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DRAFT
MINUTES
EXECUTIVE COMMITTEE MEETING
December 31, 1954
TOt Messrs. Allan Sproul, Chairman
V. Randolph Burgess
Robert D. Calkins
The Executive Committee met at 1*15 p.m. in the private dining room
of the Erookings Institution with all members (Menars. 3proul, Burgess,
Calkins, Woodward) tad the Research Director, Miss Mildred Adams, present.
Action was t&ter, u follows:
Housekeeping details
1. The Committee ex^reased itc t-r?titude *o the Federal Reserve
Bank of New York for moving the 3taff fror, the 8th floor to larger and
more efficient quarters on the 11th floor.
2. The date and plape (January 29th fct the Princeton Inn) of the
next Committee meeting ,-dth the three consultants (Messrs. Bopp, Chandler
and Wood) were confirmed.
Project clatters
1. The ettention o: the Executive Cor-mittee having been called to
the problems and costs ot' handling the number of collections of private
papers bearing on System mutters, it was decided
a. that the research director shall draft a plan and a budget
which will give the Executive Committee some estimate of
how many collections ore being uncovered and how much it
might cost to catalogue them.
b.
that the research director adopt as a policy the reconsiending
that collections be placed either in (l) the Library of
Congress, (2) the library of an educational
chosen by the fdfrtly of the deceased (or by frUc zetlieJ
himself.), or (3) the library of a 4ualifiec institution
which, through such recommendations, might become a
recognized center for etuay in this field. It was
further suggested that a conference be held with the new
head of the Graduate School of Business at Columbia
University (Mr. Courtney Brown) in an attempt to find out
whether that institution, located as it is in the financial
center of the country, might be interested in bein£,
designated as the one preferred in the third category,
c.
that, in view of the recent loss by premature distinction
of certain promising collections, the research director
ne a letter, addressee to all vho now seem potential
sources or collections important fpi this study, informing
them that the Committee ii interasted in their papers and
t
would like that interest considered in any arrangements U
1.
made for their disposition.
2, Considering the number of collections which may need to be
inventoried, it was decided that the matter of an index for the Kincaid
inventory of the Carter Gla3S papers be held in abeyance until the
question of including this inventory as part of the Committee's publication program is settled; that $11^ be appropriated to pay the costs of
20 more copies to be run from the same stencilsj the whole to be stored
until the entire publication schedule becomes clearer.
3. It was decided that the completion of the Kincaid-Glass inventory
be made the occasion for a letter describing the Committee's aims and ao»*
of its accomplishment*, and requesting information concerning other
collections. Such a letter would go to a selected list of interested
economists and to the learned journals} it 3hould stir fruitful interest.
4.
After discussing the purpose and value of individual interview
techniques and results, it was decided to appropriate not more than $500
to pay the costs of an experimental group of interviews to be held under
the leadership of Dr. Walter Stewart and on a topic which he prescribes,
preferably one having to do with an important incident in the early days
of the Federal Reserve System, The research director is to check on
techniques found useful by Dr. Rensis Likert of the University of Michigan,
—
*M" recorraiendations to **
m
JU ^ V** Uu-tUvtj^*^ O u ^ Jf>*4J2._
^
in Europe until September 1955# was postponed. It will appear on the
next agenda.
It was suggested by Dr. Calkins that after January 1st the Committee
secretary ano perhaps the research director might find it well to call
the new Executive Secretary of the Rockefeller Foundation in order to
inform him as to the progress of Committee work.
Donald Woodward
Secretary.
U> After discussing the purpose and value of individual interview
techniques and results, it was decided to appropriate not more than $500
to pay the costs of an experimental group of interviews to be held under
the leadership of Dr. Walter Stewart and on a topic which he prescribes,
preferably one having to do with an important incident in the early days
of the Federal Reserve System, The research director is to check on
techniques found useful by Dr. Rfmsis Likert of the University of Michigan.
\
5» In preparation for recommendations to be made to the full
Committee as to possible historians, the Executive Committee had before it
two lists, one compiled by the research director and one by associates of
Mr. Sproul. It was decided that Executive Committee members would each
choose ter preferref&n^mes from the tvo lists and send them to the
research director; from "fcfa^e **our lists of ten n m * # , 2freement would
be hoped on fifii which would
• presented to the full Coannittee on
J nuary 29th. Out oT this discussion
a preference on the part of
the Executive Couniittae that Lester Chandler be the one to undertake the
history as well as the life of Benjamin Strong on wbidh-he is no
-nfc.
The third agenda item, concerned with the absence of Sheparw Clou^h
in Europe until September 1955» was postponed*
It will appear on the
next agenda.
It was suggested by Dr. Cclkins that after January 1st the Committee
secretary ano perhaps the research director might find it well to call ujjon
the new Executive Secretary of the Rockefeller Foundation in order to
inform him as to the progress of Committee work.
Donald Woodward
Secretary.
December 20, 1954
Dear Mr* Woodvmrd:
Hiss Ada&si has esked me to write you thet she hes
recalled word from Mr* Sproul about the Executive Cornedttee
meeting on taes&sy, December 28tiw He would like to change
the hour of that meeting from 12:30 to 1:00 p,m. Unless you
l e t thi3 office knov to the coatrary, ve shell assume that
liQO p,isu at tiie Brookings Institution on Tuesday, December 2Sthf i s convenient for you*
Sincerely*
Secretary
Mr* Donald B* Wood-ward
Vick Cheaical Coapany
122 East 42nd Street
Hew Xork 17, »• I .
December 17, 1954
Dear Dons
I am sending this only to your office on the assumption that
you are probably back there by the time this is delivered. Certainly
I hope that all your voes are over and that you are really feeling better*
T&lking this usorning vith Bob Calkins, I find that Brookings
is giving its employees the entiref day before Christmas (December 24-th)
and no extra time before New Ie&r s, In thie office we think that is a
good idea, and therefore, unless you have some reason for preferring
that we not do it, we will follow that plan.
I hope that Vick is also giving its people the whole day off
and that you can somehow really get a restful Christmas.
Best as always,
Mildred Adams
Mr* Donald B, Woodward
Vick Chemical Company
122 East 42nd Street
Hew Xork 17, H. I.
#1
COMMITTEE O N THE HISTORY OF THE FEDERAL RESERVE SYSTEM
Memorandum on 1955
December 13, 1954To: Donald Woodward
From: Mildred Adams
In case you need a memo for reference at the Executive Committee
meeting on December 14-th, this note puts on paper the substance of
our telephone conversation on Saturday, November 25th.
When I started work on January 15th, 1954 on the pilot project,
it was with the general understanding that if that project was
sufficiently successful to attract a longer grant I would expect
to stay in an executive capacity for about a year, and then would
move into a writing phase.
We did get the longer grant, and the year has almost gone.
Contrary to plan, however, I am not yet ready to move from executive
work into writing. There are these chief reasons (1) Writers for the various aspects of the project have
not yet been chosen.
(2) The research on which we are engaged is not yet
ready to turn over to another director.
(3) I have not yet been able to see the aspect on which
my own writing would be most useful.
(4.) The job is fascinating in its present phase and Ifd
hate to leave it now.
Subject, therefore, to the wishes of the Committee, I would
like to propose that I plan to stay for at least another year,
adopting the title Executive Director which the Committee conferred
on me some time ago. During that year I would hope -
(1) To push ahead with the collection of papers, and
memoirs - a task which is by no means finished.
(2) To make much more progress than has thus far been
possible with the bibliography - a project which,
as it goes along, will be useful as a research
tool, and when it is finished will lead to the
annotated bibliography which we hope to include
in an eventual publications program. (Miss McKinstry
might be a possibility for this, or Dr. Henrietta
Larson of Harvard.)
Memorandum on 1955
-2-
(3) To complete visits to the 12 regional banks, with
the research into their archival materials which
goes along with these visits.
TO make the adjustments required in the office as
the various writers get under way.
(5) To arrive at a suggestion as to what angle, of the
project I can most usefully tackle as the sphere for
my own writing, assuming that this is what the
Committee still wants me to do.
If this plan is acceptable, I w^uld like to include in it a
proviso that I am hoping to go to Europe for two months this summer,
and that I would like while abroad to pursue Committee investigations
into research sources both in London and Paris.
All this is, of course, predicated on the assumption that the
Executive Committee has found my work satisfactory enough so that they
would like me to continue. This may be a brash assumption - you will
tell me if the Committee thinks so.
DONALD B. WOODWARD
122
RECEIVED
EAST 42?? STREET
NE YORKI7 NY
-
' -
DEC S»54
THfc HOT08Y
OFTH€
December 7 , V?$h
Miss Mildred Adams
Committee on the History of the Federal Reserve System
33 Liberty Street
New York, New York
Dear Mildred:
I've forgotten whether we discussed the matter
of Clough on the telephone. In any event, I think this
should come before the meeting of the Executive Committee
for decision. Will you please be sure I have a note on
it for that meeting?
Thine
ks
P« S.
I entirely agree with your comments of November
thirtieth about a future meeting. The Executive
Committee should consider that question also.
DONALD B. WOODWARD
122 E A S T 42™ STREET
N E W Y O R K 17, N. Y.
November 29,
Miss Mildred Adams
Committee On The History Of The Federal Reserve System
33 Liberty Street
New York hS, New York
Dear Mildreds
Enclosed is my expense account for the Princeton meeting. Of course the meals at the Inn and my
room charge have already been taken care of. I found all
arrangements so excellent that I want to go to more meetings that you arrangeI
Cordially yours,
Donald B. Woodward
ks
enclosure
RECEIVED
DEC 1 & 5 4
OF
me
I.7JT
•
•
H B - C - & 4 V E D™
DEC 11954
•
epwwTTK ON THI Hwrom
RDUML RISEMf av*Ti u
RENTAL AGREEMENT
05148
Carey Driv-ur-self, Inc., being licensed to use the Hertz Driv-ur-self System, hereby certifies that the Renter named In this Rental Agreement Is entitled to fully participate
in the benefits of Hertz Driv-ur-self System.
CAREY DRIV-UR-SELF, INC
Car Lie. No.
'-J
Time
Returned
/
Mileage In
Make
Licensee in Greater New York
Mileaqo Out
Headquarters
340 EAST 48th STREET
New York City
plus
is
per mile
Miles Driven
/
Driver's License No
/
7a
/
.Hours
In consideration of the undertaking by the undersigned, hereinafter referred to as "Renter", to comply with and
perform all of the terms, covenants ajki conditions set forth on both sides hereof, Carey Driv-ur-self, Inc., herein described as "Ov/r.er", hereby leases to Renter the motor vehicle described above, hereinafter referred to as "Vehicle".
__Days @
(I) Renter acknowledges that sa:d Vehicle is the property of Owner and that he received it in good condition
except as specifically noted hareon.
(2)
Rente agrees to pay to Owne' on demand:
(a) A mileage cha'ge computed at the rate above specified for the mileage covered by said Vehicle during
the period of this rentil.
(b) A t'tr.e c h i e computed et the rate specified above for the period of this rental.
(c) A si'tn equ to the cott o- all damaoes \h sair; Vehicle during this rental period provided," however, that
Renter's iisbility shaIt be limited to JiCO.Oj}.
CS unless
l s Vehicle was operated in violation cf any of th
the provisions
poisins
cf'this Rental Agreement.*
f
(d) A sum equal to the value of ail tires, Jjiols ani accessories lost or stolen from said Vehicle •
(3) RENTER AGREES THAT HE WILL r " U " ; N SA.it> VEHICLE
to Owner in the same condition as HB receivid'St.^iicmory wear and tear exce&ted,
O N THE RETURN DATE STATED !-i£F.EON aghp&pr uoon demand cf O w e r . P?n*er
further agrees that if the sa'j Vehicle is r o t ^ 9 u M e d to the Owner on demand therefor
M t r f l ffe ti/ne "narked abo^e for its return, or
or iin any event within twenty-foil* I
Sfate without the written consent of the
if the Vehicle is taken outside N
^rTolatien d naraqraph (A) hereof,-that the
Owner endorsed hereon, or is oDe'
o- ctb,or Law Enforcement Authorities in any
Owner is authorized to notify the
withheld <rorr> i d Owner and request W i r e
jurisdiction that said VerV
- Renter hereby relaas.is and dischara=s
ection toward recovs-y of the (ff&ij
ovees. from any and all claims or demands
the Owner, its agents, ssrv;
of whatsoever nature resuitii
(4) Renter agrees that the""Venic!s described her
shall not be operated:
(a)
(b)
(c)
(d>
VEHICLE TO I RETURNED
Date
Time/
.Weeks @ .
TOTAL
)
-
yy ;
N. Y. C. Sales Tar
3% of 75% Ronta!
TOTAL AMOUNT
Deposit Co'lected
Balance Collected
Amount Charged
In vio'ation of any of the terms o ! this Rente! Agreement.
By any person unde- the age of 25 years, unless permission to the contrary is w-ittsn hereon, or by a
d'iver o ' Renter w L o h^s given a fictitious name or fa!r,e age or address, has displayed a forged or
fllte-ed operator's license, or whose operator's license has been suspended or revoked.
Fo' any illegal purpose or use. in any race, speed test or contest, to propel or tow any vehicle or
t'ailp' or bv any pe-son while u'ider
the influence of intoricirts o ' narcotics.
Bv any pp-son otb«f than the Ren+er who siar.ad this Eutntal Agreement c.t, provided they are' Qualified
licenced drivers, bv a member of the Pen*er't immediate family,
cr a person
y , the Renter's
s employer,
p
ri r . v ..,gg thf,
t h e cc ss rr pursuant
o u r s u a ^ t to
t o and
a n d in
i n the
t h e course
c o u r s e of
o f said
s a i d person's
p e r s o n ' s reqular,
r e q u l a t . usual
u s u a l and
a n d custp^arv_«rrcloyrre'-t
c u s t o a
bv t h e R e n t e - .
S=f=
DONALD
*ViCK
L
DO MOT FAIl TO KEEP CAR COMPLETELY LOCKED WHEN IT IS 'JNOCClJPiED
I wii! comply wi;h the terms and conditions on both sides of this Agreement.
L
Signed (Ren
Print Narr
Q
CJ?
AR^Y DRIV-UR-SELF. INC.. Owner
App. No.
Lccr.l Address
ngnec
CONDITION OF CAR OUT
T/™
utly
DRIVE CAREFULLY
CONDITION OF CAR IN
C£ CN THC Hi»KWT
KtStKVE SYSTEM
CheckorJ Out By
#M
Checked in By
Cars returning after midnight will check in at our 41 Vanderbilt Avenue
office opposite the Biltmore Hotel.
TERMS A N D CONDITIONS CONTINUED
l.S) Renter agrees not to use said Vehicle for the transportation of persons or property for hire, express or implied; not to use it fn violation of any Federal, State
or Municipal law, ordinance, rule or regulation governing, the use or return thereof; nor to remove it from this State without the written consent thereto of Owner endorsed
hereon.
(6)
It is expressly agreed that Renter is not the agent, servant or employee of Owner for any purpose or in any manner whatsoever.
(7) In the event of loss or damage to the Vehicle, for which others may be liable, the Renter, for himself and
Carey Driv-ur-self, Inc. in the matter of recovery for such damages, including furnishing full particulars of the patura
and to testify in connection therewith in any court proceeding. Carey is hereby authorized, without being obligated
frcrrt 'hird persons who might be liable therefor, including the appointment of an attorney for such purpose, and in
rata therein after deduction of legal expenses.
his driver, undertakes aivd agrees to cooperate with
of the event to Carey or Its representative or attorney,
so to do, to undertake recovery for such damages
the event of recovery the Renter shall participate pro
(8) The Renter participates, subject to his compliance with the terms and conditions thereof, in the benefits of an automobile bodily injury and property damage
v insurance policy, in form usual for such insurance in the State of New York, applying with respect to operation of the Vehicle. A copy of *aid policy, all the terms
and conditions of which are incorporated herein by reference, is available for inspection by the Renter at tha Station where the Vehicle was leased and Renter agrees to
complv therewith and be bound thereby. Said policy does not cover the Renter or his authorized driver with respect to: injuries to a spouse, liaoility imposed upon or
assume:! by the insured under any Workmen's Compensation Act, plan or law, or assumed under any contract, oral or written, of whatever nature, damage or destruction
owned by, transported by or in charge of the Renter or driver. Said policy does not apply to the protection of the Renter or driver, among other things, whila
the Vehicle is u'.ed as a public or livery conveyance, while carrying passengers for hire, while being used for towing, or while being operated by any person who. for any
reason, is not permitted by the law of the State to drive or operate any motor vehicle. Every accident must be promptly reported in writing to tne Station from which the
Vehicle is rented, and Renter or driver must promptly deliver to such Station or to the insurance carrier every summons, process, pleading or paper of any kind, relating
to any and a'! claims or lawsuits arising out of the use or operation of the Vehicle, received by Renter or driver. The Renter and driver shall not, in any manner, cooperate
with. e:d or abet any claimant, shall not voluntarily admit any liability for any accident, but shall cooperate fully with the insurance company, including appearance at
court fo' testimony, in all matters connected with the investigation and defense of any claim or suit. The insurance company shall have the exclusive right to defend or
set+te any suits or claims including the right to appoint counsel to defend any action brought against Renter or authorized driver for injuries or damages growing out of
any accident.
(9i If the Veiucle shall become disabled for any reason, Renter will •notify Owner b
location of Vehicle ani cause of disablement.
MO' Renter
ielephone, and immediately confirm the same by telegram (collect) giving
and agrees to indemnify Carey Driv-ur-self, Inc. and/or the insurance company and save them harmless from any and all loss, cost or expense
:h of any of the terms and conditions of this Rental Agreement.
e which may result because of the Renter's or driver's breach
CAREY DRIV-UR-SELF, INC. STATIONS
MANHATTA*4
Street (Headquarters)
4! Vanderbilt Avenue*
Plaza Hotel—59lh St. Entrance___
BRONX
MUrray Hill 8-7744
MUrray Hill 8-7744
_PLaza 5-9481
407 East 61st Street
TEmpleton 8-6300
115 East 75th Street
REgent 7-2525
219 West 77th Streeh
•Reservations only
.SUsequehanna 7-4100
_CYpress 9-2345
1941 Jerome Avenue.
BROOKLYN
920 Union Street.
10 Clinton St. (near Boro Hall).
_NEvins 8-9326
_TRiangle 5-3590
69LaGuardia Airport - Main Terminal.
N. Y. InternatipnaJAirport - Main Terminal
_Llgge+t 4-2042
JWining 8-1153
OLympia 6-5934
YftOttlH INT 143
BEAVER PRESS. I N C
B. WOODWARD
2 EAST 42??
STREET
NEW YORK 17, N. Y.
M
<jf '
December 1, 1951
Miss Mildred Adams
Committee on the History of the Federal Reserve System
33 Liberty Street
New York, New York
Dear Mildred:
Enclosed are the draft of the Minutes and
the letter from Dr # James which you wanted returned.
You have ny coiaraents on the Minutes by telephone.
Cordially yours,
Donald B. Woodward
ks
enclosure
*y
MINUTES OF COMMITTEE MEETING ON SUNDAY, i^QVEMbER 2 1 . 1954.
^yr
v
v
CONFERENCE WITH THREE EXPERTS
The Committee met at 10:00 a.m. in the Conference Hoom of the Princeton Inn at Princeton, New Jersey. Members present were Chairman Sproul, Messrs.
Burgess, James, Reifler (for Mr. Martin), Stewart and Woodward.
Dr. Calkins was
ill; Dr. Joseph Willits, newly elected, appeared for lunch and part of the afternoon session. Messrs. Karl Bopp, Lester Chandler and Elmer Wood, were there as
experts; Miss Adams also attended.
The meeting was called to consider the conclusions reached in the
course of a day-long conference held by Messrs. Bopp, Chandler and Wood on Saturday, November 20th, &t the Committee's request, in their "group move to give
clearer definition to the job of preparing the history (of the Federal Reserve
System) and outlining its scope and dimensions."
Mr. Sproul presented the agenda, calling attention to Progress Report No. 7 and the report on the completion of the Kincaid project which were
laid before the members, but without asking discussion. He then introduced
Dr. Karl Bopp, as head of the group of advisers, and arOced him to present the
substance of the previous day's discussion.
Dr. Bopp, speaking for the Cocanittee1 s three advisers, presented for
committee discussion a tentative design of the entire project which would include (A) a comprehensive history in three or four volumes, (B) the publication of source material, including an annotated bibliography and at least one
volume of selected unpublished documents, (C) a history for the general reader,
and (D) a series of monographs which would constitute research-in-depth into
certain aspects of the history which could not be sufficiently developed in the
comprehensive history.
On the basis of that recommendation, Dr. Bopp then discussed alternative approaches to the comprehensive history (if topical, how to integrate?
chronological, which time periods?); the desired extent of coverage; and the
if
-2question of organization, - givsn the mass of material which has been uncovered,
could the comprehensive history be written by one person -working with assistants,
or was the documentation so extensive (and in the main undigested) that several
writers would be needed.'
The presentation was interspersed and followed by extensive discussion, during which the Committee developed trends in its own thinking.
No for-
mal resolutions were presented nor discussions taken, but a concensus of opinion
among Committee members seemed to develop on the following points:
(1) that the Committee preferred as a goal a work which would
not fall in the category of an official history;
(2) that, so far as organization of the writing was concerned,
the Committee would prefer to designate one man full-time
who would be working with research assistants on the comprehensive history, and another group of men, each working
for a year or two as needed on the various monographs, this
group to be associated with the writer of the comprehensive
history in the general project;
(3) that the outline of the whole design as presented by Dr.
Bopp's group be re-shaped into two groups, one concerned
with various aspects of the broad stream of the comprehensive history (economic, constitutional, international, a
study of personalities, a general study which should include
the changing climate and pressures under which the System
functions), and the other to consist of what might be called
peripheral monographs having to do -Tith. such things as relations of System and Treasury, System and commercial banks,
and so on;
-3-
(4.) that, of the two ways to "squeeze what is relevant" out of
historical data, the Committee proposes to use both - a
chronological approach geared carefully to time, and a
problem approach which demands exploration of topic and
problems through time}
(5) that if the choice had to be made between an economist unfamiliar with historical methods or an historian unlearned
in economic and monetary affairs, the die would probably
be cast for the first;
(6) that the aim be to complete the comprehensive history in
the 5 year period for which funds are provided, but with a
fair assurance that further help and a longer space of time
can be had if needed.
The entire discussion was taken down by a stenotype operator and will
serve to guide the three experts in the next stage of their task.
The problem of naming men to writing posts in the project was mostly
postponed until the Executive Committee had a-i opportunity to review suggestions,
but several names were mentioned, including Thomas Cochran, Shepard Clough,
Gorman Gras, McGeorge Bundy, Brooke Willis, Frank V, Fetter, Lewis Galantiere
and Woodlief Thomas as a team, and Dr. Earl Hamilton as an historian working
in the field of finance. It was requested that Committee members survey current
periodical writings and on that basis, send in names to be considered - these
names to be circularised for comment before the next meeting of the Executive
Committee.
After deciding that a second conference with the three experts should
be scheduled at Princeton for Saturday, January 8th (the experts to meet Thursday, January 6th and Sunday, January 9th), the meeting adjourned at 3:40 p.m.
8e«s#siber 1, 1954
r Dons.
i h&adwrl ttaa l e t t e r h&a jmst com* In fro®
dressed to you at this office* X me. enclosing & copy to' $£f«
To you -«aat us to send him Pro^res^ Hepoxt^ aad so en la
I t a l y , or dh«ll ve hold a l l t2mt ia afcey&Qee until he «;eta hotse ia September, 1955? Do yo<i thiak ^tat he sight, If ve vrote his: tlr-isail,
tura up & c©rt«-in good suggestion for our hiatoriao that no oa@ h&s
thought of? I &$&Uffi* there i s QO reason for oot ^elcoming hie. into the
Coofcittee, but the a e t t e r I s iiufficieatly uau^iEl ao that I em m% veaturing to write R l e t t e r of ^eleoa® for your signature.
If you will l e t me know what you think we ought to do ofi
go ahead vith i t .
Hurriedly,
Mildred Mans
Mr. Donald B* Woodvard
Vick Chesdcul Cospany
122 Eest 42nd Street
Sew lork 17, S. !•
Eac.
COPY. -
LETTER FROM 3H1>AKD OOUGH TO IX3SIALD WOODWARD
Villa L©
Vi& G* B. Morg&ngni 3/5
t Italy
27, 1954
Bear
Believe it or not but your letter of Oct. 29 has just
reached EJ@» Inasaucn as it cornea without envelope I do not knov
vac*) to blame, but some am of lay forwarders has slipped, I guess
the one at Columbia«
••.
As you can see, X «a in Italy m& shall not b® bn.dk unt i l Septer.bar, 1955• At present I us looking into problesaa of
Itfilien ©eonoirdc growth* T&© f i r s t of J^nuazy I begin to teach at
the University of Turin, *dth lectures a l l over the ssap in March*
X would gladly - enthusiastically - accept your invitation to Join the CooEittee on the History of the Federal Reserve
System, but obviously I cannot be of any u:ie to you - unless by
mail until next f e l l . Therefore I do not tie your h&nda by accepting and leave you entirely free to find a replacement*
Yes, I had heard of the project via Bob Calking*
delighted that, the .RF decided to support it*
I SUB
I a© having another wonderful y#ar« So far v#
stayed about & month each - Paris, Florence, Ferugia, aa& ftotou
Fortunately I have been able to get a l o t of writiu& done in
spite of e i l the travel,
fours sincerely,
Shep
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.
November 29, 1954-
Dear Don:
I have been thinking about your suggestion that the January meetings be transferred to New York, and I find myself wondering whether, in
view of the diplomatic factors involved, it is a good idea. Granted that
it would be more convenient for Sproul, it would be less convenient for
Stewart and Chandler. Also, I think Reifler might be happier going to
Princeton than coming to New York.
In the second place, I wonder if it is wise to upset a plan on
which there was general agreement. It was agreed in open meeting that we
would go to Princeton. I am not sure it is politic to upset that agreement unless there were some extremely good reason which would be instantly
acknowledged as good by everyone concerned.
Third, if you are going to change the meeting, I think, in fairness to the Princeton Inn, that we ought to get a decision sooner than
December 14-th. At the present time, they are holding space for us, and if
we are not going to want it, we ought to give them a months chance in
which to rent space to someone else.
All this concerns, of course, the Saturday meeting. What Dr.
Boppfs group wants to do is easier changed.
Hurriedly
Mildred
Mr. Donald B. Woodward
Vick Chemical Company
122 East 42nd Street
New York 17, N. Y.
THIS LETTER WAS NOT SENT AS THE MATTERS WERE DISCUSSED BETWEEN MISS
ADAMS AND MR. WOODWARD OVER THE TELEPHONE.
HOLD AS A MEMORANDUM..
November 26, 1954
Pear Don:
A note addressed to you ceae in today from the secretary to Hr* Clough.
It is of such nstura that I think you would prefer to have the original kept
here* Mr. Cloughfg secretary signs herself A, Herriek, secretary in the Department of History at Columbia. She says:
"After being sent to two other people by the
of Clough, your letter of October 29th finally reached
the office of Shepard Clough.
I realise after reading it that you mated an answer before Movember 21st* Hi is note is to advise you
that Professor Clough is now In Europe and will not return until September 1955•"
If you vent your letter forwarded to Clough in Europe, I should think
that Miss Herrick should be able to do it.
Secondly, I have received a note from Joseph Willits. He says:
"I em very happy to join the Committee, but I em
quite certain I will be the feeblest member thereof.
I join it because of what I will learn, not because
of what I will give. I am not a *fachman" in this
field, &s you know."
I also have from Dr. Calkins a copy of the material he sent you about Karl Bode. It sounds interesting, and he said he was going to try to
turn up some samples of Bod.els writing.
Best as always
Mildred Adama
Mr. Donald B. Woodward
Vick Chemical Company
122 East 42nd Street
Hew York 17, M. I.
Hoveaber 30, 1954
Dear Dont
I talked tais morning vita. I&rl Bopp, and I think I have a
l i t t l e more light on the Chandler suggestion that perii&ps the experts
had done a l l they could do, and another iaeeting vita the Co&ysiitte©
might not be useful•
Bopp waa completely surprised et the idee. I t i s true that
the Ghandlers vere guests of Dr. and Mrs. Bopp a t Thanksgiving dinner,
but apparently no business wts talked. Karl .suggests two possible
bases for the .suggestion - f i r s t , a feeling on the part of the thx*ee
experts th&t they h&d not been of siu.cn use on Sunday and had failed to
iiake their points with the Goaaiittee (this u&s very sharply expressed
•when they &et that Monday moriiing), second, a desire not to hamstring
the historian by appearing to meke a hard aad faat outline "which he
aight think he v&s expected to foilow,
I recalled to Dr. Bopp tiie original agreed order of procedurej namely, the three-day meeting, then trie distribution of the
stenotype record and tae draft docuz&eut viiicii as produced on Kondfey,
then a period of weeks during vtiich the e x e r t s could presuc* bly confer and consider the draft document in trie light of suggestion::] contained in the stenotype record, and fourthly, the January meeting et
vhich they vould pre.'sent the fruit of their consideration for Turtiier
argument on the part of the Committee.
He agreed that whereas Dr. Chandler i s a person of quick
decisions, Dr. Wood comes to them slowly, and that i t would be very
wasteful to stop now before the stenotype i t s e l f b&s been distributed
or &Tf farther thought been pat on tae document vaica the eieperts
intend to present.
-".|
After & good deal of discussion, I reduced the soaevriat
ha^r problem to tiiree questions. In the f i r s t place, did Dr. Bopp
think he and his colleagues would T ^nt to recommend jorJcing the second laeeting? Second, would they like to postpine the second seating
until the author i s caosen vaen the Cofisiaittee and the experts could
usefully i&eet \/ith him? Third, would they like to go aheed -wit^i the
progreffi as planned?
Dr# Bopp rejected the first idea but favored the second proposal, provided that choice of tie historian n&y be made very shortly,
I could give no such, assurance. Otherwise, he would prefer to go ahe&d vdth the J&au&ry meeting as planned* He feels that eny proposal
for a change ia the agreed program should come from the Co&mittee rather than from the experts who are serving the Coiaalttee, He will see
Chandler on Thursday and try tc probe further.
If I stay, against this background, make a recoaaaeadction, it
would b@ that, unless signji of dissatisfaction com© from the Coaniittee,
we let matters stand ©a they are, at least until the Executive Committee
meeting on the 14th of December* By that time, the steaotype record
vill have been received and distributed to the experts, I will have had
a chance to make suggestions as to the expansion of the draft document,
mid Dr. Woo:: will have had a chance to evoke new ideas from hi3 former
students.
If the actual choosing of the eventual historian see&s on
December H to be close, The Committee might then like to consider the
other suggestion of postponing the meeting until perhaps the end of
Janut'.ry wUen it sight be held with tae chosen author.
I hop© this makes sense in your terms.
Best as always.
Mildred
Mr. Donald B. Woodward
Vick Chemical Company
122 East 42nd Street
Mew York 17, H. I*
COPY - LETTER FROM ajgPABT CLOJuH TO DOliALD WOODWARD
Villa Le Terra2*«
Via G. B. Morg&atni 3/5
Rome, Italy
November 27, 1954
Dear Don:
Believe i t or not but your l e t t e r of Oct. 29 has ju- t
reached me* Inasmuch aa i t comes without envelope
I do not know
whom to blfinie, but some one of ay forwarders ha:r slipped, I &uess
the one a t Columbia.
As you can see, I am in I t a l y end shall not be back unt i l September, 1955* At present I am looking into problems of
I t a l i a n eoonor.dc growth, Th© f i r s t of J>.niUiry I b^gin to teach a t
the University of Turin, with lectures e l l over the map In
I would gladly - enthusiastically - accept your invitation to join the Committee on the History of the Federal Reserve
tern, but obviously I cannot be of any u*e to you - unless by
mail u n t i l uext f e l l . Therefore I --o not t i e your hands by eccepting and leave you entirely free to find ft replacement.
Yes, I had heard of the project vie bob Cblkin^.
delighted that the RF decided to sup-ort i t .
I Mi
I am having another vonderful year, 8fe f * r v© have
stayed about e month each - Paris, Florence, herugia, and ROB*.
Fortunately I have been *;ble to £et L l o t of v r i t i ^ done in
,pite of e l l the t r a v e l .
Yours sincerely,
Shep
1/
DEC 11954
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Boveisber 26, 1954
Dear Doai
A note addressed to you ceme ia today froa the secretary to Mr. Cleugh*
I t in of such aetura that I tiilak you would prefer to have the original kept
here. Mr. Cleughfs secretary signs herself A. Herrick, secretary ia the Department of History at Columbia* She s&yss
"After being sent to two other people by tae naise
of Clough, your l e t t e r of October 29th finally reached
the office of Shep&rd Claugh.
I real!a© after reading i t that you wanted an answer before Sfoveaber 21-st. Tais note i s to advise you
that Professor Clough i s now in Europe and will not r e turn until September 1955**
If you vent your l a t t e r forwarded to Clough la Surope, I should think
th&t Hisa derrick should be able to do i t .
Secondly, I have received a note from Joseph Villlts*
He sayss
M
I sm very hapfgr to join the Coralttee, but I am
quite certain I will b© the feeblest member thereof.
I join i t because of >:hat I «111 l e a m , aot because
of whet I id.ll give, I a& aot a *faehiaanp in this
field, as you know."
I &lso have from Dr. Calkins a copy of the material he seat you about Karl Bode. I t sounds interesting, and iae said he was &oln& to try to
turn up some samples of Bod©*s writing.
Best as always
Mildred Mams
Mr. Donald B, W
Vick Chemica
122 East 42nd Street
New Xork 17, H. X.
November 2A$ 1954
Bear Bon:
Minutes of the Princeton meeting will be sent you shortly, but
meanwhile this is to serve as a small reminder on two counts:
First, that you put on your calendar the date January 8th for a
return engagement at Princeton - ar? all day meeting to consider the
document which the experts will produce, and to move forward with a
decision on the choice of a man (or men) to write the comprehensive
history.
Second, if you h&ve a sudden inspiration* either for The Historian
or for writers of aoaographs, we would be delighted to have them by
December lOtii so that we can circulate them to the Coramittee#
It was good to see you Sunday.
Most sincerely yours,
Mildred Adams
Mr. Donald B. Woodward
Vick Chemical Company
122 East 4.2ne Street
lork 17, Kew Xork
November 16, 1954
Mr. Woodward:
This is to repeat a message sent you earlier that we
have a room reserved in your n-me at the Princeton Inn, where
you are expected Saturday afternoon, to stay through Sunday
afternoon. Our three experts tuiA at least two other members
of the Committee will be dining at the Inn on Saturday
evening - they will b« particularly xleaned to have you Join
them.
Ion will be glad to hear that we are ex,, ©c ting a full
attendance of Committee members for the all day meeting on
Sunday. They *ill convene at ten o*clock in the morning in
the Inn*a private conference room.
Very sincerely yours,
Mildred Adams
Mr. Donald B. Woodward
Vick Chemical Company
122 East ^2nd Street
New Xork 17, Hew York
Hovecber 15, 1954
Dear Dons
Vfe enquired about Shepard Clough from Columbia and vere told,
as you heard, that he i : in ^arope• liiey do not know exactly vhen he
will be b&ek but certainly not before June, and possibly not until Septesber.
On looking et the Princeton timetable, I find that trains on
Saturday leave Pennsylvania Station et 4.*0Q p.nu (arriving Princeton at
4.5 56), at 51O5 (arriving Princeton &t 6:15), end at 6:00 (arriving
Princeton et 7:06). I t i s also possible to go to Trenton, but at th&t
tisi© of day, nothing seams to be gained by that more round about method*
I think I forgot to t e l l you that I tried to see Charles Cort©z Abbott in Chferlottesville, but he was out of the University on some
errand that was keeping him busy &11 dsy long, so I got no chance to
U l k with hla.
We will try to get word to you by Thursday if ve find any
loose end that should be tied up with Brookings, Also, I a& working on
an agenda or a progress report, depending on w-hlch foitr, se«Es to f i t
there i s on hand.
We will expect you as a caller in the near future.
Best as
Mildred Adams
P.S. Mr. Spr ul thinks that in view of Dr. Willits1 position snd ours, it
would be wiser not to invite him to take part in Committee discussions until he has heard from Dean Rusk.
Mr» Donald B.
Vick Chemiee.l Co.
122 East /and Street
Mev York, M. I,
DONALD B. WOODWARD
122 E A S T 42?? STREET
NEW
Y O R K 17, N. Y.
November 3,
Miss Mildred Adams
Committee on the History of
The Federal Reserve System
33 Liberty Street
New York, New York
Dear Mildred:
The expenses for my trip to Philadelphia tc
see Mr, 3opp on Thursday, October fourteenth, were
$12.73: railroad fare $6.73, lunch $2«7£> and taxis
and miscellaneous $3«2£.
Could the Committee, in due course, compensate me?
Cordially yours,
Donald B. Woodward
ks
3, 1954
Deer Mr. Woodward:
We have kept a copy of the enclosed l e t t e r for our jftles.
We have already enj|jLged a single rooui vith beta for hiss for the
night of Saturday, November 20. Miss Adems wrote Dr. Jejses on
Monday th&t she had made this reservation for him.
Sincerely,
Secretary
Mr. Doneld B, Woodward
Vick Chemicel Cdmpany
122 East 4,2nd S t r e e t
Nev lork 17, Nev lork
0
Movesnber 1, 1954
Bear Mr. Woodwards
Enclosed is 8 letter from Dr. James to you, '*re have
copied it for our files here.
Sincerely yours,
Secretary
Hvm Donald B. Voodv&rd
Vick Ghe&leal Company
122 East &2nd Street
lev York 17, Mew lork
COPY
c
P r i n c i p a l and Vice-Chancellor
F. Cyril James
McGILL UNIVERSITY
MONTREAL, 2
November 1 s t
Dear Don,
In response to the copy of your letter of October
20th, I agree wholeheartedly with the suggestion that
Joseph Willits and Shepard Clough should be invited to
join the Committee. I might also repeat my previous
statement that the Bopp-C handler-Wood team seems to me
an excellent one.
Cordially yours,
/ s / Cyril
P # S. I shall arrive at Princeton Saturday afternoon.
Could you ask Miss A. to reserve a room for me?
Thanks.
C.
Donald Woodward, Esq.,
Committee on the History of the Federal Reserve System,
33 Liberty Street,
NEW YORK, N.Y.
October 29,
Dear Shept
I hay© the honor fons&lly to invit® you to toeeone a
of the Connittee on the History of the federal Be-serve Systea, Ma you
*ey already ioiow, this group was working earlier in tins year with a
swell exploratory grant frost the Boekef@ller Foundation to explore tb©
availability of papers and nemories* Both were found to exist la large
volume* Consequently au application for $yOQ,OQQ*QQ OWBT *. five year
period vms filed with th# Rockefeller Fowadation sad that grant has
th« alteration from s temporary exploratory group t© «&
operation to covtii' mim yt;ars, the Coa»ittee «$re#S that a
wider participation and Intellectual base should be e»tmblisb#d. Accord
ingly it is the intent to &d<! perhaps tvo or three **»b&r* to the
tee, at least one of whom will giv® us the advwatifcf* of insight® and
t«ehnlqiie8 1 B the field of history. On the desirability of Dr. Clough
there is
lour amber ship vould not entail many meetings* The Coanitte#
has been and expect* in future to operate through its staff and an Executive Coa&ittee cc«#i»ting of Messrs. Sproul* Burgess, and myself with
Dr* Calkins meeting with the Eimcutive Coimittee since Brookings 1® ®n
agency of the Cks:»aitte®, The highly laportant rol® of ConslttM «a«ber8
is to make policy ciecisions, to assure that an adequate and balateeed job
of developing the historical aateriala will b® doa®. Most discussions
of the stutters that coae before the Coauslttee can be done by mmiX and
by telephone. Oeemsloatl faee to face diacmsslonn mre arranged ad boc f
with m. irimr to the eonY«*ii«3ee of Gow»itte# members*
X eertaialy hope tlmt you will see your way clear to participate
la this effort which proai»®s to be extremiy interesting* Ve would if
possible Ilk© to hare %a answer in tls«e (if it is favorable) to include
you in as conference planned for HoTeaber 21it*
Vlth wuraest r«fards*
Br* Shepard Clougb
Profeifsor of History
Columbia UniT©r«ity
http://fraser.stlouisfed.org/
Mew York Tft I* t»
Federal Reserve Bank of St. Louis
Cordially,
Donald B. Woodward
Original sent to Mr. Woodward, U / l / 5 4 .
COPY
C
McGill University
Montreal,2
October 28, 195k
Dear Mr, Woodward,
Dr. James asks me to say in reply
to your telegram that he is arranging to arrive at
Princeton Inn on Saturday November 20th, but may
have to fly to Montreal Sunday evening.
Yours sincerely,
s/s D. McMurray
Principal's Secretary
Donald Woodward, Esq.
Committee on the History of
the Federal Reserve System
Care Miss Adams, 33 Liberty Street
NEW YORK. N.Y.
MISC. 34
(MISC. 34.3-60M-2-52)
FEDERAL RESERVE BANK
OF N E W YORK
SRT
COPY OF TELEGRAM
SEND TO
Committee on the History of the
Federal Reserve System,
Brookings Institution
SENT BY
Oct. 26, 1954
RepliaB from our Committee members indicate Sunday, Horessber 21, as
«ost generally possible date for meeting vith Dr. Bopp and hia
ooffiffiittee. Am therefore arranging for morn to night session that
ftt Princeton Inn, Princeton, New Jersey, including your participation.
Details v i l l follow.
Donald
To be sent to addresses on attached l i s t
FILES
Mr. ¥» Randolph Burgess
Under Secretary of the Treasury
Treasury Department
Washington 25, £*C#
Dr. Robert D. Calkins
Ihe Brookings Institution
722 Jackson Place H.V.
Washington 6, B*C#
Dr # F* CjyrH
Principal & Vic© Chancellor
HcGill University
Montreal 2, Canada
Mr. Winfield Riefler
Federal Reserve Board
Ifaahiagton 25, D.C,
Dr. Walter W. Stewart
Council of Economic Advisers
Executive Office Building
Washington 2$, D.C.
f h
Date?
Sunday, November 21, 1954- (day after Princeton - Dartmouth game)
Time?
10 A.M. - U P.M.?
11 A.M. - 5 P.M.?
Dinner Saturday night?
Place?
Princeton Inn, Princeton, New Jersey
Conference room engaged Easy chairs?
Straigtrt-backs at a table?
Should they be allowed or encouraged to stay
at Inn the night before if they wish?
(Paid for?)
Any bedrooms for resting?
Luncheon
-
(e.g. Stewart.)
other meals?
Personnel
Bopp, Chandler, Wood: Sproul, Burgess, Calkins, James(?), Riefler(?),
Stewart, Woodward: Adams, Singer, stenotypist(?)
Technical Problems Stenotype or tape recorder?
Or both?
How provide greatest atmosphere of ease and confidence? Would it
help if Bopp et al, Adams and Woodward spent night at Inn and
held pre-meeting breakfast conference?
Snail group talks as well as big ones?
Agenda?
Rough draft to talk to?
How provide against eruption of cut-off date and at same time
allow reasonable discussion of problem?
(I have warned Bopp)
Material - pads, pencils, envelopes, stamps
Costs?
Bopp has been told to use telephone freely in his conferences and
we would pay charges.
Conference costs?
Conference room
Meals
Transportation
Telephone
Overtime for Mrs. Singer
Stenotypist or tape recorder
Honorarium for 3 experts? (Bopp thinks Wood needs it,
hence....? $100 suggested)
-2How handle funds?
Check to "Wood for plane ticket?
Expense accounts from members?
O
Howard Ellis to be invited to this?
Or be sure Bopp now wants him?
Or ask him to 2nd Conference?
Need Donfs reaction.
Miscellaneous
Letters of information - Kay!s drafts
No word from Committee members on Clough and Villits - send out 2nd
request for vote?
October 13, 1954
Dear Dons
This is meant to serve as a reminder, to me as veil as to you#
of a few loose ends that are on ay conscience and may also be on yours.
In the first place, did you have a chance to dictate a memo on
your conversation with Mr. Burgess in which he set forth in more detail
his own plan and desires in connection with this project? Ve would be
most grateful for a copy for our files.
Second, in re-reading certain material basic to this operation
I find a document describing the "proposed relation between the Committee...
and the Broofcings Institution". In that, it is set forth that wa member of
the Executive Coiaraittee vill be designated and empovered to act for the Committee in accordance with general policies established jointly by the Committee and the Brookings Institution*1. I can't find any record that this was
followed up. I'd think that you as Secretary would be the person to be so
designated, and if you think well of the idea, 1*11 ask for approval of it
from Sproul and Burgess. Ve don't need it isuaediately, but we vill the next
time a research contract is to be signed, and one hopes that time is not far
away.
Third, we've made no further move toward getting someone to read
the various collections of papers we are unearthing. I've had it on my mind,
but thought it could stay quiescent until we got our history started. Do
you think that is safe, or should we be making motions? Parker Villis,
Ogden Mills, Goldenweiser - all that richness and no one delving in it.
The space problem appears to be solved with the antiseptic tower
rooms you saw last week. Pictures are now being drawn of what goes where,
and we may be moving next week. Add star in your crown.
I hope you won't mind that I decided not to talk to Chandler
about the triune planning group until I had seen Bopp. He may prefer
to write his co-workers himself - at any rate I'll have it on the agenda.
—2-*
You asked me about John Chapiaan and I should have replied
by now. I <ionft quite see him fitting in to this particular picture,
but I ! m lunching vith him in Cambridge Friday and may come back vith
ideas. Also I f m trying to see Lichtenstein, vho has just moved (I
think) from Chicago.
I'll call you Tuesday if I get back from Philadelphia
early, otherwise Wednesday.
Best as always,
Mildred Adams
Mr. Donald B. Woodward
Vick Chemical Company
122 East 42nd Street
New York 17, New Xork
COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
33 Liberty Street, Hev York 45, New York
October 11, 1954
Dear Dons
Various items on my desk testify to the large amount
of work vhich you did for the Committee while I was on vacation.
May I make the following comments in series;
First, th&nks so much for sending us a copy of your
letter of October 9th to Mr. Alfred Williams regarding Mr. Bopp.
Hy hopes for this project coincide with yours.
Second, I have a note from Mr, Lewis Galantiere dated
September 9th in vbich he says that he is about to go to Europe
for two months and that he is committed "not only to a full-time
job, but also to v. succession of writing tasks the* will take my
time for many fionthe ehead". He suggests we talk to Elliott
Bell, John Jtsssup of Life, and. Marquis Childe. I ju&^e from
the general tenor of his note that he jumped to the impression
that we would want him to write the history. I thought I was
careful to avoid any such Implication, but I think no harm is
done and possibly this preliminary note may work for us in case
the Thoaas-Galantiere idea comes off.
Third, in regard to your letter of September 28th on
the matter of Dr. Chandler and the contract he signed the apparent
contradiction between ray statement that he would want things corrected and Dr. Calkins1 statement that the contract was signed
and satisfactory lies in timing. Dr. Chandler talked with Er.
Calkins after talking with me and before the Calkins contract
was cent him, so matters are entirely in the clear excepting for
the detail mentioned to you earlier the.t Calkins sigaed both for
the Brookings Institution and for the Committee.
I will have an agenda for your meeting with Mr. Sproul
and Mr. Burgess on Friday the 15th, but I will hope to talk to
you about details by phone on Wednesday. There are several things
which should be discussed, but you may prefer to keep this meeting
on the one topic for which it was called.
Best as always,
Mildred Adams
Mr, Donald B. Woodward
Vick Chemical Company
122 East 42nd Street
Hew York 17, K«w lork
From the office of
D. B. WOODWARD
October 9, 195I4.
Adams:
I do hope and trust that this
will bring the r e s u l t wejare seeking.
9,
A l f r e d If. * & ! & * * • •
Mmmatm i e n k
P h i l a d e l p h i a , «**
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tULa C«emittee idea bees sesfctag dill gently fer tbe person aoet atola
m4 «eitatal* to urite tbe history ©f the Fiaeral HMMTVS 3yste».
NMM&»g tlMNragh tfae fOttT
us tfee ganrofes fraal
tfedls Sosiftiitteii attafe tJbis view•
aminaaumta e«mld betoadbifar ^ * iefp to do this work, i f he ware
i s a natter of great Uapertaase to the System, slaee lu.
fully eeoftpetej&t afid dtfinitive tiistory would Moetlt i f la m r y reapeeti
and tbe preseiat availaMlity of sjisjs/> f a c i l i t i e s , papers^ aee»rie« ami deeiree
te toepatNite preeant an opportunity unll Italy ta hm repeated* And i t ia a
affaata ttflBOtfwHiu.t'^ i ^ r tisyst naw>
e^
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w-*w
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Hmibmr than to t r j ta preeeat a l l tn« phases of tlte ismtlar to
t*y letter» i t nl^it be aere £nHt^a an<4 i&roraative i f I eoald c«we te see
at yeur ounveniefiee. *<ml4 i t b*» poaslbl^ for w to do t o o n Wsdwaeday
^tobtr 13 ( t l a ^ # I meld hav*s te be baok in Hew fork iv 12iX> '
aft«n»ofi# ctobor 15 # or Saturday Aexviegt otober 16? Of i f
plan to oe In iew t«rk soon, a l ^ t X see yov here?
ffeaak yea wwt slnaorel/ Jter /our c>.«sldeTat»loB»
Secretary
mamm 7-
DONALD B. WOODWARD
122 E A S T 42W
NEW
STREET
Y O R K 17, N. Y.
October h, 195k
Miss Mildred Adams
Committee on the History of
The Federal Reserve System
33 Liberty Street
New York, N.Y.
Dear Mildred:
My friend Douglas Gibson, Economist at the Bank of
Nova Scotia in Toronto writes as follows:
"With regard to your questions about Canadian views as to
the development of the Federal Reserve syste^I have asked
someone here to look at the old Bank Act Revision hearings
and see if they can find anything worthwhile• I would
further suggest that you write to A.F.W. Plumptre in the
Department of finance at Ottowa andask him for his suggestions, Plumptre was Secretary to the Macmillan Commission on
Banking of 1935 and he also wrote a very comprehensive book
on Central Banking in the British Dominions. If you do not
know him already just write to him and tell him that you are
a friend of mine and I know that he will be glad to help in
any way that he can."
Will you please fellow this along if it seems wise to
you to do so?
I seem to have heard Fumptre referred to in favorable terms
before. It makes me wonder a little whether he should have considera*
tion as a writer. Does this evoke any feeling in you?
Cordially,
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
With cooperation of
ALLAN SPROUL, Chairman
W. RANDOLPH BURGESS
DR. ROBERT D. CALKINS
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.
September 28,
Miss Mildred Adams
Committee on the History of
The Federal Reserve System
33 Liberty S t r e e t
New York US, N.Y.
Dear Mildred:
You w i l l have had a copy of Dr. Calkins l e t t e r of Sept. 22
to me s t a t i n g t h a t Dr. Chandler i s e n t i r e l y agreeable and s a t i s f i e d
with the c o n t r a c t . In view of your l e t t e r to me and o r a l comment t h i s
i s confusing. We had b e t t e r t a l k about i t when you return. Will you
please l e t t h i s l e t t e r serve as a request t o c a l l me a t your convenience?
Yours,
Donald B. Woodward
D3W: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
With cooperation of
W. RANDOLPH BURGESS
DR. ROBERT D. CALKINS
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.
September 27,
Miss Mildred Adams
Committee on the History of
The Federal Reserve System
33 Liberty Street
New York k$f N.Y.
Dear Mildred:
As I told you when we were lunching with Mr. Spencer Scott I had
some interesting conversations on o^r project while I was in Canada. I
wonder if you would be good enough to follow up those conversations with some
letters which you might say are written pursuant to the conversations I had.
K
One should go to Mr, J# R» Beattie, Director of Research, Bank of
Canada, Ottowa, Canada, Dr. Beattie was most interested, promised to ponder
the matter, discuss it in the bank and elsewhere as opportunity presented and
to pass on suggestions to us, A letter to him telling him more about the project,
perhaps briefly summarizing the progress reports with emphasis on the papers that
have been located would be appropriate.
The same is true for Mr. Kenneth W. Taylor, Deputy Minister of finance, *
Ottowa, Ontario, Canada, Mr. Taylor is interesting not only for his official
position but from the fact that he was one of those who went to the Brookings
School when it existed and he has an affectionate regard for Brookings.
A similar letter should go to Dr. W. A, Mackintosh, Principal and Vice *
Chancellor, Queens University, Kingston, OntarToT* Canada. Dr, Mackintosh is the
opposite number at Queens to Cyril James at McGill. Dr, Mackintosh served for a
good many years as Deputy Minister of Finance,
These are the three with whom I discussed the project and promised to
write.
Their suggestion pointed to the Bank of Montreal in Montreal which was
the fiscal agent for Canada in the United States for many decades past and indeed
still is. The Economic Advisor of the Bank of Montreal is Mr. Edward A. Walton
and I think he would be interested. I know him fairly well, A letter to him
would be in order, appealing for his aid and that of the Bank of Montreal in
uncovering and providing access to materials that might be relevent to this work.
~ 2 -
In addition to the Bank of Montreal several of the other Canadian
Banks - which as you know are all nationwide branch systems - might well have
included among their officers people who had some important contacts and who
may have maintained papers or diaries. It was the suggestion of the three to
whom I talked that a more general inquiry be sent to some of the other banks.
I would suggest letters to Mr. J. Douglas Gibson, Bank of Nova Scotia, King and
Bay Streets, Toronto> Ontario, Canada whom I know well and to whom my name could
be used. Letters also might appropriately go, I was told, to Dr. William Lougheed*
Economist, The Canadian Bank of Commerce, Toronto, Ontario, Canada and Dr. Donald
Marsh, Economist, The Royal Bank, Montreal, Quebec, Canada. I h&d only met
Lougheed and Marsh very briefly.
There were two or three other specific suggestions for papers which
were mentioned to me and which I have noted someplace but can't find the notes.
When they turn up I'll pass that on also.
Cordially,
Donald B. Woodward
September 23,
Dr. Walter W. Stewart
Council of Economic Advisers
Executive Office Building
Washington 25, D. G.
Dear Walter:
Miss Adams has kindly sent me a copy of her l e t t e r to
you of September 21. I do f e e l a marked sense of r e s p o n s i b i l i t y
and am becoming uncomfortable at the slowness of development*
However, contrary to what her l e t t e r s t a t e s I dc not
intend to try to see Mr, Burgess u n t i l I have heard froia Dr. Calkins
which w i l l i n turn be after he has had a conversation with you.
This decision was raade as a r e s u l t of discussion with him after
Miss Adams* l e t t e r t o you was w r i t t e n . Otherwise a l l t h a t she said
i s corredt.
My very warmest regards.
Cordially,
Donald 3 . Woodward
DEW:lw
COMMITTEE TO STUDY THE HISTXOT OF THE FEDERAL 'RESERVE SYSTEM
September 22, 1954
Dear Mr. Woodwards
Miss Adams asked me to send you the enclosed list
of men suggested by Dr» Hart at lunch yesterday.
Secretary
Mr. Donald Woodward
122 Eaat 42r,d Street
New York 17, New York
Enclosure
C0HMX1T1S 01 THE EtfflDftT OF THE lUHUL M O M l
33 Liberty Street* Rev To*k 45, i®w Tart
c
On* further detail about its© Chandler contract, Ve note
that MJV Calkins has signed that contract both for Barookiagv
for th® C<MK»ltte«* PersonAlly^ X do not ttiink that t h i s i t a
idea m& I an *ur#- that r#a»®its for t h i s belief w i l l jump to
n tb»y h&v,i to
th# laeickmt teriai# up s qu«»tlon for vhidh I Jflnd no
a ^r a#t#i» nwtsli', who I t ®uppot#^ to r#prea®at
mlttaa effietaXly la dealing with Br©@k:lngi an matters requiring
the aetion of b o ^ p w p « ? Tha i«tt@r w®a brought up at a
m»#tinf ia ttea 8nias#t>> but, wal#»» I slipped tip oo aaking m
of I t , i t wm» aerer aaswere4« Xeu «ai I banr®, I thiak 9 talked
it* I vould thiak you &» aeeretary iitould p l a j that rol©
feeling ei|3t*©s»«d earlier vae t l ^ t for bi# ovn ^ak« sa4 for that
of the C0«itte#*s autonooy Calklas should not be asked t© vear
this poittt fe#e».««$ I thlak i t Is basleally i«por**
fm aev| t. eaT#%t «©v »sy avoid
trouble Is the JTuture*
as always*
Mr.
205 « » i t 54t^ Street
8ev I@rk# Hew fork
©•e. Mr*
last 45nd Street
11 Liberty £tr»tt t 3«v Toft i f , * • » Terk
X6» 29ft
Star
Is I told fWA o*«r th# phots©* Lesttr Chandler ««»# la
mi In tto» pra«!#«. of s. loef 4l£e\xBities watiotisA tfce f»et
to b
ffct pH»Gif»aX thing ^hich a»^s»4 to em?,sera his \ms
iirth the Brooklrgii *y«t** of j?n#fttBf on
n«t tfeislt tlwit vo«I«fi paw f>ppei3l*® «?ye ir, rlow of «,
on th» tiifte dfcy CMKit a*.
tfelng vhleh 1« fiow doiolttf u?> le th* «*tt»r cf how
eotitrol • b>ak or the Soarfi v t l l feel i t cju«t t t y to «:«»rel«o ®«4 he*
fur tfcAt tiostrol emi 1M *pmr*S %rjth th« KrooltJAf* &ttlttt£* ^R^ ttm
isf• Thit lf f of co\tr«et iset #t ®«^ pro^l«»» V#».
i t wml& oozifrocit us R:H& for tfe
it, r.
^© In t h t t ^fe« lispo»<t#y©bl#» »r» so Important
th«t tfetgr es^ oalj- fe« hindi«A («) by & pf^«5t«# «n«l l«ftgthjr X«g»l 4*tlatn
or (fe> l^r fWB«T»l£tlot «B^ f0«i fultfe, fte VCQX4 pr€f#r t>:« lttt®r mal X
aust ®ey tlmt I 8?*p*this« with him with i^r flag#r«
la to find %h* i«s«ml ptimi** Thl« «ijr t»lc# tliNif
but I t v i l l s@t hold up Ch^mil^r's work, l e pl^&» to eow» 1B to
4«3r bofiJiiilnc Sopto»l»r S^th« 1
to MW Mr* ftoolfte who i t pmerrldlng hiai 4mk #mcm* Othor
will b#
If tbar# »*• f%rth#r dowloiMMeta 1» thlo^ t will report-
of
low York, Sov fork
»«w fork 1?# ^#v fork
COMMITTEE OH THE HISTORY OF THE FEDERAL RESERVE SISTIK
September 15, 195-4
Dear Mr* Woodward:
Miss Adeaaa asked me to send you the enclosed letters to keep
you up-to-date on the details of this office.
Sincerely,
Secretary
Mr. Donald B, Woodwerd
Vick Chemical Company
122 East 42nd Street
New York 17, Mew York
Letter from Blue Cross re. appointment to discuss coverage for this office
Letter to Miss Maroney re. "deficit"
Letter to Mr. Akers re. hiring Mrs. Singer
26, 19
Bon*
I «• enclosing herewith a draft of the ?rogr©«* leport of
vfalch v* talked. Ton will aote that I hA** included la that short
c«re«r sketches of both Bopp and Shaw. If you do not want thorn
ha-viled this w y f let n* know sad something elite car* be done about
them.
I aa «lno ©ficloslag a l * t t « r from Mr» Sproul which
brought doi«s y««terdmy, I t th« motuint I thisk i t would not b«
wis« to push him further, but I think th*r« w i l l b« an opportunity
to bring th« s e t t e r up again & l i t t l e l a t e r , Vhat h» sketches i«
vhftt I thought bd had in vdr.d, but
I «w§ saisdiag t h i s eateri*! up Sp«ci*l D#liv«ry with th«
id»a that i t m&y provide train reading for yo\3, A copy alto
to yo\ip o f f i c e , but I &»swm thmj v i l l c«ase OR your retora
pile yovi d««p vlth work. I shell be la the office on
•ad shall probmbly go to ¥ashi«igtoa for Thursday «ad
Best e.s always,
Mildred Adaais
Mr. Donald B. Woodward
Squirrel Inn
Squirrel Island, Maine
cc. Mr. Donald B.
Vick Chemical
122 East 42nd
New York City
Woodvard
Company
Street
17, N. Y.
COPY
ALLAN SPROUL
THIRTY THREE LIBERTY STREET
NEW YORK 45, N. Y.
August 25, 1954
Mr. Donald B. Woodward, Secretary,
Committee on the History of the Federal Reserve System,
33 Liberty Street, New York 45.
Dear Mr. Woodward:
Your letter of August 20 reminds me that Miss Adams
is not one to let grass grow under her feet. Our casual talk
about my becoming an author contemplated no more than the
assembling of some of my speeches and testimony before Congressional committees with introductory notes and comments.
Nevertheless, your opinion that I could make a valuable contribution to the literature on central banking is very much
appreciated.
Yours sincerely,
/s/
Allan Sproul
Co«&ittee ©a the gistory of t&e Federal Beserve System
, 1954
Dear Boat
J»eng the massy details which I dealt >&th in Washington
vas the matter of "fringe benefits" *hieh you and I had discussed
earlier• A letter from Dr* Catkins shoved only three areas in
which there was aoy question l e f t , one of these vs.e hospitalization, the Hew lork bank puts i t s people under Blue Cross and Blue
Shield and pays two-thirds of the cost. Brooking© provides Blue
Grow hoapitali»ation but at the employees expense. Calkins think*
that m equivalent arrangemerst should be made here in Nev York,
His exact phrasing i#f
Since the Institution
Blue Cross hoapitalization at the employee's expense, ve
beliere that efforts s&ould be aa<ie to arrange for similar
benefits through ihe Blue Cross or Blue Shield gynteas in
Nev lork. If such arrangements can be made and the employees pay the full cost of coverage, as they do her© at
Brooking3, we should provide this service oa the
terms as i t i s provided here**
those circumstances I ^wonder i f you iiould like to
w i t e in your capacity «g secretary to the Blue Cross people, I
am enclosing a suggested letter but I framed i t merely to save
you time und would be entirely content vita any changes you
you might like to knov that X got the matter of our
over opti©is» *with aoaey sorted out. the #10,000 pilot project
west fro» January 15 to May 3Q vlthout difficulty. By the latter
date we had spent $8,6*^*30* !That l e f t us 11,320.*^ available for
vork in June* Had ve merely continued in the v&y ve had been going
we could aljiost have &QV*re& our June expenses but ve began the
Klakaid project June 1, and £1,333 v&s the June portion of that
hence we spent #3f359«34 aad WQTB l e f t idth the deficit previously
noted*
Cens&iiee ©» the History of the Federal Beserre
- 2-
Sept. 8, 1954
f e l t gt*tltgr about this I aa eheere€ to toov at le&st
v* did not run into deficit trouble until tae pilot project was
teeimicallj complete * Were the ¥&ole thing prorated we -would probably
find the.t ve stretched the $10,000 for five months inste&d of for
four* this some>diat soothes sj
t e l l jmx ©"Uier details of the ¥&shingtoa trip vkm
« bit of free time*
Best &#
Mildred
fiesseerch Director
Encloourt
Hr*
c/o
122
Sew
Ibtield
fieJt (*bemical
East &nti Street
lork, Mm Xoik
August 24* 1954
Bear Boat
I find in my mail copies of l e t t e r s vritten to Dr, Calkins
ami to Mr. Sproul* ^r thanks for bot&» I note the various points
in the Calkins' l e t t e r and I OBI glad you i?orde4 them as yes* did,
Also I note the postscript vhica, as you knov very well,
was not reelly necessary a* ay confidence la yam i s complete and
unlimited*
Looking back a t the Chandler f i l e I find that he said in
his application that if the grant came through, R I hope to begin the
stuc^f no later than September, 1954-. Frcaa that %ixm until February
1> 1955 I wuld work part-time on i t * . . Because I have a leafe of
abseaee for the second term of the coming acadecde j e e r , I ccn vork
on the stiic^jr full time from Tebru&ry 1 to September 15, 1955. After
that I siwJ.1 again liave to work on i t on & part-tine basis* Though
such prediction i s darjgerous, I expect that I could finish the stucfcjr
in a l i t t l e over two years*. That vould bring hiin to September, 1956
at the earliest} even if ae ve-re disposed to st^rt iimr^ediately on the
history he wyJLd only heTe E short three years in -which to finisai i t
vithia the present span of the project. I t i s i n ' t impossible, but i t
s t i f f work*
I also find th&t the Chandler1s schedule celled for thes to
London the 23rd of August. I think they vere coming hoise by boat
vhich probably aeans that they wm't be back imch befoi^e the 1st of
I hope you took fur lined mittens to Maine, The temperature
dropped to 54° in Vestport l a s t night.
Beet as
Mildred Adams
Hr» Donald B. Woodward
Squirrel Inn
Squirrel Island, Maine
r
*••>-
August 20,
Hr. Robert D. Calkins, President
The Brookings Institution
72? Jackson Place, M.W.
...
,
Washington, 0. C.
Dear
Bob*
= •
' •• '
^
•
• .
.
•
• -^
,
. '.
I have several communications from or regarding you
and will attempt to answer them in turn.
1. Both the Wearing and the Poole studies seem to me meritorious
and I would vote in their favor. May I suggest that it would
be helpful if the materials coming to the program committee
had a brief statement as to the relation of the specific study
to the overall program of the Institution? I am sure that you
and your associates consider that question and that it is clear
in your mind) for one sitting at a greater distance and with
less intimacy, the relationship is less clear.
a) I do wonder if the Bearing Study is cast in a wide enough
«cope. This is difficult to judge from the outline. Bat
in both the social and the economic functions of this
. - economy my impression is that growing amounts of transportation
are involved; ay unstudied hypothesis is that transportation
B
needs° may well rise somewhat more rapidly than population
or income. Assumptions or calculations in this direction would
seem important. In this connection the outline makes no
reference to airways, waterways, pip&ines, electric lines,all
of which in one respect or another are alternative methods of
transportation for some items.
'•'****
b)
I have no specific questions or suggestions on the Poole
Study.
2« I feel reluctant to ask for a supplemental appropriation for the
Committee on Federal Reserve History - at least yeti It would
seem to me desirable and appropriate to absorb the small deficit
into the budget for this year.
- 2-
3. The possibility of Mr. Shaw is very interesting. Two or three
other names have arisen in recent discussions that seem to hold
promise* I have asked Hiss Adams to prepare a story on each of
the men including Mr* Shaw for submission to the Executive
Sommittee and if that Committee wishes to the complete Committee*
I should hope that she will have this completed in the fairly
near future so that the decision ontiieHistorian can be made
. shortly* I should judge that this is your feeling also.
h» Hiss Adams is also pursuing the assignment from the Executive
Committee to explore alternatives regarding publication. Some
-. interesting points have already arisen but I will not anticipate
her report*
5>. X sought you by telephone this morning but was told you are
unavailable until next week. I'm leaving for Maine tonight and
will be back in the office Monday, August 30 and Tuesday, Aug. 31
and September 1 and then back to Maine for a few more days* There
is a challenging matter about which I would like to talk with you
on the telephone in the next ten days if possible* If you expect
to be in Washington during the week beginning August 30 I'll call
you from New York that week* If you will not be available during
that week I wonder if you would telephone me at Squirrel Inn,
Squirrel Island, Maine at your convenience on receipt of this
. letter. The telephone number is Betrth Bay Harbor 8656-W1.
Unfortunately the telephone connections in that more distant area
•• :\ are not always the clearest so I had preferred and would prefer
to talk from New lork if that is possible*.
I hope that your time in the West was enjoyable* It seems
to me highly urgent that you havs a really good vacation*
-:":
•••.-••••.
With regards*
•••..•:
P.S,: Mildreds
'.;•'"
' ' /''•'•"" .;'. '
"
:
'- ' •: ' ' • '"/,'
Cordially,
';*»•
;
The matter about which I want to talk to Calkins by telephone
has nothing whatever to do with the Federal Reserve History Committee , ..,• I am not seeking to talk about you behind your backl
DBW:lw
cc: Miss Adams
August 20, 19$k
Mr. Allen Sproul, President
Federal Reserve Bank
33 liberty Street
New York, K. I. .
". Vu
Dear Mr. Sproul:
Kiss Adams has told me that before you went on vacation
you talked a bit about considering a voluae on Central Banking*
I hasten to express the utmost delight and the strongest possible
hope that such a work will materialize. If the Committee on the
History of the Federal Reserve System can be credited with having
played any part in bringing a volume from you it will be that fact
alone more than justify its existence.
Sincerely yours,
Donald B. Woodward
Secretary
August 19, 1954
Dear Mrs. Williams*
I an enclosing Miss Adams' check for $5.30 to cover
the two telephone calls ioade by Mr. Woodward to her at Westport
during the nonth of June. These are reported in our July
statement to the Brookings Institution, and will be paid for
by Brookings in the regular expense account.
Miss Adams asks me to thank you for sending us this
memorandum•
Very sincerely yours,
Loid Krebs
Enc.
Mrs. LaVerne Williams
Vick Chemical Company
122 East 42nd Street
IJev York City 17, K. Y.
August 12, 1954
Dear Loui
The thermometer at Vestport registered 57° this taoruing, which
confirm© my feeling that this is no suaner in which to talc© a vacation
for the purpose of ©scaping from the h©at. I hope the ice bergs at
Squirrel are under firm control.
The tmclos@d letter from Scott will, I hope, ch«»r you, in
that it shows him still sticking to the main point. The emergence of
H&rt as their economic consultant may poss diplomatic difficulties,
but we can cope with those in September, As you will se^, I as welcoming the idea of a conference.
Meanwhile I have started negotiations with Storer Lunt,
President of Norton and Company, and publisher of Barbara Ward, for
a similar conference. Vith those two conversations in hand I'll hope
to be more sure-footed in exploring further in the publishing field.
Calkins, a» you will see from the enclosed, has returned
from his vacation and is now suggesting that his favorite young
writer on banking, Edward S. Shaw, -sight do the Federal Reserve
history. I 1 ave no opinion on the subject, but 1*11 try to acquire
one by reading a Shaw book. This is a proposal that has been coming
for a couple of months, and it may have *nerit, though I have heard
some objection that he tends to force material Into pre-deterained
molds.
I &*a abashed to learn from the same letter that we had overspent our funds in place of under-spending then. Thst #10,000 was for
a A month's period, which carried us through the middle of May, but we
thought ve had enough left so that we could ride safely through June.
Obviously w^ didn't. Part of the trouble is due, I think, to a lag
in the bank's presentation of its own expense statements, and part
to a lack of vatch-dog techniques in this office.
As to whether we should absorb the $2,033.64. into our 1954-55
budget or ask for more, I'd hope to do the former, July and August,
with smaller payrolls (one typist went back to the bank and has not
been replaced) ought to help.
neither you nor I wstnt to embark on a policy of scrimping,
to aaybe that problem needs further thought.
Have you hud a chance to call Villits on the the ®»tt«r of
«ppro«cbiag L««ae? Jackson, lew H*«f>«hir®, and right sear youl
Devotedly
Mildred
Mr. Donald B, Voodvsrd
Squirrel Inn
Squirrel Island, Maine
August 12,
Dear Mr, Scott:
Thanks so much for your letter of August 11th with its
information about Mr. Robertson and its suggestion for a later
meeting, I know I can speak for Mr. ¥oodward when I say that
both of us will very much welcome a luncheon conference with
Mr. McCallum, Mr. Albert Hart and yourself. We are very much
in need of informed advice and you have been so helpful that
we come swarming back for more aid with great enthusiasm.
The book has not appeared, but will, I am sure, come
in a later mail. My thanks in advance.
Cordially yours,
Mildred Adams
Research Director
Mr. S. Spencer Scott
Harcourt, Brace and Company, Inc,
383 Madison Avenue
New York 17, N. Y.
cci Mr. Donald B. Woodward
COPT
HABCQURT, BRACK AMD COMPANY, Inc.
Publishers
Madison Avenue, Hev York 17, »•!.
August U » 1954
Hiss Mildred Adams
Committee on the History of the Federal Reserve System
33 Liberty Street
New Xork A5, New York
Bear Miss Adams:
I am sorry to be so slow in sending
you the copy of Possiter's SEEDTIME OF THI REPUBLIC, but I thought
I would be able to answer all the questions you raised* I find
I haven11 all the answers yet, but I don't want to hold up sending
you a copy of the book,
I have talked with Mr, McC&llum,
head of our College Department, and he held up a warning finger
to m» O B Robertson, who is doing the Economic History for us. He
said that Bobertson handle® facts well, but writes ponderously.
Mr* McCallua thought well of Lester Chandler, but suggested that
in September we get Mr, Woodward and you to come for luncheon with
Mr, McCallum, Mr. Albert Hart, our economic adviser, and myself,
I think this suggestion has a lot of merit to it, for you would
not only have people who know the college field much more accurately than I do, but you would also have people who know something
about the various men and women to whoa you might turn for projects. Let me know what you think of this.
Sincerely,
/»/ S* Spencer Scott
S. Spencer Scott
SSStes
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
With cooperation of
SPROUL, Chairman
W. RANDOLPH BURGESS
DR. ROBERT D. CALKINS
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.
July 28, 195U
Miss Mildred Adams
Committee on the History of
The Federal Reserve System
33 Liberty Street
New York k5, H.Y.
Dear Mildred:
This responds to your letter of July 8 about employees
in New York,
As I read it there is no question about social security,
sick leave, vacationsf
As to hospitalization I would be prepared to follow what
apparently is Mr. Smedley's recommendation, if that is agreeable
to Dr. Calkins.
On insurance I propose that your office get the New York
State forms and instructions. We can then make a suggestion to
Dr, Calkins,
As to retirement Brookings is a participant in
which, as you know can, thanks to the subsidy offer more attractive
terms than are available elsewhere. I believe that under the
Brookings plan there is contribution both by the employee and the
employer.
When we make our arrangements we certainly should write
a formal letter to the Bank expressing appreciation for the cafeteria
and the medical facilities.
In summary I judge the only questions pertain to hospitalization
and insurance and I will happily make or join you in making a recommendation
to Dr. Calkins as soon as you have the information.
This is another item that can be cleared, I should think, in
September,
DBWilw
Cordially,
#
1954
Bear Boat
I have now had a ch&nce to read your three letters of
July 28th and to thask you for the various suggestions contained
in them*
I will iss&ediately try to reach Br. Villits in order to
#e»#ttlt him about the best way to approach Mr* Lane. The quicker
we can get the Cossaittee filled out the better it will be for everybody including the office staff "which is now short of stationery.
We have written Dr. Reed to ask if I could come up to talk
to him about the history project sometime this month. It might be
well if you would follow this i $ ^ & note to Dr. Myers, but if you
are on the verge of going to MfttM I do not think this is essential. •
As for tha details om iSjiiuyee arrangements in New Tork I
will follow the suggestions in ye®T letter of the 23th and will hope
to have a complete frsaswflfk ready when you get back from vacation.
I am glad that Miss Me&instry sent you a copy of Dr. Burgess1
letter of July 26th setting down in greater detail his own area of
interest. Th© more of tills k & d of thing we can get the clearer the
lines of effort will
I agree with you that we sh'ttld try to arrange a September
of the Committee, How would late in the week of September 6th
seem to you? That is perhaps Wednesday the Sth or Friday the 10th, 1
could make it the week of the 13th, but that is not so convenient, I
am planning a vacation for three weeks beginning the 19th.
Have a good and restful vacation and give asy laost cheerful
greetings to your family.
Best as always,
Mildred Adams
Kr. Doaald B.
Vick Chemical
122 East 42nd
Hew York City
¥oodward
Company
Street
17, H. Y.
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
DR. ROBERT D. CALKINS
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.
July 28, 195U
Miss Mildred Adams
Committee on the History of
The Federal Reserve System
33 Liberty Street
New York h5, N.I.
Dear Mildred:
I certainly am pursuaded that your trip to see Dr. Wood
was desirable. It confirmsrayglowing conviction that a very great
deal of time is wasted by exchanges of letters. Ana I am delighted
that you found the Inn agreeable.
Success in one step encourages the idea of another. What
would you think of going up to Ithaca and seeing Harold Reed at your
earliest opportunity? Ithaca is fairly easy to reach by plane, train,
or car and is a pleasing place to visit. I can easily arrange an
introduction through Dr. Mayers. If you made this visit we would then
have a pretty clear amount of information about the two chief names.
We ought then to be able to move with some celerity - which is needed on the matter of the History in the early Autumn.
If you think well of a visit to Ithaca, I would be disposed
to withhold any report to the Committee on Wood but make a joint
report then on both Wood and Reed.
Miss McKinstr^y kindly sent, me a copy of Dr. Burgess1 letter
of July 26. We can encompass it in our early conversation.
I suspect that August will be a slow month. But if we could
be in a position to try to have an Executive Committee session some time
in September for some fairly definite decisions it would be desirable
donft you think?
DBW:lw
Yours,
COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
33 LIBERTY STREET, N E W YORK 45, N E W YORK
TELEPHONE: RECTOR
JKAN
2-5700, EXTENSION 286
SPROUL, Chairman
With cooperation of
W. RANDOLPH BURGESS
DR. ROBERT D. CALKINS
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.
July 28, 19$k
Miss Mildred Adams
Committee on the History of
The Federal Reserve System
33 Liberty Street
New York \&> N.Y.
Dear Mildred:
I have been pondering the best procedure regarding Mr. Lane
and the Coniraittee. The following now has come to seem to me appropriate
and I subait it for your consideration.
1.
Since Mr. Lane was either first or second with
except Mr. Burgess, and since in this matter I
Mr. Burgess will be satisfied with the view of
Committee, I conclude that it is not necessary
again to the Committee members.
2. The question then is the best way to carry the
to get his acquiescence. He was for some time
Dr. Willits and Dr. Willits felt that Mr. Lane
member of the Committee. Therefore I conclude
be the best source of guidance on the matter,
all Committee members
feel confident that
other members of the
to refer the matter
decision to Mr. Lane
an associate of
would make an appropriate
that Dr. Willits would
3. Accordingly I suggest that you get in touch with Dr. Willits by
telephone, tell him the decision and desire of the Committee that
Mr. Lane become a member and find out from Dr. Willits if ®r. Lane
knows about the Committee. Dr. Willits could then indicate whether
in his judgment it would be more appropriate for a formal letter to
be written to Mr* Lane or for a personal call to be made on him.
U«
As the members of the Committee will be important considerations in
your life for a number of years I hope, I think you will want to
consider these points carefully to decide whether you agree or not*
If you do agree then I would suggest you act accordingly. If not,
then let's talk.
Yours,
July 27, 1954
Dear Bon:
Any trip which takes me out of the heat of St. Louis and sends me to
Estes Park thereby pays off in ay book. This one is, I hope, also profitable
for the Committee, even though in a negative sense* It has, I suspect, disposed of the idea that Elmer Wood is the person to write the definitive history*
Whatever I may or may not think as to whether he could do it is less important
than the double fact that (a) he does not want to, and (b) he has a book of his
ova. under way which could conceivably come within our scope if he and the Committee both chose.
As a third benefit, I am bringing back Dr. Wood's own copy of the much
discussed paper which he delivered before the Midwest Economic Association this
spring, a paper which in summary attracted attention from both Dr. Williams and
Mr. Sproul. This gives the flavor of his thinking, and in its various controversial points of view would certainly have an impact on certain of our Committee
members. X have permission to have it copied and to show it to anyone who is
interested.
But to go back — before I left St. Louis, X asked William Abbott,
head of research in the St. Louis bank, about Wood and found less enthusiasm
than X would have expected for a Missouri product* Xt may have been partly an
instance of the "prophet not without honor save in his own country,* and partly
a reflection of a certain lack of sympathy on Voodts part for the direction St.
Louis research is taking* In any event, they think him dry as dust, and not
the person to do this job.
X am not prepared to agree that that opinion is justified. X saw
Wood for a short time on Friday afternoon, when I arrived from Denver and
stopped at his cottage before I vent on to my own Inn, and twice for a considerable period of time on Saturday, both morning and afternoon. All in all, I
mmst have spent four or five hours with him, first presenting the project, and
them probing (as best X could without making commitments) to see what part, if
any. interested him*
Wood is a refreshingly independent person who follows his own line of
thinking wherever it leads, and prefers to make his own judgments. He would
rather talk plain English than take refuge in economic jargon, fie is interested
in theory, but he is also interested in fact, and in the relationship which
prevails {or fails to prevail) between the two. There may be about him a slight
timidity) there is certainly a hint of the handicaps felt by a sensitive provincial who lives far from the centers of power and does not see very much of th*
Mr* Banald B, Voodward
fag* a
July 27, 1954
powerful. But there i s nothing stuffy or pretentious about him. His intent
I s dear and direct, and hit wind i s keenly analytical. Me i# perhaps overly
aware of what he considers his own limitations.
If us eould somehow turn back the clock and telescope the years
which have passed since he wrote his book on English theories of central banking, so that he could begin on an Asericaa equivalent of that book, 1 thin*
he night produce something of considerable value. Obviously we eanU. the
next best thing Is to plan some other v»y of bringing the thing he wants to
4& into our orbit, fwo possibilities hare presented themselves! one, an
easing of the vay so that he can finish the book he has in hand* the other, a
monograph.
the book has been in th« writing for some time. He works on i t ia
sussaer vacations, but aot daring the academic year. Be thinks that there i s
another year's work to be clone on i t , and i t i s possible that he could persuade the Dnivereity of Missouri to give him a sabbatical year on half pay*
He approached Chester Davis for a subsidy when the latter was with the Ford
foundation, but sever got an answer, which i s carious in view of the latter 9 s
decade as President of the St. Louis Federal Reserve Bank* tfoen I asked i f
he would like to have our Coaaaittee consider the book for a place in the
project, he m& doubtful — he wants i t to stand on i t s om feet, and he wants
to be free to exorcise hi@ ovn judgment in regard to Federal Eeserve aad/or
Treaairy activities* X assured him no censorship would b« exercised, and l e f t
the matter open for farther thought on both sides*
fie has been writing under the t i t l e "Monetary Control," but i s not
content with that* "Monetary Control in Jteieric&n Theory and Practice 8 i t
perhaps a better description of what he has in mind.
He has nine or ten chapters vritten* one on Open Market Operations,
wm m discount £&te, one on Reserve Requirements and the changes that have
taken g&aet in them, three on Deposit Expansion, two on Interest, cne on
Adjustment of Cash Positions. He i s now working (in a cabin facing a bubbling
brook vhich furniBhes a running obligate to the chatter of chip*mnkii) on the
Relation of Monetary Procedure* to Expenditures, studying general aonetary
controls in their relation to exponditureiit he expects to come out with a
criticism of both the Eeyneslan theory «od the quantity theory of money. He
has ahead of him a consideration of International Monetary RelationB and
Controls, of Federal Reserve Procedure, with or without techniques^ of later
nineteenth century English practice as i t illumine* American practice.
X asked Dr. Wood i f he had a publisher. He i s thinking In terns of
o&e of the more popular publishers such as Doubleday, rather than a strictly
aeademic publisher like M&cmillan. Ho cojaaitaent has besm made*
Mr. Donald B. Woodward
Page 3
SvO? 27, 1954
Ihe monograph idea came up In conversation, and after reading the
paper vhich was presented to the Midwest Economic Association. Vood is res?
much interested la the accord of 1951, and he has been thinking of going to
talk with Truman about It* He might, I think, be Interested la embarking
upon a study of that accord — what conditions it arose from, what made it
necessary, what the various parties concerned thought they were doing, what
the result has been. I did not ask him whether he would like to do a
monograph — X only suggest It now for consideration.
Wood's own recommendation of the man to do the definitive history is
Karl Bopp, but he doesn't think Bopp would do It, So we come full circle again*
X do not, however, think this has been wasted time, energy or travel
money. We now know Wood, know what he Is about, what he wants to do (or
doesn f t). We have his Interest, and we may In the end get something valuable
from his. In any event, he is out of the class of vague but enticing enigmas*
In talking over other possible candidates, he showed Interest In
Howard Ellis of California, shook his head at Harold Reed of Cornell, wondered whether it sight be possible to Interest Earl Hamilton, now at the
University of Chicago•
X have asked Kiss McKinstry to type this and send It on to you
before X return* Xou may think it veil to have some part of it sent to the
other members of the Executive Committee, but we can talk about that when I
return* X also have some interesting data for you from St. Louis,
So glad you urged me to go to Estes Park, A day In those mountains
is a whole vacation in Itself*
Best, as always,
Mildred Adams
Mr, Donald B, Woodward
Vick Chemical Company
122 East 42nd Street
Hew lork 17, lew Xork
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Mr. Donald. Woodward
Chemical Corporation
E&et 42nd Street
Don,
I c*a sending you herewith a copy of the present score card on
extending the Committee, I would say thnt Lane is certainly in, « B 4 that
Vllllts coges second.
¥ord from Martin crae io this tsorning* The Stewart t'ote wag
I found i t In notes taken at th@ l a t e s t intsrviev with him.
r these circumstance* I «» not sure whether you would
to write to Lne i'igaediately or to t e l l the (kramittse how to vote first and
than writ© isne* Is «oy eTent since I *.m to le-sve for St. Loul* sitortly I
drop the setter irsto your l a p .
Aunt Gertade v«i« w-r® in her pr*lff« of tMe visit After you left.
You (collectively) vert certainly Tory kind to an "ging ledy.
My tfecnks with bers.
Best as
Mildred
Enc.
Score 7/19/54
Burgess
Abbott
Reed
Villita
Vood
Wright
(?)
on
Committee expansion
Ce reins
!
Martin
Sproul
Stewart
1
I
1
2
X
2
July 13, 1954
Dear Bout
Ve have been looking up the matter of expenses charged
and repaid and found the following d^ta:
February 4-5 you and I went to Vashington. The Bank
bought transportation for both of us and because you had to go
for both Brookings and the CoTtsf&itee you charged tbe Committee
for nothing except railroad fare. In a letter of Februejy 15th,
you sent » statement of outlays on ay account amounting to $13.15•
I thought I had gent you a check for this, but ve hare no record
in our files. I will track it dovn at hose.
March 3, 195A I sent you a check for $5.00 to cover
costs of a business limchaon for the Coinmittee..
April 7th you and I vent to Washington for a single
day. The Bonk bought trs.nsport-i.tion except that jcv. paid for
your avn Pullman seat. On Hay 13th I sent you ay personal
check for this and reminded you that ve had no other record
of expenditures for both of us including breakfast, coffee,
dinner, trxls end tips. We still have none, but will make
a supplementary charge to Brookings if you can send us this
record of expenditures or. April 7th.
On May 11th, you and I vent to Washington and you
gave us a jaeroorandum of $12.75 for expenses, flat check should
have been sect you and I enftloae it herewith along'vith deep
apologies.
If this record is correct, the only other amount for
which we nava received a memorandum and may or may not have
returned expenses to you is the $13*15 of February, is I said
before, I vill try to track this down in say own records.
This is a perfect description of Tay gratitude for the
fact that I do not hare to do the Committee1s bookkeeping.
Best as always.
Enc.
Mr. Donald B. Woodward
Vick Chemical Company
122 last 42nd Street
Mew York 17, K. I.
Mildred Adaaa
July 9, 1954
MEMORANDUM
To: Miss Adams
Rer EXPENSES INCURRED BY JMR. D. B.
WOODWARD IN CONNECTION WITH COMMITTEE
BUSINESS
From: K. McKinstry
The first trip Mr. Woodward made out of town for the Committee was
on February 4--5 to Washington, D.C. The Bank purchased a round-trip rail
ticket for both you and Mr. Woodward, and subsequently recovered its outlay
when the Brookings check for February was received in March. Mr. Woodward
said that, since he had to go to Washington for a meeting of the Finance Committee of Brookings, he would not charge the Committee for any personal expenses
he incurred except railroad fare. He submitted to you with his letter of February 15 a statement of certain outlays he made on your account (for dinners,
taxis, porter fees, etc.) in the amount of $13.15* This, I believe, you
;
later covered by sending him your personal check when Brookings check for
February came in. We have no record in our files, but think you must have in
your checkbook the stub showing the date this item was covered.
The next item for which you reimbursed Mr. Woodward in the form of
your personal check was in the amount of $5»00, made out and sent on March
3, 1954> which was to cover the cost of your luncheon on the preceding day.
I do not find on your monthly statement to Brookings a luncheon charge for
either Mr. Woodward or you on that day.
Mr. Woodward made a one-day trip to Washington on April 7 for the
Committee. In this case, too, the Bank purchased a round-trip firstr-class
rail ticket for him, and he bought personally his own PuLLman seat for the
return (cost $2.30). I note you sent him with a letter of May 13th your
personal check for this amount, and reminded him that you did not have a
record of his other expenditures made for both you and him, inclioding
breakfast, coffee, dinner, taxis and tips. I find no record in our files
of any account of these outlays from Mr. Woodward. On your April statement
to Brookings, submitted May 10, you listed the following items (based on
your figures handed to me)t
Hotel, April 7-3
Meals, April 3-9
Taxis April 7
Tips, April 9
Tel. and Tel., April 7-9
$20.40
5.79
2.70
1.50
7.46
If Mr. Woodward's outlays are not covered in the foregoing, it will be necessary to submit a supplemental bill to Brookings.
On 1^11, your records show that you and Mr. Woodward made another
trip to Washington. The Bank purchased 2 round-trip lst-class rail tickets
and a drawing room (both ways) for you, and billed Brookings accordingly.
I find a small office memorandum from Mr. Woodward listing his expenses for
this particular trip. The memorandum is dated Hay 17, 1954 and the items
therein were included in your statment to Brookings for the Month of May.
I find nothing in our files to indicate you sent Mr. Woodward a personal check
for the $12.75 he claimed after the Brookings check for May expenses was
?
received here (July 2, 1954) •
. M f S C . 4A.3-8OM-2-B3
FEDERAL. RESERVE BANK
OF NEW YORK
OFFICE CORRESPONDENCE
DATE-
TO
Mlgs McKinstry
FRC ,I Hiss Adamg
July 6, 1954
SUBJECT:
__
Mrs. Williams telephoned this morning t - say that Mr. Woodward had
not been reimbursed for expense accounts put into the Brookings
and I would
be grateful if you v i l l check -whether or not they actually 3id come i n . ^e
said that on February 4 end 5 he vent to Va.-ningtou and r a i l ft.re was to be
paid by the Committee on April 7 ^eiae thing i s true. Two things may have
happened on thin, f i r s t that we b r u g h t the tickets and paid for them and
he has forgotten i t , or second, that we put in a charge to the Brookings
and then I forgotten to send Mr. Woodward s check vhen the money cane beck
from Brookings.
ould you lo~k up these d&tes and our expense accounts fend find
our as such as you can. Meanwhile, I v i l l look in ny check book to see
what checks I have sent Mr*Woodward to reimburse him for cronittee expenses.
out.
you telephone tfrs» •fc'illifiiEs on Friday vhen you get this sorted
She may then have other dates which have not been taken care of*
I/In a*, 14 I
it
W
July 8, 1954
Bear Don*
As I told you this morning, one of the problems of shifting
fron a short-term project to one which will continue for five years
is the matter of fringe benefits for employees. As you know, the
Bank has, up to the present tirae, loaned us people from their own
staff and charged us for their salaries. They now feel quite understandably that H'B better that employees go on the Cojandttse payroll*
Technically I suppose this makes them the joint responsibility of the
Committee and of the Broo&ings Institution, and therefore subject to
the arrangements which Brookings makes with its own employees*
On the other hand, these people work in the Bank which in
turn b&s its own rules. In order that there should not be too much
disparity between our arrangements and the arrangements which the
Bank makes I talked this morning with Mr. Smedley, one of the Bank's
personnel managers, ¥e discussed in detail, the matter of fringe
benefits es provided by Brookings and by the Bank. The net result
of our conversation is as follows:
Social Security - Federal practise rules in both places
and would govern us.
Hosplta11%Btion - Brookings uses the Blue Cross &n& employees pay all costs. The Hew York Bank uses both Blue Gross and
Blue Shield and pays two-thirds of the cost. Mr* Smedley is sure
that Blue Cross service can be enlisted in Sew York for Committee
employees. He thinks we would do well to follow the Brookings
arrangeaent end have employees pay the whole cost as they choose to.
Sick Leave - The Brookings rule is that staff members
m y have sick leave with pay at the rate of fifteen working days
for each fiscal year (1.25 days per calendar month) cumulative
to a B&aximua of 90 days. This corresponds closely to the Bank's
arrangement and should be followed.
Vacation on Pay - The Brookings plan is that staff members
are eligible for annual leave with pay at the rat© of two days per
month plus one extra cay for the twelfth month making 25 working
oays for each fiscal year. This is slightly saore generous thau
the Bank's plan and Mr. Sraedley thinks we should accept it*
i
Insurance - Disability, Unemployment, Workmen1© Compensation,
Here the Coiamittee is more or* less on its own, and subject to the Hew
York State laws. (The Bank: being a Federal institution merely supplies
equivalents. Brookings being in Washington is not subject to Hew York
laws)• Mr. Smedley advises that Brookings write the Hew York State
authorities to ask for instructions and forms. You, who are familiar
with the New York State laws, may have another suggestion.
Retirement - Mr. Smedley seys this is a minor benefit so
far as most young employees are concerned. The only warning is that
nothing should imperil the employees future retirement rights. Presumably the Brookings provisions would apply.
,:;
In addition to these specific arrangements the B&nk will be
so kind s.s to share with Committee employees two fringe benefits of
obvious value. The first is the right to eat in the Bank's cafeteria,
where food prices «.re so arranged that the Bank assumes $0% of the cost.
The second is the matter of medical facilities in the Bank's clinic.
This latter includes clinic advice and Ministrations in the event of
sudden illness or accident on the job, an annual physical examination,
and a required check-up by the medical officer after two days or more
of absence on sick leave.
I am particularly eager to have your advice on the matter
of insurance and hospitalization. I assume that the whole arrangement
should be submitted to the Executive Committee, but I would like
recomendations on those two items before sending it further.
Best as always,
Mildred Adams
Mr, Donald B.
Vick Chemical
122 East -42nd
New York City
Woodward
Company
Street
17,fi.Y.
July 8 f 1954
Dont
Dr. 30'ppj whom I ealled immediately after t&lkisg with
you ibis morning, sounded w r y cheered at the suggestion that I
go out and talk with Professor Vood, Re is entirely trilling to
eall the latter t^f telephone, bat he is afraid that there is no
phoae ia afi Sates Park csbin. Therefor*, h« will vrit© ?rof@@#or
VMkl •«» «3tt#a<l«d letter* t#lliag his. about ih« Coimitte©, th«
•.project, th© g«srch for as historian, «te» 1® s««®« to
that Professor Wood will ge© n» vith
I oat, therefore, plaimlnf to fly fross St. luouis to
oa Thursday, the 22nd, and gpend tb<§ veekead there rather
then is Chicago. I ^ust sey th# proepect is Tery saaoh
tbau ^ « one which I ha<t hsd scheduled.
. I will let y®» k&ov as soos it» I h*mr fr«m ?rof#ss©r
Wood that this is a firm date.
Best as always >
I4sw
Mr. Bonaid B.
?iek Cb#mical
122 last iasd
Ssw York Gity
Voodvsrd
Coaspany
Street
17, ». I.
#
•
;
July 1, 19Sh
Mr. Walter Lichtenstein
The First National Bank of Chicago
Chicago, I l l i n o i s
,
"-^ :;. ^''.
•
;
' .
^•
Dear Walter:
I am no end delighted with your l e t t e r , toe are putting
a note on the calendar to JSLIGW you up in the Autumn,
With warmest regards,
_•• • •"•
cc: Mildred Adams
•\_.-
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. j
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•
Cordially,
@FedFRASER