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MISC. 43 2M 12-34

FEDERAL RESERVE BANK
OF NEW YORK

CROSS REFERENCE SHEET
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FILE No

SUBJECT

SEE

LETTER 0
DATED

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FILE No

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CROSS REFERENCE SHEET

FILE No 2Vai
SUBJECT

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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
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with"-Chicago Times-Herald.
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what I consider the best and most complete of all
American Biographical publications"-Clark Howell,
Atlanta Constitution.

"We have constant use for our sets of National Cyclopedia of American Biography"-Library of Congress.
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The Post constantly uses it"-Washington Post.
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or Webster's unabridged or Encyclopedia Britannica

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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.
New York Times, Herald, Tribune, Post,
World, Brooklyn Daily Eagle, Boston Globe, Boston Transcript, Springfield Republican, Philadel-

phia Press, Philadelphia North American, Pittsburgh Bulletin, Pittsburgh Dispatch, Washington
Post,

Cleveland
Plain Dealer, Toledo Blade,
Memphis Commercial-Appeal, New Orleans Picayune, Kansas City Star, Chicago Record-Herald,
Atlanta Constitution, St. Paul Dispatch, San
Francisco Call, San Francisco Chronicle, Los
Angeles Times, Jacksonville (Fla.) Times-Union,
and hundreds of other daily newspapers.
Harvard, Yale, Columbia, Princeton Universities, and hundreds of other colleges and universi-

ties in the North, East, South and West.
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. Chatfield-Taylor, author, Chicago, Ill.
Hon. Joseph H. Choate, lawyer and diplomat,
New York.

Howard Chandler Christy, artist, Ohio.
John Claflin, head of the H. B. Claflin Corporation, New York.
E. Irving Couse, New York.
J. H. Cummings, President John B. Stetson Co.,
Philadelphia, Pa.

Rt. Rev, James H. Darlington, P. E. Bishop of
Harrisburg, Pa.
Dr. Thomas Darlington, physician, sanitation expert, New York.
Hon. Charles G. Dawes.
Robert W. deForest, lawyer, President Metropolitan Museum of Art, New York.
Chauncey M. Depew, New York Central Railroad; ex-U. S. Senator, New York.
Col. Henry A. Dupont, capitalist, Wilmington, Del.
Thomas A. Edison, inventor, West Orange, N. J.
Allen W. Evarts, lawyer, New York.
Thomas Ewing, lawyer; ex-Commissioner of Pat-

High, in every state.
ents.
Century Magazine, Harper's Monthly, the Re- Hon. George W. Fairchild, Pres. International
Time Recording Co.; ex-Congressman.
view of Reviews, McClure's, Scribner s, Forum,
Everybody's Magazine, Delineator, Independent,
Charles R. Flint, merchant and banker, New York.
Literary Digest, Scientific
Catholic American,Freeman, political reformer, East Orange,
Alden
World, Town Topics, and
scores
of other

N. J.
Hon. Obadiah Gardner, ex-U. S. Senator, Rock-

magazines.

American Museum of Natural History.
Metropolitan Museum of Art.
New York Law Institute.
New York Chamber of Commerce.
New York Academy of Medicine.
Century, Union

League, University,

Union,

Boston Athenaum.
City Club of Boston.
Congregational Library, Boston.
General Theological Library, Boston.
Home Market Club, Boston.
Social Law Library, Boston.

Art Club of Philadelphia.
Drexel Institute, Philadelphia.
Penn Museum and School, Philadelphia.
Textile School, Philadelphia.
Wagner Free Institute of Science, Philadelphia.

State Institute for the Deaf and Dumb, Phila-

delphia.

Press Club, Chicago.
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. Mellen, ex-president New Haven Railroad, New Haven, Conn.
Herman A. Metz, manufacturer, ex-Comptroller,
New York.
J. P. Morgan & Co., New York.
Waldo G. Morse, lawyer, New York.
Frank Moss, lawyer, New York.
George E. Muehlebach, capitalist, Kansas City, Mo.
Ludwig Nissen, merchant, New York.
De Lancey Nicoll, lawyer, New York.
Christopher D. O'Brien, lawyer, St. Paul, Minn.
Prof. Henry F. Osborn, Columbia University;
Dr.

President American Museum of Natural His-

tory.

T. M. Patterson, ex-U.

S.

Senator; proprietor

"Rocky Mountain News," Denver, Colo.
Dr. Frederick W. Parham, New Orleans, La.
George H. Pegram, Chief Engineer Interborough
Rapid Transit, New York.
Hon. James D. Phelan, U. S. Senator, San Francisco, Cal.

George A. Plimpton, publisher; member of Ginn
& Co., New York.
Anton A. Raven, insurance president, New York.
James B. Reynolds, lawyer, New York.
James Ford Rhodes, historian ; ex-president American Historical Association, Boston, Mass.
Levi T. Scofield, architect, Cleveland, 0.

Thomas M. Shackleford, Justice State Supreme

Court, Tallahassee, Fla.
Elbridge G. Snow, President The Home Insurance
Co., New York.
New York.
John B. Stanchfield, lawyer, New York.
Hon. James A. Gary, ex-Postmaster General, BalJulius 0. Stieglitz, chemist, Chicago, Ill.
timore, Md.
Hon. Hampson Gary,
of
Department lawyer, Frederick M. Steele, President Standard Forgings
Co., Chicago, Ill.
State, Washington, D. C.
Prof. Bradley Stoughton, consulting engineer,
King Camp Gillette, inventor Safety Razor, BosNew York.
ton, Mass.
Theodore Sutro, lawyer, New York.
Daniel Guggenheim, financier, New York.
Ambrose Swasey, manufacturer; ex-President of
George F. Hammond, architect, Cleveland, 0.
Mechanical Engineers,
of
American Society
H. H. Harjes, Morgan, Harjes Co., Paris, France.
Cleveland, 0.
Hon. John E. Hartridge, lawyer, Jacksonville, Rt. Rev. Ethelbert Talbot, P. E. Bishop, South
Fla.
Bethlehem, Pa.
J. C. Hartzell, M. E. Bishop, Cincinnati, 0.
Rev. Dr. Roderick Terry, clergyman and author,
Bishop Abram Hatch, Heber City, Utah.
Newport, R. I.
H. J. Heinz, merchant, Pittsburgh, Pa.
A. 0. Thomas, Supt. of Schools, Lincoln, Neb.
A. Heckscher, merchant, New York.
Hon. Charlemagne Tower, lawyer and ex-ambassador, Philadelphia, Pa.
Hon. Edward Horsky, lawyer and ex-mayor,
Helena, Mont.
Henry R. Towne, Pres. Yale & Towne Manufacturing Co., New York.
Rev. Dr. Newell Dwight Hillis, Plymouth Church,
Brooklyn, N. Y.
Dr. Lyon G. Tyler, President William and Mary
College, Virginia.
Col. Edward M. House.
A. G. Uptegraff, of the Westinghouse Air Brake
Clark Howell, editor "Atlanta Constitution."
Co.
Charles Evans Hughes, former Secretary of State,
Thomas B. Walker, lumber merchant, Minneapolis,
United States.
Minn.
Samuel Lieu% President Chicago-Edison Co., ChiHon. Bartow S. Weeks, Justice New York Sucago, Ill.
preme Court.
J. G. Johnson, lawyer, Peabody, Kans.
Samuel T. Wellman, of the Wellman-Seaver-MorRichard M. 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




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Say`Los Angeles -First National'

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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'

\

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.

,

A Consolidation of the First National Bank
of Los Angeles and the PacificSouth.

west Trust S. Savings Bank

.

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Resources Over
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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

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moo of *11. .1111.10.

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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.




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