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? (,) Th Nan rporkiTerald Cribunt Ftrst toiast- the Ihtth.Nettis-Editorials-Adverttsentents .1 3 0 e UUly 10, 1925 Dr T. Randolph Burgess The -dew York Federal Reserve lank N.Y. Dear Dr. Burgess: I wonder why Governor Strong went to Europe without informing the New York newspapers on the eve of his departure. It was inevitable that his trip should ultimately become known, and the only effect of departing secretly has been to shroud the trip in a suspicion of mystery that is the very thing he has so often said he wished to avoid. If any of us Wall Street reporters had discoVered the trip while he was at sea, the temptation to jump dit senaational conclusions would have been very strong. he incident has elicited some sharp comment from us newspapermen, both reporters and executives. one of the latter said to me.iast night, "So the Federal Reserve lank is up to its old practices again. I thoujit perhaps Governor ."trongls good resolutions of a few weeks ago would not last." The Governor, natura4y,disiikes publAcity. and so do Lamont, rorrow,/_Leffingweil, and perhaps SPeyer and Clarence Dillon, but when they go to Europe they do not perhit themselves to be discovered suddenly landing in France or ngland. They always issue a statement before sailing to put rumors to rest. ht New `Uorklierald itribunt First to last- the .Thith:News-fditorials-Advertisemetits 2 Please dic) not misuncierstand my writing to you. I am simply giving you confidentially the reaction caused by an incident that affects the iieserve ank in a certain small degree; and I am acting in the same mkpI spirit that leads you to call my attention to distasteful "topics" in our. newspaper. Yours faithfully, Grand Hotel, Rome, May 26, 1926. Dear Mr. Warren: I have your letters of May 20th and 21st, together with Sir Ernest Harvey's letter of the 19th of May, which you enclosed. Also, I have your telegrams dated the 23rd (two), 24th and 25th, sent through the Embasey, which are numbered 7, 8, 9 and 10 (I assume these are Embassy numbers). They keep ma well informed, and I am glad to have them. Of course, Pertinax can be disregarded, but I am writing Mr. Herrick about the article in the "71cho de Faris" so that he may not feel at all uneasy an to anything that I said while in London or Paris. I hope you will continue to keep me informed. I am telegraphing you today that we are leaving Saturday morning for lilan, but I cannot yet give you an address for mail or telegrams beyond what is contained in my wire. I hope you have an interesting stay in Paris, as we are here. Best regards. Sincerely yours, Mr. Robert B. Warren, 0) Morgan, Harjes a Comnany, 14, Place Vendome, PARIS. ES al Grand Hotel, Rome, May 26, 1925. Dear Mr. Warren: I have your letters of May 20th and 21st, together with Sir Ernest Harvey's letter of the 19th of May, which you enclosed. Also, I have your telegrams dated the 23rd (two), 24th and 25th, sent through the ilabaesy, which are numbered 7, 8, 9 and 10 (I assume these are Embassy numbers). They keep me well informed, and I am glad to have them. Of course, Pertinax can be disregarded, but I am writing Mr. Herrick about the article in the "Echo de Paris" so that he may not feel at all uneasy as to anything that I said while in London or Paris. I hope you will continue to keep me informed. I am telegraphing you today that we are leaving Saturday morning for Milan, but I cannot yet give you an address for mail or telegrams beyond what is contained in my wire. I hope you have an interesting stay in Paris, as we are hero. Best regards. Sincerely yours, Mr. Robert B. Warren, sio Morgan, Harjes a Company, 14, Place Vendome, PARIS. ESsM FEDERAL RESERVE BANK OF NEW YORK Misc. 4 A 180 16 1-26 OFF .7,E CORRESPONDENCE To MrRoUrt Warzen DATE March 23, 1927 SUBJECT: FROM- Govern or,__ Strong I have jut finished reading the Weekly Review, No. 7, and have been interested in the discussion of world prices. With much of it I can heartily agree, but as to some of the conclusions I am a bit It is certainly a very thoughtful article and provokes skeptical. reflections which are not suggested in the course of ordinary reading. I have just written Mr. Case about the care with which some The one I sent him I could not identify this one I feel sure is yours, so I am writing of these reports are prepared. by the initials, but you directly. We pride oureelvee in the bank in turning out work that is mechanically and textually accurate, and I am very anxious to see the standard maintained. You will see what I mean by referring to page 5 of the article on prices where I have marked two items where correcOn page 7 of the article you say, "From these ditions are needed. vergent movements certain tentative deductions may be drawn," and then item No. 3 relates to wages where the movement has not been previously (k) 0a cs. 70 1 ks1 3 00 4. 0 tc. 0 00 10 0 ua P. t 1--- 0 r l'A O r.0 U. 0 0" 4-4 '... 0 9 \ 6 6 k" F' e0 6 \ 0 t' \ 1. " (1) .0 FA 0 4).A .S.' 6 2, .11.' CI S IA ,..i c.) 0 17 c0 t.,) 9, ,,.. 6 vf.,---0 tt GI tp` Smi \ V FA qA 'C'S ." 1-4 CI a) Tet P24\ t, ,t-4 VA e d "6 6 e.) " '9 0 '9 0 *T. 0 0 6, .t 4-4 01 cf_k tt, 6 sA 6 6 eo tO ,6 0 0 sA IA 4? 4, C0 0 jp sA tsi 0 pi G) 0 9 6, AI t)A , '1 .0 ek " . 6 0 0t\ oslIK pe) 6 ek z6 IS.. 4 C.)r' IA 0, >4 P ,1) IP q.) 0) 14,A vs2L. jA _A 'CI ,..A 7, "6 .4 a 0 6 4.) ° /1 6 P tat-4 70' -0 .e *7' '`A -0 /OA 00 , tt IA to A br, IA 2.0.4 ...4 0 0 ' FEDERAL RESERVE BANK OF NEW YORK M -OF1E Cr-_SPONDENCE To_ Mr. Robert Warren _ Gevezner Strong March 23, 192 7 SUBJECT: . FROM DATE - 2- diecussed at all. One of your cAeclueione which I disagree with is that agricultural prices are more sensitive to credit conditions than other prices. My own belief is that just the reverse is true. On page 12 there is a mistake in grammar. I hope in preparing these reports you will follow the rule of having the original draft in such finished form that when those prepared for circulation are typed they will not contain corrections in ink and that the technical details will be accurate. You know this is important because it is by just such indications that the officers of the bank form their judgmeht as to the character of the work being done in the departments. I am a bit of a stickler about this, SO I But thic did not detract from my enjoyment of the substance of the article. 4ith beet regards - I hope you keep well and enjoy the work am writing you direct:5r myself. - , ;?e, 3,.sk 4,re. FEDERAL RESERVE BANK OF NEW YORK May 6, 1926 My dear Mr. Moore: It has just been discovered that when the code words for Governor Strong's special use were assigned to me, they included a certain set of words which were already in use between the Bank of England and ourselves, covering the Bank of England Credit. It is, therefore, impo be changed to avoid conflict. Will you please refer to that page of the special code words which begins FEDERAL RESERVE BOARD WYSSA - Discuss with Fed ral Reserve Board and advise their views. Au. words on that page, to and including WYWUC - Theo. F. Whitmarsh, will need to be changed. beginning with YAVAM. So we have decided to use the words in the Bentley book That. will make your list now read: YAVAM - Discuss with Federal Reserve Board and advise their views and so on, using the new words consecutively, down to YAYPA - Theo. F. Whitmarsh" On the page following this list, that is the one headed " FEDERAL RESERVE BANK OF NEW YORK WYZAZ - William L. Saunders, t4, 4, two words will need to be changed, namely WYGVB and AP/DAD, so that that particular section will end with FEDERAL RESERVE BANK OF NEW YORK Mr. Moore 5.6.26 4YAYS0 - Refer to (or referred to in) minutes of Board meeting of 0 YAYUT - Jas. S. Alexander - Member Fed. Advisory Council.' This involves the substitution of twenty-six words in all, and it will be appreciated if you will make the necessary changes in the list you took with you. I hope you find things work out well, and that you will have an interesting experience. Very truly yours, s Secretary to the Governor. Mr. 0. E. Moore, c/o Bank of England, London, England. Wa- WESTE dlue Nite otessage TEL Letter NL these three symbols itter tio check number of this isa day message. Otherits character is indicated by the (of appearing after the check. REIVED AT UNION _NEWCOM B CARLTON. 195 PRESIDENT CLASS OF SERVICE SYMBOL Day Message Day Letter Rite Night Letter AM Bias Night Message NL If none of these three symbel, GEORGE W. E. ATKINS. FIRST VICEPRESIDENT appears after the check number of wordsithis iS a day message. Othcrwise its character is indicated by the symbol appearing after the check, )ADWAY, N 1920 FEB 12 2E7B 37 NI, HANOVER NH 12 S SCOTT 7094 FEDERAL RESERVE BANK NEWYORK EY REFERRING SANFRANCISCO TELEGRAM KOREA MARU SAILS APRIL SEVENTH SUGGEST YOU CONFER WITH NAGAIKE AND SEE IF HE CAB SECURE DELUX CABIN FOR STRONG AND PARTY HOPE WE MAY. HAVE DEFINITE VOW MONDAY SO I MAY ADVISE STRONG CASE. I PM 3 47 DOW, JONES 84 00. NEWS BuLLETINs rHE WALL STREET JOURNAL. ELECTRIC PAGE NEWS TICKER. Telephone On 131.0ad. 44 IIROAD ST., NEW YORK. No. 17 Thursday, Feb. 5, 1920. UNPRECEDENTED MARKET IN THE EXCHANGES Conditions in the exchange market on Wednesday were absolutely without precedent. Never before in the experience of dealers had rates undergone such wild gyrations in the course of a single day. They were literally at their wit's end, as it was practically impossible for them to follow the course of the market during the greater part of the day. At one and the same time widely varying rates were quoted in the same exchange. A typical ease was that experienced by a broker, who at one time was in simultaneous communication on tlie telephone with three bankers. One quoted him $3.23 for sterling cables, another $3.27 and the third $3.30, an extreme discrepancy of seven cents. The weakness of the market was pronounced from the very opening. Taking its cue from London, which cabled a severe drop in rates as compared with the previous close, the market started with demand sterling at an overnight decline of five and one-quarter cents. Thereafter, there was no let-up in the pressure until the rate touched the unparalleled low level of $3.19 shortly after the noon hour. At this point, there was a sudden transformation in the aspect of the situation. The London report that cotton imports were stopped because of the collapse in exchange was apparently garbled, and a rumor was set afloat that an actual embargo had been imposed on the imports, by the British Government. This, coupled with the wild rush of the horts to cover, caused sterling to bound up' hen denial of the rumor was received, the to $3.31. bearish forces again gained the ascendency. A few goodsized offerings put the sterling rate down to $3.25, and then again to $3.1914. Toward the close a steadier tone set in, and the finishing rate was several cents above the low record of $3.19 established during the day. Most of the other exchanges suffered declines which were more or less comparable with that in sterling. Of " the remittances lire showed the most conspicuous ,ess, dropping at one stage below 19.00 lire to the which 1-,e represented a loss of about closing quotation of the previeif a franc to the I rt of the da sterling 11/2 FEDERAL RESERVE BANK 4A 180M 1-26 OFNEW YORK 91:Tk.',E CORRESPONDENCE To FROM Mr. Scott - Foreign Department Mi Se DATE _Apall_21, 4926 192_ SUBJECT: keecker RECEIVED FIVE ENVELOPES EACH CONTAINING the following British money ONE POUND NOTES - FIVE TEN SHILLING NOTES - EIGHT SILVER COIN aggregating ONE POUND,./// This is to be charged in suspense in connection with the Governor's European trip, and will later be accounted for in detail.