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4 iwyicivNpADL,Toi, COMPANY CHICAGO OFFICE OF EXECUTIVE VICE PRESIDENT December 29, 1925. Ir. Benjamin Strong, cio Federal Reserve Bank, New York City. ACKNOWLEDGED 1 J 23 B. S. Ey dear hr. Strong, I have just received a telegram from Mr. Woolley advising me that you very kindly consented to come to Chicago to address the Industrial Club the latter part of January, if possible, and if not, that you will come at a later date. I want to assure you how ve all deeply appreciate your kindness and I can assure you of a. very hearty welcome in Chicago and an audience that I am sure it will be a pleasure to you to talk to. I hope you mry find it convenient to advise me in the very near future of the date which would suit you in January and the subject on which you would like to address us. Again thanking you in behalf of the membership of the Club, I am, Cor December 28, 1925. George P. Edwards, Publisher, Coast ranker, 3e. Francisco, California. My dear Mr. Edwards: I have your letter or December 18. esteem for Mr. Perrin, While I have the rrentest I am afraid I must decline to undertake the article you au&-est to I do not think I em the person to write it. The -eserve Banks are vretty lhrgely local institutions end it is therefore impossible for anyone .P1 far away from the Pacific Coast as I am to kno* oath any degree of intimacy the work which Mr. Perrin nas been Going. *e nave enjoyed very much our occasional contacts with hite once or twice a year at conferences in Washinp,ton, but that is hardly a basis teresting and useful article. or writing an in- If we wrote the article it would be rather atetract and academic, and quite uniatereatint:. I am sure you could do better by having some prominent loc.l banker who :mows Mr. Perrin's work better undertake the task. I am sorry to have to decline. Very truly yours, Baij. SIONG Governor WaBs2 CitIPANTI AND CALIFORNIA BANKER PACIFIC COAST'S OWN BANKING PAPER. CoratrrBANKEnPuitLisunio 576-578 SACRAMENTO ST. SAN Pit.4aveisc0. OUR HOME TERRITORY GEO. P. E DWAR DS. December 18, 1925 PRESIDENT. Benjamin Strong, Governor, Federal Reserve Bank, 15 Nassau Street, New York City. My dear Mr. Strong: In anticipation of the coming retirement from the position of Federal Reserve Agent of the Twelfth Federal Reservse Bank of John Perrin, I am anxious, very anxious, to show my appreciation of the man in a public way in COAST BANKER, and the thought has occurred to me that you who know the men so well, might be willing to write an appreciation of him which we would publish as a principle feature of the next issue of COAST BANKER. We are publishing a page size photograph of him and we would like to have a full page pen picture of him and the service he has rendered the country, and I know no one is more familiar with this than you and no one who is familiar wi the facts, occupying as important a position as you do it seems that you are the one man in the country to write that appreciation. The only reason I am writing to you is because I know that you are the outstanding figure in the financial world and that you are personally acquainted with John Perrin's work. At the same time may we ask that we be favored with a recent photograph of yourself? Yours very traly, GPE:MC December 17, 1g25. Dear Mr. Forbes: I live your letter of December 14 lnd I should like very much to mAce you a Christmas present of a letter which would help increase the circula-,ion of your magazine, beoauco I think you are F, good (Allow and are ding a valuable and interesting piece of work in the magazine. But I am going to ask you to let me beg off from writing anything which will oe used. The fact is thti. It this time of yeYr I receive s perfect deluge policy of turning of re.iuests for st:.temonts 'TX! I hvo The limits of time make it imooseible to .accede to all them all down. of these re uests .11d it is the.refore inpossible to Pcoede to any. Move- ovor, I think that the Federll Reserve fi.Inks are in the beet possible situation if their officers go .bout minding their own business and saying .13 little an i:ossiblo, exceit 7ihcre it is a Tatter of givinF the public oorre...:t information about the operLtions of thA AyetAm. Let ma wish you personally, however, -,ho greatest of happiness aLd success :44 a Chrisai Sincerely C. Forbes, Forbes gagazine, Mr. B. 1p,0 Fifth :,venue, New York. WRBat ours, I 71:irrixext Alecgaz maxidmkjiuunur Nebx exit December 14, 1925. Lr. Benjamin H. Strong, Federal Reserve Bank, 120 Broadway, New York City. Dear Li'. Strong: I would like you to send me a Christmas present: I would greatly appreciate a sentence or two from you telling how you regard "Forbes" and the work we are trying to do. Let me take this occasion to express the earnest hope that 1926 will bring you and yours a bumper measure of health, happiness and prosperity. BCF/nv December 8, 19.5. Dear Gerrard: Referring Lo our converent ion sbout ttht addrese, I am encloeing a skeleton which may or may not be in line with what you had in mind. You will observe it contemplates little in retard to policies, but it will not be difficult to introduce that if you think it would be of interest. The important thing, of course, is the European monetary situation and our relation to it, and the general situttion as to markets for our surplus production, particularly the crops; elao the neec for extension of credit by this country during the period of European recovery in order that this market may not be impaired. If you till glance over the enclosed end return it to as with your com:aents, I will start something right away. sincerely yours, Honorable Garrard B. Winston, Under Secretary of the Treasury, Washington, D. C. Enc. P5.1.4 1ht Federal Reserve Banks from s National Point of View 1. Introductory rewrke. 2. U. S. Goveenment lergeet buRinese organization .n the world. Collects and disburses vast sums, floats and redeems securities, and cerries on other 2inenciel operations like private concerns. 3. Yet Treasury until recently hes had no suitable country-wide banie.ng agent. 4. Our financial history has been one of constant endeavor to remedy this defect (a) First and Second United States Banks (b) Period of tried with etste tenks (c) Independent Treasury system Defects - Alternately withdrew fund6 from end pumped funds into market; inadequate market for government securities. (d) Lose of Treasury independency and growth of Treasury paternalism 5. Viewed from the standpoint of the Treasury, the most obvious services of the reserve rianke h,ve been their purely fiecel agency ooenf tione (a) (b) and redemption of securities Payment of checks and coupons, etc. Eeitl. 8. !welly important, though probably not 60 well recognizec: service, has been that of relieving the Treasury of abeuming many of the functions of a central bank. (a) Reeponsibility for stabilizing money rotes (b) Provision of funds for seasonal crop moving (c) Provision of emergency currency (d) i-rovieion for gold imports (e) Transfer of funds by wire Illustrete above by examples of Treasury action in the past. 7. Substitution through the Reserve Banks of a democratic for an autocretic monetary control (a) Formerly any decisions as to monetary control rested eith the Secretery and his advisers, or with poterful New York bankere; danger of political influence. (b) (c) B. These decisions now vested, through the directorates of the lr Federal Reserve Danko, in the business Lad banking leaders of the different Reserve Districts; Governmental supervision through the Federal Reserve Board. Thio aemocrL.tic control more in keeping with American ideals and principles, which in banking have been particularly opposed to monopoly. Provi,ion of a responsible democratic authority for dealing with intera,tionia credit problems (a) Bank of Englandcredit and importance of cooperation in ouch matters by the United States (b) impoi,sibility of the Treasury's assuming these duties and inadequacy of private meaaures Suitability of the Reserve Banks as responsible economic (c) powers subject to a minimum of political influenze. Pecember 4, 1925. . Midzutt%ni, Editor and Fublisher, The Japanese Times, 35 Sixth i\venue, New York. Dear Sir: 1 have your letter of December ? concerning the special number of the Japaneas T1meo which io to apoear at the Ale? Year. I greatly regret that I cannot unlertake to prepare flay comment concerning economic relationships between the two countrieu. I as not at all as expert in these matters and I find it imposeible to re:4-0nd to the many reoueets of this sort, which are constIontly made. ,t thic time of year particu- Lurly there are sc many requests for statements of various kinds thnt *e have been forced to make it s rule not to attempt to accede to any of thee, as much as we would like to do so. The only other poseible course would be to give out superficial and hastily oreptired material, which would be of no volue and orobably dengereus. I am cure ycu appreciate that no one ie more friendly to the Japanese people and has more faith in their future than I. Very truly y re, STAblIG Governor 11118th Cable Address "PANESEMIT NEWYORK" SHE JAPANESE TIMES TELEPHONE SPRING 8277 PUBLISHERS, PRINTERS AND TRANSLATORS JAPANESE-AMERICAN DAILY CABLE SERVICE 3 5 SIXTH AVENUE, NEW YORK December 2nd 1925. Dear sir: The Japanese Tines will appear at the T:avi Year as a special number with which it is desired to mark the renewal of friendliness and mutual understanding between Ameriaa and Japan. The two nations came most frequently in contact in the economic field. It is our conviction clearer conceptions of true and just economic relations will foster, as hardly any other influence can in so great adegrae, these friendly feeling that are keenly desired on both sides of the Pacific ocean. We therefore take the liberty of extending to you a very earnest invitation to cthntributes to our TTew Year's issue an expression of your thought ragarding these basic economic conditions and possiblities. Your favorable response before the fifteenth of this month would be very deeply appreciated, not only by ourselves but by the entire Japanese community in America. Very truly yours S.Mi utani. Editor and Publisher. lion. Benjamin Strong. Governor of the Federal Reserve Board, Distric of New York, City. 1) Deeeikber 2, 1925. -1"-F AL g.71: .144 Mr. T. Gouvinc, 7inancihi t;ditor, rorld Building, New York. Delr Sir: have received your lettsr of becomber 1 and I as tarry that 1 find myself unable to Lccede to your requeat. 'ST: vPry much ties t could not possibly find .acro3nt the time to work out a statement. We t.re not distrituting my wk.tter of Late sort, with the exce?tion cf the unnu4i report of t.te butt, which rii1 big i.ublirted some time in J6nutay. Very truly yo,.:,rs, bENJ. STRONG Governor INTERNATIONAL NEWS SERVICE, INC. WORLD BUILDING NEW YORK, N. Y. December 1, 1925. Benjamin L. Strong, Esq., Governor, Federal deserve Bank, 33 Liberty street, New York Dear Sir: Reports submitted by American industrial corporations in recent months prove conclusively that the year 1925 was a prosperous one for most departments of business and industry, while agricultural districts also enjoyed a large measure of prosperity this year. For that reason our leaders of finance and business are generally in agreement that present conditions and the immediate outlook are probably more favorable than at aiy time since the close of the great war. We are anxious to secure for the millions of readers of International News service an expression of the views of business leaders relative to the accomplishments of the various departments of industry, trade, or finance with which they are most familiar. This is a courtesy you have rendered more than once in the past and it is because of the keen interest and appreciation with which it is received by newspaper readers in every part of the country that we are asking you to favor us again this year. Will you kindly write us briefly and for our exclusive distribution what, in your opinion, have been a few of the outstanding developments, industrially and commercially, of the year 1925; the outlook for the new year and some suggestions as to how best to solve its problems. We should like to receive this material as soon as possible and not later than December 15. All you also kindly furnish our office with such matter along this line which you may be preparing for general distribution. Thanking you for past courtesies, we are Very truly yours, $1; By- WSO*J 110410. OA' AA A/a Financial Editor. I November 19, 1925 ne. r kr. Gnrrett: I sm Just new in rt:ceipt of your letter of November 17, to which 1 fe r it is nooe:,uary for me to reply, a8 I hays in the past, that it Is i ;osable for me to prepA.re Annual 'inar3c1t..1 in .r-L,iclo for the u,..iness Review. :it-,tem,.nt.13 by offic, rs of the Federal Res-rve d, e too likely to be misinterpretsa, or to be construed 'is in the nature of 6. prophesy. I feel it id t mistake cp I. ouch inwit,-tions, though I appreciate your thou6htfuljeque\in nsking me. E'.ch year i read ths Reviet with kcsn int,sraA, shall look foroaru to seeinc; it tib .r-:, Very truly yours, If' U1 The p. Garrett., Es.i., York Evenia5 Post, Vesey 3trt,et, New York. 20-24 VESEY STREET. NEW YORK. N. Y. TELEPHONE WHITEHALL 9000 grrit 7criVening oot ACKNOWLEDGED November 146v wis25 B. S. lir. Benjamin strong, Governor, Federal Reserve Bank, New York City. Dear Strong:- The Evening Post is preparing, after its custom of the past 19 years, to include in its Annual Financial and Business Survey brief statements on the financial 4nd 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 contributions than azy previous similar 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. Llay we count upon you for something this year? If, as we are hoping, :,rou should feel disposed to give us your views, we should like to receive them between now and December 10th, When the mechanical prepartion for the special edition begins. Faithfully yours, Prow Financial Editor. aw-tti) el:text,4 kW ire gleNt. afro\ A4,4\, ONE WHITEHALL 9000 20-24 VESEY STREET. NEW YORK. N Y. Nein Bork petting 'pot FOUNDED 1801 Suggestive Queries for Business Article 1. Do you expect a high rate of general business activity to persist during 1926? 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 1926? 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 1926? 7. 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? December lb, 124. Lear Mr. Herlmin,L,: It sus roet mind of you to .:rile me ae )ou did on December 15. My idane at trie diaaent do not coottALAe a western trip in the immudite fl tui 1., t.nd, 1r:deed, Lore I to be it, Colorado Springs at the Limo you mention, I ehot.16 be ibliged to etrictly adhere to the order:. 5f Ty dz.-Acre, Lbiel irobibit my mestkine 9ddres6 I sho.A. of lny nature. But were I La be C.:tele, -zajay iceting kith the Ch:.mber of s'"%mlerce. 1313&36 10013T. !I thtnk!, for your good aisheFi, whin I be!rtily reciprocate. Very truly youre, 1. D. Hemmin, Vice President, The Fir3t Altional Cularvao .;01.1). ILA 117!1 TilE, sT NATIONAL BANK OF GOLORALIO SFR] S CAP I TAIA $ 300,000 * SU12PLUS $300,000 A.II. H uwr. PRESIDENT I.vng.110WREUT.Pssnossx DETRE HOARD E.P.Suovis.vicss PRIESIONNT W.11.11EMISINO, vurs PRESIDENT 1.110VVIREIIT, c:wNRINR 0.L.6ODFREY- JEFFERSON HAYES - DAVIS ASSISTANT CASHIERS R. SMITH CM.tr_PJAD SP-AtiL.EsuM,R_Th December 15,1q24 ACKM)W1_,EDCIED NOV 18 1924 Gov. Benjamin Strong, Federal Reserve Bank, New York, N. Y. Dear Yr. Strong: I an writing at the request of our local Chamber of Commerce inquiring if you expect to be in Colorado Springs at any t"me during anuary or February? They would like very much to hive you speak to a general membersip meeting of the organisation some time when you are here. If you would consent to do this any subject you would care to use would be most acceptible to them. Best wishes of the season, and with hopes that we will see you in the near future in Colorado Springs, I am Yours very truly Vico President. Lece,acer 8, 1924. My dear Mr. Cousins: Replying to your note of the 4th inathnt, I fear that it will not be -,:cssitle for or, to prepare the article you were good enough to ask me to writs for the International News Service. Sttersnte of thie sort from officers of this bank in the nature of a prophesy of whht scly happen in prices, in the money market, etc., are t:o liable to misinterpretation, or, inceeu, may be regarded as having so much authority, th5t I really think it ie a mistake for us to accept these invitations, hut.I nevertheless appreciAe your asking me very mush. Very truly yours, 49) BENJ. STRONG' Govsrnor. W. S. Cousina, Financial Editor, InternAionll News Service, Ioc., 21 Spruce Street, flew York, N. Y. 8S.LS INTERNATIONAL NEWS SERVICE, INC. 21 SPRUCE STREET NEW Y,_)RK,N.Y. December 4th, 1924. OEC Benjamin L. Strcng, Gcverncr, Federal Reserve Ban';, New Ycrk City. Dear Mr. Strcng: Present indicaticns pcint tc a very prcspercus situaticn fcr American industry, American trade and American business, in the coming seascn. The attitude cf the leaders cf American finance and industries is prcbably more confident and mcre cheerful than at any cther time since the cicse cf the war. But the prcblems which have been ccnfrcnting American business have nct all been solved and there are still a number cf important handicaps in the path cf industrial prcgress. ',7e are very anxicus tc secure fcr the millions cf readers cf International News Service, an expressicn cf the views cf business leaders ccncerning the cuticck fcr American business in the year 1925. This is a courtesy that ycu have rendered us more than once in the past and it is because cf its great value and the keen appreciaticn by which it is received by newspaper readers, that we are asking ycu tc favcr us again this year. Will ycu kindly write us briefly just hcw ycu feel abcut the business situaticn fcr the next year and particularly hcw the country shculd gc abcut solving the prcblems which still lie befcre us. If pcssible, we shculd like tc have this material as soon as pcssible and net later than December 24th. It is pcssible that ycu are preparing such a statement fcr general circulation and if sc, will ycu favcr us with a ccpy Thanking ycu fcr past courtesies, we are, Very truly INILONATIO curs, CE By- Financial Editcr. 7SC /KSB !:i24 December 4, 1ki24. My dear Pr. .)chneider: replying to your note of the at instant, i tear that it van net he noseible for me co propmre the Pirtle ls you tare good enough to itIC re to write for the Annual Fin'nci%1 end Busiu«-)es Revi ew. StFctetrents of this sort from offictre of this conk i. naL.ur1 of p.ro)hesy of shat may he',,,;:en in prict,&, in Lb:: money market, eto.., are so 1.iable co misinterprett.tion or, indeed, say regarded aa hi.tving so 7.uch authority, that I really think it is a mistake for ue to accept these invitatione, gut I nevertheless appreciate your &siting me very much. Ve:y truly yours, EDI . STRONG Governor. F. Schneider, Jr. Eye,., Financial Editor, hew Yon.: Lvening Post, hew York, Ai. Y. 20-24 VE5EY STREET. NCW YORK. N.Y. ONE WHITEHALL 9000 xetia art FOUNDED 1806 C.V vast )1,?kl!, DEC /" 4.7t 1924 7,4 December 2,1J24 LAI DEC 4 1924 Mr. Benjamin Strong, "governor, Federal Reserve Bank, City. Dear Sir: The 1vening Post is prennrinl., nfter its custom of the eighteen years nest, to include in its Annual 7inancinl and financial and business Business Review brief statements on outlook fro a carefully selected group of well-known financiers, public men and economists. de hope tc include your veiws, however briefly exnresred in this symposium. tecordingly I rim enclosinc, n set of nueriee that Indic' te the noints on which it nnpenrs to us that the rublic shall be hnpny, however, if you is most anxious to have li-ht. ill use your on judgment ns to what should ,e the mein concideration, and trust that you will not feel restricted by our suggestions. your If, as we hope, you may feel disposed to give views, we sho.ld like to receive them between now and December when preparation for the special edition begins. Very truly yours, 2inancial IIIEPHONE WHITEHALL 20-24 VESEY STREET. NEW YORK. N. Y. 9000 11/111 goixrit IT:VertittgFOUNDED1901 QUERIES REGARDING THE BUSINESS SITUATION 1. Do you expect a high rate of general business activity to persist during What do you consider the chief stimulating influences? 1925? 2. Do you see any factors likely to cause a set-back to business during the coming year? If so, what? 3. Are commodity prices likely to go lower during 1925? Or to remain in general where they are; and why? 4. Do you expect firmness to develop in the money market during 1925, and What are the controlling factors likely to be? to what extent? 5. How do you expect the European situation to affect American business during the coming year? 6. What attitude do you favor our Government taking with respect to the foreign government debts owed to it? What principles should be followed in framing terms for funding these debts? Do you believe that the basic principle of the Dawes plan - that is, adjustment of the obligation to the debtor's ability to pay - should be applied to these debts? 7. Is the labor situation in your community satisfactory from the viewpoint of the employer? : :: Or to advance? NoverIber 24, 1924. kty dear Mr. fing: four telegrpm Psxing for several butylred woras ex- pre:ising rty opinion on tne possibilities for invert s of Iliropenn ms.nufacturee to this country, is just received. My time is so fully occu?ied taid I ss so 'wane to exprc66 opinion& on such mattcre ce thie, that I feel obligee. to Leny ay elf the opportunity of writing something for yo,ir Poabibly at pt time of more 1.isure I could manage to ao it. The.ratine, you, I be to remain Very L.. ii. King, MAnagin6 ' ha.gazine or *all Street, 42 Brolditety, New Toric. BS.L5 yot,r6, Form 1201 WEATE CLASS OF Sitilkleg TELEGRAM DAY LETTER BLUE NIGHT MESSAGE NITE T LETTER If I app UNION WESTERN UNION TEL NL of these throe symbols fter the chietk-(numbey ft wort . his is a telegram. Otherwise its character is indicated by the J symbol appearing after the check. (.3 NEWCOMB CARLTON, PRESIDENT ..74 e';°' in AM CLASS OF SERVICE SYMBOL TELEGRAM DAY LETTER BLUE NIGHT MESSAGE NITE NIGHT LETTER NL If none of these three symbols' appears after the check (number of words) this is a telegram. Other- GEORGE W. E. ATKINS, FIRST VICE-PRESIDENT wise its character is indicated by the symbol appearing after the check. The filing time as shown in the date line on full-rate telegrams and day letters, and the time of receipt at destination as shown on all messages, is STANDARD TIME. Received at 7.128CC 2M 24 NPR 6 EXTRA NEWYORK NY NOV 22 1924 57 BENJ STRONG FEDERAL RESERVE BOARD 15 NASSAU ST NEWYORK NY WOULD APPRECIATE SEVERAL HUNDRED WORDS YOUR OPINION ON POSSIBILITIES FOR LARGE IMPORTS OF EUROPEAN MANUFACTURES TO MIS COUNTRY E D KING MANAGING EDITOR MAGAZINE OF WALL ST CkNOWLEDGED NOV 433P 1924 T1 http://fraser.stlouisfed.org/ OU Federal Reserve Bank of St. Louis 12, litiu " s/C, Ir Al +77,, eptember 17, igP4. kr. sianthrop B. Grsnc4, nitcr Veue,re21 ;.euerve 3wik, My ue'r NI-. Greene: was iezviod cuthq for EV).M. Governor :Arcing thkye' JOEi.tice rrom L.ns bunic Lexed MO tr) trnault. 60 full the ttacb.ed,s-tstameut, i.repared in re...onse to yuur letttl. of September 1?. He hopes tile ,st:tem.,:nt 'ALL serve your purpose. truly yours, 14.11DL.FH 3URGESS Assistiint Feder .5.1 neserve regent. fi. Enc. leRasit 1 ef 7i, cry measure the''value of matters commercial in It is the ,,mericAriwsbit vaiuticin for thelrede/4Was rye Zystem Aoulo enlighten critics such dollars. It would 8h w vast "ecenomy" in thf interest and ileacc friends of the' l-vtm. mtchwnieul and Erewt s ving aftcroed t It would re;:.1wcf, the fystr.,m, operwtiones ..cattreC tani uneccdomic,.1 ferhtions elclAtrdd bunks, - such ws check end through the unorLanize..11 iirocubure tl:L currency, the tranaaction of fintricial overstions other collection::, with the Lub.i.: municikal gov,i,rnmfrnt. an thc natio account of the notion, thr Tr..J.weury. Mwny ethers cou:d be fnam.i. The total in dollars would be imi,rive. Imi.ortf,at ws this is, the greater value cf the system ti.:La been the treinsquilliv of mind, and the stwbiiity of buaine00, which it has made iciesible. those: to be :acted under the caption "What In this respect its accomi:lishments has not happened." We fought a war ten time., ue oxpensive ec the Civil t;ar rithout iseuing any irredeemeb:e cu, rency. re pe;e the only major country in the world to continue on a gold b:.sis. In a Ffet-war leriou of tconsmic dislocation !la have avoided ..nything in the nature of a tt.niel, and t v h: peice fluctuztion ;Aid ;cc& financisl dieturbwnce than any other country in the world)4-. have abmorbed without uric. inflation a tremendouz. flood of gold into this country, hnounting since IVO to a billion and a. hell dcllara. Since the ehtablishment cf the Federal r,eaerve System we have kvoided that seaeonhl money etrinEfncy Ahich in the oic dLye forced interest rates to their higheet points in the month: Then the farmer sorrowed to move his crois. re have achieved Eoch fluidity of funds between the etc*. the we et that there ie never d premium on Ns York or Chicago or Can FIanclisco funs Alpherfi in the country. We have been largely freed from the exp which .exchane, chorL.as on c'r.ecks burned tht. se, d jr d risk with toitegtete,gr buskneas, tr!msacw tion. °P4I`CciN In the Fwd rr i MIEEnrc, Zyst,m at have secure eifr t a it swift ,Iisaster which foilewe6 t.ny unusual fin,lnciz:i dieturbL.n rigld Loiking sistm. In the Feueza.. neseivk 3f.stem 4. inat tho um.itr the old -rLve ,,rovid.,, for us a smckAhly aorkini: mechaniem 4hich reliev.te ue from the constant irritations which ..4re the regu't)r r-cemi.anim,,nt of the old ch:.otio disorganized banking by the stability it movel ..fforrie to buoins the Reserve System law; re- grebt cuuse of anxiAy from ail classes of businens and workers. has ;roiuced earn of mind .nd tr!..nquil4ity which never before k.xistocl. It FEDERAL RESERVE BANK MISC 4 OF NEW YORK OFICE CORRESPONDE To_ . DATE_ SUBJECT: Dr. Burgess Governor Strong FROM _"/ Do you this °61/;SI5P-0\\\\ .4);4 improvement, in place of the marked 'eortion it. wdOIA -4, on thu second some&Wettge 64 to su,stitute tin6 that aside from material 17i ' I r.), values, the Federal hes!WOOpstem; tiRAfe stab lity which it affords to business, really has removed a great caueet-pf workers. It has produced an ease of11116.4wt in the days of our former rigid system. att. m all classes of business :Len and tranquillity which never existed -"-^,mr September 15, 1924. y dear ,ar. GrecnaL Your favor of Se.tcyner 12 is juet received. oocible for go2 ,a-ci.:are a ebort lettcx prior to ,ny lce.vinE; for ..es t on ThorLday, I All 1.e very 61ed tc do sc. I cannot Lo it, you eby ftel r.i1 Yours very trul), Lend. strong Governor Mr. idnthrop B. Greene, Editor !,--C Fook, Federal Reserve Bang, If I fine irlg to tsk coat one else in the buil: in :14, Fhilacelphi, P. If it is IL( FEDERAL RESERVE BANK OF PHILADELPHIA OFFICE o. THE CHAIRMAN OF THE BOARD AND FEDERAL RESERVE AGENT September 12, 1924. Mr. Benjamin Strong, c/o Federal Reserve Bank, New York, N. Y. Dear Sir:- November 16th of this year will witness the tenth anniversary of the establishment of the Federal Reserve System - a decade of banking achievement unparalleled in the history of our country. It is therefore fitting that special note be made of this anniversary through a symposium of ideas as to the value of the System to the country. We are requesting such expressions of opinion from a number of prominent bankers and business men, who have either been identified in some way with the System or are in a position to realize its value to the industry and commerce of our country. The replies will be printed in the November let number of the 3-C rook, which is our house organ. Because of the fact that you have been so prominently identified with the System, it mould be singularly appropriate to have a brief expression of your views regarding the System as you view it to-day. Will you not therefore be kind enough to send us a brief letter summarizing your opinion? We assure you it will be very much appreciated. Very truly yours, Editor 3-C Book WBG*HL 5. MISC. 4. 1- 100M -9 -23 FEDERAL RESERVE BANK. OF NEW YORK OVICE CORRESPONDENCE To ,FROM DATE. June_ 16, 1 9 2.A. Governor_Strang SUBJECT: Letter for the Annuvereary Number Mr. Snyder of the Japanese-American Would you like to kdd to the letter, after the first full paragraph on page 2, the following, which I have just turned up this morning: "An interesting sidelight, upon this quite astonishing development is that Japan is now third among the nations of the earth in the amount of electricity consumed, exce6ding in this repard even such large countries as Great Britain and Franco, and surpassed only by the United States and Germany." ri ) 1.i)c June 11, 1924. My dear !1r. Kozel: My absence in Weehington reoantly has unavoidably delayed a reply to your kind letter of May 31. It it a rare thing indeed for me to write anything for the newspapers, but the circumstances are such that I am complying with your request this time and enclosing a short article for the anniversary issue of the Japanese-American, which I hope is of the sort to meet your needs. I am unable, however, to send you a photograph as I have not had one taken for a long time, and besides that, I have a constitutional objection to having it published, which I know you will understand. If the article enclosed is not such as you can use, plem_se do not hesitate to consign it to the editorial waste basket, for I nave no pride whatever in such matters. With kindest regards, believe me, Tours very truly, Hr. George J. Kozai, The Japanese-kmericn, 414 * 8th Ave., New Teri,. City. 3S. MV ono. 1"/..4fr." 2 its manufactured products abroad for raw materials. The ,,rovrth of manufacturing and trade has been reflected in the rise of great industrial centers and the creation of a remarkable system of transportation, including railways, ports, and a mercantile marine. Banking, currency, insurance, and other parts of the financial structure have been greatly strengthened. lodernizing of the economic structure has made possible a rapid increase in the country's wealth, and a general gain in the standard o f living. 'bile the, accomplishments of the people of Japan have been unique in history, there remains one field or endeavor in which much can still be accom- nlished to make modern Japan a well balanced organization for economic and social well being. The transforms.tion of the ration from so largely agri- cultural to equally important industrial development should not neglect the need for corresponding social readjustments suitable to the needs and happiness of an industrial population gathered in large cities, as distinguished from an agricultural population scattered throughout the islands. The social life of city dwellers depends just as greatly for happiness and health upon sound social institutions as doesnindustrial welfare upon the development of well organized industrial plants. The enlargement of opportunity for the people of Japan to enjoy healthy, stimulating social intercourse through religious, athletic, musical, educational and other organizations is the creation of city life. a. necessary accompaniment of Possibly here is where the giant strides of Japan towards wnrld success have ou' distanced the collateral development towards social and community advancement. In the rise of Japan to her position as a world power, her relations with the United States have been particularly close. America's early part in opening Japan to world commerce, her traditionally friendly attitude which must not be impaired, the interchange of tourists and students, and the uniform 3 ESTABLISHED rgoo Phone Chelsea 4768 ACkNOWLE Japatitor-Aturriran (Formerly JAPANESE AMERICAN COMMERCIAL WEEKLY) 414 EIGHTH AVENUE NEW _YORK JUN1 I 1924 --- R cs7 3enjamin Strong, 15 Nassau Street, New York, T. %Y. 7y dear 7r. Strong: e herewith beg leave to inform you that this being the Twenty-Fifth year of our paper's existence we have found it 3n event that shall be commemorated to the public service, for it w-s founded, by placing within its columns articles written by some of the most prominent of American citizens. re, therefore, request you, in behalf of this service anr1 for the better understanding betreen America and Japan, to kindly contribute to our pages which, ye one confident, will serve a most happy purpose at thistir-e when the future of ;merico- Japanese relations forebodes of no substantial good-will. Our anniversary issue is intended to be published in July and it is needless to mention that a ready response to this request will be greatly appreciated. T!ay we add here that we would prefer an article of some 800 words or less accompanied, if possible, by your photograph? Trusting that you will generously comply and taldnp this opportunity to express my deepest rogrds, I am, my dear "r. Strong, Yours respectfully, ,-4 ge J. 7( )73bTisiler. ED WSC.3.145M-9-23 FEDERAL RESERVE BANK OF NEW YORK OatICE CORRESPONDENCE To Governor Strong _S-D-i ASKufif W. R. Burgess FROM February 15, DATE mut _'7.15 FEDERAL RESERVE BANK OF NEW YORK Some weeks ago I had a talk with a. Mr. Saunders of the American Magazine and subsequently with others of the editorial staff of that magazine, who have been contemplating an attack upon you. I succeeded in holding them off until you should return from your holiday and have a chance to get reacclimated. What they went to uo is get a writeup of you to include in the American Magazine in the series with which I am sure you are familiar. I am attaching herewith copies of the magazines which contain articles about Mr. Mcliugh and Mr. Mitchell. They have also written up, among others, the following financiers: Edwin R. Stettinius, of J. F. Morgan & Sompany Albert Wiggin, Chase National Bank .Frank A. Vanderlip Charles Schwab Charles H. Sabin A. Barton Hepburn William A. Nash Walter E. Frew, president of the Corn Exchange Bank George M. Reynolds, Chicago James B. Fargan, Chicago Frederick H. Goff, Cleveland Judge Gary 192 4. NEW YORK COMMERCIAL EVERY BUSINESS MORNING 1797E0 1287m YEAR RUSSELL R. WHITMAN. PRESIDENT ORIAL DEPT. TELEPHONE 7300 CORTLANOT No. 38 PARK ROW - NEW YORK ._ALTER B. BROWN. EDITOR CHARLES R. BARTH. MANAGlipO. , January-10 1924.4%. Xr. (2, Benjamin Strong, Esq., Governor, '1..4 Federal Reserve Bank of ae, Y New York City. "4 , - ::"? c.....;/ T. ril .4" ry dear Mr. Strong, The New York Commercial will publish a bank acceptance edition before the end of January. 1 brief resume of the banking outlook by you would add materially to the value of this edition for our large list of banker subscribers. Llay we have such a survey from you for publication under your sirnature within the next two weeks? e would appreciate your photograph for publication in this issue. ter, Thanking you for your anticipated courtesy in this mat1 remain, my Dear Mr. Strong, Very sincerely yours, zoezta,e,Z Louis Durant Edwarr7s, City Editor. eka &novo 110- tuAA; ff LDE/tb lv-vrvil- S December 11, 1923. My dear Mr. Schneider: I received your kind note of December 7, asking me to contribute an article to the Annual Financial and business Feview of the New Yorl: Evening Poet. These queetions seem to bear so directly upon the policy of the Reserve System that 1 have always felt it unwise to ma.',,e tte kind In fact, discussions of these ratters - as they relate to the policy of the Federal of answer that is really required to meet your wishes. Reserve System as a whole - are ouch better when coming from the Federal Reserve Board. I think I have written you this before, E.- rut hope that you understand that it is not a lack of desire, but sirN-.1y a question of ;-ropriety which com;,ele me to send this answer. Yours very truly, Mr. F. Schneider, Jr., Financial Editor, New York Evening Post, LO Veeey St., New York, N. Y. BS.M!4 20-24 VESEY STREET. NEW YORK. N. V. TELEPHONE WHITEHALL 9000 Nay- gurit 7gttatittiff 111 t FOUNDED 1501 December 7, 1923. ACKNOWLEDGED DEC 1 1 1923 Yr. Benjamin Strong, Governor, Federal Reserve Bank, New York City. Dear Sir: The '7,vening Post is preparing, after its custom cf the seventeen years past, to include in its Annual Financial and Business Peview brief statements on the financial and business outlook f-om a carefully selected group of well-known financiers, public men and economists. We hope to include your views, however briefly expressed, in ,ccordingly I am enclosing a set of queries which indicates this group. appears to us that the public is most anxious to the points on which shall be happy, however, if you will use you: own judghave light. ment as tc what should be the main consideration, and trust that you will not feel restricted by our suggestions. If, as we hope, you may feel disposed to give us your views, we should like to receive them between now and December 17, when prep!,ration for the special edition begins. Faithfully yours, Enc. Financial Editor. a NI. TELEPHONE WHITEHALL 9000 20-24 VESEY STREET. NEW YORK. N. Y. Ct 11 (nit `47-: ening Vuot FOuNDED1801 QUERIES REGARDING THE BUSINESS SITUATION 1. Do you expect a high rate of general business activity to persist during 1924? What do you consider the chief stimulating influences? 2. Do you see any factors likely to cause a set-back to business during the coming year? If so, what? 3. Are commodity prices likely to go lower during 1924? remain in general where they are; and why? 4. Do you expect further ease to develop in the money market during 1924? are the controlling factors likely to be? 5. Is the labor situation in your community satisfactory from the viewpoint of the employer? 6. What attitude do you favor our Government taking will respect to the foreign government debts owed to it? Would you advocate early pressure upon such foreign governments to mee-, their obligations? Or would you advocate a course of settlement toward them analogous to that arranged with the British government, making allowance for their lesser economic capacities? 7. Do you feel that German reparations are so interwoven in the whole interallied debt fabric that America should, for her own interests, be willing to consider and deal with these questions as one? Or to advance? Or to What MIF FEDERAL RESERVE BANK OF NEW YORK '.1 SC. CORRESPONDENCE DATE_ApriLlat _19271, SUBJECT: Frio. 1 Miss Bleeaker Mr. Carl Snyder asked me to hand you the attached copy of Governor Strongts manuscript. 192_ SIXTY -SEVENTH CONGRESS T. MC FADDEN. PA., CHAIRMAN. LESTER D. VOLK. N. Y. .R H. DALE. VT. T. FRANK APPLEBY. N. J. AD 4. KIWI. ILL. HENRY F. LAWRENCE. MO. 0. SCOTT. MICH. E. HART FENN. CONN. SW J9 P. NELSON. WIS. OTIS WINC,. ARK. JAMES G. STRONG. KANS. HENRY B. STEACIALL, ALA. L. S. ECHOLS. W. VA. CHARLES H. BRAND,GA. EDWARD S. BROOKS. PA. W. F. STEVENSON. S. C. ROBERT LUCE. MASS. CLARENCE MACGREGOR. N. Y. EUGENE BLACK. TEX. T. ALAN OOLDSBOROUOH, MO. JAMES W. DUNBAR. IND. PHILIP 0. THOMPSON. CLERK AM-releiLISE OF REPRESENTATIVES vimbettLUITAFE OLL BANKING AND CURRENCY ibikil NYE BAWF WASHINGTON 4, MW Yon April 20, 1923. Mr. L. F. Sailer, Deputy Governor, Federal Reserve Bank, New York City. °y dear ft r. Sailer: Your letter of April 17, enclosing copy of address delivered by Governor Strong at Chicagoj Cecemb-e-f-IT, Eas-been received 'during Mr. McFadden's absence from Washington. He will appreciate very much, indeed, your thoughtfulness in sending this to him. I shall bring it to his attention at the first opportunity. Yours very truly, b-b Secretary. April 17, 19E3. My dear yr. McFadden: 1 am enclosing herewith a copy of the address delivered by Governor Strong before the Conention of Amerc.in Farm Sereau Federation ir. D.acember last. ttis a very interestin i sire that you will find address. We enjoyed your visit this morning and ho?e that you will always fel free to to in and see us Olen you exe in hew York and give us a little of your tiJie in discussing some of the problws which are so vit,,,1 interestini: to as all. liith kindest persaal regards, I am, Very truly youra, L. F. SAME, Deputy Governor. Honorable Louis T. 1703 nr," Street, Wawa:16ton, D. C. 'iscFadden, Amen ARO SNE J. E. L. SSIGNOL D. A. MCCABE 0. M. W. SPRAGUE 'Economic Review (Pti %Tithed by_ t4 American Economic Association) 40' 222c1lAiieOlver ROA Cambridge 30, Mass. W. W. STEWART 4A DAVIS R. DEWEY. MANAGING EDITOR °- Ats- 4A0* ce March 17, 1923. Mr. George Beyer, secretary, Federal Reserve Bank, New York City, N. Y. My dear Mr. Beyer: Your letter of March 15th with the copies of Mr. qtrongls addrec- at the Convention of American Farm Bureau Federati-)n, Dec. 13, 1922, has been received. Thank you for your courtesy and prompt attention to my requeet. Youre very truly, cipLA.,) . I ir 60 1`, SPEARERcS BUREAU MA. 'J R AIDWAle NV. Mt TELEPHONE. 6343 BRYANT Hon.Benjamin Strong, April 16 th,1923. Governor of the Federal Reserve Bank, New York City. Ly dear 111r.Strong :- Some time ago I wrote you that I am continually of inquiries from Secretaries of Boards of Trade, Chambers of Comm and from Chairmen of Banuet Committees of National Commercial o with whom I have been in negotiation during the past several yea me to submit to them names of men prominent politically, for the p of having these gentlemen deliver addresses at banquets, meetings etc.- for a satisfactory honorarium monetary consideration. I can say to you confidentially that on such occa honorarium of from $100. to $300. net to you is presented, in add traveling and hotel expenses incurred. You perhaps have a message to deliver on the eco The best way to d your message is before such banquets or meetings, where prominent or political conditions of the country today. as semble. It is to be understood and agreed that any and engagements are to be first submitted to you for confirmation. Let me impress upon you at this time the fact t engagements will not commit your speaking except on occasions whe you yourself choose the time and place; in other words, satisfact your personal convenience. When I mention place, I mean that the banquets, will be held in prominent hotels in New York City, Phil and Atlantic City and would not reqtAre your absence longer than at the most. Should you wish to accept my proposal I would th you to sug.7est to me the title of any address or adddresses (pref three) you choose to speak upon. I respec tfully refer you to the following gentle regards to my reliability: Hon.James M.Beck, Solicitor General of United States,Hon. Huston Thompson, Chairman,Federal Trade Commis Hon. Bainbridge Colby, former Secretary of S tate ,Sena tors Borah, W Walsh, Harrison, Lenroot and Harrison,Congressmen Kahn,Begg, Bead Purnell, Rabbi S.Wise and Dr.S.P.Cadman. I would appreciate an immediate response from I am, Sincere TB/ JT March 15, 19:,-3. Lear Professor Levey: I take pleasure in sending you herewith three copies of the address which Mr. Strong made at the Convention of American Farm 3ureau Federation on Lee. 13, 1922, and which you were good enough to ask for in your note of March 14th, received in Mr. Strong's absence. Yours very truly, Secretary. Encls. (3) crofessor Lamle R. Dewey, Massachusetts Institute of Technology, Cambridge, Mass. G3 :MM MASSACHUSETTS INSTITUTE OF TECHNOLOGY -.AVIS R. DEWEY 'RROLL W. DOYEN ilYD VVV 7. DEPARTMENT OF ECONOISIlit$ E. ARMSTRONG MI ITIN J. SHUGRUE IIN H. SCHELL ALD S. TUCKER ILLARD L EEEEE AND _ CAnip pRIDGE MASS. /1 1r1/0-(16 19" firma }IA you Ml. kedef-_ 19 Nass:,, 11 kvisignE a Is it posIble for L_ to secure a few cokies of the Pddre.:,s anicr, you made before some sc;ricultuia.., Is_ociation in 1,ecerLber? I should like to use this in connection with one of my clas e Your: ver, ic 44-1 . Fitts (JAN DER RESOVE. Ofw tq Peer 24, 1P23. Dear fir. Saunders: At ;Ir. Strong's request, i am sending you for your information the encloseu copy of a letter addressed to Mr. tours very truly, Secretary to Sea j. Strong. L. Saunders, c/o Ingerwoll -Rand Co., 'N. 11 L-sroaelway, New York City. Enc. GB. Ml January 24, i923. Dear Mr. Dvis: I regret to E.dviee you that I now find it will not be iossible for me to prep.re the 1.aper for the Tenth National Foreign Trade Convention. My health h46 been such recently .e to necessitate my taking, a couple of 3eakd rest, and upon my return to the bnnk I fear I shall be pretty closely engaged for some time. So I eht.11 have to ek to ho excused. It occurs to me tht Mr. James !Simpson of Chicago could make an admirable adaress on the subject, if you .re able to persuade him to r'o so. Very truly yours, BENJ. STRONG, Governor. Mr. O. K. Dforis, Secretary, National Foreign Trade Council, India House, Hanover Square, New York City. NATIONAL iFTYRIEIGN TRAIDM COUNCIL INDIA HOUSE, HANOVER SQUARE CHAIRMAN JAMES A. FARRELL NEW YORK TREASURER ROBERT H. PATCHIN CABLE ADDRESS NAFTRAC. NEW YORK SECRETARY TELEPHONE 0. N. DAVIS BROAD 3712 ASSISTANT SECRETARY EDWARD A. LEROY. JR. January 22, 1923. Honorable Benjamin Strong, Governor, Federal Reserve Bank, 15 Nassau Street, New York City. Dear Governor Strong: We were very glad to have yours of the 18th, indicating your willingness to accept our invitation to prepare a paper for the Tenth National Foreign Trade Convention, on the facilities for foreign trade through the Federal Reserve System. I note that you anticipate being able, within a few days, to give us a definite reply. We hope very much that it may be favorable. Faithfully yours, OKD.DMS Secretary. TENTH NATIONAL FOREIGN TRADE CONVENTION, NEW ORLEANS, APRIL 25, 26, 27, 1923 FEDERAL RESERVE BOARD WASHINGTON OFFICE OF VICE GOVERNOR January 20, 1923. Dear Governor Strong: The letter enclosed with yours of January 18th does not seem to imply that you are to prepare a paper for the Tenth National Foreign Trade Convention, but states that "it seems that it would be most effective to have the paper Apparently prepared and delivered by a western man". the Secretary of the Council is merely asking you for some suggestions as to a speaker or a man who could prepare and deliver such a paper. I see no reason Nhatever shy you shoull not make such suggestions as are asked and hardlir think it is neceseary for me to delay answering until I can submit the matter to the Board. Dr. Miller is at home today, having suffered a little set-back through what appears to be some sort of ptomaine I talked with him over the 'phone, however, an poisoning. hour or so ago. Am returning this morning to Mr. Jav copy of the report of the New York Federal Reserve 'Bank, with a very few criticisms su_c_77ested by our Mr. Stewart. ' Yours very truly, Acting Governor. Mr. Benjamin Strong, Governor, Federal Reserve Bank, New York, N. Y. P.S. The letter from the secretary of the National Foreign Trade Council is returned herewith. VZ DEPARTMENT OF AGRICULTURAL ECONOMICS AND MANAGEMENT CORNELL UNIVERSITY NEW YORK STATEITI1ACA.:E>YORK COLLEGE OF AGRICULTURE ItG. F. WARREN G. N. LAUMAN 3t14 E. BOYLE G. P. SCOVILLE .1. AL E. G. MISNER W. I. MYERS C. E. LADD 'CAI DEAN 87, C. V. NOBLE L. J. NORTON V. B. HART L. SPENCER C. H. MERCHANT M. P. RASMUSSEN B. W. BARKAS I. F. HALL January 19 , 1923. Mr. Benjamin Strane,-, Cr) ve rno r , New York. Federal Reserve Bank, My de ar Sir:- Thank you for the copy of what you "pre pare d for the American Farm Bureau Federation . It is of aid in our IF!) rk Very truly yo urs, CPTL S January 16, 1923. Dear Mr. Davie: I am indebted to you for your kind letter of January 17, inviting ;to to precare a 128.ner for the Tenth Convention of the Notional foreign Trade Council. I as riot quite certain yet whether it will be possible for me to be in New Orleans on that date, but will be able to write you in the course of a week, and I hone thLit the delay will not in any way inconvenience you. Yours ver truly, Benj. E',7c--.z, G vernal'. 141r. 0. K. Tiavis, Secretary, National Foreign Trade Council, India House, Hanover S:uare, Now York City. 055 t\ t.N., 1s1+0 -131. January 18, 1q2- Dear Mr. Platti letter' 'rom the sbcrotarY tbs 'tational il which explains itself. stresses re so such as rre7aring veers and d my immediate inclination is to decline t'lle e other. hand, I .e.o not rant to so if you hin1c. there is any advanta3o to be gained lb nr. and makin such an address as they sugpst. me '_once how -for, yOur associates feel. Icurc -Tory truly. Qtror.,z, Governor. tt, al reserve Board, MEMBERS OF COUNCIL CHAIRMAN FARRELL. TREASURER ROBERT H. PATCHIN. NEW YORK NEW YORK SECRETARY C. K. DAVIS. NEW YORK NATIONAL FOREIGN TRADE COUNCIL ASSISTANT SECRETARY NEW YORK EDWARD A LEROY. JR.. F. ALEXANDER, TACOMA J ULIUS H. BARNES. NEW YORK A. C. BEDFORD. NEW YORK WILLIS H. BOOTH. NEW YORK M. C. BRUSH NEW YORK R. M. CALKINS. CHICAGO EDWARD F. CARRY CHICAGO CHARLES LYON CHANDLER. PHILADELPHIA HENDON CHUBB. NEW YORK WALTER L. CLARK. NEW YORK H E. A. S. CLARKE. NEW YORK HOWARD E. COLE. NEW YORK C. P. COLEMAN. NEW YORK MAURICE COSTER. NEW YORK MINNEAPOLIS JOHN CROSBY, F. G. CROWELL. KANSAS CITY J. G. CULBERTSON. WICHITA FALLS. TEXAS .1. J. CULBERTSON. PARIS. TEXAS J. S. CULLINAN. ROBERT DOLLAR .1. J. DONOVAN. J. WALTER DRAKE. 7iatlis Emma Ea:re:oyez Sztattre, New York City CABLE ADDRESS- NAFTRAC" NEW YORK HOUSTON SAN FRANCISCO EIELLINGHAm, WASH. JAMES A EMMONS M. L. FERGUSON. S TANLEY G. FLAGG.JP.. DETROIT PHILADELPHIA NEWPORT NEWS PHILADELPHIA .1. ROGERS FLANNERY. P. A S. FRANKLIN. F. ABBOT GOODHUE PITTSBURGH NEW YORK NEW YORK NEW YORK ST. PAUL H. 0 HERGET. LOUIS W. HILL. CHAS. A. HINSCH J. T. HOLDSWORTH M. H. HOUSER. HENRY HOWARD. " Urea ler prosperity through greater foreign trade'' January 17, 1923. DANIEL WARREN. FRANK O. WETMORE, J. N. WILLYS. THOMAS E. WILSON. DANIEL WING. W. H WOODIN CLARENCE M. WOOLLEY CINCINNATI PITTSBURGH PORTLAND. ORE. CLEVELAND MEMBERS OF COUNCIL EDWARD N. HURLEY. CHICAGO F H. HUXLEY. NEW YORK ERNEST LEE JAHNCKE NEW ORLEANS IN CHARLES E. JENNINGS. S NORWALK. CONN. ALBA B. JOHNSON. PHILADELPHIA FRED I. KENT. YORK J. A H. KERR. LOSN K ANGELES W K WILLIAM H. KNOX. NEW YORK FREDERICK J. KOSTER. SAN FRANCISCO JOHN S LAWRENCE. BOSTON NEAL M. LEACH. NEW ORLEANS H. C. LEWIS. NEW YORK SAMUEL MATHER. CLEVELAND CYRUS H. MCCORMICK CHICAGO JOHN MCHUGH. NEW YORK J R. MCWANE. BIRMINGHAM EDWARD G. MINER. ROCHESTER CHARLES M. MUCHNIC. NEW YORK BARTON MYERS. NORFOLK M. A. OUDIN, SCHENECTADY A. B. PAXTON WHEELING. W. VA. LEWIS E PIERSON. NEW YORK WILLIAM PIGOTT. SEATTLE WM. COOPER PROCTER CINCINNATI FRANKLIN REMINGTON. NEW YORK WELDING RING, NEW YORK JOHN D. RYAN. NEW YORK W. L. SAUNDERS. NEW YORK CHARLES A. scH:EREN NEW YORK CHAS. B. SEGER. NEW YORK G F. SULZBERGER, NEW YORK F. H. TAYLOR. PHILADELPHIA S TEWART K. TAYLOR. MOBILE E. P. THOMAS. NEW YORK F. A. vANDERLIP SCARE,JPOUGIT-ONHUDSON NEW YORK CHICAGO TOLEDO CHICAGO BOSTON NEW YORK NEW YORK Hon. Benjamin Strong, Governor, Federal Reserve Bank, New York City. Dear Governor Strong: In arranging the program for the Tenth National Foreign Trade Convention, which is to be held at New Orleans on April 25, 26, and 27 next, we are desirous of including a paper which will present the foreign trade facilities of the Federal Reserve System. Ae you know, therl has been more than a little criticism of the Federal Reserve System on the ground that it does not in actual operation provide the facilities for foreign trade which many of its critics think it should provide. Some effort has been made to meet and answer this criticism, but the approaching Convention se -ems to offer an opportunity for a paper that will go further along th this line and that will be informative and helpful. It se-me to us that such a paper should be prepared with special reference to the service that the Federal Reserve System can render in the export of agricultural products. With this in view, it seems that it would be most effective to have the paper prepared and delivered by a western man. When this subject was under discussion in the Committee of the Council in charge of the program, it was suggested by Mr. W. L. Saunders that you might be able to give We shall much appreciate us some valuable suggestion as to a speaker. if you can do so. Faithfully yours, OKD.DMS Secretary. JS M 11 MISC 41-814-8-ft FEDERAL RESERVE BANK OF NEW YORK CROSS REFERENCE SHEET FILE No. 7 SUBJECT SEE aio,q FILE NO. LETTER OF 42eA44;Pv *43.S. DATED 7g,3 ai,aAittl/-1A- J71,04aA4-4-;-0-"' frpt.e/i/c-c-444, "ex- January 13, 1925. Dear Mr. Newcomer: On my return to the office this morning, I find your kind letters of January 9 and 11, to which my secretary replied in my absence. It really will be impossible for ire to Goldsboroughle kind accept Vr. invitation, much as i should like to AO co. I have had some trouble with my throat for t`,.. east four or five weeks, which will make it. Quite impossible to speak at any meetings fear for sometime. associates won't you convey my regrets to and express my warm ax,,reciation of their your courtesy in asking me to address the meeting of the Merchants & Vanufacturers Association. I beg to remain, Yours very truly, lir. Waldo Newcomer, President, National Baltimore, Md. Exchange Bank, January 13, 1923. idly dear Mr. . Go ds ro ugh : On my return to the office this rornin7, 1 find your letter of January 8, to which my secretary has replied during my absence. Unfortunately, i have had some trouble with my throat the past few weeks, which will make it impossible for me to make any addressee, and F have had to cancel two or three enaagements on ceGunt. it would be 7. pleasure to attend your meeting and enjoy the hospitality of your association, but i a., unable to Please accept my warm thanks, and my regret that it will be ispoetrible for me to attend. Yours very truly, fir. A. 8. Goldstx)rough, General Secretary, Merchants k Manufacturers ASE0 C.. Baltimore, Md. BS.M11. do so.. TH E NATIONAL EXCHANGE BANK OF BALTIIVIOREND. ORGANIZED 1865 CAPITAL.SURPLUS AND UNDIVIDED PROFITS OVER Two AND ONE HALE MILLION DOLLARS WALDO NEWCOMER, PRESIDENT January 11, 1923 Ir. George Beyer, Secretary to Mr. Benj. Strong, federal Reserve Bank, New York. My dear Mr. Beyer: I have your letter of 10th inst. and learn with extreme regret of Mr. Strong's indisposition. I sincerely hope that he will improve rapidly, both out of D personal interest in Ir. Strong and also from the somewhat more selfish point of view that I hope by next week accept Ir. Goldsborough's invitation. Very truly yours, he will feel able to January 11, 1925. Dear 4.r. McGui re : Complying with your rec:uest of January 10, I take pleasure in sending you under separate cover, six printed copies of Governor Stronge address recently delivered before the Convention of the American Farr Bureau Federation. Yours very truly, Secretary to v r Strong. Yir. Constantine E. McGuire, Institute of Economics, 28 Jackson Place, Washington, D. G. c /-:s GB. ?Di Trustees iEdwin A. Alderman Robert S. Brookings Officers Institute of Economics I,:. S. Brookings, President Arthur T. Hadley, 26 JACKSON PLACE Vice-President David F. Houston, Treasurer WASHINGTON, D. C. Arthur T. Hadley David F. Houston Charles L. Hutchinson David Kinley A. Lawrence Lowell Samuel Mather John Barton Payne Bolton Smith James J. Storrow George Sutherland Harold G. Moulton Charles D. Walcott Paul M. Warburg Director Whitefoord R. Cole January 10, 1922. My dear Governor Strong: I have read with the greatest interest your address of December 3, at Chicago, and I am writing to inquire whether you could kindly furnish me with a half dozen copies which I believe I could put to very good use here. I assume that the address has been printed in pamphlet form..The copy I saw was in the December issue of the "Acceptance Bulletin" in one of the departmental libraries here. Sin erely your) fi Constantine E. McGuire. Olesump-44-ab. The Honorable Benjamin Strong, Governor of the Federal Reserve Bank of New York, Federal Reserve Bank, New York City, New York. CEM:D s 9 January 7._0, 1923. My dear Mr. Goldsborough: Your kind letter of January 8 has been received in Mr. StronAT's absence, and the enclosed copy of a letter to Mr. Newcomer, which I am sending to you for your information, explains itself. lours very truly, Secretary to Yr. Ben j. Strong. Mr. A. S. Goldsborough, General Secretary, Merchants °r. Manufacturers Assoc., Baltimore, Md. Enc. GB.MM FEDERAL RESERVE BANK -OF .Adk.iri,Akiwr.A. OFFICE OF CHAIDILAN OF THE BOARD FEDERAL REsERvE Aox T. January 10, 19e3. (11 t$11 Hon. .)en,jamin Strong, Governor, Federal P.eserve Bank of New York, New York, N. Y. Dear Governor Strong:, I wish to advise that I have received from the American Acceptance Council, 120 Broadway, ::ew York, copy of address delivered by you at the Conventim of Irrlerican )arm Bureau 2ederation, December 13, 1922, rthicaro, Ills. I shall read the sane with a Treat deal of int- erest and pleasure. e ry truly yours, or, "0 JAN 15 1923 fat". MI* January 10, 192S. Yy dear Mr. I4wcomer: four letter of J.n!..ary 9 as well as the one of January 8 from "r.'r. Goldsboroug,h, General Secretary of the "iierchante Eanufacturere Association of Baltimore have both been received in 4r. Strong's absence in Washington. It is extremely r'oubtful whether Yr. Strong will be able to accept your kind invitation to speak at the banquet on rebru ry 8, to which you il..*ve so cordially invited laid up with he has severe cold ;thich has no qffeet5d hie voice that he has been obliged, on the advice oP his (bctor, to avoid all speaking engegevents for a number of weeks. I expect Mr. Strong the early part of next week at which time your letter end that of :=Ir. Goldsborouh will he placed bcf'ore hi- for i.ereonal attention. Yours very truly, Secretary to Mr. Ben j. Strong. Yr. lialcb Newcomer, President, National Exchange Sank, Baltimore, Md. G3.11V TH E HARVARD UNIVERSITY GRADUATE SCHOOL OF BUSINESS ADMINISTRATION OFFICE OF WALLACE B. DONHAM, Dean DONALD K. DAVID, Asst. Dean CLINTON P. BIDDLE, Asst. Dean Cambridge, Massachusetts NEIL H. BORDEN, Ass!. Dean January 9, 1923 Governor Benjamin Strong Federal Reserve Bank 15 Nassau St. New York City my dear Governor Strong:I am very much obliged to you for the conies of your address before the Convention of the American Farm Bureau Federation which have reached me very promptly. Very truly ;oure 20.24 VESEY STREET, NEW YORK TEOFFIONE BARCLAY 4200 Nttil Rork gvening FOUNDED 1801 JanuL-,ry 9, 1923 Benjamin :strong, Governor, Federal Reserve Sank of _sew cork, Eew York City. Dear 17r. strong: and In the last week rush of getting out our Annual Financi Business Review 1 neglected to answer your kind letter of Jecerler 18 Please believe, however, that 1 regarding a statement of your views. thoroughly understand the reasons whigh made such a statement inexpedient and suite appreciate your attitude ii the matter. 7"ossibly you have seen y'e Review as it appeared with the Post I am taking the/liberty, however, of sending you a copy on December 30. of the tabloid edition which w published last week. 'Faithfully yours, Financial Editor. FOR THE CIVIC AND COMMERCIAL WELFARE OF THE CITY AND STATE Merchants and Manufacturers` Association ,("1 or Baltimore January 8, 1924. Mr. Benjamin Strong, Federal Reserve Bank, New York City. My dear Mr. Strong: On February 8th the Merchants & Manufacturers Association, which is the largest business organization in the State, will hold its banquet at the Hotel Belevedere, at 7 o'clock. The character of the Association is such that it usually attracts the leading business elements of the community, which include financial and professionel men, as well as those in the industrial and commercial field. The banquet is featured by three speakers only. We generally ask a commanding figure like yourself, who is in touch with the main factors relating to business, in the hope that through him we can secure a message well worth while. We happen to know that you are particularly familiar with the European situation. And knowing how closely that situation is interlaced with our own American business, we feel that a straight-from-the-heart talk from you would be very wholesome in more ways than one. Mr. Waldo Newcomer of this city, whom you know very well, is a member of our Board of Directors. All of the national banks and trust companies in Baltimore are members of our Association. In order that you might clearly apprehend the nature of our organization, I have asked Y.r. Newcomer to use his best offices to induce you to accept. I hope you will give the matter more than favorable consideration, and will assure us at a reasonably early date that we can schedule you as one of our three worth while speakers. CNith best wishes for 1923, I am, Very truly y fur A. S. Gold- General Secretary G:111 HARVARD UNIVERSITY January 8, 1923. Dear Mr. nonham: 0,7 As requested in your letter of January 6, I take pleasure in sending you, under sotarate cover, four printed copies of the address which I recently delivered before the Convention of the American Farm Bureau Federation. Yours very truly, B. Donham, sir. Dean, Graduate School of 3asiness Administration, Harvard lniversity, Cambridge, gas'. . HARVARD UNIVERSITY GRADUATE SCHOOL OF BUSINESS ADMINISTRATION OFFICE OF WALLACE B. DONHAM, Dean DONALD K. DAVID, Asst. Dean CLINTON P. BIDDLE, Asst. Dean Cambridge, Massachusetts NEIL H. BORDEN, Asst. Dean January 6, 1923 Governor Benjamin Strong Federal Reserve Bank New York City My dear Governor Strong:I should very much appreoilte it if I might have a fcw copies of your speech in Chicago before the farmers, as I understand it has been printed. If it has not been printed, would you be willing to loan me a copy? Very F truly, ours, ISC FEDERAL RESERVE BANK OF NEW YORK CROSS REFERENCE SHEET 7 '7/0 /3 s FILE No. SUBJECT --S SEE 0 FILE NO. LETTER OF DATED Cui---LA, . ihi/ 2 3 (alw- < -tex - .J.nuery 4, 102,x. Deer ?rof9sser -y3re th.? clncilir%tur who r:u to o-tit faraera in Chicegc, I nup.;:7.:74 it ie ef11-: fstr that I 4 p!-,111 sand you the onclor relotior trod my trip 1 received from '.r. Cray lottero. AnJthe! !nt,,,rest- an initttl..-n to T 1.0o!o t`le f4rm orleit legislation by expressing '..Lo some viowo to the Scnste Bankine pne Currency Cormittor thft I exp-E,erse to hie ergsnizstion in ChIcpuo. tovld ,nu mind rfturninL the srolcsures as I Clink I keep their EF e 6Jrveni :f F vsr; intereutirg experifince. Tours sincerely, Freesoor Cherlep J. c/1 hF.rvarl !Jniversit:. Caalbridge,Leso. asap! Ence.(1.4 ) J9.nu:ry 4, ky deer WT. Bean: Thank y:.] very much Tor your courtesy in sendin - '- copies of the reprint cf the adlress that I made in me copies Chicago 1Ftst Certainly you devotad a good deal of space tc it in your last isrue; possibly mare than it deserved. At any re.te, the reacticn in Chicago ceems to hive been satisfactory, arid that vias whet I was after. ;:ith kindect rechrds, believe me, Yours sincerely, lar. Robert R. Bean, c/o American Acceptance Council, 120 Broadway, New !ork City. BS.MX a January 4, 1923. relr nrammcni: Thank :al for :,cur cordial note of Lecember 26, with the v-ri U7 enclosures -1:1c, accotheanied it am which I have reed v'ith interest. 1'ienknob6 compols ire to admit that r!,: not at all cure ahen 1 uent to Chicago whether what I had to smy 7ou1d DO very interesting or acceptable: but it seem(' to hvve been, and I feel more than repaid for having gone, not only by such letters ac you have written me, but by the ple &sure I had in Leetiv those good folks who gave ne a very good time indeed. Flese accept my best wishes for the New Year. Sincerely yours, mr. 1. I. rrummond, ehairman, Board of Covernore, Internetional Farm Congress, Kanete City, Mo. HS. itk January 3, 1923. '.!)( dear Mr. Drummond: Supplementing r. Strongle letter of December 26, I am enclosing at his recuest a letter from Mr. C. E. Mitchell, which you may be interested in reading. Yours very truly, Secretary to Mr. 3enj. L;trong. Mr. W. I. Drummond, Chairman, 3oerd of Governors International Farm Congress, Kansas City, Mo. Enc. The National City Bank of New York December 29, 1922. Dear Ben: Excuse my belated reply to your letter of December 21. You and 64% Drummond are absolutely correct in your thought that there are a number of us who ought to get into the real country or the United States more often than we do if we are to have our thinking of the right kind and are to do our most effective work at our desks here. I have definitely promised myself that within the next two months I will make a trip to the Pacific coast and back, and another one down the Atlantic seaboard to Cuba, with some stops en route. I hope that some of the others that Mr. Drummond mentions will find it possible to do the same kind of trick. Sincerely, (Signed) Mr. Benj. Strong, Governor, Federal Reserve Sank, New York City, N. Y. C. E. 17,itchell VICE PRESIDENTS ANDREW KIMBALLTNATOMER ARIZONA HOWARD LEONARD. EUREKA. ILLINOIS I.T. PRYOR. SAN ANTONIO TE XAS W N. JAMES. PREsiOENT W. I. DRUMMOND. MANAGING DIRECTOR BOARD OF GOVERNORS: N'.1 oRummOND.C.camAN ENIO.OKLANONA W. K JAMES ST. JOSEF,. MO ou CAT J. B. CASE QAi ABILENE.KANSAS JEWELL MAYES THE INTERNATIONAL FARM CONGRESS Tv no, KURT GRUNWALD SOUTH OENVER.COLO 14.RLYMAN SALT LAKE CITY. LIYAN INCORPORATED J. C. MOHLER TOPEKA, KANSAS W. R MOTHERWELL DEDICATED TO AGRICULTURAL EDUCATION AND PROGRESS REGINA SASS. CANADA H.J.WATERS KANSAS Ca, MO THE INTERNATIONAL OFFICIAL PUBLICATION SOIL-PRODUCTS EXPOSITION THE AGRICULTURAL REVIEW KANSAS CITY, MO. January 1923. Mr. Benj. Strong, Presluent, Federal Reserve Bank, New York City. Lly dear Lir. Strong: I have your letter of December 26th in which 4 you enclose letters to you from Lit. Pierson and Mr. Baker. I have read thee with interest and am re- turning them herewith. I hope the year just dawning will be the most prosperous and the happiest of your career. Very truly yours, 4§1\ -/ Chairman 'Board 6-'fo*Vdnil. PRINCETON UNIVERSITY PRINCETON, NEW JERSEY DEPARTMENT OF ECONOMICS AND SOCIAL INSTITUTIONS Jan. 2, Governor Benjamin strong, Federal Reserve Bank of Lew York, Lew York City. My dear Governor Strong: " `Q ,iliast a line to tell you that I have read your address, given at the Convention of the American Farm bureau Federation in Chicago, and think it is The paragraph beginning with the following fine. sentence particularly appeals to me: "I believe that it should be the policy of the federal reserve system, by the employment of the various means at its command, to maintain the volume of credit and currency in this country at such a level so that, to tne ettent that tne volume nas any influence on prices, it cannot possibly become the means for either promoting speculative advanced in prices or of a depression of orices." I was also pleased to see you put squarely on the defensive those banks scattered over tne country who are so active in their criticism of the federal reserve system among farmers, but so unwilling to do their part in cooperating with the system to help the farmers. If you are to be in Lew York this week, going to try to see you a few minutes. I am 'dialling you all sorts of good things for the Lew Year, I remain Cordially yours, AMERICAN ACCEPTANCE COUNCIL 111 NEW YORK ROBERTH.BEAN January 2nd, 1 9 2 3 EXECUTIVE SECRETARY Dear Governor strong:I take this opportunity of expres_ing to you grateful appreciation of the American Acceptance Council for the opportunity which you granted us to present to our readers, your must valuable contribution to the subject of Agricultural Financing, presented at the ConvAation of the American Farm Federation Jureau in Chicago on December 13th. I have had a few copies of your Address put in pamphlet furm and am sending you herewith one dozen thereof. Should you desire ary additional copies I trust you will let me know. With kind regards, 1 am, sincerely 0 - .::xecutive secretary 1.Lo- Senjamin Strong, Governor Federal Reserve Sank of .,ew York GENERAL OFFICES LEGISLATIVE DEPARTMENT 58 E WASHINGTON ST MUNSEY BUILDING AMERICAN ILL. WASHINGTON, D. C. 13 v. FARMFEDERATION TELEPHONE DEARBORN 1633 CHICAGO, ILL. December 28, 1922. Mr. Benjamin Strong, Governor, Second Federal Reserve District, New York, N. Y. Dear Mr. Strong: On behalf of the American Farm Bureau Federation I wish to thank you most sincerely for the excellent address given before our recent convention here in Chicago. We are having continued calls for copies of your speech since the convention, and I want to assure you that the farmers of America are vitally interested in the subject that you presented. Will you kindly send to us by early mail your expense account in connection with our meeting in order that we may remit promptly? Again assuring you of our appreciation, and trusting that we may have your co-operation in future as we have had in the past, I am, Very truly yours, AMERICA U FEDERATION er ale - Secretary JWC LEGISLATIVE DEPARTMENT GENERAL OFFICES AMERICAN' 58 E.WASHINGTON ST. I RtJ CHICAGO ILL MUNSEY BUILDING WASHINGTON. D. C. fAti Artivi '$:1 FEDERATION TELEPHONE DEARBORN 1633 CHICAGO, LL, December 28, 1922. Mr. Benj. Strong, Federal Reserve Bank, New York. Dear Mr. Strong: The reaction from your splendid contribution at our Annual Meeting week before last is fine. I am not retching the point at all when I say that nc other representative of the Federal Reserve Banks, since deflation, has made anything like as favorable an impression upon our farmer I trust it is the beginning of the building grou;s as did you. up of an understanding which will be for the best interests both of the farmer and the business man. Accept my personal greetings and the assurance that it was a very great privilege to become acquainted with you. I trust the New Year will he a happy one and that in it we may all make a definite progress. Very truly ycurs, AMERICAN FARM UR'AU F ,RATION 1 J. R. row - President. `7kif VICE PRESIDENTS ANDREW KIMBALL,T.A.Tc.EN ARIZONA HOWARD LEONARD, EUREKA ILLINOIS W JAMES. PRESIDENT W I . DRUMMOND. MANAGING DIRECTOR I. T. PRYOR. SAN ANTONIO:TEXAS BOARD OF GOVERNORS: W.I DRUMMOND. CHAIRMAN ENIOOKLAHOTIA W. K JAMES ST. JOSEP, MO J B.CAS,E ABILENE. KANSAS JEWELL MAYES JEFFERSON Gay MO. THE INTERNATIONAL FARM CONGRESS INCORPORATED - KURT GRUNWALD SOUTH DENVER. COLO 14.RLYriAN SALT LAKE CITY, UTAH - J C. MOHLER TOPEKA, KANSAS DEDICATED TO AGRICULTURAL EDUCATION AND PROGRESS W.R MOTHERWELL PEGINAsAsn.cANA... J WATERS HAM SAS CITY. HO THE INTERNATIONAL OFFICIAL PUBLICATION SOIL- PRODUCTS EXPOSITION THE AGRICULTURAL REVIEW KANSAS CITY, MO. December 26, 1922. Lr. Benj. Strong, President, Federal _reserve irew York City. Dear Li. Strong: I have your good letter of December 21st and If I have contributed to the promotion of a better understanding between our financial and agricultural interests, I shall be very happy. appreciL-.te it very much. _he extract from the Monthly Review of the South African Dank is very interesting. I just came from a luncheon meeting of part of the members of our Board of Governors, where your Chicago address was discussed at some length. This discussio confirmed the views I expressed to you in my letter oncerning it. I thank yiu for the invitation to visit your bank and will certainly avail myself of the first opportunity to do so. Very truly/r,yo milyo Okai Encl. , an Bo rd o December V', WU. Dear Sir: Ne) Enclosed is k copy of what I 7irepare the American Faro 3areau Federation. to say to That I did actually say was alone, the line of the paper, but as I expoke extemporaneously, you may find a considerable difference between the published reports and the enclosed paper. Yours very truly, Vx. C. N. Lauman, New York State College of Agriculture, Cornell University, Ithaca, N. Y. December V., 1922. Dear Mr. Drummond: 1\\c\l 16 \ Following the receipt of your -Dotter, I wro ill/ some of the gentlemen that you named, and Lily:dosed are namples, of the ICY replies. Xe ell need touching up in these :ratters, although possibly I he.ve not been as delinquent as acme because I have in fact travelled aoout through this country a good deal and possibly /Lade more effort to get in touch with other sections than most. New York City bank presidents have opportunity to Once :tore let me than may I Also send you you for your kind every good wish for the New Year. Yours sincerely, Mr. W. I. Drummond, Chairman, So d of Governors, International Farm Kansas City, Ib. MM Enes. note, and Congress, a December 22, 1922. Dear Ben: I know I have your note of yesterday. I also Drummond well and think highly of him. endorse his recommendations about New Yorkers mixing more with the rest of the country, although this seems to be a difficult thing to accomplish. I generally try to do what I can along these lines and always have tried to, although perhaps it may Without any undue flattery to you, not be much. I would say, however, that, in my judgment, there are few men here in New York who can get up and talk to a Western audience along these lines in as effective a way as you can, and I am not sure but that if somebody tried to do it and did not succeed in doing it in an effective way, he might do more harm than good. Yours fai Benjamin Strong, Esq., 15 Nassau Street, New York City. ully, IRVING "NATIONAL BANK http://fraser.stlouisfed.org/ 7ArYoRK Federal Reserve Bank of St. Louis DEPARTMENT OF AGRICULTURAL ECONOMICS AND FARM MANAGEMENT 1 NEW YORK STATE COLLEGE OF AGRICULTURE G. F. WARREN G. N. LAUMAN J. E. BOYLE G. P. SCOVILLE E. G. MISNER W. I. MYERS H. E. BABCOCK AT CORNELL UNIVERSITY ITHACA. N. Y ALBERT R. MANN. DEAN C. E. LADD De cember 21, 1922. Mr. Benjamin Strong, 40 Go ve rno r Fe de r al Re se rve Bank , New York, My dear Sir:N'tikfr I do not wish trely on the garble d extract s from yi ur address before the American Farm Bureau Fe de rat i )n . May I have a complete copy of it? It is pne of my duties t3 pre sent this problem of farm credits. Very truly yours, N./ GNL: S C. V. NOBLE L. J. NORTON V. B. HART H. S. GABRIEL F. A. PEARSON L SPENCER C H. MERCHANT M. P. RASMUSSEN B. W, BARKAS C G. MCBRIDE 4 December 21, 1922. r. Dear Charley: I air enclosing you copy of a letter which I have just received from an influential farmer in Kansas City, because your !liy own experience in attending the :,ame ie mentioned ills it. Convention at Chid re convinces ire that Mr. Drummond's advice ie good, and hie letter inspires me to ?axe it along to you. The fact ie that we are all too much inclined to stie, to our desks here in New York and not get out into the country ,:lnd learn some more about the people who criticize us and whom we :riticize, and get to know them a bit Netter. Yours very truly, Ir. Charles E Mitchell, o/o National City Bank, 55 Wall St., New York City. BS. Enc. December 21, 1922. Dear Dwight: I am enclosing you copy of a letter which I have just received from an influential farmer in Kansas City, because our name is mentioned in it. My own experience in attendin; the Convention at Chicago convinces me that Mr. Drummond's advice is good, and his letter inspires me to pass it along to you. The fact is that we are all too much inclined to stick to our desks here in New York and not get out into the country and learn SOTS more about the people who criticize us and whom we criticize, and get to know them a bit better. Yours very truly, Mr. Dwight Morrow, c/o !'essrs. J. P. Morgan & Co., 23 wall St., New York City. BS.MY Eno. V December 21, 19!2. Dear Charley: copy of a letter whiel I !lyre .just f.rmer in !ansas City becaws your own ax:-erience in attending the as th.,t i r. tlrutmonP me tc ,Ass advice I s to ;cu. The ch locliacd to stick tc our :les1,7 a ut into the country and lei!rn some iticize us s_zi Thor 3e clitiisize, and Yours very truly, December 21, 1922. 0' Dear Pierson: I un enclosing you copy of a letter which I have just received from an influential farmer in :Canoes City, because your name ib mentioned in it. ;..y own experience in attending the Convention at Cnicazo convinces -e that Mr. Drums ondts advice is s-ood, and his totter ins;tres me to pose it along to you. The fact is that we are all toc much inclined to stick to our Desks here in hew Yor'i. and not get out into the country end learn some wore about the people who criticize us and whom we criticize, and get'to know them a hit better. Yours very truly, ?r. Lewis E. Pierson, c/o Irving National Bank, Woolworth Bldg., New York City. BS. ML Eno. December 21, 1922. My dear r. Drummond: receive It is a great pleasure to morning, and I am replying right your letter of December 18 this away to thank you for writing me. There is no doubt whatever about my being a poor speech maker; feet, I think my friends concede the point without argument, and possibly it the eeeting at was due to that fact that some of the farmers present at Chicago construed my remarks about Java as made for the purpose of comparing living conditions rather very important in than intended, as was point in regard to world the case, to bring out that Those competition. were some of things which I saw with my own eyes and which 1- had the good fortune to about a little bit because during the whole of my trip the inquire I was practically passing frora one set of government officials to another, all of whom were in greater or less degree engaged In studying I think the American those very matters. farmer should look upon the resu'ts of his work as being in cart a contribution to the great ease of must get farmer is surplus foods produced by oome earts of the world which an effective distribution become convinced that the farmer's real the American ;sore we problem will increasingly be that of But a his market rather than his finance. subject alone, and I the world if The more we study this matter here, the roeper. to inother parts of book could be written on that e..sr, really not intending to burden you with further dis- cussion of it. I do, however, want to experienced in attending convince you the Convention simply to make an appearance, but as a of the keen enjoyment which I at Chicago. I did not hang matter of fact did around stay over for an 2 I. Drummond W. December 21, 1922- extra day because I was enjoying myself, and for no other reason. Without any shame I confess to having learned a great deal more than . I was able to impart, and if the members of the organization give me the- opportunity to attend other meetings later on, I am proposing to make it a point to do so. All that you write about New York bankers is true enough. they are very busy men, but they could well afford to devote more time course, to making acquaintances with the people of other sections o' the country, and they would profit by doing so. I wish I could persuade them to go to more of these meetings, and your letter inspires me to make the effort, which I am proposing to do. Finally, I. want you to come into the ban' whenever you are in New York and feel just as much at home here as you were good enough to make me feel when I was in Chicago. With kindest regards and again thanking you for your letter, I am, Yours very truly, Wr. W. I. Drummond, Chairman, Board cf Coverncrs, International Farm Congress, Kansas Pi ty , Mo. BS.MY F. S. I am enclosing an extract from a recently published review of the Standard Bank of South Africa, ar.d call your attention to the astonishin.g fact that if you strike out a few names from the article it would he inponsible to say that it lima not written about agricultural conditions in this country. VICE PREilDENTS ANDREW CHER. ARIZONA HOWARD LEONARD, E RENA. ILLINOIS I.T. PRYOR. SAN ANTO 10 TEXAS W, K. JAM ES, PR ESIDENT . I. DRUMMOND. MANAGING DIRECTOR BOARD OF GOVERNORS: W I DRUMMOND.CHAIRH W.K. JAM JAM ES (69 J B.CAS,E BILENE.HANS JEWELL MAYES JEFFeRsoncvmmo. ATIONAL FARM CONGRESS KURT GRUNWALD SOUTH DENVER.COLO. RRLVMAN SALT LANE CITY UTAH INCORPORATED J C MOHLER TOPEKA, KANSAS W. R MOTHERWELL GRICULTURAL EDUCATION AND PROGRESS REGINA SASM.CANAOA H J.WATERS KANSAS CITY, MO OFFICIAL PUBLICATION TION THE AGRICULTURAL REVIEW KANSAS CITY, MO. cember 18, 1922. Governor, ve District, ong: write you concerning the eZfect of the Farm Bureau Federation at Chicago ved it out among my fellow farmers. ch itself, and recalling your letting that you are such a poor speechmaker, farmers present never suspected the cret. ive of a more effective effort, from is true that a Levi SUSTACiolls farmers d about the rice planters in Java iii he farmers) feel better by comparison, the logic and the sequence of the the actual competition with oo_r prorkets. your talk was decidedly good. This ou stuck around for a part of a day rowd instead of beating it for a train nished. t handicaps this country is urider lies different sections and classes of peoother. You New Yorkers ought to get tates oftener and further. The presence or two at every farmer gathering would I were running New York, I would round ogether with Chas. Sabin, J. S. Alexanwis Pierson, Dwight Morrow, Chas. and make you get out to these and other owe it to New York nd tq the country. Sincere S Kansas City, Mo., June 1, 1922. Hon. Henry C. Wallace, Secretary of Agriculture, Washington, D. C. My dear Mr. Secretary: I trust that I may, without impropriety, suggest that the advance census reports on farm mortgage indebtedness disclose a situation that would seem to warrant the serious attention of your Department. The census for 1920 will show that while the number of farms in the United States operated by their own- ers was practically the same as in 1910, their mortgage indebtedness increased from $1,726,172,851 in 1910 to $4,003,767,192 in 1920, or 131.9 per cent. This means that in addition to the mortgage indebtedness existing in 1910, a further dead load of $2,277,594,- 341 has been placed upon this class of farms. The census will further show that nearly 40 per cent of all farms are now operated by tenants. If the same proportion holds good with them, the total farm mortgage indebtedness increased considerably more than $3,000,000,000 in the ten-year period. The added annual interest bill amounts to about $200,000,000, or more than one- fourth the farm value of the average wheat crop, not only of the mortgaged farms, but of all United States. the farms in the No figures are available showing the increase in chattel and personal indebtedness, but this is known to be very large. The degree of increase may equal or exceed that of the mortgage indebtedness. It is not improbable that the value of more than a third of the nation's wheat crop will hereafter be taken each year to pay the interest on the increased rural indebtedness that has been piled up during the past decade. Nor do these figures include 389,459 farms for which no report was made in 1920. In 1910 only 48,092 farms failed to report their indebtedness. The statistics are otherwise incomplete, but could all the facts be known the showing would no doubt be more startling. A recent circular by your Department, while admitting the seriousness of the situation caused by this tremendous increase of farm indebtedness, draws reassurance from the fact that the reported value of the mortgaged farms increased 117.6 per cent during the decade, and that therefore the proportion of indebtedness to valuation is not much greater. Just what benefit accrues from this larger valua- tion of the farms is not clear. The earning power of land is not affected by changes in its rated value. It can Digitized forpay FRASER only the expenses assessed against http://fraser.stlouisfed.org/ it through the sale of what it proFederal Reserve Bank of St. Louis a character of loans somewhat different from those of other industries, and of commerce. Provision for an intermediate line of credits would no doubt be wise. But the tendency has been and continues to be to encourage borrowing on the basis of inflated values, or of pure speculation; and the result is shown in the census reports. Misunderstanding of the character and the possibilities of the business of farming is increasing. A farm is not like a factory whose output can be increased indefinitely by the addition of more equipment. The productive capacity of an acre of ground has rather definite limitations. Any increase in overhead expenses must come out of the first revenues. Interest is the first item in overhead. It takes the first bushel of wheat, the first hog or calf-and sometimes the last also. The only hams that go into the smokehouse am those that are left after the interest bill is paid. Interest comes ahead of shoes for the chil- dren, or dresses for the wife. In addition to its original purposes of educational work in the field of production and conservation, the De- partment of Agriculture has in recent years expanded its activities to include economics. It asks and re- ceives appropriations from the public treasury to be expended in teaching r farmers better business methods. This is approved by the public and ac- cepted by the farmers. The Department has sought and been granted administrative, police and judicial powers wholly outside its original It has become the duly constituted authority of the nation in all matters pertaining to agriculture. Its advice is accepted by most farmers. It is supported at public expense, for the very proper reason that agriculture is the basic industry, upon which the prosperity of all others depend. It would therefore seem right for it to take cognizance of a condition that threatens to nullify all of its splendid constructive educational efforts, and that evidently constitutes a grave national danger. It is now quite generally recognized that normal business conditions canscope. not prevail unless the purchasing power of the farmer's dollar is normal. But the purchasing power of the dollar that goes to pay interest is of little concern to the manufacturer or merchant who wants to sell to the farmer. The additional third or more of the gross returns from the annual wheat crop, or its equivalent, that goes for interest will not be spent for machinery or clothing. It may make business better along the Florida East Coast in winter time. It may increase the population of California. It will swell the reserves of some insurance companies. It will not fill many pay roll envelopes. It is diverted right at its source from the true channels of trade. The fever of restless speculation that has gripped so many farmers is, of course, not confined to that class. It is prevalent among all our people. But if the Department of Agriculture can in some measure temper it among those whose champion and mentor it has become, the national economic structure will be strengthened, and the industry of agriculture will be headed back toward that comparatively safe position it once occupied. The chief danger to American agri- culture is not that our farmers will be unable to borrow enough money or engage in a sufficiently broad field of business activities. It is that the fixed overhead and the operating ex- penses of our farms will become so high as to absorb all profits, and make it impossible for them to compete with the farms of other countries, without a degree of protection and as- sistance that will not be granted by our consuming classes, and cannot in fairness be expected. That would be the short road to general ruin. Respectfully, (Signed) W. I. DRUMMOND. 4 r FEDERAL RESERVE BANK OF NEW YORK MISC. 4.1-201A 10-21 IFFICE CORRESPONDENCE To Mr. Jay DATE Dec * 18, 1922 11921._ SUBJECT: Governor Strong FROM (4_ Attached is the recommendation in regard to Finance which was to be submitted at the final meeting of the Farm Bureau organization, and which I have no doubt was adopted, although I did not stay to learn what transpired. BS.MM Zi V att. DEC 1 [, 1922 P. J. Resolutions at Fourth Annual Convention of the American Farm Bureau Federation, Chicago, December 13,1922. In matters of agricultural credit and finance your committee reccommends: Agriculture must have such access to kioneys and credits as till enable it to readily finance its needs. Three forms of credit are necessary. 1. 2. Long time invested ca,ital on an amortization basis. Short time credits such as should be provided through 3. Intermediary credit to take care of marketing and productive needs. ordinary banks of dei.osit. To meet these ends we insist upon the passage at an early date of needed legislation providing: a. The amending of the Federal Land Bank Act removing the $10,000 loan limit and permitting it to function regarding amount of loan and facility of operation as readily as the Joint Stock Land Banks. b. The amending of the Federal Reserve Act making the system more readily accessip/e for banks of small capital, allowing them to entr with a capital of $15,000 and giving five years for building or increasing ca,ital to the needed $25,000. The amending of the Federal Reserve Act extending the rediscount leriod of agricultural parer to at least nine months. c. To forbid any member bank making a greater charge than 2% above thecommissions Federal Reserve rate of the district Taper. ineluding and brokerage on eligible d. We endorse the principle of coocerative banking. e. The establishment of intermediary credit institutions for rediscounting parer ,ro,erly secured, for the purpose of orderly marketing, livestock and other productive needs eovering a period of from six months to three years; to be administered by an intermediary credits board which shall -be se,arate and apart from the Federal Reserve and Farm Loan Boards and which shall be authorized to recognize banks of cooierative associations, farm loan associations and farm finance corporations of the different states, .alloving them to clear through an intermediary credits department in the 12 farm loan banks and with lawful access to the Federal Reserve System, the national reservoir of moneys and credits by debentures or otnervise;and with the further right of dealing in bank acceptances, and o have an aggregate capital of not less than $10,000,000 for each of the 12 Federal Land bank Systems. we arove the extension of such credits as ,ill facilitate the final- cing of the exi_ortation of sur,lus ai:ricuItural comnodities through-. the http://fraser.stlouisfed.org/ War Reserve Finance and its successor. Federal BankCorioration of St. Louis December 18, 1922. N;y dear Mr. Clark: A reply to your note of Decemuer 11 has been delayed by my absence. My work has piled up on me so that I have been obliged to forego the ples.sure of preparing hny articles for the newspapers or magazines this year, as I simply have not the time to do it. Will you not, therefore, excuse me. yours sincerely, James ... Clark, Esq., c/o American Bankers Association, 5 Nassau St., New York City. w December 18, 1922. Dear Sir: Replying to your kind note of December 9, I find it will not be possible to prepare replies to the inquiries enclosed in your letter, pertly because i have been absent for over two weeks and am just now overloaded with work, but also on account of the policy of the bank which uniformly has been to avoid anything in the nature of prophecies as to the future. We feel that it is a hazardous business at best to attempt to penetrate into the future, especially in times of such arreat uncertainty, hat the Federal Leserve Syster, should scrupulously avoid an attempting to do so. I tan sure that you will understand the need for such a policy. Yours very truly, Ben j. Strong, Governor. F. L.chneider, Jr., Esq., Financial Editor, New York Evening Post, 20 Vesey St., New York -City. BS.MY r.ecember 11, 1922. re'r Professor Bullock: Just a line to tell yDu that kr. Mackenzie was good enough to cell on me, although unfortunately I had to see him -den I was in bed. I have just gotten about, snci am taking the train to Chicago to-day, and I suppose eith a certain decree of fear and trembling am proiosing to address the American Federation of Farm +IT-say/Convention on ,ednesday. If anything is thrown and hits me, the responsibilitr rests with jou, good friend, but I will do the best 1 can. Yours sincerely, Professor Charles J. Bullock, c/o aarvard University, Cambridge, lass. 0 SECRETARY AND ASST TREASURER PRESIDENT J. H. PUE LICHE R.PRESIDENT MARSHALL & 1 LS LEY BANK ,JKEE,wiS. m. FIRS' E PRESIDENT ER W. HEAD, PRESIDENT W O O WILLIAM G FITZWILSON RS! A NATIONAL !BANK HA,NEB DEPUTY MANAGERS LEROY A.MERSHON TRUST COMPANY DIVISION LEO DAY WOODWORTH SAVINGS BANK DIVISION SECOND VICE PRESIDENT EDGAR E. MOUNTJOY NATIONAL BANK DIVISION WILLIAM E. KNOX,AREs,DEorr BOWERY SAVINGS BANK NEW YORK, N.Y. GEORGE E. ALLEN EXECUTIVE MANAGER F N.SHEPHERD STATE BANK DIVISION FIVE NASSAU STREET NEW YORK,N.Y. FIVE NASSAU STREET,NEW YORK CITY TREASURER F. A. IRISH, "ICE PRESIDENT MANAGER PROTECTIVE DEPARTMENT L W. GAMMON EDITOR OF THE JOURNAL JAM ES E. CLARK F I R ST NATIONAL BANK FARGO, N D BRANCH OFFICE 708 -B COLORADO BUILDING, WASHINGTON, D.C. GENERAL COUNSEL THOMAS B. PATON CABLE ADDRESSI"ABAN7 NEWYORK December 11 1922. Hon. Benjamin Strong, Governor Federal Reserve B3nk of New York New York City. My dear Governor: As an aid to the proper guidance of business will you be good enough to send to me for publication in the Journal of the American thinkers Association, an article of about 500 words or more, on the business outlook for 1923. We want you to tell the bankers of the country, if you will, what the prospects are as indic-cted by present conditions. If you will do this, we will be grateful and I am sure that your views will be of material assistance to bankers and business men generally, in shaping their policies for 1923. We would like to receive your article at least by the 23rd instant. Awaiting your response, I am JOURNAL OF T Cordially yours, AMERICAN BANKERS ASSOCIATION Editor TELEPHONE BARCLAY 4200 20-24 VESEY STREET. NEW YORK pot xetu Roth FOUNDED 1E101 December 9, 1922. I'. Benjamin 6trong, Governor, Federal Reserve Bank, New York City. Dear Sir: The evening Post is nreparing, after its custon of the sixteen years past, to include- in its Annual Financial and business Review brief statements on the financial and economic outlook from a carefully selected group of 7-ell-known financiers, public men and economists. e hone to include your viel7s, however briefly expressed, in this group, which in recent years included members of the Cabinet and Federal .reserve Board, and such eminent bankers, business men, and economists as Nr. Andrew Ti. Mellon, 7x. James S. Alexander, Yr. David R. Forgan, Mr. Plul M. Ilarburg, Professor F. 7'. Kemmerer and rrofessor ',:esley Clair ritchell. I enclose a set of queries which we are sending to bankers and financiers at various noints throughout the country. They indicate the mints on which it arrears to us that the public is most anxious to have light. Tie shall be hanny,.howorrer, if you will use your own judgment as to what should be the main consideration, even if not included in our query. If, as we hone, you nay feel disnosed to give us your views, we should like to receive then between now end Deceml:er 20, when prenaration for the snecial edition berins. Faithfully yours, Fnc. Financial Fditor. 20-24 VESEY STREET, NEW YORK TELEPHONE BARCLAY 4200 rk,IED entroz Vogt et0 U QUERIES REGARDING THE BUSINESS SITUATION Do you expect the recovery in general business now in progress to 1. continue during 1923? What do you consider the chief stimulating influences? 2. Do you see any factors likely to cause a set-back to business during the coming year? 3. If so, what? Are commodity prices likely to go lower during 1923? Or to advance? Or to remain in general where they are; and why? 4. Du you expect the present conditions of easy money to continue throughout 1923? 5. Or for only a part of the year? Is the labor situation in your community satisfactory from the viewpoint of the employer? 6. What attitude, in your opinion, should this country take with regard to the rotated problems of reparations and the interallied debts, including among the latter those owing to this country? WT. 15 60M-7-22 FEDERAL RESERVE BANK OF NEW YORK TELEGRAM WIRE TRANSFER PRIVATE WIRE-INCOMING 314f b Chicago Dec 8 439p evyo rk Telegram receivod.Reservation for Governor Strong made in accordance with request 540p MCDOUGALL DIVISION I MISC. 34.1 40M 4-5-22 FEDERAL RESERVE BANK SENT BY FOR TELEGRAPH DEPT OF NEW YORK COPY;80F TELEGRAM December 8, 19_2. McDougal Chicago F/ R. Bank. Governor Strong ill arrive in Chicago Tue:iday morning would appreci.ite your h ving res rued for him at bath as he expects to stly t o or three clays. the Hotel Blackstone room ith 'ease can be secured. Decemb r twelfth, and Beyer vire vaieth r 3.cormodutions Form 1228A Charge to the account of Eric lezt,llie,,tia3aatc_4- 5_11a.sail_ Str_sat, CLAS . SERVICE DESIRED ram Day Letter WESTE0A.A4 UNION AM TEL arm Receiver's No. WESTERN UNION Night Message Night Letter Patrons should mark an X opposite the class of service desired: OTHERWISE THE MESSAGE WILL BE TRANSMITTED AS A FULL-RATE TELEGRAM Check Time Filed GEORGE W. E. ATKINS. FIRST VICE-PRESIDENT NEWCOMB CARLTON. PRESIDENT Send the following message, subject to the terms on back hereof, which are hereby agreed_to Decer: Der , 1922. James E. Howard, 58 EaFt Washington Street, Chicago, Ill. / Thank you for telegram, and gladly accept invitation. Ho ,e to have the pleasure of' meeting you before then as I shall reach Chicago Tuebday morning. Benj. Strong. CLASS OF SERVICE SYMBOL Telegram WESTE CLASS OF SERVICE. ,SYMBOL Telegram Day Letter R If n Blue essage N Si Nite UNION en the check bulb A words) this is a Wear-Am. ther- AM appear Critli6 l the agePtg Blue Night Message Nite NL Night Letter II none of these three symbols appears after the check number of words) this is a telegram. Otherwiseits character is indicated by the symbol appearing after the check. WESTERN UNION NL etter . t thee. three, wiseits cataract symbol appeari Day Letter -_ I +COM 5 CA RLTO f'RESIDEMT HF C HI CA GO ILL 6 11 rs 6A RECEIVED AT 1'01 1922 DEC 6 12 26 GEORGE W. E. ATKINS, FIRST liKar.-pRealoarer OtC S 17,M.36 11. STRONG BENJAMIN :1'72 GOV ER OR FED RESERVE BANK NEWY0 IR NY HAVE PLACID YOU ON 'PROGRAM FOUR OCL OCK D EC MI:13ER TETRTEEN HOTEL MERU N J R HOWARD. c-, 1' '710 IlLskilvAnD UNivEnsiriry COMMITTEE ON ECONOMIC RESEARCH CHARLES J. BULLOCK CHAIRMAN W. M. PERSONS CAMBRIDGE, MASSACHUSETTS. U. S. A. EDITOR REVIEW OF ECONOMIC STATISTICS J. D. HUBBARD CHARLES F. ADAMS NICHOLAS BIDDLE FREDERIC H. CURTISS WALLACE B. DONHAM OGDEN L. MILLS EUGENE V. R. THAYER EDITOR HARVARD ECONOMIC SERVICE F. Y. PRESLEY GENERAL MANAGER December 4, 1922. flovernor Benjamin Strong, Federal Reserve Bank of New York, 15 Nassau Street, New York City. My dear (lovernor strong: I em very sorry to learn +hat you are obliged to lay off for a week or so, and trust that the rest will do you a world of good. Under the circumstances you ought to forget about the Farm Bureau business unless, in case you get out around the 10th or 11th, you can plan to go out +here to meet the officers of the organization I am informally, without undertaking to make an address. writing my Farm Bureau friend today, conveying to him the nuroort of your letter.\"il 1 IX Donham and I are planning to descend on you at our earliest opportunity. 14esnwhile you must for- get everything except the necessity of securing a good rest. With best regards, believe me to be Yours sincerely, Q.._ L ----e.-- CJB/AYIB 1. 13 -,----e----e----. HARVARD I_TNiviEnsrlrY COMMITTEE ON ECONOMIC RESEARCH CHARLES J. BULLOCK CHAIRMAN W. M. PERSONS CAMBRIDGE, MASSACHUSETTS, U.S.A. EDITOR REVIEW OF ECONOMIC STATISTICS J. B. HUBBARD CHARLES F. ADAMS NICHOLAS BIDDLE FREDERIC H. CURTISS WALLACE B. DONHAM OGDEN L. MILLS EUGENE V. R. THAYER EDITOR HARVARD ECONOMIC SERVICE F. Y. PRESLEY GENERAL MANAGER December 1, 1922. Covernor Benjamin strong, Federal Reserve Bank of New York, 15 Nassau Street, New York City. My dear Covernor Strong: The enclosed telegram from H. C. Y:ackenzie shows that, after all, you may be "about to take a long journey". I certainly hope the thing can be arranged. Yours sincerely, CJB/A.I03 December 1, 1922. My dear Professor Bullock: Thank you for your letter of November 29. Since I returned from Cambridge, it seems desirable for me to lay off for a week or so, and it locks as though it would make my attendance at the convention impossible in event. MW As i shall probably be able to get about again around the 10th or 11th of the month, I could, if that seemed desirable, go to Uhicago for the purpose of meeting some of the officers of the Farm Bureau organization informally, and have a little chat with them; but it seems rather unlikely that I could put myself in shape to maVe an address to the convention. Whatever those matters may be which you and LonhE,m would like to argue out, you may be sure tilat it will be a pleasure to tackle them with you. A bit of an argument is stimulating now and then, and I suspect that you may disagree with some of the things that I said and show that I am wrong. If I am, I want to be shown and just as soon as possible. Yours sinrerely, Professor Charles J. Bullock, c/o Harvard University, Cambridge, BS.V1M would like to WESTER, 7A1 UNION CLAS:7 riF SERVICE SYMBOL TeL Day Lct Izt Blue Nit, t WESTERN UNION ig,tr. Letter NL of these three symbols TEL If r-o 3ppe..s after the check (number of words) this is a teleerarh. Otherwiselts character is Indicated by the NEIA'COMIll CARLTON, PRESIDFNT symbol appearing after the check. L' - AT RECEIVE,D X 724 U=17. - e , , AM GEORGE W. E. ATKINS. FIRST Ince.plarstothrr CLASS OF SERVICE I SY VIROL Telegram Blue Nita Pay Letter Night Messago flight Letter NL II cone of these three s'firlAk I imams after the check ( number of words) this is a telegram. ether wiseits character is indicated by the symbol armearinn aftor v TI VIP] )t1--31 COMMITTEE ON ECONOMIC RESEARCH CHARLES J. BULLOCK CHAIRMAN W. M. PERSONS CAMBRIDGE, MASSACHUSETTS, U.S.A. EDITOR REVIEW OF ECONOMIC STATISTICS CHARLES F. ADAMS NICHOLAS BIDDLE FREDERIC H. CURTISS WALLACE B. DONHAM OGDEN L. MILLS EUGENE V. R. THAVER J. B. HUBBARD EDITOR HARVARD ECONOMIC SERVICE F. Y. PRESLEY GENERAL MANAGER November 29, 1922. Governor Benjamin Strong, Federal Reserve Bank of New York, 15 Nassau Street, New York City. My dear 14r. Strong: I was a little surprised to learn from you last night that you had not received an invitation from the Farm Bureau people, because I had received word which led me to suroose that an invitation had been sent you. I telegraphed iv 1r. i:leckenzie last night, and hope that an invitation will now come in due course. Of course, as I wrote you,when I spoke to Mr. Mackenzie about the matter their convention was near, and their program Pretty largely made un, so that it will be no matter for surprise if they are unable to invite you this time. If they fail to do so, I judge that I shall be the chief mourner, and you will occupy a seat in the cheering section! It was a great pleasure to see you yesterday, and listen to your talk last night. This morning Don- ham and I find ourselves with two or three things in our minds that we would like to argue out with you some time. It was very pleasant to members of our staff here to receive your visit up in this ramshackle office. Yours sincerely, CJB/Aii3 2 Honorable S. P. Gilbert, Jr. November :27, 192P. To make the bare state- A6,to that level of prices would appear to be just now. " ment in the language quoted from my letter, of course, would be foolish. At the dinner the other night which you were unable tr) attend, every man here urged that I go to Chicago, including Mr. Sydney Anderson, and I ma tempted to go, but to make a very conservative talk indeed in regard.to prices, and beyond everything to attempt no defense whatever of the policy of the Federal Feserve System. I expect to see Professor 1ullock in Cambridge to- morrow Ind have a further talk with him, and then decide whether to go to Chicago or rot. I mill probably telephone you before deciding finally. Yours very truly, Benj. Strong, Governor. Honorable S. P. ''filbert, Jr., Under Secretary of the Treasury, Washington, P. C. NIvember 27, 1922. Deer Professor Bullock: 110:11/4 fer 7c,r kind acte of 11:wember 24. Of course, you quite understand whet I mean '1y the phrase you ..juote frolt m) letter, but am sure you equell-r unlerstend th,= un iftiOM Or talkinj in thEL blaoded langue.ge to a group of farmers just ncw. bare,, colE- I think tha rise thing can be expressed to tbem In a different way wItt, equal effect, and especially so RS to relieve their minds of any anxieties they may now entertain as to the policy of the Reserve System. I as very such tempted to attend the meeting if they really want me to go, especially after a long taltr which I have just had with fir. Eydney Anderson, who thinks thst I should attend the meeting; but I sill not finally decide until after seeirg you to-morrow. In fact, I will probably see you before this letter reacher you. with kindest re':"rde, I am, !Jura sincerely, Professor Charles J. Bullock, c/o Harvard University, Cambridge, Mass. BS. M1 THE UNDERSECRETARY OF THE TREASURY WASHINGTON November 2E, 1922. Ey dcar Governor: I have received your letter of November 20, 1922, and have reed with interest the enclosed copy of the letter of November lEth from Professor Bullock. I am not at all sure that it is wise for representetives of the Federal Reserve System to tell the farmer, as on suggest, that it is not "the Policy of the Reserve System to nursue deflation with e view to the reestablishment of the 1913 Oice level". Among other thie7s, it seems to me this would involve taking the Position that the policy of the Reserve System determines the course prices, and it would seem at the same time rather beside the point, for agricultural prices have already recovered from their extreme depression, though doubtless not as hipt as the farmers would like to have `.gem. r= Federal Reserve Banks have not, this year at least, been pursuing "a d flation policy", and in any event, I should say that a speech &gong the lines suggested in Professor Bullock's letter would tend to put the System on the defensive rather t'-en to reestablish its position lith the farmer. objections, therefore, go rather to the subject of the speech than to the speech itself or to your making it. I am inclined to agree wit:- the Professor that it would be an advantage rather than otherwise that you are "the 1:911 Street Governor". As e metter -2- of fact, I notice that the President of the Stock Exchange recently has made some speeches to agricultural audiences in the West, and I think there is e ^ocd desl to be gained by estal7lishing better con- tact -7ith the farmer and his representatives. It would at least bring about a better understanding, which after all is what is most needed. Very truly yours, S. P. GILBER Jr., Under Secretary. Penle7in Strong, Ese., Governo Federal Reserve Bank, New York, N. Y. , ILIARVARrio UNIVERSITY COMMITTEE ON ECONOMIC RESEARCH CHARLES J. BULLOCK CHAIRMAN CAMBRIDGE. MASSACHUSETTS, U.S.A. J. B. HUBBARD CHARLES F. ADAMS NICHOLAS BIDDLE FREDERIC H. CURTISS WALLACE B. DONHAM OGDEN L. MILLS EUGENE V. R. THAYER W. M. PERSONS EDITOR REVIEW OF ECONOMIC STATISTICS EDITOR HARVARD ECONOMIC SERVICE F. Y. PRESLEY GENERAL MANAGER November 24, 1922. Governor Benjamin Strong, Federal Reserve Bank of New York, New York City. Bear Mr. Strong: Your description of stabilization at the 1913 levels as "little short of murder or suicide", if it could be put forward at this time by every imnortant federal reserve official, would do more to alley unrest and avert dangerous attacks on the Federal Reserve oystem than anything else that could be done. If you decide you cannot go to the Farm Bureau meeting, I shall fully annreciate the reasons; but I shall be very glad that I put the matter to you because it fives me great satisfaction to know that you were inclined to consider the nronosition. Looking forward to seeing you at this office next week, I remain Yours sincerely, f_ 63 CJB/AMB Et Ain \v_. \1 I] J rINIE \VIE RRFS' ltvirY COMMITTEE ON ECONOMIC RESEARCH CHARLES J. BULLOCK W. M. PERSONS CAMBRIDGE. MASACHUSETTS, U.S.A. CHAIRMAN EDITOR REVIEW OP ECONOMIC STATISTICS J. B. HUBBARD CHARLES F. ADAMS NICHOLAS BIDDLE FREDERIC H. CURTISS WALLACE B. DONHAM OGDEN L. MILLS EUGENE V. R. THAVER EDITOR HARVARD ECONOMIC SERVICE F. Y. PRESLEY GENERAL MANAGER November 22, 1922. Covernor Benjamin Strong, Federal Reserve Bank, New York City. Dear Covernor Strong: I have your letter f November 21, I hope that your and arnreciate fully your position. colleagues whom you consult will feel that it will be desirable for you to go to Chicago, and shall await with interest the result of your inquiries. The general line of thought you propose for such an address as you thought of making seems to me to be excellent; but as you develop it I think it necessary to say something that will show, so that no one can mistake it, that stabilization at Farmers, like manu1913 levels is not in your mind. facturers and merchants, are Pretty nractical gentlemen, and they want a definite answer to the question that interests them at the moment. 'e are looking forward with Pleasure I have been obliged to to seeing you here next week. decline an invitation to lunch with you that day, but my colleague, Persons, will be at the lunch, and will bring you over to our office afterward, where I shall exrect to see you. I was delighted to learn from Allyn He Young that he is going over to see you this week. has got interested in his job, and it will be a mighty good thing if we can all of us manage to keep him interested in it. With best wishes, I remain Yours sincerely, CJB/AkB November 25, 1922. Dear Professor Bullock: Thank you very much for your note of the teenty-second. There are real and practic.=.1 difficulties about my making I am quite unwilling to address such a body of a,en the address. without being frank and straightforward and explicit, and it may he that such a talk tie that liould confirm in the min,!e of zany the mistaken notion held in some parts of the west that the Peserve System is run from Ball street and twat I am the chief devil in the conspiracy. So far as stabilisation at the 1913 level is concerned, I I douot very mucn if we could never entertained :Aloe a notion. carry out such a program even if we did entertain it, and, assuming that we did and were able to carry it out, I think it would be little This notion, I believe, hes short of murder or suicide, or both. taken root in some parts of the country because of the belief, hard indeed to eecape, that our efforts in 1919 to resist inflation became converted in 1920 into adefihite policy of deflation. The chances are that I shall decide not to make the address, but Sydney Anderson is dining with us tonight and I want to get his vie.a before finally decidinj. I am looking forward to seeing Professor lcung. With kindest regards, believe me, Very truly yours, Professor Charles J. Bullock, Chairman, Committee on Foonomic Fesearct, Harvard University, Cambridge, MA,3e. BS.NSB !IIIIIT- FEDERAL RESERVE BOARD OFFICE OF VICE GOVERNOR WASHINGTON November 21, 1922. Dear Governor Strong: I have read with a good deal of interest Professor Bullock's letter of November 18th, with relation to your making an address at the National Convention of Federation of Farm Bureaus, and also your own letter, and while., as you say, there is cnsiderable difficulty and danger involved in making an address of that character I think it might be a very good thing for the Governor of the largest bank in the Federal reserve system from the financial center of the country to show the farmers that we really have an interest in their welfare, and I see no reason why you should not make the address if you care to do so. This is not a matter that I thought I ought to bring before the board, itself, but I have talked it over personally with Mr. Mitchell who has also read the letters and who agrees with me. I am not sure that I know ideas are with regard to the Federal reserve system, but I disagree considerably with some ideas expressed by Professor Sprague, who seems to tnink that the Federal reserve system should be administered with relation to the effect of its rates on prices, and I think that is a matter we ought to keep away from as much as possible, though of course we know credit does have an effect on prices. Apart from anything the Federal reserve system may do, furthermore, it seems to me that it ought to be said that history has a very uncomfortable way of repeating itself in financial mattera and no one can say that we have reached a stability which will last for rtant commodities, ought to be er, and they hey come down ving us somewhat o cost them con- ouch upon possible rsonally pretty well inciple of putting t will be safe er. e President's me as one of the ng, and I have de made one reference control of the hich you ought to 14r. Benjamin Strong 2 I tnink it not improbable that he has reference to the bill which Eugene Meyer is preparing which will make nine months' paper eligiole for rediscount and which will probably provide for federal incorporation of cattle loan companies. Mr. Gilbert seems to think the bill a pretty good one, or at least not a bad one. I bad a chance to talk with only one member of the iianking and Currency Committee, today, who knew nothing definite about the matter and I don't knos yet whether the bill has been introduced or not. Yours very truly, Vice Governor. Mr. Benjamin Strong, Governor, Federal Reserve Bank, New York, N. Y. V NJvember 21, 192:1. rear Prefeseor Bullock; It was very good. of you indeed to give further thousht to our convereati3n at the hank, which I enjoyed greatly, and from R(17:7'. meot.in;7r I am frPnk to sty es sLays profit at tha bank. It ie r groat temptation to reply at once to your roceeet:on that I reuld go to Chicago if the arrcns,ement enuld to wee, but I think I should explain rat or frank-1, but confi:iantiell;, !ht, Az...t be *ha cccasion 1271,S . I a- uweilline to make an addrees of that character unless it is freak and retconably complete. It is difficult to make a frank addrens sithou, enterine, into subjects of contreversy end in e rPther i.nfermal -.ley the officcre of the Reserve Benks have had an under-t.rrl:inr 'not elways oeserved, to be nure, but still, in general, fairly yell regarded) that we I could not discuss these controverted questions at public meetings. hesitate to depart from that polio; and that is one cf the difficulties. The ether lies in the fact that it would be construed that I wee speaking I have no antherity to do Po unless for the Federal Reserve B7-tem. got it, and it seems to me that if Ruch a meeting is tonbe addressed bt anyone who is able to epeak for the System it shouldbe t member of the Federal I just learn thrt. Mr. Mitchell is making en rddrees in Feeerve Board. Ifireeapolis in shich he has decided to "side-stec" the subject of inflet!)n an4 deflation end sllacf the quostims upnern:ort in the minds of the 7.(50T1r1 it tnot section, and it appears that that may be the policy of the membere of the oard. That I have done, hOwever, is to ssi the ;dens of some of my anscciateii in the Treasury, as sell eF in the Reserve Board, in regerd to the meetin, - whether they feel it would he desirable for me to attend it and mek an address, - and I will await hearing from them before eendin;, you any fu nord. n case I aid make suet, r;r1 address, I think it sould be An elaboration Every individual in an economic r the following tholOat: sense is two individuals, - as s producer he ir interested in high prices; as aeaneumer e_ie interested in for pricer; but in his combined capacities of producer a d consumer he is interested in stable prices. A farmer commences his business year in his cspacty as A r "4411116- consumer; hs is buyine supplies and labor. And during that period his anxieties begi. Developing sr to the prospertive value of his crop. this point, of le., I think it mi'ht be possible to approach the subject of nfletion n. ,d deflation through a very simple exposition of the quantity dory and mek a rather A. B. C. talk on elementary lines which would take the "-;.-mer rig. t through his beF"the'ntere cycle of hisstability business and yearability and show that the future of t is to him forecaet Professor Bullock 11.21.21 with retsbnebls assurance. How does it strike you? What you ea, about, the members of the Federation Farm 9ureous impresses ms very much. know some of those men and Pere a hixh regard for the;... -If they could only be mode to reeli7e that some of us hire in H.s aro earnestly interested in tLeir welfare it i.ould be helpful to both of us Atain ihnneing you for aritin Sincerely Ur. ulio, Uman, Commi-itee on conomic hesebrch, rvard University, tbrid6e, kace. .UEB me, I ours, spa, 110AS '1)(0 1 0, S 922 13'5 )C 1105'' nosIrember 20, 1922. /0 I ° A'Y etter which I have just received from Professor er was written to me after a lengthy discussion s in the west and northwest where he had recently ession that the resentment against the Federal to difficulties for us in the y.ay of legislation unteracted promptly by every reasonacle means in he difficulty and danger involved in making first instinct aculd be net to do so. avid, Gn the urged me very stroraOy and some of my associates ood thing to do and I am writing to inquire you, and possibly some of your associates on the for granted that either the present Congress, - - will undertake to make some important amendments se amendments are likely to take the form of depriv- ome of its present powers. tion. '' hither they can pass I have been privately informed that onverted to the contrary, is determined to make an Senator LaFollette has announced it as part of who are likely to move in the same direction pith he beet answer to all of this criticism and I Mr. Platt 2 11.20.22 ignorance ie a constructive and helpful program by the Federal Reserve System and some convincing evidence that it is sympethetic in its attitude arel not hostile, especially with regard to agriculture. Of course it is none of my business directly, but I, peraonally, believe that were the President convinced of the wisdom of making some constructive legisla- tion* part of the Administration's legislative program it would be more helpful than anything that could be done, so I am writing to ask, first, veth,3r you think it would be desirable to make such an address as is suggested by Professor Bullock's letter, and especially to such an audience, and, second, whether you dc not think the time has arrived when the Federal Reserve System, for its own protection, meet not make some move towards constructive work with respect ito agriculture and the livestock industry. I must got word to Pr-1'0380r Bullock very promptly and hope you will not mind telegraphing or telephoning me shortly after the reeei,t of this letter. V6ry truly yours, Honorable Edmund Platt, Vice Ce.verner, Federal easorve hoard, Aashiregton, J. C. BS.M3B Enc. November 20, 1922. Deer Mr. Gilbert: When Professor Bullock was in my office recently, we had some discussion of the attitude of the West and eseecially the Northwest with regard to the policy of the Federal Reaarva System. tie had just ade a trip through that country and had returned imereesed with the fact that the entire agricultural community in that suction feared that it was the policy of the heeerve $yste to eureue deflation with a view to the reestablishment of the 1913 .rice level. Of course, that is nonsense. I was much surprised to gather from what he Wad that himself had some such delusion ae to our views. When I told him that I thought it was nonsense, and would be in any event a reckless eolicy, he expressed some surprise at hearing me make that statement, and then intimated that he thought it should be made publicly. As a result of this talk, he has apparently been ,/ giving a good deal of thought to the subject and has just written we a 1 ter, of which the enclosed is a copy. How does it strike you? Would it ee worth while to go out into that country and make such a talk as is suggested by his letter? Of course, there is some euestion as to whether any such address should be made by me. Professor Bullock's idea was that it would coee better fro "Wall Street" Governor than from any one else. But that is a matter of opinion with which others may decidedly differ. I should have a rompt answer as he will need to sand word to his friend Mr. DeeKenzie. Honorable S. P. Gilbert, Jr., Under Secretary of the Treasury, Washington, D. C. Yours very truly, Ban j. Strong, Governor. the V.111-7,1t-Z§{743 Irlft7 B. S. 2 11/18/22. such exceptional interest would receive "favored nation" treatment. I am therefore writing to ask whether you would be able and willing to go to Chicago on the 12th or 13th of December, and would say again that it seems to me that this is the most appropriate occasion conceivable for such an address as you intimated In view of possible developthat you were thinking of delivering. ments at Washington and elsewhere during the next two or three years, I believe it would be extraordinarily desirable for you to go to Chicago in case Mr. MacWnzie can secure a cordial invitation for you to come. Mr. MacKenzie and most of these other Farm Bureau leaders are essentially conservative men, and all they need is to Of course they have to deal with their "gang" just be educated. as labor leaders and capitalists and college professors have to I have a notion that you deal with their own peculiar "gangs". could make your office in New York a favorite place of resort for Farm Bureau leaders who happen to be visiting the great metropolis, and that it would be a wonderful thing for the country if this could be brought about. Those fellows don't think, until they get well acquainted with us, that bankers like yourself or college professors However, at a university like Harvard are more than half human. I will not say anything more along this line, except that I hope you will feel like going to Chicago, and that you will let me know what you think about it; I believe that you will probably receive If for any reason you cannot go, or a very cordial invitation. think you would better not go, I think it might be a useful thing for you to write to my friend MaaKenzie, inviting him to call upon His name is Mr. H. C. you the next time he is in New York. liscKenzie, and his address is Walton, New York. We are looking forward to your visit to Cambridge. Professor Sprague is arranging fbr my colleague, Persons, to meet you and bring you over to our office some time during your visit We are occupying very primitive and crowded quarters, but here. I should be glad if you could see Persons in his "lair". Yours sincerely, CJB/Ala FEDERAL RESERVE BANK OF NEW YORK CROSS REFERENCE SHEET FILE NO. SUBJECT SEE FILE No. 71 ??,--wi-e-teLet, (?)51-"-tfil-f4L LETTER OF Z.0 403. I/47/2, DATED -I)TEASURa RSECRETARY AND ASST PRESIDENT THOMAS B. MCADAMS VICE WILLIAM G. FITZWILSON '1 MERCHANTS NATIONAL BANK DEPUTY MANAGERS RICHMONO,VA FIRST JO PRI PRESIDENT I. PUELICHER IT MARSHALL & ILSLEY BANK MI LWAUKEE,WIS. SECOND VICE PRESIDENT WALTER W. HEAD PRESIDENT OMAHA NATIONAL BANK OM All A, NEB. EXECUTIVE MANAGER FRED. N. SHEPHERD FIVE NASSAU STREET,NEW YORK CITY TREASURER F.'A.IRISH L.A. MERSHON MET1 I CAN BANAT RA AMAMI AT I gmi FIVE NASSAU STREET NEW YORK,N.Y. THOMAS B PATON SAVINGS BANK DIVISION E.E.MOUNT,JOY NATIONAL BANK DIVISION G E.ALLEN STATE BANK DIVISION MANAGER PROTECTIVE DEPARTMENT L.W. GAMMON EDITOR OF JOURNAL VICE PRESIDENT FIRST NATIONAL BANK FARGO, N.D. GENERAL COUNSEL TRUST COMPANY DIVISION L.0 WOODWORTH JAMES E. CLARK BRANCH OFFICE 708-9 COLORADO BUILDING, WASHINGTON, D.C. CABLE ADDRESS."A SAN: NEW YORK tober 24, 191-:2. Benjamin Strong, Governor, Federal Reserve Bank of New York, 15 Nassau Street, Nev York City Dear GoVernor Strong: This to ack owledge the receivt. of yours of October 20th enclosing coy of your address /V delivered at the dinner to Pre ident .iicAdams. Thank y for the courtesy. Y urs lu,ry truly, Editor of the Journal. cis. ) October 20, 1922. My dear Mr. Clark: \ -P- I enclose copy of the remarks which I Tsae ,at tae luncheon, Out you will observe that I have eliminated a little facetious introduction which does not team appropriate for printing. Yours very truly, Jmes E. Clark, Esq., Editor, Joilrnal of tbe Anlrican rieners Association, 5 Nassau St., Ner Yorle City. 85. MM enc. PRESIDENT THOMAS B. McADAMS VICE PRES. MERCHANTS NATIONAL BARK RICHMONO,vA FIRST VICE PRESIDENT JAW I PUELICHER P ENT MARSHALL A ILSLEY BANK MILWAUKEE,WIS. SECOND VICE PRESIDENT WALTER W HEAD PRESIDENT OMAHA NATIONAL BANK OMAHA. HER EXECUTIVE MANAGER FR E 0. N. SHEPHERD FIVE NASSAU STREET,NEW YORK CITY TREASURER F. A. IRISH VICE PRESIDENT FIRST NATIONAL BANK FARO°, N.D. GENERAL COUNSEL SECRETARY AND ASST. TREASURER THOMAS B PATON WILLIAM G FITZWILSON THTe DEPUTY MANAGERS L A MERSHON TRUST COMPANY DIVISION MERICAN. BANKERS WOODWORTH L SAVINGS BANK DIVISION E E.MOUNTJOY INIty3134 NATIONAL BANK DIVISION G E ALLEN STATE BANK DIVISION FIVE NASSAU STREET NEW YORK,N.Y. MANAGER PROTECTIVE DEPARTMENT L.W. GAMMON EDITOR OF JOUR NAL JAMES E CLARK BRANCH OFFICE 708-9 COLORADO BUILDING, WASHINGTON, D L. CABLE ADDRESS:AsAN7 NEWYORK October 19, Strong, the Federal Reserve Bank of Ae reet, New York City. 19L.c.. York, w rnor: 4.S. C ll you/be kind enough to send to me for us:; nal Ovthe American Dankers Association, a copy ks"which you made at the recent luncheon of the One Hundred to the .6xecutive Council of the kers Association of New York State. is function is not covered by the stenographers; ecessity of making this appeal to you. Yours very truly, JOURNAL OF THE CAN BANKERS ASSOC1A Editor. ON - 31 PINE STREET NEW YORK October 19th, 1922. My dear Mr. Strong, i f i / .4. / .. Q AV / 0 I quite agree with you and h94e reed your paper \, o / I myself stoke very often in my with very great interest. country of the false bookkeeping in Oiery respect and of the false working in that way that we #e not doing always what would have given the best product e result. The real economy begins there where we have to ace our working force, and you are absolutely right when yo say that the last 40 years we did not develop our forces in tte right way and forgot where nature demands from us natural always very happy to t elp and peaceful work. I shall be k with you again. lways yours Hon. Benjamin St /ong, Governor, Federal Reserve Bank, of N4i York, New York. raiw H J. H. PLIELICH ER, MARSHALL & ILSLEY BANK J.H.DAGGETT, VICE PPesioenrr AND Mom BOND DEPT. JOHN E JON ES. CASHIER H.J. PAINE. AssisrANT CASHIER FOUNDED 1847 JOS.C.MOSER,AssSTANT CASHIER A.B.NICHOLS.JR, ASSISTANTCASHIER C.R.JESKE.ASST BRANCH MANAGER MEMBER FEDERAL RESERVE'SYSTEM CHAS. F. ILSLEY, AssT CASHIER ALBERT S PUELICHER,AssT.CAsH MILWAUKEE.WIS.. October 10, 1iE2. Ir. Benj. Strong, Federal Reserve Banx, New York, N. Y. I Dear :Ir. Strom:: Thar you for your letter of October -Ftt 5th and the copy of your aress given at the luncheon of the Committee of One Hundred. I shall very much enjoy r: eading your address. It was a great pleasur of siting beside yo There is where the busines P'PrerocAr JOHN CAMPBELL ,,Acc PRESIDENT G.A.PEUSS. VICE PRESIDENT AND BRANCH MANAGER F. X. SODDEN, VICE PRESIDENT to have the opportunity at the luncheon, o doubt in my mind as to man should stand with regard to our national kiroblems. Very truly yours, , !/-2, President. 36 BROAD STREET October 9th, 1922. Benjamin Strong,Esq., ederal Reserve Bank, 15 ::assau Streot,:e York. Lly dear ;overnor Strong:- That speech f yours reads just as well as it sounded: It is extraordinary how an exact statement,at a time of generalizationsoill clear the Wtmosphere. Thank you: SinCerely, iittite6 fitatetz Ertur.t Tompastv of Nett/ tut*. 45 & 47 WALL STREET. EDWARD W. stiFILDow. Presitirst. JOHN STEWART. riff: irntan Board,. WILLIAM M. RTNOSI.b.-Y. Ist.Vieve. Prestiletstti WILLIAMSON" PELL , 1 err Presitiottt. WILFRED *.J.Wcym:ES'I'll, Seers/ter.% FREDERIC W. R0/3BERT. Asst.SPerelat:y CHARLES A.EDWARDS. Asa /. Secretory. ROBERT S. OSBORFTE.A.Tat. Serretarj WILLIAM C. LEE. Asst.Serretar.): THOMAS H.WIL SON. Asst. Secretary WILLIAM O. GREEN. Asst.Serrelary ALTON S. KEF:LER , tisst.Se tetc): October 6, 1922. My dear Mr. Strong:- I am greatly indebted to you for your kink let ter of yesterday LooSt \NAenclosing a copy of your address at thelun)Seon on Tuesday last. I lieve that it should have was much impressed by what you said., and a wide circulation. We especially nealt at this time to apprehend the princi.)leswhich you so forcibly expressed. Believe me, with kind regalds, k k Yours sincerely, 7 44.44.,4 Benjamin Strong, Esq., Federal Reserve Bank of New York, 19 Nassau Street, New York. ,