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47 4 '\I FEDERAL RESERVE BANK OF CLEVELA-16 OFFICEOFTHEGOVERNOR \915 c7c Al\slk c,2'6 6111A. \)C`:-,V-3\1.. Februar2', 1915. 3.1y, dear Governor Strong:- // I acknowledge with thanks receipt of your letter of January 30,h together with the set of circular letters and forms issued by the Gold i/ We are glad to be advised Fund Committee. // of the method in which the Gold Fund is to be distributed./ / Very tru urs, Governor. EB:D To- Mi. Benjamin Strong, Jr. Governor, Federal Reserve Bark of New York, New York City. January 31st, 1916. of: Dear rir. Fancher: I have to thank you for your favor of the 28th, and particularly for your good wiahes in rerd to my trip. I am looking forwrd to it with keen anticipation and only wish that some of the other members of our Governors' Conference were in the party. I will try and write you from the other side at le:st once. Very truly yours, E. B. rancher, 77sq., Governor, FederP1 Reserve Bank, Cleveland, Ohio. BS Jr/VOM PERSONAL AND CONFIDENTIAL: My dear March 6, 1919. Governor Fancher: For some time I have been interested with some friends in a study of some of the problems of our national financial system anu particularly to the possibili-ties of a reform movement which might result in the establishment of a scientific plan for a Federal budget. The need for this has been made apparent to me during the past two years and as a result of contact with the financial machinery in Washington, Some of my friends bel ieve the time is now opportune for a general est the people of the attempt to inter- country in national financial reform. The campaign for savings, thrift and sensible spending, inciLent to the flo- tation of Government loans has put many of our people in a receptive mood for fur- ther suggestions in these matters. The national debt must be reduced and can only be reduced if both individuals and the Government practice sensible spending. It until scienti- is particularly true with the Government but cannot be made possible fic machinery is installed to accomplish it Students of this subject seem to be in general agreement that a scientific budget system is the only solution. To persuade our people be installed, a nonpartisan that such a system should organization should be built up and a wise and sane cam- paign of publicity inaugurated. It is a plan of that sort in which some of my friends are interested with a view to activity after the next loan is placed. taken to prepare steps must be must be developed in It the publicity, and the personnel of the organization advance. is, of course, out of the question as such for an enterprise of this character. me to ask you if in your experience with organizations in connection your district who In the meantime, It does not, the Liberty Loan, with the war, you would be likely to utilize the Liberty Loan organizations however, War seem improper for Savings, or other hflvecome in contact with individuals In to be interested in this movement and who mould March 6, 1919. 32 be qualifiedfOr service in such an organization and who would do so as a matter of public duty. Nhat is first needed is a representative in every State, competent to take charge of the movement and direct it in the State. He should have qualifications to enable him to become a leader of the State movement, some ability as an organizer, should be public spirited, able to grasip the sublect and willing to study it, and should be regarded locally as without political prejudice or purpose, and have the confidence in general of the people of the State. In addition to state directors, signer organizers must be appointed in the various counties and erincipal cities. T shall be greatly indebted to you if you can let me have suggestions and names of men in your district for to them. You may because you this work without, however, mentioning the matter know them Tell enough to meke definite recommendations not only came In contact with them in Liberty Loan matters, but other public spirited activities with which you are aceeainted or connected. This is a matter in which I have a strong personal interest and will be grateful for your assistance. have an opportunity t our meeting to refer to this in eashington on the 20th I hope to matter more specifically. sincerely yours, Governor. B. R. Faucher, Lsq., Governor, Federal Reserve Bank of Cleveland, Cleveland, Ohio. BS/NB r 4 September 14, 1921. Dear Governor Faucher: You will recall that about two yeare ago we had eieee oorrespondence in regard to the %ore of the national Budget Committee. In part, at let, pesease of the budget legieletion by the Congress wes due to the work conducted by that oomeittee. i404 that the basis of the budget system has been edoptec by Congrees, our orgenization is eedeavorine to crystal/Jae public sentiment for the eupieert of the pregram of guverneent economy .e.14 thereby to inaure permanent success for the new national budget eyetem. e are eeekint, to 'extend this work by eelecting, so far as possible, bankers to accept ecteve chairmanehiie in varioue of the r,ore importent cities, simply to carry en work which will be laid out for thee by the national committee. The scope of tLe work is described in the encloeed merearandum. Can you euggeet representative men, preferably bankers, who might be willing to accept euch appointments in the cities of Akron, Columbus, Dayton, Toledo and Youngetown. At the present time I shell only ask you to suggest names, but later on poesibly you would be willing to coeeunicate with them directly ad further our object of having them accept these appointments. If for soy reason you think it unwise to make those suggestione,will you not write me quite frankly and, if you are willing to do eo, give e your reasons. With beet regards, and thanking you very cordially, I Youre very truly, E. R. Fsocner, Esq., Governer, Federal Reeerve Beak of Cleveland, Cleveland, Chio. B6:Wel 6.130. am, FEDERAL RESERVE BAN K OF-CLEVELAND Rti:CEIVE0 JUN June 24, jaZL9-; Mr. Benj. Strong, Governor, Federal Reserve Bank of New York, New York, N. Y. Dear Governor Strong: Your letter of June 21 is received, concerning the matter of asking the Treasury for reimbursement for fiscal agency expenses growing Qut of discussion of certain topics at the recent conference of Governors. I want to refer this matter to our Executive Comrittee the forepart of the meek, and will endeavor to mire you the position that this bank will take in the matter at a very early date. Very t F.B r yours, or. riter,-..ti E.D t1 60 c-c..W,i0CS:i SE.Vi le :- of _ 4 . z. te-,..2 --. I e, JO 26 19e2 4 c FEDERAL RESERVE BANK OF CLEVELAND August 12, 1922. Dr. Carl Snyder, Statistician, Federal Reserve Bank of New York, New York. My dear Doctor: At the instance of your letter, Mr. Anderson has made a survey of the tire situation. When I was in New York, our information was to the effect that the tire companies were afraid to give out their figures because of an overproduction. A number of the companies had not made the reduction in the number of tires usual at this time of the year, and it was thought that they were on the road to a repetitidn of their former spree. Referring to the clipping from the Journal of Commerce, Mr. Anderson reports as follows, which gives the situation as it appears to be at this writing: The statement that 2,500,000 tires were turned out in Akron in July does not appear to be overstating the facts. Tire production, so far as we have been able to learn, for that month was approximately as follows for the four leading companies: Goodyear 22,000 ) 25,000 ( Firestone Daily average. Goodrich 18,000 ) 7,500 ( Miller On a basis of twenty-five working days per month, this would bring the production cf these four companies alone to approximately 1,800,000. The multitude of other small companies in the Akron district would easily make up the 700,000 difference. The direct statement that Miller is making 7,500 tires is confirmed by that company. Goodyear reduced their production slightly during the month of July but increased it about 2,000 tires per day in August. The increase is largely in Ford sizes. Firestone contemplates reducing their output during the month of August, although sales and shipments are approximately equal to production at this time. Stocks, in the judgment of of the Goodyear Company stating that they would consider safe to carry in reported by the Firestone Company as producers, are not excessive, Mr. Rockhill their present stocks are lower than what what we choose to call normal times. Stocks being usual for this season. With tire production for the year at approximately 35,000,000, which t the majority of the larger producers state will be about the number prOduced, I do not believe that production is in excess of the demand. In the year 1919, FEDERAL RESERVE BANK OF CLEVELAND -2- Dr. Carl Snyder, Federal Reserve Bank of New York, New York. 33,000,000 tires were made; in 1920, 32,400,000; 1921, 27,275,000. Car registrations for 1919 were 7,558,848; 1920, 9,211,295* 1921, 10,448,632. This will give an average of tires produced per car registered of: 1919 1920 1921i 4.4 3.5 3.8 / 7221t) Motor car registration July 1 of this year has been given as 10,863,000. Assuming the production of 35,000,000 tires, this would make the average per car 3.2, which is below that of any of the three preceding years. -1-- Another point which would seem to indicate that there is no overproduction is that almdst without exception producers report shipments for the past month in excess of production. After the bitter experience of during the past two years, it is difficult to conceive of them accumulating stocks of tires. For this reason it is also difficult for me to see how production is in excess of current demand when tire makers are selling all that they are producing. Sorry we have been so long in getting the information to reply to your letter. With best wishes. Very truly yours, JCN-L. Ast. Federal Reserve Agent. 014A-1.5V Ea es 91 ! " .1 4