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,., (_~, FEDERAL RESERVE BOARD WASHINGTON X-3172 July 21, 1921. SUBJECT: Confidential Report. Dear Sir: For the inforrnation of yourself, your Executive Committee and your Board of Directors) I am transmitting the following report which has been received fl"om confidential s ourcE::s: nThis morning. f~ro:::n a c:J:nfideDti.'.lJ. source w'hic'h has on many occasion•3 pcove''I. to be :r:olJ~,."t,J.8J; 1. received information that the ~o~r:IL'Jtr'L-: t p::cr·(.:r ::n ~J'1e (i;'jHed States, wo:rkin~ ur..der i:r.~·!:r-us 1.:.\ ::nn :f.':."~.E1 F11s ~,;5E1.'J 'hA"l:3'p~a,:·te:rs~ is w.aking concerted effo:,·t.~ to b:ceak down the banking system in the United ~:;tq,tcs b.:.:· ~ (.s.r l;i:r:.g r.' 1.lmcrs that certain banks are unsafe. 'l'h:l.s re.ro- i·. is cqrl!~:l.rmed to a certain extent by the his tory of a :r c.:en t r·i.l.'1 on the -~ Ba.n'k of and one whL~:l \l'.:(.l;;:;.":..'ed during the present Week on the _______ Be:tu of··------"After receiving this in.forrr....ation I talked with the manager of the local brF...nch of the Federal Reserve Bank, who states that during the rur: on the Bank of - - - - and the Eank of : munero,ls depositors were called up by phone and told to withdraw their money from these banks as they were on the ve~ge of failure. Sorre of these depositors were given the exact total of t!:eir balance in the bank over the +;ele:ohone, from the parties who advised them to withdraw their money. This giving of exact amourltS of various depositors tends to confirm the statement rr:ade by my informant that the Comrnunist party had members in the employee of many of the private banks in the United States, also in the Federal Reserve Barili and its various branches. IA'y inforxoo.nt also stated that many of the robberies of bank messengers which have occurred in the United States recently were perpetrated by mn:nbers of the Co:rJJTU.nist party and that the money thus obtained is being used largely to spread ComiLunist pro-ooganda. " Very truly yours, Go v e r n o r. CHAIR' '!EN OF ALL F. R. BANKS. , ; J ...,I
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