to
the System and the economics of the 8th district. Includes cumulative file of
staff memoranda and special studies, 1914 to date. Also reports of State Bank
Commissioners and Departments for 7 states in district.
13
f)
Filing System
Present filing system, alphabetic in order, was set up in 1945. It
is a mixture of the centralized and the departmentalized, with the emphasis
tending to fall on the latter. Files are considered active for two years except for subject matter correspondence which is retained indefinitely. An Old
Record Room contains material back to 1914, but few of the files, active or inactive, go back that far. Active files are considered to cover 1945-1955.
Earlier material is complete only in such essential categories as, for example,
Directors5 Minutes and Annual Statements.
There Is no archives collection.
Destruction schedules of Treasury and Presidents1 Conference are followed with some divergence for the Bank's needs, particularly in research.
District
IXc
Date of Visit
Federal Reserve Bank of Minneapolis
June 8*11, 1955
a)
This district centers on the northern tier of the Mississippi Valley,
but it also stretches west B O far as to cover all four time zones in the U. S.
In terms of territory, it is one of the four great western districts, four times
as big as the Hew York district in area, but with less than a third as many
people. The Bank has a single hranch. Economically, the district's income is
derived from agriculture, mining, and a few industries, with the major accent
on agriculture, now suffering a decline.
b)
Subjects of Special Interest
Par clearance history and controversy.
Effect of the Bank on isolated country banking.
Montana and the demand for silver coinage.
Agricultural depression of 1920's.
Closed banks and sod house bankers.
The Bank and the bank holding company controversy.
c)
Officers or Directors to be queried about Early Days
Mr. Clark, Mr. Decker, Mr. Peyton, Mr. Jaffrey, Norman Holter, John W.
Black, J. Cameron Thompson.
d)
Men Whose Papers Should be Sought
Theodore Wold, Andreas Ueland, Roy Young, Peyton, Jaffrey, John A.
Rich, John R. Mitchell.
e)
Library
The library is small (4,000 volumes) and designed to serve research
department, member banks and public In that order. New librarian. Collects
Rutgers Graduate School of Banking theses. Recently set up "Memory Lane"
collection of miscellaneous older material, mostly of persons and events.
14
f)
Filing System
Most files are centralized, "but such centralization does not include
officers2 memoranda, legal memoranda or legal correspondence* It does, include
officers5 correspondence and Fiscal Agency correspondence* Other material is
kept within the departments where is originates,, No effort is made to hang on
to any of it for any length of time* Fiscal Agency files go back to 19^5*
general files to 1949; otherwise, correspondence and Bank entries are moved
annually from active to inactive status, and kept in an "old records division"
only until destruction schedules permit of their destruction.
This program bodes ill for historical studies. It might be noted,
however, that the Minnesota State Historical Society is recommended as a source
of financial information*
There is no archives section*
Destruction schedules framed by Treasury and Presidents5 Conference
are followed*
District
X*
Date of Visit
Federal Beserve Bank of Kansas City
June 13-20, 1955
a)
This district is second only to San Francisco in area, but with half
as many people as in the 12th district* It includes four of the states of the
central plains area, stretching from the Missouri River west to the Rocky
Mountains, and parts of four others. Cattle and grain, air transport, railroads,
oil, automobiles, farm machinery and uranium are the most obvious sources of
wealth* The remnants of the frontier are disappearing, but the district cherishes its memories*
b)
Subjects of Special Interest
Progressive discount rate, invented here*
Agricultural depression of the 1920's*
Failed banks and bank robberies. Liberty Loan experience*
Character and influence of Jo Zach Miller on Bank and Board*
Check, collection complaints*
Cattle paper and central banking„
c)
Officers, and Directors to be queried about Early Days
Mr* White, Mr* John Phillips, etc*
d)
Men Whose Papers Should be Sought
Jo Zach Miller, E. F* Swinney, Asa Ramsay, Charles M. Sawyer,
J* W* Fleming, W* J* Bailey*
e)
Library
The library is a good modern center, well arranged, serving mostly
the big research division under Clarence Tow* They have a small amount of historical material, including an unpublished history by Jesse Worley,, and a typed
15
master5a thesis ("The Federal Reserve Bank of Kansas City, 1914 - 1921") by
.Robert Wallace who had the advantage of long conversations with Jo Zach Miller.
There is also a history written by Hershel Underbill, published by the Columbia
University Press in 1942, entitled "The Kansas City Federal Reserve District,
Origins and Developments."
f)
Filing System
Files were set up in April 1918. Some are centralized, others kept in
departments. An alphabetic system of filing prevails. Active files which are
classified for permanent retention go back to 1914, but "active" in general
means only for 2 years; inactive material is moved annually, bank files to an
olcL records file room and Fiscal Agency files to a Federal Records Center in
Kansas City.
This does not sound like a promising place for historical research;
much of its picturesque past will be lost unless collected from retiring officers by interview process.
There is no archives collection.
Destruction schedules framed by Treasury and Presidents' Conference
apply.
District
Date of Visit
XI o Federal Reserve Bank of Dallas
March 30 - April 1, 1955
a)
This district includes all of Texas and parts of four other southwestern states, yet it is in area the smallest of the four great western districts,, It is also one of the most interesting, partly because its economic
changes and its extremes have been so great. It suffered heavily from the depression of the 1920?s, yet much wealth has been made very fast. The shift from
cattle and agriculture to petro-chemicals and industry is still visible. The
Bank*s president is trained in economic research and possessed of a broad point
of view. Except for his interest, curiosity about elements in the Bank's history
is very slight, mostly anecdotal and on the picturesque side a
Two unpublished accounts are kept in the Bank's library, one a "History
of Organization and Growth of the Federal Reserve Bank of Dallas" by James L.
Lumpkin, dated March, 19^0; the other, "Discount Operations of the Federal
Reserve Bank of Dallas" by Jean Richardson (master's thesis, 1947)b)
Subjects of Special Interest
Agricultural loans of the 1920*a*
Failed banks.
Cattle paper.
Heavy use of checks in the district - cause and effect.
The bank holiday.
Effect of oil boom*
Growth factors and their influence on the Bank.
Relations with the Board.
16
c)
Officers or Directors to "be queried about Early Days
This Bank will lose four of its older officers this year, and with
them a vast amount of knowledge of how things were done in older
days> most of this unwritten* It can only "be collected through
interview sessions <>
d)
Men Whose Papers Should be Sought
Governor Tal.ley's papers,, if available, should be interesting. Also
the papers of R. L. Van Zandt, B. A. McKinney, E. 0* Tennison,
W. F» Ramsey, etc»
e)
Library
Library good but small (3,000 volumes) with special emphasis on economic conditions and the new industries of the region* Furnishes monthly appraisal of national situation for directors and officers. Keeps track of international data touching Texas.
f)
Filing System
Files are mostly departmentalized, but a General Files system is set
up chronologically and by subject. Active files cover a very short period, and
are moved out at the discretion of each officer and each department. Some consideration has been given the installation of complete central filing, but it
would be expensive, difficult, and opposed by many officers used to the departmental waya When moved to "archives" (synonymous in Dallas with dead files),
files stay for a period set by destruction programs of the Treasury, the
Presidents' Conference and the Dallas Bank»
No archives collection in any sense other than dead files <> All
Liberty Loan and War Finance Corporation material has been destroyed*
Destruction schedules framed by Treasury apply*
Conference used with some variation.
District
XII.
Federal Reserve Bank of San Francisco
Those of Presidents5
Date of Visit
April Y~Hj 1955
a)
This district, containing six of the far western states and a section
of a seventh, is in area the largest in the System. Alaska and Hawaii are, for
certain purposes, now included,, Population has grown hugely. As for relative
wealth, current earnings in 1953 put the San Francisco Bank in third place among
the twelve banks, though it was eighth when the System was started. Growth is
thus recurrently an influential economic factor *
A history was published in 1937 ^J ^he Columbia University Press,
written by Willis Parker Brown and entitled "The Federal Reserve Bank of San
Francisco/'
IT
b)
Subjects of Special. Interest
Effect of long early battle for power between president and chairman.
British influence on Bank habits and practices»
Par clearance troubles,,
Agricultural depression<>
Effect of recurrent expansion factor on the San Francisco Bank.
Attitude toward inflation„
Branch banking in the district and its effect on the System*
Gold and silver coin usage and. handling in the 12th district.
Effects of far western situation and location ~ unusual degree of
autonomy?
Competition between branch and home office *
The Bank and the evacuation of the Japanese in World War II
(deserves a monograph, though late for this prokgct).
c)
Officers or Directors to be queried about Early Days
Mr. Morrison, Mr* Herman Mangels, Mr* Leisner of the Seattle branch,
certain older bankers in remote sections.
d)
Men Whose Papers Should be Sought
John Perrin, Archibald Kains, John 0. Calkins, Ira Clerk, Issac Bo
Newton*
e)
Library
Library has about 4,000 volumes, good librarian*, Mostly concerned with
financial and economic life of region, but is now building up collection of foreign bank reports, both central banks and commercial, along with monthly economic reviews and special studies; emphasis in present early stages on Pacific
and Asiatic areas,, Library treasures include supercargo's journal of ship which
burned in gold rush days at site now occupied by the building»
f)
Filing System
Files are centralized, organized and managed in such a way as to
delight any research worker. Dewey Decimal System used in subject or reference
file* Central filing system includes officers8 correspondence and memoranda,
Fiscal Agency correspondence, legal correspondence and memoranda0 Research
studies are retained in research departmenta Files go back to 1914, but present system was set up in 19^0 <> All material in reference file (which is quite
understandably their pride) is considered active and kept that way. Inactive
files are moved to records room, kept according to dates set in the Bank's destruction schedule (related to schedules issued by Treasury and the Presidents1
Conference), and then destroyed* This affects only ephemeral and routine
material.
The word
!f
archives!? is used in this Bank as meaning a room for inactive
records«
Destruction schedules framed, by Treasury and Presidents' Conference
are applied«
@FedFRASER