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CALENDAR OF VORK
Date Requested
Autumn 1954
•
• Short-Tena Projects
•
•
• Report on Publishers
•
•
Exec, Com. 12/28/54. Report on Handling
Papers
•
Exec. Com. 12/23/54. Report to be made to
Rockefeller
*
Exec. Com. 12/23/54. Publicity letter for
• learned journals
Exec. Com. 12/23/5-4! Publicity letter for
selected economists
Exec. Com. 12/28/54! Letter to older officials asking they
save us papers
•
BuHa research on
hearings
•
Status 2/9/55
•
.
•
•
.
•
.
I
•
•
•
.
•
•
•
•
«
•
. Draft form, approved by Vood- • February 25. 1955 .
. ward and Roelse. Awaiting
•
•
. Hoovenizing.
•
Talked with Brown 1/24/55.
Framed letter embodying suggestion, sent it to D. W.
2/9/55.
• Next Exec. Com.
Meeting
Dr. Stewart has set no date
• Date to be set by
Dr« Stewart
4 copies of each hearing card
on hand
•
. 1/31/55
Running 25 extra copies
In process in Virginia
Exec. Com. 12/28/54* of Glass inventory
Paging and binding 6 •
copies Glass inventory, In process, but lagging for
November 1954
lack of extra office help
for Dhiv. of Va.
•
Terminal Target • Completed
Date
•
Have seen Brookings, Harpers, •
Harcourt, Norton. Will see
March 15. 1965
Princeton and McGraw after
February 18th.
,
•
Draft form
Next Exec. Com.
Meeting
•
•
. Draft form. Awaiting appoint- _. March 1, 1955
•
meat of Historian.
*
Draft form approved by Waage
and Woodward, refused by Cal- . March 15th, if
kins. To be redrafted, recir- . historian is apculated for sending after flis- . pointed by then
torian is pieked*
•
•
. Awaiting re-draft above
. March 15• 1955
«
•
Exec. Com. 12/28/54 Interview with Court- •
ney Brown re Columbia .
Library desire to get .
papers
.
..
Experiments in group
Exec. Com. 12/28/54. interview to be led by
Dr. Stewart
October 1954
PROGRESS
. 1/31/55
. March 1. 1955
. February 22, 1955 •
OF
mm in
Status 2/9/55
bifclio-
1954
, Strong
*
October 15* 1954
*
.
•
•
J&nufry 1954
.
•
•
•
« 12/23/54
life of
•
Miss Btimett ~ Bank *
Archives Xn^airy
*
•
,
•
*
Basic visits, 2*1
series — IU Adaies *
•
•
•
Monograph
Bray H&wmand to
4o aoaograph on
• terminal Target • Completed
la process* Miss M , works • So date get
1 or 2 days pur -«**
•
In proees** *Sta»di«sr ao"%r In • September
A d a y p^r veeic
•
In progress but steeeasariiy
• April 15, 1955
slow* HeR© for l e t t e r oil De— * (ShouId be earstrtxetlon Schedule «vmitf me- • tend*A)
tAon bT Mr. Ssroy.i
t
-Save aede f i r s t v i s i t s to Bos-.
ton, B i l l . , Chi., St. Louis, . May 1, 1955
Clevein&d, Ricks&id* VI11
»
se« Atlanta In Feb., SSBH&S •
end S. ?• 1A H^rcn, ICansas
•
City fend Mian. In l a t e Apr*
.
- . £&.te to be set
2/9/55
Ascription of v1»t he
to do
• collection?
*
Alex£
Held for Exec* Go®, action
. or 3. A*
on
a
* of
after
SLa
%r IT
•%
•
• Exploration of Oral • Intervlev Jen* 24, 1955 * History Project at
•
•
•
•
*
•
*
#
ii
• MHsi !xe<S« CoEU
• Jaeetinf
*
•
•
*
•
. Beeeivei
• parting Bare»a a/ia/55» to b© * March
• edited 1isy Br« Bo'pp aad Miss •
f Adtass« i
•
1955
•
•
la
to these specific jobs, we have coast#JQtly in lu^ad the bulldii^g &M laproviag reae&rch of card
files, theeorreftpoadenee, the m&Baglog of meetings &®d their sttend&st ?<ro«-«ss«g, the other ninutlse of this
Cc^dttee*
o
0
Report o f Expenditures
STUDY OF THE BISTORT OF THE FEDERAL RESERVE S1STBW
To December 3 1 , 195*4
OBJECTS OF KXPSHHlWiaS —
6/30M
Salaries
M i l d r e d Adans • •
I'*^> E l l e n C o l t S i n g e r * • • • • •
Marguerite Burnett • . « • •
4.^)Xraa Burstein * • • • • • • •
D o r o t h y Bowen
•
Elizabeth Abolin • • • • • •
OASI p a i d b y B* I . * . • • «
Beak payrolls (reimbursed). •
Total S a l a r i e s • • . . . $
Contract Payments
R A. Kineaid
Lester V. Chandler • . * # •
Adelphia Reporting Bureau « •
Total contracts • • * •
Trayel and subsistenoe
I . F i s c a l Periods
7/1/5*4 12/31/514
Totals
8,669*85
$ 10,270*17
$ l8,9ltO*O2
1,333.33
mm
«—
1,333*33
2,666.66
2,000.00
208.62
3,999.99
2,000.00
208.62
6,208.61
1,939.95
• • •
957*66
U,875*28
1,378.02
.
6$?5.O7
1,2104.88
Office Costs of Conanlttee
Brookings Institution Expenses
and Overhead
Salaries allocated directly • •
Long distance c a l l s and express
Indirect c o s t s • . • • « • • .
Total •
« •
• •
• •
• •
US.45
37*28
Mo charge
232.73
U2.5U
15.148
1,500.00
2f335.68
237.99
52.76
l,i4U.98 a/
1,732.73
Miscellaneous
Mrs, E. A. Goldenwiser (freight) •
Total Expenditures
. •
150*00
150.00
12,038.6k
31.306.99
i.iiiiiiffiiiinii in in'i'iSSC
R?0A?IT0UTIOHf 1A/5U—12/3l/5itl
Salaries
Contract payments
.
• • « • « • • • • • •
Travel and subsistence • . • •
Office c o s t s of C o n d t t e e • • • • • « •
B* I . expenses and overhead • • • • • •
Miscellaneous (Glass. p^>ers) . • • • •
Total Expenditures
1 1 ^ Purposes of gacpendlture
Unclassified
Princeton Gonf.
Totals
Hov. 1951*
18,9140.02
10,632.65
57*37
6,208.61
5*999**9
208.62
2,335*68
1,729*28
606.I4O
1,939*95
1,939.95
1,732*73
—
1,732.73
150.00
—»
150*00
3OfU3U.6p
872.39 0 /
31,306.99
a/ $1,500 l e s s $58.02
W Fending c l a s s i f i c a t i o n by p r o j e c t s .
c/ Does not include honoraria (paid in February 1955)
STATUS OF FOJffi©
December 3 1 , 195lt
1A/5U6/30/51*
Totals
Expenditures
Unexpended Balances
-
Totals
110,000.00
1310,000.00
1320,000.00
12,038.614
19,268.35
31,306.99
2,038.6U
290,731.65
288,693.01
10,000.00
53,325.00
63,325.00
12,03B.6U
19,268.35
31,306.99
2,Q38.6U
3U,O56.65
32,018.01
PRSPATKS8TS
Reoeipte of Brookings
Institution
Eaependitures
Unexpended Balances
-
Sk f f
COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
Dear Mr*
t
Because of your years of service with the federal Reserve
System, I have been asked to bring to yoar attention the history project
in which this Constittee is engaged•
The project was started in the belief that th@ time had corns
for a new look at the long course of Federal Be serve history. Too many
of the men who created the %steift were no longer available to tell his*
toriane what really happened on disputed points. Ivea their papers ware
dispersed and in certain instances destroyed. Before the losses mounted
higher, it was felt that a real effort should be made to record memories
and locate correspondence and other papers that might be of value to the
historian*
About a year ago the staff assembled by this Goiudtte®, with
the aid of a small grant Iron the Rockefeller Foundation, be ran to interview jpeople who had played an important part in the %stea*s foundation
and development, and to locate and catalogue information and material which
night be valuable to the historian*
The pilot project was so successful that in June the Rockefeller
Foundation mad® us a five-year grant to farther the Goasittee's work* le
have bean, since <fr&yf working with the assurance that we had time in
which to continue the program of collecting memories and papers from the
men who have made the System what it is*
Hiss Mildred Adams, our research director* say already have
coBwmicated with you on these matters. If not, she will certainly be
o
Aft
COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
in touch with you#
Meanwhile, however, mi would l i k e to ask
whether you s t i l l haw th® papers which are concerned with your
H©serv« experience.
S|»@eb§s and a r t i c l e s internet us, ami partieularl
th© things «&ieh h&v# not be#a |mblish®d * the worldLa
th« d i a r i e s , %hm journal®, th« gaMK>nDds itiieh show idmt
and i^r*
We would l i k » t o know anything you care t o t@H ma about
wkmrmbmt® &i mieh pap#r@, ttieir bulk, their cciKiition and
rang^eat •
I f yoii ar« ready t@ dispose of aisy yen may h a w , we would
l i k e t o be e # m i i N r ^ as interested recipienta,
I f you are mot read^, we hopa
you i d H nuGMiber# in provifUng for t h s i r diapoaition, that auch e<m»
t«a^@imry w®rldjag j^apars ar« th« w r y stuff ©f HJfti liar an historian,
youra ar© n««a»4 ^r the historiana of the System you helped t o b u i l d .
I wiXl Uopa t o hear froja you about t h i s *
si»c@r®ly yours,
Donald B # Woodward
Secretary,
DRAFT
COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
Dear Bean Brown:
On behalf of the Executive Committee of t h i s body, I am asked to put into
more formal terms the suggestion made to you i n conversation on January 24th and
generally approved by you.
In the pursuit of memoirs* correspondence and other original material concerned vith the history of the Federal Reserve System, t h i s Committee i s struck vith
the realization that there i s i n l e v York* the financial center of t h i s country, no
famous monetary library "which draws to i t the papers l e f t toy bankers and other
leaders i n the world of finance*
We f e e l this lack especially because, from time to time, we find ourselves
called on to recommend a scholarly repository for papers uncovered i n the course
of our researches*
Our policy has been to suggest the Library of Congress i n the
case of statesmen, and a regional college -when family interest i n such an i n s t i t u tion WES obvious*
For example, ire have been instrumental i n getting the papers of
Ogden M i l l s , one-time Secretary of the Treasury, to the Library of Congress; we are
now urging that the papers of John Skelton Williams, an early Comptroller who came
from Richmond, be deposited i n the University of Virginia*
This policy does not, however* meet the need for a well-equipped center
for the papers of financial men whose fame has been made and influence exercised in
New lork City.
At the present time such papers tend to stay in bank vaults or
family basements, when they are not dispersed among r e l a t i v e s or destroyed*
Whereas Harvard has the Baker Library, and Princeton the Benjamin Strong
Collection of International Finance, i t would seem l o g i c a l that Columbia, oldest and
most respected of the i n s t i t u t i o n s of higher learning i n Sew lork City, should have
a Library of American Finance which would become famous throughout the country*
0
DRAFT
It is in the hope of encouraging the creation of such a library that we
have asked whether Columbia would be interested in having us recommend its hospitable
shelves as a repository for financial collections which would seem to be at home
there. We would like, for example, to be able to recommend to their owners that the
papers of the late H. Parker Willis, one of the architects of the Federal Reserve
System, be moved from his residence on Staten Island to the Columbia University
Library; that the papers of Mr. Russell Leffingwell, lately in the Treasury, now of
J. P. Morgan, who received an LL.B. from Columbia in 1902, be designated as destined
for Columbia; also the papers of the late Samuel Uhtermyer, lawyer and head of
financial inquiries, who was one of Columbia*s sons.
These three are cited merely as examples of the possibilities that exist*
There are many more.
Obviously, problems will arise in connection with the receipt and storage
of such papers* Collections will come in various stages of arrangement, they may
have to be sorted and classified, they would certainly have to be handled in such
a way as to make them easily available to students. We would very much appreciate
word from you as to what facilities exist for these services, and how far the
University might be prepared to go in welcoming financial papers of the kind we have
in mind*
I am signing this for the four members of our Executive Committee, Messrs.
W. Randolph Burgess, Robert Calkins, Allan Sproul, Donald Woodward, and at their
request*
Very sincerely yours,
Mildred Adams
Dr. Courtney Brown, Dean
Graduate School of Business Administration
Columbia University
New York, N. T.
c . c . - Dr. Richard Loghsdon
Director of Libraries
COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
HEPORT ON FIPSHS
February 21, 1955
On December 28th the Executive Coassittee &aked for a plan for handling
the various collections of papers which are beln& uncovered* and some estimate
of the amount of monay which might be needed for th&t work. The following r e port i s based chiefly on Information from four sources, the Library of Congress,
the Rational Records Management Council, the Roosevelt Library a t fi(yde Park, and
the Klneaid-Glass experience a t the Library of the Univer&ity of Virginia. In
addition, we have consulted data from the National Archives in Washington and
Ford Archives a t Dearborn,
The Taak
The process of handling papers for scholarly use gives occupation to
an increasing number of people, but i t i s as yet by no aeanjs standardized. The
method chosen seems to depend on atiny factors, the basic three bein& siae of
collection, state of papers, and purpose of the handler. Wherever and however
done, the process can be divided into these steps:
(j.)
Setting papers in order in accordance with the chosen plan
(2)
Cataloguing them ( t h i s step has various degrees of complexity and
precision}
(3)
Studying thea for a specific scholarly purpose
The Library of Congress contents i t s e l f vlth steps (l) and ( 2 ) , done
in accordance with a procedure developed over years* So, by and large, does the
Roosevelt Library a t Hyde Park* Tae National Records Management Council, judging
by the two t r i a l rune on small groups of papers which they handled for us, would
proceed in i t s own way vlth those two steps, but would add a small excursion into
step (3) for purposes of evaluating* Br* Kinetic;, cooing to a collection for
wnich etep (l) had been taken, occupied himself fcttt* directed h i s students i n
steps (2) and (3). Being himself a keen student of the subject with -which so
many of those papers dealt, he h&d no i n t e r e s t in e&tcloguing for i t s own 8*ke*
This i s entirely understandable, but now that i t i s possible to define the pro*
cess more closely, one sees that i t was the eleaent of study in this undertaking
raised his costs so high*
The aims of this Coia&ittee would sees to be best served by draving a
line between steps (z) and (3) and affirming that vhile the purpose of its concern wit& papers is to make them available to students, the factor of scholarly
research in them is on© for which it prefers to $&y separately* In other words,
appropriations for paper handling in the future should not again include the
element of study and evaluation* That latter task can and should b# left to the
student or t&e research assistant who goes to search in the sorted and catalogued
c
papers for material of particular interest to him*
Procedure to be Recommendecl
The procedure to be recommended is, in substance, that followed by the
Library of Congress* Given a collection of papers, whatever its condition, the
first step is to sort them into categories or series (all cablegrams together,
all correspondence, and so forth), and the second, to sort them by date or correspondent in the series. In this process, no value judgements of any kind are
made. The Library does not try to decide what will be useful to the student and
what not. If there are several copies of a single item, the extra ones may be
set aside and eventually destroyed. Otherwise, the aim is to reduce the body of
the collection to order.
The next step is to list the various categories or series of material
and to prepare what the Library calls a Register. This includes a description
of the collection, its size and condition (size being measured in lineal feet),
the donor, the date of acquisition, and any restrictions which may have been set
up concerning the use of the collection. A brief biographical sketch of th«
person to who® the papers belong is included.
Then comes the listing by box or drawer or folder, and within that a
statement of what series or categories of material is enclosed. In the case of
a large collection, this listing is long. Once the scholar has this dispassionate
account in hand, he can proceed to select the dates, subjects, or correspondence
in which he ia interested.
The Coaaaittee staff has been provided with a model Register by the
Library of Congress and is endeavoring to fit into that skeleton framework per*
tinent information concerning the varioas collections* of which we h&ve knowledge.
The Library will allow copying for our files of Registers in their collection
which bear on our work.
Costs
The difficulty of getting cost estimates has been considerable. We
now have the following experience on which to figure*
The Kincaid-Glass selected inventory of material in 423 boxes, occupying 138 lineal feet, cost $4,000.
The Ogden Mills papers, arriving at the Library of Congress in 25
boxes (after collecting mildew and silver fish for 25 years in a Long Island
garage) will take perhaps 10 months for sorting end setting in order. The
Library's estimate of cost is $2,840, based on the salary of a GS-5 (rate m
$3,410 per year) for that period. This estimate does not include manuscript
boxes, Library of Congress training or any provision for overhead.
The Fred I. Kent collection, including books, periodicals and papers,
is being set in order by his former secretary according to a compromise system.
The papers are destined for Princeton University. The secretary is spending 3
c
months sorting and cataloguing at the expense of the estate• Her charges will
probably come to $1,500, after which the University may do further sorting and
arrangement.
The Rational Records Management Council has found it impossible to
give us & general estimate but novf professes itself villing to estimate on the
costs of handling any particular collection for which we ask their help* Their
work is orderly and intelligent* It may also be expensive* Thus far, it has
not been possible to bring them into touch with any one collection on which we
could a&k their estimate.
Assusiing that the Committee continues to recommend that papers go
a) to the Library of Congress, b) to ft regional university of the family's choice,
c) to Columbia University, the necessity for Committee expenditure would seem to
be limited to special cases* The Library of Congress would expect to pay the
costs of setting in order collections which it accepts, although any aid would,
of course, be welcome* In the case of collections destined for regional universities or for Columbia, the picture is less clear* Procedures in university
libraries are far from standardized, and funds vary. It would be unfortunate to
recommend that a collection b© sent to & university library and then to find
that no provision existed for adequate handling* (If, as we have urged, the
John Skelton Wiliiess papers go to the University of Virginia, they may receive
no more useful treatment than did the Carter Glass papers* Even at Columbia,
the papers of A. B&rton Hepburn remain in the trunk in which they arrived years
The other situation needing consideration is that in which funds ere
lacking for the rough-sorting and transporting of papers to a recommended depository* In the case of the Goldenweiser papers, $150 and Committee encouragement was enough* It would probably cost more to get the Parker Willis papers
out of the Willis house and into a depository equipped to hendle them* Columbia
University would very much like to have those papers*
Budget
In this first year f s work the Committee has uncovered 78 collections,
of which 25 are in the Library of Congress, 26 are in other libraries, 27 are in
private hands* Of the 27 in private hands, two or three may need Committee help
before they can be made available to students*
Ideally, the Committee should, before recommending a place of deposit,
know what resources such a library has for handling collections and what methods
it follows* Thus far we have tended to take those matters for granted, but experience indicates that this is not entirely safe. On the other hand, we can
hardly start out to reform the ways of established libraries*
Ideally, egein, each collection should go accompanied by a fund for
its sorting and cataloguing, but family funds are not always forthcoming, and
Committee funds are slender when measured against such a need*
A possible compromise is to continue to treat each collection on an
individual basis and make grants only when no other way can be found* One might
0
guess that In the course of the next U l/2 years which ere left to us we would
find perhaps 10 more major collections on which a substantial sum of money might
need to b® expended. There might be 10 smaller ones on which a much smaller sum
would suffice. If we allocated $1,000 apiece as maximum expenditure for the 10
large ones, and $100 apiece as maximum for the 10 smaller ones, that would isean
setting aside $11,000 over the life of thll project which could be spent on collections •
lour research director suggests that such provision be made when the
next budget is framed*
6,
February 28, 1955
Dr. Robert D. Calkins
The B rooking s Institution
722 Jackson Place, N.W.
Washington 6, D. C.
Dear Dr. Calkins:
In accordance with your request of Monday, February 21, may
I remind you that the Executive Committee on that date agreed that
six months after they came to work for the Committee the salaries
of Mrs. Ellen Singer and Miss Irma Burstein were to be raised.
The agreed figures are as follows:
Mrs. Singer started work on September 9, 1954, at a salary of
a week, or
a year. She is paid on a monthly basis.
Beginning in March, her yearly salary is to be raised to
with the appropriate adjustment to be made in her monthly pay
check.
Miss Burstein started work on November 1, 1954 at a salary
of
a week, or
per year. She, too, is paid on a monthly
basis. Beginning in May, her yearly salary is to be raised to
with the appropriate adjustment to be made in her monthly
pay check.
These raises come within the budget figure allowed for office
expenses.
Very sincerely yours,
i f
Mildred Adams
cc: Mr. Woodward
Miss Maroney
Mr. Akers
Mrs. Wilson
COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
33 LIBERTY STREET, N E W YORK 45, N E W YORK
TELEPHONE: RECTOR 2-5700, EXTENSION 286
ALLAN SPROUL, Chairman
With cooperation of
W. RANDOLPH BURGESS
ROBERT D. CALKINS
F. CYRIL JAMES
WILLIAM MCC. MARTIN, JR.
WALTER W. STEWART
DONALD B. WOODWARD, Secretary
MILDRED ADAMS, Research Director
THE BROOKINGS INSTITUTION
722 JACKSON PLACE, N. W.
WASHINGTON 6, D. C.
February 17, 1955
Dear Mr. Woodward:
I enclose a letter from Dr. Bopp which came to this
office.
The Executive Committee meeting is at 2:30 p.m. on
Monday, February 21, 1955, in Mr. Sproul's office.
Sincerely,
o^
Assistant
Mr. Donald Woodward
122 East 42nd Street
New York 17, New York
FEDERAL RESERVE BANK
OF
PH I LADELPH IA
(ZONE I)
February 15, 1955
Mr. Donald B. Woodward, Secretary
Committee on the History of the
Federal Reserve System
33 Liberty Street
New York 4.5 > New York
Dear Don:
Thank you very much for your generous words
of praise. Elmer, Les and I thoroughly enjoyed our
experience as consultants. I, too, regret that you
were unable to be at the meeting which turned out to
be lively and stimulating.
Thank you too for the honorarium.
I hope our paths may cross again soon.
Sincerely,
KRB/b
Karl R. Bopp
Vice President
FEDERAL
February
Br, Robert £• Calkins, President
The Brookings Institution
722 Jackson Place, N.W.
Washington, £• C.
Dear Bobs
Bill Biggs asked me to write to you following a telephone
conversation just before he left for the sunny islands.
He had asked if I could attend a meeting of the Executive
Committee in Washington on Wednesday, &arch 2 in order to
participate in a discussion of insurance. I told him that
that happened to be the day on which Mr. Smith Richardson is
departing for a prolonged trip and it would thus be impossible
for me to be away from the office that day* I could come to
Washington on Friday, March h or the following Monday or
Tuesday, March 7 or 8 or Thursday or Friday, March 10 or 11 •
I am quite sorry about March 2 s there are very few engagements
which I would not alter in order to make a Brookings schedule
but this particular one is beyond my ability.
Cordially,
VMilv
February
Miss Mildred Maroney
Mr. Sheldon Akers
Brookings Institution
722 Jackson Place., fl.W.
Washington, D. C.
Dear Hiss Msroney mad Wr« Akers?
Regarding the question raised in your memorandum to Miss Adams of
February 10 regarding honoraria payments to Dr. Wood, Bopp and
Chandler, I think your proposal number II is the appropriate way
to handle the matter*
Cordially,
COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
33 LIBERTY STREET, N E W YORK 45, N E W YORK
TELEPHONE: RECTOR 2-5700, EXTENSION 286
ALLAN SPROUL, Chairman
With cooperation of
W. RANDOLPH BURGESS
ROBERT D. CALKINS
F. CYRIL JAMES
WILLIAM MCC. MARTIN, JR.
WALTER W. STEWART
DONALD B. WOODWARD, Secretary
MILDRED ADAMS, Research Director
THE BROOKINGS INSTITUTION
722 JACKSON PLACE, N. W.
WASHINGTON 6, D. C.
February 11, 1955
Dear Don:
Miss Maroney is puzzled as to how the
honoraria for these Princeton conferences should
appear in her books, and so am I. Will
lecision for us? I'm enclosing heryjuer
'fj
Gratefully,
Mildred Adams
Mr. Donald B. Woodward
Vick Chemical Company
122 East 42nd Street
New York 17, W. Y.
Enc,
February 14, 1955
Dear Don:
Thank you for your thoughtful note.
I am not disturbed over the relationship
between the Institution and the Committee.
My effort was merely to keep them on the
track. Many thanks for your help and
unde r standing.
Cordially,
Mr. Donald B. Woodward
Vick Chemical Company
122 East 42nd Street
New York 17, New York
o
COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
33 LIBERTY STREET, N E W YORK 45, N E W YORK
TELEPHONE: RECTOR 2-5700, EXTENSION 286
ALLAN SPROUL, Chairman
W. RANDOLPH BURGESS
ROBERT D. CALKINS
F. CYRIL JAMES
WILLIAM MCC. MARTIN, JR.
WALTER W. STEWART
DONALD B. WOODWARD, Secretary
MILDRED ADAMS, Research Director
With cooperation of
THE BROOKINGS INSTITUTION
722 JACKSON PLACE, N. W.
WASHINGTON 6, D. C.
February 1 1 , 1955
Dear Don:
I have been thinking over new procedures -which will make it possible for you to
countersign all requests for expenditures, and
I begin to worry lest you be burdened with an
unconscionable amount of detail. On looking
back on the imposing "Proposed Relations Between the Committee on the History of the Federal Reserve System and the Brookings Institution,"
I note that in Paragraph 5 it says, "The administrative arrangements and the payment of funds
will be handled by the Institution on the authorization of the President in accordance with procedures approved by the Committee and the Institution." So far as I know, no action has been
taken to implement this. I would think, therefore, that we could now create our own procedures for Brookings to approve or disapprove.
By this time, we are fairly well
beyond the period of purchase in any extensive
degree. "What we mostly deal with are the small
office supply needs and the larger requests for
extra help of one kind or another or money to be
spent for new projects.
In the first category, we have, since
January 1st, submitted 10 requisitions to the
Federal Reserve Bank of New York which does our
purchasing. These deal with such things as
office supplies, the moving of file cabinets,
-2-
and the borrowing of number stamps. We have also
authorized the expenditure of &8.7Q for the National
Records Management Council, -which, at our request,
sent some papers belonging to Franklin K. .Lane, and
sorted on a trial basis, to the University of California.
The system now in use is such that the
Bank sends us a monthly bill containing all items of
service which they performed for us, including the
purchase of office supplies, railroad tickets, hotel
reservations, rental of equipment, such as desks,
telephones, and so on. Thus far, I have been signing
that bill monthly, but we can now begin to send it to
you monthly. You could then catch any wild extravagances, not in the bud perhaps, but before full
bloom. We could also send you separate bills of any
size, such as the hotel bill from the Princeton Inn,
purchases of special equipment not bought through the
Bank (nothing of this sort is being contemplated at
the present moment, though we may need to do something about the lighting of two clerical desks)•
These could go to you at intervals for countersigning.
Would you also like to sign monthly expense reports,
which cover travel and other out-of-pocket costs?
As this matter comes up at a moment wnen we
have been saving large sums of money from the budget,
I can only think that the complaint of Brookings is
that I am not spending money enough; However, joking
aside, it is, of course, an excellent idea to tighten
procedures, though I think we must recognize that this
not only imposes an extra burden on you, but also will
somewhat slow down our work, which, with the best will
in the world never goes as fast as I want it to anyhow,
Cordially yours,
Adams
Mr. Donald B. Woodward
Vick Chemical Company
122 East 4.2nd Street
New York 17, N. Y.
z
o
COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
33 LIBERTY STREET, N E W YORK 45, N E W YORK
TELEPHONE: RECTOR 2-5700, EXTENSION 286
ALLAN SPROUL, Chairman
With cooperation of
W. RANDOLPH BURGESS
ROBERT D. CALKINS
F. CYRIL JAMES
WILLIAM MCC. MARTIN, JR.
WALTER W. STEWART
DONALD B. WOODWARD, Secretary
MILDRED ADAMS, Research Director
THE BROOKINGS INSTITUTION
722 JACKSON PLACE, N. W.
WASHINGTON 6, D. C.
February 11, 1955
Dear Don:
Xou will find enclosed the three checks "which represent
honoraria in recognition of the services of our three experts.
These have been dravn in accordance with the judgement of Mr.
Sproul, vhich you approved verbally.
We are also enclosing letters for your signature (you
approved a draft). If Mrs, Williams vill enclose the checks
with the appropriate letters and mail them out, it will be
quicker and simpler than sending them back here for the enclosures.
Thanks much,
Mildred Adams
Mr. Donald B. Woodward
Vick Chemical Company
122 East 42nd Street
iMew York 17, Ui. I.
Enc. 9
•
COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
February 11, 1955
Dear Dr. Vood:
The members of this Coiasdttee have asked me to thank
you in their nemos for the care, the active thought, and the
fine scholarship which you and your colleagues put into th©
memoranda you prepared for the® and the discussions held with
them* They recognize that the success of the two Princeton
conferences held in Hovember and January was solidly based on
the work which you three did in advance end the contributions
which you made in the course of the discussion.
As a small token of their appreciation, they hope you
will accept the enclosed honorarium. This is by no meane to be
considered as an attempt at compensation, but rather as an
earnest of their gratitude and their esteem.
May I add my personal regret that circumstances
beyond my control prevented my shering go interesting and rewarding a session as that of January 29th must hsve been.
¥ith wars personal regards I am,
Very sincerely yours,
Donald Woodward
Dr. Elmer Wood
School of Business
Public Administration
University of Missouri
Columbia, Missouri
Enc.
February 11, 1955
Jh&r Dr. Ch&ndier:
the members of this Cossiittee heTe esked me to thank
in taelr raises for the care, the active thought, and the
fine scholarship uhich you end your colleagues put into the
memoranda you prepared for thea and the discussions held with
Hw» The/ recogaiz© that the success of the two Princeton
conferences held in Jtove&ber and January was solidly based on
tiie m>rk 'which you three did in advance and the contributions
¥hich you made in the course of the discussion.
Am & small tok®a of their appreciation, they hope you
•will accept the enclosed honorarix».. fhia i s by no me&na to be
considered as an attempt at compensation, but rather as an
earnest of their gratitude sad their esteem,
Mey I add my personal regret that circumstances
beyond my control prevented isy sharing 30 interesting and r e garding a session as that of January 29ta BttSt have been.
With vara peraonal regards I am,
V
sincerely yours,
Donald ¥oodmrd
th% t e s t e r Chandler
Department of Economics
Princeton University
Princeton, t** Jersey
Enc.
February 11, 1955
Dear Dr» Bopp;
The neabers of this Committee have asked ne to thank
you in their naaes for the care, the active thought* find the
fine scholarship which you end your colleagues put into the
memoranda you prepared for them end the discussions held vith
them* They recognise that the success of the two Princeton
conferences held in Hoveo&er &n& January wfcfl solidly based on
the vork which ycu three did in advance tnd the contributions
you isade in the course of the discussion.
As a SBCII token of their appreciation, they hope you
accept the enclosed honortirius;. This i s by no aeans to be
considered ed an attempt
s.t coBi^ensc.tiort, but ratiier as an
earnest of their gr* ; titude e.nd their
Hay I add Ky personal regret thet circumstances
beyond a^r control prevented wy sharing so interesting and r e warding a session as that of January 29th must have been.
Vith v&rs personal regards I en.,
Very sincerely yours,
Woodwerd
Dr# Kerl Bopp
Vice President
Federal Reserve B&nk
Philadelphia l t Pennsylvania
Enc.
February 11,
Miss Mildred Adaas,
Committee on the History of the Federal Reserve 3ystea f
33 Liberty 8treet,
R«w fork US, ». Y.
Dear Ittss Mass*
With your kind indulgence, I aa sending you herewith s t i l l another
report of expenditures, which T would like you to use as the official report
instead of previous versions*
The totals are the sass as those reported February 8tiw The difference l i e s in the fact that I have segregated a payment of $1^0 to Mrs*
Ooldenweiser frora the so-called Brookings Institution expenses* I learned
from further study of details that this was a payment for the shipment of the
Glass papers and should not, I think you will agree, be considered as an
internal Brookings expense* (we merely paid the b i l l . )
This has no importance except in the event of a re-opening of the
question of the charges for Institution overhead*
In that connection, i t
is *y purpose to show that t&e only expenses at the Institution which have been
charged directly to this project are long distance calls and a small component
of salaries*
The latter were taerely items that were actually reported on
tins sheets by Mr. Calkins and his secretarial group, without including any
of the time devoted by Mr. Akers, Hiss Long, Miss McCarthy or a*ysel£, which
has been fairly substantial*
Therefore, I have nerely subtracted these direct
charges, beginning July 1, 195U, from the agreed charge rate of $3,000 per
anmra for "Brookings Institution expenses and overhead**
Although this
procedure i s sorawhat involved, i t is indicated in order to hold a l l the
charges for our activity within the context of existing agreements*
Yours sincerely,
Treasurer.
*
--.
Report of E x p o n d i t u r e a
ST*IDY OF THE HISTORY OF THE FEDKRAL RESERVE SYSTEM
t o D*ea»b»r 31 > X9A
I*
i-'isca'l .-a n o d *
T7*3p:
OBJECTS OF VYPK^rrtTRK —
Salaries
77T7^nn
6/3O/5U
l?/31/^!i
.dred *0«»e „ „ ,
Elltn Colt Sir^ex
Marguerite Burnett k . w .
I)v.fi Burst*in *
Dorothy Bowen . . . . .
Ellaabeth Abolin „*•.,,«
0*S! p«id by B- 1
Pank payrolls (reiaburs^.»^
Total Salaries -,, ¥ ,,
Contract Paywenta
eTOinciW
...v
Leatdr V. ^handler wv.^
it^f^L
H^2!i£i2£
1*333*33
—
2,666,66
2,000V00
2Ofi,62
—
Tr**«- and > n o < i m . ^
Office
Totals
CQBT,.,
»,...
of ^ooimi^^
,,H,(li
|
lll»
3,999.99
2,OOC.OO
208,62
'"ill
•
I.-
II
I
I.
^,67^^28
6,208.61
, : -,66
1,378,02
??335»68
695>O7
1^,21^.88
...j:#939»95
195*1*5
3?*28
No charge
U2.5^
15-U6
1^1^1.98
Broo'cIt;^s I n s t i t u t i o n Expere;6»
Saiarifl* allocated d i r e c t l y .
Long distance c a l l s ano *3qpr*a6
Indirect cwst»»
Total
«•,*.•,,,•.,,»,,,
232.73
. jj.500*00
150^00
l / i '"5U—12/31/5ii:
-i*«
Contract payi*»nti ,y
,•.»••*.•»
Travel ami »ui3wiax*ric* .
„
Office coat* of ^0M»itva* ^.
b. I . «xp«n©*6 and av*rh*«o _ r .
MiacellcbaouB (Gl»»* .p»p«r*)
Total Expenditure*, by purpoees,fcv . v
*/
b/
II!/ncIirs^mp»a
l»,i!6tt.35
31,306.99
Purpoees of Expenditure
Princeton ^JTTT
NOT. 195U
Total*
18,882.65
^>9V9.99
l y 729.28
l»939«95
1,732.73
ISO jOO
30^3^.60
|I^500 (1/2 of »3>000) lea* $56^02
Does not. include honor&ria (paid *n February 11X5)
1,732.73
ISO^OO
^.-c^
OW,
237.99
52.76
l,UUl*?8 a/
57.37
208.62
606.I4O
—
—
>-^
672.39 b /
l6,9ao,O2
6,2O8#6l
2,335.68
1,939.95
1,732*73
150.00
31^306.99
STATUS OF FUNDS
December
GRANTS (KOCJCEFELIER FOUNDATION)
Totals
Expenditures
Unexpendi id B a l a n c e s
31, 19&
7AM-
6/3O/5U
12/31/5U
Totals
$10,000.00
$3io,ooo.rx>
$320,000.00
12,038.6U
19,268.35
31,306.99
- 2,038.61*
290,731.65
288,693.01
PREPAYMENTS
Receipt* of Brookings
IlUPtitvtiOD
10,000 JOQ
53,325.00
63,325.00
Expenditaree
12,036.&i
19,268.35
31,306.99
Unixpended Balances
- 2,038.61*
32,018.01
COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
February 10, 1955
Deer Mr*
I thought we had the &m Joxk ®ity Tax £©p«trtaieirt eosvinced that s&lea
taxes we had paid should be refunded, ®s Brooking® I s tax exeapt, but apparently
something has slipped, and I am turning to you for help in the matter*
lou may r«s«aber that l a s t f a l l vhen the matter ciuae up, we had several
exchanges of correspondence, the Bureau of Excise Texas seat u» forms and vented
not only a statement of the amount paid, but s l s o & l i s t of the people vho had
sold to us*
Fin&lly, on December 1 s t , Mrs. Singer vrote you enclosing correspondence
froa the Bureau, and asked i f / o u %fould pursue the matter, since in t h i s respect
we were considered a p*rt of Brookings*
that you did pursue i t and that eomehov Hmt York i s either
sending us an unnecessary forss l e t t e r , or has l o s t your correspondence. The unfortunate point i s that I h&ve no proof of action, as wa seen to have no copy of
the form &&& the reply ¥hich you sent the Bureau*
l a t e s t l e t t e r fro^ Hew lork ('which must be ansv^red within 15
or we l o s e e l l rights to cl&i& th&t refund) i a enclosed. I em e.lso sending a
copy of a memo from Mrs. Singer with the dat«ti and d e t a i l s of the autu»n eorreso you can check on thm*
Would you l e t us knov \ih«t you decide to do about this?
Gratefully yours,
Mildred Adas*
Mr* Sheldon B*
th# Brookings Institution
722 Jsck»on Place «• W,
Washington 6> D* ۥ
Inc. 2
c.c* - K i s s M&roney
Mr. Voodvord
COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
TOt
Miss Adams
FROM: Mrs. Singer
February 9, 1955
REt Refund of Sales Tax from City of Ksw York
This morning the attached fora letter from the City of Jiev York, Bureau of
Excise Taxes, came to this office. As you will note, it refers toAapplication for
a refund of sales tax which we have not completed. A time limit of 15 days is set
for our reply.
The history of our inquiry is as follows?
Oct. 21i 195Z, - Letter from Hr« Akers containing information that Brookingg is
exempt from New York City retail sales tax.
Oct. 28. 195A - Memorandum from fir. Sdds, Legal Department of Federal Reserve Bank of
Hew York, in reply to Miss Adams' telephone call, stating procedure for collecting
refund on city 6*1*4 t&x.
Oct. 28. 1954, - Letter from Miss Adams to Bureau of Excise Texes, Cilgr of iiew York,
asking for forms on obtaining refund. Reply from Bureau of Excise Taxes stated
that list of vendors and amounts paid should be submitted,
Nov. 15. 195JL - Memorandum frofe J. F. Sullivan, disbursing Department of Federal
Reserve Bank of New York, giving itemized account of city retail sales tax paid.
Deo. 1. 195A - Correspondence from Bureau of Excise Taxes and copy of Bov. 15
memorandum from J. F. Sullivan forwarded to Mr. Akers, asking him *to pursue
the matter of refunds from the City of Jiew York since in this respect we are
considered as part of the Brookings Institution."
COPY
LAWRENCE E . (iEROSA
Comptoller
IJM REPLY REFER TO:
Room 70S - MW
Refunds Unit
Ref. Wo. 23307
c
MORRIS ¥. "WEIIMER
Special Deputy Comptroller
THE CITT OF wEW iORK
OFFICE OF THE COMPTROLLER
BUREAU OF EXCISE TAXES
120 West 32nd Street, Wew York 1,fl.Y,
Oxford 5-2600
Committee on the History of
the Federal Reserve System
33 Liberty Street
flew York U5, W. T.
Date:
Feb 8, 1955
Gentlemen:
The records of this office disclose that on November 30, 1954( ) application for a refund (Form R-708J was forwarded to you
to be completed
(X) you were requested to submit additional information with
respect to an alleged overpayment or claim for refund of
SALES
tax in the amount of ^(unspecified).
To date no reply has been received. For the purpose of making a final
disposition of this matter it is necessary that your reply be received
in this office within fifteen (15) days from the date of this letter.
In the event of your failure to comply, your claim for refund will be
deemed to have been abandoned.
Very truly yours,
MORRIS V. WEItfER
SPECIAL DEfUTl COMPTROLLER
R-4.06 - VFK
11/54
COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
33 LIBERTY STREET, N E W YORK 45, N E W YORK
TELEPHONE: RECTOR 2-5700, EXTENSION 286
ALLAN SPROUL, Chairman
With cooperation of
W. RANDOLPH BURGESS
ROBERT D. CALKINS
F. CYRIL JAMES
WILLIAM MCC. MARTIN, JR.
WALTER W. STEWART
THE BROOKINGS INSTITUTION
722 JACKSON PLACE, N. W.
WASHINGTON 6, D. C.
DONALD B. WOODWARD, Secretary
MILDRED ADAMS, Research Director
February 10, 1955
Personal and Confidential
Mr. Donald B. Woodward,
c/o Vick Chemical Company,
122 East 42nd Street,
New York 17, N. Y.
Dear Don:
I have received a letter from Cyril James which includes
the following paragraph:
"Quite frankly I do not know what my decision might have
been, since I am greatly attracted by the History and also like my
present job, but yesterday I learned that my wife has to go into
the hospital for the removal of an abdominal tumor so that I
cannot think of all the disturbance during the next few months
that would result from a change of job and of residence."
Do you think that this disposes of the matter and was meant
to dispose of it? Or do you think our plans might be accommodated to a
delay of four to six months in the employment of "the historian" if Cyril
James would then be available?
I am writing first to you and the other members of the special
committee for negotiations with Dr. James, before advising the full committee
of our failure or taking up with it the possibility of further discussions with
Dr. James. It would help if you could let me hear from you as soon as
possible.
Yours faithfully,
Allan
COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
33 LIBERTY STREET, N E W YORK 45, N E W YORK
TELEPHONE: RECTOR 2-5700, EXTENSION 286
ALLAN SPROUL, Chairman
With cooperation of
W. RANDOLPH BURGESS
ROBERT D. CALKINS
F. CYRIL JAMES
WILLIAM MCC. MARTIN, JR.
WALTER W. STEWART
DONALD B. WOODWARD, Secretary
MILDRED ADAMS, Research Director
THE BROOKINGS INSTITUTION
722 JACKSON PLACE, N. W.
WASHINGTON 6, D. C.
February 9, 1955
Dear Don:
I think it was at Princeton that I
reported to the Committee that I had seen Dean
Courtney Brown at Columbia about the business of
recommending them for the depositing of bankers1
papers which were not obviously destined for some
other institution such as the Library of Congress
I saw Dean Brown and Haggott Beckhart at the s
time. The latter -RSPg-fflore interested than the
Dean seemed to be, but this may have been a matter of mannerism.
At any rate, when I came home, I began
to wonder just how much their interest implied
and how far it would carry in the actual matter
of handling papers. Also, I felt that they should
have a more solid expression of interest than a
visit from me. I expressed something of this uneasiness to Mr. Sproul, who suggested that I frame
a positive recommendation to Dean Brown and sign
it in the name of the members of the Executive
Committee.
I am enclosing herewith a draft which I
am proposing to bring to the Executive Committee
at their next meeting for approval, if it looks
all right to you. Please do not hesitate to make
changes or objections. I am still feeling tentative about this particular demarche, and I do not
o
—2—
want to take a polite promise as an indication
that Columbia really would go ahead with this
sort of thing. They might, I am afraid, leave
the papers in a box, as they have done with the
papers of A. Barton Hepburn. The phrase on that
is, "a trunk in the basement," and we do not,
after all, want our collections to end up that
way.
I will be grateful for your eye on
this draft. Q^M
<j^x Ot^^ SlU^ (U* . f u C ^ fe
Best, as always,
;
V
Mildred Adams
Mr. Donald B, Voodward
Vick Chemical Company
122 East 4.2nd Street
New York 17, N. Y.
Enc.
/
o
o
COMMITTEE O N THE HISTORY OF THE FEDERAL RESERVE SYSTEM
February 9, 1955
Dear Dr. Calkins*
I have your letter of the 7ta about the publicity
draft. I am sorry taat it seemed to you to play dovn the
Brookinga* function, Cert&inly, there -w&s no such intention.
I will refraae it in accordance with your suggestions and send you a second draft as soon as possible.
Cordially yours,
Mildred Adams
Dr. Robert D. Calkins
Ths Brookings Institution
722 Jackson Place S. W.
Washington 6, E. C.
c.c. - Mr. Donald **. Woodward /
o
COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
> • .
February 9, 1955
Dear Dr. Calkins:
At the Executive Cosi&ittee meeting of December 23th, you and Mr,
Woodward suggested t&at Dr. Rensis Likert of the University of Michigan
might have material -which would be useful in the group interviews which Dr.
Stewart i s to lead*
This note i s just to record that I have a t l a s t heard from **r*
Likert but not to any good end* He says that they have not used group i n terviewing in any systematic vay and have no ideas on the matter that would
be of much help* He does, however, c a l l i t an interesting idea and says.
•I expect that you w i l l find that group discussions w i l l produce a much more
rich account of past events than would separate interviews."
In spite of this negative report, I am grateful to you for the
suggestion* At l e a s t ve know that there i s not in Michigan a bodfor of experience which we are neglecting*
I am hoping that i t may be possible to get at these group i n t e r views t h i s month* Thus far, Dr. Stewart has been so busy that he has not
wanted to undertake even thinking about i t *
Cordially yours.
Mildred Adams
Dr. Robert D* Calkins
The Brookings Institution
722 Jackson Piece li* V*
Washington 6. D. C.
c . c . - Mr* Donald Voodward
COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
33 LIBERTY STREET, N E W YORK 45, N E W YORK
TELEPHONE: RECTOR 2-5700, EXTENSION 286
ALLAN SPROUL, Chairman
W. RANDOLPH BURGESS
ROBERT D. CALKINS
F. CYRIL JAMES
WILLIAM MCC. MARTIN, JR.
WALTER W. STEWART
DONALD B. WOODWARD, Secretary
MILDRED ADAMS, Research Director
With cooperation of
THE BROOKINGS INSTITUTION
722 JACKSON PLACE, N. W.
WASHINGTON 6, D. C.
February 9, 1955
Dear Don:
Last November, in working on various categories
of basic and essential data which I felt we must have in
our file, I was reminded by Lester Chandler that a list of
the Congressional hearings at which Federal Reserve legislation, and other matters affecting the System, were discussed would be almost a "must,"
I went to Miss Sutherland in the Board library
and was told that they had a hearings1 list which was not
complete, but which would start us on our way. She suggested that we might be able to get Beatrice Bulla, trained
at the Board but now retired, and guaranteed to be "thorough," to start with their list and go on from there to
get us what we needed.
M s s Bulla has now delivered to us four copies
of what I suspect is the best card catalogue of such hearings in existence, all checked with sources, and profiting
from interviews with Win Riefler, Cieorge Vest and other
authorities on certain value judgements which were needed.
It represents a research job of weight and value, and is
one of the best solid pieces of foundation material that
we have acquired.
The surprise is, of course, that so much independent work was necessary. I assumed in the beginning
that this would be hardly more than a copying job. It
did not turn out that way, and Miss Bulla1s letter, a
copy of which is enclosed, indicates the difficulties
which she has overcome for us.
©
-2-
We got the financial handling of this straightened
out with Brookings at the start, and they have agreed that
it should be paid for as a contract job, not as though Miss
Bulla were taken on as an employee. Nevertheless, Miss
Bulla has kept time sheets as she went along. Between November, when she started, and the end of January, she has
spent 262 1/4- hours which, at the agreed rate of
an
hour (a rate set in relation to her salary status of
a year when she retired) comes to
This is more time than I had expected, but I
have every reason to be sure that the job needed it.
I am enclosing a note to Brookings asking them
to pay Miss Bulla direct. I hope this meets your approval.
Sincerely yours,
1/
Mildred Adams
Mr. Donald B. Woodward
Vick Chemical Company
122 East £2nd Street
New York 17, M. I.
Enc. 2
COPY
3129 fl Street, Worth West,
Washington 7, D.C.
February 6, 1955
Miss Mildred Adams,
Committee on the History of the
Federal Reserve System
33 Liberty Street,
New York A5, New York
Dear Miss Adams:
The cards were registered and mailed at the Main Post office on Saturday
after a final checking and arranging. I hope they will reach you in good condition.
Last week I talked with all the people I hoped to see except Mr. Garfieid,
from whom I hoped to get information on hearings concerned with price control,
stabilization and consumer credit control.
I have talked with Mr. Thomas, Mr. Hiefler, the General Counsel (Mr. Vest)
and Mr. Cherry of the Counsel1s office, who is the Board's liaison men with Congress. Earlier I had ta-uked with Mr. Horbett, who has longer service than the
others and has been Assistant Director in two divisions, I asked them for suggestions relating particularly to the years 1933-195<4»
There is a complete lack of unanimity of opinion anong them as to what is
important or of the highest importance. After certain omissions which I had made
on the basis of brief reading of hearings, the 3-ist seemed to Mr. Cherry to contain
the high Iight3 in the past twenty years. Mr. Thorn*.3 looked over & rough but comprehensive list I submitted, of practically all titles that should be considered,
and pointed out several itecuj which, according Joo his recollection, should be included. These I looked up and in meny cases added.
Nobody except Mr. Riefler remembers a roster of hearings as suchj they
remember only that the hearings declt with certain important amendments, etc.
Mr. Riefler thought that practically everything I had omitted should be restored
and a number of them were put back. His general view was that any hearings at
which the Board's representatives testified should be available to the researchers*
It is regrettably true that weeks more of reading would be necessary before I
could make an informed selection based on my own knowledge of the contents of hearings.
For the years 1906-1932 I used the ratings supplied by the bibliography
from Seymour Harris's book: One star indicating hearings of some value, two stars
for those of the greatest importance. There were only three of the latter in that
period. Mr. Riefler thinks Harris's ratings are sound only from 3ome single
standpoint. He has no esteem for the ratings I have indicated among the hearings
of the past twenty years. After all this discouragement I hope you may still find
that the catalogue ha3 some value for your purposes. It is far from what I would
have liked to accomplish*
Sincerely yours,
s. Beatrice Bulla
February 9, 1955
Dear Dr. Calkins:
lou say remember that we had correspondence
last fall about contracting with Kiss Beatrice Bulla,
formerly an employe* of the Federal Reserve Board aad
now conducting L research service of her own, for a
specific job of research to be done for us on her own
time.
Kiss Bulla has compiled for us the best card
index of hearings affecting the Federal Reserve System
uhieh I have seen aoywhere. Her rate is
per hour,
and between Hovesber and January 31st she spent 262 1/4
hours* vhica cosea to
Kay I ask that you accept this letter as evidence that Kiss Bulla1 a task is
conpl#ted, and send the check to her direct* KGT address is?
3129 * Street a. V.
Washington 7 f D, C«
sincerely yours,
Mildred Adams
Approved
.
DoneId B t ¥oodvard
Dr« Bobert B* Calking
the Brooking3 Institution
722 Jackson Place *• W.
Washington 6, D, C.
c*c. * Mr* Woodward
February 9, 1955
Mr, Robert B. Calkins, Pres,
Brookings Institution
722 Jackson Place, N.W.
Washington, D, C«
Dear Bob:
I an extremely sorry for the awkwardness that arises between
the affairs of the Comrdttee on the History of the Federal
Reserve System and Brookings. I do not believe for a inoment
that there is any fundamental difference on the fact that the
undertaking is joint, In any event there certainly is none on
lay p&rt,
I feel no slightest ambig\iity between being a Trustee of Brookings
and a member of the Committee,
My feeling for Brookings is one of greatest esteem* Whatever I
can do to further the interests of the institution I most assuredly
want to do - and I hope you will never hesitate to tell me of any
opportunity.
regards.
Cordially,
•
COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
33 LIBERTY STREET, N E W YORK 45, N E W YORK
TELEPHONE: RECTOR 2-5700, EXTENSION 286
ALLAN SPROUL, Chairman
W. RANDOLPH BURGESS
ROBERT D. CALKINS
F. CYRIL JAMES
WILLIAM MCC. MARTIN, JR.
WALTER W. STEWART
DONALD B. WOODWARD, Secretary
MILDRED ADAMS, Research Director
With cooperation of
THE BROOKINGS INSTITUTION
722 JACKSON PLACE, N. W.
WASHINGTON 6, D. C.
February 8, 1955
Dear Don:
Thanks for your three letters of February
4.th, all of 'which reached my desk this morning,
I note that the letter -which has to do
-with countersigning requests for expenditures before they go to Brookings states that your letter
to me (a copy of -which has been sent to Dr. Calkins)
will serve in lieu of countersigning for the costs
of additional copies of the inventory of the Glass
papers and the permanent appointment of Miss Burstein,
As you know, the additional costs on the
Glass papers were agreed to by the Executive Committee. As for the permanent appointment of Miss
Burstein, that is in line with the regular procedure of Brookings. Dr. Calkins has kindly sent
Miss Burstein a note confirming her permanent appointment.
Ve have, I am afraid, been lax in not
sending you all requests for expenditures to be
countersigned before they went to Brookings. This
was partly in an effort to spare you routine detail. However, I quite understand the Brookings1
caution, and I will see that in the future all
expenditures of whatever kind go to you to be
countersigned before they are sent to Washington.
-2-
Also, after conversation this morning with
Miss Maroney, I have agreed that vouchers -which go
to her vill carry with them some explanation of the
purpose which the expenditure is intended to serve.
She has, I think, had to do our accounting in something of a vacuum, in that she knew very little
about the operation of this Committee. This has
made things more difficult for her; we will try to
remedy it by keeping her more in touch with the process of the work.
It is, of course, the greatest help to
have Brookings doing this bookkeeping for us, and
we certainly owe them all aid in making their task
easier. As I told Miss Maroney, I am hoping that
when we finish the first year13 accounting, we will
have a basis for a more detailed budget than was
possible in the summer of 1954-*
I hope these changes will meet with your
approval.
Very sincerely,
Mildred Adams
Mr. Donald B. Woodward
Vick Chemical Company
122 East 42nd Street
New York 17, «. I.
c.c. - Mr. Akers
Dr. Calkins
Miss Maroney
February 7f 1955
Dear Miss Maroneys
In the matter of the honoraria, concerning which you
phoned ®e this aorning, the original proposal that a fee of flOO
should be sent to each of the three consultants -was based on the
belief that this would be in recognition of their work at the
liovember conference*
the November conference hed e sequel at Princeton on
January 291&. I recently took up with Mr. Woodward the matter of
peylng the honoraria. He consulted Rr. Sproul, end their judgement i s that in viev of vork done and time spent, tvo fees of
one-hundrtd dollars each should be sent to Br* Wood and one to
J)r* Bopp and to Br. Chandler*
Ar. Woodward has prepared a l e t t e r of thanks wtdch should
accompany the checks. If you would therefore dr&v a check for
$200.00 for Dr. Elaer Wood, $100.00 for Dr. Ks.rl Bopp and $100.00
for Dr. l»ester Chandler and mnd them to us here* I will see that
they go with Mr. Woodward's l e t t e r s to the proper recipient.
1?ery sincerely yours,
Mildred Adma
Donald B. Woodvmrd
Hiss Mildred M&roney
the Brookings Institution
722 Jackson Place H. ¥#
Ve sliington 6, D* C»
:
COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
February U> 1955
Deer Miss Maroney:
Thanks so much for your good l e t t e r of February 1 s t
with i t s enclosed accounting of the period of the p i l o t
project and the f i r s t six months of the major grant. I t i s
a "wonderful job, and ve are most grateful*
In making up a sumaaiy for the present use of the
Executive Comittee, I have geared i t as closely as possible
to the budget c l a s s i f i c a t i o n s . This has necessitated taking
Miss Burnett, for vhoffi special budgetaiy provision was made
under "projects," out from the item of salaries and putting
her into the project c l a s s i f i c a t i o n , I hope this divergence
doesn't do too much violence to your accounting technique*
I s far as the Brookings item of $3000 i s concerned,
I agree vith you that i t has sn administrative rather than
a substantive connection vith the project. I f you are content to leave i t as a general figure, I certainly a s .
Thanks again for so clear end quick e report•
Cordially yours,
Mildred Adams
Hiss Mildred Maroney
The Brookings Institution
722 Jackson Place »• V.
Washington 6, D* C.
Copy to Mr. Woodward
February h.
Dr. F. Cyril James
Principal & Vice Chancellor
McGill University
Montreal, Canada
Dear CyrilJ
I was extremely sorry to have missed the last meeting
of the Conunittee on the History of the Federal Reserve System.
Only the most intense necessity could have compelled me to do so
The news of your possible willingness to undertake the
job is ttaehappiest that I have had for a long time*
I do hope that something mutually agreeable can be
worked out and it will be HQT objective to make the possibility
a reality.
Cordially,
DBWslw
February h,
Miss Mildred Adams
Cor mittee on the History of
The Federal Reserve System
y} U W t y St.
Hew York h$, N.I.
Dear Mildred t
Unhappily you are now going to the banks where I am of no help in
three cases* Dallas. San Francisco and Atlanta are stranget Malcolm
Bryan, the President in Atlanta, has done some good testifying in njy
hearing and I have a presumption of considerable ability but not
personal knowledge.
In Minneapolis, Oliver Powell, the President, and a fellow named
Peterson are knowledgeable and pleasant.
There is someone at Kansas Gity but I can't find or recall the name
so will keep after it for you.
don't you check with Woody Thomas? He knows everyone and his
advice I would give great weight. The same would be true for ^
3opp.
lours.
DBWtlw
COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
33 LIBERTY STREET, N E W YORK 45, N E W YORK
TELEPHONE: RECTOR 2-5700, EXTENSION 286
ALLAN SPROUL, Chairman
With cooperation of
W. RANDOLPH BURGESS
ROBERT D. CALKINS
F. CYRIL JAMES
WILLIAM MCC. MARTIN, JR.
WALTER W. STEWART
DONALD B. WOODWARD, Secretary
MILDRED ADAMS, Research Director
THE BROOKINGS INSTITUTION
722 JACKSON PLACE, N. W.
WASHINGTON 6, D. C.
January 20, 1955
Dear Don:
Being still in a mourning mood over having missed adequate
conversation with Don Thompson in Cleveland, I am writing to ask
that he get in touch with me when he comes to New York,
Having mended that fence as best I can, I am eager to prevent
future lapses, and hence a cry for help. The unsolved problem in
these bank visits is how to find out before one goes who are the
most valuable people to see. Old employees or officers are brought
in, but generally speaking they are at best amusing and anecdotal.
(At worst they waste everyone's time.)
What I seek in each bank is a Karl Bopp, an Alfred Neal, a
Don Thompson. Their positions vary, but their attitudes of mind are
what we need.
My spring program calls for me to visit Atlanta in February,
Dallas and San Francisco in March, Kansas City and Minneapolis in
late April or early May. The question I would like to pose is
this - whom do you know in each bank of the calibre and usefulness
I have described? Armed with such a list I can go further and feel
less frustrated1.
Gratitude, atad best as always,
Mildred Adams
Mr. Donald Woodward
122 East 42nd Street
New York 17, New York
February 4, 1.
L* Logsdon
University of North Carolina
Chapel Hill, North Carolina
Dear Dr« Logsdon:
I t was a very r e a l pleasure to most you
yesterday afternoon an : I am sorry *hat i t was
neeeasury for you to leave so soon to conduct a
class.
1 shall look forward if*lth a gr*ftt deal of
interest to hoar In.?: from you as to the possible
desirability o
Ing the necessary research to
determine whether or not i t would be worth while to
set up a project (end, if so, what; kind) along the
lines which we discussed* I know that your thinking
will include aiany things which would not occur to me
but, In view of the very short bine we had together,
I am writln to confirm a bit of what I had in talnd:
(1) s'ihat could we hopo to accomplish by
setting up a project to study p o s s i b i l i t i e s which
might be open to Marginal
rs to increase their
revenues from a c t i v i t i e s other than agriculture?
{2) HUB there u®&n anythir-.
iplished
alone,.; these lines in other &t*t*a (as 1 understood
from you there has DOen) and oul i t be worth
while to analyse what has be^n don© with a view
to seeing wh€thor or not che lessons of success
and failure 3e amed there mi
xelp in
Horth Carolina?
(3) -Quid i t be worth while to determine
whether anything has b##a done In Blorth .; rollna
and, if so, by wh©;» and wi th vshat suco@s»f and
whether any of the I s sons 3e arn@d In such
a c t i v i t l e a would have applicability elsewhere in
the -itate?
(4) Should there be research a a to sht^t
•^deral, ^t«ti
.-unty agencies and v^hct
educational i n s t i t u t i o n s offer (or are supposed
to offer) programs along this sar«e line and, in
o
ier©l terns, how ©re they supposed to
function &nu to what extent do they function?
(5) In conducting th© research, should
there be consi
-ion as to relationship of
those in charge of a project to the agencies*
ions an institutions mentioned in the
preceding; peragraphj as to what extent genuine
cooperation could be expected and what 3t©ps
could an would bo taken to . et that cooperation; es to danger of conflicts &nd difficulties*
or of duplication of effort, and as to what steps
could and would oe
n to a void such conflicts
or duplications and repercussions therefrom?
(6) Should the proposed research include
consider iion of possible -m ana by which th©
project should seek to discover or locate local
leaders who
o for their localities the
game kind of thing that lias been accomplished in
one or two places in lorttt - rolina which were
discussed yustorday afternoon? I have in mind
particularly >ir» hlchardson's thought (in which
I concur) that no lettor how good a proposal may
be or how sound a plan may be* it has to be im~
pleaiented by aorr^body in order to be effective and
the discovery of people who might do th© ioipleventing might help a lot if they could be located either
as a direct product or aa a by-product of a project.
(7) If research as to a project should be
organized, should it b© done by the University of
-olina alone or by the university of Horth
Carolina in conjunction with other institutions of
the State or by all of these institutions in conjunction
with on© or more State a r o n d o s — o r should it be
by the Richardson Foundation with those who are worki
on the research to be paid directly b the Foun^auion?
If this last alternative should oe adopted,
.ould
we do
t coop
on from 3tat© and oth
n~
;nental agencies and department*? How about consultants,
etc,?
As you doubtless know, we talked about many
possibilities as President Gray1a guests at dinner on
1'uesday evenln (
. ,;as attended b^/ the Governor•
It rather ;
. j jii rdaon SJK3 to
t It
would be highly esirsble to chat with the Governor
about the possible organisation of fuoh a project at
the proper tl • -- irticularly In view of the character
and qualifier Ions of the
I
entleman who is
now serving as -Governor•
y, or nay not, be
interested-~and he nay, or nay not, feol thet It m>uld
b@ hi
iko any one of several actions in eon-
nection with the possibility of the setting up
and operation of such a project, irfaybe this would
be desirable, ftayba it would not. I ;ientlon it
simply as tonothing i o r your consideration*
• (3) In the ©v©nt we do actually get into
research to set up a project, It ul 11, of course*
be necessary to evalop pretty definite ideas as
to the or. animation of the project, aolli%l#S|
expenses, i U « In the initial statement as to the
possible desirability of research, I think we should
have &n e«tlatat# as to the expens© ana time that
would be required for the research, but it would saern
to a© to b© presi&tur© to cry to estimate at this
tins© the cost and time involved in the project itself•
1 shall vtloona a
fee]
3JL fran you if you
have any
ions or if you think uiat it would be helpful
for us to chat over the fphone•
n the 7th, 3th and 9th of
February (and perhaps on the 10th and 11th) I shall be at
the Ulahsrdson Foundation in Mew ^ork, Telephone—Murray
Hill 8-6327• In the evenings, I shall be at the university
Club, Telephone—Circle 7-S100. My office telephone nu
in i shin; ton is on this letterhead, and my home telephone
number is Columbia 5-1565* ^ou can always
.© (or find
out where to get ne) ftt on© of these four places and 1
hope th^ t you will not hesitate to telephone me person fco
person collect should occasion arise,
th best wishes, I am
Sincerely yours,
Frank i« Wo:eencraft
•
• to:
•
Lth
• Donald B« woodward
February li, 19$S
Miss Mildred Adaias
Committee on the History of
The Federal Reserve System
33 Liberty Street
Hew York l&> ??.!.
Dear Fdldtredj
Congratulations on the first anniversary progress report. It should give you
very great gratification indeed.
Perhaps ray reading was over rapid but I isissod any njention of two outstanding
projects which should have considerable importance in the Committee's future
operation. One is a development of some clear recommendation to the Committee
on cataloging and getting an outline of the contents of the collections of
papers; you were exploring sone alternative possibilities. Presumably this
same procedure might arid should cover the materials frora the large number of
interviews you have had, and the group interviews of the Committee and those
underway from Dr. Stewart.
The other project is that of exploring and recommending to the Committee the
best procedure for publications whether a series or individual issues t what
kind of a publisher, and what kind of terms ¥ould be most appropriate.
Perhaps there are other outstanding assignments from the Executive Committee
which have escaped my memory. Probably it might be helpful to have a project
list of outstanding and uncompleted jobs and the source from which they arose.
Yours,
DBWslw
February U,
Miss Mildred M a m s
Coiranittes on the History of
The Federal Reserve System
33 Liberty Street
New lork h$9 H.*.
Dear Mildred:
According to procedure agreed upon between Brookings and the Consaittee
I believe that I am supposed to counter-sign all requests for expenditure from the Cosssittee to Brookings. In my absence apparently your
two letters of January 31 "went directly to Dr # Calkins. This letter,
a copy of which goes to him, will, I hope, serve in lieu of countersigning covering the costs of additional copies of the inventory of
the Glass papers and the appointment of Miss Burstein*
fours,
DBW?lw
cc: Dr. Calkins
o
o
COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
COPY
January 31, 1955
Dear Dr. Calkins:
It was a great pleasure to see you at Princeton
on Saturday. I feel we had a most interesting and exciting
meeting.
The date at the head of this letter reminds me that
Miss Irma Burstein, who came to work for the Committee
as a stenographer on November first, finishes the period
of Temporary Appointment today. Miss Burstein1s work
is abundantly satisfactory and I therefore request that
she be transferred to an Annual Appointment basis as a
member of the Special Staff of this Federal Reserve
study. Her appointment should be made as of February
first.
Very sincerely yours.
Mildred Adams
Dr. Robert D: Calkins
The Brookings Institution
722 Jackson Place K.V.
Washington 6, D.C.
Committee on the History of the
Federal Reserve System
Ik.
REMARKS
.
January 31, 1955
Bear Dr. Calkins:
In accordance with the decision of the Executive
Committee at their meeting on December 28, 1954, I have
been making arrangements to obtain another 20 copies of
the Sincaid Inventory of the Carter Glass papers. I
have just written Mrs. Maxwell Cluett who made the
original stencils and ran off the first 20 copies of
the inventory. She has agreed to make a second run
for us and hopes to get 25 good copies. She estimates
that this will take her 50 hours. Her salary is
$1.25 an hour.
I hope that Mrs. duett can be hired on the
s&me basis as Miss Bulla, to do a specific and
limited piece of work, under conditions not prescribed
by us, furnishing her own office and choosing her
own hours of work.
Very sincerely yours,
Mildred Adams
Drj Robert Calkins
The Brookings Institution
722 Jackson Place N.W.
Washington 6, D.C.
'
•
c
January 31, 1955
Dear Mr, Akersx
I have just written Mrs. Maxwell Cluett, a secretary
ic the Economics Department of the University of Virginia,
engaging her to make a second run of the stencils of the
linceld Inventory, Sh& mad© the original copies under Br#
Kinc&idfs direction.
of paper and ink will cost about 120.00 and
she will also h&T# to pay an estimated express charge of
f15*00 for shipping the completed copies to Mew lork. In
viaw of these expenses, I have written Mrs. Gluett that
the Brookings Institution will advance her $20.00 for
k copy of ay letter is enclosed.
Mrs* Cluett, who signs herself as Lucy duett*
thinks that it will take 50 hours to number the stencils
and ®®ke 25 complete copies. Her salary is $1*25 M
hour. She will report her time on a Brookings time
Sheet when the job is completed.
I hope that this kind of letter is sufficisnt basis
for sending an advance.
Very sincerely youra.
Mildred Adams
Mr. Sheldon B. Akers
The Brookings Institution
722 Jackson Place K.M.
Washington 6, D.C.
Copy to Mr. Woodward
COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
33 LIBERTY STREET, N E W YORK 45, N E W YORK
TELEPHONE: RECTOR 2-5700, EXTENSION 286
ALLAN SPROUL, Chairman
With cooperation of
W. RANDOLPH BURGESS
ROBERT D. CALKINS
F. CYRIL JAMES
WILLIAM MCC. MARTIN, JR.
WALTER W. STEWART
THE BROOKINGS INSTITUTION
722 JACKSON PLACE, N. W.
WASHINGTON 6, D. C.
DONALD B. WOODWARD, Secretary
MILDRED ADAMS, Research Director
February 3, 1955
Dear Don:
I am enclosing a summary account of budget and
expenditures for the first six months of operation under
the major grant, and budget for the second six months
(January 1 - June 30). You will also find Miss Maroney's
statement on -which the summary is based — bur only copy,
so we!d like it back.
We did a slight re-arranging to conform to the
accepted budget. Specific provision was there made for
Miss Burnett under "projects," whereas Miss Maroney has
preferred to include payments to her under "salaries."
We find ourselves regarding "salaries" as an office figure,
and guard it jealously.
Do you want the summary or the six months1
accounting to go to Messrs. Sproul, Stewart and Calkins?
And should the six months1 accounting go to the
whole Committee or to the Executive Committee?
As I told you, I have felt under some pressure
to get this to Sproul today, though that may now not be
required. If you think it wise, perhaps you could phone
us changes this afternoon.
Hastily,
Mildred Adams
Mr. Donald B. Woodward
Vick Chemical Company
122 East 42nd Street
New York 17, N. Y.
Enc.
Committee on the History of the
Federal Reserve System
DATE ^ * l
' 1
FROM
REMARKS
•i—
15.
oti THE
of THE FEBEEJU, RESERVE s
Simm&ry Accounts, Jmn* 15*
JUEL
1/15794-6/30/54
- D e o . 31
BUtGET
7/X/54r6/30/55
tD g£
7/1/54-12/31/54
$21,^.00
7/1/54^12/31/54
1/1/55-6/30/55
$ 9,543.4/3
OfUCE
1,530,00
1,500*00
3,517.31
EDRAX*
1,333.33
2,225.-^
753.02
C0HTX8GISCX
15,000*00
-33
2,45^,00
1,066.96
7,500*30
« 325,00
Sotee:
1,
Brookiags* secouatiag, os ^\i^i this I s b&e«d, If more Metalled, I t i s on file In
Ca«Bitt«« ofHe«
end m«y b« exstiin^d th«r»,
2, Filat budget ves |i^,000 to run Jfeaasjy 15 - May 15, lster •».<!• afail&bl* until
budget begen Judy 1st*
3* Includes iK>a-recinr«»t Idipliose pvrah«se
4. K^s-reeiirreat, p*id In first half of tiie y
% Figure of #2,033,44 *ep»»emt* ^abudgeted cocte $f period between >k^r 15 end July 1 s t ,
COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
STATUS OF FUNDS
December 31. 1954
1/1/54—
/ /
7/1/54
Totals
12/31/54
(B3GKEFEO.ER FOUNDATION)
Totals
110,000.00
•310,000.00
$320,000.00
19.219.31
Unexpended Balance
* 2,033.64
290,780.69
288,742.05
110,000.00
#53,325*00
163,325.00
12,038.6^
19.219.31
31.25f.95
« 2,036.64
34,105.69
32,067.05
CASH STATUS OF GRAHTS
Expenditures
Prepayments (end of period)
Miss Maroney said, 1/31/55, that about
$17«700 had been spent as of l/l/55
June 15, 1954
ESTIMATED BUDGET
July 1, 1954 to June 30, 1955
e
ANNUAL SALARIES:
Executive Director (Adams)
Research Assistant (l/2 times - McKinstry)
Secretarial and typing aid
21,388
OFFICE COSTS:
Supplies
Telephone
Equipment - cost and rental
600
400
1,000
2,000
TRAVEL COSTS
BROOKINGS EXPENSES & OVERHEAD CHARGES
PROJECT COSTS - AGREED OR IN NEGOTIATION:
Kincaid: Carter Glass Papers Study (Total $4,000 June costs met from pilot funds)
Chandler: Ben Strong study (Total $17,000 - 3 year
contract starts Sept. 1st)
Burnett: bibliographic and archival master file on
regional banks material (l/2 time for 6 months)
3,000
3,000
2,667
4,450
1,820
8,937
CONTINGENCIES & OTHER EXPENSES (including future project aids)
TOTAL
$ 38,325
15,000
I 53,325
1
A^LL^
/?
y
t~Artf~*ir+v
c
•
*
rf
CRaO J
a 0
•
COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
February 2, 1955
Bear Mr. Sproul*
!4r. Woodward asks that I check with you tae matter
of the aonor&rium to consultants on which he and I seem to
have developed a difference of understanding,
Tae original idea, baaed on the assumption that
there would be & single triree-day conference in Princeton,
was that honoraria of tiGG»GG would be provided for each
consultant, ^nis was mostly arranged in conversation with
JDr» Bopp and Mr. Voodvard* In notes of a conference held
October 19, 1954 I find the following sentences?
"The matter of a poa >ible honorariurn VM suggested. $r. &opp thought this si&at be important
in tae case of $r» Wood because University of
Hissouri's salaries are very low. He f e l t that
an honorerium of $100 was amply sufficient.
(Question - If an honorarium i s provided for Br.
Wood, should one be provided for the other two
On October 29, 1954 I wrote you as follows:
"In discussing procedures with Mr. ^oodverd, two
points srose on vnieh ^e would appreciate vord
fros you. 'i'he f i r s t i s the matter of honoraria.
Br. Bopp t e l l s me that he thinks a fee of $100
might v e i l be provided for Br. Vood. If one
expert i s to be paid> wouidn f t i t seem better
that the other two should also be paid? Mr.
o
-2-
Woodward agrees that $100 for each of the three
would be in order. If this iceets your approval,
we will go ahead on that basis,*
On November 1, 1954 you approved that plan,
the matter In question now i s whether, in view of
the fact that two conferences, not one, have been held, the
consult&nta are each to be paid $100.00 for the Sfovember
conference and $100*00 for tie January conference (vhich i s
Mr. Woodward's understanding), or $100,00 for the entire
undertaking (which -was my assumption) • thus far, no checks
have been sent*
A new factor which you may vttftt to take into
account i s the expressed desire of Committee members that
other conferences of a similar type be held later* Under
those circumstances, we would appreciate not only a decision on the matter of honoraria in recognition of work
done, but also an indication of policy for the future*
Very sincerely yours,
6
Mildred Adams
Mr* Allan Sproul
33 Liberty Street
flew York 45, *». I.
c*c* - Mr* Woodw&rd
^
COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
33 LIBERTY STREET, NEW YORK 45, NEW YORK
TELEPHONE: RECTOR 2-5700, EXTENSION 286
ALLAN SPROUL, Chairman
With cooperation of
W . RANDOLPH BURGESS
ROBERT D . CALKINS
F. CYRIL JAMES
WILLIAM M C C . MARTIN, JR.
WALTER W. STEWART
DONALD B. WOODWARD, Secretary
THE BROOKINGS INSTITUTION
722 JACKSON PLACE, N . W .
WASHINGTON 6, D . C.
MILDRED ADAMS, Research Director
February 2, 1955
Personal and Confidential
Mr. Donald B. Woodward,
c/o Vick Chemical Co. ,
122 E. 42nd Street,
New York 17, N. Y.
Dear Don:
Enclosed for your information is a copy of a letter
which I wrote to Cyril James today, after talking with you.
Yours faithfully,
Allan/Tproul
Enclosure
Committee on the History of the Federal Reserve System
February 2, 1955
Personal
Dr. Cyril James,
1200 Pine Avenue,
Montreal 2,
Canada*
Dear Cyril:
Your letter of January 30th spurred on my hope a that you
will find a way to undertake the task which we have been discussing in the
Committee on the History of the Federal Reserve System. You must have
sensed, at the recent Princeton meeting, the enthusiasm of the members
of the committee for this solution of our most important problem* It would
raise the whole undertaking to the level to which we have aspired since the
beginning, without being sure that our aspirations could be realized*
A* you know, the committee has not gotten down to the question
of a possible salary in the absence of decision on the man. I can only give
you a. personal opinion, therefore, which is ail that you asked me to do. My
thinking as to salary has tried to take into account the range of the problem,
the qualities of mind needed to deal with it, the satisfactions and rewards of
the work itself and the relative freedom of its pursuit, as well as the amount of
funds available for our project* It has seemed to me that we could commit ourselves for five years at an annual salary in the neighborhood of $18,000 to
$20,000 a year,
I hope that this expression of personal opinion will be helpful
to you in your consideration of the problem* At the same time, I would urge
most strongly that, if the project finds favor with you, on balance, apart from
the question of salary, you talk with us about it before coming to a final decision*
You will remember that Walter Stewart, Bob Calkins, Don Woodward and I were
authorised by the full committee to discuss various possible arrangements with you*
With best regards and high hopes.
Yours sincerely,
Allan Sproul
H,
February 2, 1955
Miss Mildred Adams
Committee on the History of
the Federal Reserve System
33 Liberty Street
New York 45, New York
Dear Miss Adams:
Last summer, in anticipation of the time when
we might have to give a title to the historian on the
Federal Reserve study, the Executive Committee
established your title as Executive Director, and that,
I believe, was the title we specified in your appointment letter for this year- I would suppose that we
will need to give the historian the title of Research
Director or Project Director. I mention this because
I note that on the stationery you still have your title
listed as it was under the preliminary project. You
may wish to catch this when stationery is printed the
next time.
Sincerely yours,
President
cc: Mr. Donald B. Woodward
COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
33 LIBERTY STREET, N E W YORK 45, N E W YORK
TELEPHONE: RECTOR 2-5700, EXTENSION 286
ALLAN SPROUL, Chairman
W. RANDOLPH BURGESS
ROBERT D. CALKINS
F. CYRIL JAMES
WILLIAM MCC. MARTIN, JR.
WALTER W. STEWART
DONALD B. WOODWARD, Secretary
MILDRED ADAMS, Research Director
With cooperation of
THE BROOKINGS INSTITUTION
722 JACKSON PLACE, N. W.
WASHINGTON 6, D. C.
February 1 , 1955
Dear Don:
After a great deal of courtly correspondence which mostly
ran around in circles, we have finally struck pay dirt in Canada.
Mr. S. R. Noble of the Royal Bank of Canada, who is now retired,
sat himself down and wrote a five-page letter of introduction and
explanation of a whole group of speeches and memoranda which he enclosed. Most of them concern the banking and financial crisis of
the early 30fs, and so far as I can see by rapid scanning, they all
look highly critical.
I had begun to think that everybody who was giving us
any information had reason for so loving the Fed that we would
never get an outside point of view. Here, for the first time, we
get really cutting and informed criticism. It is a great help,
and I am ever so grateful to you for keeping me at it.
Best ajai always,
Mildred Adams
Mr. Donald B. Woodward
Vick Chemical Company
122 East 42nd Street
New York 17, N. Y.
COPY
COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
January 31 f 1955
Dear Mrs, Cluett:
I am delighted to hear that you will be able to make a
second ran of the Carter ttl&3s inventory s.nd th&t you c&a
do i t so quickly.
The paper used in the f i r s t run i s entirely satisfactory.
According to Dr* Kincaid's notes, i t cost $.12,00 per 10,000
ahedts* Since there will be expenses in connection with
shipping the OORpletftd inventory to itv York as well as for
suppides, I shall ask the ttrooklngs Institution, vaich acts
S3 our disbursing a^ent, to send you an advance of $20#00,
When the job ig co/npleted, v i l l you pleese send, us a record
of a l l your expenses and of the time you have spent, I
enclose a sheet on which your time may be recorded.
I t i s good to itnow that we shall soon have ixore copies
of this valuable Inventory* I a?s aott grateful to you for
undertaking the job.
Sincerely yours,
Mildred Adans
Mrs. Maxwell Cluett
Department of Economics
University of Virginia
Charlotteaviile, Virginia
c.o. - Mr. Sasl^oa Akers
Mr. Donald Vrx>dvardv/
COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
Inn
m^.17 29 ^ 1955
Meeting Convenes* Hunt Eoam - Mr* Sproai, Oaaixiaaa
Fii*st Anniversary Progress Report (Janiuiiy 17, 1954 - Janu&iy 17, 1955)
(at hand - aeeds mention
to be turaed over to Dr*
ooon Adjourn for Luncheon (20 minute recess while Hunt
ROOJS
i s re-set)
12t2Q o»m» Luncheon, Hunt Hooui
p*ffi^, Coaaiitteo Heeta for Business Session in 2nd Floor Sitting Room
p.g«
Resiasption of l^iscussion Conference with Consult&nts
D>BI«
Sisaa&iy Statement froa the Cotamittee Chaiitnan
Adjounsaent
c
o
COMMITTEE O N THE HISTORY OF THE FEDERAL RESERVE SYSTEM
BUSINESS MEETING
Frinceton Inn
January 29, 1955
1:30 P»m, Committee Meeting Convenes in 2nd Floor Sitting Room,
Mr. Sproul, Chairman
Minutes of last meeting (distributed 12/2/54- by mail)
Report of Executive Committee actions, December 28, 19541. Policy decisions on collections of papers discovered
a» Overall budget to be framed
b. Deposit to be recommended in Library of Congress,
regional university or Columbia
c#
Appropriation of #500 for experimental group
interviews to be led by Dr# Stevart
2. Compilation of rated list of possible historians as
suggested by Committee members and vinnowed by
Executive Coaanittee (list appended)
Discussion and decision on historian
2:30 P»m» Meeting Adjourns
2xL0 p»m. Resumption of Meeting -with Consultants
COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
ill order of rtfclag accorded th«* by cospoaite ehoice
John V* Liatner
?&ul W* HeGreaken
#« Hamiltoa
S t l l Jftcoby
E* A« JT# Johnson
Fr&ok ¥• Fetter
COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
January 28, 1955
Bear Hr» Sproul*
lou may remember that at the l a s t Executive
Coffiaittee meeting i t was suggested that I talk idth Bean
Courtney Brovn of the Columbia University Graduate School
of Business Administration, with a view to finding out
idiether Columbia would like to have us recaasmend their
library as a depository for certain collections of papers
that touched on th® Federal Reserve history project.
I went up to see Bean Brown on Monday of this
week, January 24th• He had asked Dr» Haggott Beckhart to
join us, and for half an hour I told those %vo of the
progress of this project, pith special reference to the
location of papers and the problem of making them availsable for the use of qualified students.
Their attitude was somewhat skeptical in the
beginning, but as i t became a, parent that there were geeis
s t i l l unassigned (the Parker Willis papers, for example),
they grew more receptive to the idea thet i t Eight be a
good tiling for Columbia to pey more attention to finance
in i t s so-called "Special Collections" division.
Incidentally, that division i s the piece -where
the fruits of Br# Sevins1 Oral History Project &re deposited* lou probably know that the l s t e James F. Curtis,
one-tisie General Counsel of this Bank, i s one of the very
few bankers who have taken part in that program. They
have been negotiating vith Shepard Morgan, but thus far
without result.
At the end of the interview Dean Brovn asked
me to tell you that Columbia would be very glad to have
us recommend them for the type of collections of financial papers "which w© had in mind. Obviously thie must
be followed up vith & concrete recommendation, and
preferably of good quality, but at least the door ia
open.
Most sincerely,
Mildred Adams
Mr* Allan Sproul
33 Uberty Street
Hew lork U5$ *• *.
ctc» - ¥• Randolph Burgess
Robert D. Calkins
Donald B. Woodward
COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
Jmu&ry 21, 1955
fQi
Messrs,
Axl&n Sproul f
¥« Randolph Burgess
Bobert B. Calcins
F* Cyril JettM
Viiiisa MoO. Martin, Jr«
Vslttr i« Sthwart
Joseph H. Wlliitu
,
Bon&ld 3* Woodward, Secretary
Xou Kill rramb«r t h a t eft#r th« mating of bu&da/, Moveaber 21, 1954
the Co£$ii.tt&$» the three eonroltants (&r« Bopp, Dr» Caaadl#r> Dr# Wood)
on Monday, HoT«eb#r 22 to disevue questions rsle«d «&d suggestions ms4«
during the Sunday conf«r#aee. At ttiet tl^« # th«y drsftat? a a^§orfen4ws outline
evised ftflw stuw^y, <y&@ to b« pr#s«at*d to the Go^dtt«« for
&t the aeetlnu oa J&nu^jfy 29th*
the original ftiia vna • pr»H&in«r7 d&ouctnt \6ile2i voald s«rre both
ss » definition of wnat the C<9as<t#e &««n* liy « cc^jrebtasive history of the
Federal Eeserve %stes and an outline for i t s vriting*
outline i » presented us • yos^i atteiapt to s$rf*
Were M s Intended as a finished product, the consult*nts might h«Te
eest uh*t, in nose sections > seem to be eondusions Into the form of questloan
to be explored. They do sot vish to imp^ose t h e i r ideas on the ultimate h i s torium^ but they do feel that ft teft&le focu® of tJie eottprehentlvv history should
be the dev#lojm*nt of lde«s« Within t h e i r H a i t i of Hat and space, tiM best
they eoul do -m® to i l l u s t r a t e \rii&t they hed in Kind* Tae historian ®t
say find thet ideas actually developed r*r? differently frost th$ v«y l a
the outline HE presented i s designed to j.<ravoke* not to end, ,
iiion. The consultants hope th«t the Ceeadttee will so teeept I t , and proceed
accordingly 4
Mildred
Bese#reh Director
SOME ASPECTS AND PURPOSES OF THE
COMPREHENSIVE HISTORY OF THE FEDERAL RESERVE SYSTEM
General approach and purposes
A.
Some of the major objectives of the Comprehensive History
1.
To gather and preserve all relevant information about the Federal Reserve
System that could possibly bear on the evolution of the structure and
functioning of the System.
2.
To present a comprehensive analysis from an evolutionary point of view,
tracing the development of ideas and showing the interrelationships of
social attitudes, social and economic events, pressure groups, and personalities on the structure and functioning of the System.
3.
Some things to be given special attention
a.
4.
B.
One of the central interests of the entire study should be the
methods and terms on which money has been made available to the
banking system and the economy as a whole» This would include,
of course, all major changes in the methods used, such as discounting and open market operations o But it would also give
adequate attention to changes of policy represented by changes
in methods of administration even though there was no change in
the broad method of providing or extracting funds. This would
require adequate attention to the whole question of location of
control, the methods of administration, and the development of
ideas by those who make policy,,
Things to be avoided
a.
This should not in any sense be considered an official history
and the writer should feel perfectly free to criticize, evaluate,
and interpret.
b»
It should not be financial history in the narrow sense but should
be a social history, giving due emphasis to intellectual and political, as well as the narrower economic and financial, philosophies
and events.
Some of the specific topics and events that might be considered
1.
The backgrounds of the Federal Reserve System
a.
This should include a detailed analysis of all the conditions and
thinking that led to the movement-for financial reform and that
influenced the form of the legislation finally enacted. This
would include not only the legislative history and the conflicts
in the Government accompanying the consideration of the legislation but should also include a consideration of the existing
international monetary and financial relationships, the nature
and structure of our own economy, the conflicts over broad
economic policies, the structure and functioning of our "banking
system, the economic theories underlying the various proposals,
and the personalities that were involved in the whole movement.
b.
2.
Period of organization and growth - November 1914 to April 1917
a.
3.
4.
A similar study relating to the organization of the Federal
Reserve Districts, of the Federal Reserve Board, and of the
Federal Reserve Banks before the banks were actually opened
for business.
The whole process of determining the structure and organization
of the Federal Reserve Banks, the selection of personnel for the
Federal Reserve Banks, the division of control between the Federal
Reserve Board and the Federal Reserve Banks, the location of control within the Federal Reserve Banks, the process of arriving at
decisions as to the appropriate objectives of the Federal Reserve
Banks for the longer run and for the existing situation, and the
relationship between Federal Reserve operations and American
foreign policy. Worthy of special consideration are not only
longer term growth considerations, such as, building of the prestige of the System, but the desirability of making earnings in
order both to build prestige and to attract members.
War and inflation - 1917 to 1920
a.
A comprehensive analysis of the entire war financing program and
of ideas relating to it and the relationship of the Federal Reserve
to the whole process,, The effect of the prevailing economic theory
on the types of assistance given by the Federal Reserve to both
public and private financing.
b.
In addition, adequate attention should be paid to such things as
the effect of the war period on membership in the Federal Reserve
System, the prestige of the Federal Reserve System, the relationship between the Treasury and the Federal Reserve, the tendency
to concentrate power in the Federal Reserve Bank of New York, the
subordination of the Federal Reserve Board in dealing with monetary
problems, the growth of relations with foreign central banks and
governments, the impact of this experience on the earlier philosophy
of the Federal Reserve Act and of Federal Reserve policy, and contemporary ideas as to later developments.
The Federal Reserve and deflation - 1920 to 1921
Analysis of events during period and of Federal Reserve policies.
A satisfactory treatment would include not only actual Federal
Reserve actions but a close scrutiny of the changing role of
Treasury financing, of basic philosophy and theory of the public
at that time, and of the Federal Reserve officials. It would
also include a detailed analysis of the process of decisionmaking and of the theories and objectives, explicit or implicit,
of those who engage in the process.
5.
The search for appropriate peacetime organizations and policies 1921 to 1929
This period will have a number of themes and subthemes which
are sometimes woven together and sometimes not. Among the major
problems were the following;
a.
The struggle toward a basic philosophy of central banking: the
conflict between the old commercial loan theory which would have
prescribed a passive approach and the theory of positive control
which would often require actions directly in conflict with those
appropriate to the commercial loan theory.
b.
Changes in the methods of business financing and their impact upon
the character of commercial-bank earning assets and upon the volume
of brokers' loans. The need for secondary reserve assets as a
factor in the growth of loans from non-banking lenders to the
market.
c.
The role of gold in the System: the continued allegiance to the
international gold standard as an ultimate ideal, coupled with
actions that were, at least in the short run, in direct violation of the rules of the gold standard game but sometimes with
the intent to reestablish the gold standard internationally.
d.
The frequent conflict of more immediate guides or objectives:
the objective of reestablishing an international gold standard
and of promoting recovery abroad, the accommodation of commerce,
industry and agriculture at reasonable interest rates, a positive policy of stabilizing business conditions, price stabilization, the development of New York as an international financial
center, the control of speculation on the stock exchanges,
e.
The evolution of instruments of Federal Reserve policy: changes
in both the techniques and relative importance of instruments such
as the discount rate, moral suasion of various types, open market
operations, international stabilization credits, development of
the "factor analysis" of the money market - member bank reserves
and related items. This investigation will necessarily involve
the procedures for arriving at decisions and the location of
control.
f.
The process of decision-making and the location of control: this
analysis will highlight the fact that the original theory of the
Act - that there would be at least the possibility of separate
credit policies for the various regions - came under closer scrutiny and was accompanied by many conflicts between the principles
of centralized control and of regional autonomy. This involved
not only the division of decision-making and control between the
Federal Reserve Board and the regional Banks, but also the question
as to whether and to what extent a centralized control should be
exercised by the Federal Reserve Board or by centralized associations formed by the regional Banks. The weakening of the influence of the Federal Reserve Bank of New York and the increase of
the influence of the Federal Reserve Board following the death
of Strong.
6.
Federal Reserve actions in a period of deflation and breakdown 1929 to 1933
In analyzing this period the following important things should
be stressed and interrelated:
a.
The prevailing philosophy of the public at large, the Government,
and Federal Reserve officials as to the responsibility of the
central bank and of the Government in dealing with conditions in
such a period„
b.
"Sound money" beliefs carried over from pre-1914 days that "currency manipulation" should not be used in an attempt to bring
about revival, overlooking the fact that a currency must necessarily be managed with respect to some criteria of stability when
it is no longer managed with respect to the gold reserve.
c.
Lack of grasp of America's place in the world financial structure.
Belief that the United States must adjust to world monetary conditions and could do little to determine them.
d.
The persistence of the belief that the United States could take
no positive action to halt deflation even after the international
gold standard had ceased to exist and most countries of the world
had adopted national currency policies. International developments
such as the cessation of foreign loans, international financial
panics, breakdown of gold standards, wide changes in exchange
rates, etc.
e.
Business cycle indoctrination which stressed the idea that the
forces of depression were fundamentally nonmonetary and that
monetary measures could play little part in bringing about
recovery.
f.
On the other hand, there was a latent tradition, sometimes
referred to as Bryanism, that monetary action was vital in
restoring prosperity. But the monetary procedure contemplated
was not primarily central banking procedure.
g.
The tradition of business cycle theory that depression was healing
and beneficent and not degenerative and leading to crack-up„ This
tradition regarded deliberate monetary expansion to shorten the
"recuperative" period as harmful.
h.
But with the deepening of the depression, the growing popularity
of the belief that there were inherent forces in a capitalistic
society making for stagnation and blocking the technical possibilities for much higher living standards. This point of view
looked toward fundamental changes in the rules in the economic
organization for the most part rather than monetary procedures.
i.
The decline in availability of bankable assets as the depression
deepened, indicating the vulnerability to contraction of a monetary system that issues money against debts. The vicious circle
of monetary contraction and the decline in the safety of debts
5
and the willingness to go into debt except by distress borrowers,
proneness of American "banking structure to failure, role of restrictive legislation, such, as the collateral requirements behind Federal
Reserve notes and restrictions of eligibility of paper for discount.
The resulting lack of responsiveness of the economy to central banking
measures for expansion.
j.
7.
The diminishing tolerance of the economy for severe liquidation.
Federal Reserve policy from the banking crisis of 1933 to our entry into
World War II - 1933 to 1941
The treatment of this period should trace the disillusion of the
public and the despair that existing thinking and institutions
could provide an adequate solution. It would combine a discussion
of actual Federal Reserve policies with a description and analysis
of the very important changes in the legislation relating to the
Federal Reserve System. It would try to trace out all the lines
of development that culminated in actual or proposed changes in
the basic law and in the actual structure and operation of the
System.
Early Recovery Period
a.
Belief that monetary measures must be mainly outside central
banking procedures. (Preparation for the issue of script an
extreme instance of blindness to central banking possibilities.)
Due partly to lack of understanding of central banking; partly
to the loss of prestige of the Federal Reserve during the crisis;
and to the historical traditions regarding money of leading groups
sponsoring monetary expansion. (For instance, looking back to
bimetallism and to greenbacks in the Thomas Amendment.) Establishment of new institutions and procedures, such as deposit
insurance, R.F.C., and so on.
b.
The loss of confidence in business leaders which came with the
collapse resulted in greater receptiveness to reform legislation.
The popular attitude that greed and dishonesty were in great part
responsible for the collapse emphasized the necessity of "driving
the money changers from the temples" and diverted attention from
the monetary aspects of the collapse.
c.
Closely related was the idea that the failure to curb speculation
by denying credit to speculators specifically was an important
cause of the collapse. This belief led not only to reform legislation, but to the search for selective monetary controls; and
it made central banking policy very sensitive to a rise of stock
prices down to the present day.
d.
The continued misunderstanding of the place of the United States
in the world financial structure was evidenced by some attempt
at competitive devaluation. The problem of providing dollars
was complicated by the protectionism of strong pressure groups.
Later Recovery Period
8.
a.
Abandonment by the Administration of monetary action as an important means of increasing general demand, and greater emphasis upon
fiscal policy, increase of farm income, and upon raising wages and
other labor income by nonmonetary means.
b.
Foreign totalitarian influences on methods of maintaining prosperity.
In such ideology central banks were mere agents through which governments exercised naked power.:'.'.Liquidity as such was not viewed as an
important means of regulating money outlay. The central core of
their mechanism was power itself-
c.
Drop in interest rates to low level as the result of historical
accident rather than deliberate action. The drop in long-term
rates welcomed by the Federal Reserve. But the large excess reserves, which were mainly responsible for the drop, regarded as a
potential danger of inflation. This fear of inflation in the midst
of semidepression characterized the attitude of the Federal Reserve
until Pearl Harbor.
d.
The shift in influence over monetary policy toward the Treasury.
In part this was due to the new powers of the Treasury over reserves directly, but mainly it was due to the influence acquired
by the Administration during the crisis and to the loss of prestige by the Federal Reserve during the depression and crisis.
e.
The policy of maintaining "orderly markets" in government securities materialized during the restriction of 1937* Though this did
not imply pegging of rates, it marked a definite change from the
ideas of the twenties, when short rates were supposed to be varied
with respect to business conditions. After 1937 the Federal Reserve
realized they would allow rates to drift within wide limits and
would intervene only to prevent sudden changes. The Federal Reserve
seemed by many to have become merely a check collection agency.
This policy of drift was partly the consequence of the unfortunate
events following the experiment in tightening in 1936-37-
f.
Pegging the Market: The policy of maintaining "orderly markets",
though not at all contemplating the pegging of rates, prepared the
way psychologically and developed a procedure for pegging. (The
market became accustomed to the Federal Reserve's interventions
for the purpose of affecting security prices as such.) The
Treasury had decided on pegging many months before Pearl Harbor.
The Federal Reserve did not object to the 2-l/2 per cent ceiling
on the long-term rate, but objected to the rigidity of the pattern.
The Federal Reserve Bank of New York would have preferred a higher
long-term rate, but did not advocate raising the ceiling in the
situation existing when the rate was pegged.
Federal Reserve policy during World War II - 1941 to 1945
a.
A thorough description and analysis of the role of the Federal
Reserve in World War II finance should stress the contrast with
World War I. The contrast should include differences in basic
7
philosophies as to the function of the Federal Reserve, differing
techniques of supplying necessary money, differing philosophies
as to the proper behavior of interest rates, differing reliances
on monetary policy, fiscal policy, and direct controls, and differing estimates as to the nature of the problems which -would have
to be faced after the culmination of war.
9.
b.
Some important changes arising out of this period: the tremendous
increase in the national deb:., the practice of pegging the price
of Government securities, the shift of policy-making to the
Treasury, the proof that a central bank can control interest
rates, changes in the law to facilitate Treasury financing.
c.
The Federal Reserve position was that credit expansion was inevitable during the War and that it was inflationary, but that raising
rates would do little to prevent the expansion.
The search for appropriate peacetime organizations and policies - 1945
to 1954
This should include a contrast between the search which grew out
of depression and the search which grew out of inflation. Very
important background materials for a consideration of this period
would include the continued fear of depression in the midst of
inflation, the general demand that all the powers of Government
be employed to prevent the recurrence of serious depression, the
emerging popularity of fiscal policy as an instrument of economic
stabilization, the widespread disillusionment as to the power of
monetary policy to deal with unemployment and inflation, the
greater tolerance of the public for direct controls as a means
of obtaining objectives and its equal willingness to see their
abolition at the earliest possible moment, a search for extension of powers to reconcile expanding money supply with control
of inflation, support of the securities market with control of
inflation, development of the concepts of rigidly controlled
markets, free markets, and flexibly controlled markets.
Karl R. Bopp
Lester V. Chandler
Elmer Wood
January 14, 1955
COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
33 LIBERTY STREET, N E W YORK 45, N E W YORK
TELEPHONE: RECTOR 2-5700, EXTENSION 286
ALLAN SPROUL, Chairman
With cooperation of
W. RANDOLPH BURGESS
ROBERT D. CALKINS
F. CYRIL JAMES
WILLIAM MCC. MARTIN, JR.
WALTER W. STEWART
DONALD B. WOODWARD, Secretary
MILDRED ADAMS, Research Director
THE BROOKINGS INSTITUTION
722 JACKSON PLACE, N. W.
WASHINGTON 6, D. C.
January 20, 1955
Dear Don:
The enclosed letter from Miss Maroney poses questions
for which I have no answer. It is my clear memory that Dr.
Calkins simply set a lump sum when we were making up
the budget and at no time did he give us any breakdown.
Of course, you have been in, as a trustee, on the
other side of the question and you may have some light to
shed on it. Otherwise I would think it represents a
problem to be solved inside Brookings.
Sorry to bat this up idiea you. are so busy.
Best aar/lvays,
(JUJ
Mildred Adams
Mr. Donald B. Woodward
122 East 42nd Street
New York 17, New York
o
TRUSTEES
HONORARY TRUSTEB9
ROBFKT PERKINS BAM
MRS ROBERT S BROQKINQI
JOHN 1EE PRATT
BROKINGS WALLACE
WILLIAM It MGGt. Chmrmmt
HUNTINGTON GH HRIST. Vic* Chwrmm
ARTHUR STANTON ADAM*
DANIEL W. BELL
ROBEJtT D CALKINS
LEONARD CARMiCHABL
WILFRED L GOODWTN. JR.
JOHN W HAKE*
LEWIS WEBCTER JONES
JOHN E. LOCKWOOD
1 EVERETT LYON
ROBERT BROOKING* SMrTH
LAURENCE F. WH1TTEUOKE
DONALD B. WOODWARD
OFFICERS
•• tBFRT D. CA1.KIMI
6, tB- C
Priiidtnt
MILOMD MARONBY
TV,
7 * 1 JACKSON IH.ACI. N. W.
ELIZABETH H. WILSON
tmttmi
SHELDON B AKIM
txaeutivt Uanagm
January 18,
Miss Mildred Adams
Committee on thi History of the Federal Reserve System
33 Liberty Street,
Hew Terk 1*5, New York
Dear Miss AdajsB:
The statmMnt requested in your letter of Dtcwi«bor 2 2 will be
ready for you as soon as we receive the b i l l from the B«nk for Deceaser.
This tas not reached us; or at any retf i t has not yet crosses' ay desk.
Also,
for overhead which
of operation ended
no budgetary basis
bo indicated, with
field.
I have an unresolved problem with ]<
respoct to the charge
should be Bade for the period,
or the first period
June 30, 195U, ••• onitted any such charge as there was
for i t and, in a l l fairness, i t did not seen to so to
the bulk of expenditures for the project occurring in the
Meanwhile, our Trustees haws indicated in principle that a l l
project costs should include an allowance for Brookings Institution overhead,
but we have not yet evolved uniform rules for application of this principle.
In •<
, where the projects art conducted largely within the Institution, Dr. Calkins has indicated a change in ratio to total expenditures, and
in other oasos an arbitrary figure.
The budget for the Fedort.1 Bsserve project, for the current
fiscal year, indicated total eapenditures o f $£3,325<~of which $3,000
represented "Brookings espouses rind overhead." The total also included a
contingency figure of $15,000,
On the basis of the u t i e between
$3,000 and $3£,325, i t appears to ae that the overhead charge was probably
intended to bo about 8-1/2% of total actual expenditures,
Po you happen to know whether that was the intention?
Also, was i t intended that the overhead allowance should be
inclusive. *r exclusive of Brookings institution expense*?
If the fenatr,
which Brookings Institution expenses?
The charges which we have had
hero inoln
•* salary allocations, ma / from Dr, Calkins and the stoao
pool, which I presume though I do not know the facts have a substantive
rather than an administrative connection *ith the project.
Other charges,
apart froa salaries in Now fork and contract payments, involve travel
and miscellaneous expenses such as supplies, equipment and so en,
Since
these charges are accumulated by objects or nature of expenditure rather
tham by the point at which they wore incurred * wo would have to break them
-2-
down in order to separate reimbursements to the Bank and the N#w York staff
for purposes of applying our direct expenses to the provision for overhead*
This can of course be done if necessary. First, however, i t seems
to me that we ought to get a clear understanding of what was or is intended to
be done with respect to this whole overhead matter*. Indeed, I do not see how
I can supply an accurate statement of costs to date until this has been done.
T don't believe I ought to proceed solely en my own initiative.
If, as I suspect, i t nay take sons tiae to work out thi« problem,
wt could of course ignore the overhead charge at this time and pick up the
charge for the entire fiscal year on June 30 next*
This woul
^rfectly
satisfactory to me, provided i t is understood by all the parties that this
item is not included on current statements*
Yours sincerely,
Treasurer*
Committee on the History of the
Federal Reserve System
iln / f s-
REMARKS
HARCOURT, BRACE AND COMPANY, me.
PUB
LISHERS
3 8 3 MADISON AVENUE, NEW YORK 17, N.Y.
January 15, 1955
Mr. Donald B. Woodward
Committee on the History of the
Federal Reserve System
33 Liberty Street
New York 4.5, N. Y.
Dear Mr. Woodward:
As Miss Simpson has written
you, your letter of January fourth to Mr.
Scott has been sent along to my desk. We
are most grateful for this interim report.
If further talk about books, publishing,
authors, or advisors would be useful, please
call on me at any time. Certainly I thoroughly
enjoyed that stimulating lunch with you and
Miss Adams some weeks ago.
RECEIVED
JAN 1 7 195!
COMMITTEE ON THE HISTORY
OF THE
FEDERAL RESERVE SYSTEM
Sincerely
j.H# McCallum
C 0 P I
o
Miss Mildred Adams,
Research Director; The Committee On
The History of The Federal Reserve System,
33 Liberty Street, New lork 45, New York.
Dear Miss Adams:
Mr. E. A. Valton, The Economic Adviser of the Bank
of Montreal, Montreal, has sent me copies of your letter to
him of November 30th and of his reply of January 10th, 1955.
To my keen regret, I fear my memory would contribute
little to your project. During the 1930s, my midnight lamp
shed its feeble rays over new legislation on banking and central
banking in United States; on books relating thereto that might
be published*
Those feeble rays would have led me into many a
blind alley had I not been able to consult senior officers who,
having been eminent in the banking hierarchy during the preliminary and initial phases of the Federal Reserve System, were
au fait with its background and philosophy.
Of those wise counsellors who remain from an earlier
day, all are available to Mr. Walton for consultation. As to
authorities in Canada who might know of "research deposits," it
seems almost certain that Doctor F. Cyril James of McGill University, who is a member of your Committee, will have submitted
to you such names as occur to me, namely:
(a) The Secretary of the Canadian Bankers1 Association,
43 King Street West, Toronto 1, Canada.
(b) Mr. Gilbert Jackson, UU King Street West, Toronto 1.
He has been, inter alia, economist of the Bank of
Nova Scotia, Toronto, and Bank of England.
(c) Mr. Wynne Plumptre: His present address is not known to
me but a letter to him in care of the Department of
External Affairs, Ottawa, would, I think, be forwarded.
He had acted as Secretary of the Royal Commission of
1933 on Banking and Currency in Canada and is the author
of several works on Central Banking.
With all good wishes for the success of the Committee's
undertaking, I am,
lours faithfully,
H. A. Craig
North Gower, Ontario
Canada,
January 13th., 1955
/A.
'
/
o.o. Mr. Don«4g^B.\5<g0aw«td
JAN 12 1955
COMMITTEE CN THE HISTORY
OF THE
FEDERAL RESERVE SYSTEM
Tenth
January
1955
Dear Miss Adams,
I have taken some time in showing your
letter of November 30th to a number of my colleagues in the Bank and discussing it with them
in the hope of bringing to light some out-of-theway material about the Federal Reserve System as
a contribution to the useful work of your Committee, but I am afraid that my efforts have been
without fruit. Our Library has been unable to unearth anything except the familiar published
sources and those to whom I have spoken can recall nothing that would shed new light on the history of the System.
As one further avenue of enquiry, however,
I am taking the liberty of sending a copy of your
letter to Mr. H.A. Craig, a formerfoffiger of the
Bank who is now retired and living at North Oower,
Ont. Mr. Craig was, I know, deeply interested in
the Federal Reserve System in the years preceding
and following the inception of Canada's Central Bank
in 1934 and it may well be that he will have something to contribute by way of memoirs or unfamiliar
material towards your project. I am asking him to
reply to you direct.
With regrets that I cannot be more helpful and wishing you every success in your undertaking,
X am,
Yours very truly,
/
E.A. Walton
Economic Adviser
Miss Mildred Adams,
Research Director,
Committee on the History of the
Federal Reserve System,
33 Liberty Street,
New York 45, N.Y.
o
January 10, 1955
MissMildred Adams
Committee on the History of
The Federal Reserve System
33 Liberty Street
New York ii£, N.T.
Dear Mildred:
When she was here for the Columbia University affair, I
had Barbara Ward to lunch with John Sinclair at the National Industrial
Conference Board in the interests of possible future engagements. Within
the last week after a long stretch of time a possibility has arisen
indirectly from that discussion for some possible work for Barbara,
Should she still be addressed at Ryder Street or elsewhere do you know?
Cordially,
DBWtlw
CC* Mr.Wooclwird
Incentive Institute File
Beeaafeer 30, 1951*
Miss Barbara yard*
C/0 The Kconoffiist
it tytler Street
London, S*W.
England
Hy dear Miss Fardt
I am a close friend of Hr. John Sinclair, rresident of The Matioaal
Industrial Conference Board* Some time ago you lunched with Mr, Sinclair
and jour mutual friend Mr. Donald Woodward, In discussing your recent splendid
book, "Faith and Freedom1* with Mr* Sinclair, he referred to his luncheon with
you and Hr* Woodward and thus I ease to maet Hr, Woodward.
1 discussed the several articles that I have published and an about to
publish which approach the field of capital formation as an economic device and
also as a method of achieving the higher degree of social integration* I renarked to Mr* Sinclair and Mr. >Joodward that your book and your other writings
really take off from where my work stops* After analyzing the economic effect
of profit-sharing and similar devices you go into their spiritual shortcomings
and some of the steps which need to be taken to complete the picture of full,
material, eaotional tud gplritoal fulfillment upon an individual and group
basis*
I enclose herewith copy of an article written for the Harvard Business
Review entitled the * Joint Capital trust11 another paper done for The Federal
Tax Forum on "laployee Foundations* and a draft of an article to be entitled,
"Job Funds1*.
Mr. Woodward has read these articles and agrees that they venture into
the technical aspects at a concrete business level in Much the saae fashion as
you approach these natters abstractly*
There is a very good possibility of securing for you. foundation support
for a project in this general area* tfcr this I wean, a research and educational
project studying the economic, social, emotional and spiritual implications ©f
various capital formation devices, particularly those of a joint nature*
Should you care to give lie sor/se rough idea of any research and educational
project that may come to your mind from this material and a further indication
of what the budget on such project mi#it be and the elapsed time involved, I
will be glad to discuss the matter with our supporters and communicate with you
further*
Of course, should you be coming to the States, I should be very much
obliged if you could try and crowd some time in for a personal discussion of
the matter* !fy Hew York address is 515 Madison Avenue* Incidentally, Jfr* Robert
Kenyan who dew some work for the Economist in this country is a friend and associate
of mine* With every good wish*
QSthf
Very truly yours,
/s/ Gustave Simons
o
COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
January 7, 1955
Allen
¥• Ktadelph Buxgest
i&bert J>#
MeC. Xtrttflf
Vslter V. Stewtrt
3, Willlti
i s to f
Its thrtt
for
resiader ffeft* the Ccmdttee1* seeosd
t t th« Pri»©#t®o
to be
dinner
on
to
seat i i th« Inn far a
©f th* rmport of
of tb.t Cou&itt«tf to consider
th« cholc# ©f *n hlstorlaa*
consul tan t s , but a.iso a
th« report of
to
the seating at th« lam
wlXX b# gX»5 to make
*sk#d to
sight
*dth Mi as Ada® 8
A# fc.t the %®*mbGr setting f the CoaaBittee v i l l ch&ng# i t s e l f
aXX ©os-ts, ineludiog twjatp^rtttioa, X©4giag vlitn iresfneated,
, ^tc# BiXia *t the Pytaeetoa Ixm MX be z*mtev*6 direct t©
Mi®® idtmgf and a «t*t«Bkent cf jo«r trsa2pQrteti®a eests fdiould go to
her fsr the approprl&te refund*
lours until the 29th*
January 7, 1955
Miss Mildred Adams
Committee on the History of the
Federal Reserve System
33 Liberty Street
New York 45, New York
Dear Miss Adams:
I think your Minutes of the Executive Committee
meeting are excellent. I would suggest a change in the
last paragraph from the "Executive Secretary** of the
Rockefeller Foundation to the "President.**
Sincerely yours,
President
cc: Mr. Woodward /
COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
January 6, 1955
tO* Messrs. Eobert D* Calking
¥<er W«, Stevart y
Donald B. ¥oodvsrdv/
In discussing preparation of the agenda for the meeting
of Febru&ry 4, 195&, Mr* Sproul asked that tha Sid>*OoMsittee on
Honogrmphe »®ke to the full Coaaittee a report on the two meetings
held June 22nd and July 21st, 1955* at Princeton,
Dr. Calkins has consented to present that report, but
he asks that a draft be circulated in advance so that he ma^ have
the benefit of cosment froia other members of the Suh~Coamittee,
The enclosed draft its & sianaary of Minutes find
made et the time, circulated then, and subjeet to later correction*
If you vould ©QM any changes or comsents to this office as soon as
possible, and certainly by January 13th, we v i l l coordinate them
here *nd forvsrd them to Br« Calkins for final editing.
Mildred Adams
BHAFT
(Ja»w
6, 1956)
COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
Report of Two Hid-sum&er Meetings
of the
Sub-Cosmlttee on Monographs
The $ub-Cowaittee on Monographs* consisting of Messrs* Calkins,
Stev&rt and Woodmrd, held two meetings In Princeton in the months of
June and July, 1955* Their assignment wag "to block out areas of interest,
set the Honograph pattern in order, nominate possible writers and report
i t s findings and recQasmendations to the full Committee."
Enough time has intervened since those meetings so that certain actions there recommended have been carried out* Others will be
brought up for discussion today* The Sub-Comsnittee's discussions and recoiasendations were reported to the chalm&n of this Com&ttee at the end
of the two meetings* They are reported to you now in accordance vith
your request and his*
At the first meeting, on June 22nd, i t was agreed that the
vital thing was to settle on the names of acceptable writers and t i t l e s *
six i f possible, certainly three* With, these in hand the Committee could
go to the Rockefeller Foundation, explain the shift to monographs, and
ask their concurrence*
Before starting to name names, the Sub-Committee discussed
standards to be set, and agreed that so far as age, experience, qualifications of scholarship and writing ability were concerned, "whet we need
Is some more Lester Chandlers.8 As for style, readability and comprehensibility, the standard to be preferred i s embodied in the Monthly
Economic Letter of the Rational City Bank; however, i t vae recognized that
a corresponding degree of lucidity might be difficult for the writer of
a technical study*
As a preliminary move, i t was requested that the Committee
staff, on the basis of material already assembled, prepare two studies*
one on f i l e s , libraries and archival attitudes in the Board end the
twelve Federal Reserve Banks} the other a study of the men who run the
System Insofar as age, length of service, education and previous careers
of Board meabers, top officers of the twelve Banks *n& directors are
concerned* (Both these studies were made and distributed to Committee
members in early September a® additions to the annual Progress and Flans
report*)
Dr. Stewart expressed reluctance to proceed with the framing
of a general plan which could not be made concrete. If, within a few
months, a practicable l i s t which met Committee standards vas not devised,
he would advise retreat on the ground that the field was too barren to
go forward at this time*
D E A F T 1/6/5C
Sub-Coinnittee on Monograph*
- 2 -
Detailed consideration of a long l i s t of suggested names and
monograph t i t l e s resulted in the eccept&nce of three names for exploration as to availability, George Roberts of the National City Bank* R. J.
Saulnier of the Council of Economic Advisers, V. V, Rostov of M«I*?« To
these the name of Howard Ellis vas &&&*& later*
the second meeting .held a month later (July 21st) faced reports
that no one of the first three men vould be available, end that Howard
U l i s was temporarily out of reach.
The Sub-Cosaittee again discussed a considerable l i s t of suggestions* General approval was given some sixteen t i t l e s , but vithout
recommendation for action* (These ere listed at the end of this summary
&n& have mostly been embodied in the memorandum, on monographs prepared
for this present meeting,) Sub~€oamittee members discussed at some length
other courses of action vhich night be recommended to the Committee* I t
that any such recoil ends tion must start with a statement that
because of Br* Burgess* government coamitaaents and the shortage of economic historians free to take a Cosaaittee assignment* the original concept
of a definitive history must be postponed* Instead* the Sub-Committee
proposed a program for the next year to include*
(a) the continuing of archival and efoctsaent&ry projects nov under
vay,
(b) the commissioning of further monographs on various phases of
Federal Reserve history.
(c) the use of a portion of the funds "to stimulate the interest
of qualified younger scholars in a re-examination of the Federal
Heserve, perhaps through seminars and writing conferences at
Brookings on the highest level**
l a siEffiaary, I t should be said that vhile the Sub-Cosmittee
found i t impossible to produce the long-sought l i s t of acceptable monograph t i t l e s and available authors* i t s discussions narrowed the field
and i t s recommendations fora part of the aemoranduB on monographs nov
before you* In addition* i t requested tvo staff reports -which were made
BM placed in the Committee's hands* I t outlined a program of future
action which has in part been carried out and in part (the seminar
proposals) i s before you today*
Writers9 names and monograph subjects discussed with some
interest at these meetings follow*
First Meeting* June 22* 1955
Malcolm Bryan to do & monograph on southern banking against the American
banking profile*
lieckley - a monograph on the legal aspects of the Federal Reserve
Act*
D R A F T 1/6/56
Sub~Go»isittee on Monograph 0
- 3 -
F i r s t Meeting. June 22. 195S (continued)
John Lgn^um. reeoiamended by Dr. Heeton.
Arthur M&raet to do a study of the interactional aspect and operations of
Oliver Powell» vhose studies of closed banks, a&de for a System Committee
never published, might serve as the basis for & new stu4jr«
•R. J . 3&uliiier, -when free of t&e Council of Economic Advieer#«
Bober^s of tae Hationftl City Bank*
. V. Boatcv of M# Z. f.
% i t e to <lo & ftiidy of the Fed, &s a government e n t i t y .
¥oodlief Thoaegs vhoae collected mass of a&terialg on brokers 1 loans i n
early d&j& wovX£ serv« as b&se for t monograph on that subject.
Second Meeting, July 21. 1955
Bank Holiday of 1933| a study of causes and effeeta from 1926 to 1933 in
and on the Sygtea (no author)*
Board-Treasury Relationships (no author)*
Brokers 1 Loans, & 3tudy of - Woodlief ^omaft*
Credit Controls, General and Selective - Carl Parry.
Crises Under the Federal Regerv® System - Peul Sftmoeleon*
••Failed Banks, Their Cause, end the Fed.'g Handling - Oliver Fovell*
Federal Reserve and the Public Interest - Bandolph Burgess.
( t h i s i s the subject chosen by Mr. Burgess i n 195-4)•
dold Foliay and Fr&ctice of the ^yBtea - Mirosi&v Kris*
Intelligence and Eeeeerch Functions of the Federal Reserve System * a
report by Mildred Adams*
Legal Aspects of the Federal Reserve System * Hovard Haekley*
( t h i s w&* qualified by a desire to know more about Mr. Hackley's
work and a b i l i t y ) •
tetar found to be unavailable.
These were expanded after mention i n the earlier meeting*
S H A F T 3/6/56
Sub-Cosi&ittee on Mono&raphft
- 4 -
Second Mgcti,^,. July 21. 1955 (continued)
y Controls in American Theory and Prectlce * Elmer Wood,
(this i s « suggestion that a book under vay be subsidized in order
to speed its
}
Procedures and Policies of the Federal Reserve, History of - £arl Bopp»
(thig ms approved, but with the understanding that Mr* Bopp sight
not be free to do it)»
Begional Aspeet® of the fasten - Mildred
(approved, but not given & high priority) •
Keserve Kequlrements, Chaijges in - Bray Hammond (T)
Politics &n6 the Federal Reserve System - Lucius Vllmerding.
(this wag approved as an Idea, but Mr. Wllmerding hag other ooamitments)*
**Federal Reserve System, a Casa History in Public Administration - Leonard
D* White (Dr* Vhit^e i s retiring this year and thought to be available i f
desired)«
In addition, a younger man, Philip Bell of Heverford, vas
discussed as *
Respeotfully submitted for
the Sub-Coiamittee,
Bobert D, Calkins
•* These vere expanded after mention in the earlier meeting.
COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
33 LIBERTY STREET, N E W YORK 45, N E W YORK
TELEPHONE: RECTOR 2-5700, EXTENSION 286
ALLAN SPROUL, Chairman
W. RANDOLPH BURGESS
ROBERT D. CALKINS
F. CYRIL JAMES
WILLIAM MCC. MARTIN, JR.
WALTER W. STEWART
DONALD B. WOODWARD, Secretary
MILDRED ADAMS, Research Director
With cooperation of
THE BROOKINGS INSTITUTION
722 JACKSON PLACE, N. W.
WASHINGTON 6, D. C.
January 5> 1955
Dear Don:
I meant to speak to you yesterdey about the setting of a date
for a visit to Dean Rusk of the Rockefeller Foundation. lou will remember that, at the Executive Committee meeting on the 28th, Dr. Calkins
suggested that you call on Dean Rusk with or without me, (Although I
did not take the precise note, I think he may have suggested that perhaps you and Mr. Sproul go, and then modified that suggestion). The purpose of such a visit would be to bring Dr. -^-usk up to date on the progress of this Committee.
You will, I sm sure, want to see Dr. Rusk yourself end to write
him for such an interview. Therefore, I enclose no draft. My own plans
for January are fairly fluid, except that I go to Cleveland for the middle of the week of January 10th. I should also be in Washington the middle of the week of the 17th, but no firm date has been made for that week,
Otherwise, I am at your service for any date you name.
If you want any formal preparation done in advance of this
meeting, you will, of course, let me know.
Beet as always,
Mildred Adams
Mr. Donald B. Woodward
Vick Chemical Company
122 East 4.2nd Street
New York 17, N. I.
COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
January 5*
TOi
Maaara*
Allan
¥• Randolph Biaargasa
Robert B. Gaikiaa
Donald B. Woodward, Saoratajgr ^
Genttassaai
Tha foar l i s t s rapraeantlng the ehoicaa of ExooutlT*
%M m«afe#rs mom po*«lblfi writ«r» of tho History art a l l l a . Togothar thoy eontaia twoaty-t«o m*&$, of ^feloh alao racaiTod two or aoro
Totoa, «lx rootiTod ^troo or 2§or» votas^ oaly Laetar Cbancllor appoarod
on avaiy l i s t , find lie mx&*& on evujy l i n t ma f i r i t
TKa coaposita Hat of t^aaty-t«o aaaas If appoadod* Start
ladloato thosa iM^i roealvad t^o, thraa or fo\ar totaa« and a saooad
H a t ranks thasa la ordor of t^ta ra^Laf aeeordad tham by aompoalta
oholoo*
X teka I t from ^s^t wii mid at ihm Vashtngton aootlag t&at
tha nasia@ to be pranaatad to taa full Co^atttao v l l l be thosa on tha
soooad l i s t , Vo will bring biographic $M e&raar data oa tho»j If
CkMaaeittaa aombare wish otaar infonaatloa, wa v l H try to got it*
&Nm&^&W
Inclosad Z
c
COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
gOOKMIST HISTOHIAHS
by Eygcut^ve Commit, t e e
Xyster V, Chandler****
Thoaaa C. Coehran
John A.
S. Dixeft«siberac7
Howard S*
Wiiilam J ,
(*ai*nti«r® • ¥oodii«f Thon&s
Earl J . Hamilton***
£• A. J ,
D. V* Usher
John V. I*lnta«r***
J. J. O'Le&ry
Paul W. MeGraekon***
filchard 8«
Edward S« Sh*v
Arthur Sadthi#*
Leonard L, Vatkins
J. Brooke Willie
o
o
COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
gpssyau;
l a &nS«? of rating e«oord«d thtsi Iqr composite ehoic®
L«s)t«r f •
Joha f• Lintnar
fttul If* HoCrmcic«a
How*rd S« KU1*
Iwrl JT
! • it. J , Johnson
Frmnk V* Fetter
o
Committee on the History of the
Federal Reserve System
REMARKS
<pl
k
\XASUL
_
HARCOURT, BRACE AND COMPANY,
PUB
LISHERS
3 8 3 MADISON AVENUE, NEW YORK 17, N.Y,
January 7, 1955
Mr. Donald B. Woodward
Committee on the History
of the Federal Reserve System
33 Liberty Street
New York 45, N. Y.
Dear Mr. Woodward:
As Mr. Scott is away
on a three-month holiday, I am acknowledging
your letter of January 4.
I shall pass your letter
on to Mr. McCallum with a note to return it.
Perhaps by the time Mr. Scott returns to the
office in April, the Committee will have
reached a decision on Dr. Hart.
Very truly yours,
R E C E I V P H
Earline Simpson
Secretary to Mr. Scott
JAN 1 0 1955
COMMITTEE ON THE HISTORY
OF THE
TOERAL RESERVE SYSTEM
January 1*, 1955
Mr, S« Spencer Scott
Harcourt, Brace ^ Co., Inc.
383 Madison Avenue
New York 17, N.T.
Dear tfr. ?cottt
Hiss Adams and I have been hoping your letter of September 29
to the Committee on the History of the Federal Reserve System about the
possible use of Dr« Hart ever since its arrival. Progress in such an
activity as this is slow as you are fully aware. The Committee has had
extensive discussion as to junt what procedure would be best and has not
yet arrived at a firm conclusion.
I shall let you know what its decision on personnel is as soon
as one is reached.
The thinking at present is going in a different direction than
Dr. Hart though nothing is final until it tfl final.
Thank you so very much for your helpfulness and consideration.
And we are also very grateful to Dr. Hart for his suggestion.
With very best wishes for the New Tear.
Cordially,
Donald B. Woodward
Secretary
DBW:lw
COPY
HARCOURT, BRACE AND COMPANY, INC.
PUBLISHERS
383 Madison Avenue, New York 17, N.Y.
September 29* 1954-
Miss Mildred Adams
Committee to Study The History
of The Federal Reserve System
Thirty-three Liberty Street
New York 45, N. Y.
Dear Miss Adams:
Your secretary, Miss Singer, kindly
sent me the list of names that Dr. Hart had suggested, and
it is such a complete list that I can think of no one to add
to it, I didn*t realize there had been so many suggestions.
It occurred to me after our luncheon
that Dr. Hart might be able to play a more important role as
an advisor to the Committee to Study the History of the Federal
Reserve System than as a Harcourt, Brace and Company advisor.
Would you and Dr. Woodward think this over. No such suggestion
has come from Dr. Hart, but he might be employed advantageously
by your Committee in a way that would make his employment extremely valuable to the Committee.
Sincerely,
/s/ S. Spencer Scott
S. Spencer Scott
SSS:es
COPY
COLUMBIA UNIVERSITY
IN THE CITY OF NEW YORK
New York 27, N.Y.
Faculty of Political Science
504. Fayerweather
September 23, 1954
Miss Mildred Adams
Committee on the History of the Federal Reserve System
33 Liberty Street
New York 45, New York
Dear Miss Adams:
Here are extensive afterthoughts on our discussion of Tuesday.
To start with, I have been trying to visualize how your Committee's research program could be organized. It seems to me you have two basic alternatives:
1) You might commission one economist (or one economist teamed
with an economic historian) to do from primary sources a twovolume history of the Federal Reserve. Your author would have both
ample assistance and any support he wanted from consultants. If
it proved desirable to have consultants prepare themselves and
safeguard the primary author by working up aspects of the problem,
this alternative would shade off toward the second.
2) You might commission a team of several economists (plus perhaps one political scientist and one or more economic historians) to
do a series of primary studies which would add up to coverage of the
history of the Federal Reserve. If you wanted much coordination,
there would have to be one economist who would consult with all the
authors, and himself would write either a summary introduction or a
separate overall volume.
Adams, 2
On the first alternative, I would visualize your key economist as putting in fulltime over a five-year stretch. On the second, I would visualize perhaps 15 manyears of professional work over the next five years, of which no one man would put
in over 3, and most would put in 1 or 2,
As I told you the other day, you should probably assume that you can command
the best grade of professional work.
The character of the project, the warm
cooperation my Federal Reserve friends forecast will be forthcoming from the
System, the calibre of your Committee, the scale of the budget, and your success
in starting your roster with Chandler, will all tell in your favor. On the other
hand, it is likely that like the CED or Twentieth Century Fund, you will find
that the best grade of manpower can be had only in middle-sized lots.
It may be
simply impossible to staff on basis (l)• I would doubt that G. L. Bach (to
name one man who could do really well on this basis) would be willing to part
for 5 years with Carnegie Tech, risking the future of his promising new center
of economics. If basis (1) was your first choice, the number of possible men
would be small. In the older generation there are Williams, Hansen and Viner
and perhaps Ellis; more in my own age group, Bach, Chandler, Seltzer, and perhaps myself.
(I am assuming that circumstances bar choosing a bank economist,
or somebody in the System like Roosa, and push your choice back upon the academic group.) My guess is that none of those on this list could devote the time
it would take to do such a big job of primary research.
The second alternative has the obvious drawbacks of large-scale collaboration, and of course risks leaving holes in the job if somebody drops out, or
if initial planning suffers from oversights. On the other hand, it is adaptable
to the availability of relatively srae.ll amounts of time from each member of the
team. If I drew such an assignment, I would be inclined to put in 60 to 80
Adams, 3
days a year for the first two years (partly in broken time, partly in stretches
of a week or two), put an assistant to work as soon as I'd learned the ropes, and
then plan to break the back of the job with a solid stretch of months in (say)
1957— writing then, and revising in a shorter block of solid time later on. My
guess is that this would be a fairly representative reaction from an academic
man of the sort you'd need.
Under this alternative, the problems of subjects and staff would of course
inter-twine. A few promising topics (listed without much effort to develop a
clean once-over classification without duplications) would be:
1) Atrophy of discount and rise of open-market operations
as the key policy tool.
2) Response of Federal Reserve policy to current business
fluctuations.
3) Re-examination of origins of the System.
U) International relations of the System.
5) F.R. System as political experiment.
You would aim for seven or eight pieces of this or rather smaller scale, I
should think, avoiding such fragmentation as would result from (notably) histories of separate Reserve Banks.
Looking over my Tuesday1s list of people you should be in touch with, I am
chiefly impressed by my omission of whole classes of intelligence that count for
your purposes! A lot of the know-how you need must be with the bank economists—
notably my colleague Beckhart. Mrs. Beckhart (Margaret Myers) still stands acehigh with my economic-history colleagues as a financial historian. A sound
workman (with New York base) in financial history, though less of an economist,
is Ralph Hidy. Then there is a large body of experience with designing and
staffing research programs: the CED (T.O. Yntema of Ford Motors, and Howard
Adams, 4Myers), Twentieth Century Fund (Dewhurst), National Planning Association (Gerhard
Colm), National Bureau (A. F. Burns and Steve Saulnier), and of course the Federal
Reserve itself.
I hope all this is some help. After sleeping on it, I feel as strongly as
I did on Tuesday that you are starting something really worth while, and are entitled to all the help economists can give.
Very truly yours,
/&/
A. G. Hart
Albert Gailord Hart
January 3, 195>5>
Miss Kildred Adane
Gaasditee on the History of
The Fsder&l Reserve System
33 liberty Street
York IS, K.Y.
Dear Rildred:
M&ry thanks .for the newspaper review. It is interesting
though fairly ncm in coverage - though that conclusion niay not be
warranted froi& the one issue. I vondcr if they let copies go outside
of the bank at all - in short whether there is any possibility I might
be on theemailing list for a trial of a rsonth?
Cordially,
Donald B. Woodward
DBWslw
Committee ,on the History of the
Federal Reserve System
TO.
FROM.
REMARKS
FEDERAL RESERVE BANK OF NEW YORK—REFERENCE LIBRARY
NEWSPAPER REVIEW
Selection of items for this Review does not imply our endorsement of their accuracy, nor does it, of course, imply
agreement with the views and opinions expressed in such items. The Review is designed rather to caU attention to
items of interest including different opinions on controversial subjects.
December 24, 1954
Friday
Vol. 35:'No. 246
1. State Bank Superintendent. Governor-elect Averell Harriman yesterday designated George
A. Mooney, assistant business and financial editor of The New York Times, as
Superintendent of Banks of the State of New York, effective on January 1, 1955. He will
succeed William A. Lyon, who is becoming chairman of the executive committee and trustee"
of the Dry Dock Savings Bank after January 1. (B. J. Cutler, H. Trib., p. 11; J. of
Comm., p. 3)
2. Government Securities. The Treasury announced the removal on January 1 of the restrictions against bank ownership of the outstanding 2 l/2 per cent bonds of June and December
1969-72, amounting to $1,888 million and $3,820 million, respectively. These are the
only issues of marketable securities sold during World War II which are not now eligible
for bank ownership. The Treasury expressed the belief that the removal of the restrictions will provide a broader market for these securities. At the same time, the Treasury
said that it is changing regulations governing Series E and H Savings Bonds to permit
their purchase by "personal trust estates". The change is also effective January 1,
(Amer. Bkr., p. l)
3. Member Banks. Clarification and interpretation of the significance of the proposed revision of Federal Reserve Regulation "A" relating to member bank discounting has been
asked of the Board of Governors of the Federal Reserve System on behalf of the American
Bankers Association by Dr. E. Sherman Adams. He has addressed a letter to the Board on
the revision published in the "Federal Register" of November 30, calling attention to
the fact that the existing regulation emphasized the individual borrowing bank and the
soundness of its operations, while the proposed revision emphasizes the relationship
between the total volume of member bank borrowing and the objectives of monetary
policy. (Amer. Bkr., p. l)
4. Business Loans in the New York City area in the week ended December 22 dropped $11 million. The drop compares with an $8 million increase in the like week a year ago. It
reduced the outstanding total to $7,547 million, $926 million below a year ago. Since
June 30, business loans have declined $101 million, compared with an increase of
$219 million in the like 1953 period. (Wall St. J., p. 6)
5. Brokers' Loans. Loans to brokers and dealers for purchasing securities other than
Treasury issues declined by $15 million, to $1,398 million, while loans to brokers and
dealers collateralized by Government obligations were down $168 million, to $420 million, in the week ended December 22. Loans to persons other than brokers and dealers
purchasing or carrying United States Government securities increased $1 million, to
$13 million, while loans on other securities rose $9 million, to $395 million. (Times,
P-20)
6. Business Conditions. The outlook for industry in 1955 is excellent and business
probably will top 1954, according to Henry G. Riter, president of the National
Association of Manufacturers. In the opinion of a majority of businessmen from all
parts of the country with whom he talked in recent weeks, "industry will produce up
to 5 per cent more goods in 1955 than in 1954. There will be more employment, better
business conditions, and the average employe will have more take-home pay."(j. of
Comm., p. l)
1. The Renegotiation Act of 1951 expires on December 31. If not renewed, the Government
stands to lose between $30 million and $40 million a year. Directors of the United
States Chamber of Commerce passed a resolution last month, opposing further extension.
They argued that the act is a "costly nuisance" to business in keeping records on
Government contracts, and that in a peacetime economy, there should be no limitation
on profits. The other side is that the costs on many new products which the Government
buys are unknown. Contracts for their procurement have to be drawn on many assumptions
of estimated production costs. (P. Edson, Tel.-Sun, 12/23, P- 23)
8. R.F.C. The Treasury received a $100 million check yesterday from the now defunct
Reconstruction Finance Corporation. R.F.C. lending stopped in September, 1953. Since
that time the amount of R.F.C. loans outstanding and holdings of securities has been
reduced by more than $330 million. Approximately $250 million of loans and securities
remain to be liquidated. (Times, 12/24, p. 20)
9« Foreign Trade. United States exports rose by $154 million in October but imports decreased by $17.5 million in the same month, the Census Bureau reported yesterday. U.S.
exports of foreign and domestic merchandise totaled $1,266#3 million in October as
against $1,112.5 million in September. The import figures were $763.2 million in
October compared with $780.7 million in September. During the first ten months of 1954,
exports, including military aid shipments, were valued at $12,521.9 million, or approximately 5 per cent below the comparable 1953 ten-month total. With military aid
shipments excluded, exports during the first ten months of 1954 were valued at $10,445.6
million, or four per cent above the comparable 1953 ten-month total, (j. of Comm., p. l)
Miss Adams,
11 Floor.
Januarjr 3, 1955
Kiss Mildred Adane
Committee on the History of the
Federal Reserve System
33 Liberty Street
NewToxk U5, ff.t.
Dear Mildred:
I list below the ten choices for possible historian which each
member of the Executive Cornmittee was requested to make and forward to you*
I have listed them in order of choice.
Four of the names are followed by an asterisk. These are men whose
work I do not know and with whoa I am not personally acquainted. The vote for
them rests Entirely on the biographical material presented, I should want to
have the vote for each of them regarded as tentative only and subject to the
examination of more material or to a personal meeting or both.
Cordially,
Donald B. Woodward
Lester Chandler
H. J. Saulnier
J . J . O'leary
E. A. J . Johnson*
John l i n t n e r
Neil Jacoby
Howard K i l l s
Frank V. Fetter*
Paul W. M f l
D. W. Lasher*
DBW:lw
Deceaber 29, 195U
Mr* 4 1 1 m Sproul, President
Federal Reserve Bank
33 Liberty Street
lev Tork, Haw Tork
S w r Allaat
Tour note to • • w i mxtnmrtj kind* If I Iww*
or eaa bo of m*y oorvioo to 12io Syutam, I as honored. %erefy oontect with i t has heightened ap adairation and reapoet and that atateawot includes, with eapha«U» tko prmrt operation*
Vlth vary boat wishes for the Hew Tear, I am
Cordially yours,
Donald B. Woodwrd
COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
AGENDA
Executive Committee Meeting
December 28, x954
I. Housekeeping details
Jk. Announcement that Shepard Clough, now in Rome, accepts the
Committee's invitation to membership enthusiastically if
they still want him despite the fact that he will be in Europe
until September, i?55.
\yr^'
/
V
B. Confirmation of meeting with three experts on January 29th
at Princeton.
C.
. /
^
Expression of gratitude to the Federal Reserve Bank ot New
York for providing the Committee with larger and more
efficient quarters on the JLHh floor.
II. Project matters
A.
/
Paper problems
i.
Inventories - Plan and budget to be framed?
e.g. Kent
2. Pursuit 8.
\f
Publication problems
x. Kinkaid-Glass inventory
Hold for future publication?
Appropriate $111 for supplementary expenses.
C.
\y
Publicity
Announcements to be sent t o Selected list of professors?
Learned journals ?
D.
Experimental group interview
Appropriation?
E. Names to be considered for-
1. Historian
2. Monograph writers
o
oa Pflflfiifole SlBtorian
the foXXovintg aeJte* &re thos* which* after dlneus&ioas with saaa^ people*
to merit c<>aild*r&tiaii \$r the Executive Committee. Some are j*roup#<! according to their proposer** others HfpMV fcMtttte they tore been frequently nsasd by
vcrious people* M?*re detailed earaer &fet& Is to be found on cards
this list* they
Bopp>
Mc^iard Sidn€^ (b f 1906} - Professor of Eeoaosaic®, Itodversit^ of Lon*
Author* ttBauk of Inglsad 0p*rfeUon»*
(
(
3rd editioa 1951)»
C0C31UL3* tho^tf Child* {>. 1902J - Professor of S» If Histo*?-, Haivtrsitgr of
Pa&a^lTftalft} Aiith^xi ^Grovrtk of ta# ^©ricaii Ecoaoii^r1' (with
1944} | 8A Slstosy of ta* lldNlt JSrevlag Coapaiy" (194SJ* Mi tori
of Eooaoalc History siaee I946| S#^* Xork Uni¥«r®ity B^siBag^ History
. 1945-50 *
^
Biuiaroft (b, 19OU - frofesaor of 3i6tor/» w
; Authors *A C^nturj of A^ericfen Life Iasursn©^11 (1946) | *Bise <tad
FoU of
(
*
Brookt (b» X909) * AtfNNfctti fgildlHf of B«,nUns» Graaw^te School
of Bm^la«gs, CoX«mbi& UalY*»itgr{ Authors
(
* ^ # F®d®r&l 1?€eerr#
B«-EJOI-
*%B faactioag of tde Gos^trolal Bitatkini Sjrstisa* (1943)*
C&ikins, Robert
BODE, £&rl (b, l9Xk) - isoaomic and Fia&nc© ioXicy &&ri&*T, KJA, Kor«Aj forffitrly Profsasor of £oonoi&lcs* Stenford UaiTersi^y (on !»&¥# ssinc«
b#r* 1944) I taHMflN **FXfcB Jkmdy%i& and Proeetfft *JMUgrM4^ la
1943 J *
J
ot th« I»st&ntaueou9 %&& tU« Serial Ktutlplier* in Eevjgv of
l Eov€»ber 1944} *A *»v Approach t<5 MethodoXogy of the SocleX
(-with Alfred Stoni**^ in EoqaosdQfe. Soveaber X937#
, J r . (b. X^94^ - Senior Staff, Brookioge IneUtutioia
aince 1943; Keatier, Ee««»«reh St&ff, U. S« Coifiadssion oa Foreign Econo&ic
^ (lU&deJUL Coiil&eioa),
September 1933 ~ J&aufiry X954; Authors
11
lork Wmm HnJit (vith B« fi, Beckhmrt* 1930); *Th#
()
BUCHANAN* Uons&a &h&ry& (b# 19&5) - frrof«*»or of icoBosdce, UniT*r»lty of C»li«
forniit; A»«ociate Li rector for the &aei&l Seieaces, Rockefeller Foundatioa* X94^-50j Authors *Econo5alcs of Corporate Eaterprise* (194^) f •!*termitloiifeX InY^stment znd Domestic Welfare* (X945)# "Eebuildliag the
Vorld Icono^r* (>dth T* A. k i t s , X947K
, Issllt (b. 1909) - Prafe&sor of Eeoca&le*, Willi«sa« College* formerly
Chief, Foreign Researoh Division, 193®~39, Senior Eeoaasiiet, 1939-41»
Federal Seserv© Bo&rdj Author? *Meeh&n£affi8 for A<Sju§ tetent in Iat^raatiooftl ftsgraeat; The Lesson of Postwar Expiries©** (with C. B, Kiadel~
berger) i a isierie^n Eeoisosaie Association, PfepfTt fea^ Proceeding*» 1951 •
SAVXER, 3&\n (b» 191?) * Profespor cf Econaaic Slitoxy,
Author? •89Ci«ul Structure tnd EcoiKHrdc x-rogr%m* in
. | 195l| "the Eatr©pr«n«mr aad the Boci&l 0rd*ri FirRnc* and
S i H. P . - i a "Weo in Bmtiness* (ediUd
b/ V, Miller, 1951)I
(
)
pr«ncurlal Error aud Seoncn&ic Growth* i a 'Sxplormtiens i a
#
tdvurd Sterne (b. 1908} - Kuaber, Serdor S U f f , Erookiags
Septcsssiber 1954# t© ^ork on study o» *^H# Structure of
! formerly Frofetaror of fosonosdas, Stafford ^ni^ersi^i Author!
yi XaeeiB4 ®.nd Koatterjr ^"3iioy* (1950) i ^Hobiliaing Eeaourcss for
War* (vith T. SoitoTeky *isd L, Tershis, 1951)*
Harold Frsaeis (b, 1901) - Profeusor of IGQUOS&GS,
^ | Authors m>%%mh®&Ut9 th« «hia lh«.t Won th«
(!
Editors * ^ # Grovth of thf Aa«rie&xi Ecoao^f* (1944* 1951) i JottrnAl of
, F
SAHILTOH, i M i JT« (b» 1^99) • Professor of £«oaami«it I3telv«r0ity of
Author* nfap «nd Priors l a Spaia, l*$l-1800« (l947)j "lh« ^ i r s t Fifty
7«cr« of the Be.ak of Spain* (1953); Editor* foarjm\ ,of. F o l i t i e a i Econo.-*
, Herbert (b« X890) * Professor of Eaonosale History, lkiv»r#ity of1
Miiia*3Qt&i Authors •Econooaic History of Surape* {1936, 194^) I P
l&r i a Action* Idvin F. Say* {1952}.
HDDf, fl&lph Vill&rd {b* 1905) - Professor of Eletory, §m Xork University;
Authors "The Flou^« of Bering in Americas Trade &nd Fim&aee* (1949);
•Bevelopiasnt of Lerge»Saad.« Org&nias&tloii, the Ste.ndard Oil Cospengr \&mt
J )
In J^t^ra^I ,of loop-aaio H^^Q3pya 1951*
IMLAH, Albert Eeory (b* 190X) - Professor of S&$aomatie History, tuft« Col*
lege* Fletoher 3ohool of
Riefler, Wlafield
IMLAH, Albert Met®?
Z, Balph Willtrd
Stenert, Walter ¥«
FEfffKR, Freak ¥hit»on ( b . 1699) - Frofetsor of Bcoaoaics, ftorthveffteiu
varsitys Miiori&l v r i t e r , Bt f .^qul^ ffost-Bispfttch* 1930-344
*H &<?«.! Policies &ad fcae £$erie*3 Eeqaonsr* (vith others, 1951)•
J0H2SO&, Lot&r Augustus Jerome (b. 1900) - Deputy Chieff FOi Mission to
Authors "Origin e&4 Dev«iopaeiit of th* Aaeric&n
3«na*« Kroos* 1953i> Iditorf Joumftj. of Eeoat^e History.
aeriee.
3
(b. !S95i * Fr«#-lwiw6 writer, coasulU.at to
Authori pxtgr* &ad »rUcI©gj In Foreign Department, Federal Re-
i
Vodtillei1 (!>• 4^97} * &ea»oiB4c Mrl&tr
to Hie Federal Reserve Board*
various people t
K
BACR, CJeorg* i#el*ad (fe» 191§) * Professor of Eeo&o&iea, Carnegie l a s t i t u t e
of Technology* S«aior Iconomiet, Federal Reserve So$ra, i941"*44»
Author! *&o&r& of Governors of ta« Federal Beserve ^ystem* (1949)>
"Federal mBtrv* Folicy Making11 (195*J) I "the F&deirl Beserv® sa^ the
l a the %CT,
^fi
jyy
of the federal BeeervefitjrsteiB*(Rounrf Table oa Petaas t©xt3^ooksi
1953 •
,
* (b, 19*MJ * tdreotor of Keeearoh, Internatloiie-1 Moae
t&ry Itod^ luthort
''Money aad the Economic By&tm* (1935) j *A
eel laternetionai Moaet&ry ?olle^ s in Anerlcen Ecoacmio Bevlev*
»a, fey (b. 1$UJ * Meviy appointed to Oreawte Scaool of Busineae,
Saiversitgrj Director, Dep*rt»*nt of l^oaoalo Affairs, Ussited
Member, Council of Economic Advisers, 1950*52i Frofessor of
and follticaX Science, ynlver&itgr of Chicago, 1945-50}
Authori *Tae Federal T^ariiig Process* (1953) \ Bditor« National
BOOLBIJiG, iettne^i J^w.rt (b» 1910; - frofessor of £coao&iea, UaiTersiV of
Author* *Icon©f>ii<;$ of F»ae#* (1945) j "there ia «. Spirit 11
1945) J *A a«construction of Eeoncidcs*
( )
f J « * $ JHratole (*u 1918} * A Ml stc.it t ?rcf»##or of leoaomie®, Harvard ftaivereitgrj Author* aIaco®«, S&vi*i$ ea£ tae theory of CoagiiBer Behavior* (1949) $ "Some Aapeetn of the theory of Seonosic B®v«Io$X£«mt* i»
in EntrspreaeuriJil History" (1950)•
KLUS, Soward Sylvester (b» 1896) - ?rofe»0or of KconoajiCB, University of
A«Bl8t«nt director of DtrlstoB of
|
omra, 19^5-46) Author* *£xehaag« Control l a
{1941)5 Iditors *& Bmrrw of
E
of
(
, VHIii» Jefes (b, 1905) - Pref«««>r of E«ono8stca, !*!• University*
Authort *A Tr®^tl«# en War Inflation* (1942) j "Monetfeiy Folicl«s
Full Atple7H«Rt" (1946, 194?) J "Cosmetitlon ^ 0 1 ^ tae Fev" (1949);
of
, Koireaa Seott Brien (b* 1834) - Professor JfearlUts of
Orad^te Sdheol of BusiBess A<lsini3trfttio^ H&.rmr$ Univer.il.t3ri Author*
•Are ton Vrittng a Business History* (1947); A iovm^r of Bu3lne»9
torj Gir»up r<t S^rverif Bu?ine99 School.
JACOBX, J8»il (b. 1909) - Ksa&tr, f | | j t l < i 1 ^ | Council of SCOZK-HIC A
Deen, School of Biasiness AdHiaistr^tion, Universltjf of C&XIforniaj
Author? "Buainese Flnen^e fnd Brnking* (vith I . ^* Sfeulnier, 1946) •
, John £, (^» 1913) - Froeldeftt, Bueiaeg-s Ecais^-iieiSj Ino*9
Hef&c! of leg^^rcb 13tp«.rtsiect IMl Bunk *»w8 Public H*l«tlo&9 DepnrtR«nt»
F«d*rel ^eemxre B»«i of Chlc<t£of 1941*51) A t i f t t t
Open HMlHVl Cfflr-tlttes, 1944*53> Professor of Busirs«*g
ladder*^. nniT#r»it]r ad nee 3.951. Autiior* *The &t&tfsa«nt of
Tim of Mesib@r Bask Aeaervc Fuads" in RgfAtrv of looac^ie Stetiati.es,
August 1939.
LIJTOER, X^hc. ?i3^il! Jr* - Aasoelfcte Profosaor of finance, (*rfedttiit# School
of iQsii3i#^8 idBiniatr^tionj |MPMU?4 UnlYersitgrj Authors "Hutuisl
Ssfings Buoke In th^ Sairlsgs find, Mortgage Hark*!*! "The Effect of
derel TiC'L«3 on Growing Snterpriseg* (vita J» E* Buttrre? 1945)?
r#sti Public flnrACo sad f l i i i l ;;-oliegr*
MAfiOH, tdvard (S. (b. 1899^ * Pm** Ur&du&U School o£ Mobile
, University j Interests Prle« &ad w*ge t-h«oriesi» laternatloael
» Paul Winston (b. 1915) - Frof#»«or, Scfcool of Supines©
tian, tthlversligr of Kiohi^aa; Director of I^seerch t fmvml Reserve Beidc
of Hiw»»pili»| 1945-43; Author* "The Pub.lic D#bt «nd Economic Stab i l i t y " 1A
Tale B»yiw t rdua&er 1951} " ^ e Steti4$ of Monetary tusd Fieeal
g11 in Jnurfl&l of FlMno®t H&rch 1950,
o
t Richard Abel - Professor of Kconooleft, University of Michigan} number, I&viaioa of Research ami S t a t i s t i c s , federal Etaerv* Bosrd* Ai*~
tkor; "0® Incidence* in Jp^rn^l of Political Ecoao3iy;» August 1953?
"Fiscal and Monster? Problems In K Hlgh-L&vel tefaase Seonoay* ia
Sup, Ji#, Key &§|§i
*t Flymen* Jomph (b. 1908) - Professor of Etoaosle*, Colu»bi«
mthori "Cost© ©.nd Returns on farm Kcrtgftge Loading1* (1949);
Mortgage £»4nding ty Lif#
SELT2£lt| Lfevrwieft Hovaard (b. 1897) - Professor of loono^ics,
Consulting t3tp«rt, ?<id#rtl B««err# Bank of Mev Xork, susaMirs 1940, 1945)
toiiel 0ur#iiu of EcaiKMnie R®s«&reh# dir«etisg eom« stady w
1941* <fef:-lwi#in directing eem» ;*tii^f cupittl gein tsxntioa 9
» vice QhclnDan, com. on fiscal f90M9ffe sine« 19481 Authors
ted Oiiin? f a c t i o n * (1946); "Be^B^rii© Thettty in E©vi«v«
(195^) I
MNl tfcX Tr^ata^nt of Capital ilains nn$ Losses11 (I95l)*
SHItHIIS, /^rlhur (b, 1907) - Ch«i<m*n, D«p&rfe«nt of Zcoaosioft* l
AsHunri •Mo^«m Int*rnetlAnel Tradt Theory a»c!
in ^syj.citft, ,lfa>n<mie. H^ylfrN-, 3up# XiJI, Hey 1952# •Long-ftua
5 d 0^T*rno«t ^^Ti?nue zn4 Expenditure Policies* in
in IneK»ai0 m* ¥*slthtm T« 16, 1954#
SfIGI»EH, 3»o?g# Joseph (b* 1911) - Professor ©£ liooni^i©#t Cfeluatei*
st%f$ Mesibftr* 8*?f«er«fti. ntf-ff, H^tieassl Bureau of
$
iutlior? •The- Theory of Price" (1946); "Trends
ia
Output
and
Baploys*nt"
(1947)} "Five Lectures Ml Eeonoslc ProMews11 (1949); aB©«.din^@ ia Priee
(I9f&i nlHl Kenneth
(
- Professor of Booao&ie&i Frinoeton
KeXetioas Betveen Free Market m£ Controlled B
(
•The Cueto&fc M o d Isra©11 (1950) \ "latemittieael f?.*ade tod Eoonoeiie
(
^S, John Henry (b, 138?) - FroUamr of P o l l t i t a l E©oaoi&yf Harvard
tfcdversdLtjyf ViQ® President, Psderftl He^rva Bask of lev Toyk, 1936-47*
eoos^jffiic tiiliiMF ?tinoe if^Jj Autbort "Xoondnia JBte.bilitgr in « O
Vorld" (1953).
Heeonsaeaciationa frmi •editor* of Fortune> Sfcrysr.Sa aa4 tfae ftev toyk
, Gliatoa Hartley (b» 19^>2) - Writerj- Authori "Introducing
tr&lit B (1942, 1947) i " l u c t n a i a " (U# S# SeH.es, 194?) > Contributing
editor of torr'.er*.^ .H^£a.yl^«gt 1944-47*
, Jehu ilfred <b. 1904) * Editor, S^ryoaVe Weekly> Mw toyk
Umber, »teff of Fortunfi |f^ag-ln#» 1937-49• C S S of editors, X941-49i
returBing to 1 prtune, froii
BRIEF BIOGRAPHICAL SKETCHES
1.
BERNSTEIN, Edward M., jflrector of Research. I n t e r n a t i o n a l Monetary Fund
Age 50
?.
b.
Dec. l c , 1904. Degrees: Ph.B., Chicago, 1927; A.M., Harvard, 1928,
Ph.D., 1930. Doc. d i s . : Effect of wartime prices and i n t e r e e t r a t e s
on u t i l i t y ratemaking (pub. by Univ. of No. Carolina, 1937).
Academic career:
I n s t r u c t o r (economics), DePauv, 1^29-30; assoc. prof.,
No. Carolina State College, 1930-5; assoc. prof., Univ. of No.
Carolina, 1937-40.
Other career: Economist, Treasury Department, 1940, a s e t . d i r e c t o r of
monetary research, 1941-6, a s s i s t a n t to the Secretary of the
TrRasury, 1946.
Chief staff a s s i s t a n t to Mr. D. V. Bell, U.S. Survey Mission to the Philippines, 1950, and Public Advisory Board for
Mutual Security (Belu Report), 1952.
In 1946-^7, Acting Director of Research, International
Monetary Fund, Director since 1947,
Author: Honey and tfte ficpnomjc ffystep (1935).
Contributor of a r t i c l e s : American Economic. Review, T ^ - f i ^ f f P^penh
Jqumal_of P o l i t i c a l Economy.
BOND, Floyd Aid en, Professor and Qnhfl^rafltt,
Age 41
3.
n
t P f i ^ f jfepnonflcs. Poftpfta College
b.
Aug. 20, 1913. Degrees: A.fc. [euro ?_aude] University of Michigan, 1938,
A.M., 1940, P h . r . , 1942. Dor. d i e . : Vashtenav Gas Company, a study
ir. public u t i l i t y regulation. Mercber, Phi Beta Kappa.
Academic career: Teaching 'Fellow, Michigan, 1938-4^, i n s t r u c t o r , 1942-6;
assoc. prof*, Carle ton College, 19^6-8j prof., Stedman-Sumner
Foundation, chairman of dept. o£ economics, Pomona College, since
19**H, d i r . , Social Science Research Center, since 1951.
Author: Pupilc Regulation ig_ Action (1948).
(wi tb otJners) Our Needy_ Age<L_i. P&U iornla Study of a
Problejn (1954)Co-editor: Voluntary Action. Mainstay Q,I a Free ^yctepi (1950).
Contributor of a r t i c l e s to various economic j o u r n a l s .
CHANDLER, Lester Vv> (^rdon g. Reotscfcler Profepjppj of Economicsj Prince ton.
Age 49
b.
Sept. 2, 1905. Degrees: A.B., University of Missouri, 1930, A.M., 1931;
Ph.D., Yale* 1934. Doc t h e s i s : Federal Reserve c r e d i t p o l i c i e s .
Phi Beta Kappa.
Academic career: I n s t r u c t o r , Dartmouth, 1933-5, Princeton, 1935-7; a s s t ,
prof.., amherst College, 1937-9, assoc. prof., 1939-42, prof., 1942-50,
Gordon S. Rentschier Professor, since 1950.
Other career: Price executive, O.P.A., 1943-6; Director, Federal Reserve
Bank of Philadelphia, Jan. 1, 1954Author: (vri ifc o th e rs) Hone>'. y^odi t apd Flnafxoe
(1938) j 4fi fi
f
Monetary Theory (1940); i pr«f*c? T-o Sgqfl'THJcp (1947);
of Mopey aod Banid^^ (1st ed., 1948, 2d ed., 1953); ftflatioa ip
United States. 194Q-4S (1951). Co-author, Economic processes
PoUciep (1954).
Co-editor, fcTn^c HpjpiligatlQn and StaPiliaatiQP (1951).
Contributor of a r t i c l e s : American gconpaiic, Reyiey, Journal of Finance,
and other economic journals.
2.
4.
Age A5
5.
Age 56
DESPRES, Smile,
Profe.s.Bpr. and JShAirraanj. Dept. • of .Economics,. Williams Colleges.
b.
Sept. <1, 1909- degrees: S.B., Harvard, 1930; graduate work,
Harvard University, New York University.
Academic career: Resident consultant, Graduate School of Public Administ r a t i o n , Harvard, 1937-8; member of faculty, Williams College,
since 19*4.6, profesnor and chairman, economics d e p t . , since 1950.
Other career;
Special foreign exchange analyst, Federal Reserve Bank of
Naw York, 19JO-7, chief of foreign research division, 1938-9;
economic adviser V3 Chairman, Boarc if Governors of the Federal
Reserve Systan, L939---*.l.
Member, bd. of a n a l y s t s , - i i r . , econ. a i v s . , a1 ternate member,
j o i n t Intelligence s U f f , U.S. J o i n t Chiefs of Staff, O.S.S.,
1941-44; adviser on German economic a f f a i r s , DeuarLi-ent of S t a t e ,
1944-5.
Member, financial advisory mission to Chinese National G}vt.,
19'+l; member, American d e l . to Potsdam Conference, 1945; office
of program r-svlew, E.C.A., Paris, summer 1943; attached to American
Embassy, Beigraae, for economic %id program to Yugoslavia, summer 1951
Author:
Many i n t e r n a l memoranda, but few published papers; contributor to
American Economic
ELLIS, Howari S.,
b.
Professor of EcQ&ojjaies, University of California (Berkeley),
July 2, 1898. Decrees; A.B., State Univ. of Iowa, 1920; A.M., Univ. of
Michigan, 1922; Ph.D., Harvard, 19*?9; graduate study: Heidelberg Univ.,
Germany, 192^-5, Univ, oi Vienna, 1933-5; LL.D. (non.), Micnigan, 1951.
Academic career: I n s t r u c t o r , Univ. of Michigan, 1920-2 and 1925-9, a s s t .
prof., 1-^9-35, assoc. prof., 1935-7, prof., 1937-3; prof., University
of California since 1938.
Visiting professor: Columbia, 1944-5,
University of Tokyo, 1951Academic honors: Sheldon traveling fellowship, Ricardoprize fellowship,
Wells award (Harvard). Fellow, Social Science Research Council in
Europe, 1933-5. Member, Phi Beta Kappa.
Other career: On leave with Board of Governors, Federal Reserve System,
194.3-6, a s s t . d i r e c t o r , Div. of Research and S t a t i s t i c s , 19^5-^>.
Director, Marsl'iail Aid Project, Council on Foreign Relations, 1949-50
Economic consultant, Department of State since 1952.
Author: Gerioan^ jJQRet^ry. Theory, 1905-33 (1934); Exchange Control in Central
Europe (1941); (with others) Explorations,.in Economics (1936);
(with others) Postwar Econoiaic Problems (1943); (with others)
^y^J^iLj^Jel^J'I1.
Jb&£BS£kte. (1945); co-author. Approaches to
Economic PeyelogaenX (1954) •
Editor: A..^rvgy. P,f Contemporary Economics., Vol. I (194B^; jfo jf-y^yWMl1Oi of
Freedom (1950); co-edi t a r . Readings in the, Theory ,of i n t e r n a t i o n a l
Trade (1949.
President, American Economic Association, 1949.
Contributor of a r t i c l e s to various economic j o u r n a l s : American Economic
Bejgdlew, JpurnaJ. of P o l i t i c a l JEfiojapmv., Quarterly Jpj-USft^. ?S
Review of Economics and S t a t i s t i c s , and other technical j o u r n a l s .
6.
Age 39
7.
LINTNER, John Virgil, Jr.,
Associate Professor of Fj^nanee., Graduate gchpo}
2JL Bksi£&6£. Arimtnistration,, Harvard University
b. Feb, 9, 1916. Degrees: A.B., Kansas, 1939, M.A., 194C; M.A., Harvard, 1942,
Ph.D., 19^6. Doc. dis.: Tax restrictions on financing business
expansion. Junior Fellov, Society of Fellows, Harvard, 1942-5.
Academic career: Instructor, University of Kansas, 1939-40; asat. prof.
of fixumce, Harvard Business School, 194.6-52, assoc. prof., since 1952.
Other experience: Research staff in fiscal policy, National Bureau of Economic
Rssearch, 1941-2. Lecturer, Life Officers Investment Seminar, Beloit,
Wisconsin, Summer 1953.
Author: <^J?:&$&ejLSfiJ&of Federal Taxes on Growing
(1944^5); co-author, Effects off
ri
E terprises(194-5);
paper on 'The Theory of Money
and
Prices,"
in
Jhe
New
Economics
(194.7);
(
Xn ffrg ^»^ingB and ftortpage
rtpage Markets (1948): co)
(
author, Corporate Profits in perspective (1949);
(vith
others)) Effects
of Taxation on Corporate Mergers? contributor, pavings in the Modern
Economy (1953)".
Contributor of articles to various economic journals, including: American
Review. H&TYtri Pwff^fi*PP fieviev. Jonrnaj. of Fjjy^nce. Kational
othere.
LUSHER, David ¥•«
Qf
Age in mid- b. [not given]. Degree** A.B., McGill, 1932, A.M., 1933; M.A,, Harvard,
forties
Ph.D., 1942. Thegiai The structure of interest rates: a theoretical
and empirical analjiie of Its character!ptics and cyclical behavior.
Academic careers Research assistant, Harvard: to Prof. S. E. Harris, 1936-7;
to Prof. Laabie, 1937-fi, to Prof. Haasen, suwaer 1936. Assistant in
economics, Massachusetts Institute of Technology, 1938-9; instructor,
Bovdoin| College, 1939-42? acting assoc. prof,, Stanford University,
23
Government careert Xcoooaist, Federal Housing Adainistration; head, program
group, defense production staff, Office of the Secretary of the Interior.
Staff member, eosjsodlty studies. President1* Materials Policy Commission
(Palsy Report), 1951-2* Economist, Council of Economic Advisers.
Contributor to Conference on Policies to Combat Depression (Princeton, M.J.,
Oct. 30-31, 1953). Contributor to Journal of Political Economy:
writings mainly for internal genre rumen t use.
8. McCRACKEH, Paul V.,
Age 39
of
t-lfln.s.y Scjiooj. of Buslcesg
b. Dec. 29, 1915. Degrees* A.B., William Penn College, 1§37> A.M.,
Harvard, 1942, Ph.P., 1948. Doc. dis.J The cyclical implicaUons of
liquid asset function.
Academic career: Assoc. prof, of business conditions, School of
Administration, University of Michigan, 1948-50, prof., since 1950.
Director, Wisconsin School of Banking, summer session 1954.
Other career; Economist, Department of Cosmierce, 1942-3. Financial
econeedst, Federal Reserve Bank of Minneapolis, 1943-5, director of
research and statistics, 1945-8,
Contributor of articles to various economic journals, including: American
Economic Reviey. Journal of Finance, Michigan Business RevjLey, Yale
Revj.ey.
9.
Age 40
O»LEARX, James J . ,
Director of Investment Research. Life Insurance
>f
b.
1914. Degrees* B.A,, Veeleymn University, 1936, M.A., 1937;
Ph.D., Duke University, 1941. D o c dis.i Federal insurance of
bank deposits.
Academic career: member of faculty of Vesleyan University j Duke
University.
Other career: Director of research for the Committee on Public D*bt
Policy.
Author: The Future of Lon^Term Interest Bates. (1945).
Contributor of a r t i c l e s to various economic journals, including!
c Revisy. Journal of Finance, Jqmrnal of P o l i t i c a l
10. SAUUIIER, Raymond J.,
Age 46
b.
Sept, 20, 1908. Degrees! B.S., Middlebury College, 1929$ M.A., Tufts
College, 1931i Fh.D., Columbia, 1938. Doc. d i s . : The development of
monetary doctrines after 19X4,
Academic career: Instructor in economics, Columbia, 1934-8, a s s t . prof.,
1933-46, assoc. prof., 1946-9, professor since 1949.
Other career; Director, financial research program, National Bureau of
Economic Research, since 1946. Special advisor to the Board of Governors
of the Federal Reserve 9ystem since 1950. Consultant, Farm Credit
Administration, Department of Agriculture, .1951-2.
President, American Finance Association, 1951*
Authori Contemporary Monetary Theory (1938); (co-author),
nd B*nklnff (1947); Qosts and Pfturns on Farm Mortage Lendln£ (1949);
Contributor of a r t i c l e s to various economic journals, including?
Economic Reviev> JwVHUIkL ?if
Age 46
Dec, 19, 1908, Degrees: A.B., Stanford, 1929, AfM,, 1930, Ph.D., 1936.
DOG. di#.i The Federal Reserve requirement for commercial banks as an
instrument of credit controlt
Academic oareert Social Science Research Council, Research Training Fellov,
1937-8. Instructor in economics, Stanford University, 1932, a s s t . prof.,
1936, assoc, prof., 1938, professor, since 1941, executive fcamd of
Dept. of Economies, 1941-5, 1948-53.
Other career: Chief economist, t e x t i l e , leather and apparel d i v . , 0.P.A.,1942-3.
Served with U.5.N.R., lieutenant, 1943-5. Consultant, RA*D Corp., since 1947.
Consultant, Richard D. IrwJLa, I n c . , Chicago, since 1948*
Author: Money. Iacqtt»« and HqRgtary Policy (l95O)j co-author, international
fafimrJliV Stockpiling (1949) j (with others), Mobilizing Resourcte for War.
(1951).
Current Activity; Consultant, Brookings Institution, Jan.-June 1954; Senior
Staff Member, since Sept. 1954, in connection with study on "The Structure
of Commercial Banking."
b.
o
5.
V
12.
Age 58
y
13Age 58
14.
Age 51
THOMAS, Rollin G., Professor of Economics. Purdue University
b. Dec. 17, 1896. Degrees: A.B., Cornell College (Iowa), 1919; A.M.,
Chicago, 1923, Ph.D., 1930. Doc. d i e . : The development of state
banks in Chicago.
Academic career: Instructor in economics, Purdue University, 1921-3,
a s s t . prof., 1925-30, assoc. prof,, 1930-8, prof., since 1938.
Assistant, School of Business, University of Chicago, 1923-5.
Author: Modern Banking (1937); Our Modern Banking and Monetary gystea
( l i t ed., 1942, 2d e c . , 195C).
Contributor of a r t i c l e s to various economic journals, including:
American Econoirtic Revifw.
WATKINS, Leonard L,,
Professor of Economics, University of Michigan
b.
July 30, 1896. Dtgrees: B.K, University of Texas, 19X6, M.A., W ;
Ph.D., University of Michigan, 1926. Doc. d i s . : Bankers1 balances
[awarded $2,500 prize by Chicago Trust Co., 1938].
Academic careers Instructor, School of Aeronautic?, Austin, Texas, 1917-8.
Irstruetor in economics, University of Texas, 1921-02, University of
Michigan, 1922-4$ a s s t . prof., University of Cincinnati, 1924-6;
a s s t . prof., University of Michigan, 1926-9, asEoc. prof., 1929-34,
prof., since 1934* Social Science Research Council, Research
Fellowship for study In London, 1928-9.
Other experience: 2d lieutenant, U.S. Array, 1918.
Author: flankers1 fffippnap (1929); Banking Reforg in the United States (1938).
Contributor of a r t i c l e s to various economic Journals, including: American
Economic Revj.sy, Joyrsaj. of P o l i t i c a l Economy. (Quarterly Journal of
VERNETTE, John Philip,
b.
Egoffrggpr of Businssp NUBJAJ Itrat^on, Unj.vrs£ty of Michigan
Oct. 29, 1903. Agrees: A.B., University of California (Berkeley), 1924;
A.M., University of Southern California, 1926; A.M., Harvard, 1929,
Ph,D t , 1932, Doc, dis«; Branch banking In California. Phi Beta Kappa.
Academic career: Instructor, University of Southern California, 1924-6;
Instructor in economics, Harvard, 1927*34; Instructor, Harvard Business
School, 1934-7, a s s t . prof,, 1937-40, assoc. prof, of business economics,
1940-45. Social Science Research Council, Research Fellow, 1932-3.
President, University of Hev Mexico, 1945*3. Professor of Business
Administration, University of Michigan, since 1948,
Other career: Member, commission of financial advisers, Republic of Colombia,
1929, Republic of Peru, 1931. War goods price coordinator, O.P.A.,
Washington, D.C., 1942-3. Director, Bureau of Better Business, 1949-50.
Member of faculty, Pacific Coast Banking School, since 1949.
Author: MoneyP Buafcisssj and ]Prj.ces (193?); Problems in Economic Theory
(1939); (with othtrs) Problems in Msrchandiae Distribution (1942);
Financing f\41 Qnp^oyment (1945).
Editor, Michigan Business Rarlev, since 1948.
Contributor of a r t i c l e s to various economic journals, including: American
Economic Revjlev. Harvard, ftujy-ness Rff.viev. Michigan Business Iteviey.
BDARD DF GDVERNDR5
DF THE
FEDERAL RESERVE SYSTEM
WASHINGTON 25, D. C.
ADDRESS OFFICIAL CORRESPONDENCE
TO T H E BDARD
'*««;i**1
December 29,
Mr* Donald 5. Woodward,
122 East i*2nd Street,
New York 17, New York.
Dear Dons
Many thanks for your note of December 21* You
have a splendid idea for some useful research but I am not
sure that you have laid it at the right doorstep* We might
make such a study for our own information but it would not
be very helpful to anyone else because all company names
would be deleted in accordance with our customary practice.
I do not personally know of any recent studies
of the kind you have in mind but, if I hear of any or of
anyone making such a study, I certainly will pass the information along*
With warmest regards and best wishes for the
new year,
Sincerely,
Ralph
Yot^hg, Director,
Division of esearch and Statistics.
ALLAN
SPROUL
THIRTY THREE LIBERTY
NEW
YORK 45,
STREET
N. Y
December 24, 1954
Mr. Donald Woodward,
205 W. 54 Street,
New York 19, N. Y.
Dear Don:
I don't want to let the season pass without telling you
what a fine job I think you have done in getting the Committee on the
History of the Federal Reserve System set up, financed and off the
ground.
With all good wishes to you and your family for
Christmas and the New Year,
Yours sincerely,
COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
Hwtt
to
th#t th« flr»t
ery Xf 1955*
I
qp
lev Tork i^fife
722
6,
ii
ecve-r th« p
then
lf
to
IWMMI
not M i l t ^ o a i l l tiie 20th of tn*
Of
COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
33 LIBERTY STREET, N E W YORK 45, N E W YORK
TELEPHONE: RECTOR 2-5700, EXTENSION 286
ALLAN SPROUL, Chairman
With cooperation of
W. RANDOLPH BURGESS
ROBERT D. CALKINS
F. CYRIL JAMES
WILLIAM MCC. MARTIN, JR.
WALTER W. STEWART
DONALD B. WOODWARD, Secretary
MILDRED ADAMS, Research Director
THE BROOKINGS INSTITUTION
722 JACKSON PLACE, N. W.
WASHINGTON 6, D. C.
December 20, 1954-
Dear Mr. Woodward:
Miss Adams has asked me to write you that she has
received word from Mr. Sproul about the Executive Committee
meeting on Tuesday, December 28th. He would like to change
the hour of that meeting from 12:30 to 1:00 p.m. Unless you
let this office know to the contrary, we shall assume that
1:00 p.m. at the Brookings Institution on Tuesday, December 23th, is convenient for you.
Sincerely,
Secretary
Mr. Donald B. Woodward
Vick Chemical Company
122 East 42nd Street
New lork 17, N, Y.
UNIVERSITY oj PENNSYLVANIA
PHILADELPHIA 4
THE EDUCATIONAL SURVEY
December 1 7 , 1954*
Dear Donald:
I will make a note for Saturday,
January 29th, and will hope to telephone you
on Monday.
Sincerely yours,
Joseph H. Willits
Mr. Donald Woodward,
33 Liberty Street,
New York 54, N.Y.
Dictated by Dr. Willits, but signed in his absence,
DEC 2 0 1954
COMMITTEE ON THE HISTORY
OF THE
FEDERAL RESERVE SYSTEM
G 0 P I
December 20, 1954-
Dear Mr. Noble:
I am writing you at the suggestion of Mr, J. R. Beattie, Director of Research for the Bank of Canada, with whom we
had communicated concerning matters of interest to this Committee « Mr, Beattie tells me that you were much interested in monetary matters during the twenties and thirties, and he thinks
you might like to know about the project in which we are engaged.
This Committee started in January with Rockefeller
funds on a quick and intensive search for unpublished papers
which bore on early phases of the history of the Federal Reserve
System, and we had considerable good fortune in locating several
collections which hold high promise. For example, the papers of
Senator Carter Orlass had been "rough-sorted" into 4.23 boxes and
deposited in the library of the University of Virginia. These we
have had examined in detail and an inventory made, so that students may now judge from the catalogue whether or not they need
to go to Virginia to read the correspondence from a specific man
or on a specific subject. Tne papers of Mr. Charles Hamlin, an
early member of the Federal Reserve Board and one who served for
many years, are in the Library of Congress, have recently been
freed of seal and are open to research. The papers of Ogden
Mills, Secretary of the Treasury and Chairman of the Federal Reserve Board in 1932-33> we found in a garage on Long Island and
were at least partly responsible for the fact that they have now
been taken to the Library of Congress. And to move to a later
period, the papers of Dr. Emmanuel Goldenweiser, long Director
of Research for the Federal Reserve Board, have been gathered together, catalogued and are now awaiting decision es to a final
place of deposit.
These are a few of our most rewarding finds. Altogether, we have locate^ a surprising number of collections. At
the same time, we have been reaching for the memories of men who
were early in positions of responsibility within the System, and
by means of interviews, we have caught at least the flavor and
some of the incidental color and bias of early days*
o
-2-
As this research process continues, and with it a hunt
for the men equipped to engage in writing the comprehensive history which is the purpose of this project, we find our scope of
inquiry broadening to include the international field which has
been so important in various aspects of American central banking,
We are therefore writing to Canadians who were active during the
period when the international policies of the Federal Reserve
System were first being set. It is in this connection that I am
addressing you. We would treasure suggestions as to where to
find Canadian points of view about the System or its work, or
references to discussions on this subject, or any comment which
will set us further along this difficult and fascinating path.
We hope for word from you on this.
The Committee will appreciate your interest in its
work. They ask me to send you gratitude in advance for any suggestions you may wish to give us.
Very sincerely yours,
Mildred Adams
Mr. S. R. Noble
172 Edgehill Road
Montreal, Canada
ffi
to Mr. Woodward
COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
33 LIBERTY STREET, N E W YORK 45, N E W YORK
TELEPHONE: RECTOR 2-5700, EXTENSION 286
ALLAN SPROUL, Chairman
W. RANDOLPH BURGESS
ROBERT D. CALKINS
F. CYRIL JAMES
WILLIAM MCC. MARTIN, JR.
WALTER W. STEWART
DONALD B. WOODWARD, Secretary
MILDRED ADAMS, Research Director
With cooperation of
THE BROOKINGS INSTITUTION
722 JACKSON PLACE, N. W.
WASHINGTON 6, D. C.
December 17, 1954-
Dear Don:
I am sending this only to your office on the assumption that
you are probably back there by the time this is delivered. Certainly
I hope that all your woes are over and that you are really feeling better.
Talking this morning with Bob Calkins, I find that Brookings
is giving its employees the entire day before Christmas (December 24-th)
and no extra time before i^ew Year's. In this office we think that is a
good idea, and therefore, unless you have some reason for preferring
that we not do it, we will follow that plan.
I hope that Vick is also giving its people the whole day off
and that you can somehow really get a restful Christmas.
Best as always,
Mildred Adams
Mr. Donald B. Woodward
Vick Chemical Company
122 Esst 42nd Street
New York 17, N. I.
,3ltt0itt:utum
6,
December 17, 1954.
Miss Mildred Adams
Coaaittee on the History of
the Federal Reserve System
33 Liberty Street
Sew Xork 45, Hew fork
Bear Miss Adams:
I am putting January 29 down on my schedule for
the Princeton meeting.
In accordance with your suggestion, we are paying
the expenses of the Princeton conference out of the
contingency fund*
1 an sending Mrs. Singer an annual appointment
letter in accordance with your suggestion.
Sincerely yours.
President
cc; Mr. Akers
Miss Maroney
Mr* Woodward
Enclosure
5, ,JL
December 17, 1954-
Mrs* Ellen Colt Singer
Committee on the History of
the Federal Reserve System
33 Liberty Street
New York 45f Mew loik
Dear Mrs* Singers
This letter is to indicate that we are transferring
your status from that of Temporary Appointment to Annual,
Appointment, effective 2)«Mafe*r 9, 1954* The Annual
Appointment will extend to June 30, 1955*
Sincerely yours,
President
Hit ft ft
COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
15,
10 • #•*»»+
J&Utfi Sproul,
» C«dkixt»
* • * • Kertia, J r .
, i t HAS b«©as« lspo»«lbi« for
Cotttitt«« to &»*t es ®<^«dui«d on. D#©^b#r 1
of that at«tiog h&^ i s tura &*&+ i t «%#«: aM^i#«bX<i to
tht a«-0oa<3 «»«tlng of the full Coasritt** vlth I t s t^r^
, forthtr lato
aaw 9U^««tiac that t h i s second &«eting» to discuss
#1" th» SxtteatlY* G«&iti<»« la r®g^rc! to th« eaotce of itn
for
jrou OettiMXt your 1955 se^«4ul#» fe-sd l * t His®
vli«th«r th# 291^s i» i^^sibX* for
Committee on the History of the
Federal Reserve System
HATF
Dec,
Donald Woodward
Mildred Adams
REMARKS
The proposed dates for the two
postponed meetings are Dec. 28 for
Ex. Com., Jan. 29 for full Com.
Hope these are good for you.
Would you, if possible, phone me any
changes in the enclosed draft? We'd
like to get it out as soon as possib Le
Also Hope you are improved.
o
COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
4
J7]
!
December 15, 1954
TO 1 Messrs• Allan Sproul* Chairman
¥» Randolph Burgess
Bob«rt B. Calkins
F. Cyril Jasi#8
¥illiaa McC. Martin, Jr.
Walter ^* Stewart
Joseph H. Willita
/7
For a series of reasons, it has become impossible for th©
Executive Committee to meet as scheduled on December Hth»
postponement of that meeting has in
The
turn mad© it sees* advisable
to move th© second meeting of the full Committee with its three
consultants, scheduled for January 8th at Princeton, further
into th© Hew Tear*
¥© are now suggesting that this second meeting, to discuss
further work on the part of the consultants and to receive
recommendations of the Executive Committee in regard to the
choice of an historian, be scheduled for Saturday, January 29th,
at Princeton*
Would you consult your 1955 schedules and let Miss Adams
know as soon as possible whether the 29th is possible for you?
Donald Woodward, Secretary
(/ «%
o
THIRTY
THREE
LIBERTY
o
STREET
NEW YORK 4-5, N. Y
fw^iotu-
December 1,
Miss Mildred kdmm
CoEsmittee on the History of the Federal Reserve System
33 Liberty Street
Hew York, New York
Dear Mildreds
Enclosed are the draft of the Minutes and
the letter from Dr. James which you wanted returned.
Ton have my coirjsentg on the Minutes by telephone.
Cordially yours,
Donald B. Woodward
enclosure
@FedFRASER