The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
May 2 1 , 1956
De&r Don:
fho speech -wma a good one and should
been received with £**©st applause. I read i t on the
trsin caning back froi* We,<?t|>ort &r\& only regretted
that Jack Jessup got in his plug f i r s t . Tactically
speaking, hovever, i t was a good mov«.
I a® so glad, that you &re going to be
here the 28th, and I do hope thet something sure end
good can be pulled out of that seating, Mean-w&ila^
I hope the back iEproves*
Best as evor,
Mildred Adama
Mr, Donald B, Woodward
Vick ChemiCfil Company
122 East 42nd S t r e e t
Hew Xork 17, 8 . X.
Hey 11
Details of the meeting of this Cosaltte© on Honday, Kay 28 th, are us follows•
- '
Hr» Sproul asks a© to invite the a«iab@ra of the
tboalttee to lunch
with him at the $ew fork ?V«i«r&l Kesmrre
Btmk at one ofclock« Following luncheon, the Pie@ting Kill
be convened in tae lounge adjoining the President's dining
Hr« Sprout's l e t t e r conveying this invitation
reacig in part, "I am sure that i t has taken prodigious
effort on yow pert to arrange a nee ting of ih® Coismittee
here onB Msj 28, and 1 feel that I ean do no less thea
attend.
I hope you wiH subscribe to tfeet l a s t elause ,
and stave off the southern t r i p for a d«y*
?;
Beat as always,
Mildred
Mr. Doniild B, Voodvard
Vick Cheaaioal Company
122 l e s t 42nd Street
Hew tork 17, !» X.
From the office of
^_ • . -•
DONALD B. WOODWARD
h, 1956
Mr, Woodward has suggested the attached
change. However, he believes the who Is
thing should be read over the phone to
Dr. Calkins because, if the project
continues, the name of Brookings will
be so intimately involved that his
approval should be obtained.
Lucilla McCoubrey t^zJ
Secretary
ft.
|
RECEIVED
MAY 71956
COMMITTEE ON THE HISTORY
OF THE
FEDERAL RESERVE SYSTEM
DRAFT
5/2/56
Pete
Librarian
University of
Dear Sir:
This Committee takes pleasure in sending you a volume -which we
hope -will prove useful to students delving into the early history of the
Federal Reserve System.
This is the Selective Inventory of certain papers
of the late Carter Glass, Senator from Virginia and one-time Secretary of
the Treasury, sometimes called "Father of the Federal Reserve System."
The genesis of this research tool may interest you. As you
probably know, the Carter Glass papers were given to the Alderman Library
at the University of Virginia in 194-7 by members of the Senator's family.
In the decade since that time various scholars have dipped into them for
•
A
S
ft
*
various scholarly purposes, but no
po r tan c er±rrTrrr&rt9~*&-*£xa*^^
niojieJii&jx^^teBi-^
Our Committee on the History of tne Federal Reserve System was
established in 1954•
0 n e of its early projects was an attempt to find out
how valuable the Glass collection might be in helping to illumine early
System history.
Dr. Elbert Kincaid, formerly vice president of the Federal
Reserve Bank of Richmond and recently resigned as associate director of the
University's School of Business Administration, was commissioned by this
Committee to undertake a survey of the papers in the summer of 1954-*
The enclosed Selective Inventory is the result of Dr. Kincaid1s
work. We present it as a research aid of use to students interested in
the papers and eager to assess the Federal Reserve material they include.
It is our nope that the Inventory will help in study of the System's
early days.
Very sincerely yours,
Donald B. Woodward
Secretary
Key 2, 1956
Dear Don:
We are getting ready to send out the Carter
Glass Inventories to the list of libraries in banks
and universities which the Caraittea has approved*
A letter should go vita them, signed I would think
by the Secretary* and I em enclosing e suggested
draft >dth "which I hope y o u w i U do exactly as you
The Bank will peck and mail these for us,
and we are going to try to get then off within a
week or so. That means 30 odd letters will go also*
and we will need your master draft back as soon &8
possible.
Best as always,
Mildred Adams
Mr» Donald B» Woodward
?ick Chemical Company
122 East A2nd Street
Hew Xork 17, »• X»
March 7$ 1956
Bear Don*
We had some correspondence a week or so ago
about & proposal concerning the Coluabia Idbrary project
vaioh y&& to be put in shape for consideration at the
March 17th meeting of the Executive Committee* I em
enclosing & draft for your eye, together with the
correspondence as a refresher of the moiaory*
Bo you want this circulated in adv&neo? Or
aott In either avent, z&ay we have itfeackwith your
as aoou as possible?
Thanks
Mildred Adams
Mr* Xtoneld B# Woodward
Vick Che&ic&l Co^pftny
122 East 42nd S t r e e t
lev 3Cork 17, B. X*
PRAft
3/7/56
Report on Columbia University Library Project
by DBW
Tou will remember that at the Princeton meeting it was decided that
the Committee would warmly support any request for t35fOOO from foundation
funds which the Columbia library might sake for handling bankers1 papers*
but th&t we could not ourselves take the initiative in making such a request*
Following that meeting Miss Adams and I met with Dr. Logsdon, head
of the Columbia libraries, and out of that conference case the suggestion
which I would now like to put before you*
Tou will remember that this idea of having Columbia set up a center
for the collecting of bankers1 papers, particularly those which reflect banking life in Hew Tork, is on© which we originated* After repeated efforts
last year on the part of our chairman and myself, and with the support of
the Committee, we persuaded Columbia, Bnd In particular Br» togsdon, to
take it on*
In those discussions figures played an important, if somewhat
theoretic, part* A guess was made that perhaps the siae of the project could
be measured in terns of 25 collections* Another guess was made that it would
take $1,000 plus to set each collection in order and service it. So a figure
of 135*000 was arrtted at as the amount which would be needed if Columbia
undertook the project* It is that figure they will esk for, and that request
which we have agreed to support*
Meanwhile, however, the Library has demonstrated its good faith by
going right ahead without waiting for funds* the papers of Frank Vanderlip>
cited during last sunnier1 s discussions as one of the collections which might
be obtained for the project, have been taken from the house at Scarborough
to the Columbia Library and are aow being sorted* Cr* Logsdon, who went up
DRAFT
3/7/^6
- 2 -
himself to help get the® out of the Vanderiip garage and into the truck,
reports the collection to be very rich in material which id.ll be of interest
to this Committee. He thinks i t may occupy as many AS 100 f i l e drawers vhen
set in order, and he figures the cost of handling at about $1500#
Incidentally,
this figure l i e s between the $2,8^0 which the Library of Congress estimates
they spent on processing the Ogden Kills papers, aad the $1,000 per collection
which ma an earlier guess of ours.
I t i s a t this point that I would like us to demonstrate the cooperative
enthusiasm of this Comittee.
L&st February, when Miss Adams was making her
report on ways of handling papers, and we were trying to figure ahead on what
the dimensions of that problem might be, the Executive Coraaittee earmarked
•11,000 as a fund out of -which the costs of handling collections could be
paid* We have not dipped into that fund at &X1) I am now proposing that ve do
so* I would like to see us sake a pilot grant to Columbia for working over
the 7&nderlip papers,
I ask this on three counts*
f i r s t , bees-use this i s
exactly the kind of work we had in mind a year ego when we set up the paper**
handling fundj second, because I think we owe Columbia something more than
verbal backing in this job which they are doing a t our request! third*
because we want them to take on more collections right now, and a small
demonstration of support will mean a great deal*
Dr* Logsdon i s thoroughly converted to the idea of Coluabla as a
center for bankers** papers, but he must deal with associates who are s t i l l
skeptical* Also he i s under pressure from many different kinds of interests#
If a t this point we oan back him with a saall pilot grant of actual working
money, I think i t may smooth the way for the whole idea of Columbia a» a
nucleus for financial collections*
X therefore propose that we give the Columbia libraries a pilot grant
of $1,500 toward the oosts of handling, sorting, indexing and listing the
papers of Frank Vanderlip*
April 23, 1956
Dear Don:
Thanks for your suggestions about the Minutes of
the Washington meetings* I will eee that Dr» Calkins gets e
preliminary set of Minutes.
About the grant of $1*500 to Columbia* X started
with the Ghairsmn, who t e l l s me that he thinks the Secretaryi s the one to v r i t e the l e t t e r of notification* Pr« Lo&sdon
t e l l s me that i t should be addressed to the Trustees of
Columbia University, but sent to him vita e covering letter*
¥e would like
you would want to go to
n&cess&xy check* I t ia
fruitful accomplishment
& copy for our files* and I assume
Dr, Calkins as authority to sign the
wonderful to h&ve this good and
to report for 1956*
I hope your customary energy i s returnifig*
Beat &s
Kildred Adams
Mr. Donald B. Woodward
Vick Ghes&e&l Company
122 last <42nd Street
8©w lork 17, K. X.
DONALD B . WOODWARD
122 EAST 4 2 N D STREET
RECEIVE!
N E W YORK 17. N. Y.
APR 2 31256
COMMITTEE ON THE HISTORY
ttSTEH
A p r l l
Miss Mildred Adams, Executive Director,
Committee on History of the Federal Reserve System,
33 Liberty Street,
New York, New York,
Dear Mildred:
I should think that Bob Calkins i s the one
who will need to be satisfied on the minutes of the
meeting.
So I think the major responsibility will have
to be left to him. My guess is that the candor of the
second line on page 2 may be felt undesirable for
official documents.
As to the Executive Committee meeting my impression
was that Miss McKinstry will be terminated when appropriate
but not later than June 30.
Cordially,
c
DBW:lm
April 9, 1956
Pear Bon3
I hope that Florida sunshine \ma plentiful, performed
its healing mission for you, end made it possible for you to
come back in full tide of energy and interest* Everything
here is as you would expect, including the feet that Bob
Calkins has not succeeded in snaring the key person of his
dreams, and ours. If I say this latter detail finds m® not
altogether o&st down you will, I trust, understand that this
is not treason, but akin to misery -Loving company.
t!
In going through some of the Goldenweiser papers
last week, I found and copied off for you & most curious
epitaph >#iich Walter Stewart sent to Allan Sproul on Harch 3$
1951* & day or two after the Accord w&s published in the press#
If it sheds a bit of light it also raises a cloud of question©*
I send it as a confidential form of nosegay (though perhaps of
dubious fragrance) to greet your return*
Very best as always,
Mildred Adams
Mr. Donfcld B» Woodward
Vick CheoiciA Company
122 East l&nd Street
Hew lork 17, ». X*
DONALD B . WOODWARD
122
EAST 4 2 N D STREET
NEW YORK 17. N. Y.
M
"*
*«*
W- -
23
> 19S6
Miss Mildred Adams, Executive Director,
Committee on the History of the Federal Reserve System,
33 Liberty Street,
New York, New York.
Dear Mildred:
I return herewith a draft of the report on
the Columbia University Library project. In my fussy
way, I have suggested the change of a few words.
I would suggest that i t be sent to the
members of the Executive Coirmittee in advance.
Returned herewith also are the copies of the
agenda for both the Committee Meeting and the Executive
Committee meeting• I have no suggestions• Presumably
Bob Calkins will be the significant figure and he would
guide the agenda.
Yours,
Dictated by Mr. Woodward but
typed during his absence from
the office.
DRAFT
1
6
3/7/56
COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
C E I V
t. u
Report on Columbia University Library Project
by DBW
You will remember that at the Princeton meeting i t was decided that
COMMITTEE ON TH MJS
&ik Committee would warmly support any reauest for $35*000 from foundation
funds which the Columbia Library might make for handling bankers1 papers,
but that we could not ourselves take the initiative in making such a request.
Following that meeting Miss Adams and I met with Dr. Logsdon, head
of the Columbia libraries, and out of that conference came the suggestion
which I would now like to put before you*
You will remember that this idea of having Columbia set up a center
for the collecting of bankers1 papers, particularly those which reflect banking life in New York, is one which we originated. After repoatod offortp
last year on the part of our chairman and myself, and with the support of
the Committee, wo pcwriitUcderi Columbia, and in particular Dr. Logsdon,
In those discussions figures played an important, if somewhat
theoretic, part. A guess was made that perhaps the size of the project could
be measured in terms of 25 collections. Another guess was made that it would
take $1,000 plus to set each collection in order and service it. So a figure
of $35>OOO was arrived at as the amount which would be needed if Columbia
undertook the project. It is that figure they will ask for, and that request
which we have agreed to support.
Meanwhile, however, the Library has demonstrated its good faith by
going right ahead without waiting for funds. The papers of Frank Vanderlip,
cited during last summer's discussions as one of the collections which might
be obtained for the project, have been taken from the house at Scarborough
to the Columbia Library and are now being sorted. Dr. Logsdon, who went up
DRAFT
3/7/5,6
- 2 -
himself to help get them out of the Vanderlip garage and into the truck,
reports the collection to be very rich in material -which will be of interest
to this Committee. He thinks it may occupy as many as 100 file drawers when
set in order, and he figures the cost of handling at about $1500. Incidentally,
this figure lies between the $2,8^0 which the Library of Congress estimates
they spent on processing the Ogden Mills papers, and the $1,000 per collection
which was an earlier guess of ours.
It is at this point that I woais^iik© us~"to""deii6nstrate "fetae cooperative
enthusiasm. &#• -this Committee. Last February, when Miss Adams was making her
report on ways of handling papers, and we were trying to figure ahead on what
the dimensions of that problem might be, the Executive Committee earmarked
$11,000 as a fund out of which the costs of handling collections could be
paid. We have not dipped into that fund at all; I am now proposing that we do
so.
I would like to see us make a pilot grant to Columbia for working over
the Vanderlip papers. I ask this on three counts: first, because this is
exactly the kind of work we had in mind a year ago when we set up the paperhandling fund; second, because I think we owe Columbia something more than
verbal backing in this job which they are doing at our request; third,
because we want them to take on more collections right now, and a small
demonstration of support will mean a great deal.
Dr. Logsdon is thoroughly converted to the idea of Columbia as a
center for bankers' papers, but he must deal with associates who are still
skeptical. Also he is under pressure from many different kinds of interests.
If at this point we can back him with a small pilot grant of actual working
money, I think it may smooth the way for the whole idea of Columbia as a
nucleus for financial collections.
I therefore propose that we give the Columbia libraries a pilot grant
of $1,500 toward the costs of handling, sorting, indexing and listing the
papers of Frank Vanderlip.
From the office of
t
DONALD B. WOODWARD
RECEIVED
FEB 211956
COMMITTEE ON THE HISTORY
OF THE
FEOERAL RESERVE SYSTEM
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
JOSEPH H. WILLITS
DONALD B. WOODWARD, Secretary
MILDRED ADAMS, Executive Director
THE BROOKINGS INSTITUTION
722 JACKSON PLACE, N. W.
WASHINGTON 6, D. C.
February 2 3 , 1956
Dear Don:
I sent you a copy of a letter written February 20th to Mr.
Sproul about the Columbia project and took the liberty of reporting
your approval for "working money11 for them.
A letter from Mr. Sproul approves that idea, The pertinent
paragraph is as follows:
"The idea of a pilot grant to Columbia University for
working over the Vanderlip papers makes sense to me, particularly in view of our larger program with respect to
such papers, which depends upon the continued enthusiasm
of Columbia for its success. I suggest that Mr. Woodward
put the proposal in definite shape for the next meeting
of the Executive Committee, despite the present frozen
condition of our project."
As you will see in my letter to him, I recalled the fact
that the Executive Committee last year set aside $11,000 as a fund
from which the cost of handling collections could be paid.
No meeting of the Executive Committee is scheduled at the
moment, but I assume that one will follow on the heels of the full
Committee meeting of March 17th in Washington which seems to be
shaping up well. Even Mr. Martin has written that he is coming,
I hope the south was warm and springlike.
Mildred Adams
Mr. Donald B. Woodward
Vick Chemical Company
122 East 42nd Street
flew York 17,ft*X.
March 26, 1956
Dear Don:
We were very much touched to find that even in the aidst of virus
pneumonia, or while coming down with i t , you had taken the trouble to edit
the draft statement ou the Golumbi& University project* nnd to dictate a
note about it» I ' l l see that, as you suggest, the statement goes to members of the Executive Comittee in advance of trie meeting of the 16th •
I t i s distressing to read in your l e t t e r to Sob that you aust declare out on the matter of the Brookings seminars* They need your nand,
end you would h&ve had fun doing the®, but aside from the reason given I
can understand th&t decision.
1 do aope ta&t Florida sun will prove to be the restorative you
need after abbout with that very debilitating ailment* As I told Jean,
Dr» Willits, Mr« Sproul end £r« Robert Sproul have a l l had it$ the con*
census of opinion i s that i t dre&g one down to the very edge of despair*
but after you recover you wonder how you couiri possibly have f e l t so low*
So a t least you've had distinguished predecessors in miseryS If that i s
comforting.
If toere i s
do to help in the lov
off, do l e t us know.
back I hope there may
anything ta&t we, in the office or the family, can
moments of conveleacence before you yourself get
And the very best luck in the South, When you get
be time for a session before the Monday meetings
As always,
Mildred Adams
Mr. Donald B, Woodvard
?ick Ghemic&i Company
122 last 42nd Street
Hew York 17, 5* X«
RECEiVED
MAR 2 61956
f
March 23, 1956
Dr. Robert D. Calkins, President,
The Brookings Institution,
722 Jackson Place, N. W.,
W a s h i n g t o n 6 , 13. C .
D e a r Bob*
.'
•
v
. - • • • •
•
.
••••••.
' •
'
'" -\-.'
tfith a good deal of reluctance, I am compelled
to draw back on the matter of the Central Bank seminars*
Some prospective expansion in the responsibilities I
have for the Richardsons suggest that my time over the
next year or two is likely to be squeezed more than I
anticipated when we i l r s t discussed t h i s subject. I think,
therefore, I had better beg to be excused from any major
responsibility for a pro ram.
This represents no diminution whatever in interest,
I will continue to be available for discussion aid consultation and I would like to have the privilege of attending
seminars if they are held.
I hope that you are progressing satisfactorily
in arrangiaaents to take over the greater responsibility
for the Committee on the History of the Federal Reserve
System. As I viow the thing in retrospect, this should
have been done from the f i r s t .
I have been extremely sorry to be unable to get
to the Brookings lectures. A bout with the jury system
and then one with the doctors has precluded attendeee # „
I look forward with greatest interest to copies of the
lectures.
Cordially,
DBWilm
cot>y t o ; Hiss JtLldred Adams
Dictated by Mr. Woodward but
typed during his absence from
the office.
March 3 , 1956
Dear Bom
I phoned ha 6b ^cCoubrey to please t e l l
you that Brookings will take on the Comaitiee1*
project* tr» Gjtlkina phoned this mo ruing that the
governing entity meeting yesterd&y agreed to l e t hia
<So I t provided he found the right man, (???)
He apparently i s buried in the details of
Saturdays dinner &nti has not had time to GO much
work on this since February 4 th, but hopee to take
I t up next week. I shall go dovn et least for Friday
to siake sure fe^eada details are tucked in* at the
corners*
Odds on ap&m not f&vorable*
Best as always,
Hildred
Mr. Donald B, Woodward
Viek GheMcal Comp&iQr
122 £«bt x^nd S t r e e t
Hev Xork 17» V* X.
March 7» 1956
Be&r then
.
Helen Miller* coming to breakfast this morning, told me
you had been ill last weak, and vere on jury duty this week * a
succession of misfortunes vith \&ich I sympathize* toder such ;; /
eiremsttuaees it was doubly kind of you to aaad me so gentle and
a note about Aunt Uertrud®.
. •
Coaiag eft©r eight aonths of tiae strain of her
this death has taken ay last scrap of reserve energy* end tmless
I plan to get av&y for a rest in the near future, Houston -will
invoke a husband's rights and kidnap as # ¥e ar© therefore planning
to leave for South Carolina immediately fo&owiag the aesting of
March 17th. I vould be back in the office the
I do hope jury duty will not break into your own spring
vso&tion plans, m& I hope you are feeling more like yourself*.
Best as
Mildred Adams
Mr. Donald B. Woodward
Vick Chemical Company
122 Best 42nd Street
Hew lork 17, *, Xt
February 23, 1956
Bear Dons
I sent you a copy of a l e t t e r vritten February 20th to Mr*
Sproul about the Columbia project and took the liberty of reporting
your approval for "writing money* for them*
k l e t t e r from Mr* Sproul approves that idea* The pertinent
paragraph i s as folio vat
ff
The idea of s pilot grant to Columbia University for
working over the Y&nderlip papers makes sense tc sa@f particularly in view of our larger program with respect to
such papers, which depends upon trie continued enthusiasm
of Columbia for I t s success* I suggest that Mr* Woodward
put the proposal in definite shape for the next meeting
of the Executive Cotttaittee* despite the present frozen
condition of our project**
Ac you id.ll see in ay l e t t e r to him, I recalled the feet
that the Executive CoB<teo l a s t year set eside $11,GOO as a fund
from which the cost of handling collections could be paid*
Ko meeting of the Executive Committee i s scheduled a t the
moment, but I assume that one will follow on the heels of the full
Ooismittee meeting of March 17th in Washington which seeBis to be
shaping up v a i l , Even Mr* Martin has written that he Is
I hope the south vas w&rm and springlike-*
Best as ever$
Mildred Adaas
Mr* Doa&ld B« Woodward
tick Chemical Company
122 East 42nd Street
New York 17, H. X*
February 17, 1956
Pear Com
details need your attention, a change which Dr,
Calkins would like to mike ia tho *clause of entotroent,* and a
confirmation of the suggested date for the next meeting.
Xou will find enclosed the Minutes of the meeting of
this CODE!ttee a t Princeton on February 4-th, and also a revised
version of the "clause of enactment* "which was passed e t that
meeting•
Tliia revision w&a undertaken in conference with Br«
Calkina and a t hia request. In substance i t does not differ from
the version adopted a t Princeton, but Dr. Calkins vould prefer to
present the Gossaittae1® proposal to the Brookings Board of trustees
in this ne-rf wording i f the Cocsilttee approves. I t c&n then be
added to the Minutes as en amended text,
Vould you l e t me know if you approve of the revision and
of the procedure?
As for the date of the naxt nesting, Saturday, March 17th
a t Brookings in Washington was the one most discussed in Princeton.
Members were asked et th&t time to put this date down tentatively*
If this i s not possible for you, may we have your suggestions*
sincerely yours,
Mildred Adama
Mr. Bonstld B # Woodward
Vick Chemical Company
122 East 4£nd Street
Hew lork 17 # H.I»
Z
January 9* 1956
Deer Bon:
Ve promised to send you details of the schedule for
the meeting of this Committee at Princeton on Saturday, February 4thf vhen arrangements ware completed* those arrangements are now fixed as follows!
Piece - Institute for Advanced Study *
Princeton, Hew Jersey
Time * 10 &»&u to 4 p.m., February Ut 1956
Luncheon - at the Institute
Members are asked to meet at 10 a.m. in the Com&on
Room of the main building, vhere Dr» Stewart will act as guide
to ths conference space i^ich is kindly being provided for us*
Memoranda bearing on certain of the problems to be
discussed should reach you about a week in advance of the
meeting. We hope to nail them on January 26th•
Sincerely y
Mildred Adams
Mr* Donald B« Woodward
Vick Ghes&cal Company
122 East 42nd S t r e e t
Hew York 1 7 , M. ! •
6, 1956
Dear
I think i t 1 8 & fine ides to see that Coaaaitte©
g«t oodles of Mr* Sproul's speech. Miss Regan t e l l s
me that scaae of them get i t fcutom&ticelly, s&& shfc v i l l sec
that i t gose to th-'T others*
I hate to pro*? so motive a conscience as yours* end
by trie tine you &et this i t oay be tinneeee^&Ty* We need the
meiflor^uid-UEi on the aemiaar proposal next vcek so that i t can
go to I)r« C^ikine by tho 12th* He customarily E€*ke8 ch^Jigee
of his own \mich wo v i l l fomrard to /ou for atcoeptanet or
refusal* Allowing rooa at both ends, this v i l l feak« i t possible to got the mezaoraadtfii doubly approved for circulation
on the <6th, one veek In advance of the
lfouldnft i t be nice i f I ran my house on so clear
a scheduleI
lours for Hev Tear resolutions.
Mildred Adams
Mr. Donald B*
VIdt Chemical
122 East /^2nd
Xork 17, K. I,
DONALD B . WOODWARD
E A S T
4 2 N D STREET
NEW YORK 17, N. Y.
JAfi
WT«fU5T$RY
Jan\iary
Miss Mildred AdaBB, Executive D i r e c t o r ,
Committee on t h e History of t h e Federal Reserve System,
33 Liberty S t r e e t ,
New York, New York.
Dear Mildred:
I wonder i f you might care t o obtain c o p i e s
of Mr. S p r o u l ' s splendid speech l a s t week and send
one t o each member of the Committee,
Cordially,
DBW:lm
January 4* 1956
Bear Bom
I talked this morning vith Mr* Sproul about the
kind of an agenda on which ha wante to base the meeting of
February J^th and find thfc.t he would like a more detailed r e port of the Sub-Committee on MonographB than has yet been
presented*
We have Minutes of both meetings* &R& a report
could be based on those* but vh&t I need to know now i s
which of the three of you could best give that report. Xn
a way I would like to suggest that i t be done by Stewart*
but I doubt i f we could g&% him to consent* Xou are taking
responsibility for the memorandum on the seminar plfen and
sure that you would w&nt to do this other thing too*
If you vill let me know ebout this* I vill pull
a preliminary draft into shape or get Minutes ready*
Sorry to load you down still further.
Best as always*
Mildred Adams
Mr« Donald B# Woodward
Vick Chemical Oompeny
122 East 42nd Street
Hew Xork 17* M. I .
December 23, 1955
Bear Don:
Those lists front the Federal Reserve
Banks of people "actively interested In studying various phases of the System* vere sent us
in October, 1954 • Those from the five Federal
Reserve districts on the ee»stern seaboard total
69 names. Some banks Bent a single list, some
divided the list into categories. I enclose
the© &s they caae to us*
Hurriedly,
Mildred
Mr# Donald B # Woodward
Vick Chemlcg-1 Company
122 lest 42nd Street
Hew lork 17, K< I,
December 22, 1955
Con i
Dr. Calkins phoned yest*rd«y fcfternnon to pay that, In
tccord vith your suggestion* ho ciUod Mr. Riefler to find cat
u!ieta*r there *»a a^r reel fet-11% tfgkiriet Dr. Ko-mrd Eilie in
%mert#r vbich slight atke i t s e l f f e l t a t the January sieetlng*
Thu reply vas th>.t Ellis ve£ & good isan end would be
s.esepU.ble t.s t jsono^rti'ph vrrlter* Vin ie not intereated
in the histoiy* thinks i t csanot b# properly done until after the
aonographs are vritten, ie veiy amcla in ffetor of the monograph
progrem ^nd think» we fhouLd proceed vith i t na rapidly t s poaaibl«»
Mr. Riefler tiso s&id that Brs^y Haauiond'a hietoiy {
Benks «?jad! Politics froi: th£j Revolution to \k*> Civil Vtr*} had been
accepted by tJie Princeton Ifeiyersity Pres»i that ve should now move
quickly to ooaaisidon H&x^ond to do a -aonc^ra^h oa Ci.BiUlI:&S ANf
COI.LK.CTiap. before he st&rts on the second p&rt of his history
v i l l crrry i t froa trie Civil Ver to the atcrt of the Federal
Aether "qoicfely11 ja@ans before January 5<1th I hB,r9 no
of kn<B€tagf but I thought you would bo interested both in the
t i n «utd th@ suggedtion*
Best &s ever#
Mildred
Mr« Donald B» Woodward
fick Chenioftl Goiapany
122 ^6st 4^»d S t r e e t
fiew Xork 17, K. I .
- Mr» Bproul
c
December 22, 1955
Dear Don:
I eja snclosin£ a f i r s t sketch of the nar*o~
randim on conference and sessinsrs vhlch you end I are
to write in preparation for the meeting a t Princeton
on January 23th. Please feel Sntirely free to reject
or rephr&3e i t exactly ee you pleese#
I assume that the monograph vriters whom va
hop© to bring out of this >dll be in addition to those
whom we hope to cosunisoion earlier in 1956«
Do you vent this to go to Calkins ^nd/or
Sproial before i t i s put in finel fora for the Ooamittee? If so, I ' d like i t back by the f i r s t of
January* Days slide by with amazing speed*
Best as
Mildred Idaas
Mr. Donald B. Woodw&rd
Vlck Chemical Company
122 East A2nd Street
Xork 17, H. !•
Eno,
December 2 f 1955
Pear Dont
Here i s a draft of tae Minutes of the Executive
Committee meeting of November 25th.
15r« Caxkins sisggested in Washington yesterday that
*fe revert to the Batter of "key episodes* &nd that I send
around a suggested l i s t to the Executive CosKrittee members
end see ^hat happens. I t might turn up something interesting.
The kind of activity nov going on w i l l , I think,
inevitably raise tne question at> to whether ve rsust accept
the 1935 cut-off date or can ask the Board to reconsider. I
have not raised this question vith anyone but fou, rand I am
now mentioning i t only as a thought ahead for waica i t
might be well to have a plan vorked out.
Dr. Calkins expects to be in Hew lork on the 12th
for further conference. He t e l l s me that you are contemplating
the ides of running the Brookings seminars for this project^
and I raise a loud cheer. Tour l e t t e r to me of December 1st
gives me more d e t a i l s .
Best as ever f
Mildred Adams
Kr. Doneld B. Voodvard
Vick Chemical Company
122 East 42nd Street
lew York 17, «. I.
Enc.
JP.S.
Thanks so much for your minutes of the executive
session. I will see that they go into the Minute Book*
WOODWARD, Donald B.
c
COMMrtTEE ON THE HISTORY
----••-
-ly'
December 1, 1955
Dr. Robert B. Calkins, President,
The Brookings Institution,
722 Jjckson Place, N, WT.,
Washington 6, I). C.
Dear
Bob:
•••.- •
.<•
'
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::
'•
'••:'-••.•'<
-
^
•
.
.
I have thought a great deal about our conversation
coming uptown in the taxi last Friday and I am increasingly
impressed and intrigued by its possibilities.
I now wonder if this should have major stress in
plans• Could the seminar be organized this Spring with the
first job being to review, discuss and make suggestions on
what the significant episodes that should be covered by
monographs are. We have a draft on this from previous
discussion which Miss Adams will be putting in shape for
early consideration. This could be the agenda for a first
or perhans the first two seminars to oe held this Spring.
A series of about one each month could e held
over next year as we discussed. Each seminar would devote
itself to one of the major episodes on which a monograph is
desired. If an au nor had been found he should attend but,
even if an author had not been found a seminar could be held
to cover the subject arid, in that case, also try to produce
a writer.
-.
•, ..,.
,
•, v.
;.
.....
• •• ^
...
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, ....,:
;
The session or sessions this Spring could provide
an adequate introduction and perspective for members of the
seminar and should help to produce names and perhaps other
unexpected ideas.
It would be highly desirable for these to be
organized oy and held at Brookings, The Committee could act
as co-sponsor. I should think this wauld oe advantageous
for everyone concerned, not least including Brookings.
¥ou made a very conplimentary suggestion that I
act as Chairman of these seminars. I will be glad to do so
if you and the Committee should vdsii. I pledged in the
beginning of this project to give it high priority in my
r
Dr. Robert D. C a l k i n s
Two
schedule - and i t has such priority in my interests. I presume that a seminar schedule could
be developed which would
not conflict with the Director 1 s Meetings that I must attend
in New York,
If t h i s idea of moving to make major use of the seminar
device and to organize i t this Spring seems meritorious to you
I should think we ou jht to spell i t out arid submit i t to Allan
Sproul within the next couple or three weeks | i t could well
have a ma^jor bearing on the Coramittee^ program.
'
V
,
'••••*
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Miss Mildred Adams.
C o r d i a l l y ,
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Hovember 22, 1955
Deer Don*
Mr* Sproul writes me that he wants two
meetings on Friday, Hoveaber 25th, the luncheon
meeting at 12*4.5 p*su (we have sent you word on the
changed hour) which will be the regular Meeting,
end an executive session afterwards* He asks me
to attend the luncheon meeting and to bring up
whatever old business may be pending, and whatever
new business I wish to bring up* The executive
session after lunch will not include me.
In view of that plan, I am taking the
liberty of making changes in the agenda you approved
so as to bring it into line with the amended program* A copy of the agenda, as I am sending it to
Mr* Sproul, is enclosed*
Best as ever*
Mildred Adams
Mr* Donald B* Woodward
Vick Chemical Company
122 East 42nd Street
Bow York 17, N. I.
Enc.
DONALD B . WOODWARD
122
EAST 4 2 N D STREET
NEW YORK 17. N. T.
HOVX K
COMMITTEE CM TH
OF Ths.
November 18, 1955
Miss Mildred Adams, Executive Director,
Committee on the History of the Federal Reserve System,
33 Liberty Street,
New York, New York.
Dear Mildred:
I think that the agenda need contain nothing
beyond the Newn Business heading except an item "Plans
for Operation
All the other items that you have
listed wmid £e involved in the development of a program
which I hope you will be requested to do next Friday
(and that you will be responsive to the requesti)
Itrust our telephone conversation was
sufficiently explanatory.
Cordially,
DBW:lm
PBu)
TENTATIVE DRAFT (.November 1 7 , 1 9 5 5 )
COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
AGENDA
Executive Committee Meeting
Siovember 25«
Minutes
u>
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COMMITTEE OH THE H'
Of THE
. - ^ , rcr.
Of the previous Executive Committee meeting Way 4, 1955 (these Minutes
were distributed May 16th—the Secretary has a copy)
Reports on
Old Business
Meetings of the Sub-Committee on Monographs, June 22nd and July 21st
Meetings with officials of the Columbia Library, June 30th and
July 19th
Meeting with officials of the Rockefeller Foundation, October 18th
Survey of Vanderlip papers
Recommended changes in Federal Reserve "destruction schedules"
Uev Business
r selecting monograph topics-and enlisting writers
HouoekeopiRg de t a i l s
of Mi«&* Singai?' -as of
^
cii&flges macte necessary by new
17, 1955
Dear BoaI
Here Is the career data you asked for* vith
emphasis 011 tae vritia^ end, I've left out till peripheral material
- tiie boards, I've set on, the organisations I belong 1to, the
ooB&ittee work and the public speaking l*ve done. It a frightening to conte&pl&te m sca^ttred a career. I wish X could simply
present & io% rev of books.
you va&t tills for, I should varn you th&t I f d
rather sot be considered for anything that implies a full-time
office job* Xt has been knovn by both of us that I would like to
aove into the writing end of this project by January 1st* I as
writing Mr, Sproul aoking to be relieved of executive duties on or
about January 15th {'which will wean six woeka to find and i n s t a l l
replacement} on the ground that (&) 1 want to move into writing,
&nd (b) that my ovn affairs mak© i t impoasible to continue \&tfo a
full-time office schedule*
If the Coauittee veunts sie to undertake one of the atono*
graphs, I ' l l do i t with pleasure under some arrangement vhieh will
leave m% aior® flexibility than has been possible in the past ti#o
years.
A draft copy of the agenda, so far as utov ready, i s also
enclosed* Ifr* sorry not to f be able to go over details before you
leave, but I understand yon rB bogged do^m in meetings*
.•' ' •
••
Hastily,
Mildred
Mr. Donald B. Woodward
Vicl^ Chemical Company
122 $&st 42nd Street
Hew Sfork 17, S. I #
Enc*
Hoveaber 16 f 1955
Bear Dont
The enclosed chronological memoir I did for Hr«
Sproul so thet Mise Regan could get him the appropriate
minutes and memoranda* You say find i t useful for the
seme reason.
As you are going to be away alaost until the
meeting day, I wonder if i t would be a good idea to send
a note to Dr, Calkins asking that he be prepared to
present a report on the June and *Tuly meetings of the
Sub-Coumittee on Monographs. As the new plans are implemented, I would think that that Sub-Cojamittee voul<!
have a continuing function*
I em working on an agenda and vLll try to
get i t to you tomorrow if I possibly can so that you can
make &nj changes you want to before i t goes to Hr« Sproul<
The amount of nev business to be considered i s large*
Best as alusys*
JtLldred Adams
Mr. Donald &* Woodward
Vick Chemical Company
122 East 42nd Street
Hew York 17, N* I .
Inc.
October 26, 1955
•whioh distre*<sftd me ne.« solved hy Mr.
as 70U knov, vent Into the natter thoroughly* H#
t e l l s ste that the fr««sing of ths exlrtlng noeltion Khlo*i
mak^a i t lApossibl^ to rtplaet Hrs* Singer* end uhlch ther#for« flovit th« vork, v i l l Xa«st r»nly untlX v# gut word from th«
SoeSrefolltr Foundation, fie assures a« that the wproj>ct v l l l
not be ftlXorod to drag along at half pace for another tvo or
thr«e months* «jid thst aotliing ii©s happened to throw I^je value
of the steff vork into quecticn, ;ie also i s loaning us
ttm© froa Miss McElnetty *4iieh v l l l help
th«se points tattled* v© will 60 #i« l^est v«
cen whllfr sshortHmndtd «n<^ Jiope th«t the Fouwl^tion1** ducislon
I hop« your vestern trip >»s « good on#.
Mildred Ada**
Mr. Donald B. Woodward
Vice Chemical Company
122 East 42nd Street
Hew Xork I7» X* X»
c.c.-Dr. Robert Calkins
DONALD B . WOODWARD
122
EAST 4 2 N D STREET
YORK 17. N. Y.
October 22,
Miss Mildred Adams, Executive Director,
Committee on the History of the Federal Reserve System,
33 Liberty Street,
New Yorkfe,New York,
Dear Mildred:
I am very sorry for the distress which what
seemed a necessary decision has caused you.
Since Brookings is involved in both policy
and administration of funds and since Mr. Sproul may
therefore wish to consult Dr. Calkins, I have acquainted
Dr. Calkins with both your letters.
I do sincerely trust that we shall have an
early and favorable response from the Rockefeller Foundation which will resolve the Committee^ problems and make
confident plans for a productive future possible.
Cordially,
DB¥:lm
ccs Dr. Robert D. Calkins
Mr. Allan Sproul
cow
October 20, 1955
Dear Don:
Had you not been so rushed yesterday morning, I would have tried again to convince you thet I could not accept the crippling decision that I night have to continue
for two or three months without filling the
gsp in this staff with adequate help. As you
are leaving for the Coast shortly, and overburdened with problems of your own, I am
turning to Mr. Sproul to ask & reconsideration*
The enclosed carbon of say l e t t e r to
hiffi speeks for itself* The l a s t sentence
should be doubly underlined on your copy*
Best ES ever*
Mildred Adema
Mr. Bonald B # Woodward
Vick ©len&cal Gompany
122 East 42nd Street
»ew lork 17, H. X»
October 7, 1955
Dear Don*
¥e had so many things to talk about yesterday afternoon
that I completely neglected to ask you which part of the west
coast you were going to* I hope i t i s San Francisco rather then the
smog belt of Los Angeles* Xou probably have a l l the contacts there
that you want, but if you want to meet the president of the Western
Pacific, wio i s & warn friend of Houston's and mine, we would be
delighted to give you a note* His office i s in San Francisco* but
he lives in Oakland.
Also i t occurs to me that you nay not have put do>m the
address of Shepard Morgan, who i s this term, as you know, Regents
Professor of the School of Business Administration at the University of California ia Berkeley, He and his vife will be living a t
the Hotel Durant in Berkeley, or at l e a s t , that vas their plan
they l e f t hers*
Personally, I would rather spend two veeks on the vest
coast (provided it meant San Francisco) than sit in financial
conferences here. I hope that you have an appropriately good time*
Best E S ever,
Mildred
Mr. Donald B* Woodward
Vlck Cheaicfei Company
122 East 42nd Street
lew Xork 17, M. X.
October 7, 1955
Bear Mr. Voodvardi
Enclosed i s e check for #5*53 from Brookings
>*hich covers your l a t e s t expense account.
I t c&me to
this office by mistake* instead of directly to you*
Very truly,
Irma Burstein
Secretary
Mr. Donald B. Voodw&rd
?ice Chemical Company
122 E*3t 42nd Street
New Tork 17, 8. I.
October 3, 1955
Dear Don*
The fact that Mrs. Singer had to move to Boston before I got back
has left us with certain gaps in performance which I am now trying to fill*
Xou know that Mr. Sproul approved the "Progress and Plans," with
some slight textual corrections, but Miss Burstein (who is acting as my
assistant) is not sure that Mrs. Singer sent you a copy of Mr. Sproul* s
letter, or of the corrections. A copy of the letter ie enclosed, and with
it a fresh copy of "Progress and Plans" with Hr. Sproul1s changes typed in*
If you accept the changes he makes, we will want to prepare for
transfflittal to Dr. Buchanan a clean copy of the corrected version. Will
you let us know about this?
A letter received here for you from Win Riefler thanks you for
the material received, calls it "excellent,* and says, "I think the decision
is right to give a frank suaaary of the situation to the Foundation for
their decision."
One from Cyril James1 secretary Bays that James ie traveling in
Greece and Turkey and will not be back until "approximately October first."
As for the others, Bob Calkins wrote directly to you, Walter
Stewart warned thet he would be incommunicado, end Willits remains the
Great Unknown. I hope he may do his homework soon*
Best as ever*
Mildred Adams
Mr. Donald B. Woodward
Vick Chemical Company
122 East 42nd Street
Hew lork 17, R. I.
Enc.
August 30, 1955
Bear Don:
It was most avfully good of you to get beck
the draft so quickly and -with such careful individual
messages* Ve vill duly insert them, and copies will
be at your office vheu you return, (You ^on1t have
much to read then!)
Thanks for kind words, specially et a
moment vhen all ay inadequacies loo© like a set of
Everests, Whet one can do one takae for granted,
but it 1 s the things one can't do, or doean*t do at
the psychological monent, that bite.
Even Rew York has been amiably cool, and
at Vestport -wetre edded another blanket, ^iall we
send vanning pans in the best Kew England tradition?
It v i H be good to have you back.
Best as ever,
Mildred Adams
Mr* Donald B. Woodward
Squirrel Island Inn
Squirrel Island, Maine
SQUIRREL
F. Nelson LuLens, Owner
ISLAND,
Xelepkone: Boothbay Harbor 8656-W^
AUG301955
COMMinEE ON THE HI
OF THE
MAINE
-V
SQUIRREL INN
o
F. Nelson Lukens, Owner
SQUIRREL ISLAND, MAINE
Telephone: Bootktay Harbor 8656-Wl
p
August 26, 1955
Bear Bans
Her© &re three copies of & draft of a letter which I am suggesting
that you send to all Coafcittee members except Walter and Bob. The first participated in the Princeton conversation, but has not seen the report prepared
for the Foundation with its decisions drawn from that conversation* Xou m&y y
went to sake some shift of phrase on that account* Bob has seen the document
and approved - you may imnt to note that* the three copies v i H allow of
deviations.
Mall being wn&t it is, you will probably not receive these until
Monday• If you can post them back to us Monday night {an envelope is enclosed)*
we can prepare t&&© for your signature* I shall probably have to sign them
here as we have not tiae to get the® to you and returned.
I s i pushing to get these typed and out to Coamittee members by the
31stf which means they will be received before the Labor Day week-end* This
depends on tao kindness of the Bank's typing pool, so there is an element of
uncertainty, but taey will surely be out }%r the end of the week* I had earlier
hopes, but it seeas impossible to delegate the actual writing of the report*
and I have never learned to work fast at any writing chore that was fussy*
You will also find a finished copy of the "Progress and Flans" which
ytm a&y keep - it is the longer report with its appendices which holds us up*
l
l^r own plains are to take September off, mostly in Westport and with
lapses* I will be available when needed, except from the 10th to the 17th
when I go for a week in upper Hew Tork State*
Hope you are feeling rested, and that Maine continues to charm as
well as to refresh* As for us, Just pray that Edith stays off-shore and Connecticut will survive* liver valley towns to the north may not be quite as
badly off as newspapers paint thes, but Ifd hate to see the® have to face
another tropical deluge quite yet* As for Westport, we escaped with no more
^ -flood oa the lower lawn* Tell lean her spider plant and nicotiana are
-
.
.
'
.
•
•
Best to you all.
:
Mr. Donald B. Woodward
Squirrel Island Inn
Squirrel
Island* Maine
z •.
Mildred Adams
Idst of Domiaents to go out to Committee Members before Labor Bay
Secretary's letter of transaittal * separate versions for Stewart
end Calkins?
I# Secretary's report - Fi*ogress and Plans
II, Executive director's report of year's work* for Committee's
interest, and to b© included as part of material prepared
for the Rockefeller Foundation*
i»
Notes on visits to Banks
ii. Study of Board and Bank Officers end Directors
iii* J'&per Hunt - Progress to Date
g
WU CD41
PD
LU
SQUIRREL ISLAND ME AUG 22 150PME
MISS MILDRED
ED ADAMS
COMMITTEE
HISTORY CO!
11TH FLOOR FRB 33 LIBERTY ST
THE IMPROVEMENT IS ABOVE AND BEYOND IMPROVEMENT
DON.
220PME.
K
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CLASS OF SERVICE
T
Tel.
grar
Send or get
cash
ma
MONEY ORDER
B BYAO43
P. M A R S H A L L .
NL=Night Letter
LT=Int'I Letter Telegram
VLT=Ir.t'l Victory Ltr.
PRESIDENT
STANDARD TIME at point of origin. Time of receipt is STANDARD TIM$at point of destination
1555 AUG 17 PM 4
(3
LQNG_NL PDsSQU IRREL I S L A N D I.'.E 17=
MISS MILDRED
11
SYMBOLS
DL=Day Letter
Sr'NION
W
Thefil
1220
ADIM^IS =
FLOOR FEDERAL RESERVE BANK 3 3 LIBEBTY ST
MYK=
OSWALD SATISFACTORY
AND 1 WILL HOLD FOEMjfcFERE NCE I F YSti
HEED TO DISCUSS HIM WHILE
COMPLETE
COMMITTEE
DOCUMENT
SO FAR VERY
50
PAST
* SUGGEST
DELAY
I DO NOT T H !
SOME MAY WOT READ
IT
SHOULD GO 1 0
A N D F O U N D A T I O N WITH T H E 1 NTRQDUCT I O N JWidERW 1 S E
REAT SUBSTANCE
VALIDATE
I EXPECT
OF ACCO^P LISHME MT MAY
WELL SPENT
AND EVIDENCE
NOT
EVIDENT
1 J L L BOTH
AMD CONSTITUTE PERSUASIVE
FULL
EARNEST OF FUTURE
COMPLETE DOCUMENT GO AT O r "
EVEN IF
I S NECESSARY*"
DON
THE
WOODWARDs.,
RECEIVED
AUG 1 8 1955
COMMITTEE ON THE HiSTORV
O f THE
FEDERAL RESERVE SYSTEM
COMPANY WILL APPRECIATE
SCGGISTIONS
FROM ITS PATRONS CONCERNING
IT8 SERVICB
COPY
Squirrel Island
Aug. 12, 1955
Dear Mildred:
Vihat I have done as you will see is to try to make the report come
to a more clear cut point. It seems to me this is desirable for several
reasons:
(1) It would give the Committee a specific decision to make
(2) I think it is in accord with the judgment of several
(3) It would make a good impression on RF
(4.) It would give a dearer basis for future.
My understanding of wishes, and my judgment of tastes may, however,
both be wrong. What I suggest is
First, telephone me if you have any major differences or any aspects
you would like to discuss; Boothbay Harbor 8656-Vl
Second, when we have agreed, get the draft to Bob Calkins at once
for his judgment; he knows Rockefeller F, and carries weight there;
Then let1 s see what seems best.
As I think Bob is to be away in September, there would be advantage
in getting it to him soon,
I had a good trip up, everyone is fine, and the weather is
wonderfully cool. We still wonder about Connie, of course.
Yours,
RECEIVED
AUG 1 5 1955
b
COMMITTEE ON TMC HISTORY
OF THE
FEOCHAL RE8£8VC SYSTEM
f^y. fcr
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SQUIRREL ISLAND ME AUG 18 145PME
MISS MILDRED ADAMS, FRB
OSWALD CALKINS ADAMS SPLENDID AND I WOULD NOT TOUCH A
COMMA EARLIER WIRE COVERS SUGTESTIONS SUBJECT TO YOU
AND BOB
DON
'Sb.
212PME..
M.3-24M-1-S4
DERAL RESERVE BANK
OF NEW YORK
c» •„- m
v> r. i
SEND TO FILES
COPY OF TELEGRAM
SENT BY
Connittaa on tba History of
tha Fadaral Rasanra &y»Um
TDi Mr. Donfcld B, -oodvtrd
•c-" 'irrel Isl&nd Inn
_rrel Inland, Maine
Following talaphoa«4 saggastiona froo Ccdkins am
^
Osvcld cut pastad and rsrisad to snov «ora accompli shaants
and optimism* STOP. Fleasa raad and retort aariiast
possible* Thanks such.
Hildrad
August 15, 1955
Dear Don*
•
Oswald ceae In by the 10 a*m* mail, and, after having digested
h i s import and read your careful l e t t e r , I phoned Bob. He can read the
corrected draft at once, so we ere sending i t to him tonight. A carbon
i s enclosed, vith the corrections you made and a new paragraph vhich I
framed after our l a s t phone call - the draft had already gone to you without it*
If Bob bakes any considerable changes, I will send then to you
for approval* If they r.re slight end not out of line, X f ll circulate this
summary review to the entire Carnal t tee, and hope to get i t back by the end
of August*
I h£.ve been -working to get the full report out by the same time,
but the task i s considerable, and I gathered that you weren't sure the
Rockefeller people would read a tventy-page docuaent in addition to this
suraary statement* So I may delay i t i f we get too far bogged down* The
recounting of one's excellent efforts i s not e very stimulating process I undertake i t only when i t seems essential in order to get on with what
coses next!
,.
.
So glad Connie went inshore and (or so ve judged aissed Mtine*
Vestport, like flew York, was drenched; we l o s t bushels of leaves and a
erab&pple branch, but had no &«4or casualties*
Best to a l l of you, including Abigail,
Mildred Adeas
Kr* Donald B* Woodward
Squirrel Island Inn
Squirrel Island, Maine
Knc,
MISC. S4.a-24H-l-94
"
C O P Y
O F
RESERVE BANK
OF NEW YORK
SRI, Brookinge Inat.
Mi:
SEND TO FILES
TELEGRAM
iiidmd
SENT BY
Mr. Donald Woodward
Squirrel Island Inn,
Squirrel Ialand, Maine
Oswald arrived as advertised in Abigail1 a meaeage reducing Uealport operator
to atitchea 6top. Thanks four inproveaenta so glad to have burrs tombed out and
lines set straight, stop. Bob says he can read it
Kildred
MISC. 14.1-24M-I94
' ^
COPY OF TELEGRAM
RESERVE BANK
OF NEW YORK
S E N D TO FILES
a H T
SENT BY
Fi Mr* Donald B*
Squirrel Island Inn
Snuirrel Island, Main*
;u r v' zib.a on Vi^caiL ;:i
kind to Woodwards*
our corrections hat; not arrlTed* Bate t o push
: need i t Monday sure* STOP. Hop* hurricane
Mildred
RECEIVED
DONALD B . WOODWARD
122
EAST 4 2 N D STREET
NEW YORK 17, N. Y.
AUG12 1955
August 11,
OGMMfTTEE ON THE HISTORY
OFTHI
fEOCftAL RESERVE SY8TS*
Miss Mildred Adams, Executive Director,
Committee on the History of the Federal Reserve System,
33 Liberty Street,
New York 15, New York.
Dear Mildred:
I have held the enclosed two l e t t e r s that you
sent me on May 9 awaiting an inspiration and none has
come. I just haven't a good idea to get to them.
If we are able to go ahead with Logsdon i t
seems to me that the approach from him might be the best.
Therefore, you may want to hold them u n t i l that issue
i s resolved.
In any event, l e t ' s don't forget these for both
men should be quite important.
Yours,
DBW:lm
The above l e t t e r was dictated
by Mr, Woodward but typed
during his absence from the
office.
c
August $, 19$$
Bear Bon:
Here is a preface which amounts in fact to a summary
report to the Committe© and the Foundation, It is planned to
be accompanied by a detailed report if you think that plan a
good ona« If not, ws can do it any way you like. The more
detailed report is in rough dmft»
Sorry to burden your weak-end, httt the 10th looms,
and I would appreciate you? advice on this way of handling it
by Monday if possible,
Starriedly,
Mildred Adams
Mr # Donald Woodward
Vlck Chemical Company
122 £ast Ii2nd Street
Hew York 1?, Hew York
o
RECEIVED
DONALD B . WOODWARD
1 2 2 E A S T 4 2 N D STREET
NEW YORK 17, N. Y.
AUG 41955
COMMITTEE ON THE HfSTORY
OF THE
RESERVE SYSTEM
August 3, 1955
Miss Mildred Adams,
33 Liberty Street,
New York, New York,
Dear Mildred:
I think I commented orally on your
question of July 13 about the form for reports
to bank visits. If I neglected to do so I should
say that the form looks useful to me for work
sheet purposes. There is more detail than would
likely be wanted by the Committee.
Cordially,
DBW:lm
DONALD B .
WOODWARD
122 EAST 4 2 N D STREET
NEW
YORK 17. N. Y.
1955
AugUSt 1, 1955
Miss Mildred Adams, Executive Director,
Committee on the History of the Federal Reserve System,
33 Liberty Street,
New York, New York,
Dear Mildred:
In thinking further about the conclusions
reached in Mr. Sproul's office, I rather doubt now
that it is necessary to talk with Joe Willits, Riefler
or others in advance of the draft. After all, the
draft of the report to the Rockefeller Foundation will
be sent to them as a chopping block and with a request
for their guidance not only on the report itself but
upon procedure. Why ask them the same questions in
advance of their getting the report?
By the way, I believe our conversation about
the apartment was interrupted and never finished. If
there is any doubt in your mind, may I reaffirm our
possible interest.
Cordially,
DBtftlm
RUG 31955
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Dr. Robert D, Calkins, President,
The Brookings Institution,
722 Jackson Place, N. W # >
.,
Washington 6, D, C,
... '
,
Dear Bob*
.
' 'l,y"-'
,
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1 also thought our Princeton meeting fruitful.
As you doubtless heard from Mildred Adams, Allan Sproul
approved our proposal. Miss Adams is making a draft of
a report to the Rocksfeller Foundation which will be
circulated to all members of the Committee for their
coranent, correction and information. The intent will oe
to get this all completed soon after Labor Day and for
- you and me thereupon to seek out Norman Buchanan, Does
this seem reasonable to you?
-
.
I cleared the matter with Randolph Burgess on
the telephone as he will be unavailable until the latter
part of September, We will, of course, want to be particularly sure to have Joe Willits guidance. This as well
as the thoughts of everyone else can be obtained when the
draft is circulated it seems to
ra#*
;v*
deed*
. •
H o w a r d i£llis h a s s o m e i n t e r e s t i n g s u g g e s t i o n s i n ••-• ''••• .•••'••
•. ••
• • •'•- **M• --W-- , • - '-•..>•
]
• ' '•• C o r d i a l l y t f .- " '•
DBWila
Copy to: Miss Adams
•'* ""
•
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July 22, 1955
Dear Dons
Looking back to the Minutes of the meeting of May 24th at which the
sub-coiaa&ttee on monographs wes appointed, I find their assignment to have been
as follows*
n
i t was suggested that ,*• a sub-coasittee be appointed "which, in
the course of meetings to be held in the near future, would block out areas of
interest, set the monograph pattern in order, nominate possible writers and report i t s findings and recoansendations to the full Coamittee.*
On June 22nd, at the first meeting which Bob could not attend, the
"Memorandum of Points Accepted* states, *In view of the fact that the Committee
has decided to go ahead with the monograph approach, the vital thing at this
juncture i s to settle on the names of acceptable writers and the acceptable
t i t l e s of monographs,,. The need i s for half a dosen, but i f we can secure two
or three now, with three more in prospect, we can then go to the Rockefeller
Foundation*,,*
I thought you might like these terms of reference recalled in preparation for your report to Mr, Sproul, Ee-reading them, i t seems to me that we did
a good deal of galloping in other pastures yesterday, but I have tried to writ©
the minutes in view of the recorded background.
Best as always,
Mildred Adams
Mr, Bonald B, Woodward
?lck Chemical Company
122 Bast 42nd Street
Hew Tork 17, *. I ,
July 22, 1955
Dear Mr. Woodwards
Hiss Regan has telephoned this office to
sej that Mr. Sprool will be very glad to see you
Tuesday morning, July 26th, &t H i 3 0 in his office*
fhis is the most conyenient moment for Mr* Sproul
whose calendar for next week is extremely crowded*
Hiss Adams will also be present at this
Sincerely,
Irma Burstein
Secretary
Mr, Donald !*• Voodward
lick Chemical Company
122 Eest 42nd Street
Hew lork 17, H» I*
c
July 13, 1955
Mr. Donald B. Woodward
Vlck Chemical Company
122 East 42cd Street
New lork City* $ew Kork
Dear Dons
Ap I go cvex the- reports of bank visits, which have been
spread over a year1** time, I realize how much. I have learned
in that ye%r. The later the visit, the better the record.
There are still great holes to be filled, and if 1 PJB allowed to
cto a monograph on the Talue of the regional aspect of the System
it will, be necessary to make another set of visits.
However, **rhat I have mxst now be coordinated into the fora
of a report. In thinking about that form I have constructed
the enclosed skeleton outline. Would you take a look at it,
and let me know whether this would see© useful if the necessary
flesh is put O B these bones?
• • ' U L S G please look especially at the measures of
vaan't quite sure -whether the two categories proposed would be
technically acceptable*
Thanks for a quick reaction.
:.'•:_
'
Best as ever*
Mildred Adams
July 12, 1955
Beer Don*
I called Er. Calkins yesterday to ask for >&ate*er information
Brookings might tarn up about three younger sen vhoae names had been
suggested, Irving Brecher of Horthvestern, Philip Bell of H&verford and
Boas Bobertson of the Federal Beserve Bank of St. kniis* Me will ask
questions end report reactions*
He said that he was planning to see Mr. $aulni«r this week.
His Intention of phoning to Eli i s had been shifted by a feeling that
work of this kind might be done sore cheaply in California than in the
east, and he therefore decided to write to U l i s instead of phoning*
Hjy original infornation was th&t Ellis wanted to le&ve California, but
this consideration aay be minor* At &ny rate, i f we ean set ft date for
a meeting in July or early August* I voiild hope that a l l these odd«
and ends Gould be gathered together* On the latter detail Mrs. Singer
i s phoning your secretary*
Best as always*
Adaas
F.S*
Since I vrote this* the meeting has been set for Ifoursday.
July 2131, 1 p^a* at the Princeton Inn. Presumably Bob will have a l l
this by then, and I v i l l have *& l i t t l e l i s t . "
Mr. Donald B. Woodward
Tick Chemical Coapany
122 East 42nd Street
lev lork 17# K* I*
e*o« - Dr. Walter Stevart
July 5, 1955
Mr. Donald 3. Woodward
Vick Chemical Company
122 East £2nd Street
y
Dear Bon:
Mr* 3proul hes sent down a letter just
from Dr. Wlllits in reply to an earlier letter telling •
hi® of th© new direction (that is monographs rather tha»
THE HISTORIAN) which this project is taking* Dr. WilliU
says, •! thoroughly approve the new set-up and think it
is excellent. I a.m not sure it isnft e wise thing to
do anyhow.*
In view of conversations which presumably are now
going on, I thought you and Dr. Calkins wotild both like
to & Q O V about this*
Best «© always,
Mildred Adams
Copy to Dr, Calkins
4
DONALD B .
122
WOODWARD
EAST 4 2 N D STREET
NEW YORK 17,
N. Y.
July 5, 1955
Miss Mildred Adams, Executive Director,
Committee on the History of the Federal Reserve System,
33 Liberty Street,
New York, New York.
Dear Mildred:
Charlie Kindelberger, as I told you, spoke
highly of Rostow but doubts his availability* Kindelberger
suggested the name of WilliamGatesJS^JSiij^SE^f 11 ^
Arthur Bloomfield at the Federal ^eser^e^Ban^aS"
merr^Slg^tS^fdBritloli, the l a t t e r particularly in
connection with foreign activities of the System.
Yours,
DB¥:lm
JUl
6
June 24* 1955
Pear Mr,
Miss Adams has received from Hise
KcCoubrox the account of your expenses for
th« meeting vith Er* Stevart of June 22nd,
Unclosed is her check for your total
ditare. She will in tarn collect this
amount from Brookings*
Sincerely* :
Irma Btirstein
Seeretary
Mr, Donald B. Woodward
fick Chesiic&l Coap&i^y
122 lest 42nd Street
Hev fork 17, H* !•
From the office of
DONALD B. WOODWARD
f^OERAL REStRVt SYSTEM
\
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
JOSEPH H. WILLITS
DONALD B. WOODWARD, Secretary
MILDRED ADAMS, Executive Director
THE BROOKINGS INSTITUTION
722 JACKSON PLACE, N. W.
WASHINGTON 6, D. C.
May 18, 1955
Dear Don:
I am enclosing with this a draft of a draft
of a draft of a report to the Rockefeller Foundation.
It has certain obvious ills - the Introduction may be
wrongly pitched, the Summary of Accomplishment is inadequate, it contains neither financial report nor
budget.
But it is a start, and as such Ifd very much
like your most critical eye on it. Don't hesitate to
be ruthless.
I'll be back from Washington on Friday
afternoon, and hope you can have used the blue pencil
by then.
..as always,
Mildred Adams
Mr. Donald B. Woodward
Vick Chemical Company
122 East 42nd Street
New York 17, W. I.
Enc.
June 2* 1955
Dear Dons
I am sending you with this s. draft of the
Minutes of last Tuesday's Committee meeting, somewhat
delayed because of my unfortunate illness. Could you
look them over and get them back to us by Monday? I
ask this because I ae scheduled to go to Kansas City
and Minneapolis on Tuesday and am eager to get these
out before I leave*
Also I hope you may be able to look over the
preliminary draft of the Annual Report -which was sent
you eerly last week* There is Ies3 haste on this one, as
I shall not be able to do anything on it until I return
from the midwest on June 16th# Thanks ever so much*
Best as always,
Mildred Adaas
Mr* Donald B # Woodward
?ick Chesdcal Company
122 East £2nd Street
Hew York 17, H. !•
Enc*
c
Mey 18, 1955
Dear Don?
I am enclosing vith this a draft of e draft
of a draft of a report to the Rockefeller Foundation*
It has certain obvious ills - the Introduction may be
wrongly pitched* the Summary of Accomplishment is inadequate, it contains neither financial report nor
budget*
But it lei a start, and as such I'd very much
like your most critical eye on it* D o n H hesitate to
b® ruthless*
1*11 be back from Washington on Friday
afternoon, Bnd hope you can have used the blue pencil
by then.
Best as always*
Mildred Adems
Hr. Bonsid B. Woodward
?ick Chemical Company
122 East 42nd Street
Mew fork 17, H» I.
lac.
May 9, 1955
Dear Don»
Most of the letters which cane in response to the
form letter sent out to older veterans of the System could
be answered from this office, but there ere one or two which
I think would be the better for your own personal reply*
One of those comes from Mr. Leffingwell, the other from Mr»
Broderick. I em enclosing both of theou
The situation in regard to Mr. Leffingwell is that,
as he says, he talked with me and had a collection of his
speeches bound for us. He also told me that he had kept no
papers, by which I assume he means diary or journal,
I*ater, I found out in Washington thet he had taken
avay twenty-five letter press volumes from the treasury when
he left, and taxed with this, he remembered that they are
probably in the basement of his house*
If somehow Mr. I*effingwell could be persuaded to
contribute those volumes to this study, we might find some
invaluable material. The difficulty is thet it is a vain endeavor to try to trace other copies of the same thing in the
Treasury files. Those files are scattered and difficult.
Some of them have gone to archives, some not. There is no
central filing system and no central knowledge of where various
things might be.
It is because of this background that I suggest
you might have more luck in writing to Mr. teffingwell than
I had in talking to him. If you could broach the subject of
the twenty-five letter press volumes in some way which would
catch his attention and make him willing to let us have them,
it would be a great help.
So far as Mr, Broderiok is concerned, there is no
»ueh difficulty* Tfte fact is that I know nothing about his
papers nor whether there is anything outside of files which
might be useful tx) us* He has talked to me once and has
said he would be willing to talk again. The fault is mine
that I have not gone to see him. He is, however, not a par*
ticularly helpful talker* He is extremely discrete so far
as difficulties of any kind are concerned. Everything that
happened was wonderful* Everybody who made it happen was
the soul of honor, probity and ability. Thus far, no gossip,
no Illumination*
At the seme time he is a distinguished and very
experienced person, and if he has papers, I would hope that
he would leave •them to us or help us find a depository for
them* He still has an office at the Sast River Savings Bank
and a secretary. If his mind could be brought to the point
where he would make a point of leaving his papers to us,
whether he cleaned out his office and retired or whether he
left soise statement in a will, I would feel happier about
it*
This is very bald end difficult, and you may not
want to tackle either of these gentlemen* If not, I would
simply suggest that you write them one of your most amiable
notes of gratitude, and perhaps the more difficult revests
may b© possible at a later tlse*
Best as elways,
Mildred Adams
Mr, Don&ld B, Woodward
Vick Chemical Company
122 East 42nd Street
»ew lork 17, H* X.
Enc,
April 29, 1955
Bear Bon*
I 3 t i l l have in my "unfinished* f i l e the Publishers'
Report vhich should hare been sent you in draft fora before
I went west and actually reached you, I believe, after I got
back*
If you have had a chance to look at i t , I would
like to have i t back so that I can finish up that bit of delayed investigation, flothing in i t i s vital at this moment,
but we probably ought to do something about sending i t out*
This three months awaiting for the non-existent
historian has meant the cessation not only of meetings, but
also of Progress Reports. I am hoping to have one ready for
the meeting of the 24th which will tie up a l l the m»ierous
odds and ends which have been l e f t hanging and will make i t
clear (you see my state of frustration in this phrase) that
a great deal of work hes been going on since the Princeton
meeting at the end of January. If you heve any objection to
this plan, do l e t me know. I seem to be full of reports,
partial reports, projected reports, and w> forth, but i t i s
probably the time of the year*
Best as always,
Mildred Adams
Mr. Donald B* Woodward
?ick Chemical Company
122 last 42nd Street
Hew York 17, H« ! •
April 19, 1955
Dear Don:
We have a project for sending
Miss Marguerite Burnett to attend a convention of the Special Libraries Association
at Detroit in June on special business for
this Committee* As her estimated expenses
will run between one and two hundred dollars, ve would like your specific approval*
this trip is a way of presenting
the history project to all the librarians
of the Federal Reserve System, and to Idle
heads of other financial libraries, most of
-whom are members of the Special Libraries
Association* We have found some difficulty
in persuading bank librarians (or their
officer overlords) that saving material for
historical purposes would be a desirable
addition to their regular functions. Miss
Burnett herself, who case to us to work on
archives, finds she needs to turn her sind
from current demands to records of the past,
and apparently it is a real shift of emphasis for the® which needs explanation*
Thanks to the enterprise of a
young librarian in the Chicago Federal Reserve Bank, Miss Burnett has been asked to
make a speech on the history project at a
special group meeting of Federal Reserve
librarians* Because of her long service
in the Mew York Bank, she ranks high with
them, and her vord will carry weight» Ve
need their good will.
Also, the librarians are being
given a chance to visit the Ford Archives
at Dearborn, and Miss Burnett will report
back to us any special skills or techniques
noted there which may be of aid to us.
A budget for the trip is enclosed
which I have approved, and on which I hope
we may have your signature. I will then
send it on to Miss Maroney in order to
clear this unusual expenditure* There is
plenty of room for its inclusion in our
travel budget*
My thenks and hers in advance -
Mildred Adams
Mr, Donald B, Woodward
Vick Chemical Company
122 East 42nd Street
New York 17, «• I*
Enc,
March 29, 1955
Dear Mr* Woodward:
Before Miss Adas® left for Dallas, she approved the
February bill from the Sew York fisnk bat asked me to write
you about it beeeuse it sounds a warning bell.
Th© bill is $600.64, rather high for us. The causes
can be easily identified. First, Miss HcKicstry gave us
&R unusually large proportion of her time. Second, the
cost of stenographic work was largely (#82.00} due to
reproducing the transcript of the second Princeton Conference. Third, Miss Adans made a trip to Atlanta which
brought travel expenses up.
I hope you had a happy healthy vacation.
Sincerely,
Mrs. Singer
Secretary
Mr. Donald B. Woodward
Vick Chemical Company
122 Bast 42nd Street
Hew Xork 17, «.X.
cc. to Miss Maroney
March 28, 1955
Deer Don:
I saw Dr. Calkins in Washington last veek and found that he was
entirely content >dth the draft et&teiaent on administrative procedures
vhich you s«.w &nd approved before you went on vacation. A copy 1 B enclosed for your files, and we vill try to be precise about this*
Also, I talked again with Miss Maroney about our accounts end
think I now have sorted out what was bothering her, nemely, the mat ;er of
gearing our funds and our requirements in with the Brookings bookkeeping.
She ia already thinking ahead for the figures vhich must be presented to
the Board around the first of May, and we become pert of those figures*
Mrs. Singer understands the whole thing Insofar ts I have managed to report Miss Maroney1s aims to her. I think matters are on a
much better footing than they were, although there is always the danger
that problems will rise up*
I am enclosing a copy of my itinerary, and Mrs. Singer will
have any changes that may &ri3e at the last moment.
Best as always,
Mildred Adams
P. S.
Mrs. Singer will be sending you a number of copies of a letter
for your signature. This is the form letter to men active in
the early days of the System, which you have already approved
in draft form*
Mr. Donald B. ¥oodward
Vick Chemical Company
122 East 42nd Street
Hew Xork 17, «. I.
Enc. 2
March 23, 1955
Deer Con:
I am sorry that your absenca
fro© the city makes it necessary for me to
go off without calling you for a cheerful
farewell, but I hope you are having & very
good vacation in every sense of the word.
Aa you know, I leave for Dallas
by plane tomorrow morning, the 29th of
March. I will be there through the week,
going to Austin on Friday night for a weekend visit to an old friend, and returning
to Dallas on Monday to take the plane for
Ban Francisco. I shall stay in San Francisco and its environs until April 12th,
when I vill fly back to Rew lork* Jfy address there for at least part of the time
vill be c/o Mrs. Harley Stevens, 1641
Green Street, but Mrs. Singer will have
full detail on this kind of thing. I expect to go to Stanford to see the Hoover
Library and to Berkeley to see Mr. Chester
Davis. I shall also have a free week-end
in the bay region which, considering ay
well-known affection for the territory, I
expect to be pure pleasure.
So far as I know, the chief thing
left undone is the James matter, &nd that,
of course, is beyond the control of any of
us. Perhaps I should remind you that the
date when the Executive Committee1s patience
•2-
officially expires i s April 21st. One
might, I should think, expect that by that
time Dr. James would know (a) how his wife
was going to be, and (b) whether she would
tolerate being moved back to the United
States. Perhaps you already know those
things by the time you read this letter.
As for other things which wer«
pending, a draft report on publishers will
be included with this letter or has already
been sent you. I would appreciate i t i f
you would read for information and crispness and l e t me know your reaction. Your
suggestion that I see Mr* Schenaan at the
Book-of-the-Month-Club was an excellent
one* He made more sense than ail the
other people put together, and I for one
am convinced that i f we can tackle the problem on the basis of promotion and distribution ratiier than straight publishing, we
will get a lot further,
I went to Columbia and saw U?»
Logsdon, the head of all libraries, in the
preliminary talk which was solicited before
Bean Brown and Mr* Sproul might discuss the
matter of putting financial collections
there. A copy of my letter which reports
to Mr* Sproul has already been sent you.
Otherwise, things jog along in
their usual routes, flo Progress Report has
gone out since November for the reason that
we held those two lively conferences at
Princeton, I hesitate to send one out unt i l there i s news about the historian, but
unless i t comes soon, I think we should
probably contemplate one. That, however,
can wait until I get back.
Wish me luck, and Mrs. Singer will
know where I can be reached at any moment
in any place.
Best as always,
Mildred Ada»s
Mr. Donald B. Woodward
Vick Chemical Company
122 East 42nd Street
Hew Xork 17, N. I .
MAR I V 1955
COMMITTEE ON THE HiSTORY
dank
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Set* f o r t e , I . f .
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3r. WilUts has Just told m that Dr. lawtt had to go for a short
trip to Kaglaad but will be back in Montreal in a few
Its* ver^ kindly cona^ntod to attempt to ham a
oonv«r«ation with JT. Jaiaes v«ry sNartl^r on hi» nsttirn. JP
ha* kiiicay agro«d to go pirsomU^r to •^rJtread IT that has any l i k e l i of b«ing o»«ful. I trust you will «gr«* with a^r atatwtnt tiiat
a trip, or « trip by Ur« 4mma to ^ew lork or Philadelphia,
be an appropariat« expemJit\ir« by the
f v U l be out of town from tSareh 16 to March 31 bat will oe reachable
by telephone* ?*y ofrise will know ay sct»<Jule. I have asked Qr«WlUits
to have m hesitation in calling MI i f I can tie of any possible
that tiB»| of counse the saa» applies to you,
•
Cordially,
OCJ lar« Joseph 2r, Robert Caikias
' HiS-8 $t~UJXtQ&
March 15, 1955
Beer Bon?
Thanks ever so such for your letter of March
10th, with its four points of authorisation. I hope
these -will clear the situation and atke tilings ssove isoro
s&oothly &11 around.
The enclosed career data on Edgar A* J« Johnson
is sent you it the request of Mr. Sproul. It came originally from Welter Stewart, -wiio presented Johnson* s nsse
for consideration at the time vhen the preferred list v&s
being made up. By coincidence, he heard recently from
Mr» Johnson thtt the latter is finishing his work in
Yugoslavia snd looking about for e new connection, Dr»
Stewart forwarded the career data to Mr, Sproul vith the
suggestion that the Committee might v&nt to reconsider
this n&ae if Dr. James finds he cannot accept the post*
Mr- Sproul asked that I forward the career
sheets with Dr. Stewart's suggestion to the members of
the Executive Committee,
Best as always,
Mildred Adams
Mr. Donald B. Woodward
Vick Chemical Company
122 East 42nd Street
Mev lork 17, H. I.
Bnc.
COMMITTEE O N 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
RECEIVED
With cooperation of
THE BROOKINGS INSTITUTION
722 JACKSON PLACE, N. W.
MAR 1 1 1955
WASHINGTON 6, D. C.
DONALD B. WOODWARD, Secretary
MILDRED ADAMS, Research Director
COMMITTEE O<» THE HISTORY
OF THE
FEDERAL RESERVE SYSTEM
March 10,
Miss Mildred Adams
Committee on the History of
The Federal Reserve System
33 Liberty Street
New York 16, New York
Dear Mildred:
1. I approve the use of a part-time typist from the Bank for March and April#
If she is to be used beyond May 1st I understand this will be discussed.
2. I don*t really see why the matter of Miss Burnett needs to go before the
Executive Committee again. The Executive Committee approved a six-months
extension and as I understand it you are simply suggesting that the six-months1
work be done over a period of eight months without additional cost to the
Committee. If.however, Dr. Calkins feels it necessary to clear the matter with
Mr. Sproul and Mr. Burgess I suggest this be done by mail. When next you write
Dr. Calkins why don't you include this comment from me for his consideration.
3. You certainly should proceed in my opinion, with the two trips that are
planned.
h. I agree with the plan for you to approve ordinary office and travel expenditures
and obtain authorization from me for extraordinary expenditures. I suppose in
order to be entirely clear, there should be a supplementary statement on this
matter attached to the memorandum of agreement between the Committee and Brookings.
This supplementary statement I should think, would need clearance only by Dr. CaDcins
and me. How about you drafting a few lines of literature and submitting it to each
of us.
Cordially,
DB¥:lw
March 9, 1955
Bom
Apropos of your telephone c&ll this isoraing, &
l e t t e r hes co&e la fros Miss M&roney, of which I ca sending you a
She crux of the answer to the author!istion of
expenditure problem vculd sees to l i e in p&ra&r&phs three
and four of Kiss Maroney's letter* I wuld suggest that
you follow Brookings1 procedure as i t its explained here,
and delegate to me authority to approve ordinary office
»ad trevel expenses. (Ve knov th&t tae b&nk b i l l s , vhica
cover both of these categories, run b©tve®n 14.00 and #500
& stonth* Any considerable ris© above th&t figure constitutes an imtQBs&tic warning belli)
I vould suggest that, again following irookings,
th© office turn to you for feuthorlaation when any nm
expenes 3&ot specifically authorised by the Executive Coos i tt«e i s undertaken, or when we see ourseivee tarestened
by &n over-run in &iqr section of the budget.
At the isoment, end as i l l u s t r a t i o n , I vould
like to report three ite&s for your approval. First, we
are borrowing from the Bank typing pool a part-time typist
to help us overcome a lag in our fil«~aaking # th« due
prof?ortion of her sal&ry will be charged on the regular
monthly Hank b i l l . ¥e expect to need her through March
and April a t l e a s t . If by Hay 1st we continue to need her
I will fi^in mk your
the slx«ttonth0 appolnfcsent of Miss Burnett
for part-time vork on regional bank archives expires April
15th• (Tou have & copy of a recent l e t t e r to Dr. Calking
about t h i s ) . I reported this to the Executive Committee
end asked for her services for another six months, a r e e,uetst vhloh watj generally
approved. Sow I find th$t she
v&nt6 tvo Aonths1 leave without pay in July and August. Dr»
Calkins, in e l e t t e r received this morning, 'thinks the b«st
arrangement on that would be to terminate Miss Burnett 1 s
appointment ^iien bar %wo months' leave begina, and resume
her appointment uhen she resumes vork.
This should, I assume, be cleared in detail with
the Executive Committee, but time i s short and we may find
ourselves without an Executive Consulttee meeting before
April 15th• To cover this contingency, vould you approve
the extension of Hies Burnett's appointment for tvo months
to June 15th 5n th« understanding that this matter --dill b#
presented to the Executive Coss&ttee at their next meeting.
¥e can then reappoint her for four months starting September let*
Third, I em* «s you know, going to Dalles &n& San
Franelsco in April, to Kansas City and Minneapolis in May*
Shis v l l l finish the f i r s t round of the regional bank
vlaitc -i^ich have proved so fruitful. Travel costs will,
of course, be he&vier than usual, but they will coiee easily
vitMn the bud£®t. As "this has been discussed ecrlier. I
take your approval for granted on this i t e n ,
I hope this plan of delegating authority to me
to approve ordinary office and travel expenditures* and
requesting that I ask your authorisation for extraordinary
expenditures, m&y meet your approval. If i t does, I will
report i t to Brooklngs# I will nwt& a l e t t e r on this for
our files*
Beat as always*
Mildred Adams
Mr. I3onald B. Woodward
Vick Gaesdcel Company
127 East 42nd S t r e e t
Sew Xork 17, a* X«
c*c« - Miss Haroney
Enc, Copy of Hiss Maroney's l e t t e r on authorization of
expenditures.
ftarch 3, 1955
Bear lbs*
the suggestion from Win Biefler, which I couldn't
yesterday for the l i f e of me was that we might find i t valuable to put
Alexander Sachs on the Committee* I understood him to say that he had
spoken to Sproul and Stev&rt on this, sad that both of the® had suggested that he check with you on it* ¥in says that Sachs h&s v&st
knowledge and that, in addition, he has the synoptic kind of mind -which
would be valuable for a project of this sort*
H© seemed to h&ve some feeling that there might b© reasons
•why you might not Ihink this a good ides, but he asked me to put i t up
to you* I did not get the impression that he would be surprised i f
you recommended g a i n s t it* On the other hand, I*a sure he thought i t
a suggestion which would have value and; that there ought to be some
way by -which the Coansittee could use S&eha* perhaps as a consultant or
in some other way not clearly defined.
I think some reply probably should be made to Win on t h i s ,
even & non-coiaffiittal l e t t e r in which I s&y that I have batted the id®&
up to you* Perhaps you n i l l want to f^ione me on i t when you have &
chance to think i t over»
Best as always,
Mildred Adams
Kr* Donald B* Woodward
?ick Chemical Company
122 East 42nd Street
Hew lork 17, !»• I .
February 23, 1955
Bear Bon*
In writing t&e Minutes of the meeting on Monday,
I find & notation that you are going to reply to the letter of Shepard Clough d&ted November 27, 195-4, in which
he says that he mint be in Europe until next fell and
•Therefore, I do not tie your hands by accepting and leave
you entirely free to find a replacement••
the original of that letter is here, but accordtag to our files, you hare & copy. If we are too optimiatic, Mrs* Singer will &ead you the original. Mcy we h£ve
& copy of your letter to % . Clough for our files*
Beet as alv£ys,
Mildred Adams
Mr. Donald B. Woodward
Vick Chesieal Company
122 Hast 42nd Street
Tork 17, 5. I.
February 11, 1955
Bear Mr. Woodward:
I enclose a letter from Dr. Bopp which case to this
office.
The Executive Committee meeting is at 2:30 i .»• on
Monday, February 21, 1955* in Mr. Sproul's office.
Sincerely,
Assistant
Mr. Donald Woodward
122 East 42nd Street
Bew lork 17, Sew York
Enclosure:
.etter from Dr. Bcyy> thanking him for honorarium
February 11, 1955
Dear Don:
I have been thinking over new procedures which will make it possible for you to
countersign ell requests for expenditures, and
I begin to worry lest you be burdened with an
unconscionable aiaount 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,11
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,B So far as I know, no action has been
taken to implement this, I would think, therefore, that we could now creete 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, sine©
January 1st, submitted 10 requisitions to the
Federal Reserve Bank of Hew Xork 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 $8,70 for the National
Records Management Council, which, at our request,
sent some pepers belonging to Franklin K. Lane, and
sorted on e trial basis, to th@ University of California,
The systea now in use is such that the
Bank sends us a monthly bill containing all items of
service which they performed for ua, including the
purchase of office supplies, railroad tickets, hotel
reservations, rental of equipment, such as desks,
telephones, and so on. Thus far, I heve 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
blooau 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 wefiiayneed to do something about the lighting of two clerical desks).
These could go to you at intervals for countersigning.
Would you elso like to sign monthly expense reports, •which cover travel end other out-of-pocket costs?
As this matter comes up at a moment when we
hev© been saving large sums of money from the budget,
I can only think that the complaint of Brooking3 is
that I am not spending money enough. However, joking
aside, \t is, ef course, an excellent idee to tighten
procedures, though I think we must recognize that this
not only imposes an extra burden on you, but also 'will
somevh&t slow down our workf which, with the best will
in the world, never goes as fast as I want it to anyhow.
Cordially yours,
Mildred Adams
Mr. Doneld B. Woodward
Vick Chemical Company
122 East 4.2nd Street
Hew Xorfc 17, N. T,
February ll f 1955
Bear Con:
lou 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, which you approved verbally.
We are also enclosing letters for your signature (you
approved a draftK If Mrs* Williams will enclose the checks
with th© appropriate letters and mall them out, it will be
quicker and simpler than sending them back here for the enclosures.
^hanks much,
Mildred Adams
Mr» Donald B. Woodward
Vick Chemical Company
122 East 42nd Street
Hew York 17, N. I.
Inc. 9
Three checks, three original letters, three carbons
one of each to go to Drs. Bopp, ^handler, Wood.
Februarj 11* 1955
Beer Dons
Miss Maronej Is puzaled as to how the
ftonorarls for these Princeton conferences should
appear in her books, and so ei I« Will you make
the decision for ust I'm enclosing her qmerj
sheet*
Mildred Adams
Hr» Donald B* ¥oodmrd
flck Chemical Compare
122 last 42nd Street
lork 17, JU I*
Miss Maroney1 s query about form of
honoraria•
February 9, 1955
Dear Bom
I think i t w&a a t Princeton that I
reported to the Cosmittee that I had seen Dean
Courtney Brown at Columbia about the business of1
recommending them for the depositing of bankers
papers wiica vere not obviousiy destined for sosse
other institution such as the Library of Congress.
I saw De&n Brown and Haggott Beckh&rt at the ®ame
tiiae. The l a t t e r vas more interested than the
Dean seemed to be, but t a i s ofiy h&ve u&&a a matter of m&nneriaSi*
At any rate, whew. I came hose, I began
to wonder just how much their interest implied
&nd how far i t vould carry in the actual matter
of handling papers* Also, I f e l t that they should
have a more solid expression of interest than &
v i s i t frosa ae» I expressed something of this uneasiness to Mr* Sproul, who suggested thet I frame
a positive recossciendation to JDean Brown and sign
i t in the nasi© of the members of the Executive
Committee*
I em enclosing herewith & draft which I
am proposing to bring to the Executive Committee
a t their next meeting for approval, if i t looks
a l l right to you* Please do not hesitate to make
changes or objections. I am s t i l l feeling tentative about this particular demarche, and I do not
want to take a poXlte promise as an indication
that Columbia really would go ahead with this
sort of thing* they might, I «ua afraid, leave
the papers in a box, es they have done with the
papers of A* Barton Hepburn, The phrase on that
is, B a trunk in the basement," and we do not,
after all, want our collections to end up that
be grateful for your eye on
this draft*
Best as always,
Mildred Adams
Mr* Donald B. Woodward
Vick Chemical Company
122 East 42nd Street
Hew York 17, IS. I,
- Draft of letter to Dean Courtney Brown of
Columbia about depositing of papers at C
February 9, 1955
-Dear Dons
i«ast November, in -working on various categories
of basic end esssntiel data which I felt we must h&ve in
our file, I was reminded by Leater Chandler that a list of
the Congressional hearings at which Federal Reserve legislation, and other matters affecting the System, vsr# diecussed would be almost a "must.*
I went to Kiss Sutherland in the Board library
and was told that they had a hearings' list -which was not
complete, but milch would start us on our way* She suggested that ve 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 fross there to
get us what we needed*
Miss BuLla has now delivered to us four copies
of what I suspect is the best c&rd catalogue of such hearings in existence, all checked with sources, and profiting
from interviews with Win Riefler, George Vest and other
authorities on certain value judgements which were needed.
It represents a research job of weight end 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 Hiss Bulla1s letter, a
copy of which is enclosed, indicates the difficulties
which she has overcome for us.
Ve got the financial handling of this straightened
out with Brookings at the start, and they have agreed that :
it should be p&id for as a contract job, not aa though Miss
Bulla vere taken on es an employee, Nevertheless, Miss
Bulla has kept time sheets es she went along* Between Kovember, when she started, sad the end of January, she has
spent 262 1/4 hours vhich, at the agreed rate of
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,
Mildred Adaas
Mr« Donald B» Woodward
Vick Chemical Coiapany
122 East 42nd Street
Mew Xork 17, N* X,
Enc* 2
6
1. Copy of letter of February^from Miss
indicating completion of her research task.
2. Copy of Miss Adam's letter to Brookings
requesting them to pay Hiss Bulla direct.
WOODWARD, Donald B,
c
if
Iff|
faoaka for /owr tbvoo Xottm of
n i l of vhlcii vooohoo* a
1 aoto to*t tao lottor i&iofa a»*
{
for
®f AdddliomLl to^ion of tlio lav«ftt»iqr of tfeo
,|m##r» aai too {Mfwoaoot akppoiiitKoiit of Hlos
mm ngrooo1 to ligr tao
i t l a llao vltfe
of Brookis^s. @s>* Calkins
Mit« Barfitola * aoto ooaflvKlatf aor poiaaaoat
ran «H requestg for
ooforo taoy voat to Bvooklaf «• this
la on offort to -^myo jw» ronttao
I
of ^AuMumr klatf go to j#m I© »o
MXm$ «t£t#ir conv#r»&tlon this corning
Miss Knron»y» X heve n§r##d thet voucher* vhich go
to her v i H c*riy vlth the?, *OM ©r|l&aa.tlon of
purpo»« *&icii th« «cpeaditur# 1ft intaoded to
fet* h*i», I l^lnkf hfcd to do our *ceountii\tl i
thing of & VKCUUEI, in th*-t glit
about th<* o|>«pfttion of thla Go^jfdtte*. Hii#
things aore difficult for herj vf« v i l l txf to
i t by koei^ing h«r sor« in touch with th« process of
I t lij, ®f O0»ra## th« greatest h»Ip to
hcTt Brookinga doing tii^ bookkeeping for us,
mm 1km mil *id in r^&lug tlitir
As 1 told Mlti Kitronty,
I §m hoping thet
flalsii th» first jr«ftx*9s nceount
ben!s for & @ore d«Uilcd budget
in tli# stiMMr oJf
I hope t&«&« ch^ageg v i l i m^t vith
Mr* Bon* Id B.
Vick
3L22 East
fork. 17* i * X«
* - Mr*
Dr«
Hies
February 7, 1955
Bear Don?
This is to put on the record what I told you over
tiie telephone. In reply to your letter of February 4-th, may
I say that the two projects which should have been mentioned,
the report on cataloguing snd handling of papers end the report on publication, are both in the process of -work. I hope
to be able to complete them by the end of February*
It vill be a good ides to make a project list of
outstanding &n& uncompleted Jobs. We vill search the Executive Committee Minutes end the Hinutes of the sain Coast! ttee
in order to see that nothing has been neglected*
The moral of all this is that things arrive when
you are avay.
Best as always*
Mildred ideas
Mr. Donald B« Woodward
Vick Chemical Company
122 East 42nd Street
Hew York 17, «• X*
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 h, 1955
Miss Mildred Adams
Committee on the History of
The Federal Reserve System
33 Liberty Street
New York IS, -N.Y.
Dear Mildred:
According to procedure agreed upon between Brookings and the Committee
I believe that I am supposed to counter-sign all requests for expenditure from the Committee 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.
Yours,
DBW:lw
cc: Dr. Calkins
COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
33 LIBERTY STREET, N E W YORK 45, N E W YORK
^E: RECTOR 2-5700, EXTENSION 286
ALLAN SPROUL, Chairman
f £g _ y J Q ^
*~V
W. RANDOLPH BURGESS
*
b
ls
*^J
ROBERT D . CALKINS
F. CYRIL JAMES
mion
F
of
J
THE BROOKINGS INSTITUTION
COMMITTEE ON THE HiSTCfY
^
0 F
WILLIAM M C C . MARTIN, JR.
r r h p
WALTER W. STEWART
FEDERAL RESERVE SYSTEM
722 JACKSON PLACE, N . W.
*H£
WASHINGTON 6, D. C.
DONALD B. WOODWARD, Secretary
MILDRED ADAMS, Research Director
Fpbr*iia.Y*v )
19^^
Miss Mildred Adams
Committee on the History of
The Federal Reserve System
33 Liberty Street
New York l&, N.Y.
Dear Mildred:
Congratulations on the first anniversary progress report.
very great gratification indeed.
It should give you
Perhapsrayreading was over rapid but I missed any mention 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
papersj you were exploring some alternative possibilities. Presumably this
same procedure might and should cover the materials from 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 publication: whether a series or individual issues , what
kind of a publisher, and what kind of terms would 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.
Tours,
DBW:lw
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
THE BROOKINGS INSTITUTION
f-3
722 JACKSON PLACE, N. W.
WASHINGTON 6, D. C.
Qfl
DONALD B. WOODWARD, Secretary
MILDRED ADAMS, Research Director
February h,
Miss Mildred Adams
Committee on the History of
The Federal Reserve System
33 Liberty St.
New York 15, N.Y.
Dear Mildred:
Unhappily you are now going to the banks where I am of no help in
three cases. Dallas, San Francisco and Atlanta are strange; Malcolm
Bryan, the President in Atlanta, has done some good testifying in my
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 City but I can't find or recall the name
so will keep after it for you.
Why don't you check with Woody Thomas? He knows everyone and his
advice I would give great weight. The same would be true for Karl
Bopp,
Yours,
DBW:lw
February 3, 1955
Dear Bom
I am enclosing & summary account of budget and
expenditures for the f i r s t six months of operation under
the major grant, end budget for the second six months f
(January 1 - June 30), Xou will also find Miss Maroney s
statement on -which the summary i s besed — our only copy,
BO ve'd like i t back*
Ve did a slight re-arranging to conform to the
accepted budget. Specific provision
ves there made for
Miss Burnett under "projects, 11 wierees Miss Meroney has
preferred to include payments to her 11under "salaries* 11
¥e find ourselves regarding •salaries as an office figure,
and guard i t jealously.
S
Bo 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 Coaasdttee or to the Executive Committee?
S
As I told you, I have felt under some pressure
to get this to Sproul today, though that nay nov not be
required. If you think it wise, perheps you could phone
us changes this afternoon.
Hastily,
Mildred Adams
Mr. Boneid B.
¥ick GhoBical
.122 last 42nd
flew lork 17,
Woodward
Company
Street
N. I.
COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
BUDGET AND ACCOUNTING
BUDGET
F.Y. 1954-55
SALARIES
BUDGET
7 / 5 4 - 12/54
BBBfiBT
7/54 - 1 2 / 5 4
TO BE SPENT
1/55 - 6/55
$21,388.00
•10,694.00
OFFICE
2,000.00
1,000.00
1,453.50*
TRAVEL
3,000.00
1,500.00
1,302.72
1,697.28
BRDOKINGS
OVERHEAD
3,000.00
1,500,00
1,500.00
1,500.00
PROJECTS
8,937.00
5,802.00?*
5,419.69^
3,517.31
KINCAID
CHANDLER
BURNETT
2,667.00
4,450.00
1,320.00
2,667,0O*»
2,225.00
910,00
2 ,666.67**
2 ,000.00
753.02
.33
2,450.00
1,066.98
CONTINGENCY
15,000.00
7,500.00
2,038.64***
12,961.36
$53.325.00
$27.996.00
TOTAL
| 9,543.40
$21.257.95
$11,844.60
546.50
t32.Q67.05
•
Includes non-recurrent Ediphone purchase, $677.88
•*
Non-recurrent, paid in first half of the year
*** Pilot budget was $10,000 to run January 15 - May 15, later made available
until exhausted. Regular budget began July 1st. Figure of $2,038.64
represents unbudgeted costs of period between May 15 and July 1st.
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 nov 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. Host of them concern the banking *nd financial crisis of
the early 30's, 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 ue
any information had reason for so loving the Fed thet ve would
never get an outside point of view. Here, for the first time, we
get really cutting and informed criticism. It is e greet help,
and I am ever so grateful to you for keeping me sit it.
Best &s always*
Mildred Adams
Mr. Donald B. Woodward
Vick Cheiaical Company
122 East 42nd Street
Sew Xork 17, N« I.
Jexiu&ry 26, 1955
Dear Dons
Thanks so such for sending me the Teerly Report
of the Lincoln Savings Bank of Brooklyn. I certainly admire the way they set up its balance sheet. It is a very
good and clear job,
Am I, hovever, to assume that you have now
acquired the Hidas touch?
Best as always,
Mildred Adams
Mr» Donald B. Voodvard
Vick Chemical Company
122 East ,42nd Street
New lork 17, »• !•
c
January 20, 1955
Dear Don:
Being still in a aourning mood over having sissed adequate
conversation with D O E Thompson in Cleveland, I am writing to ask
that he get in touch with ne when he comes to Hew York.
. .:
Having mended that fence as best I can, I as 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 ere 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 tJUae.)
tfbat I seek in each bank is a Karl Bopp, an Alfred Heal, a
Don Thompson. £heir positions vury, but their attitudes of mind are
what we need.
Jfy spring program calls for me to visit Atlanta in February,
Dallas and San Francisco in M?rch, Kansas City and Minneapolis in
late April or early May. The question I would like to j.ose 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 frustrated!
Gratitude, and best as always,
Mildred Adass
Mr. Donald Woodward
122 East 42n% Street
Kew York 17, Sew York
January 20, 1955
Dear DOBS
The enclosed letter from Miss Maroney poses questions
for which I have no answer. It ia my clear memory that Dr.
Calkins simply set a lump sum when we were snaking 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 inay 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 when you are so busy.
Best as always,
Mildred Adams
Mr. Donald B. Woodward
122 East 42nd Street
Mew York 17, Kev Xork
•Bee internal memorandum, filed Brookings Folder, Jan. 24, 1955,
for telephone conversation with Miss Maroney about M i s letter
sent as enclosure to Br. Woodward
January 10, 1955
Dear Dons
We thought we had the matter of the Newspaper Review all straightened
out for you, but a call came in from Mr* Roelse this morning which upsets it.
He was obviously distressed to have to refuse you anything* However, he says
that the difficulty is that if they grant one request, they must grant many
others* That particular blue sheet is apparently very favored by people who
have seen it. this Bank prepared it for internal consumption first. Then they
began sending it to their member banks, flow they hove hsd requests from several individuals for copies, and the library which does the vork is not set
up to h&ndle anything in the w&y of s subscription list. Hence, they have had
to refuse all friendly requests for it,
I told Mr. Poelse that you would understand and that I hoped he would
not feel in the least disturbed by having to refuse a friend. Sorry to have
stepped out of line.
Best as always,
Mildred Adams
Mr. Donald B. Voodimrd
?ick Chemical Company
122 East 42nd Street
Hew York 17, 8. I.
COMMITTEE O N 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.
MH12 J955
KissKildred Adams
Committee on the History of
The Federal Reserve System
33 Liberty Street
New York li£, N.Y.
COMMITTEE ON THE HISTOW
OF TH£
**•»•
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,
DBW: Iw
January 5, 1955
Dear Bout
I meant to spetk to you yesterday &bout the setting of a date
for a visit to Deeii Rusk of the Rockefeller Foundation. lou will remember that, at the Executive Committee meeting on the 28th, Dr. Calkins
suggested that you call on Bean Rusk with or without me. (Although I
did not teke the precise note, I think he aty have suggested that perhaps you and Mr. Sproul go, and then Eodified that suggestion}* The purpose of such a visit would be to bring Dr. % s k up to dete on the progress of this Coasdttee.
¥ou will, I aa sure, want to see Dr. Rusk yourself and 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 veek of Jenuexy 10th. I should also be in Washington the middle of the week of the 17th, but no firm date hes been made for that veek.
Otherwise, I aa at ycur service for any date you name.
If you want any forms! preparation done in advance of this
meeting, you will, of course, let me know.
Best ss always,
Mildred Adams
Hr. Donald B. Voodward
wick Chemical Company
122 East 42nd Street
Hew Xork 17, H. I.
COMMITTEE O N THE HISTORY OF THE FEDERAL RESERVE SYSTEM
33 LIBERTY STREET, N E W YORK 45, NEW 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 3, 1955
Miss FdLldred Adams
Committee on the History of
The Federal Reserve System
33 Liberty Street
New York h$, N.Y.
Dear Mildred:
Manythan^s for the newspaper review. It is interesting
though fairlyft©win coverage - though that conclusion may not be
warranted from the one issue* I wonder if they let copies go outside
of the bank at all - in short whether there is any possibility I might
be on the mailing list for a trial of a month?
Cordially,
Donald B # Woodward
RECEIVED
JAN 4 1955
DB¥:lw
COMMITTEE Cn THE HISTOftY
OF THE
RESERVE SYSTEM
COMMITTEE O N 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
RECEIVED!
whh cooperathn of
W. RANDOLPH BURGESS
ROBERT D. CALKINS
F. CYRIL JAMES
WILLIAM MCC. MARTIN, JR.
WALTER W. STEWART
DONALD B. WOODWARD, Secretary
MILDRED A D A M S , Research Director
THE BROOKINGS INSTITUTION
1AM
J"N
r
\0h&
*> t»#00
722 JACKSON PLACE, N. W.
WASHINGTON 6, D. C.
COMMITTEE CN THE HISTORY
OF THE
FEDERAL RESERVfi SYSTEM
^
January 3,
Miss Mildred Adams
Committee on the History of the
Federal Reserve System
33 Liberty Street
New Yoxk h$, N.Y.
Dear Mildred:
I list below the ten choices for possible historian which each
member of the Executive Committee 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 whom 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
R» J« Saulnier
J. J. O'leary
E. A. J. Johnson*
John Lintner
Neil Jacoby
Howard Ellis
Frank W. Fetter*
Paul W. Me
W
D. W. Lasher*
k%X
' *"
@FedFRASER