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t (re June 12th, 1916. "y dear Jim: Those cigars vire simply perfect and will taper me off to an absolut,Ay non-smoking bnsis very saccessfn71y. . I am surely making a great record for I hive not smoked a. cigareVe for days. T'ost sincerely, Mr. O. C. Auctinclos9, 61 Bro-d-ay, New "ork City. BF Jr/VCM rie.14171-144Apiarx,"' j Estes Park, Col., August 24th, 1916. Dear Jim: Thie is my first opportunity to answerorours of the 16th. Since then, the arrangement for Kathelnf and Grandin coming out with.Billy have all been coi:11-5175-thdAn while I will Possibly, to see be glad to see him, I am dii3appy,X has been settled since he explained to you that fath c cc a number of papero for us to 1 left flew York and there are q necbk,ry for him to come out anygo over together wilt A make / way. Besides thak I hesitt e about urging you to leave home al worried over the epidemic, and just now whileiLeei,_goo still ther, I still have vome lingering hope that you and Lee will g out hereie me time in the Fall. That is the most de,teci:e4isit Estes Park and by then I will be able to lightful ride horseback and we will be able to see something of this won- derful country together. The crowd will be away tInd we will huvetbings much to ourselves. Please de not eeHle up the plan. .4ithout indulging in much political or partisan die* cussion mye,lf, I have taken the opportunity out here to pump men that : have met from time to time in regard to politics and have been amazed at the extent of dissatisfaction with Preeident Wilson's administration. As you know, I have been rather leaning towards approval of much of his work, but it does seee:al though e24- James C. Auchincloss, Esq. Aug. 24,-1916. a great many people in the West, and even in the South, are dis- satisfied over the Mexican oituation and both dissatisfied and humiliated over our policy in foreign affairs eenerally. surprisec me a good deal. This As an illustration, I have talked with one man from Texas, two from Tennessee, two from North Carolina, one from Kansas, one from Nebraska and one from Yissouri, all of whom agreed that his policies were generally unsatisfactory to the -----------e 'country irfein talking I gather aceilhat Park, with i with some of the local people here in Estes the same impreseion and am looking forward iweet to see what kind of reception Hughes gets next week, ---- . when he ied te/Aake a'tildress here. In some ways, I think the country does Wilson an iniustice, but that is alweys the way with a president ie / who)51t12.4e,fp,r relteetion. Since you wrote the ere getting your share of the We hao had a boom. rders'a I hope you judge that you are from what Lee writes me of your reckless investments Vffiutomobiles. UcCullough writes me that he has-not // taken a position yet and I fear that his feeling of loyalty to me has kept him at the apartment really longer than was neceosarN He will have no difficulty in getting a good place. I saw Dr. Sewall last week and after a very thbvough examination, he gave me an excellent repkrt of progress, much of which, however, I did not understand. He seems to be very careful and thorough and has impressed upon me the urgent necessity for remaining in the mountains all this he thinks. :inter. It is not such a hardship as James C. Auchincloss, Esq. Aug. 24, 1916. Pleaue give lots of love to Lee and my best to your good self. Affectionately yours, James C. Auchincloss Esq., 61 Broadway, .14ew York City. Leteo rcrk, Colo., F,eptembee 29th, 1016. Dear Jir: Ycuro of the 2rd, erclooing the check for W, I wrote is just received on my return free Denver. P Lee, Crnmet6n's vieit here and then my trip to Denver have delayed correspondence for about ton days. I am tremendous:1y grateful to yoe for dirposing of thooe cerde and following your eueeeotion am remitting the prcceeds to Charlie PhillieT in Paris, asking him to All cf you brekere are so proepersend me another lot. - us just nov teet re ought to get them over here promptly and teke advantage of the circumeteeceee your share of the "eweg". I hope you are Lee writes me of all the difficulties about the re ine tut notvitheteeding that I hope you don't return to town until there tan been at least two severe frosts. That wao the advice my brother Billy got after consulting 2CMC of the best men in New York, I am intereeted in whet you tell we about politics. jetil the three.tened railroad strike, it did not look to me as though Hugeas had more than a fifty-fifty chance, but they have certainly impel:IN/ad in the lee- month. I would vote for 740 -2To J. C. Auchincloes, Esq. Sept. 29, 1916. him if I were able to get hone and vote in my own bailiwick. On the other hand, I would be much better satisfied with his camp4ign if he spoice a little more otitively of his wan pro.gram. Anson is having a hard time explaining hii theory of how the Adamson law promotes the principle of arbitration and it looks to me as though that 19 the rock on which his cam.. paign will founder. I had a bully vinit with Yirburg in Denver this week ,id on Sunda-2 expect Vanderlip and irank Trumbull, YOU see I will not be Tithout so company. all keen well. len returns to Princeton toorrow and Orndin leaves for hie school on the 6th. My bent love to Lee and youreelf. Sincerely ycuro, 4.,SA_AM21!ine1Oss, £eW'sork I NCLOSS, ---." dOOST & CO_ SHERMAN B. JOOST JAMES C. AUCHINCLOSS FRANCIS L. SILL HOWARD CORLI ES ERNESTTRUSLOW RUFUS S. ROWLAND M BERS NEWYORK STOCK EXCHANGE 61 BROADWAY NEW YORK November 29th 1516. TELEPHONE 5570 RECTOR M. Benjamin Strong, 4100 Mount View Boulevard, Denver, colo, Dear Ben:- I received your letter a few days ago concerning the postcards, but as yet have not received the postAs soon as I receive them I will start to work cards. selling them, and I think there will be no difficulty on The people who bought the last lot of them that score. were very enthusiastic, and want more, so I trust the cards will not be long in coming so that I may not lose the market for selling. There is nothing new in this part of the world, and 1 guess what little tnere is new has been already You must not feel told you by Lee in her last letter. that you have to answer my letters, because I share the letI apters you send Lee and find them full of interest. preciate that you have a great deal to do and many letters to write, and I do not wish to burden you any more. There seems to be a difference of opinion between the members of J. p. Morgan & Co. and the Federal I presume you know all about this, and Reserve Board. it will be interesting to see what effect the warning which the Federal Reserve Board issued will have on the investing I, personally, believe that the attitude taken public. by the Federal Reserve Board is right, and I think it is a great cause for regret that prominent bankers see fit to It disregard the views of the Federal Reserve Board. seems to me that at this time in our history it is more important than ever for the financial leaders to stand together and to pursue one common policy regardless of whether uf course there is any particular money in it or not. this whole difference of opinion may not amount to a great deal in the long run, yet it causes a lot of discussion and, I think, a certain amount of uneasiness amongst the more conservative members of the community. Business here is pretty good, but the money rates have gone up, call money lending yesterday at I think this will undoubtedly act as a beneficent 6%. break to this wild speculation which has been going on. I do not think it means the end of this bull swing in the security market, but it will give us a breathing space and Mr. Benjamin strong, #2. will allow people to get on an even keel again and collect their wits. Am glad to hear that things are going so well with you. I wish I could set a time when I will come out to pay you a visit, but I am so busy with many things that / can't say when I will have the opportunity to get away. I fully intend to come out and see you some time, however, and will continue to hold this threat over your head. With kind regards, Sincerely yours, p. JCA.MJC December 12th, 1916. Dear Jim: I am dictating a reply in part to y 7th so as to get an answer off at once and will in a day or to. it was a bully letter and I letter of the ritn further elighted to hear all the nes. What you suggest for ih me as being excellent and a 1 stmas present ote you tate to exceed the amount of (fore, ikes do not hesi- I hope is pleased and - want her to be. About the p job is cleaned up : you will sand me .ne proceeds to Paris again and get anoHi vant you to be frank and advice me 'f I ut the We, could service dec..1 of c rnection: If I wer at hone nd owl' all abo t those people and possib2y bE. of some looking them ion chould you know, m.,a it is a metier in which a good exercised for a mite connection, as d deal of respimsibility for what takes, place at the other end. Hugh Wallace is well-known in Washing- ton, but 1 would hesitate to accept his judgement as final in regard to a matter o: kind. 1 suggest you asking Andrew Mills to inquire of 'Alton Ailes, Vice President of the Riggs -2 To Dec. 12, 1916. Vs. Auchincloss. willing, If you should National Bank and Mr. Ailes can give you., if he is every scrap of informtation on tne subject. by chance wish me to make any direct and more private inquiries about them, write or telegraph me and I will do so at thout having once, but I would not like to start anything your authority. The question about special capital is esting. How much do you re,illy wan anu rha ontribution, b lnce myself, I might be able of the town that iF ashin you had the beet lunchthe tovn aff. sad. eons end dinners th nk you for or, at Asrer very shortly. Since J. C. Auchindloss, 103 East 86th Street, New York City. un- You can be cure interesting and 1 BS/VCM I your scheme is end I In any event, lot me kno might be able to writ further roe ut of the ,:.uestion I der present cireumstances, if I were in ur idea of If I were the character' of fhe special part fear. ighty inter- y ole man. I will unmd a Denver, Colorado, January 13, 1917. Dear Jim: A considerable accumulation of mail over - holidays has very for two or which may be c. sidered a ee prevented my writing either to you or three weeks past, and I am sending t a t off one of th joint letter, odnding opportunity to "hand- picked" variety. re laid up It is too bad that yo The same thing seems been true of to suppose you have been ha i g a regular op your letter -1(1 ie mic, but I judge from s were net profits and proscertainly hope so. your d re cleaned up let me know for Whenever those r burden on some of my family in New thin.- I will put a p York a many at home that I good order during the L kick-up and that conseq verity flows h busy times. ossibly impose on mite of these good Denver people when ward. the next ba Since and I am juat being of cour nie Lee that trouble I had with my faca has ow indulging disappeared in a session with the dentist, my object to leave the medical profession in this community in. a. state of unexampled opulence. The boys had a great time dueing their holidays. in a)me log cabins nearly miles from the continental 10000 feet divide. We spent it above sea level and only a few The people we stayed with were Denver, Colorado, January 13, 1917. Dear Jim: holidays has A considerable accumulation of mail over 80 very prevented my writing either to you or three weeks past, and I am sending joint letter, ndnding for two or which may be c opportunity t sidered a e off one of th picked" variety. It is is too bad re laid up that yo The saee thing seems to been true of suppose you have been ha ig a regular ep your letter end L h busy times. many at home that I mic, but I judge from s were net profits and pros- perity flows in your d certainly hope so. Whenever those p re cleaned up let ere know for I thine' I will put a n burden on some or my feamily in New .ossibly impose on some of these good Denver people When the next ba Since 11, rig Lee just and I am being of cour a state e n good order during the kick-up and that conseq York a i a.rd. that trouble I had with my face has disappeared Ow indulging in a session with the dentist, my object to leave the medical profession in this community in of unexampled opulence. The boys had a great time duping their holidays. We spent it in ElDie log cabins nearly 10000 feet above sea level and only a few miles from the continental divide. Tee people we stayed with were 2. January 13, 1917. Ur. Auchincloss. To most hospitable, gave us plenty of good things to eat and the Rockies gave us a treat of weather such as none of us had ever experienced. On the way up and coming out also we had to break our way through the snow drifts and both through two big bunches of mountain s than afraid, some of them coming up rove right p, which wer ore curious within 25 feat the rig. They are getting very plentiful in that region. I EL,1 expecting some one long and may decide to or a couple of weeks, just for a change. Tell Zee I wil few days. to you both. sincerely yours, J. O. Auchincloss, st 86th St., 103 lie sit City. My best love )),..1 r.F-4-ni--1 Denver, Colorado, February 21, 1917. Dear Jim: I was delighted on returning from Arizona find your letter the 9th, even though it did indicate slacker t articular news of my own welfare I will am hoping to write Lee in a day or two. i on the Exchange. ()serve fo a letter that I In the z821t I am mighty interested in all that you say abou4 York reaction dismissal of Bernstorff, et al. triotism is felt in it is yet to go and fight. ally, I do not think i the would be among all the other "best" lunteer, so long as we Ben yet been have ersey National Guard, which has not bilized - at 1 be at an'line. would not first with stem. a member of ti has writte Person- if we were in for a real life and death this volunteer no all Street, but don't you much maligned New York and, get gay and feel that . the Grandin, ask me f. let , regiment has not but, of course, may o has had a summer's training at Ft. Terry, .ermission to enlist in case we have war. I t for active service, but I might let him go into training, and, of course meantime it would mean in the case of war that Ben would have to do his share. I have not said much about it and tried not to think much about it, but both of the boys would want to go and I really would not feel justified in endeavoring to dissuade them. is I would go myself if occasion arose and I felt more than an encumbrance. The fact that I would be alything 2. February 21, 1917. To - Mr. J. C. Auchinoloss. 1 had a wonderful visit with Jim Curtis, Who was with me about two weeks, and it was like a breath of fresh air from home. Please give Lee my love and my best to you old marl, and many thanks for writing me. Faithfully yours, J. C. Auchineloss, 103 _Cast 36th St., New York City. BS/CC 4. Denver, Colorado, March 15, 1917. Dear Jim: Many thanks for your letter of the 7th, Wh was here on my I went there to meet one of the Reserve Bank men return from Chicago. yed a couple of to discuss one or two important matters days; it was good to have a little change. to the extent even that my clothe tting on weight ing uncomfortab e understand how mixed up things 1 can New York; it is reflected feeling out here, While the in all of my correspondence. newspapers are finally I am stil more space to war news, there givin is undoubtedly an und e oar, Which is distressing to me and to others hey come out here. though, it is natura e few People in this part of the country have d no thing in Chi y knowledge of European affairs. ct t is stirring , I most say ing here in Denver, and I thin,c the same is the great a tivity of the various relief organizations, in- cluding Red Cross. Mb are beginning to contribute and to buy foreign government tcurities, e the women are organizing a good many clubs for various re irk. I we glad things are well at home. Will write Lee in a few days. Meantime, give her my love and tell her to be cheerful. I wish you could get out here but know it ix out of the question and not even decent for me to urge it. 1 aLI still hoping, although not with final certainty, of get- ting home in June. Very sincerely yours, J. C. Auchincloss, 61 Broadway, New Yorc City. 1-1.-4-4 6 (7' SEP 3 191t 4e,,e a,t eo-fr,, ae<_ 420 tYee,,e94ceer,_- z_Ze" ,90 rt" i Septamber 3, 1918. .,)ear Jim; Your note of the last ultiuto was delayed in reaching ma as I have been tr&Areling about a bit, / hope you get u fine job; that the or is all that you want it to be; and that I may have opportunity in the near future to hear :-ibout it, 4)en next in Washington, I will certainly call you up. I was only in Wushington one day last week, and had to hop right back to WOods Hole to paoalup and °ems back an the job, CordiLlly, jamea Auokinci in ashintAen, L. BS/1433 .3 1,;t. 41JCH HNC L_C).53S, JOOST 8, PATRICK ME MB ERS NEW YORK STOCK EXCHANGE 61 BROADWAV NEW YORK TELE PHONE BOWLING GREEN 6820 Hon. Benjamin Strong. "Cluneden" Lake George New York. January 27th. riu 1919 ;ii 11) FFZERAL ftEDIRVE BANK Dear Ben: Just because you have not heard from me in reply to your good letter I hope you do not think that I am unappreciative. Your taking the trouble to write me at such length, and in long-hand too, was very greatly appreciated I can assure you. I should not have bothered you at all, as a matter of fact, and I am sorry I presumed on your friendship and good nature to such an extent. Hence my apologies are two- fold, for my delay in acknowledging your letter, and for writing you in the first place. Furthermore, I am writing you on my new toy all by myself, and I hope I will not make too many mistakes. You ought to take up this form of indoor sport, it might be handy in your business! Your letter was fine also, because it made clear many things which were It was especially interesting in view of the various conversations not clear before. I had with the Stock Exchange Money Committee. They, in my opinion had a wrong idea of the whole matter, and were handling it in a crude way. I think you would be However, it amused to hear some of the remarks some of them made in discussing it. is history now so there isn't much use in "growling" any longer. There is, however, a question I have been thinking about a good deal of late and that is, Has the N. Y. Stock Exchange a place in the Federal Reserve System? The Stock Exchange plays a pretty large part in the life of the financial world, and now that the Government is taking steps to protect the investor and to more or less control the credit market isnIt it a natural question? Some time when you have nothing else to do, tell me what you think about it. Are you putting on weight and getting in fine shape for the next loan? I think it is going to be a hard pull to put it over. I was offered a job at Liberty Loan Headquarters by one of your workers, but it was so indefinite and apparently so trivial that I begged to be excused. I must devote some of my time to my business and try and pay my bills. Last Monday was the first time that our firm had been together for over two years, and we were glad to get acquainted again. Many thanks again, for your letter and profuse apologies for my seeming discourtesy. When are you coming back here again? I hope not for a long time because you must have a good long rest. J/CA P\ M4,1 Deer Jim: r. Y. February 3, 1919. ,r1 1911 FIMRAL RE5ERVE i/ Thanks for yours of January 25th'. the mice generally have a good time: Men the cat's aray Those stock exchange pals of yours and nossibly some of my banking friends got a bit out of hand recently and I hope the consequences of ,hat has been done did not prove an embarrassment. There is some risk that embarrass- ments will result, however, and for that we must await developments. To ansrer your question about the stock exchange and the reserve system would require a volume. I will save it until you and Lee coma up to see me. I very much want you to do some work in the Liberty Loan Organization. Can't you manage it some ray or other! Please give Lee my love, and my best to yourself. Sincerely yours, Auchincloss, Rsq 103 East 86th Stieet, New York. BS.YSB - r. hington, P. C., October 24, 1921. Dear Mr. Benedict: I was sorry to miss your 4:1,11 last week but as my tecretary probably explained, I have boon away from the office on account of illness. In case those centlemen come hero from ustria- I vall bo very glnd indeed to meet them in liww York ard do everything in my pmer to facilitate their meeting the officils of the Government li)ho nro interested in the matters Alien they are coming hvro to discuss. On the other hand it is at theepremont moment difficult to see how urythivg owl be accomplished as e result of their visit except possibly an exchange of views for their information. .:c) long as the necestwry legislation to enable the funding of the debt ming to our Government by foreign (lovernmorts has not been passed by Con. gross there seems to ho no pater resting in anyone to negotiate adjustmorts. shall be detained in ashington all of this week but will be at my office after Ponday of next N.yek und will be glad to see You IA any time. Very truly yours, . 'Larry R. Benedict, Room 701, 111, Brordway, Lew York City. Governor.. Hotel Boau-Rivace, Gonova, neptember G, 1921. Hal. Ben diet, 113. Broadway, Room 1701, Hey: York, N.Y. Dear Benedict: I haw :test concluded a conference with nr. Marcus nbIlenberg and Dr. F. Grimm, the financial ninister of Austria, the result of Which will be to riVD you a very interesting, loportant and helpful piece of work to do. Here is the sitaatiaa : Austria in hopelessly bankrupt, the food requirements are very rich greater than the doneotic production, they oost have finoncia/ holp to provide foreign food and raw notarial supplies, if tboro is any hope of getting thom on their foot. If such credit is not provided, the situation will rapidly become oxtrooely critical and Austria may be a centre of infection loading to disasters in other middle Durooean states. The Leamo of nations has clearly recognized this situation. The Financial Section has made a conoral study of Austrian conditions '*or nr. 1-fallen:berg's direction. Tho result is a detorminatioo to undertake a loan to Austria uoOer the provision of the Ter neulen. plan. That plane as you may know, is enactly an elaboration of the plan 1 formulatod at the nom° two years ago. It provides for an intornational loan having a lion on special assets and incomes; to rook° it offectivoit is necessary that all other nations haviog claire upon Austria subordinate those claime so that the proposed loan will underlie all other obligations, anti will therefore offer provamably good socu- rity. All nations concerned, except the United Otte, have now agreed to such subordina- tion of claim. The U.n. Grain Corporation has a claim for sono twenty-four or twentyfive million dollars. Until that is subordinated, no step can be effectively taken in offocting the new loan, and the Austrian food situation makes the tios involved extr000ly ioneortant. Tho need for action is urgent. Oaruoderstaading here is that this claim of the U.S. Grain Corporation is included in a general bill now before Congress dealing with all the Allied debts. De action can be taken, we uAerotamd, before the end of'neptomber, one, as the Austrian interest is involvod with the whole Allied debt sitaation in this bill, there may be long delay. We have docidod that it would be wiso to send a small Austrian Commission to America to explain and discuss tho situation. I have told then that I mould arrange for you to noot the Commission at the dock, to have their hotel accorrodation son to lay out a pro- gram for their work that should include neetiog the proper poople in Washington, come nootinne with Herr York pooplo floe posoibly (you could best docido) a tripto Philadelphia and Boston. I have told them that you would lay out the 'tole program, give them the proper introduction on my behalf anti will generally act an their counsellor. this rr1y soon like a labor of lovo, and perhaps your love for Austria is not (Teat. If you had seen it as I have, however, if you know the danger of non-actiOn, if you felt hopefalness in regard to ultinate recovery which nicht como from carrying out the program, if you knew the oxtreeoly intelligent nrui careful worn:which the neagao of nations' Financial Section has done, you would agree with to that thas is an opportunity for real international service. I am sending you today tall documents dhow-tag the studies anti conclozions of tao. Fieercial :3ection. P - I think it veal be wise for you at once to inform yourself of the political situa- tion in LID.4421.Met021. I would ask sane aid frau Carmidhael and Alles. U111 you then briefly cable me the situation co that I can inform the Austrian Chancellor? The Commission is apt to start before you receive this letter; louevor, you mill be informed by cable of their ship so that you can meet then. If you desire a day of conference ard mould like to take tho party to neschueoin for a day or any length of time, you will, of course, feel perfectly free to do so. All will speak Engliah and be very carefully selected. I have given very definite indications of the sort of people I think should co. I "wish you would confer with Ear don and perbnes soap others in laying out the pro- gram and itinerary of the visit. The visitors will, of course, pay all their own ea- pensos, bat I have told than that me would gladly donate our sorvices, Alla they aro most deeply appreciative* * * * * * * * * Faithfully yours, F.A. Vardorlip. * * NV, '2 4 44, , IC Pobruczy 24th, 191E. Dear !Ars At tae direction of air. Stroag, I am oncloang copy of ocbloram spat you by Uensrs. ::leinwort, So= ao. 42*. Strong -as very )rry apt to have boon able tc: have had chat with you to-day in regard to this, but will try to do so to-norrow. Very truly your.4 socretary to IL-. Strorw. 4.. Henry Coldmaa, GolaftarnnItv Co., o. York City. VCM COPY Telegrameiives1 by GOLDUAN, SACHS & COYPANY .11.14INC+ thTIPT . 1915 , New York, February 20, 1915. (Cable dated 19th) FEDERAL 3ESERVE BANK From Lessrs. Kleinwort, Sons & Co. London Coldness NYK 94 (Deferred Rate) Number forty Referring five hundred ten quoted fiftyfive fiftyfeur respectively small market number five fiftyone accepted. Insurance market here will probably govern movements New,York exchange at gold point because Price eagles Ottawa based almost utmost cost sending gold from London bullion insurance very difficult small market fluctuating between ten and twenty shillings per cent. To avoid shipment bullion from London can you make permanent arrangement treasury that we deposit sovereigns with Bank England for credit United States Embassy Against simultaneous issue gold certificates New York Argentina Uruguay have arranged similarly. KLEINWORT No. 551 ;1168.10.7 djs on Banca Cormercial Italiana, London, by Weil Bros. C\ALA lia//14aEon ; ceAi A`i7had, m6tralAT*Itre, ErchaNge ..(jearnateerjle; .1;oetyal. 2v.5,400W' Cgv ,gz-') .-(90/ 7-.1,(Aweawee/ /No, 24, 1S, 14 Benjamin Strong, Ir. ,Esq., 62 Cedar St., City. My Dear Mr. Strong:- 'I ignorance Gin most subject/is colossal,my experience in cotton r the past twenty five yes might be worth something , and if I can serve you at a_yi y time you can rest assured to My elephone number is 230 Rector. With assurances of high pe sonal regard , I am Yours very/truly, you only have to command me. at,trii rter-11-14 , 4/0,4 N. PENROSE FiALLO'VELL 44 STATE STREET J N 1918 BOSTON June 20, 1918. Personal. Benjamin Strong, Esq., 0/0 Federal Reserve Bank, New York, N. Y. Dear Ben: I was perfectly delighted to read in the paper that you had been given an LL.D. from Princeton. It is a very high honor, one which you richly deserve. !Tr. Aiken received An A. M. from Yale yesterday. 'Ne are all much pleased to see from these two degrees that due recognition is being given to the splendid work of the Federal Reserve Bank. I congratulate you most heartily. / Sincerely yours, /C - June 21. 1918, Dear Bucks nany thanks Tor your note of the twentieth. The Yrinxeton coraence:aent was rot impressive and it added a good deal to Iv pleasure in being there on the errand that took: me, to receive a degree at the same time that Lord Reading and,Davisaa received theirs, on account of our as- sociation of the Dast three years. It was mighty good of you to write me such a nice any th_anks. note of congTatulations. Sincerely, Y. Poe Eallowell. asq.. Becton, Lass. P. 3. I au hoins to go to ;70ods Eolo nel:t weak to spend moot of the Filer, Can't we arrange come golf Eatches? Possibly you can ran Coin to Woods Hole and visit me. a cotte about as large as a pill - for a c;uet or two. be I have but with room oneyL.h k. t?, /24 i1 ii airri ,t r 0 I ,j1(4-1 k t.,471 , Mif) 41 1 ?8, Dear Horace: For the last few years, I have been interested in the work of the organization which has been conducting an active and I believe rather successful propagende to secure, first, the enactment of lee;islation which would reGuire the preparation of a. ederal budget, and put the financial affairs, of our government upon a more business- like basis, and, second, during the past year, in the promotion of plans for the reorganization of the departments. Lost of the cost of this work has been met bj the individual memberreof our committee. We are, however, in need of assistance from those who are interested in our program and believe in the work. asked to get a few subscription of e140.00 each, willing to make a contribution of that emount. briefly explains the situation. aid? 1 as ad hope you will be The enclosed leaflet Would you be willing to give Us your if you feel unable to do so, I would aek you to return the en- clued leaflet, which is specifically assigned to my list by number. Sincerely yours, J. Horace Herding, Esc., 15 Bread St., New fork, N. Y. BS:MW Enc. J. HORACE HARDING 15 BROAD STREET NEWYORK MAY 1 01921 May 9, 1921. Dear Ben: I am in receipt of your favor of the 28th of April, and take pleasure in enclosing you herewith check for $100. for the Federal Budget tlempaign, which I See by the papers is peeting with success. I have mislaid the slip you sent me, so have drawn the check to your order. Sincerely yours, Benjamin Strong, Esq., Federal Resrve Bank, 15 Nassau Street, New York City. May 10, 1921. Dear Horace: certainly appreciate your contribution of t100.00 enclosed in your favor of Mal 0, to the work of the National Budget Organization. It 16 fine to havn such generous support in this undertaking, and your help is very much appreciated by the Committee, AF well as myself. With many thanks, Yours sincerely, J. Horace Rarding, Esq., c/c C. D. 9a,rney & Co., 15 broad St., New York, N. Y. GB:MY 0 -4" ji January 12th, 1K6. Dear John: Thank y_ra for the trouble you have taken in recant to or reservations on the Rotterdam, I enclose cheek for 507.50 to cover my share of the coot and if there are any additional charges, -s I think there may be, please let me know the amount. If you back out, I will make trouble for you of a serious kind. Yours, Ur. John F. Herris, 15 Wall Street, New York city. BS Jr/VCM IS WALL STREET NEW YORK January 27th, 1916. C) Dear Sir:Mr. John F. NarrigVdirects me to acknowledge and. thank y9ti for the flashlight sent him to-day. Mr. Benjamin Strong, Jr., 62 Cedar Street, New York, N. Y. January 27th, 191C. Doar Cir: The enclosed is sent you with a request by nr. Otrong that you put it in your bag in the event,that.you might have occasion to use it on your 7:11ropean trip. Very truly yours, Secretcry to 1.1r. strong, _r. Jahn '7. 15 ,411 Ctreet, Ter York Oity. 15 WALL STREET NEW YORK 27th January, 1916. Dear sir:- to send you herewith Mr. John F. Harris directs me S/S 'Totterticket New York to Falmouth for Holland-America Line darn" February 2nd. Err. Benjamin Strone, Jr., 62 Cedar Street, New York, N. Y. HINR January 28th, 1916. Dear John: I met Captain Ginger, whose real name is Xeller and who had charge of the Ritz service on the Holland-America line at the Plaza last night and learned from him that he knows the chief steward on the "Rotterdam" very well and Will communicate With him about mu-' being on board. As you live :It the A.aza and doubtless know Captain Ginger, might it not be a good scheme also for you to warn him of our presence on the boat, and I believe we can count on having every attention. Very truly yours, Mr. John F. 15 arris, al1 Ttreet, New York City, BS Jr/VCM I -,;(4 t eee t. L IX".. C.) - lett vw.44,H . /41/* lr^"N4 rt,L J *-1 a. R /).14,4 t fvv.kaiwii Ht)- it" tt. &A.tixt;4- 12,4* LtU4.- 4A.40s,A,",..44 1167 eg.14 LEtw. , 11-ras tt-.44 oLt-t- *n4.-a.v.A Ls/ Avvi,. -triftAt 44P"^- k4LLI tL t4 4). Ltri 41.t....r* I alop:A :t- et4 tv A 6.1 CSINEY5'- 4i) H MU September 3,,1914 4 A914 W:,j° fri Benjamin Strong, Jr., Esq., President, Bankers Trust Co., ' 16, Wall St., New York, N. Y. Dear Sir: Our New York office telegraphs us that you are working with Messrs. White, Weld & Co. on,the Savings Bank Association, seeking to get the savings banks to aid in regard to the railroad rates and that this is done in order to preserve the savings banks and depositors from loss. only wish to express my great sympathy with any such move. Good railroads are as essential to us as good food, and indeed bring us the food. Good railroads can't be had without money and they can't get money unless they can make it attractive to the investor, and the investor will not put his money in unless the roads can pay dividends. Also the railroad well to pay interest on its bonds. other. must earn, fairly It is a circle just like any There can be no doubt about it, and as far as men who deal in investments go, you may be sure, and it is stated on our authority, that we shall advise nobody to buy railroad shares or railroad bonds until the railroads get fair rates. B. S., -2. You may wonder why I write to you. believe in team play. I am Most gratefully yours, It is only because 14 WALL STREET, NEW YORK. September 27th, 1921. ACKNOWLEDGED SEP 2 9 1921 B. S. Honorable Benjamin Strong, c/o New York Federal Reserve Bank, 120 Broadway, New York City. My dear Mr. Strong:I have noted with considerable pleasure and satisfaction your appointment as a delegate to the Conference on Unemployment which opened yesterday at Washington. Which appointment I sincerely hope you can see your way clear to accept-and thus give to this important subject the benefit of your valuable counsel and advice. I am quite certain that the most important aspect of the problem of unemploymenttin large cities is concerned with that of home development. Undoubtedly the housing facilities everywhere are fully five years behind present The recent subway extensions, in our city here, are needs. not affording the relief for which they were designed because the outlying districts which they touch have not had the benefit of any extensive building of homes. I am sure that this situation will be referred to in the Conference at Washington and in any plans which are considered due consideration should be given to the need for encouraging the building of homes in these outlying districts where the land is not so expensive and can always be purchased at a price far below the values where lands have already been improved, and if proper inducements are made through reduction In costs the prospect would be an inviting one for prospective home owners through the conviction that such ventures, with proper development and added building,would increase in valuation. It, therefore, seems to me incumbentt, when considering these broad questions for our large cities to undertake the work of extending water Pnd gas mains as well as electricity, and that it is quite in line with the needs of the hour to oonsider the effect of such extensions upon the industries involved in furnishing, transporting and handling the materials from the mines to the finished work. With these few words of suggestion and again expressing my pleasure at your selection as a member of such an /91) Honorable Benjamin Strong, Page TWO: -ew York City. important conference and with kindest regards, I am Yours very truly, WTCC/BD iser8e7 d'asLali dtiw b'N0,116' irsJ. 1 Y ETIYOY '.;eptember 29, 1921. dear rr. Hoytt I =Just in receipt of yew favor of the 27th instant. Unfor- tunately other enegemee.ts have prevented ad serving ac a meMber of any of the sub -committee:: whioh ere now making studies of unemployment in a verity of its aspects, but I shell Lope before the comforence ands to have an opportunit;1 to take advantage of the suggestions you are good enough to send. As regerd to home building, I think it mnst be borne in mind that at a time when there is a dintinct shortage of capital the world around,lmas of that character are more difficult to negotiate, ana there is competition as to both rates and Convenience with those that are obtainable in other forms of attractive Investment, especiall. those rid& are tax exempt like the bonds uf our stateemunicipalities. You will be intereeted to know that the data compiled Oy the Federal Reserve 3an3c of Nev: York from reliable sources indicates that there has "oeen a yory considerable increase in building during this year In and around New York City, and much the largest part of it has been of that character. Yours very truly, olgate Hoyt, Esq., 14 Wall Street, New York. ES/RAB. 40,1 TELEPHONE STUYVESANT 8171 C.) -0 NATIONAL BUDGET COMMITTEE SEVEN WEST EIGHTH STREET NEW YORK CITY DIRECTORS T. PRATT. CHAIRMAN SAMUEL MCCUNE LINDSAY, VICE-CHAIRMAN WM. M. CHADBOURNE. TREASURER DR. NICHOLAS MURRAY BUTLER JOSEPH P. COTTON 1-INI R. C LEFFINGWELL ALTON B. PARKER HENRY L. STimsoN MANN? STRAUSS BENJAMIN STRONG WILLIAM HOWARD TAFT PAUL M. WARBURG November 21, 1921. STANLEY H. HOWE DIRECTOR OF ORGANIZATION SAM A. LEWISOHN NEW YORK CITY CHAIRMAN Hon. Benj. otrong, 15 Nassau. 6treet, New York, U. Y. Dear Dir. btrong:- Will you be my guest at a luncheon to be given at the Recess Laub, 60 Broadway on monday, november 28th, at 1 k.M? Mr. oamuel McCune Lindsay, xresident of the new *York Academy of xolitical Dcience, who has just returned from t. Louis on the first lap of the transcontinental tour that Mr. John T. kratt and other prominent men are making in behalf of the national budget Uommittee, will report upon the meetings held in rittsburgh, uincinnati, Indianapolis and Qt. Louis and the steps taken to effect local organization of the national Dudget uommittee in each of these cities. klease make every effort to attend. Very trul yo rs, NEW i0HE CITY C R.S.V.2. ae7 mmib79-0(-A, Aa4 i/o_y- c&lo*,i 09a 1. Transcontinental Tour of Prominent Busk. _JS Mei_ in Behalf of the National Budget Committee Leaving New York Novena_ :r 14, 1921, "Aturning December 22, 1921. Port .dato,o taat Pos,, 3le "'tin 0 ,04.4.1Y ...aton .ltz 114 S4. .4/ ..1:0$21.1.44" 4's 'I.. `4.. gane' ,ter . Belfast Marquette :717:: Ishpenatng sto. CiZt lled L.dge 'Manistee uskegon Cospe 24,4 Chadron Dubuque Fort Dodge Waterloo ,onai Rvanston 7..s.,LT LUCE CITY' Rock Z°. Allianco Norfolk, Cedar Rapids Columbus 'NophiBould Stock Epk..nn Fremp North Platte. Spaz,..rist4Fo.r1c."Provo Grand Island, Kearney. .Bealrico Fairbury. Orion. Leadville Concordia. . Colby .ii000sPo CIE Akron' Cant°. Lim Manstiold5.ube..4me Wheelin O Columbus gpringlield ew" KANSAS CITE Ottawd 'Warsaw Wichita Search, ST.LOITIS Jefferson Citi .Emporia liewton Garden City s, s.adus Hannibal Topeka. 'Scott. a:drYford Toledo' ,orant.. sbull Atchison Leavenwo Saud,, CnPPle Creek Ooray .g.e.aord DETROIT, Jack.; St.Joseph Color.° Springs l'isa11044P.hden, Ottumwa Burlington. OMAHA Lincoln progon , Ora. &nen ..etion Clinton. Davenport Muscatine, .00. ';'?it.t5Ete srFro° Lansing Elk Bain lirep.arie ;lint srv, Rapids look uglas ort Huron .Arlington tl Pittsburg Arkansas City. Springfield ,ophn .tb ,L08 'Forsyth Nee D )8,,Q Trilsa s Guthrie Oklahoma P.seott 4ea %.San bre, Antarill, Asuevai; Marianna Hot Springs Pine Bluff. Durant .0 Cheraw Little Rock . Ardmore Sherman Jonesboro. ,Ft.Smith 'Lan-tan Wichita Falls. Gainesville Inbbock 'Fayetteville Shawnee Mc Mester. Chiekasha Altus Ft.Gibson Muskogee 0,0ngehurg Charleston Paris 'Fulton .Camden Texarkana' aufort Greenville, DALLAS, Ft.Werth Abilene. Marshall. Waxahaehie Cleburne' 'Brownwood. GENERAL DAWES declares that "The crisis which confronts us all, as business men, is as great as that when the business community and all our people rose as one in support Waoo SaaAngeloe SSD/VILLE emple Alexandria. .13ryan Tallahassee Stixoletb. Lake City. Attain. Del Rio Saine" Brenham' Houston. .SAN ANTONIO *Lake Ch''''NEW ORLEANS ALl ESTON Tam/. of the Liberty Loans. For the welfare of the nation money had then to be spent; for its welfare NOW it must be saved." Shreveport 'Tyler Falestine CoraTcana Corp-us Cl Laredo C6ternal Vigilance is the Price of 6conomy51 WARREN G. HARDING Browns, rge." November 2, 1921. Dear Mr. Lewisohn: Mr. Strong has asked me to reply to your letter of November :Pi, in which you extend an invitation to him to be your guest at a luncheon to be given at the ReceEs Club, 60 Broadway, on Monday, November 28, at one I 510 sorry to say that Mr. Strong is ill at present, and there is some doubt as to whether he will be well enough to attend the luncheon. I shall teleihone Mr. ileyers on Monday as to whether Mr. Strong will be present. Thanking you for your letter and invitation, I am, Yours very truly, Secretary to Mr. Strong. , c/o National Budget Cc.,mmittee, 7 West 8th St., New York, N. Y. GB:MM December 19, 1921. My dear Mr. Lewisohn: accept with pleasure ',our lunCleon Invitation for December 22, at the Recess Olub, at one o'clock. Thanking you, believe me, Yours very truly, Sam A. Lewisohn, Esq., c/o National 'Budget CoPmittee, 7 Aeat 3th Street, New York City. GB.M11 TELEPHONE STUYVESANT 8171 NATIONAL BUDGET COMMITTEE SEVEN WEST EIGHTH STREET NEW YORK CITY DIRECTORS J 7C1 T. PRATT. CHAIRMAN SAMUEL MCCUNE LINDSAY, VICE-CHAIRMAN WM. M. CHADBOURNE, TREASURER DR. NICHOLAS MURRAY BUTLER JOSEPH P. COTTON R. C. LEFFINGWELL ALTON B. PARKER HENRY L. STIMSON MANNY STRAUSS BENJAMIN STRONG WILLIAM HOWARD TAFT PAUL M. WARBURG ACT<NOWLF,DliT DEC 19 1921 STANLEY H. HOWE DIRECTOR OF ORGANIZATION SAM A. LEWISOHN NEW YORK CITY CHAIRMAN December 16th, 1 9 2 1. Mr. George Beyer Federal Reserve Bank 120 Broadway New York city Dear Mr.Beyer: Will you be my guest at luncheon at the Recess Club, 60 Broadway, Thursday, December 22nd, at 1 P.M.? Mr. John T. Pratt is arriving in New York from his transcontinental trip and will have some very interesting information to present. Very truly yours, .100%r v-i4irman,New York uity Transcontinental Tour of Prominent Busin 3 MeriT n Behalf of the National Budget Committee Leaving New York Novemh 14, 1921, eturning December 22, 1921. l'ePuldic Co./;llie t Renteji Re/ena SEan ec wisto,z 1.e, Great International Falis'tr\.. Xinot 413 Grand Forks Crookston Vinia Glendive. Dickinson .,smarck. da' GibbonsviDe Cs RanS.T. 'Vane Jamestown: -4.r. arg0 Marquette Ishpemn.g ciLivzn,s ton ( p.,s RI. Rod Lodge *Weiqe, Ca/dwell "leo eb.,X Rexburg Idaho Fans o,vegu Pocateik. *lianistue Green River Frac,,, , uglas Rale. Rawlins Rock Springs. ,ort itsen ar00,, iturica lainestovra gtaunt.. Elea, DETROIT. Jack.); Cedar Rapids Clinton. Davenport. Muscatine, .Otturnwa Burlington. r L4XR CITy ao .pliet Ft. Collins. st. cal:0M 'Greeley Boulder .G./enwoodc'gS'prni L ut jzovod,, Aspon P4:18, 0,0 Leadvil/e Gunnison. ..Colorado Sprat, Cripple Creek .F/orence Puoblo Garay Rockyford Filycennes La Jul'. Evensvi Grand Tower ity Is .Golds.s vine . ........P.7.9utteveurberu. .sa Dalhart Riversid An. Cheravr mon .0 Colurabif elena ALA Wichita Falls. Lubbock Lug., Columbus. Gainesville. S'airm n Paris Greenville Texarkana. Greenville. DALLAS. 050 Ft.Werth Abilene. Marsha .Waxab.achie Cleburne' rose as one in support phreV0pOrt Jackson icksburg Tyler Natchex Hattiesburg. .Waco Temple. Dryan Alexandria. -liSONVILLE Tallahassee .Pol,nstine Lake City. Austin Brenham. Houston. *Lake °Oaincsoill Char'e'NEW ORLEAN Sanford. Del Rio of the Liberty Loans. For the welfare of the nation money had then to be spent; for its welfare NOW it must be saved." San_Angeh, CoreIcana .Faleetine 'Brownwood GENERAL 'DAWES declares that "The crisis which confronts us all, as business men, is as great as that when the business community and all our ce ''Vitt4e SHIT a° Lansiug Hartvildo Granger. Ganyo?', Rochester pITLWAHEEr ,etaapids Lush Casper. ee's, ° 'Aragon c.7o°,f."Po people o viater,'M SO 'Or ter inattu'''16 E.-. Wahpeto 1100 Belfast Sault Ste.D1 Corpus Christi o'ternal Vigilance Is the Price of 6conomy 'Laredo WARREN G. HARDING Bro sv le %.1erel.f. AcKNOWI.EDOED NATIONAL BUDGET COMMITTEE 340 MADISON AVENUE SEP 30 1922 NEW YORK CITY TELEPHONE VANDERBILT 1713 DIRECTORS NE N YORK CITY COMMITTEE SAM A. LEWISOHN, CHAIRMAN STANLEY H. HOWE, VICE-CHAIRMAN A. PARKER NEViN, TREASURER JOHN H. LOVE CHAIRMAN TRADES COMMITTEE September 29, 1922 ADVERTISI sc D. G. EVANS ACCOUNTANTS H. B. Cook AUTOMOBILES JOHN T. PRATT. CHAIRMAN SAMUEL MCCUNE LINDSAY, VICE-CHAIRMAN HENRY L. STIMSON, TREASURER WM, M. CHADBOURNE. SECRETARY M. A. ARNOLD JOHN P. BURKE NICHOLAS MURRAY BUTLER WALTER S. DICKEY A. B. FARQUHAR LEROY HODGES R. C. LEFFINGWELL ALBERT L. ORDEAN ALTON B. PARKER ARTHUR N. PIERSON MARRY STRAUSS BENJAMIN STRONG PAUL M. WARBURG GLENN TISDALE BANKERS & BROKERS A. C. CHRISTIANCY BUILDERS ALEX S. W ILLIAMS DEPARTMENT STORES ANGELL H. BALL DR, COLORS MARCUS M. MARKS Hon., Benj. Strong, 15 Nassau Street, New York, N. Y. EDUCATORS AND JUDGES CHAS. T. TERRY ELECTRICAL CONTRACTORS My dear Governor Strong: W. J. L. BANHAM HOSIER,- A. KEENEY CLARKE The New York City Committee of the National Budget LANY,Fus A. PARKER NEVIN LIGHTING FIXTURES Committee has made arrangements for a dinner to General LITHOGRAPHERS & ENGRAVERS W. I. L. ADAMS Dawes nt the Waldorf-Astorla Hotel on October 13th. ALBERT WAHLE We I.umsER J. B. TISDALE MERCHANT TAILORS are very anxious to have you present at the dais, if it E. TWYEFFORT IVIo,ING PICTURES S. L. ROTHAFEL is possible for you to be available on that evening. It OIL HENRY FLETCHER PAINTS, OILS & VARNISHES would be fine if the directors of the Federal Reserve PAWNBROKERS BENJ. Fox PRINTING. Bank could arrange for a special table at the dinner in PRODUCE EXCHANGE recognition of the great services General Dawes has ren- A. S. SOMERS NELSON MACY W. STIMPSON PUBLISHERS W. E. PULSIFER dered to the nation. REAL ESTATE LAWRENCE B. ELLIMAN REAL ESTATE-BRONX Very sincerely yours, J. CLARENCE DAVIES R. J. F. SCHWARZENBACH SPORTING GOODS H. B. SPALDING WHOLESALE MERCHANDISE CHAS. A. SHERMAN NS'om EN.s UNDERWEAR HERBERT S. MARTIN Chai reia n TELEPHONE VANDERBILT 1713 NATIONAL BUDGET COMMITTEE 340 MADISON AVENUE TRUSTEES NEW YORK CITY JOHN W. DAVIS R. C. LEFFIN GW ELL 'L MCCUNE LINDSAY J T. PRATT BENJAMIN STRONG OFFICERS JOHN T. PRATT. CHAIRMAN SAMUEL MCCUNE LINDSAY. VICE-CHAIRMAN HENRY L. STIMSON, TREASURER WM. M. CHADBOURNE, SECRETARY NEW YORK CITY COMMITTEE PAUL M. WARBURG SAM A. LEWISOHN, CHAIRMAN JOHN G. AGAR GEORGE GORDON BATTLE L. M. BOOMER WILLIAM C. BREED JAMES BROWN J. CLARENCE DAVIES HOWARD S. GANS MRS. RICHARD MARCH HOE HENRY HOLT WILLIAM H. JOHNS CLARENCE H. KELSEY ARTHUR LEHMAN DANIEL E. POMEROY JOHN J. RIKER L. F. LOREE SYDNEY E. M EEES JEREMIAH M ILBANK ACOSTA NICHOLS DEAN SAGE H. SCHN I EWIN D, JR. ROBERT J. F. SCHWAREENBACH CHARLES STRAUSS HENRY R. TOWNE HARRY E. WARD ACKNOW I EDOED November 27, 1923 NOV 3 0 1923 R Governor Benjamin Strong Federal Reserve Bank 16 Nassau Street New York City Dear Governor Strong: k'meeting of the Aew York City Committee of the National Budget Committee will be held at 1 P. M. at the Bankers' Club, 120 Broadway, on Wednesday, December 5th, and I would very much like to have you as my guest at luncheon. Hoping to have the Pleasure of seeing you, I remain Sincerely yours, November 30, 3.923, 1.71 dear 1dr, WiSald: It is with regret that I advise that absence from the city the greater part of next week will prevent my accepting your luncheon invitation for Wednesday, December 5, at the ban4cers Club, in connection with the meeting of the New york City Committee of the National 3n0404,pommittee Yours very truly, Ile, Sam A. Lewisohnt National 3udget Committee, 340 Uadison New York, N. 7, TELEPHONE VANDF_RBILT 1713 NATIONAL BUDGET COMMITTEE 340 TRUSTEES JOHN W. DAVIS R. C. LEFFINGWELL S "L MCCUNE LINDSAY .. T. PRATT J BENJAMIN STRONG OFFICERS MADISON AVENUE NEW YORK CITY JOHN T. PRATT. CHAIRMAN SAMUEL MCCUNE LINDSAY. VICE-CHAIRMAN HENRY L. STIMSON, TREASURER WM. M. CHADBOURNE, SECRETARY NEW YORK CITY COMMITTEE PAUL M. WARBURG SAM A. LEWISOHN. CHAIRMAN JOHN G. AGAR GEORGE GORDON BATTLE L. M. BOOMER WILLIAM C. BREED JAMES BROWN J. CLARCNCE DAVI. HOWARD S. GANS MRS. RICHARD MARCH HOE HENRY HOLT DANIEL E. POMEROY DEAN SAGE JOHN J. RIKER L. F. LOREE H. SCHNIEWIND, JR. ROBERT J. F. SCHWAR.NBACH WILLIAM H. JOHNS SYDNEY E. ME.S CHARLES STRAUSS CLARENCE H. KELSEY ARTHUR LEHMAN JEREMIAH M ILBANK ACOSTA NICHOLS HENRY R. TOWNE HARRY E. WARD December 12, 1923 t,E13003 NCKNONN DEC 2 Governor Benjamin Strong 15 Nassau Street Nev York City B. My dear Governor Strong: At the luncheon of the City Committee last Wednesday, the question of a dinner to General Lord, Director of the Bureau of the Budget, was discussed and arrangements made to prepare for such a dinner to be held at General Lord's convenience, probably during the lattdr part of January next. General Lord has already signified his willingness to attend at that time. Recent attacks upon the national budget system and particularly that made by Representative S. Wallace Dempsey of Buffalo, New fork, came in for a considerable share of the discussion and it was decided to urge every member of the City Committee to address their representatives in Congress, calling upon them to preserve the integrity of the national budget.. Several representatives of the Trade Committees having pledged their organizations to raise 4250 a year for the support of the National Budget Committee, it was agreed that the Chairman should call upon all chairmen of Trade Committees urging them to take similar action. Regretting that you were not able to be with us, I remain Yours sincerely, / . Decenber 24, 1923. My dear Mr. Lewisohn: If possible for me to attend the dinner to General Lord I shall be glad indeed to do so, but I am unable to go out much in the evening and may not be able to join the party. Was sorry to miss the luncheon, but was detained in Washington. Sincerely, Mr. Samuel A. Lewisohn, 340 Madison Avenue, New York, N. Y. - k) j 77:mie,-,2 Lari 1'4a-bad/LI 21,44 t4-11(154,,,, expv. /le 4 7;'1) MEMBERS OF THE NEW YORK STOCK EXCHANGE MORGAN,LIVERMORE & Co. 71 BROADWAY NEW YORK October 28, 1925. Benjamin. Strong, Governuz, .eral Reserve -Bank of New York, 33 Liberty Street, New York 7. . - dear Governor: I am' anxious, if possible, to have a few moments1. conversation with Dr. Schacht in regard to Central European financing in which my firm has been moderately active during the past year. When I was in Berlin last year I and my partner, Yr. ::ahn, had a long conference with Dr. Schacht at that time and I would be very glad to get his views again which were very helpful in our first interview Yr. Paul Jarburá inforqns me, that you are in continuous touch with Dr Schacht, and I am therefore taking the liberty of asc.ing you whether you could possibly arrange for a reeting with him. I will put myself at his disposal ia;t any time that is convenient to him. An answer to the above address will always reach me. lhanking yu for your courtesy in the matter, Yours Iaithfully, JB J. Forbes Morgan. 3,14r )r.)T9 71170Y 41 3 Ft 0 NI CA 3 s'3 st2, AA A DM 44,), 2041-_,,e-7,,,V, I, 1 Ot-tt tt-14.4-,1 .14 At /10421/f2,( -41,4fre,efa E 3 / fr/ A-- 1-4 6-e 441/1a,Ae.ii /3444 # /4-bott,i /91 0 , ei Pfe tr," 7, DISCOUNT HOUSE OF SALOMON BROS. & HUTZLER 27 PINE STREET New York, June 28, 1920. i. J. H. Case, Acting Governor, Federal Reserve Bank, New York City. My dear Mr. Case: On or about May 10th United States Government Certificates were being traded in at rates ranging from 6 1/47 to 6 1/2% per annum to the buyer, and many certificates which were in the hands of institutions were more or less unsaleable. At this time you decided that it was essential to have investors feel confident that certificates of the United States Government could be sold when necessity required, and decided to permit ustto establish an open market for certificates, in conjunction therewith making advances on certificates, which enabled us to meet the needs of sellers until sUch a time as we were able to distribute our purchases to investors. This decision of yours has successfully stabilized the market for Lnited States Government Certificates and notwithstanding that call money has ruled during the past week from 8%. to 12% per annum, certificates are now being placed with investors at 5 1/27 per annum for September's and 5 3/4% for December maturity, and at this writing there is no urgent selling of certificates. This change in the situation proves conclusively how much your policy has done for the certificate market, and it may be interesting for us to tell you the amount of certificates we have placed from May 10th to date, as follows: :4', 8,541,000 certificates, due June 10,795,000 " July 4,437,000 57,408,000 2,884,000 151,000 19,651,000 120,000 649,000 1,013,000 It " " tt " " " " " 15, 1, July Sept. Oct. Nov. 15, 15, 15, 15, Dec. 15, 3, Jan. March 15, 15, June 1920 1920 1920 1920 1920 1920 1920 1921 1921 1921 A total of 0105,649,000 having been placed with investors. It may be possible that in the future importunities of sellers may require us to borrow from you for a few das, but we hope that these loans will be of short duration and that we can continue to place certificates with corporations% - 2 - etc., where they will find a resting place until maturity. in connection with the foregoing and in order to make certain large buyers feel that certificates are readily saleable and to meet their requirements of maturity, we have contracted to repurchase V7,500,000 certificates at the option of the buyer, as follows: Contract made June 4th on 42,000,000 U. S. Government Certificates, maturing Dec. 15th, 1920, buyer's option to return any date on or before July 1st to Sept. 1st, by giving us 2 days notice. Contract made June 21st on 42,000,000 U. 3., Government Certificates, due Sept. 15th,. 1920, buyer's option to return to us any date after August 20, 1920, on 2 days notice. Contract made June 23rd on 3,000,000 U. S. Government Certificates, due Dec. 15, 1920, buyer's option to return any date after Nov. 15, 1920, on 2 days notice. It may be possible if these certificates are put to us on the days mentioned, we may require advances from your bank for a few days, so that we can replace them. With assurances of our appreciation of your confidence in this matter, we remain, Faithfully yours, (Signed) Salomon Bros. & Hutzler. AKS : G DISCOUNT HOUSE OF SALOMON BROS. & HUTZLER lf.E.MBERS OF THE NEWYORK STOCKEXCHANGE wroEs SIXTY WALL STREET NEW YORK ,IIT,ADELPHIA BOSTON AND TO Cm _,.00 OFFICES \//// (GOVERN IA ENT BONDS) RATE SECURITY +-Liberty Firs' 13 Second 9/15/28 A-016 10/15/38 A-015 10/15/52 Third Fouith U. S. Treasury Bonds M-S15 11 11 2s 4s 2s 11 It Panama Canal 2s 11 It it Regd. ft Conversion PAYABLE J-DIb 6/15/4V J-D16 6/15/47 M-N15 11/15/42 converteo !1J S. Consol I NTEREST 3s 3s Quar. guar. Quar. Quar. Quar. Quar. U84". BID DUE 98 27/32 98 99 15/32 99 99 14/32 99 99 31/32 100 99 16/32 9.9 100 10/32 100 4/ 1/30 lo2g 2/ 1/25 101t. 8/ 1/36 1021 II/ 1/38 102i 90i 6/ 1/61 I/ 1/46-47 91i TIMED STATES TREASURY CERTIFICATES NOTES 6/16/24 100 6/15/24 100 11/32 51 0 Notes ft 9/15/24 100 23/32 M--S1.5 5. 4i J-D16 12/15/24 100 3/16 Ctfs. 100 4s M--S15 3/15/25 100 2132 3/16/25 M-Slb 411 Notes 100 13/32 6/15/26 41; ft 100 3/8 41 J-D15 12/15/25 II 101 1/16 M-S15 3/15/26 100 3'32 41 M--S3.5 9/15/26 ft 101 15/32 M-S15 3/15/27 101 1/32 a-D15 12/15/2/ Exempt from Federal Income Tax both Normal and Surtax. Excempt from Federal Normal Income Tax. S. Treasury Ctfs. TELEPHONE WHprE HALL 4700 4s ft H Circulation Bonds. Federal & Joint Stock Land Banks. Federal Intermediate Credit Bank Debenture Bonds. OFFER YIELD 3,57 4,29 4,29 1 32 4.24 18/32 4,29 13/52 423 29/32 17/32 16/32 103i 101i 103i 103i 92 29. 1924 93i 1.40 2.40 1.62 1.63 3.38 3.41 18 3.36 100 100 15:32 5.42 100 27/32 3.61 100 5/16 3.79 100 332 3.90 100 25./32 3.91 100 17/32 4.04 1/2 4.06 100 4.11 316 101 100 7/52 4.15 101 19/32 4.17 3.01 5/32 4.16 tti "4464 4 ,r( 4ctober CABLE ADDRESS: SELIGMAN NEWYORK. 4, 1915, INs/J 0 006 ROM M cr?:1121VI dear Mr. Strong: On returning to the office this morning, I have your letter of the let in reference to the German-American Chamber of Commerce. I had the pleasure of discussing this matter with you at the Metropolitan club on Friday evening and I have nothing further I shall ascertain from the office to add. why the Chamber has not accepted my resignation. I do not wish to be misunderstood as throwing any discredit upon this organization, but as I told you, I was induced by a prominent merchant and mutual friend in Berlin to accept the treasurership, and I really have little or no knowledge of what has been accomplished by this Association/ Very ,cruly yours, 117" Benjamin Strong, Jr., Esq., Federal Reserve Bank, 62 Cedar Street, New York. Ai ,L f II BROADWAY CITY OF NEW YORK ti 1 7(1 August 13, 1914. .AUG 1 5 1914 Dear Mr. Strong: Enclosed please find a me orandum with regard to the cotton situation as I see it. I sent a copy to Mr. McAdoo.. Will you please read it on your way to Washington. I hope you will approve of some of my suggestions. If you do, use them in any way you think best. Let me express my thanks for the splendid work you and your fellow bankers have been doing. You have taken a good deal of the burden of the situation off my shoulders. Yours very truly, (Enc.) Benjamin Strong, Esq., c/o Bankers Trust Co., 16 Wall Street, New York, N. Y. ON WILLING OUR SURPLUS COTTON AND FOODSTUFFS. There are certain difficulties in selling and getting cash for our surplus products because of the-war in T'lurope. Foodstuffs urope must have or many of its inhabitants will starve. Cotton for export will be wanted to a limited extent because on the Continent most of those who manufacture raw cotton into goods are at the war and only the women, children and old men are left to work the spindles. Below is a table showing the crop and exports of cotton for the year 1912-13: ConsuMed in the Unired State*, 5,470,269 Expoxted to Great Britain, 3,604,147 " France, 1,008,416 " Germany, " other Continental cities, " Mexico and Japan, 2,600,000 1,008,993 411,93? 8,633,488 14,103,757 As Great Britain, France and Germany for the season of 1912.43 took 7,200,000 bales, it is safe to estimate that the exportation to those countries, if the wax continues for any length of time, will be reduced onehalf, This will leave 3,600,000 bales of cotton which must be arranged for. It is probable during the next twelve months that the spinning of cotton in this country will be increased say 1,000,000 bales. This will leave 2,600,000 bales which must be carried until such time as we in this country can spin it or the European war is finished and they are in'such condition that they will take it abroad. If the above figure's are correct and this 2,600,000 bales is to be sold by the producers and bought by speculators, the price of cotton will fall before the price of production and the entire cotton district in this country will be crippled. The price for spot cotton middling has fallen in new York City within the past two weeks 1 Liverpool. er pound and 10 per pound in SUGGESTIONS. The movements of our crops abroad must be started at once, otherwise we will be blocked up with produce which cannot be sold. Unfor1. 2 tunately American ships are few and far between and unfortunately the ships of the countries not at war are also comparatively few. Congress is now Daesing some legislation by which the American flag can be flown over foreign bottoms unaer certain conditions. The legislation should be pushed with all speed. Tt is expected that France and England will soon partly destroy and partly bottle up the German Navy so as to throw the seas open to English and French ships. That the Federal Government take the war risk on cotton shipped abroad. Belgium has already announced that it would take the war risk on foodstuffs shipped to that country and it is reported that 7.ngland has done the same. They do this because foodstuffs they must have, but they will not take it on cotton because for the present they can do without it. That the Federal Government or the Federal Reserve Banks ad- vance say 8, a pound on this 2,600,000 bales of cotton, taking as security warehouse receipts. This will be 440 a bale and will amount to say $104,000,000, If this is done cotton will not fall below 8, a pound because any producer of cotton can secure 8, a pound as a loan. He will therefore not sell it for a lees amount. There is no question but what the world year in and year out can and will use 14,000,000 bales of cotton raised in the United States. Any deficit in the spinning this year will be m4de up in subsequent years. l'herefore the 2,600 000 bales referred to above should be carried until after the war is over, when it will be used. It may be claimed that if the Government or Reserve Banks are to carry cotton for the cotton farmer they ought to carry wheat ana other foodstuffs for those who produce them, but this is not so. The price of all foodstuffs because of this war will advance enormously and the price of cotton, unless the grower has assistance to carry the surplus crop, will also fall enormously. 9W ii BROADWAY CITY OF NEW YORK ci August 17th, 1914, tr161 6191W 64 Dear Mr. Strong: Thank you for your let1 g te I quite appreciate that 0 cotton producers are helped carry cotton the producers of other commodi ies am satisfied as the seas will be open t 15th.. ill want the same help, but I commerce that there will be such t an enormous demand for foodstuffs their price will rise greatly and with a riming price they certainly cannot ask for loans from With cotton it is entirely different; the Government. the price Will fall and I fear that it will fall below the cost of production and that there will be financial disaster throughout the South which the bankers and others in this country must feel. You speak of the increased consumption of our mills and that this will take care of the surplus cotton better than the Planters anticipate. Let me call your attention to the fact that the United States of the 19121913 crop consumed approximately 5,500,000 bales, that in my very conservative estimate there will be of the present crop 3,600,000 bales to carry over. Surely it cannot be possible for the mills of the United States to increase their capacity some 70%as you suggest. I will ask Mr. McAdoo to invite me to the Cotton if he does so I will try to discuss with ter, which as you say is most difficult. Yours very Benjamin Strong, Sr., nsq., Bankers Trust Company, 1A VL-11 ^J.- Conference and him and those present this mat- truly, Apy of cablegram sent to Sir Edward Holden, London, on August 28/14. "Considered here surplus crop this year may exceed three million baler. Plans now well developed for enabling southern banks carry over surplus but personally consider prices must and should go lower. Much depends on consumption by English mills. Personally believe lower prices will greatly stimulate American mills consumption and high cereal prices tend to reduce next years crop. Important that English cotton buyers should arrange credits which will insure discount long bills or handle through New York credits. Our Stock Exchanfe cannot reopen for some time, should think opening yours would be dangerous. Extension moratorium should be considered with regard to effect on American commodity bills unless payments can be arranged in New York. Demand for exchange insistent, situation otherwise improving". Copy of cablegram received from Sir Edward Holden, September 1, 1914. it is "Your cable twenty seventh thought cotton trade will be very quiet for month or t,o, difficulty zt present in arranging for delivery of goods to eastern buyers. spinners also refraining from buying because expecting raw cotton cheaper in near future, closing of cotton exchanges prevents qaotatior,s being properly tested." - ,',0711e/11) ( /?-(211 V-%6?(OlqWaV (:=3;4%9eAugust 1, 1914. -eva-441,7410($', Benjamin Strong, Esq., Bankers Trust Company, New York city. Dear Sir:Enclosed please find list of Cotton Exchange officers and Managers. Yours *cry truly, nJ/f Eno- larrfwlem OFFQEYIS Edward K Cone, President...Room 74.Cotton Exchange Bldg Henry H Boyce, Vice FresiXentionoom 55-Cotton Exchange Bldg James F. Poury, 'rreaeurer, Cotton Exchange Bldg Elwood P. McPnany..Secretary, Jay Bond & Co..56 Beaver Stf-Delmonico LSBaohc 42 Broadway ReCairne 20 Exchange P1 Naerpenter Edward ;foramen iHHubbard CHKittle jaonadale Utondelbaum Elienany nAtaller &Rice CERidi Jr ?Schwarz WIShutt Wal_45re 17 sAlliam Room 27..Cotton Exchango nldg Boom 510.isiffee Exchange Bldg 43 xchange P1 111 Broadway Cotton Exchange Jay Bond a Co..56 Beaver St 50-Cotton Exchage Bldg 27 William 4161...C3ffee Exchange 11-.19 William St 66 Beaver St Cotton 1:xchango Bldg htte-g6 4- IP Ii2Ati411 ' / / Co c__Yrro --:,/i:eeelrl/ccie,e77 January 8, 19.16. CABLE ADDRESS. sELIGMAN NEWYORK. FS/EJ Mr. Benjamin Strong, Jr., 62 Cedar Street, New York City. Dear Mr. Strong: Thank you for the book which reached me yesterday; I am glad that you enjoyed it. I shall certainly be glad to give you a letter of introduction to Mr. ,:iithers, and to let him know that you will look him up. I am enclosing such a letter, although I know that you may not be able to carry out your intention of going abroad. In any event, I hope to see you before you leave. Faithfully yours, Enclosure. 51-f.d0=5.5 ,ianuary 6, 1916* FVEJ r* Hartley Withers, Treasury Chambers, rhitehali* London, 54) W*, England* Dear.Withers: Ur* Bommin Stroiig, Jr*, Goyrnor of tho Federal I:csorvo Bank of 'Iow York, expects shortly to be ) Landon b17 early February, hough it is ible that .teri of ti tance may p vont hit . going. As you know, the position of Governor of the Federal Eeserve Bank of Nem or is an important one, and Mr. Strong is very well qualified to fill it* ;le is, :7, oreover, a charming fellow =4 I know you will v glad to meet him, and I want him to know you, I have therefore given him a letter of introduction* Stronir it always hungry fcr knowledge, and I know that you can cupply him with the information that he desires* He 3. u man Who is interested in the ,1 theory of hie work as well as in the pruotice, and. this yon will find in him an adaod attraction* With many good wiollec, I .m, my dear Withers, Faithfully yours, January 10th, 1916. Dear Mr. Strauss: I am most grateful to you for sending me a copy of the very nice letter that you wrote to :Tr. -4th- ers and for your letter of introduction which I shall take great pleasure in presenting. I have long wanted to meet Mr. Withers and this will be a splendid opportunity to make his acquaintance at a time of great interest to such a student of economics as he is. Could you take dinner with me some evening the latter part of this week, or th early part of next week? This would be my only opportunity before leaving for 7Urope, as I expect to go to Wahhington next week and will be gone some little time. 'incerely yours, rederick -,trauss, "sq., 0. 1 illiam Street, -ow York City. 133 Jr/VCM April 28, 1921. Dear Strauss: Here is another bothersome matter where I am making the only exception to what is otherwise an invariable rule; never to solicit a subscription to anything. I have been interested, since its organization, in the Committee which iE pushing for bound budget legislation by Congress. We are really making some progress, and I suppose it is not unreasonable for me to be guilty of asking you to make a contribution to the work, if you have not already done so through some other member of the committee. The enclosed pamphlet gives some description of the activities of the organization, and if you feel that you could spare t.100.00 to help us along, I would deeply appreciate it. If you cannot do so, will you be good enough to return the enclosure so that I can lie3ke use of it elsewhere, as it seems to be numbered and identified with me as a member of the committee. Yours very truly, Frederick Strauss, Esq., 54 Wall St., New York, N. Y. BS:W Enc. J. a W. SELIGMAN CO. 54 WALL STREET TELEPHONE HANOVER 1690 CABLE ADDR EBB: SELIGMAN. NEWYORK NEW YORK April 27, 1921. FS/EJ 4 APR 2 8 1921 Hon. Benjamin Strong, 120 Broadway, New York City. Dear Strong: I have your letter of April 26. I think you at one time knew, but no doubt had forgotten it, that I am a trustee of the Institute for Government Ttesearch, to which I am a contributor to a considerable extent. This Organization, which antedates that of the National Budget Committee, is at work on similar 1:nes. I have always thought it somewhat unfortunate that the National Budget Committee should have been started instead of having the gentlemen connected therewith join our own Organization. I am aware that these two activities do.not wholly overlap, but one organization, in my judgment, would have been much better. However this be, as I am already contributing to the work in question, through the medium of the Institute for Government llesearch, to which my allegiance is due by reason of my connection therewith, I would rather not contribute to the National Budget Committee. I know you will understand how I feel about the matter and I am, with good wishes, Faithfully yours, r.s.- As requested, I return you herewith the pamphlet which you sent me. (.01,c0C1P-344J11[4,DoC14-jcoljponaA , lelalrugq, 441,0 .em L,27, SAON83ACID -.7,s 'A 7.:ffrIAIt4ka e,c0,3 dil'Ar bOtyij hilatiriebair wad I r , .064J1w,20. ..,.',. /zed* eft, ,ovi 717',-i Jaf4litirif 1 4)isio.4,, tly/satoit Jon-;LelitAri eti:411/uon o1 doldri ff',.)-LurraatT* ijf tegolter -bizer7r -.-Tetted- °nobavIliv/..2.9 olutztoos 4,611101/c1 I 1.b I JeTiblia i1o1w ,tf 'Afot io 1 4114ii ms I * 'me4J od.t I faaot/sZ Aned s eeJLpls Ait441 I iiUlo 140147. ovsd Inn7 1 -dris az! 'c.c4 'to sxo elo/f/AAL ict't KW 11ea 10/61 lo nd no INCW1 a .410 ,ffo!/Aaturalo 311APIXievp jjd,vcrnf WO Jw/ t14 i i ,f6T1J)LE ,44,11 elan* trviz t Jadwampa ta.;110.1,11c11-4, Iroindfl/aoo ot IcIztobancl.* ma 4* ed 4 '11'4:1111"4"1I1 41(0 eel/1 ttaadt oval Igm: eltsd u-owls /dasmii$ ;fold a9teLeJZ4 to gifoevir ,obalt.revo $id nuo ,ao,tg1J)*J.'40 4/ exiJ l'qe% 1.1 MWO /1335.06 maw': 10 VI ;.:c.1 -howed30J-1011,-1,1au al enoI/nexp vij,tiviyos C.trrt:rd &i..4110 bite RZ:IMY iriSt ,d11we'lad$ 10 1,0 ,AmisetWi 40h Jel o$ 0/ 03-4 aost .A3 3.aea :liao7da we 410Y .,01O .a0E r1l14m08 -11E1-,) -,,alsomA .341orirt3Jal RavovAti OYW.3 ai oe PIAMOU3a 41 AO 1446Y eva,tillA 33541V-: -.o36 . , , . April 21i, 1921. Dear Strauss: Thank you for your note of the 27th. I thoroughly understand your position. had overlooked the fact that you were a trustee of the Institute for Research, and, of course, on that account you are certainly doing your Government share in this work. It may well be that a combined organization would have been preferable to these two separate organizations, but I hope you recognize, as we did, that the of functions the two organizations were really intended, at least on our to be entirely distinct from each other. The Institute for Government Research was engaged in making studies of an important character a plan for a federal budget. propaganda. into various matters, including We went cut frankly, and without apologies, to conduct Both organizations I feel have accomplished a in a sense complements to each part, great deal, and they are other. I unfortunately have been so engaged, and absent as well, that I could not give much personal attention to the activities of the committee, but I am firmly convinced that the work was worth while, has accomplished a good deal, and should be continued. It is my understanding that If they are not, the organizations are working in harmony. we should insure that they are, and I will be glad to do anything necessary to that ead. With best wishes, Sincerely yours, Frederick Strauss, Esq., c/6 J. & W. Seligman & Co., S4 W1 St.. i . *uuNg4tintat {gunk eti7* ADAMS, KERBERTH.WAITEIDEN, RUFUSW.RIPLEY,ASWER. W. H. NIL, 0 I Marc 4 Ftlicteraf 1Reserve Bank, ;;or.;4,, yrewARea l iFt/Ae, to.otk 101 llY1Tew York. Gentlemen:- Replying to yours of the 9th., you have not received your temporary receipt representing payment of 50 % of our subscription to 60 shares of your stock we have at the present time to show for because it is all the payment. When did you mail ts the permament stock certificate that your latter seems to imply you have forwarded to us ? We Rail to find that we ever have received it. The temporary certificate is all we have and aft that has ever reached us so far as I can ascertain. Very truly yours, President. A. 0 I idt-0 rearm DT 1$1011 IMINEAL nign March 9, 1917. Citizens National Bank, Adams, New York. Dear Sirs: We aPparently have not received from you temporary receipt representing payment of 50% of your aubscription to 60 shares of stock in the federaLLRe- serve Bank of New York, nor have we received receipt covering 50% paid permanent stock certificate recently sent you in lieu of the above mentioned temporary re- ceipt. As we are desirous of having our records complete, we would thank you to return these papers at your earliest possible convenience. Very truly yours, Cashier. AJL/L135. 1917. Gitizens National Bank, Adams, New York. near Sirs: We aro in receipt of your favor of the 10th instant in Which you state that you apparently have not re- solvod from us porronent capital stook certificate, and, in view of that fact, are withhoLlini; your temporary rev. ceirt. We find that on or about January 20th we sent you per-lenent stock certificate No. 1 for Sixty shares of capital stock of tho 2e1oral Reserve AmAk of New York. Will you kindly make a thorough soarcL: for this certificate and advise us of the result. Very truly yours, Cashier. 114B (zon H.OSBORN,VICE PRESIDENT. 5;1., ational Neat Wait iliva ank if Nov 'lark RL,FUS W. RIPLEY, CASHIER. DEM lArnaeleiii March 14, 191 Reserve Bank, RECEIVED MAR 15 1917 lievWYork. Gentlemen:- We have made a thorough search of our sap: and vault today and fail to find that we have received the stock certificate ro. 1 for sixty shares of your stock which you state in yours of the 12th. that you mailed to us on January 20th. Likewise we have been through our letter files from January 20th. to date and do not find any letter from you which accompanied the stock certificate. It is certain that the certificate has never feached us. I have never seen it,nor has our cashier, and all our mail passes through my hands or his daily. Yours very truly, President. V: Afar- I DEXED tete TitiztAt;gfatitrnat Vault AD A /47g, N.Y. HERBERT H.WAITE, PRESIDENT W H.OSBORN VICE pPES,IDE.NT II RUFUS W RIPLEy,CASHiER C.* 1,317 WI eserve Bank, VW& ft.T, New York. Gentlemen: In answer to yours of the 21st. regarding the issuing to us of a duplicate certificate for the stock scrip you mailed us and which failed to reach us, we will, of course, hold you harmless if you issue us the duplicate certificate, and in case the original should be found would return to you the duplicate one. But I never,pect to see the original as tt is certain it hat come into our possession. ,dits very truly, President. 9 d: eh 21, 1917. Citizens National Bank, Adams, -. Y. Dear Sirs: We are in receipt of your fever of the 14th natant in which you state that you have not received 54) paid stock certificate No. 1, representing 60 Shares of capital Stock Of the coederal 'Reserve Bank of New York. We will issue you a duplicate certificate.but in order to fully protect ourselves in case the old one should be recovered we would thank you to write us a letter agreeing to hold us harmless in case the original certificate should be found. Upon receipt of this agreement we will forward you a new certificate. Very truly yours, hier, ACkNOWLEDOED MAN, SACH S & CO. 11AY 1 C 1994 30 PINE STREET NEW YORK, WC .G March 25, 992. Mr. Benjamin Strong, Federal Reserve Board, New York City. Dear Mr. Strong: I was keenly disappointed not to see you last week, but I learned from Mr. Snyder and from Yr. Paul M. 7arburg something of the objections which you had to the article that Poster and I have written for the Harvard Business Review. We have made changes in several places in the manuscript to meet your views, and have also inserted the following paragraph: 4 "Still it must of course always be borne in mind that the utmost the Federal Reserve Board could do might be of little effect unless important influences beyond their There are occasions when control worked toward the same end. nothing the Board could do would be of far-reaching effect. On the other hand, there are times, such as the Spring of 1923, when their action might afford the needed leadership or, in view of the attendant circumstances, might be a sufficient contributing cause to accomplish ple purpose." Foster and I are extremely sorry to hold a view with As you know, we have regard to policy which differs from yours. great admiration for the magnificent work which has been done in the Federal Reserve System, and particularly in the NEW York District. In expressing our views we wish to narrow our differences to the minimum and I hope that we have succeeded. The National Monetary Association is outlining a program which involves no more than what I have said jointly with Foster in the article for the Harvard Business Review. I cannot attempt to dissuade the Association from pursuing this program, although I have in the past succeeded in convincing the Association that many things that some of the members of the Association would like to see done On the other hand, I can have no active part in should not be done. the program for I cannot contemplate being active in any program which It is one thing would not have your support arid that of Mr. Warburg. to hold views, and quite another thing to urge action on those views where that action would be regarded as embarrassing by men having an active part in the Federal Reserve--men for whom I have a high regard and naturally want to support. I have, therefore, decided very reluctantly to resign from the National Monetary Association. I am advising you of this decision because it has been vary pleasing to me. to know that you were glad to see me active in that Association. With wannregards, I am, Yours very tr rp .148= 1-.4fitrr.4 61 AL.: 4 ; f.T. C IA pX .11 . . Fxr7,' , y ,1;JT 1ST WI= 4 X.,13 46 In aff , __itGro,Ler -11.4ap Laff.tri.ti L- igi.r)6.: 44.p Rat". 1,10 itt 04-421.0 ppe4AG: !;,-.. r , BO 'T.. co at £ RA Act 14 #-) 30 I E a J. Its ewei-te 81co '