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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

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a

tet

Ct.

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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

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23_11.9

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oT aviae

MAROB...13T 10 YclOD

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ek91 r1

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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(




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