Full text of Records of the Federal Reserve System, Record Group 82 : Letter to W. P. G. Harding, Box 1246

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United States Senate,
WASHINGTON, D. C.

Nov. 14th 1919
Hon. W. R. G. Harding
Gov. Fed. Res. B'd

My dear Sir:
I notice in the N.Y. American an attack
on the Federal Reserve B'd as responsible
for the attack break in the Stock Market
of Wednesday.

My impression was that the letting
of credit in N.Y. for the Stock Market
had led to a tax in the N.Y. Res.
Bank Reserves down to 40% and that
this led to some contraction of Credit by
Member Banks.
Will you kindly advise me as to

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