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June 12th, 1916.

"y dear Jim:

Those cigars vire simply perfect and will
taper me off to an absolut,Ay non-smoking bnsis very
saccessfn71y. .

I am surely making a great record

for I hive not smoked a. cigareVe for days.
T'ost sincerely,

Mr. O. C. Auctinclos9,
61 Bro-d-ay,
New "ork City.
BF Jr/VCM

rie.14171-144Apiarx,"'

j

Estes Park, Col.,
August 24th, 1916.
Dear Jim:

Thie is my first opportunity to answerorours of the
16th. Since then, the arrangement for Kathelnf and Grandin
coming out with.Billy have all been coi:11-5175-thdAn while I will
Possibly,
to see
be glad to see him, I am dii3appy,X
has been settled since
he explained to you that fath c cc
a number of papero for us to
1 left flew York and there are q
necbk,ry for him to come out anygo over together wilt A make
/

way.

Besides thak

I hesitt e about urging you to leave home

al worried over the epidemic, and
just now whileiLeei,_goo
still ther, I still have vome lingering hope that you and Lee
will g out hereie me time in the Fall. That is the most de,teci:e4isit Estes Park and by then I will be able to
lightful

ride horseback and we will be able to see something of this won-

derful country together.

The crowd will be away tInd we will

huvetbings much to ourselves.

Please de not eeHle up the plan.

.4ithout indulging in much political or partisan die*
cussion mye,lf, I have taken the opportunity out here to pump
men that : have met from time to time in regard to politics and
have been amazed at the extent of dissatisfaction with Preeident
Wilson's administration. As you know, I have been rather leaning
towards approval of much of his work, but it does seee:al though



e24-

James C. Auchincloss, Esq.

Aug. 24,-1916.

a great many people in the West, and even in the

South, are dis-

satisfied over the Mexican oituation and both dissatisfied and
humiliated over our policy in foreign affairs eenerally.
surprisec me a good deal.

This

As an illustration, I have talked with

one man from Texas, two from Tennessee, two from North Carolina,
one from Kansas, one from Nebraska and

one from Yissouri, all of

whom agreed that his policies were generally unsatisfactory to the
-----------e

'country

irfein talking

I

gather aceilhat

Park,
with i

with some of the local people here in Estes

the same impreseion and am looking forward

iweet to see what kind of reception Hughes gets next week,
----

.

when he ied te/Aake

a'tildress here.

In some ways, I think

the country does Wilson an iniustice, but that is alweys the way
with a president

ie

/

who)51t12.4e,fp,r relteetion.

Since you wrote the

ere getting your share of the

We

hao had a boom.

rders'a

I hope you

judge that you are from

what Lee writes me of your reckless investments Vffiutomobiles.

UcCullough writes me that he has-not

//

taken a position

yet and I fear that his feeling of loyalty to me has kept him at

the apartment really longer than was neceosarN He will have

no

difficulty in getting a good place.

I saw Dr. Sewall last week and after a very thbvough examination, he gave me an excellent repkrt of progress, much of which,
however, I did not understand.

He seems to be very careful and

thorough and has impressed upon me the urgent necessity for remaining in the mountains all this
he thinks.




:inter.

It is not such a hardship as

James C. Auchincloss, Esq.

Aug. 24, 1916.

Pleaue give lots of love to Lee and my best to your
good self.
Affectionately yours,

James C. Auchincloss Esq.,

61 Broadway,
.14ew York City.







Leteo rcrk, Colo.,
F,eptembee 29th, 1016.

Dear Jir:

Ycuro of the 2rd, erclooing the check for W,
I wrote
is just received on my return free Denver.
P

Lee, Crnmet6n's vieit here and then my trip to Denver have
delayed correspondence for about ton days.
I am tremendous:1y grateful to yoe for dirposing

of thooe cerde and following your eueeeotion am remitting

the prcceeds to Charlie PhillieT in Paris, asking him to
All cf you brekere are so proepersend me another lot.
- us just nov teet re ought to get them over here promptly
and teke advantage of the circumeteeceee
your share of the "eweg".

I hope you are

Lee writes me of all the difficulties about the
re ine tut notvitheteeding that I hope you don't return to town until there tan been at least two severe frosts.
That wao the advice my brother Billy got after consulting
2CMC of the best men in New York,

I am intereeted in whet you tell we about politics.
jetil the three.tened railroad strike, it did not look to me
as though Hugeas had more than a fifty-fifty chance, but they
have certainly impel:IN/ad in the lee- month. I would vote for

740

-2To

J. C. Auchincloes, Esq.

Sept. 29, 1916.

him if I were able to get hone and vote
in my own bailiwick.
On the other hand, I would be much
better satisfied with his
camp4ign if he spoice a little more
otitively of his wan pro.gram.
Anson is having a hard time
explaining hii theory of
how the Adamson law promotes
the principle of arbitration and
it looks to me as though that 19 the rock
on which his cam..
paign will founder.
I had a bully vinit with Yirburg in
Denver this

week ,id on Sunda-2 expect
Vanderlip and irank Trumbull,
YOU see I will not be Tithout

so

company.

all keen well. len returns to Princeton
toorrow and Orndin leaves for hie
school on the 6th.
My bent love to Lee
and youreelf.

Sincerely ycuro,

4.,SA_AM21!ine1Oss,

£eW'sork




I NCLOSS, dOOST & CO_
---."

SHERMAN B. JOOST JAMES C. AUCHINCLOSS FRANCIS L. SILL
HOWARD CORLI ES

ERNESTTRUSLOW

RUFUS S. ROWLAND

M BERS NEWYORK STOCK EXCHANGE

61 BROADWAY
NEW YORK

November 29th 1516.

TELEPHONE 5570 RECTOR




M. Benjamin Strong,
4100 Mount View Boulevard,
Denver, colo,
Dear Ben:-

I received your letter a few days ago concerning the postcards, but as yet have not received the postAs soon as I receive them I will start to work
cards.
selling them, and I think there will be no difficulty on
The people who bought the last lot of them
that score.
were very enthusiastic, and want more, so I trust the cards
will not be long in coming so that I may not lose the market

for selling.

There is nothing new in this part of the
world, and 1 guess what little tnere is new has been already
You must not feel
told you by Lee in her last letter.
that you have to answer my letters, because I share the letI apters you send Lee and find them full of interest.
preciate that you have a great deal to do and many letters
to write, and I do not wish to burden you any more.
There seems to be a difference of opinion
between the members of J. p. Morgan & Co. and the Federal
I presume you know all about this, and
Reserve Board.
it will be interesting to see what effect the warning which
the Federal Reserve Board issued will have on the investing
I, personally, believe that the attitude taken
public.
by the Federal Reserve Board is right, and I think it is a
great cause for regret that prominent bankers see fit to
It
disregard the views of the Federal Reserve Board.
seems to me that at this time in our history it is more important than ever for the financial leaders to stand together and to pursue one common policy regardless of whether
uf course
there is any particular money in it or not.
this whole difference of opinion may not amount to a great
deal in the long run, yet it causes a lot of discussion and,
I think, a certain amount of uneasiness amongst the more
conservative members of the community.
Business here is pretty good, but the
money rates have gone up, call money lending yesterday at
I think this will undoubtedly act as a beneficent
6%.
break to this wild speculation which has been going on.
I do not think it means the end of this bull swing in the
security market, but it will give us a breathing space and

Mr. Benjamin strong, #2.

will allow people to get on an even keel again and collect
their wits.
Am glad to hear that things are going so
well with you.
I wish I could set a time when I will
come out to pay you a visit, but I am so busy with many
things that / can't say when I will have the opportunity to
get away.
I fully intend to come out and see you some
time, however, and will continue to hold this threat over
your head.
With kind regards,

Sincerely yours,

p.




JCA.MJC

December 12th, 1916.

Dear Jim:

I am dictating a reply in part to y
7th so as to get an answer off at once and will

in a day or to.

it was a bully letter and I

letter of the
ritn further
elighted to

hear all the nes.
What you suggest for ih
me as being excellent and a

1

stmas present
ote you

tate to exceed the amount of

(fore,

ikes

do not hesi-

I hope

is pleased

and - want her to be.
About the p

job is cleaned up

: you will sand me

.ne proceeds to Paris

again and get anoHi

vant you to be frank

and advice me 'f I
ut the We,

could
service
dec..1

of c

rnection:

If I wer

at hone

nd owl' all abo t those people and possib2y bE. of some

looking them
ion chould

you know, m.,a

it is a metier in which a good
exercised for a mite connection, as

d deal of respimsibility for what takes,

place at the other end.

Hugh Wallace is well-known in Washing-

ton, but 1 would hesitate to accept his judgement as final in
regard to a matter o:

kind.

1 suggest you asking Andrew

Mills to inquire of 'Alton Ailes, Vice President of the Riggs




-2
To

Dec. 12, 1916.

Vs. Auchincloss.

willing,
If you should

National Bank and Mr. Ailes can give you., if he is

every scrap of informtation on tne

subject.

by chance wish me to make any direct and more private inquiries about them,

write or telegraph me and I will do so at
thout having

once, but I would not like to start anything
your authority.

The question about special capital is
esting.

How much do you re,illy wan

anu rha

ontribution, b

lnce myself, I might be able

of the town that iF

ashin

you had the beet lunchthe tovn aff. sad.

eons end dinners th

nk you for

or,

at

Asrer very shortly.

Since

J. C. Auchindloss,
103 East 86th Street,
New York City.




un-

You can be cure

interesting and 1

BS/VCM

I

your scheme is end I

In any event, lot me kno

might be able to writ

further

roe

ut of the ,:.uestion I

der present cireumstances,

if I were in

ur idea of

If I were

the character' of fhe special part

fear.

ighty inter-

y

ole

man.

I will unmd a

Denver, Colorado,
January 13, 1917.

Dear Jim:

A considerable accumulation of mail over
-

a

holidays has

very

for two or

which may be c.

sidered a

ee

prevented my writing either to you or
three weeks past, and I am sending t

t off one of th

joint letter, odnding opportunity to

"hand-

picked" variety.

re laid up

It is too bad that yo
The same thing seems

been true of

to

suppose you have been ha i g a regular op
your letter

-1(1

ie

mic, but I judge from

s were net profits and proscertainly hope so.

your d

re cleaned up let me know for

Whenever those r

burden on some of my family in New

thin.- I will put a p

York a

many at home that I

good order during the

L

kick-up and that conseq
verity flows

h busy times.

ossibly impose on mite of these good Denver people when
ward.

the next ba

Since

and I am juat
being of cour

nie

Lee that trouble I had with my faca has

ow indulging

disappeared

in a session with the dentist, my

object

to leave the medical profession in this community in.

a. state of unexampled opulence.

The boys had a great time dueing their holidays.

in a)me log cabins nearly
miles from the continental




10000 feet

divide.

We spent it

above sea level and

only a few

The people we stayed with were

Denver, Colorado,
January 13, 1917.

Dear Jim:

holidays has

A considerable accumulation of mail over

80 very

prevented my writing either to you or

three weeks past, and I am sending

joint letter, ndnding

for two or

which may be c

opportunity t

sidered a

e off one of th

picked" variety.
It is is too

bad

re laid up

that yo

The saee thing seems to

been true of

suppose you have been ha

ig a regular ep

your letter end L

h busy times.

many at home that I

mic, but I judge from

s were net profits and pros-

perity flows in your d

certainly hope so.

Whenever those p

re cleaned up let ere know for I

thine' I will put a n

burden on some or my feamily in New

.ossibly impose on some of these good Denver people When

the next ba
Since

11,

rig Lee

just

and I am

being of cour

a state

e

n good order during the

kick-up and that conseq

York a

i

a.rd.

that trouble I had with my face has

disappeared

Ow indulging in a session with the dentist, my object

to leave the medical profession in

this community in

of unexampled opulence.

The boys had a great time duping their holidays.

We spent it

in ElDie log cabins nearly 10000 feet above sea level and only a few
miles from the continental




divide.

Tee people we stayed with were




2.

January 13, 1917.

Ur. Auchincloss.

To

most hospitable, gave us plenty of good things to eat and the
Rockies gave us a treat of weather such as none of us had ever

experienced. On the way up

and coming out also we had to break

our way through the snow drifts and both
through two big bunches of mountain s
than afraid, some of them coming up

rove right

p, which wer

ore curious

within 25 feat

the rig.

They are getting very plentiful in that region.
I

EL,1 expecting some one

long and may decide to

or a couple of weeks,

just for a change.

Tell Zee I wil

few days.

to you both.
sincerely yours,

J. O. Auchincloss,
st 86th St.,
103
lie

sit City.

My best love

)),..1

r.F-4-ni--1

Denver, Colorado,
February 21, 1917.

Dear Jim:

I was delighted on returning from Arizona

find your letter

the 9th, even though it did indicate slacker t

articular news of my own welfare I will
am hoping to write Lee in a day or two.

i

on the Exchange.

()serve fo a letter that I

In the z821t

I am mighty

interested in all that you say abou4

York reaction

dismissal of Bernstorff, et al.

triotism is felt in

it is

yet to go and fight.

ally, I do not think i

the

would be among

all the other "best"

lunteer, so long as we

Ben

yet been

have

ersey National Guard, which has not

bilized - at 1

be at an'line.

would not

first with

stem.

a member of ti

has writte

Person-

if we were in for a

real life and death

this volunteer

no

all Street, but don't you

much maligned New York and,
get gay and feel that

. the

Grandin,

ask me f.
let

,

regiment has not but, of course, may
o has had a summer's training at Ft. Terry,
.ermission

to enlist in

case we have war.

I

t for active service, but I might let him go into

training, and, of course meantime it would mean in the case of war that
Ben would have to do his share.

I have

not

said much about

it and tried

not to think much about it, but both of the boys would want to go and I
really

would not

feel justified in endeavoring to dissuade them.

is I would go myself if occasion arose and I felt

more than an encumbrance.



The

fact

that I would be alything

2.
February 21, 1917.

To - Mr. J. C. Auchinoloss.

1 had a wonderful visit with Jim Curtis, Who was with me about

two weeks, and it was like a breath of fresh air from home.
Please give Lee my love and my best to you old marl, and many

thanks for writing me.

Faithfully yours,
J. C. Auchineloss,
103 _Cast 36th St.,

New York City.

BS/CC




4.

Denver, Colorado,
March 15, 1917.

Dear Jim:

Many thanks for your letter of the 7th, Wh

was here on my

I went there to meet one of the Reserve Bank men

return from Chicago.

yed a couple of

to discuss one or two important matters
days; it was good to have a little change.
to the extent even that my clothe

tting on weight

ing uncomfortab e

understand how mixed up things

1 can

New York; it is reflected
feeling out here, While the

in all of my correspondence.

newspapers are finally

I am stil

more space to war news, there

givin

is undoubtedly an und

e oar, Which is distressing

to me and to others

hey come out here.

though, it is natura

e few People in this part of the

country have d

no thing
in Chi

y knowledge of European affairs.

ct

t is stirring
,

I m

ing here in Denver, and I thin,c the same

is the great a tivity of the various relief organizations, in-

cluding

Red Cross.

Mb are beginning to contribute and to buy foreign

government

tcurities,

e the women are organizing a good many clubs

for various re

irk.

I we glad things are well at home.

Will write Lee in a few days.

Meantime, give her my love and tell her to be cheerful.

get out here but know it ix out of the question and not even decent for me
to urge it.

1

aLI still hoping, although not with final certainty, of get-

ting home in June.
Very sincerely yours,
J. C. Auchincloss,
61 Broadway,
New Yorc City.




I wish




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6

(7'
SEP 3 191t

4e,,e

a,t

eo-fr,,

ae<_

420

tYee,,e94ceer,_-

z_Ze"

,90

rt"

i




Septamber 3, 1918.

.,)ear Jim;

Your note of the last ultiuto was delayed in reaching
ma as I have been tr&Areling about a bit,

/ hope you get u fine job;

that the or is all that

you want it to be; and that I may have opportunity in the near
future to hear :-ibout it, 4)en next in Washington,

I will

certainly call you up.
I was only in Wushington one day last week, and had
to hop right back to WOods Hole to paoalup and °ems back an the

job,
CordiLlly,

jamea

Auokinci

in
ashintAen, L.

BS/1433




.3

1,;t.

41JCH HNC L_C).53S, JOOST 8, PATRICK
ME MB ERS NEW YORK STOCK EXCHANGE

61 BROADWAV
NEW YORK
TELE PHONE BOWLING GREEN 6820

Hon. Benjamin Strong.
"Cluneden"
Lake George
New York.

January 27th.

riu

1919

;ii
11)

FFZERAL ftEDIRVE BANK
Dear Ben:

Just because you have not heard from me in reply to your good letter I
hope you do not think that I am unappreciative. Your taking the trouble to write
me at such length, and in long-hand too, was very greatly appreciated I can assure
you.
I should not have bothered you at all, as a matter of fact, and I am sorry
I presumed on your friendship and good nature to such an extent. Hence my apologies
are two- fold, for my delay in acknowledging your letter, and for writing you in
the first place.
Furthermore, I am writing you on my new toy all by my
hope I will not make too many mistakes. You ought to take up this form of indoor
sport, it might be handy in your business!
Your letter was fine also, because it made clear many things which were
It was especially interesting in view of the various conversations
not clear before.
I had with the Stock Exchange Money Committee. They, in my opinion had a wrong idea
of the whole matter, and were handling it in a crude way. I think you would be
However, it
amused to hear some of the remarks some of them made in discussing it.
is history now so there isn't much use in "growling" any longer.
There is, however, a question I have been thinking about a good deal of
late and that is, Has the N. Y. Stock Exchange a place in the Federal Reserve System?
The Stock Exchange plays a pretty large part in the life of the financial world,
and now that the Government is taking steps to protect the investor and to more or
less control the credit market isnIt it a natural question? Some time when you
have nothing else to do, tell me what you think about it.
Are you putting on weight and getting in fine shape for the next loan?
I think it is going to be a hard pull to put it over. I was offered a job at Liberty
Loan Headquarters by one of your workers, but it was so indefinite and apparently
so trivial that I begged to be excused. I must devote some of my time to my business
and try and pay my bills. Last Monday was the first time that our firm had been
together for over two years, and we were glad to get acquainted again.
Many thanks again, for your letter and profuse apologies for my seeming
discourtesy. When are you coming back here again? I hope not for a long time because you must have a good long rest.

J/CA



P\
M4,1

Deer Jim:

r.

Y.

February 3, 1919.
,r1 1911

FIMRAL RE5ERVE
i/

Thanks for yours of January 25th'.

the mice generally have a good time:

Men the cat's aray

Those stock exchange pals

of yours and nossibly some of my banking friends got a bit out of
hand recently and I hope the consequences of ,hat has been done
did not prove an embarrassment. There is some risk that embarrass-

ments will result, however, and for that we must await developments.
To ansrer your question about the stock exchange and the
reserve system would require a volume. I will save it until you and
Lee coma up to see me.

I very much want you to do some work in the Liberty Loan
Organization. Can't you manage it some ray or other!

Please give Lee my love, and my best to yourself.
Sincerely yours,
Auchincloss, Rsq

103 East 86th Stieet,
New York.

BS.YSB




-

r.




hington, P. C., October 24, 1921.

Dear Mr. Benedict:

I was sorry to miss your 4:1,11 last week but as my tecretary
probably explained, I have boon away from the office on account of

illness.
In case those centlemen come hero from ustria- I vall bo

very glnd indeed to meet them in liww York ard do everything in my

pmer to facilitate their meeting the officils of the Government
li)ho nro interested in the matters Alien they are coming hvro to discuss.

On the other hand it is at theepremont moment difficult to

see how urythivg owl be accomplished as e result of their visit except possibly an exchange of views for their information.

.:c) long

as the necestwry legislation to enable the funding of the debt ming
to our Government by foreign (lovernmorts has not been passed by Con.

gross there seems to ho no pater resting in anyone to negotiate adjustmorts.

shall be detained in ashington all of this week but will
be at my office after Ponday of next N.yek und will be glad to see You
IA any time.

Very truly yours,

.

'Larry R. Benedict,

Room 701,

111, Brordway, Lew York City.




Governor..

Hotel Boau-Rivace,
Gonova, neptember G, 1921.

Hal. Ben diet,
113. Broadway, Room 1701,

Hey: York, N.Y.

Dear Benedict:

I haw :test concluded a conference with nr. Marcus nbIlenberg and Dr. F.
Grimm, the financial ninister of Austria, the result of Which will be to riVD you a very
interesting, loportant and helpful piece of work to do.

Here is the sitaatiaa : Austria in hopelessly bankrupt, the food requirements are
very rich greater than the doneotic production, they oost have finoncia/ holp to provide
foreign food and raw notarial supplies, if tboro is any hope of getting thom on their
foot. If such credit is not provided, the situation will rapidly become oxtrooely critical and Austria may be a centre of infection loading to disasters in other middle Durooean states. The Leamo of nations has clearly recognized this situation. The Financial Section has made a conoral study of Austrian conditions '*or nr. 1-fallen:berg's direction. Tho result is a detorminatioo to undertake a loan to Austria uoOer the provision of the Ter neulen. plan. That plane as you may know, is enactly an elaboration of
the plan 1 formulatod at the nom° two years ago. It provides for an intornational loan
having a lion on special assets and incomes; to rook° it offectivoit is necessary that all
other nations haviog claire upon Austria subordinate those claime so that the proposed
loan will underlie all other obligations, anti will therefore offer provamably good socu-

rity.

All nations concerned, except the United Otte, have now agreed to such subordina-

tion of claim. The U.n. Grain Corporation has a claim for sono twenty-four or twentyfive million dollars. Until that is subordinated, no step can be effectively taken in

offocting the new loan, and the Austrian food situation makes the tios involved extr000ly ioneortant. Tho need for action is urgent.

Oaruoderstaading here is that this claim of the U.S. Grain Corporation is included
in a general bill now before Congress dealing with all the Allied debts. De action can
be taken, we uAerotamd, before the end of'neptomber, one, as the Austrian interest is
involvod with the whole Allied debt sitaation in this bill, there may be long delay.
We have docidod that it would be wiso to send a small Austrian Commission to America

to explain and discuss tho situation. I have told then that I mould arrange for you to
noot the Commission at the dock, to have their hotel accorrodation son to lay out a pro-

gram for their work that should include neetiog the proper poople in Washington, come
nootinne with Herr York pooplo floe posoibly (you could best docido) a tripto Philadelphia
and Boston. I have told them that you would lay out the 'tole program, give them the
proper introduction on my behalf anti will generally act an their counsellor.

this rr1y soon like a labor of lovo, and perhaps your love for Austria is not (Teat.
If you had seen it as I have, however, if you know the danger of non-actiOn, if you felt
hopefalness in regard to ultinate recovery which nicht como from carrying out the program,
if you knew the oxtreeoly intelligent nrui careful worn:which the neagao of nations' Financial Section has done, you would agree with to that thas is an opportunity for real international service.
I am sending you today tall documents dhow-tag the studies anti conclozions of tao.
Fieercial :3ection.



P

-

I think it veal be wise for you at once to inform yourself of the political situa-

tion in

LID.4421.Met021.

I would ask sane aid frau Carmidhael and Alles. U111 you then

briefly cable me the situation co that I can inform the Austrian Chancellor?

The Commission is apt to start before you receive this letter; louevor, you mill be
informed by cable of their ship so that you can meet then.
If you desire a day of conference ard mould like to take tho party to neschueoin

for a day or any length of time, you will, of course, feel perfectly free to do so.
All will speak Engliah and be very carefully selected. I have given very definite indications of the sort of people I think should co.
I "wish you would confer with Ear don and perbnes soap others in laying out the pro-

gram and itinerary of the visit. The visitors will, of course, pay all their own ea-

pensos, bat I have told than that me would gladly donate our sorvices, Alla they aro
most deeply appreciative*
*

*




*

*

*

*

*

*

Faithfully yours,
F.A. Vardorlip.

*




NV,

'2

4




44,

,

IC




Pobruczy 24th, 191E.

Dear !Ars

At tae direction of air. Stroag, I am
oncloang copy of ocbloram spat you by Uensrs.

::leinwort, So=

ao.

42*. Strong -as very

)rry apt to have

boon able tc: have had chat with you to-day in

regard to this, but will try to do so to-norrow.
Very truly your.4

socretary to IL-. Strorw.
4.. Henry Coldmaa,

GolaftarnnItv Co.,

o. York City.
VCM

COPY
Telegrameiives1 by GOLDUAN, SACHS & COYPANY

.11.14INC+

thTIPT .
1915

,

New York, February 20, 1915.
(Cable dated 19th)

FEDERAL 3ESERVE BANK
From Lessrs. Kleinwort, Sons & Co.
London

Coldness NYK
94

(Deferred Rate)

Number forty Referring five hundred ten quoted fiftyfive fiftyfeur respectively small market number five fiftyone accepted.

Insurance market here will

probably govern movements New,York exchange at gold point because Price eagles
Ottawa based almost utmost cost sending gold from London bullion insurance very
difficult small market fluctuating between ten and twenty shillings per cent.

To avoid shipment bullion from London can you make permanent arrangement
treasury that we deposit sovereigns with Bank England for credit United States

Embassy Against simultaneous issue gold certificates New York Argentina
Uruguay have arranged similarly.

KLEINWORT

No. 551




;1168.10.7 djs on Banca Cormercial Italiana, London,
by Weil Bros.




C\ALA
lia//14aEon ;

ceAi A`i7had,

m6tralAT*Itre, ErchaNge

..(jearnateerjle; .1;oetyal.

2v.5,400W' Cgv ,gz-') .-(90/
7-.1,(Aweawee/

/No, 24,

1S, 14

Benjamin Strong, Ir. ,Esq.,

62 Cedar St., City.
My Dear Mr. Strong:-

'I

ignorance Gin most subject/is colossal,my experience

in cotton r the past twenty five yes might be worth something
, and if I can serve you at a_yi y time you can rest assured
to
My elephone number is 230 Rector.
With assurances of high pe sonal regard , I am
Yours very/truly,

you only have to command me.







at,trii

rter-11-14




,

4/0,4
N. PENROSE FiALLO'VELL
44 STATE STREET

J

N

1918

BOSTON

June 20, 1918.

Personal.

Benjamin Strong, Esq.,
0/0 Federal Reserve Bank,
New York, N. Y.
Dear Ben:

I was perfectly delighted to read in the

paper that you had been given an LL.D. from Princeton.
It is a

very high honor,

one which you richly

deserve.

!Tr. Aiken received An A. M. from Yale yesterday.

'Ne are all much pleased to see from these

two degrees that due recognition is being given to
the splendid work of the Federal Reserve Bank.
I congratulate you most heartily.

/

Sincerely yours,

/C
-




June 21. 1918,
Dear Bucks

nany thanks Tor your note of the twentieth. The
Yrinxeton coraence:aent was rot impressive and it added a

good deal to Iv pleasure in being there on the errand that
took: me, to receive a degree at the same time that Lord
Reading and,Davisaa received theirs, on account of our as-

sociation of the Dast three years.
It was mighty good of you to write me such a nice
any th_anks.

note of congTatulations.

Sincerely,

Y. Poe Eallowell. asq..
Becton, Lass.

P. 3. I au hoins to go to ;70ods Eolo nel:t weak to spend

moot of the Filer, Can't we arrange come golf Eatches?
Possibly you can ran Coin to Woods Hole and visit me.

a cotte about as large as a pill
-

for a c;uet or two.

be

I have

but with room oneyL.h




k.

t?,

/24

i1

ii

airri ,t r 0
I

,j1(4-1

k
t.,471

,

Mif)

41

1

?8,

Dear Horace:

For the last few years, I have been interested in the work
of the organization which has been conducting an active and I believe
rather successful propagende to secure, first, the enactment of

lee;islation which would reGuire the preparation of a. ederal budget,

and put the financial affairs, of our government upon a more business-

like basis, and, second, during the past year, in the promotion of
plans for the reorganization of the departments.

Lost of the cost of this work has been met bj the individual
memberreof our committee.

We are, however, in need of assistance from

those who are interested in our program and believe in the work.
asked to get a few subscription

of e140.00 each,

1 as

ad hope you will be

willing to make a contribution of that emount.

briefly explains the situation.
aid?

Would you be willing to give Us your

if you feel unable to do so, I would aek you to return the en-

clued leaflet, which is specifically assigned to my list by number.
Sincerely yours,

J. Horace Herding, Esc.,
15 Bread St.,
New fork, N. Y.
BS:MW
Enc.




The encl




J. HORACE HARDING
15 BROAD STREET
NEWYORK

MAY 1 01921

May 9, 1921.

Dear Ben:

I am in receipt of your favor of the
28th of April, and take pleasure in enclosing
you herewith check for $100. for the Federal
Budget tlempaign, which I See by the papers is
peeting with success.
I have mislaid the slip you sent me,
so have drawn the check to your order.
Sincerely yours,

Benjamin Strong, Esq.,
Federal Resrve Bank,
15 Nassau Street,

New York City.




May 10, 1921.

Dear Horace:

certainly appreciate your contribution of
t100.00 enclosed in your favor of Mal 0, to the work
of the National Budget Organization.

It 16 fine to havn such generous support in
this undertaking, and your help is very much appreciated
by the Committee, AF well as myself.
With many thanks,

Yours sincerely,

J. Horace Rarding, Esq.,
c/c C. D. 9a,rney & Co.,
15 broad St.,
New York, N. Y.
GB:MY

0




-4"

ji




January 12th, 1K6.

Dear John:

Thank y_ra for the trouble you have taken

in recant to or reservations on the Rotterdam,
I enclose cheek for 507.50 to cover my

share of the coot and if there are any additional
charges, -s I think there may be, please let me
know the amount.

If you back out, I will make trouble for
you of a serious kind.
Yours,

Ur. John F. Herris,
15 Wall Street,
New York city.
BS Jr/VCM




IS WALL STREET

NEW YORK

January 27th, 1916.

C)

Dear Sir:Mr. John F. NarrigVdirects me to
acknowledge and. thank y9ti for the flashlight

sent him to-day.

Mr. Benjamin Strong, Jr.,
62 Cedar Street,
New York, N. Y.




January 27th, 191C.

Doar Cir:

The enclosed is sent you with a request
by nr. Otrong that you put it in your bag in the
event,that.you might have occasion to use it on
your 7:11ropean trip.

Very truly yours,

Secretcry to 1.1r. strong,

_r. Jahn '7.
15 ,411 Ctreet,
Ter York Oity.




15 WALL STREET

NEW YORK
27th January, 1916.

Dear

sir:-

to send you herewith
Mr. John F. Harris directs me
S/S 'Totterticket New York to Falmouth for
Holland-America Line
darn"

February 2nd.

Err. Benjamin Strone, Jr.,
62 Cedar Street,
New York, N. Y.
HINR

January 28th, 1916.
Dear John:

I met Captain Ginger, whose real name is Xeller and
who had charge of the Ritz service on the Holland-America line

at the Plaza last night and learned from him that he knows the
chief steward on the "Rotterdam" very well and Will communicate
With him about mu-' being on board.

As you live :It the A.aza

and doubtless know Captain Ginger, might it not be a good scheme

also for you to warn him of our presence on the boat, and I believe we can count on having every attention.
Very truly yours,

Mr. John F.
15

arris,

al1 Ttreet,

New York City,
BS Jr/VCM







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CSINEY5'-

4i)
H

MU

September 3,,1914

4 A914

W:,j°

fri
Benjamin Strong, Jr., Esq.,
President, Bankers Trust Co.,
'

16, Wall St., New York, N. Y.

Dear Sir:

Our New York office telegraphs us that you are working with Messrs. White, Weld & Co. on,the Savings Bank Association,
seeking to get the savings banks to aid in regard to the railroad
rates and that this is done in order to preserve the savings banks
and depositors from loss.

only wish to express my great sympathy with any such
move.

Good railroads are as essential to us as good food, and

indeed bring us the food.

Good railroads can't be had without

money and they can't get money unless they can make it attractive
to the investor, and the investor will not put his money in unless
the roads can pay dividends.

Also the railroad

well to pay interest on its bonds.
other.

must earn, fairly

It is a circle just like any

There can be no doubt about it, and as far as men who deal

in investments go, you may be sure, and it is stated on our authority,

that we shall advise nobody to buy railroad shares or railroad bonds
until the railroads get fair rates.




B. S., -2.
You may wonder why I write to you.

believe in team play.




I am

Most gratefully yours,

It is only because




14 WALL STREET,
NEW YORK.

September 27th, 1921.

ACKNOWLEDGED
SEP 2 9 1921

B. S.

Honorable Benjamin Strong,
c/o New York Federal Reserve Bank,
120 Broadway,
New York City.

My dear Mr. Strong:I have noted with considerable pleasure and
satisfaction your appointment as a delegate to the Conference
on Unemployment which opened yesterday at Washington.
Which
appointment I sincerely hope you can see your way clear to accept-and thus give to this important subject the benefit of
your valuable counsel and advice.
I am quite certain that the most important
aspect of the problem of unemploymenttin large cities is concerned with that of home development.
ing facilities everywhere are fully five years behind present
The recent subway extensions, in our city here, are
needs.
not affording the relief for which they were designed because
the outlying districts which they touch have not had the benefit
of any extensive building of homes.
I am sure that this situation will be referred
to in the Conference at Washington and in any plans which are
considered due consideration should be given to the need for
encouraging the building of homes in these outlying districts
where the land is not so expensive and can always be purchased
at a price far below the values where lands have already been
improved, and if proper inducements are made through reduction
In costs the prospect would be an inviting one for prospective
home owners through the conviction that such ventures, with proper
development and added building,would increase in valuation.
It, therefore, seems to me incumbentt, when considering these broad questions for our large cities to undertake
the work of extending water Pnd gas mains as well as electricity,
and that it is quite in line with the needs of the hour to oonsider
the effect of such extensions upon the industries involved in furnishing, transporting and handling the materials from the mines to
the finished work.

With these few words of suggestion and again expressing my pleasure at your selection as a member of such an



/91)
Honorable Benjamin Strong,
Page TWO:

-ew York City.

important conference and with kindest regards, I am
Yours very truly,

WTCC/BD







iser8e7 d'asLali dtiw b'N0,116'
irsJ.

1

Y ETIYOY

'.;eptember 29, 1921.

dear rr. Hoytt

I =Just in receipt of yew favor of the 27th instant.

Unfor-

tunately other enegemee.ts have prevented ad serving ac a meMber of any
of the sub -committee:: whioh ere now making studies of unemployment in a

verity of its aspects, but I shell Lope before the comforence ands to
have an opportunit;1 to take advantage of the suggestions you are good
enough to send.

As regerd to home building, I think it mnst be borne in mind

that at a time when there is a dintinct shortage of capital the world
around,lmas of that character are more difficult to negotiate, ana
there is competition as to both rates and Convenience with those that

are obtainable in other forms of attractive Investment, especiall. those
rid& are tax exempt like the bonds uf our stateemunicipalities.
You will be intereeted to know that the data compiled Oy the
Federal Reserve 3an3c of Nev: York from reliable sources indicates that

there has "oeen a yory considerable increase in building during this year
In and around New York City, and much the largest part of it has been

of that character.
Yours very truly,
olgate Hoyt, Esq.,

14 Wall Street, New York.
ES/RAB.







40,1

TELEPHONE STUYVESANT 8171

C.)

-0

NATIONAL BUDGET COMMITTEE
SEVEN WEST EIGHTH STREET
NEW YORK CITY

DIRECTORS
T. PRATT. CHAIRMAN
SAMUEL MCCUNE LINDSAY, VICE-CHAIRMAN
WM. M. CHADBOURNE. TREASURER
DR. NICHOLAS MURRAY BUTLER
JOSEPH P. COTTON
1-INI

R. C LEFFINGWELL
ALTON B. PARKER
HENRY L. STimsoN
MANN? STRAUSS
BENJAMIN STRONG
WILLIAM HOWARD TAFT
PAUL M. WARBURG

November 21, 1921.

STANLEY H. HOWE
DIRECTOR OF ORGANIZATION

SAM A. LEWISOHN
NEW YORK CITY CHAIRMAN

Hon. Benj. otrong,
15 Nassau. 6treet,

New York, U. Y.
Dear Dir. btrong:-

Will you be my guest at a luncheon to be given at the
Recess Laub, 60 Broadway on monday, november 28th, at 1 k.M?
Mr. oamuel McCune Lindsay, xresident of the new *York
Academy of xolitical Dcience, who has just returned from
t. Louis on the first lap of the transcontinental tour
that Mr. John T. kratt and other prominent men are making
in behalf of the national budget Uommittee, will report
upon the meetings held in rittsburgh, uincinnati, Indianapolis and Qt. Louis and the steps taken to effect local
organization of the national Dudget uommittee in each of
these cities.

klease make every effort to

attend.

Very trul

yo rs,

NEW i0HE CITY C
R.S.V.2.

ae7

mmib79-0(-A,




Aa4

i/o_y-

c&lo*,i

09a

1.

Transcontinental Tour of Prominent Busk. _JS Mei_ in Behalf of the National Budget Committee
Leaving New York Novena_ :r 14, 1921, "Aturning December 22, 1921.

Port

.dato,o

taat

Pos,,
3le "'tin

0 ,04.4.1Y

...aton

.ltz
114

S4.
.4/

..1:0$21.1.44"

4's 'I..

`4..

gane'

,ter .
Belfast

Marquette

:717::

Ishpenatng

sto.

CiZt

lled L.dge

'Manistee
uskegon
Cospe

24,4

Chadron
Dubuque
Fort Dodge
Waterloo

,onai

Rvanston
7..s.,LT LUCE CITY'

Rock Z°.

Allianco

Norfolk,

Cedar Rapids

Columbus

'NophiBould

Stock

Epk..nn

Fremp

North Platte.

Spaz,..rist4Fo.r1c."Provo

Grand Island,
Kearney.

.Bealrico

Fairbury.

Orion.

Leadville

Concordia.

. Colby

.ii000sPo

CIE
Akron'

Cant°.

Lim

Manstiold5.ube..4me
Wheelin
O
Columbus
gpringlield

ew"

KANSAS CITE

Ottawd

'Warsaw

Wichita

Search,

ST.LOITIS

Jefferson Citi

.Emporia

liewton

Garden City

s,

s.adus

Hannibal

Topeka.

'Scott.

a:drYford

Toledo'

,orant..

sbull

Atchison
Leavenwo

Saud,, CnPPle Creek
Ooray

.g.e.aord

DETROIT,

Jack.;

St.Joseph

Color.° Springs

l'isa11044P.hden,

Ottumwa
Burlington.

OMAHA

Lincoln

progon

, Ora. &nen
..etion

Clinton.
Davenport
Muscatine,

.00.

';'?it.t5Ete

srFro°

Lansing
Elk Bain

lirep.arie

;lint

srv, Rapids

look
uglas

ort Huron

.Arlington

tl

Pittsburg

Arkansas City.

Springfield

,ophn

.tb

,L08

'Forsyth

Nee

D

)8,,Q

Trilsa

s

Guthrie
Oklahoma

P.seott

4ea
%.San bre,

Antarill,

Asuevai;

Marianna

Hot Springs
Pine Bluff.

Durant

.0
Cheraw

Little Rock

. Ardmore

Sherman

Jonesboro.

,Ft.Smith

'Lan-tan

Wichita Falls.
Gainesville

Inbbock

'Fayetteville

Shawnee
Mc Mester.

Chiekasha

Altus

Ft.Gibson

Muskogee

0,0ngehurg
Charleston

Paris
'Fulton .Camden
Texarkana'

aufort

Greenville,

DALLAS,

Ft.Werth

Abilene.

Marshall.

Waxahaehie
Cleburne'

'Brownwood.

GENERAL DAWES declares that
"The crisis which confronts us all, as
business men, is as great as that when
the business community and all our
people

as

one

in

rose
support

Waoo

SaaAngeloe

SSD/VILLE

emple

Alexandria.
.13ryan

Tallahassee

Stixoletb.

Lake City.

Attain.
Del Rio

Saine"

Brenham'
Houston.

.SAN ANTONIO

*Lake Ch''''NEW ORLEANS
ALl ESTON

Tam/.

of

the Liberty Loans. For the welfare of
the nation money had then to be spent;
 for its welfare NOW it must be saved."


Shreveport

'Tyler
Falestine

CoraTcana

Corp-us Cl

Laredo

C6ternal Vigilance is the Price of 6conomy51
WARREN G. HARDING

Browns,

rge."

November 2, 1921.

Dear Mr. Lewisohn:

Mr. Strong has asked me to reply to your letter of
November :Pi, in which you extend an invitation to him to be your

guest at a luncheon to be given at the ReceEs Club, 60 Broadway,
on Monday, November 28, at one
I 510 sorry to say that Mr. Strong is ill at present, and

there is some doubt as to whether he will be well enough to attend
the luncheon.

I shall teleihone Mr. ileyers on Monday as to

whether Mr. Strong will be present.

Thanking you for your letter and invitation, I am,
Yours very truly,

Secretary to Mr. Strong.
,

c/o National Budget Cc.,mmittee,

7 West 8th St.,
New York, N. Y.
GB:MM




December 19, 1921.

My dear Mr. Lewisohn:

accept with pleasure ',our lunCleon

Invitation for December 22, at the Recess Olub,

at one o'clock.
Thanking you, believe me,

Yours very truly,

Sam A. Lewisohn, Esq.,
c/o National 'Budget CoPmittee,

7 Aeat 3th Street,
New York City.
GB.M11




TELEPHONE STUYVESANT 8171

NATIONAL BUDGET COMMITTEE
SEVEN WEST EIGHTH STREET
NEW YORK CITY

DIRECTORS
J

7C1 T. PRATT. CHAIRMAN
SAMUEL MCCUNE LINDSAY, VICE-CHAIRMAN
WM. M. CHADBOURNE, TREASURER
DR. NICHOLAS MURRAY BUTLER
JOSEPH P. COTTON
R. C. LEFFINGWELL
ALTON B. PARKER
HENRY L. STIMSON
MANNY STRAUSS
BENJAMIN STRONG
WILLIAM HOWARD TAFT
PAUL M. WARBURG

ACT<NOWLF,DliT
DEC 19 1921

STANLEY H. HOWE
DIRECTOR OF ORGANIZATION

SAM A. LEWISOHN
NEW YORK CITY CHAIRMAN




December 16th,
1

9

2

1.

Mr. George Beyer
Federal Reserve Bank
120 Broadway
New York city
Dear Mr.Beyer:

Will you be my guest at luncheon at the Recess
Club, 60 Broadway, Thursday, December 22nd, at
1 P.M.?

Mr. John T. Pratt is arriving in New York from
his transcontinental trip and will have some
very interesting information to present.
Very truly yours,

.100%r
v-i4irman,New York uity

Transcontinental Tour of Prominent Busin 3 MeriT n Behalf of the National Budget Committee
Leaving New York Novemh 14, 1921, eturning December 22, 1921.
l'ePuldic
Co./;llie

t Renteji

Re/ena
SEan ec

wisto,z

1.e,

Great

International Falis'tr\..

Xinot
413

Grand Forks

Crookston

Vinia

Glendive.
Dickinson

.,smarck.

da'

GibbonsviDe

Cs

RanS.T.

'Vane

Jamestown: -4.r.

arg0

Marquette
Ishpemn.g

ciLivzn,s ton

(
p.,s
RI.

Rod Lodge

*Weiqe,
Ca/dwell

"leo

eb.,X

Rexburg
Idaho Fans

o,vegu

Pocateik.

*lianistue

Green River

Frac,,,

, uglas

Rale.

Rawlins

Rock Springs.

,ort itsen

ar00,,

iturica

lainestovra

gtaunt..

Elea,

DETROIT.

Jack.);

Cedar Rapids

Clinton.
Davenport.
Muscatine,
.Otturnwa
Burlington.

r L4XR CITy

ao

.pliet

Ft. Collins.

st.

cal:0M

'Greeley

Boulder
.G./enwoodc'gS'prni
L
ut

jzovod,, Aspon

P4:18, 0,0

Leadvil/e
Gunnison.

..Colorado Sprat,

Cripple Creek

.F/orence
Puoblo

Garay

Rockyford

Filycennes

La Jul'.

Evensvi

Grand Tower

ity
Is

.Golds.s
vine . ........P.7.9utteveurberu.
.sa

Dalhart
Riversid
An.

Cheravr

mon

.0

Colurabif

elena

ALA

Wichita Falls.

Lubbock

Lug.,

Columbus.

Gainesville. S'airm n Paris

Greenville

Texarkana.
Greenville.

DALLAS.
050

Ft.Werth

Abilene.

Marsha

.Waxab.achie

Cleburne'

rose

as

one

in

support

phreV0pOrt

Jackson
icksburg

Tyler

Natchex
Hattiesburg.

.Waco

Temple.

Dryan

Alexandria.

-liSONVILLE

Tallahassee
.Pol,nstine

Lake City.

Austin

Brenham.
Houston.

*Lake

°Oaincsoill
Char'e'NEW ORLEAN

Sanford.

Del Rio

of

the Liberty Loans. For the welfare of
the nation money had then to be spent;
for its welfare NOW it must be saved."




San_Angeh,

CoreIcana

.Faleetine

'Brownwood

GENERAL 'DAWES declares that
"The crisis which confronts us all, as
business men, is as great as that when
the business community and all our

ce

''Vitt4e

SHIT a°

Lansiug

Hartvildo

Granger.

Ganyo?',

Rochester

pITLWAHEEr ,etaapids

Lush

Casper.

ee's,

°

'Aragon

c.7o°,f."Po

people

o

viater,'M

SO

'Or

ter

inattu'''16

E.-.

Wahpeto

1100

Belfast

Sault Ste.D1

Corpus Christi

o'ternal Vigilance Is the Price of 6conomy

'Laredo

WARREN G. HARDING
Bro

sv le

%.1erel.f.

AcKNOWI.EDOED

NATIONAL BUDGET COMMITTEE
340 MADISON AVENUE

SEP 30 1922

NEW YORK CITY
TELEPHONE VANDERBILT 1713

DIRECTORS

NE N YORK CITY COMMITTEE
SAM A. LEWISOHN, CHAIRMAN
STANLEY H. HOWE, VICE-CHAIRMAN
A. PARKER NEViN, TREASURER

JOHN H. LOVE
CHAIRMAN TRADES COMMITTEE

September 29, 1922

ADVERTISI sc

D. G. EVANS

ACCOUNTANTS
H. B. Cook
AUTOMOBILES

JOHN T. PRATT. CHAIRMAN
SAMUEL MCCUNE LINDSAY, VICE-CHAIRMAN
HENRY L. STIMSON, TREASURER
WM, M. CHADBOURNE. SECRETARY
M. A. ARNOLD
JOHN P. BURKE
NICHOLAS MURRAY BUTLER
WALTER S. DICKEY
A. B. FARQUHAR
LEROY HODGES
R. C. LEFFINGWELL
ALBERT L. ORDEAN
ALTON B. PARKER
ARTHUR N. PIERSON
MARRY STRAUSS
BENJAMIN STRONG
PAUL M. WARBURG

GLENN TISDALE

BANKERS & BROKERS

A. C. CHRISTIANCY

BUILDERS

ALEX S. W ILLIAMS

DEPARTMENT STORES
ANGELL H. BALL

DR, COLORS

MARCUS M. MARKS

Hon., Benj. Strong,
15 Nassau Street,

New York, N. Y.

EDUCATORS AND JUDGES
CHAS. T. TERRY

ELECTRICAL CONTRACTORS

My dear Governor Strong:

W. J. L. BANHAM

HOSIER,-

A. KEENEY CLARKE

The New York City Committee of the National Budget

LANY,Fus

A. PARKER NEVIN

LIGHTING FIXTURES

Committee has made arrangements for a dinner to General

LITHOGRAPHERS & ENGRAVERS
W. I. L. ADAMS

Dawes nt the Waldorf-Astorla Hotel on October 13th.

ALBERT WAHLE

We

I.umsER

J. B. TISDALE

MERCHANT TAILORS

are very anxious to have you present at the dais, if it

E. TWYEFFORT

IVIo,ING PICTURES
S. L. ROTHAFEL

is possible for you to be available on that evening.

It

OIL

HENRY FLETCHER

PAINTS, OILS & VARNISHES

would be fine if the directors of the Federal Reserve

PAWNBROKERS
BENJ. Fox
PRINTING.

Bank could arrange for a special table at the dinner in

PRODUCE EXCHANGE

recognition of the great services General Dawes has ren-

A. S. SOMERS

NELSON MACY

W. STIMPSON

PUBLISHERS

W. E. PULSIFER

dered to the nation.

REAL ESTATE

LAWRENCE B. ELLIMAN

REAL ESTATE-BRONX

Very sincerely yours,

J. CLARENCE DAVIES
R. J. F. SCHWARZENBACH

SPORTING GOODS
H. B. SPALDING

WHOLESALE MERCHANDISE
CHAS. A. SHERMAN

NS'om EN.s UNDERWEAR
HERBERT S. MARTIN




Chai reia n

TELEPHONE VANDERBILT 1713

NATIONAL BUDGET COMMITTEE
340 MADISON AVENUE

TRUSTEES

NEW YORK CITY

JOHN W. DAVIS
R. C. LEFFIN GW ELL
'L MCCUNE LINDSAY
J
T. PRATT
BENJAMIN STRONG

OFFICERS
JOHN T. PRATT. CHAIRMAN
SAMUEL MCCUNE LINDSAY. VICE-CHAIRMAN
HENRY L. STIMSON, TREASURER
WM. M. CHADBOURNE, SECRETARY

NEW YORK CITY COMMITTEE

PAUL M. WARBURG

SAM A. LEWISOHN, CHAIRMAN

JOHN G. AGAR
GEORGE GORDON BATTLE

L. M. BOOMER
WILLIAM C. BREED
JAMES BROWN
J. CLARENCE DAVIES




HOWARD S. GANS
MRS. RICHARD MARCH HOE
HENRY HOLT

WILLIAM H. JOHNS
CLARENCE H. KELSEY
ARTHUR LEHMAN

DANIEL E. POMEROY

JOHN J. RIKER
L. F. LOREE
SYDNEY E. M EEES
JEREMIAH M ILBANK
ACOSTA NICHOLS

DEAN SAGE
H. SCHN I EWIN D, JR.
ROBERT J. F. SCHWAREENBACH
CHARLES STRAUSS
HENRY R. TOWNE
HARRY E. WARD

ACKNOW I EDOED
November 27, 1923

NOV 3 0 1923

R
Governor Benjamin Strong
Federal Reserve Bank
16 Nassau Street
New York City
Dear Governor Strong:

k'meeting of the Aew York City Committee of the National Budget Committee will be held at
1 P. M. at the Bankers' Club, 120 Broadway, on Wednesday,
December 5th, and I would very much like to have you as
my guest at luncheon.

Hoping to have the Pleasure of seeing
you, I remain
Sincerely yours,




November 30, 3.923,

1.71 dear 1dr, WiSald:

It is with regret that I advise that absence from the
city the greater part of next week will prevent my accepting
your luncheon invitation for Wednesday, December 5, at the

ban4cers Club, in connection with the meeting of the New york
City Committee of the National 3n0404,pommittee

Yours very truly,

Ile, Sam A. Lewisohnt
National 3udget Committee,
340 Uadison
New York, N. 7,

TELEPHONE VANDF_RBILT 1713

NATIONAL BUDGET COMMITTEE
340

TRUSTEES
JOHN W. DAVIS
R. C. LEFFINGWELL
S
"L MCCUNE LINDSAY
.. T. PRATT
J
BENJAMIN STRONG

OFFICERS

MADISON AVENUE

NEW YORK CITY

JOHN T. PRATT. CHAIRMAN
SAMUEL MCCUNE LINDSAY. VICE-CHAIRMAN
HENRY L. STIMSON, TREASURER
WM. M. CHADBOURNE, SECRETARY

NEW YORK CITY COMMITTEE

PAUL M. WARBURG

SAM A. LEWISOHN. CHAIRMAN

JOHN G. AGAR
GEORGE GORDON BATTLE

L. M. BOOMER
WILLIAM C. BREED
JAMES BROWN

J. CLARCNCE DAVI.

HOWARD S. GANS
MRS. RICHARD MARCH HOE
HENRY HOLT

DANIEL E. POMEROY

DEAN SAGE

JOHN J. RIKER
L. F. LOREE

H. SCHNIEWIND, JR.
ROBERT J. F. SCHWAR.NBACH

WILLIAM H. JOHNS

SYDNEY E. ME.S

CHARLES STRAUSS

CLARENCE H. KELSEY
ARTHUR LEHMAN

JEREMIAH M ILBANK
ACOSTA NICHOLS

HENRY R. TOWNE
HARRY E. WARD

December 12, 1923

t,E13003
NCKNONN
DEC 2

Governor Benjamin Strong
15 Nassau Street
Nev York City

B.

My dear Governor Strong:
At the luncheon of the City Committee last Wednesday, the question of a dinner to General Lord, Director of the
Bureau of the Budget, was discussed and arrangements made to prepare for such a dinner to be held at General Lord's convenience,
probably during the lattdr part of January next.
General Lord has
already signified his willingness to attend at that time.

Recent attacks upon the national budget system
and particularly that made by Representative S. Wallace Dempsey of
Buffalo, New fork, came in for a considerable share of the discussion and it was decided to urge every member of the City Committee
to address their representatives in Congress, calling upon them to
preserve the integrity of the national budget..
Several representatives of the Trade Committees
having pledged their organizations to raise 4250 a year for the support of the National Budget Committee, it was agreed that the Chairman should call upon all chairmen of Trade Committees urging them
to take similar action.
Regretting that you were not able to be with us,
I remain




Yours sincerely,




/

.




Decenber 24, 1923.

My dear Mr. Lewisohn:
If possible for me to attend the dinner to

General Lord I shall be glad indeed to do so, but I
am unable to go out much in the evening and may not
be able to join the party.

Was sorry to miss the luncheon, but was detained in Washington.
Sincerely,

Mr. Samuel A. Lewisohn,
340 Madison Avenue,
New York, N. Y.
-




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expv.

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7;'1)

MEMBERS OF THE NEW YORK STOCK EXCHANGE

MORGAN,LIVERMORE & Co.
71 BROADWAY

NEW YORK

October 28, 1925.

Benjamin. Strong, Governuz,

.eral Reserve -Bank of New York,
33 Liberty Street,
New York 7. .
- dear Governor:

I am' anxious, if possible, to have a few
moments1. conversation with Dr. Schacht in regard to
Central European financing in which my firm has been
moderately active during the past year. When I was in
Berlin last year I and my partner, Yr. ::ahn, had a long
conference with Dr. Schacht at that time and I would be
very glad to get his views again which were very helpful in our first interview
Yr. Paul Jarburá inforqns me, that you are in
continuous touch with Dr Schacht, and I am therefore
taking the liberty of asc.ing you whether you could
possibly arrange for a reeting with him. I will put
myself at his disposal ia;t any time that is convenient
to him. An answer to the above address will always
reach me.




lhanking yu for your courtesy in the matter,
Yours Iaithfully,

JB

J. Forbes Morgan.




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7,

DISCOUNT HOUSE
OF

SALOMON BROS. & HUTZLER
27 PINE STREET

New York, June 28, 1920.

i. J. H. Case,
Acting Governor, Federal Reserve Bank,
New York City.
My dear Mr. Case:

On or about May 10th United States Government Certificates were being
traded in at rates ranging from 6 1/47 to 6 1/2% per annum to the buyer, and many
certificates which were in the hands of institutions were more or less unsaleable.
At this time you decided that it was essential to have investors feel
confident that certificates of the United States Government could be sold when
necessity required, and decided to permit ustto establish an open market for
certificates, in conjunction therewith making advances on certificates, which
enabled us to meet the needs of sellers until sUch a time as we were able to distribute our purchases to investors.
This decision of yours has successfully stabilized the market for
Lnited States Government Certificates and notwithstanding that call money has
ruled during the past week from 8%. to 12% per annum, certificates are now being
placed with investors at 5 1/27 per annum for September's and 5 3/4% for December
maturity, and at this writing there is no urgent selling of certificates.
This change in the situation proves conclusively how much your policy
has done for the certificate market, and it may be interesting for us to tell
you the amount of certificates we have placed from May 10th to date, as follows:
:4', 8,541,000 certificates, due June
10,795,000
"
July

4,437,000
57,408,000
2,884,000
151,000
19,651,000
120,000
649,000
1,013,000

It

"
"

tt

"
"
"
"
"

15,
1,

July
Sept.
Oct.
Nov.

15,
15,
15,
15,
Dec.
15,
3,
Jan.
March 15,
15,
June

1920
1920
1920
1920
1920
1920
1920
1921
1921
1921

A total of 0105,649,000 having been placed with investors.
It may be possible that in the future importunities of sellers may require us to borrow from you for a few das, but we hope that these loans will be

of short duration and that we can continue to place certificates with corporations%


- 2 -

etc., where they will find a resting place until maturity.
in connection with the foregoing and in order to make certain large
buyers feel that certificates are readily saleable and to meet their requirements
of maturity, we have contracted to repurchase V7,500,000 certificates at the option of the buyer, as follows:
Contract made June 4th on 42,000,000 U. S.
Government Certificates, maturing Dec. 15th,
1920, buyer's option to return any date on
or before July 1st to Sept. 1st, by giving
us 2 days notice.
Contract made June 21st on 42,000,000 U. 3.,
Government Certificates, due Sept. 15th,.
1920, buyer's option to return to us any date
after August 20, 1920, on 2 days notice.

Contract made June 23rd on 3,000,000 U. S.
Government Certificates, due Dec. 15, 1920,
buyer's option to return any date after Nov.
15, 1920, on 2 days notice.
It may be possible if these certificates are put to us on the days
mentioned, we may require advances from your bank for a few days, so that we can
replace them.
With assurances of our appreciation of your confidence in this matter,
we remain,
Faithfully yours,

(Signed) Salomon Bros. & Hutzler.

AKS : G







DISCOUNT HOUSE
OF

SALOMON BROS. & HUTZLER
lf.E.MBERS OF THE NEWYORK STOCKEXCHANGE
wroEs

SIXTY WALL STREET
NEW YORK

,IIT,ADELPHIA

BOSTON
AND

TO

Cm _,.00 OFFICES

\////

(GOVERN IA ENT BONDS)

RATE

SECURITY

+-Liberty Firs'
13

Second

9/15/28
A-016 10/15/38
A-015 10/15/52

Third
Fouith
U. S. Treasury Bonds

M-S15

11

11

2s
4s
2s

11

It

Panama Canal

2s

11

It

it

Regd.

ft

Conversion

PAYABLE

J-DIb 6/15/4V
J-D16 6/15/47
M-N15 11/15/42

converteo

!1J S. Consol

I NTEREST

3s
3s

Quar.

guar.

Quar.
Quar.
Quar.
Quar.

U84".

BID

DUE

98 27/32 98
99 15/32 99
99 14/32 99
99 31/32 100
99 16/32 9.9
100 10/32 100

4/ 1/30 lo2g
2/ 1/25 101t.
8/ 1/36 1021
II/ 1/38 102i
90i
6/ 1/61
I/ 1/46-47 91i

TIMED STATES TREASURY CERTIFICATES

NOTES

6/16/24 100
6/15/24 100 11/32
51
0
Notes
ft
9/15/24 100 23/32
M--S1.5
5.
4i J-D16 12/15/24 100 3/16
Ctfs.
100
4s M--S15 3/15/25
100 2132
M-Slb 3/16/25
411
Notes
6/15/26 100 13/32
41;
ft
100
3/8
41 J-D15 12/15/25
II
101 1/16
M-S15 3/15/26
100 3'32
41 M--S3.5 9/15/26
ft
101 15/32
M-S15 3/15/27
101 1/32
a-D15 12/15/2/
Exempt from Federal Income Tax both Normal and Surtax.
Excempt from Federal Normal Income Tax.
S.

Treasury Ctfs.

TELEPHONE
WHprE HALL 4700

4s

ft

H

Circulation Bonds.
Federal & Joint Stock Land Banks.
Federal Intermediate Credit Bank Debenture Bonds.

OFFER

YIELD

3,57
4,29
4,29
1 32 4.24
18/32 4,29
13/52 423

29/32
17/32
16/32

103i
101i
103i
103i
92

29. 1924

93i

1.40
2.40
1.62

1.63
3.38
3.41

18 3.36
100
100 15:32 5.42
100 27/32 3.61
100 5/16 3.79
100 332 3.90
100 25./32 3.91
100 17/32 4.04
1/2 4.06
100
316 4.11
101
100 7/52 4.15
101 19/32 4.17
3.01 5/32 4.16




tti "4464

4

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4ctober

CABLE ADDRESS: SELIGMAN NEWYORK.

4, 1915,

INs/J

0 006

ROM




M

cr?:1121VI Strong:
dear Mr.

On returning to the office this
morning, I have your letter of the let in
reference to the German-American Chamber of
Commerce.
I had the pleasure of discussing
this matter with you at the Metropolitan club
on Friday evening and I have nothing further
I shall ascertain from the office
to add.
why the Chamber has not accepted my resignation.

I do not wish to be misunderstood
as throwing any discredit upon this organization, but as I told you, I was induced by a
prominent merchant and mutual friend in Berlin
to accept the treasurership, and I really have
little or no knowledge of what has been accomplished by this Association/
Very ,cruly yours,

117"
Benjamin Strong, Jr., Esq.,
Federal Reserve Bank,
62 Cedar Street, New York.




Ai

,L

f

II BROADWAY

CITY OF NEW YORK
ti 1

7(1

August 13, 1914.

.AUG 1 5 1914

Dear Mr. Strong:

Enclosed please find a me orandum with regard to
the cotton situation as I see it.

I sent a copy to Mr.

McAdoo..

Will you please read it on your way to Washington.
I hope you will approve of some of my suggestions.
If you do, use them in any way you think best.

Let me express my thanks for the splendid work you
and your fellow bankers have been doing.

You have taken a

good deal of the burden of the situation off my shoulders.
Yours very truly,

(Enc.)

Benjamin




Strong, Esq.,

c/o Bankers Trust Co.,

16 Wall Street, New York, N. Y.

ON WILLING OUR SURPLUS COTTON AND FOODSTUFFS.

There are certain difficulties in selling and getting cash for
our surplus products because of the-war in T'lurope.
Foodstuffs urope must have or many of its inhabitants will starve.
Cotton for export will be wanted to a limited extent because on the Continent
most of those who manufacture raw cotton into goods are at the war and only
the women, children and old men are left to work the spindles. Below is a
table showing the crop and exports of cotton for the year 1912-13:
ConsuMed in the Unired State*,
5,470,269
Expoxted to Great Britain,
3,604,147
" France,
1,008,416
" Germany,

" other Continental cities,
" Mexico and Japan,

2,600,000
1,008,993
411,93? 8,633,488
14,103,757

As Great Britain, France and Germany for the season of 1912.43

took 7,200,000 bales, it is safe to estimate that the exportation to those
countries, if the wax continues for any length of time, will be reduced onehalf, This will leave 3,600,000 bales of cotton which must be arranged for.
It is probable during the next twelve months that the spinning of
cotton in this country will be increased say 1,000,000 bales. This will
leave 2,600,000 bales which must be carried until such time as we in this
country can spin it or the European war is finished and they are in'such condition that they will take it abroad.
If the above figure's are correct and this 2,600,000 bales is to be
sold by the producers and bought by speculators, the price of cotton will
fall before the price of production and the entire cotton district in this
country will be crippled. The price for spot cotton middling has fallen in
new York City within the past two weeks 1
Liverpool.

er pound and 10 per pound in

SUGGESTIONS.

The movements of our crops abroad must be started at once,
otherwise we will be blocked up with produce which cannot be sold. Unfor1.




2

tunately American ships are few and far between and unfortunately the ships
of the countries not at war are also comparatively few. Congress is now
Daesing some legislation by which the American flag can be flown over foreign
bottoms unaer certain conditions. The legislation should be pushed with all
speed. Tt is expected that France and England will soon partly destroy and
partly bottle up the German Navy so as to throw the seas open to English and
French ships.
That the Federal Government take the war risk on cotton shipped
abroad. Belgium has already announced that it would take the war risk on
foodstuffs shipped to that country and it is reported that 7.ngland has done
the same. They do this because foodstuffs they must have, but they will not

take it on cotton because for the present they can do without it.
That the Federal Government or the Federal Reserve Banks ad-

vance say 8, a pound on this 2,600,000 bales of cotton, taking as security
warehouse receipts. This will be 440 a bale and will amount to say
$104,000,000, If this is done cotton will not fall below 8, a pound because
any producer of cotton can secure 8, a pound as a loan. He will therefore
not sell it for a lees amount.
There is no question but what the world year in and year out can
and will use 14,000,000 bales of cotton raised in the United States. Any
deficit in the spinning this year will be m4de up in subsequent years.
l'herefore the 2,600 000 bales referred to above should be carried until after
the war is over, when it will be used.
It may be claimed that if the Government or Reserve Banks are to
carry cotton for the cotton farmer they ought to carry wheat ana other foodstuffs for those who produce them, but this is not so. The price of all
foodstuffs because of this war will advance enormously and the price of
cotton, unless the grower has assistance to carry the surplus crop, will
also fall enormously.




9W
ii BROADWAY

CITY OF NEW YORK

ci

August 17th, 1914,
tr161 6191W

64

Dear Mr. Strong:
Thank you for your

let1

g

te

I quite appreciate that

0

cotton producers are helped carry

cotton the producers of other commodi ies

am satisfied as the seas will be open

t 15th..

ill want the same help, but I

commerce that there will be such

t

an enormous demand for foodstuffs their price will rise greatly and with
a riming price they certainly cannot ask for loans from

With cotton it

is

entirely different;

the

Government.

the price Will fall and I fear that

it will fall below the cost of production and that there will be financial
disaster

throughout the South which the

bankers and others in this country

must feel.

You speak of the increased consumption of our mills and that this
will take care of the

surplus

cotton better than the

Planters anticipate.

Let me call your attention to the fact that the United States of the 19121913 crop consumed approximately 5,500,000 bales, that in my very conservative estimate there will be of the present crop 3,600,000 bales to carry
over.

Surely it cannot be possible for

the mills of

the United

States to

increase their capacity some 70%as you suggest.

I will ask Mr. McAdoo to invite me to the Cotton

if he does so I will try to discuss with
ter, which as you say is most difficult.
Yours very

Benjamin Strong, Sr., nsq.,




Bankers Trust Company,
1A VL-11

^J.-

Conference and

him and those present this mat-

truly,

Apy of cablegram sent to Sir Edward Holden, London, on August 28/14.
"Considered here surplus crop this year may exceed three million baler.
Plans now well developed for enabling southern banks carry over surplus
but personally consider prices must and should go lower. Much depends
on consumption by English mills. Personally believe lower prices will
greatly stimulate American mills consumption and high cereal prices
tend to reduce next years crop. Important that English cotton buyers
should arrange credits which will insure discount long bills or handle
through New York credits. Our Stock Exchanfe cannot reopen for some
time, should think opening yours would be dangerous. Extension
moratorium should be considered with regard to effect on American
commodity bills unless payments can be arranged in New York. Demand
for exchange insistent, situation otherwise improving".
Copy of cablegram received from Sir Edward Holden, September 1, 1914.

it is

"Your cable twenty seventh thought cotton trade will be very
quiet for month or t,o, difficulty zt present in arranging for delivery
of goods to eastern buyers. spinners also refraining from buying
because expecting raw cotton cheaper in near future, closing of cotton
exchanges prevents qaotatior,s being properly tested."







-

,',0711e/11)

(

/?-(211

V-%6?(OlqWaV

(:=3;4%9eAugust

1, 1914.

-eva-441,7410($',

Benjamin Strong, Esq.,
Bankers Trust Company,

New York city.

Dear Sir:Enclosed please find list of Cotton Exchange officers and Managers.
Yours *cry truly,

nJ/f
Eno-




larrfwlem
OFFQEYIS

Edward K Cone, President...Room 74.Cotton Exchange Bldg
Henry H Boyce, Vice FresiXentionoom 55-Cotton Exchange Bldg

James F. Poury, 'rreaeurer, Cotton Exchange Bldg

Elwood P. McPnany..Secretary, Jay Bond & Co..56 Beaver Stf-Delmonico

LSBaohc

42 Broadway

ReCairne

20 Exchange P1

Naerpenter
Edward ;foramen
iHHubbard

CHKittle

jaonadale

Utondelbaum

Elienany

nAtaller

&Rice
CERidi Jr
?Schwarz
WIShutt
Wal_45re




17 sAlliam
Room 27..Cotton Exchango nldg
Boom 510.isiffee Exchange Bldg
43 xchange P1
111 Broadway
Cotton Exchange

Jay Bond a Co..56 Beaver St
50-Cotton Exchage Bldg
27 William
4161...C3ffee Exchange

11-.19 William St
66 Beaver St
Cotton 1:xchango Bldg




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4-

IP

Ii2Ati411

'

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c__Yrro

--:,/i:eeelrl/ccie,e77
January 8, 19.16.

CABLE ADDRESS. sELIGMAN NEWYORK.




FS/EJ

Mr. Benjamin Strong, Jr.,
62 Cedar Street,
New York City.
Dear Mr. Strong:

Thank you for the book which reached me
yesterday; I am glad that you enjoyed it.

I shall certainly be glad to give you a
letter of introduction to Mr. ,:iithers, and to let him

know that you will look him up.

I am enclosing such

a letter, although I know that you may not be able to
carry out your intention of going abroad.

In any

event, I hope to see you before you leave.
Faithfully yours,

Enclosure.

51-f.d0=5.5




,ianuary 6, 1916*
FVEJ

r* Hartley Withers,
Treasury Chambers, rhitehali*
London, 54) W*, England*

Dear.Withers:

Ur* Bommin Stroiig, Jr*, Goyrnor of tho
Federal I:csorvo Bank of 'Iow York, expects shortly to
be
)
Landon
b17 early
February,
hough it
is
ible that .teri of ti tance may p vont hit
.

going.

As you know, the position of Governor of
the Federal Eeserve Bank of Nem or is an important

one, and Mr. Strong is very well qualified to fill it*
;le is, :7, oreover, a charming fellow =4 I know you will
v glad to meet him, and I want him to know you,

I

have therefore given him a letter of introduction*
Stronir it always hungry fcr knowledge,
and I know that you can cupply him with the information
that he desires* He 3. u man Who is interested in the
,1

theory of hie work as well as in the pruotice, and. this
yon will find in him an adaod attraction*
With many good wiollec, I .m, my dear Withers,

Faithfully yours,




January 10th, 1916.

Dear Mr. Strauss:

I am most grateful to you for sending me a

copy of the very nice letter that you wrote to :Tr.

-4th-

ers and for your letter of introduction which I shall

take great pleasure in

presenting.

I have long wanted

to meet Mr. Withers and this will be a splendid opportunity to make his acquaintance at a time of great interest
to such a student of economics as he is.
Could you take dinner with me some evening the
latter part of this week, or th

early part of next week?

This would be my only opportunity before leaving for 7Urope,

as I expect to go

to Wahhington next week and will be gone

some little time.
'incerely yours,

rederick -,trauss, "sq.,
0. 1 illiam Street,
-ow York City.
133 Jr/VCM

April 28, 1921.

Dear Strauss:
Here is another bothersome matter where I am making the only

exception to what is otherwise an invariable rule; never to solicit a
subscription to anything.
I have been interested, since its organization, in the Committee
which iE pushing for bound budget legislation by Congress.

We are really

making some progress, and I suppose it is not unreasonable for me to be

guilty of asking you to make a contribution to the work, if you have not
already done so through some other member of the committee.

The enclosed pamphlet gives some description of the activities of

the organization, and if you feel that you could spare t.100.00 to help us
along, I would deeply appreciate it.

If you cannot do so, will you be good

enough to return the enclosure so that I can lie3ke use of it elsewhere, as it
seems to be numbered and identified with me as a member of the committee.

Yours very truly,

Frederick Strauss, Esq.,
54 Wall St.,
New York, N. Y.

BS:W

Enc.



J. a W. SELIGMAN

CO.
54 WALL STREET

TELEPHONE HANOVER 1690
CABLE ADDR EBB: SELIGMAN. NEWYORK




NEW YORK

April 27, 1921.

FS/EJ

4
APR 2 8 1921

Hon. Benjamin Strong,
120 Broadway,
New York City.

Dear Strong:
I have your letter of April 26.

I think you at one time knew, but no doubt had forgotten
it, that I am a trustee of the Institute for Government Ttesearch, to

which I am a contributor to a considerable extent.

This

Organization,

which antedates that of the National Budget Committee, is at work on similar 1:nes.

I have always thought it somewhat unfortunate that the

National Budget Committee should have been started instead of having the
gentlemen connected therewith join our own Organization.

I am aware that

these two activities do.not wholly overlap, but one organization, in my
judgment, would have been much better.

However this be, as I am already

contributing to the work in question, through the medium of the Institute
for Government llesearch, to which my allegiance is due by reason of my

connection therewith, I would rather not contribute to the National Budget
Committee.

I know you will understand how I feel about the matter and
I am, with good wishes,
Faithfully yours,

r.s.-

As requested, I return you herewith the pamphlet which you sent me.

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April 21i, 1921.

Dear Strauss:

Thank you for your note of the 27th.

I thoroughly

understand your

position.

had overlooked the fact that you were a trustee

of

the

Institute for

Research, and, of course, on that account you are certainly doing your

Government

share in this work.

It may well be that a combined organization would have been preferable

to these two separate organizations, but I hope you recognize, as we did, that the
of

functions

the two organizations were really intended, at least on our

to be entirely distinct from each other.

The Institute for Government Research was

engaged in making studies of an important character

a plan for a federal budget.
propaganda.

into various

matters, including

We went cut frankly, and without apologies, to conduct

Both organizations I feel have accomplished a

in a sense complements to each

part,

great

deal, and

they are

other.

I unfortunately have been so engaged, and absent as well, that I could not

give much personal attention to the activities of the

committee, but I am firmly

convinced that the work was worth while, has accomplished a

good deal, and should

be continued.

It is my understanding that
If they are not,

the organizations are working in harmony.

we should insure that they are, and I will be glad to do anything

necessary to that ead.

With best wishes,
Sincerely yours,

Frederick Strauss, Esq.,

c/6 J. & W. Seligman & Co.,


S4


W1 St..




i

.

*uuNg4tintat {gunk

eti7*

ADAMS,

KERBERTH.WAITEIDEN,
RUFUSW.RIPLEY,ASWER.

W. H.

NIL, 0

I

Marc

4

Ftlicteraf 1Reserve

Bank,

;;or.;4,,

yrewARea
l
iFt/Ae,

to. 101
otk

llY1Tew York.

Gentlemen:-

Replying to yours of the 9th., you have not received
your temporary receipt representing payment of 50 % of our

subscription to 60 shares of your stock
we have at the present time to show for

because it is all
the payment.

When did you mail ts the permament stock certificate that your latter seems to imply you have forwarded to us ?

We

Rail

to find that we ever have received it. The temporary

certificate is all we have and aft that has ever reached us
so far as I can ascertain.




Very truly yours,

President.

A. 0
I

idt-0

rearm

DT

1$1011
IMINEAL

nign




March 9, 1917.

Citizens National Bank,
Adams, New York.
Dear Sirs:

We aPparently have not received from you
temporary receipt representing payment of 50% of your

aubscription

to 60 shares of stock in the federaLLRe-

serve Bank of New York, nor have we received receipt

covering 50% paid permanent stock certificate recently

sent you in lieu of the above

mentioned temporary re-

ceipt.
As we are desirous of having our records complete, we would thank you to return these papers at your
earliest possible convenience.
Very truly yours,

Cashier.

AJL/L135.




1917.

Gitizens National Bank,
Adams, New York.

near Sirs:

We aro in receipt of your favor of the 10th instant in Which you state that you apparently have not re-

solvod from us porronent capital stook certificate, and,
in view of that fact, are withhoLlini; your temporary rev.

ceirt.
We find that on or about January 20th we sent

you per-lenent stock certificate No. 1 for Sixty shares of
capital stock of tho 2e1oral Reserve AmAk of New York.

Will you kindly make a thorough soarcL: for this

certificate and advise us of the result.
Very truly yours,

Cashier.

114B

(zon
H.OSBORN,VICE PRESIDENT.

5;1.,




ational

Neat Wait iliva

ank

if Nov 'lark

RL,FUS W. RIPLEY, CASHIER.

DEM

lArnaeleiii

March 14, 191

Reserve Bank,

RECEIVED
MAR 15 1917

lievWYork.

Gentlemen:-

We have made a thorough search of our sap: and
vault today and fail to find that we have received the
stock certificate

ro.

1 for sixty shares of your stock

which you state in yours of the 12th. that you mailed
to us on January 20th.

Likewise we have been through our letter files
from January 20th. to date and do not find any letter
from you which accompanied the stock certificate.
It is certain that the certificate has never
feached us. I have never seen it,nor has our cashier,
and all our mail passes through my hands or his daily.
Yours very truly,

President.

V:

Afar- I

DEXED

tete TitiztAt;gfatitrnat Vault
AD A /47g, N.Y.

HERBERT H.WAITE, PRESIDENT
W H.OSBORN VICE pPES,IDE.NT II RUFUS W RIPLEy,CASHiER

C.*

1,317

WI

eserve Bank,

VW& ft.T,

New York.

Gentlemen:
In answer to yours of the 21st. regarding
the issuing to us of a duplicate certificate for the
stock scrip you mailed us and which failed to reach us,
we will, of course, hold you harmless if you issue us
the duplicate certificate, and in case the original
should be found would return to you the duplicate one.

But I never,pect to see the original as

tt is certain it hat come into our possession.

,dits very truly,

President.

9




d:




eh 21, 1917.

Citizens National Bank,
Adams, -. Y.

Dear Sirs:

We are in receipt of your fever of the 14th
natant in which you state that you have not received

54) paid stock certificate No. 1, representing 60 Shares
of capital Stock Of the coederal 'Reserve Bank of New
York.

We will issue you a duplicate certificate.but

in order to fully protect ourselves in case the old one
should be recovered we would thank you to write us a

letter agreeing to hold us harmless in case the original
certificate should be found.

Upon receipt of this

agreement we will forward you a new certificate.
Very truly yours,

hier,




ACkNOWLEDOED
MAN, SACH S & CO.

11AY 1 C 1994

30 PINE STREET
NEW YORK,

WC .G

March 25,

992.

Mr. Benjamin Strong,
Federal Reserve Board,
New York City.
Dear Mr. Strong:

I was keenly disappointed not to see you last
week, but I learned from Mr. Snyder and from Yr. Paul M. 7arburg
something of the objections which you had to the article that
Poster and I have written for the Harvard Business Review. We
have made changes in several places in the manuscript to meet
your views, and have also inserted the following paragraph:

4

"Still it must of course always be borne in mind
that the utmost the Federal Reserve Board could do might
be of little effect unless important influences beyond their
There are occasions when
control worked toward the same end.
nothing the Board could do would be of far-reaching effect.
On the other hand, there are times, such as the Spring of
1923, when their action might afford the needed leadership or,
in view of the attendant circumstances, might be a sufficient
contributing cause to accomplish ple purpose."
Foster and I are extremely sorry to hold a view with
As you know, we have
regard to policy which differs from yours.
great admiration for the magnificent work which has been done in the
Federal Reserve System, and particularly in the NEW York District.
In expressing our views we wish to narrow our differences to the
minimum and I hope that we have succeeded.
The National Monetary Association is outlining a program which involves no more than what I have said jointly with Foster
in the article for the Harvard Business Review. I cannot attempt to
dissuade the Association from pursuing this program, although I have
in the past succeeded in convincing the Association that many things
that some of the members of the Association would like to see done
On the other hand, I can have no active part in
should not be done.
the program for I cannot contemplate being active in any program which
It is one thing
would not have your support arid that of Mr. Warburg.
to hold views, and quite another thing to urge action on those views
where that action would be regarded as embarrassing by men having an
active part in the Federal Reserve--men for whom I have a high regard
and naturally want to support. I have, therefore, decided very reluctantly to resign from the National Monetary Association. I am advising
you of this decision because it has been vary pleasing to me. to know
that you were glad to see me active in that Association.




With wannregards, I am,

Yours very tr

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