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Misc. 4 Office Correspondence FEDERAL RESERVE BANK OF NEW YORK Date Subject. To Mr. Sailer From L. H. Hendricks As Cashier I signed a guarantee to the Bankers Trust Company covering $1,000 in American Bankers Association travelers checks issued to Governor Strong, and h like amount issued to Mr. Harold Vaughan, his secretary., Will you please request 47cutive committee to confirm my action tale in so doing. 4-14 PRES'ENTED IME,CTJ .r LHH EL 4/3 ST VIStTINO t OV :NI:arrv.s stcr.z'r 444-411,4 s(.6 4 MISC.3.,0014-1-20 I A629 d4 FEDERAL RESERVE BANK OF NEW YORK CE CORRESPONDENCE TO Mr. L. F. Sailer L. R DA October 18,1920. SUBJECT :- Ronnele The following is a statement of the turn-over or business transacted by the ban\- on Friday October 15, divided as between Fiscal Agency and ordinary Banking Operations: AS FISCAL AGENT Amount of C.of I.redeemed from 369 holders Purchased for a/c Treasurer U.S " Liberty Bonds " " " Total subscriptions to new issue C.of I. by 386 subscribers $55,469,500. Amount of above allotted to subscribers Amount of above paid by credit by 212 banks $36,102,500. Amount received on call from 195 Government depositaries Amount of 681,066 Government Bond coupons paid Total as Fiscal Agent $54,771,000. 2,700,000. 125,000. 40,566,500. 62,000,000. 15 655 000. $175,817,500. BANKING OPERATIONS 132 Loans paid or rebated 100 New loans made Amount of bills purchased in open market Checks to Clearing House, 44,000 Checks paid on this bank 2,000 Checks paid on Treas. U.S.35,300 Checks handled by Transit 258,636 Checks sent direct by member banks Collections made City and Country 16,034 Cash received by deposit Cash paid out Wire transfers to other districts 237 from " 290 58 intradistrict Total Banking Operations Grand Total Turnover for Bank Total Cash and Collection Items handled ... 355,970.. $243,203,324. 215,277,454. 19,780,000. 91,828,000. 15,685,000. 4,160,000. 44,764,000. 59,971,000. 37,927,000. 9,145,620. 10,179,000. 40,186,000. 17,600,000. 12 oopf000. $821,706,398. $997,523,898. August 27, 1921. L. F. Sailer, Esq., 15 Nassau Street, New York, N. Y. Dear Mr. Sailer: Governor Strong desires the pleasure of your company at dinner on Tuesday evening August 30 at 7130 p. m. at the Metropolitan Club this city, Fifth Avenue and 60th Street, given in honor of Governor Norman and Sir Charles Addis, at which our directors will be present. Dinner coats will be worn. Also, he desires that you will keep your luncheon engagements next week free so that all may lunch each day with our guests at 1 o'clock in the Officers' Lunch Room. You, of course, understand that no publicity should be given to any of the above. Sincerely yours, MISC. 3M 40,4,2-22 FEDERAL RESERVE SANK OF NEW YORK SENT BY COPY OF TELEGRAM 9eptember 4, 19,1. Benjamin Strong, Oragmor Sanatorium, Colorado S?rings, Colo- State Department advise relved only one meager meetpage :rom Japan tlirdugh fllanghai All wires and cables broken Philip!Anes &deavorini7, to establish wireless via honolulu uld They will make every effort to gel, information inouye anu Shibusawa P4ay tnIce twenty-four hours or longer sourues forwarded Day letter with soma informAion from oth:x Trorm 1206A GLASS OF SERVICE DESIRED 'nlegram ,Jay Letter WESTE1,,a4N1 UNION Receiver's No. WESTERN UNION TELt Night Message Night Letter Patrons should mark an )( opposite the class of service desired: OTHERWISE THE MESSAGE WILL BE TRANSMITTED AS A FULL-RATE TELEGRAM NEWCOMB CARLTON, PRESIDENT Check AM ispw Time Filed GEORGE W. E. ATKINS, FIRST VICEPRESIDENT Send the following message, subject to the terms villa& hereof, which are hereby agreed to Ct. r (fs Cf>r 01, rbt, 115, el I ..4. a tet Ct. Lu-cti/Z, iaL CAU s. raiz, )7/: /0 6'41Y 1,/ owl L 1ctivw Ate (I, /fiat STILP dat ri/yrk /tout c,t ifir-ry? g/OUTI ,.(1.4Ty& Cal aeyr,ix".7 64 I GovitiZA.A0 C.C144_ ck anti Form 1206A WESTE JESIRED ) THE FOLLOWING TERMS: Fm Ki back to the originating office for comparisch,' eated message and paid for as such, in considera,, Message at ''Night Later rery, of any message received for transmission e- t or for non-delivery, of any message received f 'atrons should mark an X oppolays arising from unavoidable interruption i site the class of service desired; OTHERWISE THE MESSAGE or delivery, or for the non-deliver, L.' WILL BE TRANSMITTED AS A each message is deemed to be vela FULL-RATE TELEGRAM ted-message rate is paid or agrood N. WESTERN UNION UNION Check TEL SPX,- AM NEWCOMB CARLTON, PRESIDENT Receiver's No. Time Filed GEORGE W. E. ATKINS, FIRST VICE-PRESIDENT s. the lines of any other compam Ltion or less, and within one m is sender's request, as his isirei Send the following message, subject to the terms on.back hereof, which are hereby agreed to of its transmitting offices; and t presented in writing within al c1'ci otita, rompt and correct transmissioll Ar shall apply to messages in ea. (rs iE WESTERN UNION iNcoRpc 911),1 NEWCOMB CARLT ,ct7,) fst delivered on the day of i at the Company's obligat in that there shall remain livery of such Day Letter ours, subject to the priori under the conditions nam of. the Company is autIn QC) a0 ,Uin,Tj v RS to 2.00 A.m, for delivery c tketr; ,44._ Je/ncrzt, ,t rates still lower than sta i,ndard telegram rate for 10 50 words or less, and one-f ds shall be charged for eat [AL TERMS APPLYING TI onsideration of the reduc the following special ter are hereby agreed to: ,etters may at the optior lestination to the addres, lave discharged its obligat r mailing such Night Le etters shall be written in ble. e of the Company is autl X... CC4/1/ki alArt (4, MISC. 34 1 40M 6-23 FEDERAL RESERVE BANK NEW YORK SENT BY SEND TO FILES COPY OF TELEGRAM 3njamin Strong, Cr,..gmor Sanatorium, Colcrldc SprinLe, Colorado. State Department nas not yet been able to gat ne7:c conderning Inouye and Shibucawa. Eepresentative of bank in litA York has ncthin6 authentic but feels confident they are safe and thA buil.Aing in Tokio is intact F"' S . .Wn-t RECEIVED AT POSTAL TELEGRAPH MACKAY, PaesioEn, - COMMERCIAL CABLES CLARENCE H. / TELEGRAM DELIVERY NO. 1117 This is a last Telegram unless otherwise indicated bg signal after the number of words:Inue"(Day Letter).N.L.(Night Let ter)or,Nite" (Night Telegram)!! STANDARD TIME INDICATED ON THIS MESSAGE. D CB 1143 AM 39 NewYork Ny Sept 10th 1923 Benjamin Strong, Cragmoor Sanitarium, NewYork representative bank of Japan reported Colo Spge Cobo advises inouye and Takapashi safe shibusawa doubtful no lives otopiko tchiki lost in bank of Japan appointed governor of Japan inouye as advised is minister of previously finance doty foundation company reported safe Sailer 1E,L.EPhONED1 ,o ___ ---- By The / -v3 74 1,,,rin 16 DIA FEDERAL RESERVE BANK - OF NEW YORK September 10, 1923. Dear Governor Strong: I have not been able to get any news at the State Department of your Japanese friends. As I wired you this morning Inouye & Takahashi reported safe. Shibusawa's name, however, has appeared among those lost. Otohiko Ichiki, who has been appointed Governor of the Bank of Japan, was formerly Minister of Finance. For your information I am enclosing copies of a letter to the New York Agent of the Bank of Japan giving the vote of sympathy passed by our directors, Mr. Hoshino's reply, and a cablegram from the Osaka Branch of the Bank of Japan, also a clipping from the New York Times of this morning quoting the wireless message from Inouye. I will keep after the State Department and keep you currently advised. Cordially yours, Mr. Benjamin Strong, Cragmor Sanitorium, Colorado Springs, Colorado. MISC. 34. 1 40M 6-23 oft FEDERAL RESERVE BANK O NEW YORK SENT BY SEND TO FILES COPY OF TELEGRAM f_ ILI*1 1)15 ts 19" Bravs Bow ), tf*Dsr ,ee4s, f3enjirn1n Stron.7,, Crae,-mor -;an6.toriusio York :-rosentttivo i:karitcofj4.i..andviE Sbibusawa. doubtful Governor of Japan nouyet No lives lost in 6snw. of J,a1,-an Takablshi re. Otoniko Toniki tetointed Inouye is previously advised is iiinister of F'insno6 - andstion Cocie.ny re,..orted es.fe Sk Doty ) ',tub 1 DEIM liVIA3 3VR32359 JAV13031 23_11.9 Ya TP132 oT aviae MAROB...13T 10 YclOD ar.11.4, ek91 r1 0140 938 rcr;732311 f grit )15:10Y W311 -I). MISC. 34, I 40M 6-23 FEDERAL RESERVE BANK C' NEW YORK SENT BY SEND TO FILES COPY OF TELEGRAM 444) 4644t 1;,;(14/6/9 #4, tcS cs"*' 14 19P3. Grtoac r Colorq.do Spriniat Go lo. .ii:ord received from titttte Department todly ttott Baron Shittra.16c, SAILER s,,ste MIS, 3, 1 40M 6,3 FEDERAL RESERVE BANK Or NEW YORK SENT BY SEND To COPY OF TELEGRAA-, t-e e 40- i; GrIbmor Oclor-0,D et.' GeAc. 3simrtment rmla idvis5s tnit, iriouys 1s slfe 0 Se,tembNr IL? -- Ar ,A FILES - FEDERAL RESERVE BANK MISC. 4. 11001,1,-24 OF NEW YORK OFFICE CORRESPONDENCE To FROn, DATF September 17, 1933 SUBJECT: Mr. Jay L. F. Sailer. Referring to the aftached t with Governor I have been in constant communication definite Strong and have now au busAwa are safe. from the State Department that advice has been received sce ))i, 44" pa:13 FEDERAL RESERVE BANK OF NEW YORK July 9, 1925. Dear Governor Strong: For your information I am enclosing copies of letters addressed to you by Mr. Fukai under dates of June pp and 23 respectively, one dealing with the subject of the effect of the recent earthquake in Japan on the economic condition of the country, the other giving you a statement of the reaction in Japan to the resumption of gold payment in London. I have to-day acknowledged receipt of these letters to Mr. Fukai, advising him that you are away weeks and that I am forwarding copies from the bank for several to you. With all good wishes, I am, Sincerely yours, Mr. Benj. Strong, C/o Bank of England, London, England. Ends. (2) FEDERAL RESERVE BANK OF NEW YORK Spa, Belgium, July 21, 1925. Dear Mr. Sailer: In connection with Mr. Round's report on the quality of paper used by the bank, I notice nothing about the tissue copies. These are much more important than the originals, as they constitute our records. The report should, of course, include consideration not cnly of the paper, but of the carbon, and the durable quality of the impression. Very truly yours, L. F. Sailer, Esq., Deputy Governor, Federal Reserve Bank, 33 Liberty Street, New York. FEDERAL RESERVE BANK OF NEW YORK Spa, Belgium, July 21, 1925. Dear Mr. Sailer: Thank you for the copies of Mr. Fukai's letters which came with your note of July 9. At the moment I can send him no reply, because I am pretty well behind hand with mail, but I have read them with a great deal of interest. Very truly yours, L. F. Sailer, Esq., Deputy Governor, Federal Reserve Bank, 33 Liberty Street, New York. A4A(1,/ FEDERAL P' RAPA 45 Au, 6 FILES MITISION re.) FEDERAL RESERVE BANK OF NEW YORK Spa, Belgium, July 21, 1925. Dear Mr. Sailer: Many thanks for yours of the third, reporting It looks as though he had seen on Herson's examination. the handwriting on the wall! I am glad his report was satisfactory in character, especially on your account, and I congratulate you. As you realize, it is most important that we should make good our prediction to the Board as to the This is always economy resulting from the new building. in my mind. My best to all of you at the bank. Sincerely, L. F. Sailer, Esq., Deputy Governor, Federal Reserve Bank, 33 Liberty Street, New York. Afl 3vi.i3e39 JA13.331 -:-f Y #Y$0 FEDERAL RESERVE BANK OF NEW YORK August 12, 1925. Dear Governor: comments. Your letters of July 21 were duly received. For your information, I am advising you as follows: In addition to using a better quality of letterhead paper, we have also ordered tissue paper for carbon copies that contains 50 per cent of rag stock. The life of all of this new paper, as well as the imprint, should not be less than 50 years. Enclosed find copy of a letter sent to the Federal Reserve Board, which in effect is a reply to the few criticisms made by their examiner on his recent examination of the bank. Mr. Dodge presented to our Auditing Committee his report on the.last balance sheet examination. It was so free of criticism that the members of the Committee were through with it in a short time; all of which is an indication that everyone in the bank is on the job. Keeping down expenses is ever before us. Rounds and I believe that at the end of the year we will be able to show you a very satisfactory situation. The largest item in the expense account represents salaries. Drastic reorganizations, consolidations and reductions have taken place since the first of the year, as is indicated on the enclosed salary As expected, this has had a disquieting effect on a liability statement. number of our excellent employes and a few have left our employ. to be on rock bottom, and steps should be taken soon to recognize those employes who have assumed additional responsibilities and discharged them to our entire satisfaction: I have some views on how to meet this situation and would like to discuss them with you upon your return. I am happy to state that all of the officers have enjoyed good health so far this summer. Sincerely yours, Benj. Strong, Esq., c/o The Bank of England, London, E. C. 2, England. En c. Thanks FEDERAL RESERVE BANK OF NEW YORK Hotel Majestic, Paris, France, August 17, 1925. Dear Mr. Sailer: Thank you for your cable No. 12, concerning Mrs. Morgan's death. I had already received the news and sent a cable to Mr. Morgan, who will, I know, be very much disheartened. My best to all at the bank. Sincerely, L. F. Sailer, Esq., Deputy Governor, Federal Reserve Bank, 33 Liberty Street, New York. 41, " - 11 SE 1 925 Hotel Majestic, Paris, rrance, August 25, 1925. Dear Mr. Sailer: The last minute which T have read in regard to settling with contractors in the building indicated that the directors were unwilling to continue the time for settlement of contracters claims and bills beyond July 1. Mr. Dodge's statement just received shows a great variety of small settlements, indicating that the pressure has resulted in a great may of the claims being cleaned up. last Now the question is whether we cannot take one more at this natter and definitely and finally wind it up. There are only about eighteen or twenty, I believe, and T long for the day, as you doubtless do, when the building committee can be discharged and we can finally say that the building is finished. crack Thank you for your letter of August 12. I have read it with much interest, and were 1 not swamped with other correspondence T would write you in more detail about it. Sincerely yours, L. F. Sailer, Esq., Deputy Governor, Federal Reserve 33 Liberty Street, New York. Bank of New York, Hotel de l'Europe, Amsterdam, August 3, 1926. PERSONAL Dear Mr. Sailer: I have just read the minutes of the Officers' Council of July 8th, reporting the attitude of the Board in regard to salary standardization. the time this reaches you, the matter may be settled, but my reaction to By the Board's attitude is as follows: I thin!z the difficulty originates with the staff, rather than with the Board, possibly with Mr. Smeed; The record of our Bank is such ihrt the Board's attitude is wholly unjustified; In view of this record, the Board will be justified in ex posto facto examination of what we have done, and then, if they disagree with us, advise us and we can discuss the matter with a view to a revision of our practice. My advice is not to give way on this point. Sincerely yours, Mr. L. V. Sailer, c/o Federal Reserve Bank of New York, New York. BSA(