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The Papers of Eugene Meyer(mss52019) 118_06_001- Subject File, Federal Reserve Board, Hearings on Nomination, 1931 i ReszoevE. go4AP IkAteiNcs oN A6oti/f/477444/:,/ /f lk/- P/41Z- • EXECUTIVE OFFICES (11r% c. Wm. Filene's Sons Company Boston February second 19 31 Mr. Eugene Meyer, Jr. The Federal Reserve Board, Washington, D. C. Dear Mr. Meyer: I just want to take this opportunity, first, of congratulating you on the well deserved distinction which has come to you recently. I intended sending this note some time ago, but am now prompted by what I STW in the papers yesterday. The courageous stand which you took before the Senate Committee proves conclusively that you are running true to form and your many admirers and friends throughout the United States will, I am sure, get a great thrill from the position which you have taken, which reveals your true character and which might serve as an inspiration or example to some of those who are questioning you. With every good wish, 1 am, Silerely your(s, • o) 7 (Louis E. Kirste n This document is protected by copyright and has been removed. Author(s): W. L. Bruckart Article Title: Meyer’s Stand Wins Him Friends Journal Title: Philadelphia Public Ledger Volume Number: Date: Page Numbers: Issue Number: February 2, 1931 This document is protected by copyright and has been removed. Author(s): Article Title: Eugene Meyer Says Flat ‘No!’ to Brookhart Journal Title: Chicago [_______] Volume Number: Date: Page Numbers: Issue Number: January, 1931 GLOVER & FLATH ER INVESTMENT BANKERS 1508 H STREET. N. W. WASHINGTON. D. C. :cbruary 1931. Honorable Eugene Meyer, Jr., Gover-nor Federal Reserve Board, Treasury Department, -Washington, D.C. Liy dear Lir. Lieyer: Llej I ex-oress to you my admiration for your courageous stand The country certainly before Congress needs at this time m3n of ability, experience and integrity in public office. I trust that your nomination will be speedily confirrod by the 36nate. Cordially yours, G:P RECFNVED This document is protected by copyright and has been removed. Author(s): Article Title: Good for Mr. Meyer Journal Title: The World Volume Number: Date: Page Numbers: Issue Number: February 3, 1931 GEORGE W DAVISON PRESIDENT WILLIAM WOODWARD CHAIRMAN OF THE BOARD VICE PRESIDENTS H. P. TURNBULL T. G SMITH JOSEPH BYRN E J.V.B.THAYER FU.FULLER W.S. G RAY,JR. U.S.LOVE RING J.P GARDNER B.A. MORT0 N .WHITTLESEY R. C ROETGER S.A . BR OWN FRANK HAMMOND CENTRAL HANOVER BANK AN D TRUST COMPANY FOURTEEN MANHATTAN OFFICES TELEPHONE HANOVER 3300 CABLE ADDRESS CENTRUST MEMBER FEDERAL RESERVE SYSTEM F. J.LEARY W.E.CABLE,JR W.H.SUYDAM C.R . BERRI EN G.H.BALC H W.J. LOGAN F A .THOMAS V.W.M ILL ER F.B.SMIDT SEVENTY BROADWAY NEW YORK M.PERGUSON,VICEPREST. & SECY. H .M MYRICK TREASURER February 3, 1931. Hon. Eugene 11.eyer,Jr., Federal Reserve Board, 71ashington, D.C. Dear Gene: Congratulations I mean on the excellent account you are giving of yourself in the hearings before the Senate sub-committee on Banking and Currency. You do not need any suggestions from me or anybody else, but as Senator Brookhart apparently intends to subject you to more hearings, I am minded to tell you of something which was one of the strong points of the banking creed of Mr. James N. Wallace, who used to say: "Be prepared to change your policies If Senator Brookhart presses wuthout changing your principles." policy you might hypothetical you with reouests for statements of and tell him principles answer with a declaration of your banking they principles these that as regards policies in application of framed are must depend on changes in the conditions which policies to meet. Also, I ai minded of something which 2:r. CTeorge F.Baker once gave as a reason for not talking when he was being urged to express himself. If I remember correctly, he said something to the effect that there is always too much talk, that there is never much need for talk. In the banking world in which the Federal Reserve SysteLl functions nothing talks like a money rate End the action which ma'-es ap, money rate effective. The Senate seems to exist for talk, but maybe you can get this across to Senator Brookhart. Sincerely yours CRB-M 100 GOLD STREET NEW YORK .February 3rd 1 2 31 My dear Eugene: Just a line to congratulate you on your enemies. Your fame has been established more securely by them than ever your friends could have done. More pcmer to your elbow! Cordially yours, Leo Arnstein Mr. Eugene Meyer, 1624 Crescent Place, Washington, D. C. CHARLES C. MARSHALL 117 WEST 5671-: STREET NEW YORK ESTABLISHED 1865 Li. T. LUPTON. VIC E-PR E5I DENT Z . C RATTE N. C E-PRESIDENT W. E. BROCK. J. W. DURRETT ASST.-VICE-PRES'T THE FIRST NATIONAL BAN"( VICE-PRESIDENT . V. HOLDAM AS5T.-VICE- PR ES'T E. H. LAWMAN ASST.-VICE- PRES'T T.0.TROTTE RJR. CI-1ArrrrANo()GA T. R.DURHAm, VICE- PRE SIDENT ...SST V. P H. R. RUTLAND. CA S HI ER W. A. SADD R. W. BA PR VICE- PRESIDENT W. H J. P. H °SKINS CHAIRMAN OF THE BOARD PRESIDENT FORD ASST- VICE -PR ES'T G L. NICHOLS A SST- C AS H I ER P H.STEGALL VIC E-PREST&TRUSTOFFiCER CARL GIBBS ASST- CA SHI ER CAPITAL $2.500.000- SURPLUS AND PROFITS $2,350.000 J, H. Mc DOWELL S.C.BROOKS ASST.-CASH I ER H. R. NEWTON ASST-VICE-PHES'T ASST.- CASHIER J. R. HIGGINS H ASST-VICE-PRES'T ASST TRUST OFFICER W. H. DE W ITT VICE-PRESIDENT CHATTANOOGA,TENIC. A MINOR COMPTROLLER W. M VICKERS AUDITOR - February 3, 1931 Hon. Eugene Meyer, Washington. My dear Mr. Meyer: I have been watching with a great deal of interest the efforts of some of the Senators against your confirmation as the head of the Federal Reserve Board. In this part of the country we are all for you and feel sure that nothing will come of the opposition. Your long service in governmental matters during the trying times after the war, with which I was personally acquainted with, particularly in the War Finance Board matter, certainly is sufficient refutation of any arguments against Jour confirmation. The country is to be congratulated in having one of your attainments and ability at the head of the Board, for I know of no one who is better fitted for the position or who can do more to bring all of its resources into full effect. If there is anything that I can do to help I would appreciate your writing me. With kindest regards, I am Yours truly, Chairman of the Board. HERMAN WEIL, LEON C.SIMON , ALBERT N.SIMON, President, Vic• Pr••. LOUIS A. WEIL, T HAROLD S.WEIL. S•Crelt•ry IS.. V.ce. Pres • r agar- It*co Et Si:N cyax, MANUFACTURERS CABLE ADDRESS"KOHNWEILSI " A.B.C. 51, EDITION WHOLESALERS AND EXPORTERS HAIPSAAL,"ILCkIMS LONG DISTANCE PHONE MAIN 5716 AGENTS FOR CANAL AND MAGAZINE STS. NEW ORLEANS, ( SECOND PORT U. S. A. ) Feb. b, 19'61. Mr.Ewsene Meyer, % Federal Reserve Board, Washington, D.C. Dear Mr. Meyer:— Your letter of tne Zna acknowledging mine of Jan. 28th nas been received. Since writing you, the enclosed replies from the two Louisiana Senators have come to hand. From these, I am satisfiea that you will receive tneir support when the matter comes before the Senate for action. Being Democrats, their interest may be nelpful in avoiding anything like united party opposition because of politics. I expect to attend the meeting of tne Atlanta Boara next week ana I shall take this occasion to enlist the interest of my iriends there in the effort to forestall as far as possible serious opposition, snould it Levelop. from what I read in the newspapers, it would seem that anything may develop in tne Senate under the antagonisms that seem to prevail there at present. LCS/HL Letters enclosed. N C. TOWERS OIL CLOTHING HIRAM W.JOHNSON,CALIF.,CHAIRMAN L. JONES, WASH. LES L. MC NARY,OREG. PORTER H. DALE,VT. ARTHUR R.GOULD, ME. GERALD P. NYE, N.OAK. ARTHUR H. VANDENBERG, MICH. CHARLES S. DENEEN,ILL.. ROSCOE C. PATTERSON, MO. ROBERT B. HOWELL,NEBR. HENRY J. ALLEN,KANS. DUNCAN U. FLETCHER, FLA. JOSEPH E. RANSDELL,LA. MORRIS SHEPPARD,TEX. F. M.SIMMONS, N.C. HUBERT D.STEPHENS, MISS. WILLIAM J. HARRIS,GA. ROYAL S.COPELAND,N.Y. HARRY B.HAWKS, MO. WILLIAM E. BROCK,TENN., 'ZICTlifett Zfatez "Senate COMMITTEE ON COMMERCE WASHINGTON, D. C. M.A.CONNOR,CLERK January 30th, 1931. III'. Leon C. Simon, Simon, Inc., c/o :7ohn, 7/ell Canal and le,gazine Sts., :Tew Orleans, Louisiana. Dear :imon: :any thanks for your nice letter of the 28th urging me to assist in securing the confirmation of honorable Eugene :::eyer for the position of Governor of the Federal eserve I an glad to have your views, and you may rest assud 1 at they will re 'Ye my most carefu considera' on. ,„2 e Cornitte on Banking an 'or your Ufomn, the _) Currency w41 continue consideration of this a-ypointmellt.at hearing tomorrow morning, and under the circumstances, I an unable to rive you any definite advice just now as to the proper outcome. 7rith best wishes, Sincerely yours, eph E. Ransdell. TER/wb COMMITTEES: EDWIN S. BROUSSARD isimiiiLTED STATES SENATOR STATE OF LOUISIANA ?Jerriteb Zfafez Zenate APPROPRIATIONS NAVAL AFFAIRS PATENTS TERRITORIES AND INSULAR AFFAIRS WASHINGTON, D. C. January 30,1931. r. Leon C. Simon, Canal and itgazine Streets, Few Orleans, Louisiana. I v Dear Friend: and I an in receipt of your letter of the 28th instant, apthe to reference with say have read with interest what ycu Reserve pointment of r. Eugene Leyer as Governor of the I'ederal Board. have been favorably impressed with the fitness of :r. nomination are Meyer for this position, but ES hearings on his and Curnow being had before the Senate Committee on Banking ion, I confirmat rency, at the request of those opposed to his I before shall have to await the result of this investigation will Committee take final action. Indications now are that the ::r. eyer. of behalf in report make a favorable Thanking yo, for writing me matter, I am, with best wishes, ur views relative to t_is Sincerely :ours, HERMAN WEIL , LE04 C.SIMON , Pr••idgent ALBERT N.SIMON, 2.15.•Voce Pr• a. LOUIS A. WEIL, Treasur•r VIc• Pr•• HAROLD S.WEIL, SeCretary MANUFACTURERS CABLE ADDRESS -KOHNWEILSI " A.B.C. 5,EDMON LONG DISTANCE PHONE MAIN WHOLESALERS AND EXPORTERS WASts...AMFollairmsi AGENTS FOR CANAL AND MAGAZINE STS. TOWERS OIL CLOTHING 5'716 N EW OR LEAN S, ( SECOND PORT U S.A. Jan. 28, 19.51. Ifir.Eugene Lieyer, % Federal Aeserve Boara, Washington, D.C. Dear Mr. Meyer:— You will find attached a copy of letter whicn 1 am writing identically to botn of tne Louisiana benators. i cannot believe that tnere is any serious opposition to your confirmation, but should there De i trust that this will be nelpfUl. 1 nave no doubt that the otner members (;f tne Atlanta Boara would be glad to use sucn influence as tney nave witn tneir Senators shuuid it be needed. i wili gladly undertake TO obtain tnis support if you indicate to me tnat it is desired. Of course, tnis will come in an entirely voluntary way, pecause we need in that position the services °I a man uf your character and ability. LCS/HL Copy of letter attached. RECEPIECI e 1931 J T o- -LOP OF Taw Cit.WhIRNOR, C.C. lliR EUGFNE % Federal Reserve Board, Washington, D.C. Jan. 28, 1931. Senator Edwin S. Broussard, Unittd States Senate, Washington, D.C. Dear Senator Broussard:— As you probably know, I am tne Chairman of tilt: Board of Directors of tr1.New Orleans Branch of the Federal Reserve Bank of Atlanta and am also a Director of the Atlantl;. Bank. This connection witn the Federal Reserve System has extended over ten years and I represent on tnese Boaros the public interest, naving no connection with any bank. Recently I noticed in the newspapers that the nominatin of wintrf-nk Meyer , ,rnor of the Federal Reserve Board was recommitted. Whether or not as Gov. this means a serious fight on his confirmation by the Senate, I do not know. It occurs to ink, therefore, to say to you, entirely on my own initiative, that in my opinion Mr. Meyer is qualified to make the pest Governor of tne Board that cou10. be selected. Mr. Meyer has haA a great deal of experience with the problems affectin! the agricultural section, such as ours. I have come in contact with nim on several occasions, in his work wit the War Finance Corporation and the Federal Land Bank and am convinced that he is not only a friend to the rarming interests, but an aole and an efficient friend. I make this statement in the face of vie ignorant criticism that are sometimes presented. Permit me to urge your sup-ort of Mr. Meyer's confirmation, It may be that you have already decided to do so, but I am giving you my views for what you may think they are worth. With kindest regards and best wishes, I am, Cordially yours, LOS/HL (signed) Leon U. Simon. 4 etAp.,A-TeRro ( idtrIr S*04114Goofer0 40 WALL STREET N EW YORK PAUL M.WARBURG CHAIRMAN OF THE BOARD February 6, 1931. Dear Eugene: Every day when I read the tortures thrS ugh which you are going just now, I am reminded of what I had to go through in August, 1914. Your man is Brookhart. Mine was Senator Bristow. ilotives and character about the same. Result: that I was canfirmed with Bristow's vote Fgainst me, and Senator Knut kelson withholding his vote. The latter, after several years of pleasant acquaintance in Washington, ceme to me after a committee hearing, patting me on the sholader: ”Warburg, I wish you to know thet I did not vote against youfl. I countered by saying: enator, can you truthfully say that you voted for me?1, Whereat he blushed and asked me not to push that cuestion. I predict that your experience will be entirely along the same lines. The whole thing will be forgotten and a joke after a very short while if, indeed, it is not now. So, don't let it worry you, and preserve your sense of hulaor. Hon. Eugene leyer, Federal Reserve Board, Washington, D.C. ALL AGREEMENTS MADE CONTINGENT UPON STRIKES. FIRES, ACCIDENTS, OR CAUSES BEYOND OUR CONTROL. QUOTATIONS SUBJECT TO CHANGE WITHOUT NOTICE. L. M. SHOOK •3E0, F.," MOLLESON GEO. E. MOLLESON LEADCLAD PRODUCTS TELEPHONE CABLE ADDRESS -GEOMOLL" WESTERN UNION CODE USE BARCLAY 7762 RAILWAY SUPPLIES 25 CHURCH STREET NEW YORK Feb. RECEIVED Hon. Eugene Meyer, 031 Fr- 7 \ OFF Cr OF LIR,iN1OR THE Washingbon, D.C. my dear W. me yer:-I have haniced God, several times, thab bnee is one flm in the United States who is not arraid to tell Senator Borah "where to get off" - it strikes me that it is to ask you "what you were boing none ui ni8 business o do provided he will allow(?) you to ocaupy the position to whioh president Hoover has appointed you". The last time I had bhe pleasure of seeing and speaXing with you was at the Bedford Village Celebration. Ilth kind regards ana beab wishes .or your "sitting down nard" On Senator Borah, I am, Very truly yours, GEM-LLS VLADIMIR G.SIM KHOVITCH 27, BARROW STREET NEW YORK r Ter Vn. '031 44.re-4 DI— /€4... /ittirv . e Ze..04 Y -.-<x g, ir ' '' i/e..,-E - 7(.,•,.4 (_ ,,e , 2, *vm-- • -- ....--., j k 4-47 / - G I4-4 1 ,4_ ‘ fre4t/t, 1 4,-,`'` 44 7'2 Pi.A..:P . A°) —3'1 /4-4 ge-7 l‘A cL,iec__-• .-i '`" 1 4A-d 4 1 e„ a-4-4 i „,.,...„a ,L.j. , 2 ,e4..• 4A' ' " ._. e4/t,..,e z I PC 2,e-‘,->7 I ze,t/-a.,,„. VLADIMIR G.SIMKHOVITCH 27, BARROW STREET NEW YORK e -ec--(-›-x ,‘, 4--'`. /e/ ree._. ifr Ee4' C;* 0--€ J c fr aa/°114We t,Z4e 14 efiK•4t/. 0C s;# G•5L. IC4'4. ' q,4 a.g ' '14-'dZ Kt‘t°4 Zi-r • .'e/C 14/etee f4 -'e‘ ia zz/e7,44? 14j/af 7:C/le, A's/all A %/414L 7,ku /4)1 1 eltJ 0C2 elt(' ic'C'4' 0-Z•44.1 4/--4. At, 4Z4•e'd°‘7.Al7 ge4 2.0C't: /0 (/-‘2 , trCie ,-Aeceepa. 2 ANDERS ON,CLAYTON & CO. MEMBERS NEW YORK COTTON EXCHANGE NEW ORLEANS COTTON EXCHANGE HOUSTON, NEW ORLEANS, ATLANTA, BOSTON, ASSOCIATE MEMBERS LIVERPOOL COTTON ASSOCIATION, LTD. CHARLOTTE, OKLAHOMA CITY, MOBILE, LOS ANGELES, SAVANNAH ANDERSON, CLAYTON 8( FLEMING 3 SOUTH WILLIAM STREET )rf NEW YORK 061 (r This document is protected by copyright and has been removed. Author(s): Article Title: Brookhart-Meyers Repartee – Fun in the Committee Room Journal Title: Boston News Bureau Volume Number: Date: Page Numbers: Issue Number: February 9, 1931 This document is protected by copyright and has been removed. Author(s): Article Title: Brookhart-Meyers Repartee – Fun in the Committee Room Journal Title: Boston News Bureau Volume Number: Date: Page Numbers: Issue Number: February 9, 1931 MARINE MIDLAND GRoup,INC. 1:20 BROADWAY NEW 'YORK CITY EDMUND PLATT VICE PRES:CENT -W( ( /3/, (-4.0{Liv R ECEIVED FEE 1 1931 OFFICP1 Op TELW GOVERNOR EDITORIAL FROM BURLINGTON, IOWA, GAZETTE. (February 28, 1931). ANOTHER "VICTORY" POR BROOKEART. The senate this week confirmed Sug3ne Meyer as zovernor of the Federal Reserve Board by a vote of 72 to 11. Confirming an appointment or rejecting an appointment is all in a day's work with the United states Senate, but back of this rather handsome endorsement of the nomination of Mr. Meyer is a story having to do with our own Vmator Brookhart. Be it known that the most active opposition to Meyer was raised by the Iowa senator. It was never quite clearly shown in the long hours of the quizzing of the new governor of the Board by Senator Brookhart, just what the Iowa senator was trying to disclose detrimental to the nominee's character or ability. Other senators apparently were of this opinion, hence, the resounding rebuke as contained in the vote figures. Senator Brookhart) however, is not discouraged. He will continue his lone wolf career regabdless. Everybody is wrong except Brookhart; everybody is ignorant except Brookbart, in fact, he said Mr. Meyer displayed most "remarkable ignorance" while he was questioning the nominee in the committee hearing. We have always heard that ignorance is bliss and it's quite possible) it may be contagious. We wonder sometimes if Senator Brookhart is not a carrier. This document is protected by copyright and has been removed. Author(s): Article Title: Might Be Better If He Knew Nothing at all About Finance Journal Title: San Francisco Chronicle Volume Number: Date: Page Numbers: Issue Number: February 28, 1931 GENERAL INSURANCE Y BONDS MORTGAGE LOANS E.ARTHUR LEOPOLD J. AS•&- HAAS '3Se 45enci,ofyersonalYervice" FOURTH NATIONAL BANK BUILDING PHONES WALNUT 5208-5209 ATI AN 1A,GA. March 6, 1931 Hon. Eugene Meyer, c/o Federal Reserve Board, Washington, D. C. My dear Mr. Meyer: Attached you will find copy of my letter of •. •: February 28, 1931 to the Honorable Smith Senator from Iowa. I followed the committee on banking and New York Times, and rejoiced unsuccessful attempt made to your confirmation. the details of the hearing before currency as well as I could in the with thousands of others in the assasinate your character and block With all good wishes, I am, Yours very truly, E. Arthuriaas EAH/111 • MORTGAGE LOANS GENERAL INSURANCE S'.2RETY BONDS E. ARTHUR LEOPOLD J. HAAS & HAAS -The ,Agency of Personal Service" FOURTH NATIONAL BANK BUILDING PHONES WALNUT 5208.5209 ATLANTA, GA. Feb. 28, 1931 Hon. Smith Brookhart, Senator from Iowa, U. S. Senate, Washington, D. C. My dear Senator: I am keenly interes in your honorable body, whether it conce state, and therefore take the liberty of country on your defeat in attem of Eugene Meyer as Chairman o theFeder of faithful followers Hon. Thomas J. Heflin For the sake of dear you soon follow him be of the same Dolliver. and Cummin ed in what is going on ns Georgia or any other congratulating the lock the confirmation Reserve Board. apers did not list your band all, but I am quite sure that e ex -senator, was among them. the rest of the country may presentation in the Senate will aracter as in the days of Allison, this connection, let me remind you of a statement mad rs ago by the late Rev.Sam P. Jones, who was considered one of the greatest preachers in his day of the Methodist denomination, to-wit, "The Hf4—Dog Yelps." There is also a good old saying of later date entitled "Go Way Back and it Down." May you heed and mend your ways, live long and enjoy good health. Yours ver , truly, jor E. Arthur H as/ EAF/IM This document is protected by copyright and has been removed. Author(s): Article Title: No Personal Issues Journal Title: National Sphere Volume Number: Date: Page Numbers: Issue Number: March, 1931 This document is protected by copyright and has been removed. Author(s): Article Title: Journal Title: Youngstown, Ohio, Vindicator Volume Number: Date: Page Numbers: Issue Number: June 8, 1932 This document is protected by copyright and has been removed. Author(s): Article Title: Journal Title: Norwalk, Ohio, Herald Volume Number: Date: Page Numbers: Issue Number: June 13, 1932 This document is protected by copyright and has been removed. Author(s): A. C. Hotchkiss Article Title: Senator Brookhart’s Efforts Failed Journal Title: Adel, Iowa, News Volume Number: Date: Page Numbers: Issue Number: