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June 13, 1921.

tly dear Mr. McGarlah:

V,e have only within the last few weske been able to conclude the

final accounting of the expenses of the various Liberty loans, and determine
to what extent, if any, expenditures wade by the organization could not be
reimbursed by the Treasury under existing lax, or rules of the Department.
We find that the total amount of such items that cannot be reimbursed is

Gf this 6111.1,

the Federal Reserve Bank is able to absorb 12,222.74.

The remainder, 008.23, I have ?aid personally.
Ins wiborty Lowl Committee passed a resolution, agreeing personally
to assume certain charges, up to & limited amount, which as I recall was t1,000.
If the members of the oommittee care to pay their respective shares of this sum,
the amount of each committeeman's proportion will be t23.55.
Had these operations been conducted since the passage of the Volstead
Act, it would not have been necessary to ask the committee to wake any contribution.

Yours very truly,

Gates W. McGarrah,
20 iiasEau St.,
hew Stork, N. Y.



Jun, 15, 1921.

My dear Mr. koGarrah:

I thank you for the remit
enclosed in your favor of June 74.
Yours very truly,

Gates V. McGa.rrah, Es7.,
20 11P-EE


New York, N.


f ;t23.55

July 21, 1924.

Dear Gates:

In regard to rates, I as still
Your letter of the 19th is just received.
awaiting a reply to cables which I sent to Owen Young last week, to make sure that a
rate reduction by this bank now will eeither be westing our powder nor in any way
Of curse, you realize that our rate policy is
adding to the confusion over there.
the subject of as much if not more concern in London and on the Continent just now
but it certainly looks as though consideration solely of domestic
than it is here;
conditions would justify reducing to 3 per cent.
As to the acditional purchases through the open market investment committee;
inasmuch as the market owes us no money in New York at all now, the committee is proposing for the present to suspend all buying here, because it would in fact be an
We are able to pick up a few ceraddition to the amount of credit in this market.
tificates in other districts and eince the date of the meeting in Boston, we have
From now on, Mr. Case and
purchased a total of about $3,000,000 outside New York.
I expect the buying to be very gradual, and I feel certain that it can be done without
any considerable market effect.
The earning assets of the System now being around $800,000,000, we are at a
point where the Federal Reserve as a regulator must depend entirely upon its ownership
of $400,000,000 of short time oovernment obligations to exercise any influence at all
In the face of the flood of gold ooming
This amount is too small.
over the market.
from Europe, it ie a dangerous position for the country to be in, and I think we are
all agreed that such purchases as can be made wiLhout considerable effect upon the
market, and at a time when th, general price level is not on:), not advancing but showing a tendency t_ decline, is all we can do to fortify ourselves against what might
I would be sorry to have you out of
indeed lead to disastrous inflation later on.
syketthy with what is proposed, and I regret also that so many people jump to the
conclusion that these purchases are ade more or the sake of earnilge than for the
It is a typical case of
teirpose of fortifying our relatious with the money market.
The subject is one of the most dif'f'icult that we have ever
calling a dog a bad name.
It has keen given the utmost study by all of us in the
had to consider and decide.
tank here and by the very beet men in the Federal Reserve System, and the fact that
w e are unanimoJely of the view that this policy is forced upon us, does carry some
At the first opportunity I want you to give me enoigh time to aiscues the
Possibly we can have dinner some night.
whole mater.
You don't know how much I would like to have a visit at 100(113 Hole this
but it would not be fair ror me to be away after my long absence last year,
I am glad to say thet
w hen other men in the bank really need good holidays so badly.

Don't bother writing me
Case is back looking finely, and that will help all around.
while you are away unless it is something important, and I will thoroughly underntuld.
With beet regards,

Mr. Gates N. Molgarrah,
Long House,
 Hole, rase.

Yours sincerely,



Biltmore, N. C.
Sunday, January 9, 1927.

Dear Gates:

My associates in the Bank have kept me informed of recent developments
arowing out of Mr. Jay's resignation; - and now I learn that you are to be offered the chairmanship of our Board.

I am delighted!

I want you to know exactly how I feel about

And you must accept.

For the past twelve years, my partnership with Pierre Jay has been unusual, almost unique.

His modesty, loyalty and self-effacement, have, however,

had the result that the importance of his work was not appreCiated, nor were the
larger responsibilities of the position understood.

There is a great and neces-

sary public service to be rendered to our country by whoever fille that position.

It requires the experience and qualities which you have, and it brings a great
satisfaction to whoever is able to perform that service.

We will all welcome you into the family of the bank, which is a very
happy one - but none so cordially as I will.

You know it too well already to

require details.

Of one thing you may be assured.

It will be my effort, and one of

pleasure and real comfort, to share every problem and every responsibility for
the conduct of the Bank, with you.

We have had too many associations in the

past for you to harbor any doubts as to the future on that score.
So please say "Yes" and get word to me as soon as you can.
Affectionately yours,

Mr. Gates W. McGarrah.

This article is protected by copyright and has been removed.
The citation for the original is:
"McGarrah to Direct Reserve Bank Here." The New York Times, February 10, 1927.


MISC. 4. 1-a0M-1-24




Messrs. MeGarrah, Catie, Harrison


Governor Str-ng


If any questions





asked about my ab,:enoe it chould be explained

that I am out of town until a ut ChrietmaC, without any further details. I am
plannin: to leave ti .e bank i ediately after lunch on Friday, .end _ny matters
to be t ken u

ith me Lefor I leave

leave without fail.

should be

cleaned up tefore that as I must


Royal Motel,

man-les-Bains, July 4, 1928.

Dec." Glates:

Since dictating my letter of yesterday, yours of Juno 22nd has
reached me.

I have watched the developments reported in the newspapers

with keen interest.

Ton percent money yesterday ought to make the specu-

lator° pause, but of course we cannot have a continuance of rates at any
such level without consequences other than those in the stock market.
I do hope the country comes to its senses promptly.

Tho organization change you describe strikes me as in every way
a cellent.

I wrote Burgess about a few things yesterday and took the liberty
of mentioning tho need for checking up on the Bank of America stock.

I um

more than ever satisfied we did the right thing in getting the commitment

we did from Girmini, and unlese T am mistaken, you will find the office=
of the Bcnk of America equally content.
Please give my best to everybody in the Bank.

I am improving

here steadily and Shall undoubtedly sail for home on August let on the

Very sincerely yours,

Ur. Gates W. Mc Gerrnh,
33 Liberty Street,
New York.




turn will be owned by the Bancjtaly Corporation.

He will claim that

this transaction does not fall within the scope of our objection to
the original ownership of stock of the Bank of America by the Fencitaly

I cm against the whole thing, root and branch, and take

the liberty of making the following suggestion.
shy not send for !Sr. Belden and tell him very frankly that we

don't want a large institution in New York City under the control or influence of Mr. Ciannini or of the Bancitaly Corporation.

Should he son

tinue in his determinotion to buy additional banks and build up a large
institution, it will be necessary for us to exert whatever influence we
hove to insure that mergers are not effected and the various erivileges
Lro not accorded which appertain to membership in the Federal Reserve

There is only one safe way to deal dith a man of his type,

and that is to bring him up abruptly and absolutely stop the development
before it gets good headway.
I hone you don't mind my writing my views so frankly and vigorously.

The recent exposure of the weaRneas of their position I believe

is justification for

and after all, if we are the guardians of the

banking position in Now York, it seems to me that this is no lose than
our manifest duty.

If you should decide to pursue some such course as this, I do

not see why we are not perfectly justified in telling Ur. Belden that we
will not feel comfortable about the position of the Bank of America
unless he liquidates enough of the liquid ascots of the Bancitaly Corporation and invests them in securities which are available for use at the
Federal Reserve Bank, to enable the Bancitaly Corporation to absolutely

Mr. Mc Garrah.



protect the Bank of America from any possible emergency that might

If we could get a definite agreement from him to do this and

see that it was done, we might then make that the excuse for giving him
a short extension of say three months within which to affect the distribution of the Dank of America stock.

It is another form of protection

to the Bank of America against the hazard of the present ownership, and
I believe justified by conditions.
My best to you and all at the Bank.
Sincerely yours,

Mr. Gates V'. Mc Gerrah,
33 Liberty Street,
New York.





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BENJAMIN STRONG, Governor of the Federal Reserve Bank of New York, died on the morning of
Tuesday, October 16, 1928, at New York Hospital,
following an operation on October 6 for a serious intestinal
Simple and impressive funeral services were held in the
Brick Presbyterian Church at 2 p. m. on Thursday, October
They were attended by the directors and officers and

many of the staff of this bank, and by a distinguished
gathering of men and women prominent in finance and
public affairs.


of appreciation of Governor Strong's

achievements and grief at his death were received by this
bank and by his relatives from all over the world. Resolutions were passed by the board of directors of the bank,
by the Federal Reserve Board, by the New York Clearing
House, and by many others.
The Federal Reserve Club, in the name of the staff of
the bank, sent appropriate flowers to the funeral and the
president of the club has appointed a committee to report
upon the feasibility of some permanent memorial to be
established by the staff in memory of Governor Strong.
Resolutions were also adopted.

This number of The Federalist is dedicated as a memorial number to Governor Strong.




Hudson, on December 22, 1872, the son of Benjamin
and Adeline Torrey Strong. Shortly afterward, his family

moved to Montclair, New Jersey, where he remained for
many years and where he was educated in the public schools.
More recently he had lived in New York City. In 1895
he married Margaret Le Boutillier, who died in 1905. In

1907 he married his second wife, who was Katherine
Five children survive him. They are Benjamin
Strong, Jr., Philip Strong, Mrs. Watt S. Humphrey, Miss
Elizabeth Strong, and Miss Barbara Strong.

Governor Strong early in his career was a clerk with
Jesup, Paton and Company and later with Cuyler, Morgan
and Company. It was in these early employments that

he learned the beautiful penmanship which was charFor in those days business correspondence was
written by hand and one of his early tasks was writing firm
letters to foreign customers. Later he became Secretary

of the Atlantic Trust Company and continued to fill that
office when the institution was merged with the Metropolitan Trust Company. He was appointed Secretary of
the Bankers Trust Company shortly after its founding in
1903 and served as Secretary, Vice President and finally
President of that Bank. During the panic of 1907 Mr.

Strong was asked by the bankers to head a group to

examine banks in difficulty as a basis for deciding whether
they could be assisted. In October, 1914, he was appointed

the first Governor of the Federal Reserve Bank of New
York, and he served continuously in that position until the
day of his death. He was in charge at the opening of the
Bank on November 16, 1914, and was responsible for
the building up of the organization to its present strength.
After this country's entrance into the War, in 1917,
the Governor served as chairman of the Liberty Loan
Organization in this district. A testimonial given him by
his associates on the committee describes his services as
follows :

"He discharged the responsibilities, the duties and the

arduous tasks of that position with a zeal for the public
good, and with a soundness of judgment that ranks his

Page Two


work among the most devoted instances of service rendered

to the United States during the World War."



Of recent years the Governor was Chairman of the
Open Market Committee of the Federal Reserve System
composed of the Governors of five of the Reserve Banks
and charged with the responsibility of making recommendations as to open market policy. In that position he
exerted great influence in shaping and unifying the policies
of the System.

Recognizing that world trade and the trade of the
United States could not be restored to normal until the
currencies of the principal countries of the world were stabilized, he was deeply concerned with the rehabilitation of

the finances of European countries, and by wise advice
and counsel and by negotiating Federal Reserve credits to
the banks of issue of those countries, he gave them invaluable assistance in their efforts to return to a gold basis.

His advice was sought in the formulation of many important matters affecting world finance.
In 1921 Governor Strong testified before the Agricul-

tural Commission composed jointly of members of the
Senate and of the House. At that time the Commission
was investigating the agricultural situation of the country
in the years immediately preceding and the responsibility
of the Federal Reserve System. His testimony then, and
later in the spring of 1926, when he appeared before the
House Committee on Banking and Currency, constitute a
fine discussion of the economics of Federal Reserve operations, now widely used for reference.
The honors which he received from his own and other
countries were numerous. In 1918 he received from
Princeton the degree of LL.D. In 1919 he was made
a Chevalier and in 1928 a Grand Officer of the Legion
d'Honneur by the French Government. This year the
President of Poland conferred upon him the Grand Cross

with Star of the Order of Polonia Restituta and the
National Bank of Belgium is about to place in our bank,

as a mark of its deep esteem, a bronze statue of the
Governor. He was a member of the Academy of Political
Science, the Merchants Association, the Chamber of Com-

Page Five

merce of New York, and other foreign and domestic

In 1916 he suffered an attack of tuberculosis. From
that time on it was necessary for him always to guard his
health with the greatest of care and recurrent disabilities
made it necessary for him to be away from his desk for
long periods. In spite of his struggle against disease, he
nevertheless through an indomitable will kept to his steadfast purpose of furthering the interests of the Bank, and
constantly maintained contact not only with the broader
policies of the Bank, but with many of its operating details.
Always foremost in his mind was his consideration of the
welfare of the employees of the Bank. He was a frequent
visitor to all departments and knew personally a surprising
number of the staff.
After his return from abroad in August of this year,
Governor Strong was confined to his apartment most of
the time. On October 6, he was operated on at New York
Hospital for an intestinal abscess. Following the opera-




BENJAMIN STRONG was the first Governor of the
Federal Reserve Bank of New York. He served
from the time it opened for business on November
sixteenth, nineteen hundred and fourteen, until the day of
his death, on October sixteenth, nineteen hundred and

suffered a setback and died early on the morning of October
16 after a severe secondary hemorrhage.

In normal times, it would have been a great accomplishment to have organized a central bank of issue in the
City of New York, to have selected competent persons to do
its work, to have provided adequate equipment and a beautiful building for its use, to have taught it to function as a
cooperative unit in an untried Federal banking system, and
to have established its good-will and service for the mem-

The feeling of all members of the staff of the Bank
has been well expressed by Mr. McGarrah in a statement
made on the day of Governor Strong's death :

But the times were not normal. After its organization,
the new institution was immediately faced with national and

tion, although admittedly in a critical condition, he appeared to have an excellent chance of recovery; but he

ber banks in its own district.

"In making announcement of the death of Gov-

international disturbances resulting from the great war.

ernor Strong, and pending any formal resolutions
which may be adopted by our directors, I want in

After our own declaration of war, there were vast problems
of financing, not only of our commerce and industry, but of
our Government itself. After peace came the problems of
deflation and readjustment, and after them the rehabilitation
of the currencies of the world. In these activities, the Federal Reserve Bank of New York took an active and impor-

behalf of all his associates in the bank to express the
deep grief which we all feel personally in his death.
Though carrying a heavy load of responsibility and
often in ill health, Governor Strong never failed to
find opportunity for the closest of friendly relationships and unremitting consideration of the welfare and
happiness of all of us who have worked with him. He
was a great and inspiring leader who won the affection
and admiration of his associates."

tant part under the aggressive and inspiring leadership of
Governor Strong.

The good understanding of the central banks of the
world and their good-will toward each other have resulted
in effective cooperation and have yielded practical results.

It is not too much to say that Benjamin Strong was the

l'age Cix

Page Seven

Father of that movement and its guiding spirit. Not until
the history of finance during the war and after and the story
of the reconstruction of the currencies of the world shall
have been written can it be known what a significant part he
played in this most important work.
To have done so much would seem to have required
inexhaustible strength. Yet during more than half of this
time Governor Strong was fighting tuberculosis of the lungs.
But his spirit was undaunted, his will undiminished, and his
vision unimpaired. At home, he was thinking not more of
finance than of the men and women who were in his bank.

Their comfort and happiness and advancement were as



We have learned with profound sorrow of the untimely death of our beloved Governor, Benjamin Strong,
whose sterling traits of character have been so beautifully
exemplified during his banking career. He was bound to
those who knew him by the most tender ties of deep affection and warm human sympathy and through his death we
have lost not only a distinguished leader but a valued friend.

His precious memory will be a lofty inspiration for all
who come after him and a priceless inheritance to future

much a matter of his solicitude as the greatest movements

of industry and trade. Abroad, he was thinking of the

It is therefore resolved that as a mark of deep re-

problems of currency restoration, and of the kind of cooperation and help which his country and his bank should give,
in its own interest and in the interest of the world, to sound
programs of economic rehabilitation.
A man of energy and courage, a man of resolute character and tenacity of purpose, a man of sympathy and understanding, a man of wide acquaintance and tender friendships, a man of cheerfulness, he went to his death unafraid,
loved by his friends and respected by men everywhere.
This minute is made by the Directors of the Federal
Reserve Bank of New York, acting as a Board and by them
individually, to record their appreciation of the achievements of Benjamin Strong and their sorrow at his death.

spect the entire staff of the Federal Reserve Bank of New


Page Eight

York be requested to remain in silent meditation for a
few moments on the day and at the hour of the funeral
services for our devoted friend and co-worker, and it is
further resolved that a copy of these resolutions be spread
upon the minutes of the Federal Reserve Club and a copy
sent to the bereaved family.

Chairman, Board of Governors.

During the fourteen years Governor Strong headed the bank, the

welfare of the staff was a matter of real and affectionate interest
to him. His devotion to the interests of the staff was so well
known as to justify the deep personal affection, admiration and
esteem in which he was held by officers and employees alike. His
death deprives the bank of a beloved leader, a wise and able counsellor, and a loyal and warm-hearted friend.
Deputy Governor, Federal Reserve Bank of New York.

Page Nine


To Benjamin Strong, Jr.:
I have just learned with deep regret of the passing of your
father, Benjamin Strong. As Governor of the Federal Reserve Bank
of New York he discharged with marked efficiency the duties of a
most responsible office, and his name is honored both here and
abroad as a wise counselor and an able executive.

President of the United States.
Mr. Strong's death was regretted in Belgium where his friendliness was to be publicly celebrated on the occasion of the second
anniversary of the stabilization of the Belgian franc.

King of the Belgians.

Deeply grieved to receive your sad news. The genius and
personality of our old friend will be as much missed in Europe as
in America.

Prime Minister of Great Britain.

learn with the greatest sadness the news of the death of

Governor Strong, who counted none but friends in France and whose
high qualities I have had numerous opportunities to appreciate. I
am deeply moved by his loss and I wish to tell you how

much I share in the mourning of the Federal Reserve Bank of

away that he could not be reached for consultation. He played
a large part in the original working out of the organization and
functioning of the Federal Reserve Banks and was the leader in all
conferences of the Federal Reserve Banks with the Federal Reserve
Board so long as his health permitted. His advice and cooperation
were eagerly sought by the central bankers of Europe on the recent
reconstruction of monetary systems from the demoralization caused
by the war.

The members of the Federal Reserve Board are profoundly
grieved at his loss.
rice-Governor of the Federal Reserve Board.
"That this Court have heard with profound regret of the death
of Mr. Benjamin Strong who had held the office of Governor of
the Federal Reserve Bank of New York since 1914, and having
regard to the exceptional personal friendship which existed between

him and the Members of the Court they desire to record their
sorrow at the loss they have suffered by his death.
"They also wish to bear testimony to the unique and conspicuous

services he has rendered in assisting the cause of European reconstruction and in promoting cooperation among Central Banks by his
influence and endeavour."


Bank of England.
Deeply moved by the sad news, I wish to express to you and to

my friends at the Federal Reserve Bank, the personal part I take
in your sorrow. Governor Strong had only friends in France and
his loss is deeply felt by the Ministry of Finance and by myself.

New York.



Financial Attaché, French Government.

Premier of France.

The confidence and friendship with which he was regarded
abroad, especially among the heads of the great central banks with
whom he kept in close and friendly contact, have done much to solve
the financial problems that have arisen since the war and have helped
to pave the way for the better international conditions which now


Please accept and convey to the members of your Board as
also to the family of the deceased the German Embassy's sincerest
sympathy on the occasion of the death of Governor Benjamin Strong,
whose loss will be felt keenly throughout the financial world and
will be deeply mourned by his numerous friends and admirers in

-Orro C. KIEP,
German Chargé d'Affaires.

Secretary of the Treasury.

The report of the death of Governor Benjamin Strong of the
Federal Reserve Bank of New York was a surprise and a severe
shock to the members of the Federal Reserve Board. He was the
outstanding personality of the Federal Reserve System, a man of
great force of character, of highest ideals, unsparing of himself in
his devotion to duty.
For several years he has been handicapped by recurring illness,
but could rarely be persuaded to escape completely even for a season

from the responsibilities of his position and he was rarely so far

Page Ten

I extend to you my sincere condolence in the loss the Federal
Reserve Bank has met with because of the death of Governor Strong.
I personally deeply mourn the loss of this eminent man, who proved

to be such a devoted friend to Poland when assuming such an

amicable attitude towards her and playing such an important and
decisive part both in establishment of stabilization plan and in further
cooperation of American capital in the reconstruction of this country.

Minister of Finance of Poland.

Page Eleven

Through his character, his genius and his industry he made
perhaps the most significant contribution during the past ten years
to the recovery of the world from the disorganization of the great


Ambassador to Mexico.

I have a high appreciation of the service he has rendered to the
Federal Reserve System as well as to the banking community abroad
and, by reason of my long association with him, feel a distinct personal
loss in his passing. He will be greatly missed in your organization

and elsewhere, but he has left an everlasting monument in his


Governor, Federal Reserve Bank of Boston.
He was a man of studious mind, of ample vision, of determination and courage. At the inception of the Federal Reserve System
the opportunity came to him to enter upon a work which was enticing
to him, and which he came to love with a devotion which is rarely
found in the ordinary work of man.

In financial problems of a magnitude and complexity hitherto
unknown, the accurate vision and resolute courage of his leadership
swiftly banished misunderstanding and difficulties. His fearlessness, his

zeal in the cause of finance to which he had devoted the greater part
of his life, and his great achievements were an inspiration to all who
knew him.

His services as the Governor of the Federal Reserve Bank of

New York were invaluable; his work made him a dominating
figure in the Federal Reserve System and because of his tact, diplomacy and broad knowledge he was an international force in finance
and banking.
President of the New York Stock Exchange.

He was a capable and earnest servant, bringing to his work
the qualities of a scholarly mind and a high and indefatigable sense
of duty to the public.
In the death of Governor Strong, international banking has lost
one of its outstanding figures. Mr. Strong's consistent devotion to
the best interests of the country in his organization and guidance
of the Federal Reserve Bank of New York was a splendid example
of public spirited service.
New York Member Federal Advisory Council.

There was in his character an unconquerable spirit of gaiety
and a deep affection which bound innumerable men to him with
bands of golden friendship and made them rejoice to bask in the
sunlight of his presence.

Page Twelve

Bishop of Arizona.



was the


builder of the Federal Reserve Bank
of New York. The hank grew with
ldm as he grew with it. He gave to it
his energies, his health and his life. The
New York Reserve Bank will stand as

a monument of his genius.-Patel

1 ',1!/ e ',thirteen

52 Cedar Street,
New York.
October 19, 1928.

To the Officers and Employees of the
Federal Reserve Bank of New York.

Rather than expressing appreciation or thanks
to you all, I feel it more fitting to offer you sympathy.
We have during the last few days considered you more
as members of the family than ever, and that thought
was with me in every step as I left the church yesterday.
To those that were there and to those that were
unavoidably prevented, I want to express for father's
family the deepest appreciation for the many things
that have been done to make our sorrow easier.
May your institution always be a monument to

(Signed) BENJ. STRONG, JR.

Page Fif teen

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