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A.2401,4.
ii",,f.at 40

CAPITAL. 56,000,000.

SURPLUS. ti41.000,000.

E. V

OLD COLONYTRUST COMPAN

9 - 1913
TO
REFERRED ,.........../

OFFICE

GOBDd ABBOTT, Chairman of Board
FRANCIS R. HART. Vice-Chairman
PHILIP STOCKTON, President
WALLACE B. DONHAM, Vice-President

MAIN OFFICE. 17 COURT STREET.

JULIUS R. WAKEFIELD. Vice-President
E. ELMER FOYE. Vice-President
CHESTER B. HUMPHREY. Vice-President

BRANCH OFF/CE, 52 TEMPLE PLACE.

17 COURT STREET, BOSTON.

December 8, 1913.

Benjamin Strong, Jr., Esq., Vice-President,
Bankers Trust Company,
16 Wall St., New York, N. Y.
Dear Mr. Strong:-

The latest draft of the Currency Act, now under discussion

*

in the Senate, contains the followAng words in one of its paragraphs:-

"No member bank shall extend directly or
indirectly the benefits of this system to a
nonmember bank, except upon written permission of the Federal Reserve Board, under
penalty of suspension."
It occurs to me that this may mean almost anything, and
that it is quite possible that the new Federal Reserve Board may
interpret it very strictly.

Therefore it becomes a question for

the various trust companies to consider what their course shall
be in cease they desire to maintain their existing status of State
banks.

Have you considered this question at all, and Its bearing
on our relations with the National banks in future?




Very sincerely yours,

0!.4_ a/Aet,11'




./7

04'
401

t

,"1:1))

'67

E H. 1,11 IE S. 1,E MI,NT.

JAS., GRAY,,cE PRE sum NT.

111. S HAFFNER, P. A TANA s.
T. S. MOR R IS 0 N.V. l'ItE ST.
...S. A. GIZAY,.., SECN, As s, TRNAs.

CAPITAL $1,250,000.00
s.

11

.

4

.1

WACHOVIA BANK & TRUST ( OMPANY
IVINsT ON- SALEM, N. C

,

January 31, 1911.
.

Benjamin Strong, Jr.,

iy

Bankers Trust Company,

FEB Ig1911
3.

New York City.
Dear Sir:-

I have just written the officers of the Trust
Company Section of the American Bankers' Association,
suggesting the possibility of gathering together in

New York for the discussion of the new measure proposed
by the Yonetary Commission, in which they seek to create
a class of National Banks which shall be in effect National
Trust Companies.

Mr. Vreeland, the Vice-Chairman of the

Commission and himself a Trust Company officer, has expresRed a. desire to hear from the Trust Company officers

all over the country as to what they think of this measure,
and it has accurred to me that it

is

of sufficient import-

ance to make it the occasion of such a gathering of
Trust Company men, at which time Senator Aldrich and Yr.
Vreeland and others might be present.

Yy idea

is

not only to cultivate the social

feature of this Section which Yr. Gillespie used to help
the work of the Section

last

year, but to add there

the

advantage that may be gained by an early discussion of
thiR question, rith the men who are

shaping And controll-

ing it in the coming legislation on the subject before



WACHOVIA
LOAN & TRUST
COMPANY.

B. Strong Jr.

4k2

it gets to be a power one way or another.
To me it P e ern Ft a matter of grave importance
and one likely to effect the interest of our Institutions

as a class throughout our entire history, and for that
reason commends itself to me as the most importEin# measure
that has been presented, and the Committee could not do

better than fully consider its advantages arid disadvantages at thi particular time wi th tibe mew who, I bell eve
will do what seems to be best under the circumstances.
I would be glad if you would confer with Yr.
Gillespie on this subject and would communicate with
me early your views, and I shall be guided accordingly.
Yours very truly
2/W-47:911.
FHIVW




TRUST COMPANY SECTION
PRESIDENT
OLIVER C. FULLER, PREY. WISCONSIN TRUST COMPANY
MILWAUKEE, WI8.

FIRST VICE-PRESIDENT
LAWDPNCE L. GILLESPIE, VICE-PRESIDENT THE EQUITABLE

Aturriratt Vankrrs A. ooriattott
OFFICE OF CHAIRMAN, EXECUTIVE COMMITTEE

COMPANY OF Niw YORK

CHAIRMAN EXECUTIVE COMMITTEE
F. H. FRIES, PRESIDENT WACHOTIA LOAN & TRUST COMPANY

WINSTON-SALEM, N. C.

WINSTON-SAL., N. C.
SECRETARY
PHILIP 8. BABCOCK, ELEVEN PINE STREET, NEW YORK

reb. 4, 1911.

,Mr. Benjamin Strong Jr..
Bankers Trust Company,
New York City.

FEB 6-

1911

Dear Sir:I thank you very much for your favor of

the third inst.

I find in it great comfort and en-

couragement, more from your apparent embarrassment as
to your opinion than perhaps from what you may have said,

because the writer isfhimself in exactly the same situa.
tion.

I have always opposed the idea of nationalizing
Trust Companipt I have even discussed the negative side
of this question in the meetings of our Executive Committee on the ground that Trust Companies were pecu-

liarly state institutions, and therefore should remain
amenable to State laws and State government, and being

myself a "States Rights" man in disposition, I could not
see well how the United States Government could
go into the banking business, in other-iii4YP and par..
ticularly in this way. I am however impressed on the

other side with the magnitude of this financial
question and the necessity of a thorough amalgmnation

of the banking interests of our country. I cf-iri see that
many of the difficulties that we are now laboring
under as Trust Compangdmight be eliminated by a properly




TRUST COMPANY SECTION

e-ati
IZED
PRESIDENT
OLIVER C. FULLER, PRES. WISCONSIN TRUST COMPANY
'

mit

MILWAUKEE, WIS.

FIRST VICE-PRESIDENT
LAWPPNCE L. GILLESPIE, VICE-PRESIDENT THE EQUITABLE

Amrrtratt Tgattkrrs Agatiriatiott
OFFICE OF CHAIRMAN, EXECUTIVE COMMITTEE

ST COMPANY OF NEW VORA

CHAIRMAN EXECUTIVE COMMITTEE
F. H. FRIES, PRESIDENT WACHOVIA LOAN A. TRUST COMPANY
WINSTON-SALEM, N. C.

WINSTON-SALEM, N. C.

SECRETARY
PHILIP S. BABCOCK, ELEVEN PINE STREET, NEW Yam(

Benjamin Strong #2

drawn bill, but it should certainly be carefully considered
so that Trust Companies situated as our would not suffer
serious damage or detriment.

Perhaps the clause referred to in your letter
is simply a feeler and if so it does not change the
situation in as far as the Trust Companies are concerned, because now would appear to be the time and

this the opportunity for they to consider the question
and say what they want and for them to clarify their
to their own proper and legitimate Rphere.
odeas
However, I may differ with others in my opinion,

on this subject, I am open to conviction on any line.
Under these circumstances it seems to re to be almost
imnerative for our best men to get togdyt)ier, and I am
today writing Yr. Babcock that Yr. Puller is in 71orida
and would not return before Larch 9th, and suggesting
that a later date than named in my former letter would
be advisable. As nowtion can be taken in this measure
at this session, perhaps it might be well to defer it
a little but not too long, because the sooner the better.
I thank you very much for your offer to do anything
:)v)11 can and as soon as definite plans are formed I will
certainly take advantage of your kind ofTer.



TRUST COMPANY SECTION
PRESIDENT
OLIVER C. FULLER, PRES. WISCONSIN TRUST COMPANY
MILWAUKEE, Wie.

FIRST VICE-PRESIDENT
LAWRENCE L. GI LL ESPI E, VICE-PRESIDENT THE EQUITABLE

Antrrtratt Vattittrs Aosoriation
OFFICE OF CHAIRMAN, EXECUTIVE COMMITTEE

ST COMPANY OF NEW YORK

CHAIRMAN EXECUTIVE COMMITTEE
F. H. FRIES, PRESIDENT WACHOVIA LOAN ar, TRUST COMPANY
WINSTON-SALEM, N. C.

WINSTON-SALEM, N. C.

SECRETARY

PHILIP S. BABCOCK, ELEVEN PINE STREET, New YORK

S. #3

anwilile I trust you will consider it with Mr.
Gillespie and will communicate with me agaen on this
matter.
Yours very truly




Chairman Exec. Committee.

StEPSNS,NoaEGcO.SrGUtS

F. H. FRIES. PRE SMENT.

JAS. A. GRAY,,.... PRESDST.
F. SHAFFNElt.V.P. & MEAS.

T. S. MORRISON., PRE wr.
SEC,VR AS gT TUEA.S.

CAPITAL $ 1,2 5 0, 000.0 0

WACHOVIA BANK & TRUST COMPANY
WINSTON-SALEm,N.C.,August 23, 1911.
Mr. Benjamin Strong, Jr.,
C/o Banker's Trust Co.,
New York City.

Dear Sir:-

Your telegram addressed to Col. F. H. Fries has been
duly received.

Yt. Fries has been abroad this summer and sails

today August 23rd from Cherbourg on the Kaiser Wilhelm II.

He

expects to be/immediately upon landing/at the Belmont Hotel, 42nd
Street your City.

I will forward your telegram along with some

other mail to him at that address, And it seems to me that he
may possibly reach New York by the date named in your telegram.
It might perhaps be wise for you to address him at that Hotel,
since I know that he will be very glad to attend the conference
in the event he arrives in time.
Yours very truly,

HFS/D.




Treasurer.

-

DEP.EMS

SIO "140,0 AT.WIS

F. H. FRIES PRE SIDE NT.
JAS. A..ORAY, VICE PRESIDENT.
IT. F. SHAFFNER P. &
s.
N.V. Pier. sT.
T. S. MOH R
JAS. A. G12 AY..1a, SE(V&ASITTBES.

CAPITAL $ 1,2 5 (), 000 .0 0

WACHOVIA BANK & TWIST COMPANY
WINSTON- SALEM, N. C..

Sept. 5, 1911.

Mr. Benjamin F. Strong,
Bankers Trust Company,
7 Wall Street,

New York City.
Dear Sir:-

Among the first things that I desire to do after
getting in harness again is to thank you for the wireless
message and interest you manifested in my behalf by which I
was enabled to attend a very pleasant conference on Senator
Aldrich's Yacht.

I have naturally thought over the confer,

ence and believe that the real difference between the

character of business done by country and city Institutions
warrants if it does not necessitate a different form of certificate which should be recognized in the new bill.

For

that reason I would like to suggest to you three classes of
deposits.

(a) Deposits subject to check without notice,

(b) deposits payable at a fixed and definite time, (c) deposits
upon which the bank will have the option to require notice,

(d) and trust deposits which are entirely under the control of
the Trust Company.

In the case of (4) the reserves haveas I

understand it been practically agreed upon and in the case of
(d) they have been exempted from reserves.

Now the reserve

Is intended simply for the protection of the bank and public
in case of trouble and it seems to me that there should be a




WACHOVIA BANK. AND TRUST COMPANY
'WINSTON-SALEM, N. C.

B. F. Strong #2

definition of time deposits made as indicated in (b) so that
those deposits which are subject simply to time notice shall be
treated as savings fund and be subject to 60,g, of the reserve
required for deposits subject to check.

I look upon this

notice as the greatest safeguard and almost invaluable because
by the time the notice is out the scare is over and the deposit
is paid without,trouble.

I know this to be the case in a great

many instances.
To meet the case of Trust Companies large certificates
are made to mature at certain fixed times for the accommodation
of corporations expending large amounts' of money, it would

seem necessary to issue a certificate as now issued against

which referves equal to 60% would be required until within
thirty days of maturity and then a full 100% to be required.
What do you think of this idea?

I shall be glad

to hear from you at your convenience.
Yours very truly,

FHF/W.




President.

TRUST COMPANY SECTION

Antrriratt Vankrrs Assortation

PRESIDENT
OLIVER C. FULLER, PRES. WISCONSIN TRUST COMPANY
MILWAUKEE, WIS.

FIRST VICE-PRESIDENT
LAWPNCE L. GILLESPIE, VICE-PRESIDENT THE EQUITABLE

OFFICE OF CHAIRMAN EXECUTIVE COMMITTEE

3T COMPANY OF NEW YORK

CHAIRMAN EXECUTIVE COMMITTEE
F. H. FRIES, PRESIDENT WACHOVIA LOAN & TRUST COMPANY
WINSTON-SALEM, N. C.

WINSTON-SALEM, N. C.

SECRETARY
PHILIP S. BABCOCK, ELEVEN PINE STRSET, NEW YORK

Oct. 24-11
Mr. Benjamin Strong,
Bankers Trust Company,

/9

New York City.
Dear Sir:The prograrla of the meeting of the American Bankers'

Association in New Orleans contemplates presenting through
fifteen different papbrs fifteen d fferent view points bearing
upon the proposed/Monetary Legislation aS embodied in the Aldrich Bill.

This V.11 occupy the two first days of the Associa-

tion and will give

littlearTho

opportunity for discussion on

the floor of the general Association.

It had been the purpose

of those preparing the plans of the Trust Company Section to

make this very discussion a feature of their program, and gladly
yielded their principal speaker, Mr. Goff, of Cleveland for the
larger and broader field indicated above.

We foresee, however, that the meeting of the Trust
Company Section which this year comes on Thursday will give
opportunity far discussion of this subject, perhaps the only
discussibn that will be possible at this time.
I am, therefore, writing you in the hope that yolk
will attend the convention, and if so that you will be prepared should daccasion offer to say something on the general

subject, particularly as it may effect the Trust Company interest of this country.
 Committee


What has been done by the Legislative

of the Trust Company Section will be embodied in a

TRUST COMPANY SECTION
PRESIDENT
OLIVER C. FULLER, PRES. WISCONSIN TRUST COMPANY
MILWAUKEE, WIS.

FIRST VICE-PRESIDENT
LAWPNCE L. GILLESPIE, VICE-PRESIDENT THE EQUITABLE

Amrrtratt Vattkrrs Assortatiott
OFFICE OF CHAIRMAN EXECUTIVE COMMITTEE

IT COMPANY OF NEW YORK

CHAIRMAN EXECUTIVE COMMITTEE
F. I-1. FRIES, PRESIDENT WACHOVIA LOAN & TRUST COMPANY

WINSTON-SALEM, N. C.

WINSTON-SALEM, N. C.

SECRETARY
PHILIP S. BABCOCK, ELEVEN PINE STREET, NEW YORK

Benjamin Strong #2
report of this Committee and will give opportunity to discuss
the measure if the time and circumstance permit.

I sincerely hope that I may have the pleasure of
meeting you in New Orleans and that there may be a full attendance of the Trust Company Section and a spirited discussion on
this subject if it is possible to secure the time for it.
Yours very truly,

FHF/W.




Chairman Executive Committee.




(

tCL-E" R C. FU LLER, President.

Sfl

fi

September 22, 1911.

Dear Mr. Strong:the magazine

I have a letter from Mr. Luhnow, publisher of
Trust Companies", from which I quote as follows:-

"You doubtless have noticed that the National
Monetary Commission will give some more hearings on the subject of the proposed National
Reserve Association plan during this Fall and
I am also advised by my Washington
Winter.
correspondent that the Monetary Commission
still proposes to include the recommendation
of the original Aldrich plan to accord national banks trust company powers or to provide
for the creation of national trust and savings banks."
I wrote Mr. Luhnow in reply that unless Senator
Aldrich has changed his opinion since the last time I talked
with him, his (Luhnow's) Washington correspondent is mistaken
as to the intentions of the Commission.
At the same time I wrote Mr. George M. Reynolds
a letter, copy of which I enclose, thinking it may interest you
and I would like very much to know whether you have any such
information or intimation as that contained in Mr. Luhnowls
letter to me.
Committee
second or
time as I
views and
companies

I am arranging to have a meeting of the Legislative
of the Trust Company Section in New York on about the
third of October and I hope you will be there at the
would like to have you at our meeting and get your
advice on this and other subjects in which the trust
are interested.
With best regards,. I am,

Sincerely yours,

Mr. Benjamin Strong, Jr.,
c/o Bankers Trust Company,
No. 7 Wall Street,
New York, N.Y.




7c

,SOONSIN TRUST COMPANY.'

MILWAUKEE, WIS.

1.4 0

September 21, 1911.

My dear Mr. Reynolds:I enclose copy of a letter received yesterday from Mr. Luhnow, publisher of the magazine "Trust Companies", which explains itself, or rather which does not explain
I wrote Mr. Luhnow that unless Senator Aldrich had
itself.
recently changed his opinion, his Washington correspondent was
misinformed as to the views and intentions of the Commission
As a matter of fact I am inclined to think
in that respect.
that Luhnow is simply drawing upon his imagination in order to
draw me out and get something to write about.

However, it is a serious matter iron the
trust companies standpoint and I have received a letter from
Colonel Fries, Chairman of our Executive Committee, who has
heard something of the same sort and is anxious to know what
I think about it.
Of course, if we should find that there
is any truth in this report, it would be my duty to see that such
a movement is combated at New Orleans and we may have to withdraw
from the arrangement with Mr. Watts by which I consented to eliminate from the program of the Trust Company Section meeting
what we had expected to be the most interesting subject and the
biggest feature of our program, that is, the relation of trust
companies to monetary reform and the Reserve Association of
America.
Before writing Mr. Watts on this subject
I would like to know from you whether you have heard anything
Indicating that Senator Aldrich has changed his opinion on that
subject since I talked to him in June, when he was very emphatic
in his opinion that such a thing as either organizing national
trust companies or giving national banks trust company privileges
was impracticable and out of the question.
I know that Secretary MacVeagh has been wrong on this subject
from the beginning and we had some correspondence on that subject
several months ago.
You wrote me at the time that you would find
out where he stood and try to set him right on it.
Awaiting your reply with much interest,
I am, with personal regards,
Sincerely yours,
(Signed) Oliver C. Fuller.

Mr. Geo. M. Reynolds,
c/o Continental and Commercial Natl. Bk.,
Chicago, Illinois.
C. end.



Of co

Joon

OLIVER C. FU LLER, Presider,.

October 17, 1911.

aereto//e,
Dear Mr. Strong:I'am curious to know what happened at the hearing
of the National Monetary Commission held in New York yesterday.
I see by the press dispatches that Mr. Vreeland will give out for
publication within a few days the detailed plan which the Commission
I do not know just what that means.
will recommend to Congress.
If the Commission has agreed upon its plan in detail, I do not know
why they should continue to hold meetings about the country to
listen to suggestions.
I am writing to Messrs. Reynolds and 3organ in
Chicago and Messrs. Wade and Jones in St. Louis to look after the
matter when the hearings are held i their respective cities and
I will try to post someone in each of the cities where the hearings
are to be held.
I want to thank you not only for giving us so much
of your time and valuable advice at our meeting in New York, but
also for the luncheon and other courtesies extended to myself and
the other members of our Committee while in New York.

With best personal regard, I am
Sincerely yours,

Mr. Benjamin Strong, Jr.,
care of Bankers Trust Company,
New York, N.Y.




St44.04-

R

6)

qaa..41114a111

PRESIDENT:
OLIVER C FULLER. President Wisconsin Trust Co. Milwaukee, Wis

FIRST VICE-PRES/DEN,
LAWRENCk:'L.GILLESPIE,Vice-President The Equitable Trust Co of New York.

CHAIRMAN EXECUTIVE COMMITTEE:
F. H. FRIES. PressclentWachovia Loan &Trust Company, Winston-Salem, NS.

OFFICE OF THE PRESIDENT

SECRETARY:
PHILIP S. BABCOCK, Eleven Pine Street, New York.

MILWAUKEE. VVIS.

Nov. 1, 1911.

jLj
Dear Mr. Strong:-

Presuming that you have read and given some thought
to the amended plan for monetary legislation submitted to the National Monetary Commission by Honorable Nelson W. Aldrich and recently
published, I would like very much to know your personal opinion of
the plan in general and especially of the amendment relating to trust
companies, prescribing the conditions upon which they may subscribe
to the capital stock and become members of the Association.
What do you think of the provisions in Section 61 in
*regard to the minimum capital and surplus of trust companies to be
admitted to the Association and of the percentages of reserves required by the act? What do you think' would be the attitude of the
trust companies in your state towards the proposed plan if enacted
into law and what is the likelihood of their availing themselves of
the privilege of subscribing to the capital stock of the Reserve
Association on the terms named in the act as amended?
As Chairman of the Legislative Committee of the
Trust Company Section, before writing the report of that Committee,
to be read at our annual meeting in New Orleans, I am endeavoring to
get the views of leading members of our Section in different parts
of the country so that our Committee may be in position to fairly
and correctly state the attitude of our Section towards the Aldrich
Plan.
You may rest assured that any expression of your opinion will
be held in confidence if you so desire and that it is not intended.
for publication.
'Thanking you in advance for a prompt reply and hoping
that I shall have the pleasure of meeting you at the convention in
New Orleans, I am
Faithfully yours,

Mr. Benj. Strong, Jr.,
Vice-President Trust Company Section, A.B.A.,
care of Bankers Trust Company,
New York, N.Y.


1




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TELEGRAM

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B Strong

Cr 3anicers Trust Co,
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CARE BANKERS TRUST CO.
NY.CITY.

PLEASED TO ACCEPT INVITATION WILL ARRIVE EARLY WEDNESDAY

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ff

0

Cable of the Direct United States Cable Co.
Direct Wires to Galveston, Texas, connecting at that place with the Cables of the
Mexican, the Central and South American
Telegraph Companies for all points in

I

Id

0

Mexico and Central and South America.
Direct Wires and Cables to Havana,
Cuba, connecting at that place with the
Cuba Submarine and West India and Panama Telegraph Companies for all points

0

in the West Indies.
Connects at San Francisco with Pacific
Cables to the Sandwich Islands, Honolulu,

Guam, the Philippines, China, Japan, etc.,
and at Victoria, B. C., with Pacific Cable

to Australia and New Zealand.
Connects at Seattle, Wash.,
with U. S. Government Lines
LiJ

and Cables to and in Alaska.
Exclusive connection with the Great
North-Western Telegraph Co. of Canada.

6,,
WESTERN UNION
TELEGRAPH

ALL
COMPETING
COMPANIES

(I) Domestic and Foreign Money Orders by Telegraph and Cable




THE

CLEVELAND TRUST COMPANY
EUCLID AVENUE AND EAST NINTH STREET
CL E VE LAN D

rFLGOFF

PRESIDENT




Sept. 21st, 1914.

9.14.
SEP 2 3 1914

Dear Mr. Strong:

I am enclosing copy of letter to
I am profoundly grateful for your generous words of commendation and sincerely regret that I am
to be denied the pleasure of being associated with you
and r. Warburg in a minor way, it is true, in working
otit the large problems that you will have to deal with.
;Tr. 7arburg.

Believe me,
Sincerely yours,

Benjamin Strong, President,
The Bankers Trust Co.,
New York City.

FHG-0
Fnc.




c'eot. 21st, 1914.

Ter Mr. 17arburg:--

It was with sincere regret that I felt
ovomplIted o -Iir..) you Ay doclination- It ,,vould have been an
to be aw,ociated wi,JA you and the work you have

such sell-sacrificing spirit.

The best service
that I can nder, as I see it, is in connection with the
that I owe whatever
Clevoland,F ndation and I can't but feel
rvice I am capable of 2;ivinz in furthering its purpose.
.f.`-art.t__,S)plyo both you anC. !Ir. strong for your ex.
crificen nd beg to assure you that I am depres eions
sirous of king helpful n any way that I can.
I aa taking the liberty of sending you

undert
C.:ataken

of

under sea to cover
find a leisU,
Foundation, a1f1e-c i.ies

the opinions oi people
from Ur. William
am,

t
idely cL Nrtnt view-points,

Sincerely yours,

IHG-0

one

e' o C ea ell and to other from Mayor-Baker.
ect and regret, I
With assur c

u17. Tarbumr,
rederal Reserve Board,
Washington, D. C.

Enc.

oklet which you eometime may
ver, Oescribin the Cleveland.
o o Nany letters received giving




..4-1

December 26, 1912.

Samuel H. Hann, Req.,
The Fidelity Trust Company,
Baltimore, Ed.
My dear Sir:
Mr. Converse La asked me to reply to your favor of the
23rd inetanl- in regard t Le now Currency Bill. The bill, an
it finally became law, iti*Nk receiving careful study in our

office, and it is too early

-10 zrite you ful1y in answer

to your in Airy.
We are not suO/thether we, as a state inatitution,
can legally participoteAn the plan. We have been advised that
there is eonsidertble doubt_as to ons: ability to do o under the
existing state law.
The rriter hail(1::;:',been very strongly in favor of
a central bank, au distinguishe# from thia regional bank plan, and
without roinr into the Oterito of the reepective plena in detail,
it is distppointing thet SAP_ObitnAzy, in this important natter,
may not benefit by the experienee-GO other nations and adopt a.
plan v,hieh, by the test of modern experience, has been proved to
.

be sound.

On the other hang', we _el that the Owen Bill in really
constructiv, leColetion and a diati et advance on our present
syoter in many inportan# 7'eseects.1 We are hopeful that the brinks
of the country, who are aegally abW to join the system, will do
no promptly, and that thi,egg em 41 develop its maximum strength
_

at ao early a date an poes140-..,

As our examinction of thin 'subject rill be predicated
largely upon the laws of the Stetp,of New York, T;Te are not sure that
the result will contain agyestid \of value to your company, rhich
of course, Jo controlled,' tyy quite fi ferent laws. 7'1, will be very
glad, horever, to write vou furthez t a laterA.ate, as soon as Te
have nude more progress
selves
these few remarks in the
meantime are intended impy toft 4enn in a general way the
writer/z feelinc about the'Nplabil.--/
Very truly yours,
B-W




(Sd.)

Benj. Strong, Jr.

0




a

CAPITAL, $6,000,000.

SURPLUS, $8.000,000.

OLD COLONYTRUST COMPANY
r- ABBOTT.
C7SRDON

Chairman of Board

FRANCIS R. HART. Vice-Chairman
PHILIP STOGIC.?DZ President
WALLACE B. BONHAM Vice-President

MAIN OFFICE, 17 COURT STREET.

CREDIT DEPARTMENT

BRANCH OFFICE. 52 TEMPLE PLACE.

E. ELAIDR FOYE. Vice-President
WILBUR W. HIGGINS, Treasurer
A. 110WARD GRAVES, Assistant Treasurer
GUY C. RICHARDSON, Assistant Treasurer

is9o.

Bos9t4

17 COURT STREET,

S A914

,

August

Benjamin

24,

1V14.RE.FERREVĀ°

OFFI_,,

Strong, Jr:,

Esq., President,
3ank,ers Trust Company,
New York, N. Y.

Dear Lr. Strong:The

notebrokers

here seem unwilling to give me

the total amount of bought paper which they had outstanding July 28th.

However I got from

the eight principal notebrokers in torn the follow-

ing information:

Five brokers would not give the total amount outstanding July 28th but gave me the following figures:

Paper sold since July 28th
Matured during this period
Two brokers gave me the total amount of
paper bought by bankers and outstanding
on July 28th
Paper so1;1 between July -,8th and August 1st

Matured (Luring this period

I trust these firilres will be of some

:"9,892,000.

23,994,000.

13,904,000.
971,0010.

1,799,000.

service and

if I can be on any further help do not hesitate to call on me.




-*




414.,

Lt4

LW

4x0,0(4,4




'MEET JEMISON
211 20TH STREET
BIRMINGHAM, ALA.

CI

J
Ce----(773

(02

---; 91 e/n----




POSTAL TELEGRAPH - COMMERCIAL CABLES
CLARENCE H. MACKAY, PRESIDENT.

TELEGRAM

RECEIVED AT

DELIVERY NO.

The Postal Telegraph-Cable Company (lncorporated)transmits and delivers this message subject to the terms and conditions printed on the back of this plank.

16-540

(DESIGN PATENT No. 405293

)e269cii.

Benjpnin

Ytr

44 125p T,osangeles Cal

I,

ronr jr,
Tiankers Trust CO NYC

JUST RIETITRNItin :FROTT EUROPE. .ATY_OST

AUG 2 6 7914

I1TOSSTI3LE TO

WORE BA.NIGMS CONITMTTION OCTOBER. SUGGEST
COUPTROT:T.V.

BnliTriTY

SECTIOr PrD WU
TCTIT-AR PEA SON

RAITTnrc.tp

YOU IrVITE1Th KINTOX
VICIPITREST SAVINGS

RIFAIR_n_FOTT IT. wiRE ITUI,TY IN
rr-TY

SVOTTlin (7-0

Mr. Davison has no comment to make.




Trl-TO IS

7'1 SARTORI

AGAIN GO EAST

CIPHPE IF ANY P ART

OSTAL TELEGRAPH-CABLE COMPANY-a-THE COMMERCIAL CABLE COMPANY

[I,

AND 161

THE GREATEST TELEGRAPH AND CABLE SYSTEM IN THE WORLD.

EXTENDS OVER TWO-THIRDS OF THE WAY AROUND THE EARTH.

THE POSTAL TELEGRAPH-CABLE COMPANY (INCORPORATED)
TRANSMITS AND DELIVERS THE WITHIN TELEGRAM SUBJECT TO THE FQLLOWING TERMS AND CONDITIONS.

To guard against mistakes or delays, the sender of a telegram should order it REPEATED; that is, telegraphed back to the originating office for comparison.
For this, one-half the unrepeated telegram rate is charged in addition. Unless otherwise indicated on its face, THIS IS AN UNREPEATED TELEGRAM AND
PAID FOR AS SUCH, in consideration whereof it is agreed between the sender of the telegram and this Company as follows:
The Company shall not be liable for mistakes or delays in the transmission or delivery, or for non-delivery, of any UNREPEATED telegram, beyond the amount
received for sending the same; nor for mistakes or delays in the transmission or deliver), or for non-delivery, of any REPEATED telegram, beyond fifty times the sum
received for sending the same, UNLESS SPECIALLY VALUED; nor in any case for delays arising from unavoidable interruption in the working of its lines: NOR
FOR ERRORS IN CIPHER O R OBSCURE TELEGRAMS.
In any event the Company shall not be liable for damages for any mistakes or delays in the transmission or delivery, or for the non-delivery of this telegram,
whether caused by the negligence of its servants or otherwise, beyond fifty times the REPEATED telegram rate, at which amount this telegram, if sent as a
REPEATED telegram, is hereby valued, unless a greater value is stated in writing hereon at the time the telegram is offered to the Company for transmission, and an
additional sum paid or agreed to be paid based on such value equal to one-tenth of one per cent. thereof.
The Company is hereby made the agent of the sender, without liability, to forward this telegram over the lines of any other Company when necessary
to reach its destination.
Messages will be delivered free within the established free delivery limits of the frxminal office. For delivery at a greater distance a special charge will be made
to cover the cost of such delivery.
S.
No responsibility regarding messages attaches to this Company until the same are presented and accepted at one of its transmitting offices; and if any message is
sent to such office by one of this Company's messengers, he acts as the agent of the sender for the purpose of delivering the message and any notice or instructions
regarding it to the Company's agent in its said office,
The Company shall not be liable for damages or statutory penalties in any case where the claim is
not presented in writing within sixty, days afte
telegram is filed with the Company for transmission.
The above terms and conditions shall be binding upon the receiver as well as the sender of this telegram.

NO EMPLOYEE OF THIS COMPANY IS AUTHORIZED TO VARY THE FOREGOING.
CHARLES C. ADAMS, vice-Passioewr.




CLARENCE H. MACKAY, PRESIDENT.
EDWARD REYNOLDS, VICE-PREAT AND GENERAL MANAGER.

CHARLES P. BRUCH, VICE-PRESIDENT.




POSTAL. TELEGRAPH CABLE

\

C 0 M PA N V

NIGHT LETTERGRAM
THE POSTAL TELEGRAPH-CABLE COMPANY (INCORPORATED) THAN

TERMS AND CONDITIONS PRINTED ON THE BACK Of THIS BLANK.

AND DELIVERS THIS NIGHT LETTERGRAM SUILleelre 'ME
MACKAY
CLARENCE

f

RECEIVIBO AT

INCIEPENDENT

IDE8V E5tY

0,

COMPETITi`.:F:

PROGRESSIVE

4-407

12gswx 89 NL 1055p
LOSANGELIS CALA AUG 28 1914

BenJ

Strong Jr
BAnkers Trust Cc NETYORK

that I have just returned
Under the circumstances and considering
from the East it is _thought here that it would
be unwise for me to immediately go back without being
able to give reasons for going satisfactory publicity No banks
here asking notice and all attempting to meet demands of
depositors and clients in normal way. Trust you will be
devise
able to suggest and thought me-ans of safeguarding investments position
orithe subj ect except mo st
I have no definite
drastic legislative measures if cessation of war is impossibility
J F Sartori.

al.




POSTAL TELEGRAPH-CABLE COMPANY

THE COMMERCIAL CABLE COMPANY

THE GREATEST TELEGRAPH AND CABLE SYSTEM IN THE WORLD.

EXTENDS OVER TWO-THIRDS OF THE WAY AROUND THE EARTH.

THE POSTAL TELEGRAPH-CABLE COMPANY ( INCORPORATED)
TRANSMITS AND DELIVERS THE WITHIN NIGHT LETTERGRAM SUBJECT TO THE FOLLOWING TERMS AND CONDITIONS:
The company will receive, not later than midnight, NIGHT LETTERGRAMS, written in plain English. to be transmitted only for delivery on the morning of the
next ensuing business day, at rates still lower than its standard night message rate, as follows:
The standard day rate for a ten-word day message shall be charged for the transmission of a NIGHT LETTERGRAM, containing fifty words or less, and onefifth of the standard day rate for a ten-word day message shall be charged for each additional ten words or less in such NIGHT LETTERGRAM.
To guard against mistakes or delays, the sender of a message should order it REPEATED, that is, telegraphed back to the originating office for comparison. For
this, one-half the unrepeated message rate is charged in addition. Unless otherwise indicated on its face. THIS IS AN UNREPEATED MESSAGE AND PAID FOR
AS SUCH, in consideration whereof it is agreed between the sender of the message and.thiS Company as follows :
I. The Company shall not be liable for mistakes or delays in the transmission or deliver, dr for non-delivery, of any TJNREPEATED message, beyond the amount
received for sending the same ; nor for mistakes or delays in the transmission or delivery, or for non-delivery, of any REPEATED' message, beyond fiftytimes the sum
received for sending the same, UNLESS SPECIALLY VALUED; nor in anY case for delays arising from unavoidable interruption in the working of its lines; NOR
FOR ERRORS IN CIPHER OR OBSCURE MESSAGES.
2. In any event the Company shall not be liabM for damages for any mistakes or delays in the transmission or delivery, or for the non-delivery of this message.
whether caused by the negligence of its servants or otherwise, beyond fifty times the REPEATED message rate, at which amount this message, if sent asa REPEATED
message, is hereby valued, unless a greater value is stated in writing hereon at the time the message is offered to the Company for transmission, and an additional sum
paid or agreed to be paid based on such value equal to one-tenth of one per cent. thereof.
3. The Company is hereby made the agent of the sender, without liability, to forward this message over the lines of any other Company when necessary
to reach its destination.
4.

Messages will be delivered free within the established free delivery limits of the terminal office. For delivery at a greater distance a special charge will be made

to cover the cost of such delivery.
5.

No responsibility regarding messages attaches to this Company until the same are presented and accepted at one of its transmitting offices; and if any message is
sent to such office by one of this Company's messengers, he acts as the agent of the sender for the Purpose of delivering the message and any notice or instructions
regarding it to the Company's agent in its said office.
6. This Company shall not be liable for damages or statutory penalties in any case where the claim is not presented in writing within thirty days after the
message is filed with the Company for transmission.
In further consideration of the reduced rate for this special 'NIGHT LETTERGRAM" service, the following special terms are hereby agreed to :
NIGHT LETTERGRAMS may at the option of the Telegraph Company be mailed at destination to the addressees and the Company shall be deemed to have
discharged its obligation in such cases with respect to delivery by mailing such NIGHT LETTERGRAMS at destination, postage prepaid,
NIGHT LETTERGRAMS shall be written in plain English. Code language is not permitted.
7. The above terms and conditions shall be binding upon the receiver as well as the sender of this NIGHT LETTERGRAM.
8. NO EMPLOYEE OF THIS COMPANY IS AUTHORIZED TO VARY THE FOREGOING.
CHARLES C. ADAMS, VICE-PRESIDENT,

CLARENCE H. MACKAY, PRESIDENT.

EDWARD REYNOLDS,

VICE-PREST. AND GENERAL MANAGER.

CHARLES P. BRUCH, VICE-PRESIDENT.




CONFIRMATION OP' TELEGRAM FROM

BANKERS TRUST COMPANY,
16 WALL STREET

NEW YORK CITY

r
Attiunt 29. 1914

J ? Sartori

411q

d/o Security Trtiot Onnpany
Lon Angeles
Have 4rnhnged with Knox

California
to roprement sa*Irkgii
lxios anti

believe aitter will be well
handle(' ,xm 'writing fully
Beni Itrong Jr

Cixi.rce




J. F. SARTORI.

PRES !DENT.

M S.H E LLMAN,
JOHN E PLATER,

VICE PAEsDEn-r,
VicEPIREsioENT

CHAS H.TOLL,

VICE PRESIDENT.
VICE PRESIDENT.

W. H.BOOTH,

W.D
T. Q.HALL.

ONIMMINWalk

CASHIER & SECRETARY.

R. B.HARDAERE,
M. WALLACE,
W. M.CASWELL,

SAVINGS-COM MERCIAL - TR Li ST

J. H.GRIFFIN,
C. W.WI LSON ,

W. A.ELLIS,
L. H.ROS E BERRY,

H. SMOCK,

laalk"gn-1-44

September

Assr CASHIER
Assr CASHIER
Assr CASHIER.

As SECRETARY,
ASST SECRETARY.
ASST SECRETARY.
TRUST OFFICER
TRU sr ATTORNEY.
Au EDITOR.

5, 1914.

-f
Mr. Benjamin R. Strong, Jr.,
c/o Bankers Trust Company,

New Yo, N.Y.
My dear Mr. Strong:-

Your favor of August 29

duly received.

I have also heard quire fully on the
subject of our recent correspondencelfrom Mr. McWilliam,
Sacretary of the Savings Bank Sect 'n.
In view of the fac that I have never
personally dealt to any great exyent in railroad securities
and that but a very small fracti,bn of one per cent of the
investments of the institution pith which I am connected
consist of such securities, I 'Jaye never had occasion
except in a general way, to inform myself as to the railnditions affecting the
road situation or as to the
value of their stocks and bo/1 ds.
c16

The bank wit, which Mr. Knox is connected
has always been a large pu/chaser and holder of some of
these securities, and he 1.s no doubt quite familiar with
I am quite sure that
them and the situation in/general.
he will be better able tO6 present the case from the
investor's standpoint t lan I possibly could.

On my r turn from Europe I was informed
at the Chase National jank that you were out of the city,
and for this reason I,regret that I was unable to see you.
It is quite possible 'that I will go to New York on my
way to Richmond, an of course will then take the oPportunity
to call on you.
Wit1 great regards, I am,
Very truly yours,
W.

0




kitY4




ADDRESS .ALL COMMUNICATIONS TO TUE COMPANY

AvziEzumg.Aw Titusir Comitkivir
710 CTIESTNITT ST.

Gummi, ONE ?IILLItrIhLLMIS

3 C-

Slaw Louts

.I.C.VAN RIPER, PREsroEm.

fiLir

Er. Benj.Strong, Jr., President,
Bankers Trust Company,
New York, N.Y.

e.GE:.

SEP t4 19 4 SEP '2 4 1014
KEFERKED TO

OFFI CE

My dear Mr. Strong:You will be advised prior to receiving this letter,
that the Clearing House Banks of St.Louis, at a meeting
yesterday, agreed to furnish a fund of $5,000,000 in Gold,
to be placed in the hands of Trustees for the purpose of
,helping out the situation in New York. Our pro rata proportion was $72,500.00.
I agreed on our part to help make up the $8,000,000,
but as we had already sent $50,000.00 to yam, it might be
that we will not have sufficient Gold funds, especially if
a call for more than 50% is made. In that case, I trust
we can rely on you to help us out for any small balance we
might lack.
I truly believe that this is the only same method
of dealing with the existing situation. The Buy-a-Bale-ofCotton movement, while it might help, is largely hysterical,
as are many of the suggestions emanating from the South and
West.
It appears to me that if the banks throuelout the
country promptly subscribe and make up thisfund, the condition will be clarified without the necessity of calling much
more than the first installment.

Hope
igland and
be adjusted so
tire Gold fund
in

the bankers' action will establish confidence
France to such am extent and that credits will
as to avoid the necessity of shipping the ento be raised.

The Committee named is so satisfactory to oui bankers
that I am sure it will give confidence to the bankers throughout the country that the fund will be handled to a Very great
advantage to trade and commerce in .1 sections.
111

With kind regards

September
Twenty-second
Nineteen Fourteen.
JC711/MJ.T

vet)

alliiP

believe me,
rs,

Preside t.




-




POSTAL TELEGRAPH
REC

I

COMMERCIAL CABLES

TELEGRAM

/ED AT

'DELIVERY No.

6

The Postal Telegraph-Cable Company(Incorporated)transmits and delivers this message subject to the terms and conditions printed on the back of this blank.
DESIGN PATENT No. 40529

"64

,

1.3J 410P 43

STLOUIS MO, NOV

. 1kk4Pri

N0V

5 1914

BENJAMIN STRONG GOVERNOR FEDERAL RESERVE BANK
NEWYORK
SAINTLOUIS BANKS SUBSCRIBED FIVE MILLION NY BANKS FIFTY MILLION.

I.

BELIEVE STLOU1S BANKS WOULD SUBSCRIBE THEIR PROPORTIONATE PART TO ANY
DEFICIT TO MAKE UP COTTON LOAN

FUND. MERCHANTS AND MAN

OF STLOUIS HAVE SUBSCRIBED TWO MILLION FIVE-HUNDRED THOUSAND IN
ADDITIONAL TO BANKS




FEST US J WADE.

POSTAL TELEGRAPH-CABLE COMPANY COJCTION THE COMMERCIAL CABLE COMPA-

THE GREATEST TELEGRAPH AND GABLE SYSTEM IN THE WORLD.

EXTENDS OVER TWO-THIRDS OF THE WAY AROUND THE EARTH.

THE POSTAL TELEGRAPH -CABLE COMPANY

(INCORPORATED)

TRANSMITS AND DELIVERS THE WITHIN MESSAGE SUBJECT TO THE FOLLOWING TERMS AND CONDITIONS:
To guard against mistakes or delays, the sender of a message should order it REPEATED; that is, telegraphed back to the originating office for comparison.
For this, one-half
the regular rate is charged in addition. It is agreed between the sender of the message written on the face hereof and the Postal Telegraph-Cable Company, that said Company. shall not
be liable tor mistakes or delays in the transmission or delivery, or for non-delivery, of any TINREPEATED message, beyond the amount received for sending the same: nor for mistakes or
delays in the transmission or delivery, or for non-delivery, of any REPEATED message beyond fifty times the sum received for sending the same, unless specially insured, nor in any case
for d elays arising from unavoidable interruption in the working of its lines, or for errors in cipher or obscure messages. And this Company is hereby made the agent of the sender, without liability, to forward any message over the lines of any other Company when necessary to reach its destination.
Correctness in the transmission of messages to any point on the lines of the Companycan be INSURED by contract in writing, stating agreed amount of risk, and payment of premium thereon, at the following rates, in addition to the usual charge for repeated messages, viz.; one per cent, for any distance not exceeding 1,000miiles,and two per cent, for any greater
distance.
No responsibility regarding messages attaches to this Company until the same are presented and accepted at one of its transmitting offices; and if a message is sent to such office
by one of this Company's messengers, he acts for that purpose as the agent of the sender.
Messages will be delivered free within the establishedlree delivery limits of the terminal office. For delivery at a greater distance a special charge will be made to cover the cost
of such delivery.
This Company shall not be liable for damages' or statutory penalties in any case where the claim is not presented in writing within sixty days after the message is filed with
the Company for transmission.
This is an uNREPEATED Message and is transmitted and delivered by request of the sender under the conditions named above. Errors can be guarded against only by repeating a
message back to the sending station for comparison.
The above terms and conditions shall be binding upon the receiver as well as the sender of this message.
110 employee of this Company is authorized to vary the toregoing.
CHARLES C. ADAMS, VICE-PRESIDENT.

CLARENCE H. MACKAY, PRESIDENT.
EDWARD REYNOLDS, VICE-ERECT. ANV GENERAL MANAGER.
EDWARD J. NALLY, VICE-PREST. AND ASST. TO THE PRESIpENT.

CHARLES P. BRUCH, VICE-PRESIDENT.

POSTAL TELEGRAPH-FASTEST SERVICE IN THE WORLD



FESMS,WAIDE,PREsIDENT

C,

CA,,711

PAUL BROWN. VICE PRESIDENT
GEO. W. 4/IL5ON,VICE PRESIDENT

WILLIAM MAFFITT.VICE PRESIDENT
W. F. CARTE 14 ,Vicr PRESIDENT

CAPITAL 4i; 3,000,000

C. H. ,-,11LLAN.VICE PRESIDENT

00W

JOH,

AT

RUDER, TREASURER

UST C
IL 0

itaS

SURPLUS S 69300,000

N
ARTHUR F. BARNES, ASS'T SECRETARY
H.J. S COLLIN. ASST SECRETARY
J. B. MOBERLV,REAL ESTATE LOAN OFFICER
JAMES W. BELL, MANAGER SAVINGS DEPT.

RICHARD L. GOODE. COUNSEL
VIRGIL M. HARRIS. TAUNT OFFICER

KRUSE.AsST TREASURER
J. M. MURPHY. Ass, TREASURER
J. HUGH POWERS.MAA.BONO DEPT.

GOOD, B. CUMMIN GS.ASST TRUST OFFICER
GEORGE SCHUCKHER.MGA FOREIGN EXCHANGE DEPT
AMEDEE V. REYBURN.MGABAFE DEPOSIT DEPT.

W.J. DU G GAN. SECRETARY

JOHN RING,JR,GR.PueLiciTv DEPT.




5 NOVEMBER 1914

Honorable Benjamin Strong,
Governor, Federal Reserve Bank,
New York City.
My dear sir:

I wired you last night as per conI have stirred the South
firmation attached.
into considerable activity the last forty-eight
hours, having sent out more than 500 telegrams
asking them to urge their eastern correspondents
to subscribe to the cotton loan fund, if they
in the South thought it was decessary to raise the
fund.

From the replies I am receiving, I imagine those cities that have not yet subscribed will
be more interested hereafter.
There is no question about the urgent
necessity of raising the fund.
Sincerely yours,

11111

It

W.

MERCANTILE TRUST COMPANY
SAINT 1-_.0-1.7IS

CONFIHNIA'PION OF TIIII.EGRANI
A TELEGRAM OF WHICH THE FOLLOWING IS A DUPLICATE WAS SENT YOU THIS DAY AND IS HEREBY CONFIRMED.

Benjamin Strong,

4 NOVEMBER

1914

Govw-nor, Federal Reserve Bank, Nov York City.

Saint Louis banks subscribed
five million,

New York

Banks fifty
subscribe thnir
proportionate p-A't to any deficit to make
up cotton loan fund.
Unrchants and manufacturers of
million five hundred thousand, Saint Louis have cubscribed to
in additionalto banks.

I believe

Saint 1,01113 banks would

Ao


Form 01)-2M-1012.


Festua J.

Wade.


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102