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MISC. 43 2M 12-34 FEDERAL RESERVE BANK OF NEW YORK CROSS REFERENCE SHEET 7 cid FILE No SUBJECT SEE LETTER 0 DATED a,t. tke ")k ,/ FILE No //Ai / e22,/ 026e./ IL CROSS REFERENCE SHEET FILE No 2Vai SUBJECT SEE FILE No .7 ........ .......... LETTER OF DATED .17). .0Z.zea<-e- 2 a.-d' Attt , L,cober 1.'7,, 1928. Mr. L. Witarlal Department, The Encyclopaedia Britannica, Inc., 342 Ja6ison Avenue, I;uw York. My dear !Ir. Dudley: Governor Strong has just been operated upon for an intestinal disorder and is quite unable to give personal attention to the proofs submitted with your letter of bepteMber a. lie has asked me to go over them and indicated that he sould be satisfied pith the result. I am, therefore, enclosing them, xith one or two very minor changes suggested. Very truly yours, U. Randolph Burgess Assistant Federal Reserve Agent 4,2:R September 28, 1928. Mr. A. B. Clarke, secretary, runday Transcript, Philadelphia, Ps . Dear Mr. Clarke: Your letter of September 27, to Governor rtrun6, has come to me 5n Governor Ft roof ;' e ebscnce frog the office on !,.c.count of 511 health. It is thereforo impossible for Governor Stronc to s("cede to your request although it is not Ms usul-1. Prrotice in any event to write for publication. may say, for your information but not for quotation, that we quite recoani ze that it is impossible for the Federal Reserve System wholly to prevent bank failures es long gt a bank IllIernPniTeraent or dis- honesty exists cnd es long As the turn of economic avc.Int3 it times hakes vast changes in banking se well as in other occupations. The automobile for example, which carries the farmer into the larger centers, 1ms :.,reativ reduced the field of the smell country bank. Tt 5s s large question and I yonder if you lave seen the report which Professor rpregue of Ilea-yard made for the Ameri can Rankers Association. Very truly yours, Randolph urgers, Assistant Federal heeerve Agent. Encliclopwclia Britannica 410 FOUNDED ire 17 6 Es LONDON NEW YORK PACIFIC BLDG. 342 MADISON AVENUE CANADIAN IMPERIAL HOUSE 80-86 REGENT STREET September 27, 1928 Benjamin Strong, Esq. Governor, Federal Reserve Bank 33 Liberty Street New York, N. Y. Dear Sir: Enclosed herewith, please find galley proof of your article FEDERAL RESERVE SYSTEM, Will you kindly read this over, soe that it is correct, and return it to us at your earliest convenience? Yours sincerely, EDITORIAL DEPARTMENT THE ENCYCLOPAEDIA BRITANNICA, INC. LPD/CA KEYSTONE PHONE. RACE 8159 FOUNDED 1842 BELL PHONE, SPRUCE 9649 11),00)6.9 titthag Iratturrtit 101 329 REAL ESTATE TRUST BUILDING S. E. COR. BROAD & CHESTNUT STS. A. B. CLARKE. SECRETARY Philadelphia, Ia. September 27, 1928. , Hon. Benjamin Strong, . Governor Federal Reserve Bank New York City Dear Sir: Upwards of three hundred banks upholding membership in the Federal Reserve System have failed within the last thirty months. The general public is being led to believe and does believe that the federal Reserve System was organized to prevent bank failures and as a safe-guard against panics. The percentage of bank failures is no less now than before the Federal Reserve ..ystem was organized so far as we are able to learn. We regard every bank merger as a bank failure no matter how it is camouflaged. Will you be good enough to '.;rite us for use, exactly how you as a Governor of the Federal Reserve System reach the conclusion that the Federal Reserve System prevents bank failures, if that is your view2 As this newspaper is.written for persons of moderate means and in a general way, limited education, we respectfully ask that you write for the plain people if you favor us with any expression on this all-important subject. Thanking you for your courtesy in the matter, we remain, Faithfully yours, ST_ DAY TRAINS CRIFT A. B. CLARE, SEC. Sc-pteaber 17, 1928. ').r. Roy Ropkine, Me.rlagin Director, London general Press, 6, Bouverie Stret:t, London, E. C., England. Doer Sir: Mr. Strong he received your letter of Septcrbor 23 in wl.,ich you ask him if he would write an article 'or distribution by the London General Frees. Sr. strong has e.sked me to write you that, had °trews- etances been different, nothing would have given him more pleasure, tut he hue not been well lately and he does not feel that he should underte.Ke any additional WO TiC i 8, therefore, with much regret, compelled to decline your request, and I am returning the check which you so kindly enclose: with your letter. Very truly yours, Secretary to Governor strong. -at SepteMbor 6, 1328. Mr. Joseph J. Early, Associate Editor, Brooklyn Standard Uhicu, 296 Washington Street, Brooklyn, N. Y. My dear lAr. I have your letter of September 1 to Governor Strong and regret that it will not be possible for him to reply to your request. By re :son of uncertain health he is forced to limit very strictly the matters to which he can give his attention. Very truly yours, W. Randolph Burgess Assistant Federal Reserve Agent 17a:a . TELEGRAMS: LONGENNO. FLEET. LONDON. CABLES : LONGENNO. LONDON. TAlpHo NE, CENTRAL 4684. LONDON GENERAL & ECONOMIC PRESS LTD PROPRIETORS OF THE LONDON GENERAL PRESS, J. REID THE ECONOMIST G. C. LAYTON ) OF (DIRECTORS) ROY HOPKINS. MANAGING DIRECTOR. L. 8, BOUVERIE STREET, ACTING EDITOR LEONARD J. COULTER. GENERAL MANAGER. WALTER W. SAYER. LONDON. E.C.4 Our clients include most of the important newspapers throughout the world. 3rd. september Our Contributors include : THE EARL OF BALFOUR MR. RAMSAY MACDONALD M. JOSEPH CAILI.AUX DR. EDUARD BENES MR. PHILIP SNOWDEN MR. J. M. KEYNES M. PAUL PAINLEVE SIR ROBERT HORNE Mr. Benjamin Strung, Governor of the Federal Reserve Bank of New Yurk, uftices of the Vederal Reserve Banks, New York, U.j.A. SIGNOR ARNALDO MUSSOLINI SIR PHILIP CUNLIFFE-LISTER SIR WILLIAM JOYNSON-HICKS DR. HJALMAR SCHACHT LORD THOMSON COM. DENNISTON BURNEY M. HENRI DE JOUVENEL LORD LUGARD SENATOR WM. E. BORAH M. GEORGES THEUNIS LORD PARMOOR M. EDOUARD HERRIOT FIELD-MARSHAL LUDENDORFF DR. HUGO ECKENER MR. WALTER T. LAYTON MR. HARTLEY WITHERS MR. FRANCIS W. HIRST SIR JOSIAH STAMP MR. ARTHUR HENDERSON PROFESSOR IRVING FISHER SIR WALTER RUNCIMAN SIR PHILIP GIBBS SIR FREDERICK SYKES PROFESSOR GUSTAV CASSEL VISCOUNTESS ASTOR PRINCESS BIBESCO MDE. GASTON LEROUX LADY FRANCES BALFOUR LADY BUCKMASTER MRS. ROSITA FORBES UNA LADY TROUBRIDGE COUNTESS TOLSTOY M. ANDRE MAUROIS SIR D. DRUMMOND FRASER DR. FOURNIER D'ALBE M. ANDRE CITROEN SIR GEORGE PAISH COUNT VOLPI SIR EDWIN STOCKTON DR. M. HAINISCH SIR WILLIAM LARKE Dear Mr. Strung, I have pleasure in sending you herewith a pamphlet on Central Banking by Sir Ernest harvey, the Comptroller of the Bank of England, which has recently been published by the London General Press. I should be glad to know if you could write, for distribution by the London General Press, a short article of say about l,u0U woras on "central Banking rrogress". my idea is that you should indicate the progress which has been made in the last ten years in Central Banks, and suggest improvements which might take place in the future. I realise that a fee is somewhat besiae the point, for a little commission of this description, but at the same time the London General Press, as a commercial undertaking, is very definitely opposed to anything in the nature of what mignt possibly oe construed as propaganda, and i therefore send you the enclosed cfteque for £lu. o. u (ten pounas) in anticipation of your king compliance with my request. SIR HENRY REW LORD LONDONDERRY LT.-COM. J. M. KENWORTHY M. LOUIS LOUCHEUR MR. FRANK HODGES PROFESSOR L. DUDLEY STAMP EARL BEAUCHAMP PROFESSOR J. A. TODD PROFESSOR F. J. C. HEARNSHAW MR. NORMAN ANGELL MR. GILBERT FRANKAU M. JAN KUBELIK DR. BERNHARD DERNBURG SIR ROBERT HADFIELD ANDRES REVESZ of distinction. nany others DR. L teur your guidance I may say that the London General Press is closely associated with the London Economist". I am, Yours very truly, BROOKLYN STANDARD UNION PUBLISHED AFTERNOONS AND SUNDAY MORNINGS 296 WASHINGTON STREET HOME OFFICE TELEPHONE MAIN 5300 MANHATTAN OFFICE TELEPHONE WHITEHALL 6440 BROOKLYN September lst, 1928. Hon. Benjamin Strong, Chairman, Federal aeserve Bank, New York City. Dear Mr. Strongt Ile are very much interested in an educational campaign on "Thrift" which the Namc Department Store of Brooklyn is preparing to launch in a series of editorial advertisements. Their general manager, Yr. Harold B. ',7ess, discussed the plan with us and vie volunteered to aid him to secure personal expressions of opinion on the philosophy of thrift for use in the campaign. -de are therefore taking the liberty of asking you for a few sentences incorporating your philosophy of thrift as a means toward economic security and a bet L er standard of living. ',7e would appreciate as early a reply as convenient. "'fith best wishes and thanks f or your attention, I remain, Sincerely yours, JOSEPH J. EARLY) Assoc iat e Editor. remo for Hon. Benjamin Strong. Here I.:2 a suggezted form but I ::no -h. yo o bet or thiL Yr. Harold B. ';:ess, Vice Presid at and Geueral ranner, I. Namm & Soo, Fulton Street, Brooklyn, York. Dear Tar. Wes s: "What would you think", a ;dee 4 tiler ic II once as1:ed, "of a government that would is;:lue an edict forbidding you to wear this or that, and exact a penalty of fine or imprisonment for disobedience? The obvious answer is that that ,:,:overnment is a tyranny. But debt, into Iihich a (zreat many people fall because they place no curb LiLon t heir desires, is an equally oppres_:ive tyranny. Very truly yours, NEW YORK.342 MADISON AVE. LONDON, 125 HIGH HOLBORN ncgdorbia Britannica Jai york OFFICE OF THE AMERICAN EDITOR ?-0 July 19, 1928 Mr. Benjamin Strong Governor - Federal Reserve Bank 33 Liberty St. New York City, Dear Sir: Sometime in the near future we wish to make a preliminary announcement of the new 14.th Edition of the Encyclopaedia Britannica. In this connection we are now assembling photographs of contributors and editorial advisers. We should be very much obliged if you would send us photographs suitable for reproduction. Will you kindly do this at your earliest convenience as it takes some time to prepare and print such an announcement? Wherever desired,'photographs will be returned; and if it is required, we shall have them copied and returned within a few days. Your co-operation in this matter will be much appreciated. Very sincerel UZZ)27 R761 Associate Editor. WBP/ED June 15, 1.328. Mr. J. Y. Beaty, Editor, The Ban_cers Monthly, Alnd IcjaLly & Company, Chicago, Illinois. Dear Mr. Beaty: Governor Ctrong ,is away from this country at the moment and your latter of June 12 hr come to me. Because of his ab:ieuce Governor Strong will not be able to comply with your request. Very truly yours, U. Randolph Burgess Assistant Federal Reserve Agent Wit3:R OFFICIAL NUM BERING AGENT AM E RI CAN BANKERS ASSOCIATION PUBLICATIONS N BAN' AELI TA.13 1243XIKIDI 1630 EDITORIAL DEPARTMENT /11( INCONFOTILATNID 1873 CIIINGA-0 0 3/3311V-IfiDICEG SAN PlitAIVIL3S1K30 THE BANKERS MONTHLY THE BANKERS SERVICE BULLETIN THE BANKERS DIRECTORY THE BANKERS MONTHLY THE BANKERS SERVICE BULLETIN THE BANKERS SERVICE GUIDE KEY TO NUMERICAL SYSTEM OF THE AMERICAN BANKERS ASS'N 33 U t.-.3 iv wrrix Siriams-r June 12th,1928. Mr. Benjamin Strong, Governor, Federal Reserve Bank, 33 Liberty Street, New York, N.Y. Dear Mr. Stron7: Isn't there something about corardercial paper and call money that you would like to say to the bankers of the country through THE BANKERS MONTHLY? It seems to me that a new situation is developing which ought to be clearly Understood by all bankers and inasmuch as THE BLITERS lIONT_LY is read by thousands of bank executives who control the policies of their banks, you will undoubtedly feel that TEE BamaRs MONTHLY is a good medium through which to say these things. In talking with a bank president the other day he told me thathe relies upon his investments of comercial paper Lnd call money to provide him with the very best possible type of earning reserve. If you would outline briefly the advantages of interior banks investing at least a large part of their surplus, it would have real weight I am sure. If you do not care to take the time to develop your thoughts into an artidle, you may simply ;;ive them to me in a letter and I will put them into article form if that will be an aid to you. I hope that in return I may be of some service to you. Cord4lly, yours RAM 149I\ JYB:MK CO e Bank erg Monthly a June 12, 1928. Dr. Max Jordan, :fin ericaa Correspondent, Borlinor Tagoblatt, National Press Building, Washington, D. C. Ly dear Dr. Jordan; Let no acknowledge your letter of June 4 to Governor Strong, and let no sTy that Governor Strong is not at the muawnt in this country and in any case would not be able to make any stLtament for publication on the points you mention. Ile have an invariable rule in the bank against mnIzing such statwents, -*Joh the governor himself :Ito always insisted upon. I am sorry, therefore, that it is not possible to respond to your request. Vezy truly- yours, U. Randolph Burgess Assistant FederU reserve Agent 71 BLI, )isrlintr Zaortilatt DR.MAX JORDAN AMERICaN CORRESPONDENT NATIONAL PRESS BUILDING I -712% WASHINGTON,D.C. June 4, 1928. nk, 6aD e "standard year" under ll begin, and German l then reach their maxiercialization of the point where it is being by the Governments con- an accurate reflection inion about the prospects ve submitted the followumber of experts: nk of the suggestion of al in his last semi-annual German reparation debt at an early date? ld, in your opinion, satrnments and at the same en on the German economic d States Government takes ns and inter-allied debts w could a reparation setout at the same time taking stment of the European war feasible the so-called comprovides for the flotation strial securities, the prod for a final settlement f the European war debts to so, how and when could such ? 9 -2- I would very much appreciate it, if you could see fit to answer the above questions or state your opinion with regard to them in a general way, so that your statement could be used for publication in the Berliner Tageblatt. The intention is to publish all the replies on the occasion of the beginning of the "standard year" of the Dawes Plan in the September 1st issue of the Berliner Tageblatt. This symposium may eventually be extended to other countries. In case you should prefer to discuss my suggestion personally, I shall be very glad to call on you at any convenient time. I beg to remain, Respectfully yours, Dr. Max Jordan. 1y 24, 1928. Ur. S. Fitzgerald, Acting Editor, The Stl.tist, London, E. C. 4, England. De _r lir. Fitzgerald: Your letter of lv 15 to Governor Strong coao to se in Governor St:ong's absence abroad. Since he is awly it will not be possible for him to ras..on,1 r,o your letter, Ihich I 1111 sure he will regret. Very truly yours, )-. N. Rando1:311 Burgess Assistant Federal Reserve Agent 1878 - JUBILEE 11 HONES: CITY 5258-9. T PL 11)e TELEGRAMS: STATIST, CENT, LONDON. URGENT 1928 Otatia 51, CANNON STREET, LONDON, E.C.4. ESTABLISHED 1878 . Lay 15th 1)28. Benjamin Strong, Esq., Federal Reserve Bank of New York, New York, U.S.A. Dear Sir: You may recall my having written to you in March for the favour of a ::!essage in connection with our Jubilee Number. So far I have not had the pleasure of hearing from you, and as the matter may have escaped your notice, and the time available is brief, I seek the favour afresh. I may add that generous Messages have already been received from many eminent institutions such as the Reichsbank, the Bank of France, the National Bank of Belgium, Sveriges Riksbank, Lloyds Bank, Barclays Bank, the ':;estminster Bank, the Chartered Bank of India, the Yokohama Specie Bank, the Hongkong and Shanghai Banking Corporation, the Royal Bank of Canada, the Bank of Montreal, Lloyds, the London Chamber of Commerce, the London Stock Exchange, the Associated Stock Exchanges, the Institute of Actuaries, and the Society of Incorporated Accountants. Our contributors will include Sir Alfred Mond, Sir Josiah Stamp, William Graham, R. G. Hawtrey, R. H. :.:ottram, Benjamin White, Professor Laski, Professor Gregory, Professor Low, Dr. Julius Klein, Dr. Rowe and many other eminent authorities. The Number will appear next month, and we are anxious that it should contain a message - however brief - from you. Yours very truly, r. Acting Editor. LONDON, 125 HIGH HOLBORN NEW YORK,342 MADISON AVE. gdoycebia Britannica FOUNDED I768 r Llr. B ilturYork ' Larch 2, 1926 gess: Thank you for the article on the L iiESERVE SYST4M which Dr. Strong has prefor the Britannica. Sincerely yours Walter B. Pitkin Randolph Burgess Reserve Bank of I:ew York an die February 27, 1928. Mr. h. Hooper; American 1,ciitor, Encyclopaedia Britten; ca, 342 Ladison Avenue, New York. Dear hir. hopper: Govornor Strong he sent me his manuscript for Coms. final chocking and i hope to be able to forward it to you ih the course of a very few days. Very truly yours, W. Randolph Burgess Assistant Federal Reserve Agent IfIIB:R MISC. 3. 1 60M-7-27 FEDERAL RESERVE 13 414K OF NT \ C.FICE CORRESPONDENWA To FROM Dr. Burgess rove mor Strong W 411 Su %"1°. DATE February 24 8 r: 010 I am so grate ful t o you and the other s for pre -)aring that article for the Encycl-)paedia 9ritannica. It covers the ground eXcelleiltly, a al what may ap-pe ar to you to wo e many verbal changes in the text arise from something which possibly was not fully in mind "hen it was ix ep ared. This will have as vide a circulation abroad, if not wider, r_any of our colloquial express ions or idiom are not understood abroad as they are here. For instance, you speak of com rci al banks, and these are more gen Jrrally knom abro ad as if uan.K.s of deposit . Also, people abro ad do not di stinguish as w e do here between t he laws of the Federal government and the laws of the states. So, throughout the article, I have made chang:es which it in this count ry. . as iff strikes me will be a little clearer to readers abroa d. There are one or two other points. On page 3, whi ch is marked (a) you will find a sentence which has the or d "freauent ly" three times in it . For an art is le in that part icular publication it seems t o me form as well as material is rather important, and I am wondering if you xiuld not get some one to go over it again very car.-!fully, having in mind mode of expression rather than material, and eliminate sentences t hat are constructed without t 're nest careful choice of words. I have not read it through with h that in mind . Immediately following that, it strikes me that the relation to the independent Treasury system and our fiscal agency relations to the Treasury should be in a separate paragraph and should be re-cast a little differently along the f ollowi rag lines: "id 12 MI. 3. 1 60M-7-27 FEDERAL RESERVE BANK OF NEW YORK $ /ICE CORRESPONDENCE To Dr. Burgess FROM Governor DATE webruary 24, - SUBJECT: Strong -3banks of issue instead of one, each servirE a separate territory. There is nothing in the construction of the Act which. is really experimental except t'nat om unique feature. Many years of experience will be required to test the feasibility, of t his arrangement, and its ) ( 14.0-04,".4A (Stir-z)/ success depen-s more upon the peculiarities and relationships of individuals engaged in rmnaging the System than it does upon the provisions of the Ac itself. I am most grateful to you and the others for doing this job, and feel sure that the arti cl e will be acceptable and a good re-rence for those who use the enc;;clopaedia. 8 192__ NEW YORK. 342 MADISON AVE. LONDON.125 HIGH HOLBORN OFFICE OF THE ZEMCAN EDITOR NEW YORK February 23, 1928. Mr. Benjamin Strong, Governor, Federal Reserve Bank, 33 Liberty Street, New York, Lew York. My dear 'Mr. Strong; This is only to remind you of the article on the FEDERAL RESERVE SYSTEM, which you have so kindly consented to write for the forthcoming edition of the Encyclopaedia Britannica, but which has not yet been received. The manuscript was, I believe, to have reached us by this time. Could you not let us have it at an early date? Very sincerely yours, AMERICAN EDITOR FH11:11DZ 4 February 21, 1925. Dear Governor: I am enclosing a draft of the proposed piece for the Encyclopaedia Britnnioa. The checkers are still at work on it and there may be some other changes besides those which you may with to suggest. It should be It is a bit too long. and is, I am afraid, nearer to 4000. They wanted to get it if possible by February 25, although I do not think that is a. dead line. more time. Sincerely yours, Ur. Benj. Strong, C/o Hotel Brighton, Atlantic City, New Jersey. 7RB:R enc. Sorry not to give you February 9, 1928. Mr. M. H. Melia, Aarociete Lditor, The ia.tional Cyclopeaia of American FloEraphy, 70 Fifth Avenue, Melo York. Deer Mr. tirdia: Govcrnor E.tronk, Les considored your letter of January la end finds it will not be possible for him to arrante an interview. Ae ycu perhaps know, he tat been ill and has not yet returned to the office. der; truly yours, k. handolph Burgess Aanietant Federal Reeerve Agent hhinR b Encliclopwdia Britannic a FOUNDED in 17 6 e LONDON NEW YORK CANADIAN PACIFIC BLDG 342 MADISON AVENUE IMPERIAL HOUSE 8086 REGENT STREET January 30, 1928 14 dear LI% Burgess: Thank you for your letter telling us that Governor Strong is preparing the article for the new edition. We are glad to know this and shall look forward to receiving the manuscript in due time. ::incerely yours, aalter B. Pitkin Editorial Department /- TEE ENCYCLOPAEDIA BRIT_'..17._TIC_. INC Mr. W. Randolph Bur7nss Federal Reerve Bank of New York iew York City 7TEP:ORM i.:L-_:;-1,1ry Zr. tater c6, 1P2R. ?itkin, DopeArtmoat, Tho Encyclopaedia Britsnnics, Inc., 646 dsdi sou Avouuo, :Ow Yort. Dear r. Pltkiu: i rind I Lave not ilsde further reply to your letter of Dace bar 8. Ad U Lzatter of fact Governor .Strong is arrautiu6 for the prrit.rution of an crticle on the Federal itedbkIdo 4istas. iu accoreance %ith your sui,6setion, thich he hopes to Wave ready about Februzry 1Z. Very truly ;Jura, W. Randolph BurLesz) Aseistent Facers' heserve t.celit National Cyclopedia of American Biography National Press Bureau James T. White ea. Co. Compilers Publishers 70 Fifth Avenue, New York City Referenoes:-Dunns, Bradstreets, any Bank, Public Library, or Newspaper Librarian in the United States. Excerpts from a Few of the Thousand Opinions of the National Cyclopedia of American Biography It is not surpassed in any library, public or private" St. Paul Despatch. "I regard the work as the greatest of its kind''-Librarian, Century Association, New York city. "It is the most satisfactory publication of its kind that has ever come to my notice " -Librarian, Albany, N. Y. "There is nothing else in the field that can compare with it"-Editor "Current History" New York Times. "It so far surpasses all other biographical publications in America that it has no second"-President emeritus, University of Kentucky. "A permanent contribution to American literature and monumental in its character"-Buffalo Express. "One of our principal reference books; in use every day in the year"-St. Louis Republic. "12,000 portraits: the largest collection of the kind in the world"-Omaha (Neb.) Bee. "Exceedingly valuable publication"-Baltimore News. "Original, unique, comprehensive, effective"-Boston Advertiser. "It is exceedingly difficult accurately to estimate the value of such a work"-Baltimore Sun. "A work of such accuracy that it may be considered official"-Louisville Courier-Journal. "A stupendous work which no educational institution, newspaper, or large library can afford to dispense with"-Chicago Times-Herald. 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"In a very useful compendium of American biography" -Rev. S. Parkes Cadman. "I thank you most heartily on behalf of The New York Times for the new volumes of your Cyclopedia-the books are so valuable"-Librarian, New York Times. "We can imagine no cyclopedia more thoughtfully planned or more satisfyingly made up"-New York World. "An elegant and comprehensive publication" -New York Herald. "I have pleasure in commending the National Cyclopedia of American Biography as one of the most books"-Albert indispensable of recent reference Shaw, editor Review of Reviews. "One of the most monumental works of its ki conceived and of inconceivable value"-Cincinnati DigitizedTimes Star. for FRASER FORM 104 NATIONAL CYCLOPEDIA OF AMERICAN BIOGRAPHY CURRENT VOLUME B Current Volume B is the second contemporary volume of this Cyclopedia comprising biographies of living persons only. The book is equipped with a unique lock binder designed especially for library use whereby the biographies may be added to and revised from time to time as necessary to keep the information up to date. This arrangement was inaugurated with the issuance of Current Volume A, as a satisfactory solution of the difficult and recurring problem of keeping up to date biographies of living persons in a permanent book of reference. First published in 1924, Current Volume A had its first revision in 1926, when 128 pages were reprinted and sent out to all subscribers for substitution. Current Volume B contains more than 800 life stories of America's most outstanding Some of the biographies are of persons preeminent in their respective fields, whose biographies are the first to be published. They include those in high public office belonging to groups of official names which are embraced in the scope of the National Cyclopedia of Amernotables. ican Biography by virtue of the office held, namely, United States Senators, Governors of States, College Presidents, Chief Justices of the highest state courts, American Ambassadors and Ministers to foreign countries, Bishops of churches, etc. The book begins with a life of Henry Ford, of 3500 words. It is a concise but complete history of Mr. Ford's activities with the details of his automobile motor, the development of the Ford Motor Company and the statistics of the growth and present magnitude of the Ford plants. The article, covering three pages of the Cyclopedia, is a comprehensive record of the Ford industry, a complete and up-to-date biography of this picturesque and world-famed character. Prominent statesmen and government officials include Senators William E. Borah, John B. Kendrick, Francis E. Warren, George W. Norris, Irvine L. Lenroot, Lynn J. Frazier, William M. Butler, Smith W. Brookhart, David A. Reed, Walter E. Edge, John J. Blaine, Frederick Hale; ex-Governor Frank 0. Lowden of Illinois, ex-Governor Nellie T. Ross of Wyoming, Governors Donahey of Ohio, Byrd of Virginia, Fuller of Massachusetts, Brewster of Maine, Christianson of Minnesota; James R. Sheffield, late ambassador to Mexico, Ambassador Alanson B. Houghton to Great Britain, William Phillips, first American Minister to Canada, J. Morton Howell, Minister to Egypt, Hugh C. Wallace, ex-Ambassador to France, and others. Among its literary names are, William Allen White, Edwin Robinson, Sinclair Lewis, Edith Wharton, Hamlin Garland, Hendrik W. Van Loon, Joseph Hergesheimer, Edna St. Vincent Mil lay, Zane Grey, Fannie Hurst, Zona Gale, Edward Howard Griggs, William Dana Orcutt, Justin H. Smith, James T. Shotwell, historian, Prof. John Erskine, Edwin Bjorkman, Nora A. Smith, Prof. William M. Sloane and George Santayana, philosopher. The College Presidents included are James R. Angell, of Yale University; Nicholas Murray Butler of Columbia; Clarence C. Little, of the University of Michigan; Max Mason of the University of Chicago; Guy W. Bailey, of the University of Vermont; Arthur E. Morgan, of Antioch College; David Kin ley, of the University of Illinois; Charles W. Dabney, of the University of Cincinnati; Ada L. Comstock, of Radcliffe College; John A. Cousens, of Tufts College; Edward C. Elliott, of Purdue University. Among its many men of science are, Dr. Simon Flexner, of the Rockefeller Institute for Medical Research; George E. Vincent, president of the Rockefeller Foundation; Prof. James H. Breasted, Egyptologist, one of the foremost living archaeologists; Prof. Edwin W. Kemmerer, of Princeton, who has been retained by ten foreign governments in reorganizing their economic and financial systems; Charles F. Jenkins, inventor of television; Elihu Thomson, of the Thomson-Houston system; Prof. William H. Pickering, astronomer; Prof. Raymond Dodge, psychologist, and Prof. William M. Davis, physiographer. The industrial world is represented by S. Davies Warfield, of the Seaboard Air Line, one of the foremost railroad authorities in America; William W. Atterbury, president of the Pennsylvania Railroad; John S. Runnells, president of the Pullman Car Company; Haley Fiske, president of the Metropolitan Life Insurance Company; Samuel M. Vauclain, head of the Baldwin Locomotive Works; Edward F. Albee, Vaudeville manager; Benjamin L. Winchell, 4 EDITORIAL DEPARTMENT JAMES T. WHITE & CO PUBLISHERS THE NATIONAL CYCLOPEDIA OF AMERICAN BIOGRAPHY (Founded in 1873) CABLE ADDRESS. JOIST. N.Y. TELEPHONES CHELSEA SIRS ( CHELSEA el SA THE FOREMOST BIOGRAPHICAL AUTHORITY OF THE UNITED STATES SEVENTY FIFTH AVENUE NEW YORK 4r. January 13, 1928. /-1 Mr. Benjamin Strong, Jr., 33 Liberty Street, New York City. Dear Governor: Is it not possible to have a conversation with you pertaining to the pem.anent record of your career which was prepared, with Dr. Burgess' assistance for The National Cyclopedia of American Biography? We desire very much to publish the text most effectively, that is 7,ith portrait, and feel sure that an interview on this feature would lead to your cooperation is it has to so many others eminent in the various departments of life. Kindly advise and oblige, Yours very truly, '9. H. MALIA Associate Editor SOME OF THE SUBSCRIBERS TO THIS CYCLOPEDIA THE NATIONAL CYCLOPEDIA OF AMERICAN BIOGRAPHY A Partial List of Contributing, Nominating and Advisory Editors Who Have Assisted in the Past or Who Are Now Assisting the Editorial Department in Selecting Names, Procuring Material and Preparing Biographic *ADAMS, Charles Kendall, LL.D. Author and President of Cornell University. *ADAMS, Franklin G. Secy. Kan. Historical Soc. ADDISON, Daniel Dulany, B.D., Brookline, Mass. All Saints Church. *ALDRICH, Charles, A.M., Des Ia. Curator Historical Department of Iowa. * ANDREWS, E. Benjamin, D.D., Ph.D., LL.D. Chancellor of University of Nebraska. * AVERY, Col. Isaac W. Historian of Georgia and Editor of "Atlanta Constitution." *BACON, Edwin M., A.M. Author, Boston. BARNWELL, Joseph W., Charleston, S. C. Secretary Historical Society of South Carolina. *BAXTER, Jas. Phinney, A.M., Litt.D., Portland, Me. President Maine Historical Society. BEER, William, New Orleans, La. Librarian Howard Memorial Library. BENJAMIN, Marcus, Ph.D., LL.D., Washington, D. C. Editor and Author. BLAKE, Hon. Henry N., Milton, Mass. ExChief Justice, Montana. BOUTON, Miss Emily S. Contributor to Toledo "Blade.' Author, Lecturer. BOUVE, Pauline Carrington, N. Y. City. Author. BOWKER, Richard R. New York. Editor of "Publishers Weekly," "The Library Journal." *BRADLEY, William 0., Lancaster, Ky. Gover- nor and U. S. Senator. BROPHY, Truman W., M.D., D.D.S., LL.D. Dean Chicago College of Dental Surgery. BROWNING, Eliza G., Indianapolis, Ind. Li- brarian, Public Library. BURTON, Clarence M. A.M., Detroit, Mich. Attorney. Pres. Mich. Pioneer and Hist. Society. BURTON, Rt. Rev. Lewis W., A.M., D.D., P. E. Bishop, Lexington, Ky. *BYERS, William N., Denver. President State Historical Society. *CALVERT, Thomas E., Portland, Me. Of the "Eastern Argus." *CAPERS, Rt. Rev. Ellison C. P. E. Bishop of South Carolina. CATCHINGS, Hon. Thomas C., Vicksburg, Miss. Lawyer and Congressman. *CHAMPLIN, Hon. John W. Grand Rapids, Mich. Attorney and ex-Chief Justice of Mich. *CHAUVENET, Regis, LL.D., Denver, Colo. ExPresident Colorado School of Mines. *CHENEY, John Vance. Poet and ex-Librarian Newberry Library, Chicago. *CLARICE, Richard H., LL.D. Ex-President New York Catholic Protectory. * CLEAVES, Henry B. Lawyer, Governor of Maine. *COFFIN, Selden J. A.M., Ph.D., Easton, Pa. Author and Professor Lafayette College. *COHEN, Mendes. Engineer and Secretary Maryland Historical Society. *COLEMAN, Rt. Rev. Leighton, D.D., LL.D., P. E. Bishop of Delaware. CONRAD, Henry C. Georgetown, Del. Jurist; Secretary Historical Society. COTTMAN, George S., Indianapolis. Historian. CRAIGHEAD, Erwin, LLD. Mobile, Ala. Editor "Mobile Register." *CROES, J. zanies R. President American Society of Civil Engineers. DABNEY, Charles W., Ph.D., LL.D. President University of Cincinnati. *DALTON, Mary L. St. Louis, Mo. Librarian Missouri Historical Society. DAVIS, Mrs. M. M., New Orleans, La. Author. * DAY, James R. S.T.D., D.D., LL.D. ChancelE. lor Syracuse University. * DUDLEY, Rt. Rev. Thomas U., A.M., D.D., LL.D. P. E. Bishop of Kentucky. *DUNN, Jacob P., B.S., Indianapolis, Ind. Author and Sec'y. Indiana Historical Society. *DUNNING, Albert E., D.D., Boston. Editorial staff "The Congregationalist." *DURRETT, Col. Reuben T. Lawyer and Historian of Kentucky. *EGLE, William H. Historian of Pennsylvania. ELY, Richard T., Economist, Ph.D., LL.D., Evanston, Ill. *FALLOWS, Samuel, D.D., LL.D., Chicago, Ill. Author and Bishop Reformed Episcopal Church. FAUNCE, William H. P., A.M., D.D. President Brown University. FERRIN, Austin W. New York. Editor of "Moody's Magazine," and Financial Authority. *FIELD, Henry Martyn, D.D. Editor "New York Evangelist.' FOX, Lawrence H., Pierre, S. D. State Historian. GAILOR, Rt. Rev. Thomas Frank, D.D., S.T.D. Author and P. E. Bishop of Tennessee. GALBREATH, C. B., Columbus, 0. Historian, Ohio State Archaeological and Historical Soc. *GARRETT, William R., A.M., Ph.D. Historian, Peabody Institute, Tennessee. *Deceased *GILMAN, Daniel Coit, LL.D. President Johns Hopkins University. *GILMOR, Hon. Robert. Judge of the Supreme Bench of Baltimore. *GLEED, Hon. Charles S., Topeka, Kan. Author and Attorney. Moines, GORDON, Armistead C., Staunton, Va. Lawyer and Author. GRAVES, Gen. John C., Buffalo, N. Y. Lawyer and Merchant. * GREEN, Samuel S., A.M., Worcester, Mass. Author and Librarian Emeritus Public Library. GREENE, Charles Lyman, M.D., St. Paul, Minn. *GRIFFITH, Jefferson D., M.D., Kansas City, Mo. *GUNSAULUS, Frank W., A.M., D.D., Chicago. Author and President Armour Institute. HAINER, Hon. Bayard T., B.S., Perry, Okla. Associate Justice Supreme Court. *HALE, Edward Everett, D.D., LL.D. Author, Chaplain U. S. Senate. HAMILTON, Hon. Peter J., San Juan, Porto Judge and Historian. HANDY, Egbert Gilliss. Author, Editor and President of The Search-Light Research and Editorial Organization, New York. HARDEN, William, Savannah, Ga. Librarian Georgia Historical Society. * HARRIS, Joel Chandler (Uncle Remus). Author. * HARRIS, Hon. William T. Author and U. S. Commissioner of Education. * HART, Samuel, D.D., D.C.L., LLD., Middletown, Conn. Dean Berkeley Divinity School. HILD, Frederick H., Chicago, Ill. Ex-Librarian Chicago Public Library. *HOBAN, Rt. Rev. Michael John, Scranton, Pa. HOLLAND, William J., Ph.D., D.D., LL.D., Pittsburgh, Pa. Director Carnegie Museum. HOSMER, Prof. James K., Ph.D., LL.D. Historian and Librarian Minneapolis Library. *HOWE, Daniel Wait, Indianapolis, Ind. Judge, Author. President Indiana Historical Society. Rico. HOWE, Edgar W. Author and Editor Howe's "Monthly Globe," Atchison, Kan. HOWELL, Clark, Atlanta, Ga. Editor Atlanta "Constitution." *INGERSOLL, Luther A., Los Angeles, Cal. Historian and Biographer. *INGRAHAM, Darius H., Portland, Me. Lawyer. JEWELL, Marshall H. Bismarck "Tribune," N. D. *JOHNSTON, Col. J. Stoddard. Editor and Historian of Kentucky. KEEN, Gregory B., A.M. , LL.D., Philadelphia, Pa. Curator Historical Society of Penn. KELLOGG, Hon. Frank B., St. Paul, Minn. Diplomat and Secretary of State. KENT, Dorman B. E., Montpelier, Vt. Historian. *KENYON, James B., Litt.D., New York City. Poet and Biographer. KING, Miss Grace, New Orleans, La. Author. KNIGHT, Prof. George W., A.M. , Ph.D., Co- lumbus, 0. Author, Prof. of Ohio State Univ. *KOBBE, Gustav, A.M., New York City. Author Musical subjects. KONKLE, Burton Alva, Ph.D. Legal Author and Historian. *LARNED, Josephus N. Author and Librarian. LAWRENCE, William M., D.D. Professor Colgate University. LEONARD, William Andrew, D.D. Author and P. E. Bishop of Ohio. *LEWIS, Daniel, A.M., M.D., Ph.D., LL.D. Editor "Medical Review of Reviews." * LINDSAY, James M., Gainesville, Tex. Banker. *LOCKE, Robinson, Toledo, Ohio. Journalist, Proprietor "Toledo Blade." * LORE, Hon. Charles B. Chief Justice and Pres. Delaware Historical Society. *McCLURE, Col. Alexander K., LL.D. Journalist of Philadelphia. *MacCRACKEN, Henry M., D.D. , LL.D. Emeritus Chancellor, University of City of N. Y. *McCRADY, Gen. Edward, LL.D., D.C.L. Lawyer and Pres. So. Carolina Historical Society. *McGEE, W J. Ethnologist Bureau of American Ethnology. McLAREN, William E., A.M., S.T.D., D.C.L. P. E. Bishop of Chicago. MacLENNAN, Frank P. B.S., M.S., Topeka, Kan. Editor of "Topeka State Journal.' McNEAL, Thomas A., Topeka, Kan. Editor "Mail and Breeze." McPEAK, Ival, Boston, Mass. Editor, "The Christian Register." MATHEWS, Joseph M., M.D. , LL.D., Louisville, Ky. Ex-Pres. American Medical Association. *MATTESON, Hon. Charles, LL.D. Ex -Chief Justice of Rhode Island. MAYES, Edward, LL.D., Jackson, Miss. Author, Educator and Lawyer. MEEHAN, Thomas F., A.M., N. Y. City. Editorial Staff "America." MOOREHEAD, F. G., Des Moines, Iowa. On the staff of the "Register." MORRISON, Theodore N. D.D., S. . LL.D., Davenport, Ia. P. E. Bishop. MORSE, Sidney, Executive Secretary, Bureau of Social and Educational Service, Grand Lodge F. & A. Masons, New York. *MOTT, Hon. Marcus F., Galveston, Tex. Attorney-at-Law. *MURRAY, W. H. H. ("Adirondack" Murray). Author. MYERS, Philip V. N., A.M., Ph.D., L.H.D. LL.D., Cincinnati, 0. Historian and Educator. * NELSON, Rt. Rev. Cleland K., D.D., Atlanta, Ga. P. E. Bishop of Georgia. NEVIN, Theodore W., Pittsburgh, Pa. Author and Editor "Pittsburgh Leader." NICCOLLS, Samuel J., D.D., LL.D., St. Louis. Mo. Clergyman and Author. *NORTON, Frank H. Editor and Author; stall York Herald." ork O'BRIEN, Hon. J., LL.D., Grand Thomas Rapids, Mich. Lawyer; U. S. Ambassador. ORR, Charles, Cleveland, 0. Author, Librarian, Director of Schools. *PACKARD, Alpheus S., LL.D., Scientist, Brown University. *PATTERSON, James K., A.M., Ph.D., LL.D., Lexington, Ky. Pres. Emeritus Univ. of Ken. * PECKHAM, Stephen F., New York. Chemist. *PEIRCE, James Mills, A.M. Prof. Mathematics, Harvard University. *PENNYPACKER, Hon. Samuel W., LL.D. Pres. Historical Society of Pennsylvania. *POOLE, Murray E., Ithaca, N. Y. * QUINSY, Theodore E., Detroit, Mich. Detroit Free Press. RANDALL, Emilius 0., Ph.D., LL.B., LL.M., Columbus, 0. Supreme Court Reporter. RAWLE, Francis, LL.B., Philadelphia. Ex-Pres. American Bar Association. RICE, Wallace, Chicago, Ill. Author, Editor. *RICHARDSON, Francis H., Atlanta, Ga. Editor "Atlanta Journal." RIDPATH, John Clark, LL.D. Historian. *RILEY, B. F., D.D., LL.D., Birmingham, Ala. Clergyman and Educator. ROBINSON, Frank T. Art Editor, "Boston Post." *ROE, George M., Los Angeles, Cal. Formerly staff "Cincinnati Times-Star." ROOT, Geo. A., Topeka, Kan. Historian, Kansas State Historical Society. RYDER, Rev. Charles J., D.D. Author and Secretary American Missionary Society. *SANBORN, Franklin B. Concord, Mass. Journalist and Biographical Author. * SANDERS, Hon. Wilbur F., Helena, Mont. Attorney and ex-U. S. Senator. *SCHARF, Col. J. Thomas. Historian of Del. *SCOTT, Harvey W. Editor "Oregonian." *SCREVEN, John, Savannah, Ga. Pres. Ga. His- torical Society. *SENN, Nicholas, M.D. Surgeon and Author. SESSUMS, Rt. Rev. Davis, D.D., New Orleans, La. P. E. Bishop. SLOCUM, William F., D.D., LLD. President Emeritus Colorado College. *SMITH, Hon. Charles Emory, of the "Philadelphia Press"; Postmaster General. * SMITH, Charles H. ("Bill Arp"). Author. SMITH, Hon. Hoke, Atlanta, Ga. Attorney; exSecretary of Interior. SMITH, Charles W., Seattle, Wash. Librarian, Public Library. SMITH, Zachary F. Author and Hist. of Ken. *SPEER, Emory, LL.D., Macon, Ga. U. S. District Judge. SPENCER, Horatio N., M.D., LLD., St. Louis, Mo. STALEY, Cady, C. E. Ph.D., LL.D., Cleveland. Ex-President Case School of Applied Science. * START, Hon. Charles M., St. Paul, Minn. Chief Justice, Supreme Court. *STEARNS, Frank P., Tufts College, Mass. Author. STOCKTON, Thomas T., Jacksonville, Fla. Of the Florida "Times-Union and Citizen." STONE, Melville E., New York. Past General Manager of the Associated Press. *STONE, Wilbur F., A.M., Denver, Colo. Jurist. * SWANK, James M., Philadelphia, Pa. V.-Pres. and Gen. Mgr. American Iron & Steel Association. SWEM, E. G., A.M., Librarian, College of William and Mary, Va. Editor and Hist. of Ohio. *THOMSON, John, A.M., Litt.D. Philadelphia, * TAYLOR, William A. Pa. Author and Librarian, Free Library. *THURSTON, Robert H. C. E., Ph.D., LL.D. Engineer; Director Sibley College. THWING, Charles F., D.D., LLD., Cleveland, 0. Pres. Emeritus Western Reserve Univ. THOMAS, Westley Wailes, Atlanta, Ga. Author and Historian. *TITUS, Hon. Robert C., Buffalo, N. Y. Justice Supreme Court of New York. The United States Government, sets for all the Government Departments in Washington and Homes. vernment, 25 sets. raries, 9 sets. University of Louvain. Library of Congress, Washington, 4 sets. United States Court of Claims. Supreme Council, 33rd Degree, Masonic Library, Washington. Mexic Cuban Public Libraries in all parts of the United States from Maine to the Hawaiian Islands. (In the Hawaiian Islands there have been sold 22 sets to date.) New York Public Library, 4 sets in main building on Fifth Avenue , additional sets for most of the sixty Carnegie branches. All the State Historical Societies from Maine to California. Associated Press and the American Press Association, New York City. 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Over three thousand schools, including private schools and academies, such as St. Paul's and Groton Schools, Phillips-Exeter Academy, Hotchkiss School, Lawrenceville and Pawling Schools, Irving School, Berkeley Institute, Peddie InstiSchool, and Public Schools, both Grammar and tute, Cutler School, Comstock School, Belmont Purley A. Baker, National Supt. Anti-Saloon League, Westerville, 0. Onward Bates, engineer, Chicago. Charles L. Bernheimer, merchant, New York. Hon. Hiram Bingham, New Haven, Conn. Wells H. Blodgett, Vice-Pres. and Gen. Solicitor Wabash R. R., St. Louis. William A. Blount, lawyer, Pensacola, Fla. Rt. Rev. Leigh R. Brewer, Bishop of Montana. Rev. Dr. William M. Brundage, Unitarian Divine, Brooklyn, N. Y. William J. Burns, head of Burns International Detective Agency, New York. Asa G. Candler, capitalist, Atlanta, Ga. Prof. J. McKeen Cattell, editor of "Science" and "Scientific Monthly." Harvey S. Chase, public accountant, Boston, Mass. H. C. 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American Bankers Association, New York. McGraw-Hill Publishing Co., New York. Merchants' Association, New York. Among the thousands of individual subscribers the following are mentioned by special permission: Rev. Lyman W. Allen, Newark, N. J. Bion J. Arnold, electrician, Chicago, Ill. Jos. H. Appel, publicity manager, John Wanamaker's. Jules S. Bache, banker, New York. Irving Bacheller, author, New York. Simon Lake, submarine inventor, Connecticut. Edward Lauterbach, lawyer, New York. Lewis C. Ledyard, lawyer, New York. R. A. Long, lumber merchant, Kansas City, Mo. Dr. John P. Lord, Pres. Western Surgical Association, Omaha, Neb. Percy Mackaye, and N. H. poet dramatist, Cornish, James C. Mackenzie, director Mackenzie School, Monroe, N. Y. Kaufman Mandell, merchant, New York. Hon. Lee Mantle, ex-U. S. Senator, Butte, Mont. Bradley Martin, capitalist, New York. Dr. Rudolph Matas, ex-president American Surgical Association, New Orleans, La. Charles S. 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Jones, educator, Penn Charter School, gan Co., Cleveland, 0. Philadelphia, Pa. John B. White, merchant, Kansas City, Mo. Dr. Jules Jordan, musician, Providence, R. I. Henry M. Whitney, capitalist, Boston, Mass. John C. Juhring, President Francis H. Leggett & Carleton Wiggins, artist, New York. Co., New York. A. E. Winship, editor "Journal of Education," Boston, Mass. A. C. Kaufman, financier and philanthropist, Charleston, S. C. Owen D. Young, Head of the Dawes Commission. land, Me. Democratic, Catholic, Army and Navy, Press, Lambs, National Arts and Authors Clubs of New York City. City, E. W. Kimball, lawyer, Little Rock, Ark. H. Gary, U. S. Steel Corporation, A Partial List of Contributing, Nominating and Advisory Editors-Continued TORBETT, George P., House of Representatives, U. S. Press Gallery, Washington, D. C. TURNER, Hon. George, Spokane, Wash. Lawyer and ex-U. S. Senator. TYLER, Lyon G. M.A., LL.D. Historian and Pres. College of William and Mary. UPHAM, Warren, A.M., D.Sc. Author, Librarian, Secretary Minnesota Historical Society. *UTLEY, Henry M., A.M., Detroit, Mich. Emeritus Librarian, Public Library. VAN DYKE, Rev. Henry, D.D., LLD., Princeton, N. J. Author, Educator and Diplomat. VAN EPPS, Hon. Howard, Atlanta, Ga. Jurist. A.M., LL.D., Cincin*WISE, Hon. John S. Lawyer, Congressman. nati, 0. Author and Educator. *WISSER, John P., Brigadier-General and exEditor of "Journal of the U. S. Artillery." Author, Historian U. S. Bureau Education. *WOOLWORTH, James M., LL.D., L.H.D., *WHEELOCK, Joseph A. Of the St. Paul "PioD.C.L., Omaha, Neb. Ex-Pres. American Bar neer Press." Association. *WHITEHEAD, Rt. Rev. Cortlandt, D.D., S.T.D., WORTHINGTON, Rev. Edward W., A.M., LLD., Pittsburgh, Pa. P. E. Bishop. Cleveland, 0. Rector Grace Church. WIGHT, William W., LL.B., Milwaukee, Wis. *WRIGHT, Col. Marcus J., Washington, D. C. Author and Librarian, Law Library. Historian and Custodian of Confederate Rec*WILSON, George W., Jacksonville, Fla. Of the ords, War Dept. *VENABLE, William H. *WEEKS, Stephen B., Ph.D., LL.D., Trinity, N. C. "Florida Times-Union and Citizen." *WINCHELL, Alexander. Scientist. *YOUNG, Hon. Bennett H., Louisville, Ky. Historian and Lawyer. Dr. Burgess: Coy. Strong asks if you will please prepare something for him on this. NEW YORK, 342 MADISON AVE. LONDON 125 HIGH HOLBORN OFFICE OF THE SIERICAN EDITOR tta(:0400(i NEW YORK DEC 13 1927 December 12, 1927W 3 Mr. W. Randolph Burgess, Assistant Federal Reserve Agent, Federal Reserve Bank of New York, New York City. Dear Mr. Burgess:- Thank you for your kind letter of December 10th. fie sincerely hope that Governor Strong will write the article for us, for,as you say, it is of great importance to have a satisfactory article on the Federal Reserve System. VIBP/a Walter B. Pitkin, Editorial Department, THE ENCYCLOPAEDIA BRITANNICA, INC. Decenber 10, 1927. Dear Governor Strong: I s ti aiL enclosing u copy of a le ter fro;. the editor of the Encyclopaedia Britannica, with a copy of repiy. Idy feeling iu tilat this is too important to pas_ over, and if you wish I will try to undertake to prepare something for you. Sincerely Mr. Benj. Strong, C/o Bank of England, London, Engl and. ViFtEi:E encs. LONDON. 125 HIGH HOLBORN NEW YORK, 342 MADISON AVE. OFFICE OF THE ERICAN EDITOR 4 X) NEW YORK December 8th 1927. Mr. Benjamin Strong, Federal Reserve Bank, 33 Liberty Street, New York City. My dear Mr. Strong:The editors of the Encyclopaedia Britannica are now at work on a new edition, to be issued in the course of the next two years. As always in the past, the Britannica expects to engage only the highest authorities in the preparation of its important contributions, and it hopes that its pages will prove to be not only authoritative, but thoroughly readable. We should like to have you write for us an article on the Federal Reserve Banking System, which would describe this institution in such a manner that any intelligent layman could understand and appreciate it. The article should be about 3000 words in length and ought to be in our hands not later than February 15th, 1928, if possible. For this we will pay you the maximum Britannica rate of a25 per published page of 1500 words. It is our sincere wish you will be interests in making this contribution, and can find the time to t. Since 5 (ittA..1( Walter B. Pitkin, Editorial Department, THE ENCYCLOPAEDIA BRITARNICA, INC. va December t, Se Mr. Ve. L. Cousins, Financial 1,ditor, Internatlonal News Lervice, Inc., -;;orld Buildint., New York. Dear 4r. Cousins: I have your lette f December 2 addressed to Governor Stron6 invitinE him to make a brief statement as to the condition of business for the next year. Governor Stron6 would like to comply with your request but finds it is impossible to do so. The demands on his time are such that he has found it necessary to decline all such invitations. Very truly yours, O. Randolph Burgess i,ssistant Federal heserve Arent VihE:h MAAcr-4-- va INTERNATIONAL N EWS SERVICE. INC WORLD BUILDING ( NEW YORK. N. Y December 2, 1927. Benjamin L. btrong, Governor Federal reserve sank New York City. iJear 6trong: Current reports show that industrial profits in 1927, with few exceptions have been moderately lower than in the preceding year. There are outstanding exceptions to the rule, and special reasons for the sharp decline in the year's output of important sections of the nation's industry. Un the th reshold of a new year business and industrial corporations are in a firm and substantial position, with a notable decline in inventories, plenty of money and an improving market for their goods. tie are very anxious to secure for the millions of readers of International Aws ,service, an expression of the views of business leaders concerning the outlook for American business in the year 1928. This is a courtesy that you have rendered us more than once in the past and it is oecause of its great value and the keen appreciation by which it is received by newspaper readers, that we are asking you to favor us again this year. .1.1 you kindly write us briefly just how you feel about the business situation for the next year. If your company has adodted new plans or policies for the coming year, a description thereof would form an important It is possible that you contribution to your statement. are preparing such a statement for general circulation and if so, will you favor us with a copy? Thanking you for past courtesies, we are, Very truly yours, INTE WSO:JK BY ONAL NEWS SEBVICE. No 23, 1927. Wr. Ait IOU M. Jones, Chairnan, Cambridge ikeasciates, Inc., 174 Newbury Btrcet, Boston, Massachusetts. My dear Mr. Jones: Let me acknouledge your letter of Novmber 21 invitinf. me to make a brief statecant as to th-, condition of business in this district. I should like to comply pith y..ur request, but I find it is impossible to do es. The demands on my time are such that I have found it necessary to decline all such invitations. Very truly yours, BENJ. el K)IIG Governor MISC. 136 28M 6-26 FEDERAL RESERVE BANK OF NEW YORK TO 4- iAls113111IDCW, \suer SJ Umerus) INCORPORATED 1Z 4 1ST F:17V13 REP' 1-211 STREET 1301.61T03.0% November 21, 1927 Mr. Benjamin Strong, Governor Federal Reserve Bank of New York New York, New York Dear Mr. Strong: In connection with our work of supplying the leading newspapers of the country with information on business and financial conditions, we, at this time each year, especially collect and prepare a symposium of statements of leading business men, bankers and industrial leaders in various industries and sections of the country as to the business situation, in retrospect and prospect. Last year such men as Charles M. Schwab, Leonard P. Ayres, Herbert Hoover, Alfred P. Sloan, President of General Motors, Charles E. Mitchel, President of the National City Bank, P. E. Crowley, President of New York Central Lines and Gerard Swope, President of General Electric were among the many who responded to the invitation by Cambridge Associates to contribute their views. This year it has been suggested that we invite each Governor of the twelve Federal Reserve Banks to contribute a brief statement -- 150 to 200 words -- as to the general conditions of business in his territory as the new year commences. These statements would be published under a group heading. The fact that such a statement by you would be given, through the better newspapers in all parts of the country, an audience of more than five million readers would, we believe, justify your efforts in this connection. A reply at your early convenience will be much appreciated. Of course, we sincerer hope that your feply will be favorable The stateso that each Federal Reserve District will be represented. ment, by the way, should be in our hands not later than Wednesday, December 14th. Veryala y yo rs li& Aaron M. Jones Chaff CAMBx DGE ASSO ATM, November 18, 1827; Dear Garrett: I save your letter of November 16 to Governor titrong and regret to tell you that the old rule will still hold this year, which declares an embargo upon such stories as you suest. incerel y yours, Randolph Buress Assistant Federal Ra3erve Atent Ur. Paul W. Garrett, Financiel Editor, New York Evening Poet, 23 Vesey Street, New York. WRB:h TELEPHONE WHITEHALL 9000 ca, T»,310, 20 VES EY STREET_ NEW YORK ttv gortt. 'k),:txting lgixtvt -vi FOUNDED 18 01 11 November 16, 1927. Mr. Benjamin Strong, Governor, Federal Reserve Bank of New York, 33 Liberty Street, New York. My dear Governor Strong: I suppose you will adhere again this year to your policy of silence when pressed for statements for the Annual Business num- bers, but in case you do not, you have an earnest request for a statement from the Evening Poe. Faithfally yours, ajuNgvtr Paul T. Garrett, Financial Editor. PTG:BB 4 Novcnber 14, 1927. Mr. Francis talker, Chief Economist, Federal Trade Commission, Washing,ton, D. C. Dear Mr. tasiker: I have received your letter of November 12, and while I am reluctant to decline any request which comes fron a government agency I should like, if I may, to be excused from taking any pert in this inquiry. I have but recently recovered from a serious illness and must conserve my reec..rces in order to meet my pressing ob14,,t ions here at the bank, which are just now involvin6 many problems x-e,luiring the closest study. Moreover, I have no information, nor have I ever made any study, ac to the investment holdings of the du Pont company or their economic consequences. I should, therefore, greatly appreciate it if you could excuee me from giving tililes to this matter. Very truly yours, i;. BENJ. STRONG Clovernor /UNICATIONS TO IN REPLYING PLEASE QUOTE E COMMISSION FEDERAL TRADE COMMISSION A.F? WASHINGTON Dovember 12, 1927. '11r. benjamin :trong, Federal lieserve bank, 33 Liberty .4treet, Aim York, 137-1 .Dear Sir Inds office desires to obtain opinions and viewpoints from disinterested publicists upon the questions involved in the du Pont investments inquiry, the nature of which is indicated by the enclosed copy of the Jommission's resolution. Your attention is particularly called to the reference to "economic consequences" and to the fact that the acrd "tending" invites the consideration of possibilities as well as existirc coalitions. here is also enclosed a copy of a letter rude public by the du Pont company, which conveys information as to certain basic fats in the particular situation that occasioned the inquiry. 'A.he opportunity for an interview on this subject with a representative of the jomr.ission at some time and place mutually convenient is desired; or perhaps it would be more agreeable to you to submit a written statement dealing with questions relevant to the subject. Any contribution that you may care to make to a better uniersta.raing of these matters will be greatly appreciated. Very truly yours, FEDERAL TRADE 00121133101`1, Francis , Jhief :63c nomist 6-26 MISC. FEDERAL RESERVE BAP OF NEW YORK TI #10 July 29, 1927. The qommission today adopted the following resolution: . RESOLUTION. WHEREAS, it appears from published financial reports of the E. I. duPont de Nemours Company that it has a large investment in the stock of the General Motors Corporation, and WHEREAS, it is currently reported in the press that the said duPont Company has recently acquired a large holding in the capital stock of the United States Steel Corporation, that it expects to have a number of directors representing its interests elected to the board of the latter company and in other ways to develop a close corporate connection among them, and, WHEREAS, the establishment of a community of interest among those three corporations which are reputed to be among the largest industrial corporations in this country is a matter of public concern, and WHEREAS, the act creating this Commission authorizes it to inquire into the organization, business, conduct, practices and management of the said corporations; Now, therefore, be it, RESOLVED, that the Chief Economist of this Commission be directed to cause an inquiry to be made into the relationships, direct or indirect, among the United States Steel Corporation, the General Motors Corporation and the E. I. duPont de Nemours Company, tending to bring them or any other important industrial corporations undlir a common ownership, control or management, with information as to the probable economic consequences of such community of interest, and to report the facts to this Commission. iii Copy September 8, 1927. Col. William Donovan, Department of Justice, Washington, D. C. Dear Col. Donovan:Referring to your inquiry with respect to the growth of E. I. du Pont de Nemours & Company, and 'its relationship with the General Motors Corporation and the United States Steel Corporation, would advise as follows:- FIRST - GROWTH OF E. I. DU PONT DE NEMOURS & COMPANY The business of E. I. du Pont de Nemours & Company was founded on the banks of the Brandywine in Delaware one hundred and twenty-five years ago by The business at that time Eleuthere Irenee du Pont, of Nemours, France. The company was consisted solely of the manufacture and sale cf gunpowder. organized and continued as a partnership until 1897 when it was incorporated It was reorganized under the name of E. I. du under the laws of Delaware. Pont de Nemours Powder Company, chartered under the New Jersey law in 1904, and again reorganized under the former name under the Delaware law in 1915. Since the establishment of the business in 1802 the policy of the Company has been one of continual expansion in its service to customers. This has required additional invested capital, organization and products. Shortly after the beginning cf the World War in 1914 the Company was called upon to furnish vast quantities of military powders which required a This powder huge expansion program both in plant capacity and personnel. was furnished solely to the Allies until after the advent of the United States into the war, when the Company was called upon to furnish powder for In this connection, it is interesting to note our own Government also. that the total taxes paid to the United States Government by the du Pont Company during the period of the World War (1914-1918) aggregated about $43,000,000.00, whereas the total profits made on the powder furnished to the In other Government during the conflict aggregated about $29,000,000.00. words, the du Pont Company paid the United States Government $14,000,000.00 more in taxes than the total war profits realized on sales to cur Government during that period. This is particularly interesting when considered in connection with the fact that cannon powder was furnished to the U. S. Government during the war period for an average of 494 per pound compared with a pre-war price of 530 per pound, in spite of the increase in the price of The low prices labor and ingredients extering into the cost of production. were made possible by reason of the improved methods of production and greater efficiency. SECOND - RELATIONS WITH GENERAL MOTORS CORPORATION Normally sales of military powder constitute less than three percent of the volume of the du Pont Companyls sales se that even before the United - 2 - m States entered the war the management of the du Pont Company was giving thought to the problem of finding new employment for the men who would not be needed after the war activities had ceased, as there was no demand reIn December quiring large expansion in the powder or chemical industry. 1917 opportunity presented itself to purchase a substantial block of General Motors Corporation stock at an attractive figure coupled with an obligation to take a responsible part in the management of the affairs of that tabortaat corporation, which was then in its youth and had prospects of great exThis opportunity appeared to the corporation as a chance to utilpansion. Accordingly, an initial investment ize the services of many important mon. Later in that year and in 1919 of $25,000,000. was made in January 1918. $24,000,000. additional investment was made. This investment was made on the invitation of Mr. W. C. Durant, founder of the General Motors Corporation, and a condition imposed and agreed to by the du Pont Company was that the du Pont Company would assume responsibility for the financial policies of the General Motors Corporation and that Accordingly, the Board Durant would assume responsibility for operations. of Directors of the General Motors Corporation created a Finance Committee composed chiefly of du Pont men and Mr. Durant and this Committee was placed An Execuin complete charge of the financial affairs of the Corporation. tive Committee was also created with Mr. Durant as Chairman and this Committee was placed in entire charge of the operating policies of the Corporation. In 1920 Mr. Durant sold a large block of his General Motors Corporation common stock to the du Pont Company and thereupon resigned as President and Director and retired from the management of the Corporation. In 1923 the du Pont Company felt that in order to attain the success which was possible in the General Motors management, it was desirable to rage it attractive for the imnortant men in that corporation to acquire a substantial stock investment. Accordingly, it sold for $33,750,000. an interest in General Motors stock about equivalent to that bought from Durant to a Managers Securities Coppany, which comprised about eighty of the most important men occupying managerial positions in the General Motors Corporation. The du Pont Company today owns the equivalent of 1,966,244 shares of General Motors Corporation common stock out of a total of 8,700,000 shares autstandirP. All General Motors Corporation purchases are made on a competitive basis and this goes even so far as applying to its own accessory companies which are 100% owned by it. These accessory companies quote prices in competition with outside companies in supplying material to the General Motors Corporation; thus the New Departure Division and the Hyatt Division, makers of bearings, the Delco Remy Division, maker of ignition equipment, and all other companies which are wholly owned must sell their products to the car divisions of the General Motors Corporation at the best prices that competitors offer. These accessory companies also give competitor automobile cornpanies the sane terms which they quote to the General Motors Corporation. - 3 - The General Motors CorP. and subsidiaries do not compile total purchasThe es nor purchases fran the United States Steel Corp. and subsidiaries. sales by E. I. du Pont de Nemours & Co. and subsidiaries to General Motors Corp. in 1926 were of the order of $9,000,000 or less than 1% of the latter's Neither the du Pont Company nor the United States Steel Corporation sales. Any automobiles and purchase anything from the General Motors Corporation. trucks of General Motors make that either use in their business are purchased from General Motors Corporation dealers and not from the General Motors Corporation. THIRD - INVESTMENT IN UNITED STATES STEEL CORPORATION CODDION STOCK. Like all other well managed corPorations, the du Pont Company believes it prudent to carry a considerable reserve in cash or easily marketable securities so as to be prepared to meet a sudden and unexpected call for additional capital by the business of the Company. On May 7, 1927, the following letter was addressed to the Finance Committee of the du Pont Company:"Gentlemen:This is to recommend that the Company purchase in the open Corp. at or around the presmarket U. S. ent market price of $168, taking as much as they can obtain up I believ that this investment will enhance to 100,000 Shares. in value in the future, will yield a dividend return of about 6% in the meantime, and it would undoubtedly be of use as a financial reserve or cushion in an emergency, being nearly as good as a reserve in cash or short term securities, and therefore, could be looked upon as a substitute for such a reserve. (Signed) Irenee du Pont, Chairman." As the result of a considerable discussion of this letter the Finance Committee authorized the proper officers of this Company to purchase up to $14,000,000 worth of U.. S. Steel Corporation common stock at not to exceed $175 per share. These prices refer to the shares before they sold exdividend; that is, before the distribution of the recent 40% stock dividend Accordingly between May 10th and June 15th, of the U. S. Steel Corporation. 1926, we completed the purchase of the equivalent of 114,000 of the present Shares of the U. S. Steel Corporation, including the 40% stock dividend, at a cost of $14,005,392, since which date we have acquired no further shares. On July 27, 1927, the du Pont Company's Semi-Annual Report to its stockholders contained the following announcement:"Your Board of Directors have employed about $14,000,000 of the Company's surplus funds in the purchase of 114,000 shares of the United States Steel Corporation common stock. This investment - 4 - has been included in the item 1:jarketable Securities and. Call Loans' on the accompanying balance sheet." The du Pont Company's holdings of 114,000 shares of of the Steel Corporation are about 1.6% of the 7,115,235 common stock of that Corporation and are about 1% of the of the voting stock of that Corporation, comprising both ferred shares. the common stock shares of the 10,719,045 shores the common and pre- FOURTH - GENERAL The United States Steel Corporation, as far as we know, owns no stock in the General Motors Corporation, nor in E. I. du Pont de Nemours & Co., nor in any of their subsidiaries. The General :victors Corporation owns no stock in E. I. du Pont de Nemours & Company nor in the United States Steel Corporation or in any of their subsidiaries. The U. S. Steel Corporation's sales to the du Pont Company in 1926 amounted to $1,014,505, whereas that Corporation's sales to other customers in the same year, according to their published report for 1926, amaanted to $937,137,163, so that their sales to the du Pont Company amounted to about one-tenth of 1% of their sales to others. The du Pont Company's total purchases for the year 1926 were $51,710,295 so that slightly less than 2% of its purchases were from the Steel Corporation. In 1926 the Steel Corporation's purchases from the daPont Company amounted to $1,599,918. The Steel Corporation does not report its total purchases and it is therefore impossible to express their purchases from the duPont Company as a percentage of their total purchases. Obviously, the percentage is very small. The total sales by the du Pont Company in 1926 were $97,547,021 so that the sales to the Steel Corporation were materially less than 2% of its total sales. There is not at hand information of purchases and sales by the subsidiaries of the du Pont Co. However, as theit btsinesses are entirely Rayon (artificial silk), Pyralin, Photographic Films, etc., it will be found that their transactions with the Steel Corporation are negligible. As previously stated, the du Pont Company's investment in the General Motors Corporation common stock was an investment of capital funds and involved an obligation on the du Pont Company's part to assume responsibility in part for the management of the affairs of the General Motors Corporation. Unlike this, however, the du Pont Company's purchase of this 114,000 Shares of United States Steel Corporation common stock was purely an investment of $14,000,000. of its reserves; the stock is subject to resale at a moment's notice and carries with it no right, privilege, responsibility or obligation to participate in the management of the Steel Corporation through directorships or otherwise, nor is any director, officer or employe of the du Pont 44, - 5 - Company a director, officer or employe of the United States Steel Corporaflu/. The above comrrises all relationships between the United States Steel Corporation and E. I. du Pont de Nemours & Company of which I have knotledge. On July 29, 1927, the du Pont Company received a notice from the Federal Trade Comuission statinG that they had directed their Chief Economist to investic;ate relationships direct and indirect between the United States Steel Corporation, the General :.rotors Corporation and the E. I. du Pont do Nemeurs We are sending them copy of this letter and shall be Glad to supply & Co. both you and them with any additional information pertinent to this inquiry upon request. Respectfully submitted, IRENEE DU PONT, Chairman of Finance Committee. N1SC 43 1m 1-27 FEDERAL RESERVE BANK OF NEW YORK CROSS REFERENCE SHEET FILE NO. ....7 SUBJECT SEE FILE NO. LETTER OF,,,L=7/1-4-Cibi-e2 DATED (IA / Novemt,er 9, 1327. My dear Mr. MacLennan: It is most kind or you to invite me to consider addressing the Advertising Club. I appreciate your doing so but regret to asy that there is little poesibility of my being in Los Angeles for some tine, and conew,uently, it is unlikely that I sholl he able to accept your kind invitation. iith kindest regards, believe me, Very truly yours, Mr. fiuesell M. MacLunoen, Advertising Manager, Los Angeles -First National Trust & Savings Bank, 7th end Spring Streets, Los Angeles, California. BS/RAH LOS ANGELES - 141 RST NATIONAL TRUST & SAVINGS BANK HEAD OFFICE SEVENTH AND SPRING STREETS LOS ANGELES October 31, 1927 Hon. Benjamin Strong, Federal Reserve Bank of N. Y., 33 Liberty St., New York, N. Y. My dear Mr. Strong: Presumably you will visit Los Angeles, and when you do the Advertising Club would appreciate having you as its guest and principal speaker. Over nine hundred serious minded business leaders comprise the membership of the Advertising Club, which meets at a luncheon at the Biltmore Hotel, Tuesday noon each week, (except June 15 to September 15) with the sole objective of broadening the mental horizons of those in attendance. The following are a few of the Nation's representative men who have favored us with their remarks during the last Club year: Arthur Brisbane Otto H. Kahn Cyrus H. K. Curtis Carl R. Gray C. W. Nash George Horace Lorimer Captain Robert Dollar John N. Willys Peter B. Kyne ,r. Frank Crane The membership is vitally interested in sound practical business information, such as you are in a position to favor us with. We are not seeking orators, but those whose personal and organization success has been such as to qualify them as having helpful messages to pass along to others eager to learn. We shall look forward to he g from you. 1 Russell M. MacLennan Advertising Manager Los ANGELE SFIRST NATIONAL" cv 01011:11,,..; 11111111111111Por Iri 1S 4., ' Say`Los Angeles -First National' i Our official title - "Los Angeles - First National Trust & Savings Bank" is too long for every day use -- but is legally necessary . Just say `Los Angeles-First National' \ \ . , A Consolidation of the First National Bank of Los Angeles and the PacificSouth. west Trust S. Savings Bank . le 'V Resources Over Soo Million Dollars 1 100111111111111111111111 11111 . Septemter -0, Ig,7. My dear Kr. Grandin: I have to thank you for your ft vor of the 13th instant, and if possible I should be glad to send you a f. vorable reply to your invitation to prepare en article for the Tait- Daily News. The demands on my. time ar.- such, however, that I em oblibed to ask to t e excused. I be to remain, Very truly yours, Mr. Thomas B. Grandin, Associate Editor, Yale Daily News, New Haven, Connecticut. EtS/Fiiti OFFICE OF Valr Elatig N1 THE OrTION ON NATIONAL AFFAIRS ld& Wan Mat Butiding CISVELeiND.-.(1)Rie OLDEST COLLEGE DAILY" TELEPHONE: LIBERTY 7100 YALE STATION NEW HAVEN, CONN. September 13, 1927. Mr. Benjamin Strong, Governor, Federal Reserve Bank of New York, 33 Liberty Street, New York City. Dear Mr. Strong: When talking to many of the country's most representative men concerning my work on the Yale Daily News, practically all have suggested that I write you as the I am writing at the most representative and authoritative man in your field. suggestion of Governor E. R. Fancher of The Cleveland Federal Reserve Bank and Mr. Frederick H. Curtiss, Chairman of theBoston Federal. Reserve Bank. Throughout the coming academic year the Yale Daily News will publish a special weekly section, ON NATIONAL AFFAIRS, which has as its object the education of The articles in this the nation's youth upon affairs of national importance. section will come from the pens of the most authoritative and representative men in the United States. The influence of ON NATIONAL AFFAIRS will not be limited to those who read the Yale Daily News. By syndicating the articles, which the Yale Daily News secures, to the publications of preparatory schools and colleges, it is hoped that it may be possible to benefit the younger generation at large. Few of the students in question have anything but a superficial knowledge concerning national issues; surely a comprehension of affairs of nationwide importance will be of material help to them after graduation. Enclosed sheet explains in greater detail ON NATIONAL AFFAIRS, its aim and scope. The editors of the Yale Daily News, whom I represent, feel that it would be a great honor to include in this section an article signed by you. Undoubtedly you have material at hand from which you could have written for your signature 1,000 2,000 words on Relationship or Contact of the Federal Reserve System to the Central Banks of Europe, or some other subject of your own choosing. Governor Fancher and Mr. Curtiss have promised articles for ON NATIONAL AFFAIRS. I realize that it is perhaps presumptuous forme to ask a favor of this nature from you. My excuse is that your name will supply the impetus toward a broadening influence upon the youth of America. Because I am anxious to have the first few issues of ON NATIONAL Alq.AIRS of sterling quality and because of the necessity of having the articles set-up long in advance, I am taking the liberty of asking whether I could have a manuscript from you by October 15th. If, however, other matters require all of your attention at the present time, it would be preferable to reit upon your convenience than not to have your article at all, merely because you are tied up at the moment. I would greatly appreciate your advising me care Yale Daily News, Yale Station, New Haven, Conn., whether you think my plan is a worthy one and whether you are inclined to comply with the request for an article. Yours very trul http://fraser.stlouisfed.org/ TB G:MC Federal Reserve Bank of St. Louis alwy...4 Associate Editor. ON NATIONAL AFFAIRS The following have promised to write articles for ON NATIONAL AFFAIRS and in many cases the manuscripts have been received: 0 Ackerman, Frederick L., architect. Addinsell, Harry M., Harris, Forbes & Co. and authority on public utility financing. Allen, Florence E., Justice Supreme Court of Ohio. Atterbury, Gen. W. W., Pres., Penna. R. R. Company. Ayres, Col. Leonard P., Vice PKes., Cleveland Trust Co. Baker, Newton D., ex-Sec'y of War. Bowman, John McE., Bowman-Biltmore Hotels. Boynton, Charles H., Atlas Portland Cement Co. Burton, Theodore E.. Congressman and Ex-Senator from Ohio. Calkins, Ernest E., Calkins & Holden. Cobb, B. C., Vice Pres., Commonwealth Power Co. Coit, Dr. J. Eliot, Coit Agricultural Service. Compton, Dr. Wilson, Sec'y and Mgr., National Lumber Manufacturers Association. Cook. W. W.. Professor at Yale University. Curtiss, Frederick H., Chairman. Federal Reserve Bank of Boston. Daniels, W. M., Professor at Yale University and authority on Railroad Consolidation. Danielson, Richard E., Pres. and Editor of "The Sportsman." Davis, Malcolm W., Editor Yale University Press. Denny. Reginald, Motion Picture Actor. Dodd. William E.. Professor at Chicago University. Dodd. W. F., Professor at Yale University. Doran, George H., Pres., Geo. H. Doran Co. Doran, J K., Commissioner of Prohibition. Douglas, J. F., Pres., Metropolitan Bldg. Co. Ernst. A. C., Managing Partner. Ernst and Ernst. Fancher, E. R., Governor, Federal Reserve Bank of Cleveland. Farrar, John, author. Gandy. Harry S., Pres., National Coal Ass'n. Garfield. Abram. architect. Gary, the late Judge Elbert H. Geer, William C.. Dir. and Technical Advisor, B. F. Goodrich Co. Gehlke, Dr. C. E., Professor at Western Reserve University and authority on statistics on crime. Graves. Provost H. S., Dean of Yale School of Forestry. Graustein, A. R., Pres., International Paper Co. Gulick, Paul, Universal Pictures Corp. Holsey, Albon L., Sec'y, Tuskegee Institute. Hatton, Dr. A. R.. Originator of City Managership Plan. Hays. Will H., Pres., Motion Picture Producers and Distributors of America. Hogan, W. J.. Pres. and Treas., Interstate Terminals Corp. Husband, W. W., 2nd Ass't Sec'y of Labor. Hutcheson. Ernest. Juilliard Graduate School. Johnson. Pyke. National Automobile Chamber of Commerce. Ku las. Elroy John, Pres., Otis Steel Co. and Midland Steel Products Co. Laemmle, Carl Sr.. Pres., Universal Pictures Corp. Lawrence, David. Pres.. United States Daily. Lippman, Walter, author. Long, R. A., Chairman, Long-Bell Lumber Co. Ludington, Katharine, 1st Vice Pres., National League of Women Voters. Macomber. John R., Pres., Harris, Forbes & Co., Inc. Mason, Julian S., Editor, New York Evening Post. Merritt. Schuyler, Congressman from Connecticut. Morris, Frederick K., American Museum of Natural History. O'Leary, John W., Pres., U. S. Chamber of Commerce. Parker, Dr. E. W., Dir., Anthracite Bureau of Information. Pew, Mar len E., "Editor and Publisher." Powers, Marsh K.. Powers-House Co. Redfield. William C.. author. Reynolds, George M., Chairman, Continental and Commercial Bank of Chicago. Sill, Dr. Frederick H., 0. H. C., Headmaster, Kent School. Simmons, E. H. H., Pres., New York Stock Exchange. Stayton, W. H.. Nat. Chairman, Ass'n against Prohibition Amendment. Sullivan, Mark. Teagle, Walter C.. Pres., Standard Oil Co. of New Jersey. Trowbridge, Alexander Buel, Pres., Architectural League of New York. Vasconcelos, Dr. Jose, Professor at Chicago University. Van Beuren, Dr. Frederick T. Jr., Columbia University. Wright, Howell, Dir. of Public Utilities in City Manager's Cabinet, Wickersham, George W., ex-Attorney-General of United States. Cleveland. July 28, 1927. ill WI fir. Mosessohn: lc,.111 to kind Of you indeed to ask me to mtke an address ASSOCitition. the mestere of your Un P6rtUn8telY1 any addreseea incapacitated me from 'asking illness has quite at ail, and thF: injunction constrained to ask to be excused. is such that I feel of my doctor But r asking, me a second appreciate your remembering me and do very much time. With kindest personal regards, I am, Sincerely yours, Eet.l. Strong Governor M. Mosessohn, Executive' Chai man; United Women's Wear League of America, Mr. 29 East 32nd Street, New York City. 11 111'(1 Ifoniedsifear league ofAmerica 4te 0 COMPRISING UNITED WAIST LEAGUE OFAMERICA- UNITED SKIRT LEAGUE OFAMERICA / UNITED UNDERWEAR LEAGUE OF Am ERICA UNITED PETTICOAT LEAGUE OFAMERICA UNITED WOMEN'S NECKWEAR LEAGUE OFAMERICA [ UNITED WOMEN'S BELT LEAGUE OF AMERICA UNITED INFANT NI.MOSESSOHN EXECUTIVE CHAIRMAN HIEDRENS & JUNIOR WEAR LEAGUE OF AMERICA 29 EAST 32nST. N .1c; W al.ft CABLE ADDRESS "WOMWEAR" ACKNOWL_ Hon. Benj. StrOkt, President Federal Reserve Bank, 33 Liberty St., New York City. .1UL 28 1926 My dear Gov. Strong: A few years ago, you gave us the opportunity of listening to you in a magnificent address on business conditions. We would be most happy if you would set a date for the early part of September when we could again have the pleasure of having you address the members of our body. The meeting will be in the form of a luncheon, and I am purposely asking you to set the date in order that it may not conflict with any other appointments that you may have. With kindest personal reards, I am Cordially yours, M. MOSESSOHN, Executive Chairman. 1/7 April 8, Mr. V. (3. Lc len, News liesearcl.. Director, The Ciniteh Stetes Deily, MueLinkton, D. C. My dear Mr. Lden: In Governor Strunk's fxbetmee from the office your letter of Vareh 7 bus were to a.e for reply. While Governor Strom, I acw sure, would ap(..-.:reci:,..te your invita--- tion t,c krite out sons of his oteervationo, it re quite impoesitilt lc; his. to uncle:tele it at the momont. bo tcmh very racuperating. lie 'we expect him b.& to the bank in a few oet.:k.s., but I ar sure that ht will not be ready to under-tele zritinc such an c.rticle tor some time to °cue. Very truly your e, Ii.5...ndAvh Burgess Assistant Federed Reserve ;Tent A Ka: ,.erns OMNI ght aniteb atos All the Factshttp://fraser.stlouisfed.org/ No Opinion Dining Cars to Hare Federal Reserve Bank of St. Louis Presenting the Only Daily Record of the Official Acts of the Legislative, 1397 - sort, reworeeto..0 Imo Ow booth of N. moo of few. film.* moo of *11. .1111.10. ~a' -.fa Mar Malw 1.7 L.tuyvesant Road, Biltmore Forest, Biltmore, N. C., March 26, 1927. My sear Sir; You doubtless realize that I am here recuperating from a severe illness, and naturally to avoid any unnecessary effort or fatigue. I h-:pe you understand my desire to conclude my stay here with entire privacy. Possibly you will be good enough to advise ME what Yr. Bjorkman desires to see me about. Yours very truly, Lr. Robert M. Johnston, Managing Editor, The Asheville Times, Asheville, N. C. DON S. ELIAS E. BRIGHT WILSON E. C. GREENE PRESIDENT VICE.PRESIDENT SEC. .TREAS crhe Asheville crimes DAILY AND SUNDAY Asheville, N. C. March 26, 1927. Mr. Benjamin Strong Vanderbilt Road BILTMORE FOREST My dear Sir: I am writing to request an appointment for Mr. Edwin. Bjorkman, editor of the book page of The Times, to interview you at any time that may be agreeable to you. Mr. Bjorkman is 60 years old and a former member of the staffs of The New York Times, The New York Sun, The New York Evening Post, and World's Work. You possibly I tell you these things as know of his literary work. a means of assuring you that you may rely on his treating with sympathy and with accurateness whatever you may say to him. Furthermore, he will be careful not to quote you directly, but to present his impressions of what you say. We have no desire to press you, but the sooner you may find it convenient to see Mr. Bjorkman the better it will be for us. Will you please write or telephone your answer? Yours very truly, RMJ-P Managi Editor. MERRY LE STANLEY RUKEYtI0001V rt 240 WEST END AVENUE NEW YORK, N. Y. nr:r. 31 1926 \' December 27, 1926 Dr. W. Randolph Burgess Federal Reserve Bank 33 Liberty Street New York City Dear Dr. ' Burgess: Thank you for your cordial note concerning my request for an interview with Governor Strong. Until I heard from you, I did not know he was still away from the IA(410 bank. In accordance with your suggestion, I shall take pleasure in dropping in to see you soon. With beet wishes for the New Year, Sincerely yours, iV(14(;40-/X2.14/ NSR/B December 16, 1928. Mr. Merry le Stanley aukeyser, 24) went End :venue, Jew "fork, N. Y. Dear Luiceyser: letter ci Dectseber lb to '1overnor Strong ham oome to we because Governor Strong has been ,levt:rtly ill with bronchial i:nctueoniu this fall anc. has not yet returned to the office. rie iY xecovurini, nicely but it will be some weeks before he 14 beck in the office. It iq, however, out of the question to interview him for 80111 t3 W t.:AC 8 to curve. I suggest that you try him agekin later on, al.thouth I would not give a nickel for your chances of dettint: 3n intervietT. Drop in 'Ind ..Ese me sometime and tell Le about your wn.nderint, e. Ilincerely yours, handolch Furg-ess MERRYLE STANLEY RUKEYSER 240 WEST END AVENUE NEW YORK, N. Y. December 15, 192C Mr. Benjamin Strong Covernor Federal Reserve Bank of Yew York 33 Liberty Street New York City Dear Yr. Strong: Cn my recent return from an extended trip I changed my journalistic connections, and am now devoting myself to magazine writing and the preparation of a daily signed column on financial developments, which is syndicated to newspapers by Current News Features of Washington, of which David Lawrence is president. Inc. in Europe, , You will recall that I was formerly financial and bu-,iness editcr of the New York Tribune and later I am financial editor of the New York Fvening Journal. also author of "The Common Sense of "oney and Investments" and am in charge of the courses in finance at the School of Journalism, Columbia University. In connection with the activities for the syndicate, I interview one outstanding business and financial leader each week on a timely topic in his I should like very much to arrange an appointfield. I ment with you at your convenience for thatrurpose. make this request with full knowledge of your habitual reticence an dislike of personal publicity. However, I feel that you will recognize the desirability of getting the public thinking correctly about Federal Reserve matters , and thought tai t this fact might sway you to give the matter favorable consideration. 7"741( -V= - Deoegbat 8, My dear Mr. Kitanot Governor Stronf has been absent from the office on account of illneaa .ind hence your letter of December 7 has come to me for reply. Governor &tmn& will therefore be unable to make any statement for publication this year, and I may e4ly that ta has in the ,.out c.acle it a general rule not to give out such etatemunts for publication because their ireparmtion 1,3 exceedingly time-consumink and he rtoolves a tremendous nupber of roqueete. It could be ihyaic:uly imIloaA.ble to prepare the statement desired elthout seriously interfering tith the work of ttle bank. I greatly regret it is not ;A>ssibie to give a more satisfactory reply to your request. Very truly yours L Randolph Eurgeee Assistant Federal Reserve Agent Mr. K. Kitiz.no, The Asahi of Tokyo & Osaka., 638 acrid Builuing, New York City. 411SC 43-2.1-3 £4 FEDERAL RESERVE BANK OF NEW YORK 10 CROSS REFERENCE SHEET FILE NO. SUBJECT SEE FILE No. 7 LETTER OF DATED / / 7 cCG Lava-Lii $ December 2, . 1926. 5. Cousins, Financial Lditor, international Leas Service, Ince., acrid iuilding, New York. Vy dear Mr. Couftinet Since GoveTnor Stronk; 16 ill and not at the office I nm replying to your lettf;r of Decembor 1. novernor St.rone rill be unable to mako any 6tatement fcr publication this yerr, and I may say that he hats in the pas-T, t-rde it a ceneral rule not to give out such statements for publication becuse their preparation ie exceedingly time-consumin and he receives t tremend,ws number of reouests. impossible to prepare the sttement deeired without seriously interfering with the work of the bank. Very truly yours, W. Nendolph Burpese ialsistant Federal l'..eeerve kFent WF.E: It wo INTERNATIONAL N EWS SERVICE. INC. WORLD BUILDING NEW YORK, N. Y. December 1, 1926. Benjamin L. Strong, Governor, Federal Tleserve Bank, New York City. Dear I.ir . Strong: Present indications point to the continuance, in possibly a modified form, of the prosperity enjoyed by the bulk of American industries in 1926. The attitude of the leaders of American finance and industries is as confident as at any other time since the close of the war fudging by the exoansion in the !productive machin ry of the Country in important linos. 7e are very anxious to secure for the mill ions of readers of International 7ews ServiPe an expression of the views of business leaders concerning the outlook for American business in the coming year. This is a courtesy that Y ouhnve (s"-- , rendered :g,vatiars-than. °mice, in tiqe-leett. anet-rr -TT because of its 'rent value and the keen appreciation by Which it is received by newspaper readers that we are asking you to favor us again this year. :Jill you kindly write us briefly just how you feel about the business situation for the next year and what steps should be taken in order to clear away sane of the outstanding handicaps to economic progress. 7e should like to have this mate 'ial as If soon as nossible and not later than December 15th. you are Preparing such a statement for general circulation will you favor us with a cony ? Thanking you for past courtesies, we are, Very truly yours, NATIONA BY- y loOVICE 4.1 s Financial -3ditor. 7SC/KSB E. J. LORANGER, Secretary JOHN S. COX, Treasurer R. L. POLK, President H. H. BURDICK, VicePres. &Gen. Mgr. POLK'S BANKERS REVIEW BANKERS HOME MAGAZINE FORMERL Y Hi°/ eA dgonthly eXagazine(Devoted to wanking and 'Jinance 431 HOWARD STREET, DETROIT 524-528 BROADWAY, NEW YORK OLN BLAUSS Editor S. ARMSTRONG NEW YORK, ern Representative Nov. 30, 1926 Benjamin Strong, 7sq. Federal Reserve Bank, New York, N. Y. Dear Mr. Strong; I am preparing a sketch of the Federal Reserve System for the January issue of our magazine. I would appreciate a brief statement from you in answer to the following questions; What are the outstanding achievements of the system ? That may be done to encourage eXigible banks to join it ? Does the New York Federal Reserve Bank do anything to encourage membership ? I hope you will kindly favor me in this. Sincerely yours, JLB/All TELEPHONE WHITEHALL 9000 75 WEST STREET_ NEW YORK t Nttia gortt 1131mt FOUNDED 1801 November 3( ,1926. Mr. Benjamin Strong, Governor, Federal Reserve Bank, New York City. Dear Mr. Strong:- The Evening Post is preparing, after its custom of the past twenty years, to include in its Annual Financial and Business Survey brief statements on the financial and business outlook from a carefully selected group of well-known financiers, public men and economists. We hope to include your views, however briefly expressed, in this symposium, which incidentally promises to carry a more authoritative list of contributors than any previous publication. For what it may be worth, in suggesting topics of wide interest, I attach a few queries but trust that you will not feel restricted by them. May we count upon you for something this year? If, as we are hoping, you should feel disposed to give us your views, we should like to receive them between now and December 10th or thereabouts, when the mechanical preparation for the special edition begins. Faithfully yours, Paul W. Garrett Financial Editor. PWG*EB t0-12.1-;Lfi AA,L4j,..tsxL4 iktait4-TCL). TELEPHONE WHITEHALL 9000 20 VES EY STREET. NEW YORK . -xttia gorit yzu.nting 'foot FOUNDED 1801 Suggestive Queries for Business Article 1. Do you expect a high rate of general business activity to persist during 1927? What do you consider the chief stimulating influences? 2. Do you see any factors likely to cause a setback to business during the coming year? If so, what? 3. Are commodity prices likely to go lower during 1927? Or to advance? Or to remain in general where they are; and why? 4. Do you expect firmness to develop in the money market during 1926, and to what extent? What are the controlling factors likely to be? 5. How do you expect the European situation to affect American business during the coming year? 6. Do you anticipate a large amount of foreign loans here during 7. 1927? Is the labor situation in your community satisfactory from the viewpoint of the employer? 8. How do you view the present tendency toward installment buying in this country? 9. What in your opinion is the most pressing problem in connection with business at the present time? November 1926. Mr. David J. Andres, Doi emus & Company, 4 Eroad Street, Nevi York. Dear Mr. /Andrews: .00vernor Strong is absent f.01 the Lanic i;i11C;;.,' he Li :just recovering fr.,m a severe attack of bronchial lineu.monia.. expected tack here f.:-r orne ?seeks and I your Letter of Noverhe.r 11. course, Im, He i3 not tier ::fore, Under thc:,:to cirournat ines ,:... it is, of ut of the que5tion for Mr to atterpt to m..:Lke any etLtanent for the Magazine ot_MaII-$4treet for this year end. Very truly yours, f W. F.andoli: 71,rg,eab Assistant Federal P'eserve Agent CHICAGO 208 SO. LA SALLE STREET BOSTON SAN FRANCISCO CROCKER BUILDING BOSTON NEWS BUREAU BLDG. DOREMUS & COMPANY ADVERTISING THE WALL STREET JOURNAL BUILDING 44 BROAD STREET, NEW YORK NEW YORK NOV. 11th, 1926. Ben jar in Strong, Esq., Federal Reserve Bank, #32 Liberty Street, New York dity. LIy dear Gov ernor Strong: I have suggested to a very good friend of mine on the staff of the Magazine of Wall Street, that you might be willing to write, briefly, your views on business conditions toward the end of the year. The Magazine of Wall Street would like to publish this article together with your photograph. In making this suggestion I do not wish to presume on our Wall Street Follies relations but thought that it might be something you w)uld like to do. If you are agreeable to this suggestion will you be good enough to let me know so that I may have the Magazine of Wall Street explain in further detail. Very truly yours, DOREMUS & COMPANY cumQLu. DA /SM -)A0 OLH.KMC Governor. Deputy HARRISON, L. GEORGE yours, truly Very EM, re- personal kind with End letter your for thanks i gards, many :ith through. gone just has he as illness by handicapped been not has he when evf:n voice his spare to him for neceseary so par- him uion count not better had you think your his give course of shall any make tc free am I I ;ihile I is it as ticularly returns, he when letter address. an make to engagements feel not would he illness his of account on sure suite and office the tc return to able been yet not nab co nevertheless no is he while and Europe from return satisfactorily, most pro&reseinE,: his since sick suits been has Strong Governor 'icnow, you t.s Year. New and Christmas between time some Louis Wit. in Association :Toney Stable the of dinner annual , the et address an :sake to him asking your for you thank to rant I 19, Cictober of letter ,And very absence Strong's Governor In Lombard: Ar. Dear Conn. Haven, New Association, 74oney Stable The Director, Lxecutive Lombard, Norman ;Jr. LI October 4 J 4 STA LE MONEY ASSOCHAINON EXECUTIVE COMMITTEE OFFICERS President Organized to ascertain H. PARKER WILLIS the most effective method of preventing the vast, though subtle, "Journal of Commerce", New York Ex-Secretary, Federal Reserve Board evils arising from unsound and unstable money, and to promote a better understanding thereof, in the expectation that crystallized public opinion will result in constructive Congressional Vice-President W. F. GEPHART First National Bank, St Louis action. HENRY A. WALLACE Alexander Hamilton Institute, New York City" Professor of Industrial Engineering, Yak University WILLFORD I. KING Economist, Nat'l Bureau of Economic Executive Director, League for Industrial Democracy, New York City Executive Director t NORMAN LOMBARD Treasurer Professor of Economics, Yale University HUDSON B. HASTINGS HARRY W. LAIDLER Secretary WARREN F. HICKERNELL THE OFFICERS AND IRVING FISHER Research, New York City "Wallace's Farmer", Des Moines FREDERICK W. ROMAN, New York University\ GEORGE SOULE Tel. Chelsea 6489 \Room 1909 '104 Fifth Avenue, New York City Director, Labor Bureau, Inc., New York COL. HENRY M. Warta Ross Demurrage Bureau, New York New Haven, Oonn., October 19, 1326. min St ng, Esc., 1A- OA oqqai.., vernor Federal Reserve Bank, 3 Liberty Street, New York City. My deer Governor Strong: I tope you have recovered from your indispositions. fully recovered, because I CL going to try to put so:iie more work on you. The annual dinner of this Association wil. be held at St. Louis during the meeting of the American Economic Association there, sometime between Qnristmas and New Year, the exact date not yet being available. We are trying to make the program thoroughly sound and constructive. We are asking a representative industrialist to preside. We expect to have an address on "Stabilization and t,le Farmer" by Mr. E. L. Johnson, President of The Leavitt and Johnson Trust Oomoany of Waterloo,Iowa, and a Director of the Federal Reserve Bank of Chicago. Mr. Johnson is conservative, will mot take a )long rangsview of his subject, and will not cater to any current hysteria. We would like very much to have a second address by yourself, and would like to have you tell us whtt the Federal Reserve System has been able t do, and what it could do or might do to promote stabilization; whit are the limitations economic, political, or otherwise, 'Lloon its wholesome activities, and what additional powers should be given to it; what desirable changes in methods or means might be suggested; how the stabilization activities of the system tie in with such policies elsewhere throughout the world; if there is any concerted effort to carry out the recommendations of the Genoa Conference and anything Elsa which may be in T)ur mind and should be in ours. 4 WE ADVOCATE A POLICY-NOT A METHOD OR PLAN 0 Honorary Vice-Presidents JANE ADDAMS HALEY FISICE Hull-House, Chicago, Ill. President, Metropolitan Life Insurance Company, New York. BENJAMIN F. AFFLEC K JOHN P. Flay President, Ohio Federation of Labor Chicago, SYDNEY ANDERSON President, Millers' Nat'l Federation, LEWIS C. BABCOCK Vice-President, Midland Nat'l Bank Billings, Montana Chairman, Investment Economics Committee, Investment Bankers Association of America . JOHN BATES CLARK . Past President American Economic Association JOHN CLAUSEN Banker and Economist; Manager, Foreign Trade Club, San Francisco JOHN R. COMMONS Department of Economics, University of Wisconsin Graham, Texas CHARLES NAGEL Professor of Economics, Carleton College C. E. GRUNSKY Former President, American Society of Civil Engineers, San Francisco, Cal. ARTHUR T. HADLEY President Emeritus, Yale University Former Secretary of Consmerce JEREMIAH W. JENKS President, Alexander Hamilton Institute %V. G. LEE President, Brotherhood of Railroad Trainmen Dennison Manufacturing Company, Framingham, Mass. A. FILENE DAVID J. LEWIS A. LEY New York City M. C. RORTY International JOHN A. STEVENSON Second Vice -President, Assurance Society and Equitable Life E. W. WILSON President, Pacific National Bank; President, Foreign Trade Club, MATTHEW WOLL President, Fred T. Ley & Co., New York Vice-President, American Federation of Labor Attorney, New York City WE ADVOCATE A POLICY-NOT A METHOD OR A PLAN. WE STAND FOR A STABLE PRICE LEVEL-NEITHER INFLATION NOR DEFLATION. INFLATION causes "profiteering". Colleges, churches, hospitals, and other endowed institutions suffer through increasing expenses while their incomes remain 'fixed. Savings bank depositors and holders of bonds, mortgages and life insurance policies find the purchasing power of their securities melting away. The "high cost of living" burdens school teachers, judges, clerks, pensioners, salaried workers, and wage earners, and all others receiving fixed incomes. The Telephone San'Francisco, California Former U. S. Tariff Commissioner HAROLD Boston, Mass. CHARLES T. ROOT Vice-President, Telegraph Co. Washington, D. C. Attorney; New York City Director, Federal Reserve Bank, New York Louts F. POST Washington, D. C. WILLIAM C. REDFIELD President, Washington Loan and Trust Co.. RICHARD A. FEISS GEORGE FOSTER PEABODY President, Rand-Kardex-Bureau, Inc. President, Rollins College JOHN B. LARNER ABRAM I. ELKUS Former Secretary of Commerce JAMES H. RAND, JR. HAMILTON HOLT Former U. S. Tariff Commissioner Attorney, New York City President, University of Kentucky M. K. GRAHAM WILLIAM KENT ROBERT W. DEFOREST EDWARD FRANK L. McVEY Chancellor Emeritus, Stanford University President Columbia Nat'l Bank, Kansas City, Missouri Lucs Congressman from Massachusetts ROBERT President, American Home Builders, Inc. Congressman from Maryland DAVID STARR JORDAN THORNTON COOKE Sinnissippi Farm, Oregon, Ill. WALTER F. MCCALEB T. ALAN GOLDSBOROUGH JOHN H. GRAY LAWRENCE CHAMBERLAIN FRANK 0. LOWDEN Discontent pervades many classes. DEFLATION causes "business depression." Prices fall, with the result that merchants buy from hand to mouth. Factories shut down for lack of orders, and unemployment grows. Manufacturers cannot meet their obligations. Farmers cannot pay the mortgages on land bought at inflated prices. Thousands are thrown into bankruptcy. Economic progress is halted. Suffering and distress give rise to class hatred and political turmoil. STABILIZATION will prevent alike the evils arising from inflation and those arising from deflation, and is the fundamental prerequisite for steady and orderly national progress. THE STABLE MONEY ASSOCIATION. Following you it is expected to have an address by some St. Louis business mEn on the effect of instability of the dollar on trust companies, savings, and life insurance funds end this will be followed by an outline by myself of oir program for 1327. It is expected to nave the addresses followed by discussion. I urged you to attend the hearing on the Strong Bill becauses it Eave you an opportunity to gain the confidence of the ublic by being frank and setting forth your oosition clearly. While you said that you "sweat blood" over the thought of appearing before the committee, I really think you enjoyed the ex2erience and felt that the results were all to the good. I think such addresses as the one by Dr. Burgess the other night, at the Statistical Association, are very much worth while. I want to carry that work further by having you come out and address our Association. You will be treated with the utmost fairness and you will be surrounded by men who will completely understand you and who will be able competently to appreciate your reservations. They will be men whose friendship and support may be very valuable to the Federal Reserve System, as they will be, largely, men who are teaching the future citizens, who are going to do the managing, and decide as to the future status of the Federal Reserve System. I very earnestly urge, therefore, that you do what I kllow is contrary to your inclination. Let us show Ir. B. 0. Forbes that he does not k.ow whEt he is talking about; that Governor Stronp: is far from being a secretive and reticent individuel when it is necessary -fi-Lat anything worth while shall be said. With kindest regards, I am S--.cerely yours, ;;?>. The Advisory Council of The Stable Money Association JOHN M. GRIES, Bureau of Standards, Washington, D. C. T. S. ADAMS, Yale University. JoHN B. ANDREWS, Secretary, American Associa- tion for Labor Legislation. Commerce, Municipal University of Akron. H. BECKHART, School of Business, Columbia University. A. CHARLES BELL, Statistician States Bureau of Labor Statistics. University of Missouri. N. G. D. HANCOCK, Dean, School of Commerce and Administration, Washington and Lee University. H. HOLLANDER, Department of Political Economy, The Johns Hopkins University. JACOB CARVER, Professor of Political Economy, Harvard University. Columbia University. H. J. DAVENPORT, Professor of Economics, Cornell University. S. DEIBLER, Department of Economics and Sociology, Northwestern University. DEwEE, Professor of Economics and R. Statistics, Massachusetts Institute of Technology. Managing Editor, American Economic Review. PAUL H. DOUGLAS, School of Commerce Administration, University of Chicago. and GEORGE W. EDWARDS, Graduate School of Busi- ELIOT JONES, Department of Economics, Stanford University. Northwestern University. HENRY Vs. Professor Economics, Yale University. KELLEY, Department of Education, Emeritus of FARNAM, Institutions, Princeton University. Fisx, Foreign Information Department, Bankers Trust Co , New York City. CLARENCE H. KELSEY, President, Title Guarantee and Trust Co., New York. ARTHUR W. Lonssy, Co., New York. D. C. N. MCCUNE LINDSAY, Carleton College. C. TAYLOR, Institute for Research, western University. Department of Economics, National Bureau of Economic Research, New York City. K. NORTON, Director, Research Division, National Education Association. JOHN Plan for a Fair Dollar. E. T. Tow NE, H. PATTERSON, Wharton School of Finance and Commerce, University of PennMathematics, sylvania. PHILLIPS School Dean, University of North Dakota. Dean, University of Iowa. I College "We, the people of the United States, in order to do ordain and establish the general welfare Commerce, C. M. WALSH, Bellport, Long Island, New York. of WARREN, F. Economics University. and Professor of Agricultural Farm Management, Cornell WESTERFIELD, Yale University. of Commerce, Professor B. of Economics, A. C. WHITAKER, Professor of Economics, Stanford University. MURRAY S. WILDMAN, Department of Economics, Stanford University. HARVEY W. WILE; Washington, D. C. A. WOLFF, Standards. FRANK HOLBROOK WORKING, United States Professor Leland Stanford Jr. University. HELEN SUMNER WOODBURY, Labor, Washington, D. C. establish justice promote SECTION 8 The Congress shall have power : 5. To coin money, regulate the value thereof of II. TUCKER, Department of Economics and Business Administration. Washington and Lee University. ERNEST A. North- DANA J. TINNEB, Originator of the Market Gage RAY WESLEY CLAIR MITCHELL, Professor of Economics, Columbia University, Director of Research, C. Statistical American CARL STROVER, Counselor at Law, Chicago, 111. President, The the Science in G. City J. EDWARD MEEKER, Economist, New York Stock MEEKER, Councilor STONE, ROBERT Academy of Political New York. ROYAL T. DARIEN AUSTIN STRAW, DePartMent of Logic and Rhetoric, Wheaton College. President Equitable Trust Administration, University of Nebraska. SAMUEL Commissioner of Labor Washington.Labor, of Department STEWART, Statistics, JAMES. E. I.EROSSIGNOL, Dean, College of Business University of Michigan. Social Institutions, Princeton University. ETHELBERT EDWIN \V. KOPF, Asst. Statistician, Metropolitan TAMES W. GLOVER, Department of FRANK D. GRAHAM, Department of Econonsics and HENRY R. SEALER, Professor of Political Economy, Columbia University. H. E. W. KEMMERER, Professor of Economics and Finance, Princeton University. E. EUGENE A. GILMORE, Professor of Law, University of Wisconsin. of Political Science, Faculty Ross, Association. Exchange. FRANK A. FETTER, Professor of Political Economy, Chairman, Department of Economics and Social HARVEY I.. VERNON KELLOGG, Permanent Secretary, National Research Council. ness Administration, New York University. RICHARD T. ELY, Research Professor of Economics, A. Columbia University. 0. M. W. SPRAGUE, Converse Professor of Banking and Finance, Harvard University. Life Insurance Company, New York City. D. Wisconsin. FRANK . \LVIN JOHNSON, Director, New School for Social Research, New York. Stanford University JOHN H. COVER, Director, Bureau of Statistical Research, University of Denver. E. A. Ross, Professor of Sociology, University of EDWIN R. A. SELIGMAN, 3fcVickar Professor of Political Economy and Finance, University. United TRUMAN JOHN M. CLARK, Professor of Political Economy, University of Chicago. Administration, University of Missouri. BYRON W. HOLT, Goodbody and Company, New ROBERT E. CHADDOCK, Faculty of Political Science, F. of York. HARRY GUNNISON BROWN, Professor of Economics, T. Professor G. Associate Business Administration, University of Texas. FRED E. AYER, Dean, College of Engineering and B. GUTHMANN HARRY J. HARVEY ROGERS, School of Business and Public Constitution of the United States. U. Bureau of of Economics, S. Bureau of A Few Expressions "What we all want from this economic system is greater stability, that men may be secure in their employment and their business HERBERT HOOVER, Secretary of Commerce in Review of Reviews for January, 1926. Although many believe that only with rising prices can prosperity be secured, true prosperity "The truth is of course that both (inflation and deflation) are bad. What is needed is stability, the point from which both alike proceed in opposite directions. When we have stability of prices we have a basis upon which trade can be carried on with confidence." REGINALD MCKENNA, Chairman Joint City & Midland Bank at the Annual meeting, January, 1922. is dependent on stability." JAMES S. ALEXANDER, Chairman, National Bank of Commerce, New York, in annual address to Shareholders, January 8, 1924. "Next to the economic havoc of war itself, there is probably no more devastating agent at work than the rudderless and ballastless unit of value which has resulted in the price anarchy of the past generation." "It may be that the stabilization of the purchasing power of the dollar along the lines advanced by economists will sometime help to remove some of the problems of the counterfeit wage. A solution is highly desirable EDWARD A. FILENE, in New York World, May 31, 1922. DAVID J. LEWIS, U. S. Tariff Commission, in a private letter. "It is the self-evident duty of the Federal Reserve Board to administer the Federal reserve act in such a manner as will safeguard the Nation from inflation and deflation in the future, and we heartily approve all sincere efforts being made to find and apply the best legislative method for safeguarding the purchasing power of money." IOWA BANKERS' ASSOCIATION in Convention at Ames, 1923. "The ultimate consequence of an entirely demoralized currency would be to end all work and all trade that could not be carried on by payment in kind and barter. The immediate consequence of a partially demoralized currency is to drive up prices and make trading feverishly adventurous and workers suspicious and irritable. All who have fixed incomes and saved accumulations suffer by the rise in prices, "The primary monetary need, then, is a stable unit of value, and this does not come by chance. Even if we had no other evidence, the records of the past five years in the United States should convince us that the country is not safe-guarded against inflation by reserve ratios or merely because bank credit is expended 'in response to the legitimate demands of business,' or 'in the ordinary course of financing production.' There are at least four compelling reasons for taking measures now, to make a dependable dollar the deliberate aim of conscious policy." W. T. FOSTER, Director Pollok Foundation for Economic Research and WADDILL CATCHINGS of Goldman, Sachs & Co., in Harvard Business Review, April, 1924. and the wage-earners find, with a gathering fury, "I firmly believe that the purchasing power of money can be stabilized. I believe that the solution, when Here is a state of affairs where the duty of every clever person is evidently to help adjust and re- tion." that the real value of their wages is continually less. assure." adopted to bring about such stabilization." Convention of the Illinois Farmers' Institute at Quincy, February, 1926. Form 1-4-5M-6-26 HON. T. ALAN GOLDSBOROUGH, in the House of Representatives, H. G. WELLS, "Outline of History". "We favor the standardization of the dollar in purchasing power and urge our legislative members in Congress to consider what means may best be we have it, will be found to be simple; and I trust that that solution will soon be embodied in legislaMay 23, 1922. "The explanation is simple enough-`radicalism' is always found where there is suffering, injustice and failure." New York World, March io, 1926. RECEIVED EDWARD N. HUR LEY SEP 3 - 1926 a PE RSCNAL August 28, 1928 My dear Mr. Hurley: Governor Strong has cableu me of your invitation from Iilliamstown to addrees the Council .).f Foreign Felations in Chiolgo on the subject of *European Finance", and has asked me to write you that since he is not yet certain of his return to this country, it till be ror him to give you any Nnster at this time. If, however, your arrangements ure such as to make it whclly convenient for him to defer a reply until after his return, I am wire that he would appreciate it. In vie:; of the uncertainty of his plane, you might tell prefer not to let the matter rest that way, end I know that if that is the case he will fully underettln6 your frankly s.,ying ec. 7iith many thanks for your courtesy, I -.1m, Very truly yours, 14"1.4c GF.DEGE L. HAEKISON, Deputy GC.Ilro11101 . Mr. Edward N. Hurley, :59 E. Jackson Boulevard, Chicago, Ill. GLEI.104 (LuLA-4,4 c_AAILQ-4\,; U,Frtzo. es4LdraW&A.L.I.Rikez.a.utaaLQA. cz a a.627. e4. NEW YORK UNIVERSITY GRADUATE SCHOOL OF NEW YORK UNIVERSITY GRADUATE SCHOOL OF BUSINESS ADMINISTRATION A. WELLINGTON TAYLOR. Dean go TRINITY PLACE. NEW YORK TELEPHONE: RECTOR 0882 April 22, 1926. Ottic 1/147te, -743A Ey dear Governor Strong: During the past few years the Univel-city has conducted a forum on Finance, of which I am enclosing you a partial list of the speakers. We are now preparing our program for the coming session in cooperation with the Investment Bankers Association of America. Would it be possible for you to address our group some time during the fall on the subject of "The Foreign Financial Operations of the Federal Reserve"? Our meetings are held in the Governors' Room of the Stock Exchange. Sessions begin at 5.30 P.L., and the speakers usually take about an hour for the presentation of their subject. :embers of the forums are associated with local banks and investment houses and join only by invitation of the University. I should be glad to call upon you and discuss the matter further, if you find your way clear to favor us with this talk. Sincerely yours, George W. Edwards, Professor of Bankin. Governor Benjamin Strong, Federal Reserve Bank of New York, 1:ow York City. MISC 43-210-3 20 FEDERAL RESERVE BANK OF NEW YORK CROSS REFERENCE SHEET FILE NO. SUBJECT SEE FILE NO. 781( LETTER OF DATED At- keilAt 3/30P 03. 7410 'P 111 o1 COMPANY CHICAGO OFFICE OF EXECUTIVE VICE PRESIDENT January 9, 1926. A CKNOWLE7'CC-.1) Denj. c/o Federal Reserve Bank of New York City 13. S. Dear Yr. Strong) Thank you very much for yours of January 4th. I am exceedingly sorry that we will be unable to have the pleasure of listening to you in January, but I au very glad that you have only deferred your visit. It would be very fortunate for us if you could come out and address us in February, and as you can appreciate, it would help considerably if we could know the Epproximate date that you would do so. Our members could then be adIt will not be vised to reserve that date. necessary for you to advise us the subject of your address until later. If, without-burdening you too much, you cculd therefore advise me a convenient date in February, it would be very much appreciated. FEDERAL RESERVE BANK OF CHICAGO 230 SOUTH LA SALLE STREET OFFICE OF THE GOVERNOR January 6, 1926. PERSONAL Yr. Benj. Strong, Governor, Federal Reserve Bank of New York, New York, Y. Y. Derr Governor Strong: I have yours of the 4th instant, and am very sorry that we are not to see you in Chicago in the near future, but even so, am sure you are doing the right thing in taking a vacation when the opportunity presents. I realize the.t the conditions current during the recent past must have been such as to tax your time and your strength, and, consequently, I hope that you will get away for a rest and that the benefits ensuing will be up to your fullest expectations. It may be that later on you will find it convenient and agreeable to address the Industrial Club, and I certainly hope that this will prove to be the case. The general condition throughout our part of the agricultural district has been steadily improving during the last two This is true notwithstanding the unusual number of bank years. The banks which have suspensions,which you, of course, see reported. been closing are institutions which have been staggering under a load There are still a number which give us for a long period of time. some concern, some of which may have to go, but most of which will ultimately pull through. With every Boos wish, I am Very truly yours, Governo ES. January 4, 1923. Ay dear Mr. kcbougal: ktepiyin#; I.o youro of December Vi), ray Lccei,ti.nce Of the invitation to addrees the Induetrial Club of Chicago wee conditioned upon my being away at that time. A It nos seas certain thet I ehall be away, and I Lave Oeen obligec to write kr. Foster thst my meeting witb them will have to b oeZerIed. I have bean txyin6 to gat e little root, adt is the only amilable tiMi. Veil Lruly y4ure, P)S James 13. McDougal, Eery., Governor, Federal Rederye 6anm Chicago, Ill. Chicago, January 4, 1928. 'J user Mr. Foster: Your note of Dacember EW 406 hore awaiting mp return from Washington. I to16 Mr. 600llsy thtt I would certainly be delighted to &caress the industrial Club the lattor part of January, if I were not ebeent. eacasioriag to Lake a snort vacation, which I need, sad it I uos seems yuits certain that I sill ba in the z,outhsest by that time, mud t.-terefore i um euggestini: that tie t,rraagemont to oaforred until surme later date. I sorry to raise tut: c.,)portianity, s I cartanly eaould have enjoyed [stinting ties rAcml.ure of the Club, Lad it lit.b most kirIC of you to auggeLt that I do W. Very ;ruly your , I CI -111_ Churiee K. i.bater, Esc., American Radiator Company, Calcago, Ill.