Full text of Committee on the History of the Federal Reserve System : Wood, Dr. Elmer (1954-1956), Entry 164, Box 5, Folder 12

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January 6 f 1956
Dear Elmert

so much for your fine l e t t e r of
the 3rd, which just came i n , I will treasure
your advice about the Keedinaa problem* and p&ss
i t on to the Conaittecu
Tour former pupil, Moiaa Pingle f was her
a t #he yeer*end economics ne©tingsf and I had tlia
pleasure of takiiog her to lunch at th© Harvard
Club ^jhioh sh©fd never seen* She f s a very able
person* and I'm glad you called her to siy attentl
greetings for what is left of
yours*

Mildred
P*S*
Kr* Sproul's speech i s a particularly
goo<! on©* His secretary will see that you get
& copy.

Dr. Hiaer ¥ood
School of Business Administration
University of Missouri
Missouri

UNIVERSITY OF MISSOURI
COLUMBIA

SCHOOL OF BUSINESS AND
PUBLIC ADMINISTRATION

January 3 , 1956

DEPARTMENT OF ECONOMICS AND BUSINESS

RECEIVED
Miss Mildred Adams

Jflfl

g t$eg

Executive Director
*
Committee on the History of tbOMMfftft Off IMg HttTOftY
Federal Reserve System
#f TNf
33 Liberty S t r e e t
IHHEMlttSCWVtfffSTtM
New York k%9 New York
Dear Mildred:
I t was awfully nice t o have your note l a s t week. I should
c e r t a i n l y have enjoyed being a t the lunch with you and Karl and
Lester, a s I am sure you a l l had a nice and i n t e r e s t i n g time.
A book of Readings i n Federal Reserve History would undoubtedly
be of value for courses both in f i n a n c i a l h i s t o r y and i n monetary
p o l i c i e s . Since the material t h a t could be included would be only a
small portion of the amount a v a i l a b l e , the volume would necessarily
r e f l e c t i n high degree the e d i t o r ' s views a s to what i s important.
But I am sure that i f an independent parson l i k e Lester made the
selections they would contain what the great majority of people i n
the f i e l d would consider most r e l e v a n t .
From here on my thoughts are r a t h e r provisional and more of the
nature of questions. Should material from books and p e r i o d i c a l s be
included? I should be inclined to exclude such items except possibly
those that are extremely hard to get hold of. There i s also the
question whether f a i r l y recent o f f i c i a l sources should be used, since
they are r e a d i l y available t o students where courses i n advanced
monetary subjects are given. On the other hand, material t h a t has never
been published ought t o have a c e r t a i n p r i o r i t y . Of course, a s e l e c t i o n
dependent on whether the material i s r a t h e r inaccessible would lack
balance. But t h i s d i f f i c u l t y could be handled by including a selective
bibliography of material t h a t i s r e a d i l y a c c e s s i b l e .
The second p r o j e c t you mention a s a p o s s i b i l i t y — a volume of
material h i t h e r t o unpublished but shedding new l i g h t — would presumably be intended primarily for scholars specializing in monetary subj e c t s , or a t any r a t e people doing research for p u b l i c a t i o n . I think
you would do well t o bring out such a volume, or s e t of volumes, and
perhaps you should give i t the p r i o r i t y . One of the problems here i s

-2-

to determine what size units should be used. Rather sizeable pieces
would perhaps be preferable. If one is using the work for research,
he would want to feel that such limited areas as he did cover were
covered completely. On the other hand, if he had only relatively
small excerpts, he would feel that he would have to cover everything
again from the unpublished sources. For instance, if a speech or a
letter were given, it ought to be given in full. But I realize it
would be hard to follow any simple rule — a diary would have to be
excerptedj
You asked about the book I am working on. I made some progress
during the summer — a chapter on "The Acceleration of Expenditure"
and one on "The Quantity Theory of Money". Though I reject the
Quantity Theory approach, I think there is real value in analyzing it
in some detail and in stating why I reject it. This next semester I
am getting a sabbatical with half pay and hope to do some more chapters,
The Ford Foundation has asked our Department to make one application
for a faculty research fellowship in economics for next year. Whether
I can get in on that I donft know. There seem to be a number of difficulties.
I am sorry to have missed the AEA Meeting. I should have liked
especially to hear Mr. Sproulfs talk. My guess is that he spoke out
plainly.
A very Happy New Year to you.

Cordially,

Elmer Wood
EW: uigr

o
December 20, 1955
Dear Kisser:
Having just lunched in Philadelphia vlth JUrl Bopp and I#eater
Chandlei', X feel that you should know how much you were aissed, end how
brightly your eciro should htve buuned if the old &&; ing about ©firs burning
iflien people talk about you holds true, as a l l old sayinge should in thie
leonocitstic fe£e«
Both men seemed in exceedingly good forau Karl h&d just sj;ent most
of the previous night serving Ghrietttas dinner to the night staff &t the
Bankj he should hrre been sleepy, but he seemed remarkably a l e r t and full of
wit t&cL wisdom. Les w.s his u&u&l ebullient self, and the tvo men pley«d
wall together* We a l l three mourned your absence*
The subject of this three-cornered discussion vas r proposed volume
of "Headings in Federal Reserve History*." and I w&g» asking how useful such
a thin£ aslght be for their students* We talked about bringing to light important material that might nov be h&vd to come by. We flso discussed the
value of a volume of materiel hitherto unpublished but shedding new light*
If either of these ideas appeal to you as useful (or not), do l e t ise know.
as the idee ia s t i l l being discussed*
Also we asked each other about your book* but no one seeaied to
know how i t was progressing, or whether the summer's work jn Esteo Park had
been fruitful this year* Bo send ae word on that so that we Cfen know how
the opus i s going*
Meanwhile, the best of Christmas greetings to you and your good
wife, and may the Hev Ye&r be good to you both*
Cordially yours,

Mildred Adams
Dr* Elmer Wood
School of Business and
Public Administration
(University of Missouri
Columbia, Missouri

October 20, 1955
Dear Elmers
Thanks ever so xauch for sending me a copy of your
paper on "Recent Monetary Policies*11 I am delighted to have
it and exceedingly interested in ^h&t you beve to a«y»
Sitting in the middle of this Bank does not mean that I know
much about whet goes on except wa&t I re&d in the papers or
pick up from chance conversation, so that I find your
critique v&ry provocative• I shall see that it goes to
Mr, Sproul -Ao will also be interested whether or aot he
agrees with you.
How is the book coming on, and have you set any
date vhen you thiiik you a#y have it ready for a publish erf
The Cossiittee1© interest in it keeps being i&entioned by one
individual or another, and I would like to be ebie to give
them at least a word concerning its progress*
Thanks again and best greetings to your wife*
Cordially yours,

Mildred
Dr. El»er
603 Hock Hill Road
Columbia, Missouri

June 21, 1955

Dear Elmer*
lour letter of June 14th was waiting
for Be when I got beck fro» Minneapolis and
Kansas City. My geography is so bad that I did
not know quite -what the distance between Kansas
City and Columbia was, but the Bank discouraged
enj idea that I could hop over for a quick converse, tion with you.
Under those circumstances, I was doubly
glad to hear by letter that all was well. Thanks
for the Midwest Economic Association program* It
sounds like a good meeting, I had hop«d, however,
that you made a President1s address, and I an
atill so eager to know what you said that I aa
hereby making a formal request for a copy of said
Presidential address.
Also, I am interested to see that
Werner Hochwald of Washington University, who is
used as consultant by the St. Louis Bank, talked
about his Measurement of Money Flaws. I heard a
good deal about it when I was in St. Louis last
year and am curious to know how it sounded to you
in that speech*
fhanks for suggestions of young people*
I did not see Chsrls Walker of the Dallas Bank
chiefly, I think, because I kept emphasizing ay
need of talking with the older sen. It was an
oversight which I shall hope to remedy at a
later time*

Ross Robertson of the St. kouis Bank
has 8 new HEoonomic Histoiy of the United States"
which has just been published by Harcourt Brace
as a text-book* I haven't seen it yet, but he
was working on it •when I was there last year*
As for Mona Dingle* I Kill certainly
keep her in mind* She is a very appealing person,
and I hope we may be eble to include her*
Tou vill went to know that thus far
the Historian has not yet been found. We ere in
a stege where I think we will try to carve up
the big project into monographs and get more of
them started* The influence of tester Chandler
as e. worker on the Strong papers has been so
beneficial for this office that we ere eager to
get one or two more of his calibre to work
quickly* I may have intimated this in my previous letter, but it seems to be more and isore
of a possibility, and I will use your suggestions of the young in that connection.
I hope by this time that you have set
out for Estes Park* Ve too have had a cool June,
but lato June is a chengeeble jade in these parts,
and I do not trust her. I shotild think you would
w n t to drive across those plains vhile it was
istill chilly rather than braving them in tropic
veather* I shall think of you installed in that
charming study with a brook babbling below you
Bnd the birds calling fro® abovr?# Bo give ay
beat greetings to your wife, and have & lovely
Boomer.
Cordially yours*

Mildred Adams

Dr. Elmer Wood
603 Rock Hill Road
Columbiaf Missouri

UNIVERSITY OF MISSOURI
COLUMBIA

t
SCHOOL OF BUSINESS AND
PUBLIC ADMINISTRATION

June

DEPARTMENT OF ECONOMICS AND BUSINESS

RECEIVED
Miss Mildred Adams
Executive Director
Coromittee on the History of the
Federal Reserve System
33 Liberty Street
Mew York l£9 New York

HE
tux.

Dear Mildred:
I am sorry that I got a l i t t l e behind on my correspondence* We have
been moving — to a house which we bought on the other side of town (603
Rock Hill Road)* Also we have been having exams*
Professor Ketchum, editor of the Journal of Finance told me he would j
publish a revision of "Recent Monetary Policies". That i s now in the mail j
and I hope he does not change his mind* He wanted a shorter version and I
f e l t i t ought to be a l i t t l e more up to date.
*
I am glad you talked with Mona Dingle. Her mind really clicks* Howard
E l l i s told me she had read about everything that was worth reading on money.
If she should do a piece of work for you i t would be awfully well done. You
could not do better. Also she would be independent and objective i n her
analysis.
Did you meet CharI s Walker a t the Dallas Bank? We have exchanged some
l e t t e r s , and he seems a very nice fellow. Ross Robertson was over here from
the St. Louis Bank a few weeks back and spoke to my graduate c l a s s . He
seemed to me quite an able man*
You spoke of the Midwest Meeting in Omaha. I t seemed to be a real nice
meeting* I am enclosing a copy of the program. George Mitchell of the
Chicago Bank did not speak at the luncheon — doctor's orders* Ernest Boughman
came in h i s place and made an excellent impression.
I am sure you w i l l do a fine j©b on your Report. And I hope you can
find the right man — or woman for the job — before long*
For months I have had no time to work on my book but hope to again i n
Colorado this summer* Same place* We are not hastening to get out there
because we have been having the furnace on here* Why go out to Colorado
when we can freeze right here in Columbia?
With best regards*
Sincerely,

EW:mgr

http://fraser.stlouisfed.org/
Enc.
Federal Reserve Bank of St. Louis

Elmer Wood

May 10, 1955

Deer Elmer*
How that the winter has gone m& spring
has cosie to the middle vest as to the east, I a&
beginning to wonder about that Midwest Economic
Conference of yours in the first place, end in
the second place about your boojc. Hov did the
spring meeting of the Midwest Economic Association
go, and were there papers which we should know
about? And perhaps even more important, what has
happened to the book since last siasEer, or is it
waiting for another summer amid the beauty of
Estes Park?
I know hov busy you are and how hard it
is to get to sit down to unnecessary letters. At
the same time, what you had to say about both the
conference and the book interests me enormously,
and I should not like to lose track of them.
At the same time, you may like to know
that after your account of your former student,
Miss Mom* X&ngle, I looked her up the last time I
was in Washington and had a very pleasant lunch
with her. She has the reputation there, as with
you, of being an extremely able person and Is obviously popular in the Boards staff. I still
have to find and read studies which she may have
made and which are directly credited to her in
the Bulletin.
I could tell you that there was
interesting news of ihis project, but since the
Princeton meeting we have been mostly absorbed in
the daily grind and as yet without any solution

-2-

to the problem of "who** I went to Dallas and San
Francisco in April by air, which was a very nice
interlude, but even that failed to lift the burden
of the problem off shoulders. At present, I as
in the midst of drafting an annual report to the
Rockefeller Foundation, an occupation full of opportunity to tell the world how good we are. It
is a dreadful temptation, and I am not at all sure
that I am going to be able to withstand it, or
even that it Is vise to withstand it* Such, I am
;#
afraid, is the morality of the unbewecU
All this is by way of sending you best
greetings and hoping that you will keep this distant place informed of things that go on which we
should know about. Please give my warm regards
to your wife as well as yourself.
Cordially yours,

Mildred Adams

Dr» Elmer Vood
School of Business end
Public Administration
University of Missouri
Columbia, Missouri

UNIVERSITY OF MISSOURI
*

COLUMBIA

APR 1 1

SCHOOL OF BUSINESS AND
; AND
PUBLIC ADMINISTRATION

* *

DEPARTMENT OF ECONOMICS AND BUSINES

Miss Mildred Adams
Executive Director
Committee on the History of the
Federal Reserve System
33 Liberty Street
New York h£9 New York
Dear Mildred:
I will try to get any suggested changes for the
Record of the Second Meeting of the Committee to you
by April 11, I am assuming you do not want substantive
changes, but merely clearer statements. Last minute
problems of the Midwest Economics Meeting, which comes
April lk - 16, keep me pretty well occupied.
With best regards,
Sincerely,

EW:mgr

Elmer Wood

» ,'i

—T*

U»

Editorial Changes of Elmer Wood

DR. WOOD:
material, here.

I am the one who wrote a good deal of this
Since I believe that the crisis of 1951-53

was essentially due to a progressive decline of liquidity
(whatever other objectionable features may have been present),
the leading question in my mind in studying the period is "why
should a country permit itself to suffer such devestating
effects from monetary contraction?"

The answer seems to be

that some of the basic ideas then dominant were at fault.
A. C. Miller, for instance, testified that the Federal Reserve
should not buy securities to stop a decline in business.

There

was quite a little testimony given by various people to the
that
effect/an expansion of credit, or an expansion of money, in an
unsound and declining business situation would cause further
unsoundness and further decline.

Beginning in 1933 theiv* was

quite a revolution in ideas, and the change in ideas that were
dominant seems to be related to the change in the kind of
action that was taken,

P. 41
DR. WOOD:

Was there not a general idea in the business

and financial world at that time that you did not deal with
business depression by monetary expansion -- or, as it was
often expressed, by tinkering with the currency?

P. 55
DR. WOOD:

I was thinking of a conversation with James

Harvey Rogers about 1936 -- I am not certain of the exact year.
Rogers told me the Administration had given up attempting to
expand general demand by means of monetary measures but was
going to depend more on government spending.
P. 55 (lower on page)
DR. WOOD:

But in this period (about 1936) there was a less

active effort at monetary expansion than in the period when the
Thomas Amendment was passed.
P. 60
DR. WOOD:

Following some of the meetings of the two

agencies where credit policy decisions were made, there was a
public announcement that the decision was arrived at jointly
by the Treasury and the Federal Reserve.

I think there were

two such occasions.
P. 63
DR. WOOD:

I wonder whether anyone here could help me to

establish a little closer the date when the Treasury decided

—

and to what extent it decided independently -- that the two-anda-half per cent rate would be the maximum?

The first point in

time I can be sure about is the summer of 1941.
?• 72
DR. WOOD:

Karl made a suggestion earlier that you might

just take the transcript of comments that were made today.
That would give the future historian a pretty good picture of
the Committee's ideas.

March 31, 1955
Dear Dr. Wood:
Miss Adams has asked me to tell you that this
office is in the process of revising the transcript of
the conference at Princeton on January 29th. We have
already received corrections from two participants, and
we wish to add any further corrections you may suggest*
¥111 you therefore let us know before Monday, April 11th,
of any changes you wish made*
In the event you have no corrections, it
would be most helpful for us to receive a note to that
effect.
Very sincerely yours,

Ellen Singer
Research Assistant

Dr. Elmer Wood
School of Business and
Public Administration
tfoiversity of Missouri
Columbia, Missouri

February 23, 1955
Beer Rimer:

lour latter snd your expense account came In this morning* I
was delighted to note teat the Congressional Committee had transported
you from Coxuaibia to Washington end return and that we were being
charged only for the Washington to Princeton expenses. Somejow, guarding one's funds becomes a kind of occupational disease, and it is always a pleasure to have them more lightly taxed then one expected*
I*i8 glad you thought the meeting was interesting. The fact
that you did not all egree at all times was one of the things which
m&de it most valuable. We will be sending you the transcript very
shortly, and I do hope you will have time to let me know how it seems
to you*
I will give your message to Karl and Lester. You saw, of
course, that the latter had been formally ntimecL Head of the Economics
Department at Princeton. Hews of it with a picture appeared in Tuesday1 s Mew Xork times.
Also, you nay or aay not have heard that Bandolph Burgess is
going to marry a niece of J. F. Morgan named Hrs. Helen Woods. That
too was announced in Tuesday*a Times, all of which, I suppose, proves
that the world does move even if we haven't yet picked an historian.
Hy warmest greetings to your wife and yourself Cordially yours*

Mildred Adams
Dr» Blaer Wood
School of Business and Public
Admini s tra tion
University of Missouri
Columbia* Missouri

U N I V E R S I T Y

O F

M I S S O U R

C O L U M B I A

SCHOOL OF BUSINESS AND
^PUBLIC ADMINISTRATION

February 20, 1955

DEPARTMENT OF ECONOMICS

RECEIVED
Mr. Donald B. Woodward
Committee on the History of the
Federal Reserve System
33 Liberty Street
New York

FEB 2 3 1955
COMMUTEZ ON THE HISTORY
OF THE
FEDERAL RESERVE SYSifcM

Dear Mr. Woodward:
Thank you very much for your recent letter
and for the honorarium. Though I should have been glad to
do what I could without a money reward, I appreciate the
Committee's thoughtfulness.
It was nice to meet the members of the Committee, a
majority of whom I had not met before, but whose writings
or testimony I had read.

With my best regards,
Very sincerely,

Elmer Wood

U N I V E R S I T Y

O F

M I S S O U R I

C O L U M B I A

SCHOOL OF BUSINESS AND
PUBLIC ADMINISTRATION

February 20, 1955

DEPARTMENT OF ECONOMICS

Miss Mildred Adams
Reasearch Director
Committe on the History of the
Federal Reserve System
33 Liberty Street
New York

RECEIVED
FEB 2
COMMITTED Cfl THE HISTORY

Of THE
FEDERAL RESERVE SYSTEM

Dear Mildred:
I hope the delay in sending my expense account
has not been an inconvenience. Some of the details were
not immediately available.
It seems to me we had an interesting meeting even
though we did not all agree at times.
I had an awfully nice letter from Donald Woodard.
It was very thoughtful of the Committee to send me the
honorarium.
Tell Karl and Lester I have been intending to write
to both of them about a question asked by Congressman
Patman.

With very best regards,
Sincerely,

Elmer Wood

c
c

February 11, 1955
Bear Br* Woods
The ©embers of this Cosasittee h«T« asked me to thank
you in taeir manes for th© cure, the irctive thought, end the
fine scholarship vhich you end your colleagues put into the
memoranda you prepared for th<m end the discussions held with
them* fhej recognise that th© success of the tm Frincetoa
conferences held in ifioveaoer arid itmu&ry v»s solidiy oased on
the work vhieh you t^iree did in advance &nd the contributions
•which you m&de in the eours© of the discussion*
As a sskaJLL token of their appreciation, tiiey hope you
will accept the enclosed honor&rlusu Ihi» i s by no sseane to b©
considered es an attempt a t compensation, but r&taer fts an
earnest of their gretitude sjsd tineir esteem*
May I &M my personiLl regret ihet circ*aastances
beytjno my control prevented my scaring eo interei?ting &n& re
a session as that of Janusry 29th must have been.
With vans personal regards I am,
Very sincerely yours,

Donald Woodv&rd
¥ood
BcnooX of Business exid
Public Adteiaifftmtion
University of Hisaouri
, Missouri
Check for $200.00. Letter and check sent to DbW for
signing and mailing.

January 3, 1955
Deer Elmer:
It is fine news that we may expect you in Princeton at
the end of January. The last time I talked with Karl, he thought
that the three of you s&ight meet at the Inn on the evening of the
28th in preparation for the Saturday meeting with the full Committee, but he may have changed his idea in the meantime* If he
sends us any other word, I vill let you know.
Thanks for the names of James Bhodes and Cortland Peret.
Both are new end sound interesting. As for Mona Dingle, I am
hoping to see her next time I go to Washington.
Cordially yours,

Mildred Adams

Dr. Elmer Wood
205 Edgewood Avenue
Columbia, Missouri

UNIVERSITY OF MISSOURI
COLU M Bl A

SCHOOL OF BUSINESS AND
PUBLIC ADMINISTRATION

December 28, 195k

DEPARTMENT OF ECONOMICS AND BUSINESS

RECEIVED
«•

M L „*„

Miss Mildred Adams
Research Director
Committee on t h e H i s t o r y of t h e
F e d e r a l Reserve System
33 Liberty Street
New York US, New York
Dear Mildred

DEC311954
COMMITTEE ON THe HISTORY
OF THE
FEDERAL RESERVE SYSTEM

I j u s t received your note of December 22 — the mail has been moving a
l i t t l e slowly l a t e l y .
I think I can arrange to be there a t the appointed time. Perhaps I
can make my peace with the University Committee on Schedule for holding
part of my examinations early, I will check with Karl as to the exact
time he would prefer to have me arrive*
I have been making a l i t t l e check as to possibilities for writers.
Though I have not come up with anybody for the Comprehensive History,
I have two or three suggestions for some of the work. No doubt you
have long ago checked with Arthur Cole on any recommendations he
might have; also with Howard E l l i s . Would you think Roland Robinson's
former connection would disqualify him for writing a monograph? He
has been a t Northwestern for some time now.

One of our former students, James Rhodes, who went to Harvard and is
doing his thesis there in Agricultural Economics might do a good job
on the Federal Reserve.and Agriculture. He was a major in History
who went over to Economics. He is back here writing his thesis
under a government grant and is regarded as a very able man.
Another of our former students, Cortland Peret, who one time taught
sections of Money and Banking here^Ts'T^eaching fellow at Harvard.
He is now doing work on the national income accounts for his thesis.
He did a very good M. A.^r thesis for me on the Investment Outlook
in the Agricultural Implement Industry. He would do a very careful job.
When it comes to sheer genius in handling great masses of material without getting lost in it, Mona Dingle (of the Board) would be hard to equal.
Her talents ougfrt to be used in some capacity if possible. .
Professor Williams could probably give you some estimate of the two
Harvard men mentioned above. I will be looking some more.
Very sincerely

Elmer Wood

December 29, 1954

Dear Dr. Voodi
By this time you will have received *ny Ir-tter
of December 2Zr=d which explains arrangements for
tiie Coajmittee meeting on January 29th, I do hope
that thia is not too inconvenient for you*
I as looking forward to seeing you again at
Princeton.
Sincerely yours,

Mildred Adaras

Dr. Elmer Wood
School of Business and Public Administration
University of Missouri
Columbia, Missouri

UNIVERSITY OF MISSOURI
COLUMBIA

SCHOOL OF BUSINESS AND
PUBLIC ADMINISTRATION

RECEIVCD

DEPARTMENT OF ECONOMICS AND BUSINESS

December 26, 1954

BEC28tt$4
CN

Miss Mildred Adams

fCDCMU.ftlttftittIWtH

Research Director
Committee on the History of the Federal Reserve System
33 Liberty Street
New York 45, New York
Dear Mildred:
In answering your letter I wanted to wait until
things were in less of a rush. Karl has my suggestions for
revising the Outline or Aide Memoire for the Comprehensive
History. It may be that some of my suggestions are too detailed,
since the real purpose of the Outline is simply to specify the
kind of study that ought to be made.
As to the other items you suggest, I am sure we shall be
glad to do whatever might help you in your investigations. It
will be interesting to see what the various members consider a
"key event". As I interpret the meaning intended, it would
include both outside events, such as an important bank failure
or the suspension of gold payments by the Bank of England, and
important developments within the System. In a sense, any major
change of policy is & key event unless the change fits into a
general pattern already agreed upon. The decision to have cheap
money in 1924 would seem to be a key decision. The one in 1927
I should feel less certain about, as it seems to fit into the
regular pattern. The decision of the Federal Reserve Bank of
Hew York in 1929 to tighten credit "until the situation was
corrected" (until the stock market broke) was not part of a
general pattern, but a key decision, since it involved an
important change of criteria of action. But one should not
expect too much from a list of "key incidents".
Tyhat one is
faced with is a continuous development of pressures and of
ideas. The decision, or whole set of decisions, to take issue
with the Treasury in 1950 was a key incident, but it was a result
of ideas that had been building up for some time.
I expect you got my telegram regarding the time of the
next meeting. I hope the matter will not give you too much
trouble.

A very happy New Year to you.
Very sincerely,

Elmer Wood

Deceabe-r 22* 1954
Ur* Wood*

I itai sorry th#t v* H«T« set th&t postponed Princeton me* Hag
in the middle of exufitm-tlon v$ek» Oafortumiteiy for you, v© &«?# h**rd
from fill but one oth^r i&rtielptat that they otm. »rriing© effairs «o fig
to came to Princeton for the 29th* Under tiesse clrcieaetaiices, X &sa sure
you v i l l uJKtor&t&ud th*t w®- itMltftte to aafc* 9. Mcond
l a Udldag idth Kerl Bopp, I find he seesit to ^tink that i f
The three of you. co^id get taget&fer oa Frld«/ evening, tfe® 23tti» thia
would give you a l l the #iLtra. tla* you ne#d ia preparation for tixe
ing of Uife 29tb« Peife&|?s5 this^ yhioii r®X®mm you from «in/ tw®& to
coaae oa 7hur*diQrt a«y atk« taicgs €e.»l#r for you.. C*rt«daly X hop«
I do h o ^ you v l l l be cbl* to «rr«iage so es to arriT^ for «. Friday
ftectingfctFrioe^ton or FhlJUdtlphia^ vhich«vffr i s the more coafor the three of you.
Cordially

Hildreci.

&*• IXmer Wood
School of Business and
Fufelie A&tini&tmti
of Hiasourl
Missouri

- Br» Bopp

WESTERN
UNION ( A

V.
CLASS OF SERVICE '

This is a full-rate
Telegram or Cablegram unless its deferred character is indicated by a suitable
symbol above or preceding the address.

FX420I

Thefilingtime shown in the da' '

P. MARSHALL. PRESIDENT

y ldUera ia STANDARD TIME at point of origin. Time of receipt ia STANDARD TIME at point j>i destination

S.CMAQ56 NL PD=COLUMBIA MO 18=

1*4 I B 18

MISS MILDRED ADAMS=
COMMITTEE ON HISTORY OF FEDERAL RESERVE BANK OF NY
NYK=
THE DATE SUGGESTED IS DURING OUR EXAMINATION WEEK
STOP WOULD PREFER TWO WEEKS LATER THAN THAT BUT IF
LATTER NOT PRACTIABLE WILL TRY TO ARRANGE FOR JANUARY
TWENTY NlfcTH=
ELMER WOOD=.,

http://fraser.stlouisfed.org/
THE COMPANY WILL APPRECIATE SUGGESTIONS FROM ITS PATRONS CONCERNING ITS SERVICE
Federal Reserve Bank of St. Louis

MISC. 34
(MISC. 34.3—60M—2-52)
DITCCSEE- B A M *
c c n I - D . .

COPY.OF

FEDERAL RESEfPWE BANK

SEND T O

M i S S AGCMRA

History of Tmd9 &e«. System

Dec. 1£, 1954

SENT BY

Tos

Br, Imatmr Chandler

tor.

Fri»e«ton University
Friac«ton, Kew Jersey

Ela«r Wood
Ordversity of Missouri
Columbia, Missouri

B*gret v« sRist postpoo« Frinc«ton ae«tlng.
of January 29th.

letter follovs.

Sow tryin^^td arrai^fi it^for we«kerai
*
Mildred Ad&ras

December 14, 1954
Dear Dr» Woods
This is to verify in gret- ter detail the telegram I sent you
this scorning saying that the meeting scheduled for Princeton on January 3th had "been postponed. Whi\t happened wa3 that both Mr. Sproul and
Mr. Voodw&rd vere incapecite.ted and unable to attend the Executive meeting scheduled for December 14th. That sieent postponement of the Executive Committee meeting until after Christmas, vhich crovded the January 3tli meeting too close for anyone's comfort.
It is now being suggested that the second meeting of the Committee with its consultants be set for Saturday, Jsnuery 29th, vhich
would mean that you would want to plan to be here a dey or so ahead to
confer with Karl Bopp and Lester Chandler. Would you let me know at
your earliest convenience whether January 29th is possible for you? We
do hope so*
The best of the season1s greetings to you and your wife* I
hope the "leather will be kind.
Cordially yours,

Mildred Adams

Dr. Elaer Wood
School of Business and
Public Administration
University of Missouri
Columbia, Missouri

December 9, 1954
Dear Dr. Wood:
I have been re-reading the verbatim record of Sunday's conference, &nd the memo of Monday1s discussion, in an attempt to see
vhere the/ seemed to be headed in terms of the tiling to do next, l a
the process, I hay© been again impressed vith the value of the work
"•mich you three experts did, not only in building the chronological
fre&evork which the Coffiinittee htts been looking for, but slso in helping to per3Ui-.de the Committee iies-here to ao siucii active and interested
discussion. I t i s of the greatest help in meny vsys.
We will know more about the next step after the Executive
Coiamittee meets on December 14.th» Me&nuhile, stay I make two suggestions In view of the importance *aiich "key incidents 8 have in the
Kinds of the Committee, whtt vould you think of uuing the chronological pattern in the mexor&ndua of Monday, 2-1 av ember 22nd, as a fraesework into vhich to throw incidents, any incidents vhich occur to the
minds of any of you as pertinent? Such a l i s t , fraised in appropriate
periods, could provide a sketchy unc provocative basis for Committee
discussion (and addition} on January 3ta*
Second, &ey I suggest th&t the three of you consider, a® a
besi5 for your proposed meeting on January 6th, the value of presenting the Comalttee &t the joint meeting on January 3th vith three document ss

!•

A re-cast *grand design" of history and monographs to
replace fee one which they tore epart on. xfoveaber 21st}

The chronological aeao eiabodying period divisions and
topics -which Les dictated on the 22nd, witli &ny changes
you aey vaat made)

3»

A 3Ugge?*tiV0 sketch of key incidents in their chronological fraise work j

(though this is tentative) A trial questionnaire for
interviews on a trial period, as Stewart suggested at
Princeton,
this quartet ougnt to set going discussions that vculd keep
them active end interested f&r past 3*40 p»nu they vould also be of
inestimable aid to the research functions of tais office*
I'll be e&ger to know -what you think of these suggestions.
Cordially yours,

Mildred A
(Dictated by Miss Adams
but 3i^ned in her absence^

Dr* £lmer ¥00 d
School of Business and
Public Administration
University of Missouri
Columbia, Missouri

December 1, 1954

Dear Br* Wood:
I am hastening to forward to you a cofy of the
stenotyi e record of the rrinceton meeting which came
ir* this worning. There has not been tiae to do more
than letf through it, but even *dth such slight
scanning it appears bcth interesting and provocative.
Ve shall be looking forward to the fruit of
your consideration of this tuad the rough draft which
you will hive had from Karl Bopp.
Hastily yours,

Mildred Adams

Dr. Elmer Wood.
School of Business and Public Administration
University of Missouri
Columbia, Missouri

UNIVERSITY OF MISSOURI
COLUMBIA

SCHOOL OF BUSINESS AND
PUBLIC ADMINISTRATION

November 27, 1954

DEPARTMENT OF ECONOMICS AND BUSINESS

Miss Mildred Adams
Research Director
Committee on the Hiptcry of the Federal
Reserve System
53 Liberty Street
New York 45, New York
Dear Mildred:
I feel I should write you a bread and butter letter
with capital M B"s. You certainly took care of us royally and
it was a most pleasant meeting. I thought our little group
worked together amazingly well.
The 1TA plane reached St. Leuis about midnight and our
little Ozark plane got to Columbia about 10:30 the next
morning. Lots of letters were waiting for me, not to speak
of classes. I wish 1 had a secretary like Karl's. My list
of expenses is inclosed. Tomorrow I will send back the folder
you loaned me.
Don Woodward sent me an exceedingly nice note, which I
appreciated very much indeed. If I could only show it to our
University President 1

With very best regards,
Sincerely,

Elmer Wood

Expenses of Elmer Wood - Columbia, Mo. to Princeton
Plane tickets, Columbia to Philadelphia and return

$123.53

"Limousine" in St. Louis - evening of Nov. 22 and
morning of Nov. 23

3 .20

Hotel, night of Nov. 22

6 .12

Food and incidentals

3 .00

Total

135.85

SEC 17954

November 2J+, 1954

Dear Dr. Wood:
I know that I sm speaking for the entire Coiaaittee when
1 tell you how very grateful we all are for the skill, knowledge ana juogeaent which you poured so generously into the
recent three-day Meeting at Princeton* Those of us who
©rijoyea the beaei'it of your wisaom on Sunday can only guess
at what we Kissed by not being able to sit in on your expert
sessions Saturday asd Hondsy,
In &uuitioii to acknowledging the value of the fresh
viewpoints which you brought to Cosaaittee members, Miss
Mams tells me that we also owe you gratitude for the clearer
definition and sharper focus which you brought to the research
functions in which she is engaged• She would like me to add
her tlmnks to ours.
We will be looking forward with great interest to the
second session in January.
Sincerely yours,

Donald Woodward
Dr. Elmer Wood
Professor of Economics
School of Business and Public Administration
University of Missouri
Columbia, Missouri
This letter elsossent to Dr. Karl Bopp
Federal Reserve Bank
Philadelphia

Dr. Lester Chandler
Princeton University
Princeton, N. J.

October 29, 1954

Dear Dr. VoocU
Just a email note to tell you how delighted I am that
you have consented to collaborate with Karl Bopp and Lester
Chandler in this special attack-by-conference on the problems
vith which this Cossaittee is grappling. Quite aside from the
pleasure which has been expressed by Committee members, and
which I share, I feel ss though a load ves being lifted off
my own shoulders by the fact that you three ere willing to
have a go at this.
It will be good to see you in Princeton on the 21st
of November. I wish we could furnish a fourteen thousand foot
peak as background, but at least the town has towers.
My wans regards to your wife.
Cordially yours,

Mildred Adams

Dr. Haer Vood
Professor of Economics
School of Business «md Public Administration
University of Missouri
Columbia, Missouri

Cowtitte* on th« liatezy of the t*&mX 8«*«rve Sjstm

Septee&er 9, 1954

Baa* Ky. Sttwurt*
Vhen v» wag* talking lust weak about Dr. User Vood of
Hlstourl X prottl«#d to s«a<l you paragraphs frcaa A recent l«tt«7
la vhich he si&do cert*in s^g«3tionf- cope^rnlng the history, I
•n •aelotlRg a p«ge nopl#d fion tHat letter vhlch, as I told
s* f w l th»t the aowi m mm k»«P Hia thinking for tit tht
off n# ncmld b««
Z h*re not b»»n abl« to ?•« Don&ld
gir* him your m#«««g« bat vh«n h« «aerg«» from, e ®ert#« of
d^f oonf#r*no«» I vLU d© »o. Wi«t either of
in H»« v»y of & mmmrmSm
of vhat v# BMH by talking of «
•definite history 1 i s «oi*«thtt!g I v i l l try to get at
X hope ymi h*d no difficulty at Trenton. I realised
after y©u l«ft that I bud not <rr«n ttumk«d you for © »©«t
ing <tiaa#r, and hoyt y««i to©k ny eb^orption in OUT
t s i t s ova for© of thanks.
Mont ffincerely yours,

M&ldrad
Director

Enclosure

Council of Econoaic AJvice
White Houae

01 ?H1 HISTORI OF TRS
WBMML
33 Liberty Street* Hew Torfe 45* Kev Tork
BEetor 2-5700, Retention 2S6

August 31, 1954
Bear Dr.
lour sugg#§tl©&0 of August 18th have hem soat gratefully
received* and I ttj.mil hope to put then to work. If only it vere
possible to eooduet this operation in sueh at fashion that portions
of it could b© assigned, to esslnsnt gcbolsrs, includtug
the t&gk would b& far easier• tlhfortunately for us* the
end skilled are alt© the busy ones who clo not encourage i
All o»® oan hope is that they vill fee caught by »& idea end be
to think about* Tfee more of this v# can enoours.ge* the happier
vill fee, and ths nearer to g®ttlag a top level job going#
On the v*ath»r front, I &ot# that tl» mercuxy out your
way dropped elo§@ to frt«si&g, vhieh ought to m®m that ^
will btgin to turn before jou l©aY@. They b®v© alwaye s»«aied to
to form oa® ©f the ®ost attractiv® gold displays in the eouatry.
H©r# ¥@ hare just b##a swept hj the skirts of a hurrie®a# a*ss®d
Carol, to the detrinent of soft aaple trae# m& eXeotrie power
lines in Conaeetlcntt*
thanks again, and ^© contiotte to think of ms
feaek 1A the aeaieaic huiry of Mltsearl*

when

My mini greetings to your wif©#
Cordially yours*

Mildred. Ad air, 8
Keseareh Director

Box 1041
Est®8 Park, Colorado

Box 1041
Estes Park, Colorado
August 18, 1954 •

Bear Miss Adams:
It was nice to get your note and the extra copy
of my paper you sent me came in very handy.

Roy Harrod!s book

on The Dollar came in the last mail, and I want to tell you how
very much I appreciate your sending it to me.

I am enjoying

reading it and seeing our System through English eyes.
I have thought a good deal about your project on the History
of the Federal Reserve.

It seems to me that the mass of material

is so great that it would be well to break up the work into
several studies before any attempt is made to have a definitive
history —

and perhaps histories are never really definitive.

In addition to the biographical studies, there might be the
following types of books:
The Founding of the Federal Reserve (which might or might
not be combined with the Operations during the First
World War)
The Development of Federal Reserve Policy during the
Nineteen Twenties (into the classic form in which
B. Strong left it)
International Monetary Cooperation of the Nineteen
Twenties
The Crisis of 1929 to 1933 and the Recovery
The Federal Reserve System and the Treasury, with Special
Reference to the Period since 1933
Then there might also be a History of Federal Reserve
Procedures and Policies for the period as a whole, which, though
not attempting to cover all the sourcematerial, would get some
of the cream, but in the main would be analytical.

Of course

Karl ought to do this; but if not, he ought to keep in very
close touch with it.
I hope New York, or at least Connecticut, is pleasant.
Last night we nearly froze here -- it got down to 361

The

letter I wrote to Karl at Candlewood Lake was returned.
My wife sends her very best regards.
With best wishes,
Sincerely yours,

Elmer Wood

Ct>fv^K

EXCERPT FROM LETTIB TO MISS ADAMS FEOH EL«IR HOOD, AUGUST 18, 1954

"I have thought a good deal about your project on the History of
the Federal Reserve. It seems to me that th« mass of material is so great
that it would be well to break up the work into several studies before any
attempt is mads to heve a definitive history — and perhaps histories are
never really definitive. la addition to the biographical studies, there
might be the following type* of booksi
The Founding of the Federal Reserve (which slight or might not be
«o«bined with the Operations during th« First World War)
The Development of Federal Peserve Policy during the Nineteen
Twenties (into the classic fora in which B. Strong left it)
International Monetary Cooperation of the Nineteen Twenties
The Crisis of 1929 to 1933 *®& the Recovery

The Federal Reserve System and the Treasury, with Special
Reference to the Period since 1933
Then there might alao be a History of Federal Reserve Procedures
and Policies for the period as a whole, which, though not attempting to
cover all the source material, would get some of the cream, but in th«
fflaln would be analytical. Of course Karl ought to do this; bat if nott
he ought to keep in very close touch with it,
I hope Hew Xork, or at least Connecticut, Is pleasant. Last
night w® nearly froee here —

it got down to 3&t

Sari at Candlewood Lake was returned,M

The letter I wrote to

AIK

MIL

o
August 3, 1954
Bear Mr. Wood:
It ie just a week since you were kind enough to let oe
invade your st-saaer peace, and already the clear dry beauty of Estes
Park has become a lovely drean. Ve doji't have aspens quivering and
brooks chuckling in Liberty street, now is the supply of chipmunks
really adequate •
I am returning vith this note the copy of your paper for
the Midwest Economic Association vhich you so kindly loaned me.
Knowing bow eager others were to reed it, I have taken advantage
of your permission to show it to interested friends and have had
copies 23s.de for several people including Dr. Knrl Bopp and Mr.
Allan Sproul. (An extra carbon is enclosed for your own files.)
Also I am taking the liberty of sending you under another
cover a. copy of the Harrod book on The Dollar of which we talked.
I hope you will accept it as a very small a&eaento of a very stimulating pair of days.
Please give ay warm regards to your wife and your sister.
And do let m» know how the book progresses, and what ideas you evolve
vhich isight be valuable for us.
Gratefully yours,

Mildred Adams
Research Director
Enc.
Dr. Elmer Wood
General Delivery
Istes Park, Colorado

imgust % X95A
Dear Br, lopp*
Is terms of interest and stimulus my visit to Ifr% ¥ood at
Bstes Psrk was all tbist could be scked. He has. his typewriter set
«p is & saa.ll cabin which looks out on silver aspeas, cfclpraunks &ad
a talkative brook - a setting so eharaiag that only a veil disciplined
intellectual could be aoved to work there* H« finds it ideal - the
i* dry©r than that ia fermoat, and the interruptions fever*
Be does sot, hav#v#r, vast to be considered a
candidate for writing the history of t&e Federal timtervm Systea,
The book on which h© it prasently «agaf««2 id.ll take st least «
solid year of vork, and a^rtm thou^j he applied for a sabbatical
ye^r to begin in the sonis^r of 1955, this would »e#R 1956 at the
•©ry earliest before he could finish it« *fhe amount of nev fiat®rial
which the Coiraittee has been turning up seemed to veigh M m down
rather tt&n to ch##r him. R® gET® ae the impression that he thought
himself mst the age vh«n h# would consider undertaking so voltta&notjm
a task.
The interriev resulted in tvo suggestions - os© froa «e
{vhich he turned esside) that the book now tiader way might conceiTahly
belong is the galaxy of books vhich the Co^aittee hopes to further
and that therefore he *dght vast to think about applying for a grantj
the other from his, ttea&t you yourself were the ideal person to do the
definitive hi«tory* This second suggestion will come as no shock to
you, \mt it leaves us hairing come baek to © door vhieh ve tried to
enter ©arlier in the springs
I had read with interest $ wmmHBf of the p&per vhich £r«
Vood pres^atecE to the spring meeting of 1^te Midwest Economic Association , and I told him I had been seeking a full copy. He was kind
«mough to let m» bring his own m&miseript hack, B,nd to say ttt*t I
might h&r® it copied aad show it to interested friends. I an therefore enclosing a carbon, (though you may already have one) and I shall
see that it goes to Mr. Sproul, Mr. Boelse &nd Dr. John Williams, all
of who» imre interested ia the su?nary»

Dr. Wood wanted ise to give you his warmest greetings* Re
says you are to spend your ovn vacation on C&ndlewood Lake, and he
vns estger to know store about that section of New l&gltuad. I only
hope that Connecticut vill prove as good a vacation spot for you
as Colorado seems for him.
X sal ever so grateful to you for providing &a introduction
which opened «o pleasant a door. Iven though we hcv* not yet fotind
our history writer ve have, I hope, awMie a valuable new friend for
the Cojaaittee1 s work* Further suggestions vill be most
fery sincerely yours,

Mildred Adams
Research Director
Enc,

Dr# Karl Bopp
Vice President
Federal lesenre Bank of riiilsdelphia
1, Peansylvaaia

Paper presented at the spring 195A meeting
the Kidvest Economic Association.
Copied 7/30/54. from original manuscript
by cermission of Elmer Vood. Copies sent
to Messrs Sproul, Poelse, John Villi&msj
and Karl Bopp.

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Host

B»f *rch Director

MT. Harold Bo#lt«
33 LiWrty
li»v York 4

THIRTY THREE LIBERTY STREET

NEW

YORK 45,

N.Y

August 6, 1954

Dear Miss Adams:
Many thanks for a copy of
Elmer Wood's paper, which I am sure others
in the Bank as well as myself will want to
read.
I hope you enjoyed your visit
with him. I have not seen him for years,
but I liked him very much when he was at
Harvard doing his thesis.
lours sincerely,
>/•
John H. Williams

Miss Mildred Adams
Room 807

August 3 f 1954
Dear Dr. WlHlaast
lou ai*y be int#r*at*d in ammttig the full text
of the p&p«r vrilcii l;r* Elaier ¥oo4 of th« Univ#rsity of
Miawmri delivered at the spring mating of t)i# HIdv«8t
/,rsoci&tion. I unutrstuiiu that only it
ntveilfthl« hor« in .-,«v fork.
Most

i-i rector

Dr. John ¥llli«M»
33 Libert/

WOOD, Elmer

July 27, 1954
Dear Boat
Any trip which takes me out of the heat of St. Louis and sends me to
Estes Park thereby pays off in my book. This one is, X hope, also profitable
for the Committee, even though in & negative sense* Xt has, X suspect, dieposed of the idea that Elmer Hood Is the person to write the definitive history.
Whatever X may or may not think as to whether he could do it is less Important
than tke double fact that (a) he <loes mot want to, and (b) he has a book of his
own under way which could conceivably come within our scope if he and the Committee both chose.
As a third benefit, X am bringing batik Sr* Hood's own copy of the much
distasted paper which he delivered before the Midwest Economic Association this
spring, a paper which in summary attracted attention from both Br* Williams and
Mr. Sproul. This gives the flavor of his thlrlcing, and in its various controversial points of view would certainly have an impact on certain of our Committee
members. X have permission to have it copied and to show it to anyone who is
interested*
•ut to go back — before X left St. Louis, X asked William Abbott,
head of research in the St. Louis bank, about wood and found less enthusiasm
than X would have expected for a Missouri product. Xt may have been partly an
instance of the "prophet not without honor save in his own country,* and partly
a reflection of a certain lack of sympathy on Wood's part for the direction St.
Louis research is taking* In may event, they think him 6ry as dust, and not
the person to do this job*
I am not prepared to agree that that opinion is justified. X saw/
Wood for a short time on Friday afternoon, when X arrived from Beaver and
stopped at hie cottage before X went on to my own Inn, and twice for a considerable period of time on Saturday, both morning and afternoon. All in all, X
must nave spent four or five hours with him, first presenting the project, and
then probing (as best X could without making cosmdtments) to see what part, if
any. interested him*
Wood is a refreshingly independent person who follows his own line of
thinking wherever It leads, sad prefers to make his own judgments* He would
rather talk plain &glish than take refuge in economic jargon. He is interested
in theory* but he is also interested in fact, and in the relationship which
prevails (or fails to prevail) between toe two. laere ma/ be about him a alight
timidity} there is certainly a hint of Hie handicaps felt by a sensitive provincial who lives far fro* the centers of power and does not see very such of the

Mr. Donald B. Voodw&rd

Page a

July 27, 1954

powerful. Bat there Is nothing stuffy or pretentious about him. His intent
Is clear and direct, and his Qind is keenly analytical. He is perhaps overly
aware of what he considers his ova limitation*.
If we could somehow turn bade the clock and teltseope the years
which hare passed since he wrote his book on English theories of central beak*
ing, so that he could begin on an i&erlcan equivalent of that book, I think
he sight produce something of considerable value. Obviously we can't, the
next best thing is to plan some other nay of bringing the thing he wants to
do into our orbit* Tiro possibilities have presented themselves! one, an
easing of the nay so that he can finish the book he has in hand, the other, a
monograph.
The book has been in the writing for some time. He works on it in
i « M r vacationB, but not during the academic year* He thinks that there It
another year's work to be done on it, and it is possible that he could persuade the University of Missouri to give him a sabbatical year on half pay.
He approached Chester Davis for a subsidy vhea the latter was vith the Ford
Foundation, but never got an answer, which is curious in view of the latter1*
decade as President of the St. Louie Federal Reserve Bank. Whtn X asked if
he would like to have our Committee consider the book for a place in the
project, he was doubtful — he wants it to stand on its own feet, and he wants
to be free to exercise his own judgment in regard to Federal Reserve and/or
Treasury activities* I assured him no censorship would be exercised, and left
the matter open for further thought on both sides*
He has been writing under the title "Monetary Control,* but Is not
content with that. "Monetary Control in American theory and Practice11 is
perhaps a better description of what he has in mind*
Be has nine or tea chapters writtent one on Open Market Operations,
one on Discount Rate, one on Reserve Requirements sad the changes that hare
taken place in then, three on Deposit Expansion, two on Interest, one on
Adjustment of Cash Positions, Be Is now working (la a cabin facing a bubbling
brook which furnishes a running obligate to the chatter of chipmunks) on the
Relation of Monetary Procedures to Expenditures, studying general monetary
controls in their relation to expenditure*! he expects to come out with a
criticism of both the Keyaesian theory and the quantity theory of money. He
has ahead of him a consideration of International Monetary Relations and
Controls, of Federal Reserve Procedure, with or without techniques, of later
nineteenth century English practice as it illumines American practice.
I asked Dr. Wood if he had & publisher. He is thinking In terns of
one of the more popular publishers such as Doubleday, rather than a strictly
academic publisher like Macmlllan. Ho commitment has b«en made*

Mr. Donald B. Woodward

Page $

July 27, 1954

the monograph idea cam© up in conversation, and after reeding the
paper which w s presented to the Midwest Economic Association. Vood 1* very
euch interested in the accord of 1951* end he hat been thinking of going to
talk with Truman about it. He Might, I think, be interested in embarking
upon a etud7 of wliat accord — *het conditions it arose from, m a t made it
necessary, what the Tarious parties concerned thought they vere doing, what
the result ha* been* I did not ask bin whether he would like to do a
monograph — I onljr suggest it now for consideration*
Hood1 s ovn reeoemendation of the man to do the definitive history la
Karl Bopp, but he doesn't think Bopp mould do it* So we cofte full circle again*
I do not, however, think this has been wasted time, energy or travel
noney, Ve now know Wood, know what he is about, what he wants to do (or
doesn't). Ve have his interest, and ve may in the end get something valuable
frost him* In any event* he is out of the class of vague but enticing enigmas*
Is talking over other possible candidates, he showed Interest in
Howard Ellis of California, shook his head at Harold Heed of Cornell, wondered vhather it might be possible to interest Karl Hamilton, now at the
University of Chicago*
I have asked Mi as McKinstry to type this and send it on to you
before t return* Xou may think it wall to have soae part of it sent to the
other aeabers of the Executive Gonsittee, but ve can talk about that when I
return, X also have some interesting data for you from St, Louis*
So glad you urged se to go to Estes Park* A day in those Eountains
Is a whole vacation in itself*
Best, as always,

Mildred M a m

Mr* Donald B. Woodward
Viok CbeaiCAl Coapany
122 East 42nd Street
Hew fork 17, Mew fork
MAtta

Tuesday, July 20

Dear Miss Adams:
Thank you for your letter of July 16th from New
York. Your Office added a note saying you would not be at the Brown
Palace in Denver, and I am expecting to find word today at the
Post Office as to where you will be. If I should not find where
to reach you by letter, I shall try to reach you by telephone
Thursday evening or Friday morning at one of the Denver hotels,
trying the Olin and Shirley Savoy first.
I shall be free during the week end and can see you either
Friday or Saturday, If you have no commitments here we should be
glad to show you some of the sights in our car.
We live in Fay Bralnard!s Cottage on a short winding side
road the entrance to which is opposite Perkins Trading Post.
That is elenen miles out from Estes Park on route 7 and (from the
other direction) about a mile or so from St. Malo Catholic Church,
a very prominent landmark on the main road (route 7 ) . In last
resort you could ask the people at the Caldwell Real Estate
Agency in Estes Park to help you. Their office is not far from
Western Union, before you get fully in to the main business section.
But I would be glad to pick you up in Boulder since you are
going there, if you will tell me when and where to meet you .
I do not know the names of the hotels there.
As to hotels around here, friends of ours recommend the Aspen
Lodge, about 2^ miles toward Estes Park from our cottage. A room
American with private bath is $12.50 per day. It seems a very
nice place. Another of the same general character is Sprague's
Lodge. The big hotels are the Stanley and the Crag or Cragg.
These seem unnecessarily expensive. If you don't get a reservation,
we will help you find a place after you get here.
I hope this is all clear!

Sincerely,

Elmer Wood

Tuesday. July 20

Dear Miss Adams:
Thank you for your letter of July 16th from New
York. Your Office added a note saying you would not be at the Brown
Palace in Denver, and I am expecting to find word today at the
Post Office as to where you will be. If I should not find where
to reach you by letter, I shall try to reach you by telephone
Thursday evening or Friday morning at one of the Denver hotels,
trying the 01in and Shirley Savoy first.
I shall be free during the week end and can see you either
Friday or Saturday. If you have no commitinents here we should be
glad to show you some of the sights in our car.
We live in Fay Bratnerd*s Cottage on a short winding
road the entrance to which is opposite Perkin's Trading Post.
That is elesten miles out from Estes Park on route 7 an? (from the
other direction) about a mile or so from St. Malo Catholic Church,
a very prominent landmark on the main roed (route 7 ) . In last
resort you could ask the people at the Caldweli Real Estate
Agency in Bstes Perk to help you. Their office is not far from
Western Union, before you get fully in to the main business section.
But I would be glad to pick you up in Boulder since you are
goin^ there, if you Fill tell me when amd where to meet you •
I do not know the names of the hotels there.
As to hotels around here, friends of ours recommend the Aspen
Lodge, about ?\ miles toward Estes Park from our cottage. A room
American with private bath is $12.50 per day. It seems a very
nice place. Another of the same general character is Sprague's
Lodge. The big hotels are the Stanley and the Crag or Cragg.
These seen unnecessarily eypensive. If you don't get a reservation,
we will help you find a place after you get here.
I hope this is all clearl
'

Sincerely,

July 19, 1954

Dear Professor Hoods
I em happgr to report that since -writing
you last Friday we have received a confirmation
on our request for a rooa for Hiss Adams at the
Olin Hotel in Denver* the address is 1420 Logan
Street, and the telephone number is Main 4211.
Miss Adams expects to reach there on Thursday night,
July 22nd (via Continental-Braniff plane from St.
Louis) and will get in touch with you at an early
opportunity.
Sincerely yours,

Secretary and Assistant

Dr. Elmer Wood
e/o General Delivery
Esteg Park
Colorado

July 16, 1954

Dear Professor Wood!
Since HI go Adams dictated the enclosed
letter, ve have received a telegram from the Brown
Palace that they cannot accept her reservation for
July 22*24* I have requested as an alternative
a room for her at the Olin Hotel and as a second
choice the Shirley Savoy,
I do hope ve will have an immediate
confirmation froo either of these, preferably the
Olin, and I will let you know what, her Denver
hotel Is as soon as X get the word*
Sincerely yours,

Research Assistant

Professor EUaer Vood
e/o General Delivery
Xstes Park, Colorado

July 16, 1954
Dear Dr. Voodt

_•.""

:.*'

"••••

.')

Thank you so much for your return wire indicating that
you would be willing to discuss the Federal Reserve System in the
aldst of a Pocky Mountain vacation. It is exceedingly kind of you,
and I shall be looking forward to the conversation vith great interest.
My present plan is to arrive in Denver by plane from St.
Louis on Thursday evening the 22nd, end to spend that night at the
Brown Palace Hotel. From there on a certain vagueness sets in. I
would like to go to Boulder to see a friend or two there, but as I
have no specific appointment until Sunday,, when I aust start back to
Chicago* I could cose to see you either Friday or Saturday to suit
your convenience.
l<r. Bopp has given ne your locale as "eleven adlee out
of Estes Park on route 7*. The available saps indicate that that
means eleven miles south. I would probably cone up from Denver in
a Drive-R-Self car, and could coiae direct to you if you can give
ae more specific directions. Or if there is an inn somewhere near-*
by I aight stay overnight there. The hotel guides at hana in the
Bank give us names of inns, but no exact information as to where
they are in a large territory, so that I will be grateful for
suggestions.
I vould therefore be grateful if you would send me
word, to be avsiting ae at the Brown Palace Hotel on Thursday
and covering the two points (a) would Friday or Saturday be
more convenient for you, (b) what neeting place will be most
convenient^ and (c) is there a near-by inn where a isountainloving New Yorker could spend the night?

V
" r;^ '

Thank you so aucb for your courtesy in this, ae in
your willingness to let ae invade your vacation peace.
Most sincerely yours,
Mildred Ada-ae
Dr. ELaer Vood
c/o General Delivery
Kates Park, Colorado

" "

WU CD047 22 COLLECT
\/f(hr>*x <f<9 7

ESTES PARK COLO JUL 14

1212PMM

MISS MILDRED ADAMS
FRB OF NY

WILL BE GLAD TO SEE YOU AT TIME STATED IN YOUR WIRE
STOP WRITE ME BOX

1041 WHERE TO MEET YOU

ELMER WOOD

243PME

MISC. 34.1

35 M

10-29

RESERVE BANK
OF NEW YORK

Brookings Institution

SENT BY
SEND TO FILES

Miss Mildred Adams
COPY OF TELEGRAM

Cods i SBT
Inly 13, 1954

follovijtwgp Carl Bop|^ letter of July S, am planning Denver trip for
July tw«nty-thlid/(5»*ekend. Please wkU collect whether convenient
to arrange meeting at Erie* park them.

Mildred Adam*

Ida

FEDERAL RESERVE BANK
OF
PHILADELPHIA
POSTAL ZONE 1

July 8, 1954

Mr* Elmer Vood
e/o General Delivery
Bates Park, Colorado
Dear Elmers
I do not know just how well you
progress being made by the Coaaittee oj
Heserve System. The Coiamittee, you
Sproul as Chairman, Randolph Burgees,
Stewart, Don Woodward as Sj
Director*
Miss Adams
experiences^ Journ
for
to
itions Nrtfth nen
daye\ She has uncovered
Reserve system

nted with the
of the Fe<5er
sts of Ulan \
till Martin, Walter
s as ResearchY^

has had considerable
rican correspondent
ting a pilot project
als in the form of papers and
tarn, particularly i t s early
amount of materials outside the

•stand i t i s now intended to proceed with the writing
of a series^of mojtfgraphs and major works* Among the monographs might
be one onVfifli^ctire Credit Controls* - possiblytoyCarl Parry, one on
"International Financial Operations of the System in the 1920'•*, and a
biography of Ben Strong* Tfre major -work, of course, would be a reason-*
ably definitive history of the System* Other major works might include
biographic essays on key figures in the history of the System and
another on crises. In addition to appropriate authors for such works,
the Committee will probably also wish to have available some eraokerjaok
monetary theorists as consultants.
I am telling you a l l this lay way of preliminary* As you must
know, your name has been advanced from a number of places as one who
could make a genuine contribution to this history of the Federal Reserve
System* Hies Adams would like very nuch to have an entirely exploratory
conversation with you as to the possibilities in this direction* The
conversation would be, of course, without any ooooitmefit on your part or
on the part of the Cozaraittee* She has asked me to get in touch with you
concerning the possibility of such a meeting* She plans to be in St.
Louis late in July and i s prepared to visit you in Estes park later in
the nonth (perhaps the weekend of July 24)* Incidentally, her willing*
ness to do this indicates something about your standing*

FEDERAL RESERVE BANK OF PHILADELPHIA
PAGE NO.

Mr*H»arVbod

I hare had a nuaber of conversations with Mis
hare found her oharmlng, enthusiastic, and oompetent*
urge you to hare a talk vith her*

and
uld like to

Sinoe there i s not too muck time an
hare a phone In your cabin, I told Mies Adams
that you call her at the Federal Reserve Bank of H
charges1) tonetlme when you are in £stos-HPark« This
to get some feel directly from HXaa Jtdmsti^o
vhat sight
Just before Lee Chan
rae that he would be interested 1
the biography on Ben Strong*
Ve hope you,
to go to Candle

pe this auBBMr he told
e peaeiteility of doing
t sysmer* Ve plan
the aosth of August*

Karl R. Bopp
f i c e President

WOOD, Elmer

July 8,
Bear Don:
Dr. Bopp, whom I celled Immediately after talking vith
yon this corning, sounded very cheered at the suggestion that I
go out &nd talk with Professor Vood* Re is entirely villing to
call the latter fay telephone, but fee is afraid tfc&t there is no
phone in as Istes Park cabin. Therefor*, he will write Professor
Vood "an extended letter" telling him about the Committee, the
project, the search for an historian, etc. He seems to think
that Professor Vood will see me with pleasure,
I am, therefore, planning to fly fro® St. Louis to
D©rrrer on Thursday, the 22nd, aad spend the veekend there rather
then in Chicago. I ^aist say the prospect is very isuch isore
pleasant than the one which I had had scheduled.
I will let you kaov as soon as I hear fro® Professor
Wood that this is a fira date.
Best as always,

Mildred Adaas
Mr. Donald B.
Tick Chemical
122 East A2nd
Kew Xork City

Woodward
Company
Street
17, H. I.

U N I V E R S I T Y

O F

M I S S O U R I

C O L U M B I A

S C H O O L O F BUSINESS A N D
PUBLIC

ADMINISTRATION

OFFICE OF THE DEAN

July

19^.

Mildred Adams
Federal Reserve Bank of New York
33 Liberty Street,
New York k$9 New York
Dear Hiss Adams*
Mrs* Patta C. Anthony has ask me to send you Dr. Wood's
summer address. The addres is as follows:
Dr. Elmer
c/o General Delivery
Estes Park, Colorado
This address will be Dr. Wood f s only address\ untill we hear
further from him.
Sincerely yours,

Joyce A. Violett

WOOD, Elmer

July 7, 1954
Bear Dr. Bopp:
Thanks so much for jour not® of July 6th giving us
the straner address of Professor Elmer Wood. I can imagine so
ple&santer place to spend the suaaer than Estes Park ©ven
including the General Delivery.
I wish I thought I could get out to Colorado -while
he is there. Probably I shall have to postpone talking vith
hi® 'until he gets back to the University. Thanks again for
your courtesy in this.
Sincerely yours,

Mildred Adams
Research Director
Dr. Karl Bopp
fice President
Federal Reserve Bank of Philadelphia
Philadelphia 1, Pennsylvania

FEDERAL RESERVE BANK
OF

PHILADELPHIA
(ZONE I)

July 6, 1954

Miss Mildred Adams
Research Director
Committee on the History
of the Federal Reserve System
33 Liberty Street
Nev York 45, New York
Dear Miss Adams:
I just received a postcard from Professor
Elmer Wood in which he gives his summer address as
General Delivery, Estes Park, Colorado.
Sincerely,

KRB/b

Karl R. Bopp
Vice President

WOOD, Elmer

m trying ts ret eh you "by telej&«n«, b«t id.th*trt
o plea** consider t h i s l e t t e r In Hen of the telepbciut eon*
vhitsh right ^are bees && e&sler t'lyr to diecu** tH# ^ue^tion
I would Ilk* t& p6^«
I sev you earHer it* tl%* apring you talked with reel

in uad.«rtoki!if ^a# nistofjr of
y
th«im, Professor V^r^.*» HJRR* h«-t «!#?» ba#a
n to our ConaittMy » ^ I
issfortmiiort «^out iiiv>*
Ir, viev ®f thi^r;© tvr> y«gsflf.t:: nr for quit©
|&rt vf fr^fffs«or Woo'3, I vowld grtatly mv^ytcttti t*i© klu^s a f
1st th* f i r s t pl«e©, ^» #«®^^ t - h«v# a vmtf mmll b i b l l o *
>f#s^r Vood» I issri«rstaBd that h i s b«»t
lail.lsh 1h,«?Tl««f ?>f Central SanHng Ccistrol ISl^l^^S 1 1 , but T
^i^«rabl« l i s t of tli# wiriodiccl K&t«rl«l nhich I •» soar*
written, Hat «f 'wfc&eh «» h»vt- net y « t foi»J- t r^ooyd* ¥«
oiifli on t i l l s , or t i t l e s i f
TSi# 9»eoiid «|^«tlosi 1« vlt#tli«r x©tt till flic ft&t*amt VotnS
a Bs»r« u??#ful p*rt in t h i s norlr I f h# vtr# s i t t i n g on th«
i f he v«r# vrrittsg oa #osm $&m of the project. Ve both knov
, no to ®p«ilcf s k i M of habit «si^? that soisati»«« thos*
mXl pr&Svtetiltm <!.© #a b«e»««# th#y ftr«! v r i t i a g a i
t t t i i i r %»n & lik«abl« ?««ap*t!«!u f f thi« i f ?rofe«tior vtoo&*t frame of
I <SK>ttl& vssittr i f St# voul^ vaat to be anlta^ to $a^#rt&k* an
v t l l ba
gratefully r«ceiv#^« I bate to J>?VF;S y*u tor ai<! In t h i t , but,, i f
tc»iili!? by &«^r chftac*,, c a l l »# at th« Bank oa tHBrsa«2f t I ?*>i&4 fee
gratefid* I f that i a i^po«sibl«> I eau b« r«a«hed aa Friday »a4
7-5455

f e 4 e f m l

so at '^u!«ly I R a^^tB^e^ I am

?>e»ai^wi Sank o f

0 PI
PRIHCETOH
Princeton, If. J#
Department of Eoonomicg and
Social Institutions

a, 1954
Br« Robert D, Calkins
President, The Brooking© Institution
722 Jackson Plaee, N. V,
Washington 6, P, C#
Bear Bobt
I as afraid this will hare to be an extremely hurried note
owing to the fact th^t a death in the family has made i t almost impossible for us to catch our plane even without answering a m»ber of letters*
However, I do -want very siuch to ?ay two things. The f i r s t i s that the
l e t t e r outlining the arraagesents for the study—Benjamin strong Central
Banker i s satisfactory in every respect. I shall be glad to eonforsi to
i t and to try to justify your faith in making the grant to me*
The other matter relates to Klmer jfood as a possible person to
write the hietory of the Federal Reserve $rst«R» I have the highest respect
for WoscU He i s thorough, a hard -worker, and an excellent student of central
banking, Foreover, his voxfc on "the Bank of England Indicate? that he has en
interest in the historical approach to central, banking problem a* My one big
worry would be Aether he ceuld finish such a projectT in any period of time
that vDuld be acceptable to ym end the committee. le he.?, vritten very l i t t l e
Indeed, and the pxjblications •feat he did turn out "Here in the works for »any
years* If he could bring himself to work steadily on the history and to bring
I t to a completion in an acceptable time, he -wouLd be an excellent prospect, I
thinkt however, that you had better cheek very carefully vith others vho perhaps
know hiss better than I in or^er to find out Aether he i s a good prospect for
the reasons that I .indicated* On the my to Eagland, I shall try to think of
someone who might be considered for the job and shall certainly l e t you know
i f I have any bright ideas*
I an enclosing a copy of otir itinerary in case there i s anything
urgent about -which you would like to oomsiunieate*
Thank you again for the faith that you &n6. your eoffis&ttee have
shown in me in staking the research grant*

Sincerely yours>
(signed) Lester V* Chandler

Full text of Committee on the History of the Federal Reserve System : Wood, Dr. Elmer (1954-1956), Entry 164, Box 5, Folder 12

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