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tAx40,70i

.i.sonal and Confidential;

October 10, 1918.

Dear lir. Alloox:

The question contained in your letter of October 10th is a most difficult
one to answer, and I shall do so to the best of my ability, and, if you please,

rather confidentially as the discussion of some features of this matter Should not
be made publicly.

Our Congreas has authorized, as you know, a large sinking fund for the
purpose of insuring a stable market for the bonds ard the Treasury is, in fact, from
It

time to time, purchasing bonds in the market to insure reasonable stability.
has, alse, authorized the

lar Finance

Corporation, which has a capital of

4500,000,000 to purchase and deal in Liberty bonds.

If large numbers of people are

induced to purchase more bonds than they can expecteventuallT to pay for, barring
accident, illness, or unexpected demands, and then immediately turn around and

sell then, it simply means that the
voted to repurchasing
a discount, as some
vide

the

the

money raised by these loes-,, is

in part, de-

bonds and that those who subscribe if the bonds sell at

of them now

are selling, accept a loss, but really do not pro-

Government with the net sum of money.
0.11

the other hand, it is absolutely

essential

that every subscriber to the

bonds shall clearly understand that there is no restriction whatever upon selling

them.

There is a

point where it is unwise to over-subscribe, and, on the other

hand, it is undoubtedly necessary

that

many subscribers shall borrow money in

to carry

their bonds.

with the

express intention of immediately

be made.

ing them.

available.



My own view has been

right

subscriptions filed

along that

selling the bonds

in

Those who buy the bonds should do so in the hope and

If, however, they

are obliged to

order

the market should not

expectation of keep-

sell them, they should have a market

2

In my awn case,

limit of my ability, and,

7illiam G. Allcox,

I have purchased

10/20/18.

sq.

bonds of the first three loans to the

in the last loan, borrowed money for a few months, which,

later, I was able to repay as the result of economies in my personal expenditures

and because I had

securities falling due.

In this loan, I propose to do What

others are being asked to do, double my previous subscription, borrowing what is

necessary in order to do so and paying out of such economies as I can effect and
out of some maturities which do not fall in for nearly a year.
not enable me to entirely repay my loans and

mands of

meet heavy taxes

Even this will
and necessary de-

our ,r,ar charities, but I shall trust to the future to work out the

problem and the complacency of the banks so

that I may keep my bonds at any rate

as long as the war lasts and to the greatest extent possible pay off my loans out
of economies.

hat else can one say than this?

These great

Government loans can

only succeed if the war lasts for a long period as the result of rigid economy
practiced by all of our people, and, to bring that about, we are proposing, when
this loan is placed, to start an intensive, thorough-going campaign to teach people
how to save.

Will you not consider this letter quite personal to yourself, and
Very truly yours,

William G.

Will,cox

Esq.,

StreG
New York, N. Y.

BS/Ma




oblige,

October 15, 1918.

My dear ;Ir. Willcox:

I am very glad that you understood my letter, as you clearly

do, and let me say that it will take at least a
my loans, and I haven't the slightest

year for me to

liquidate

intention of selling a bond.

I

have not sold any bonds that I have purchased of any issue, except the
first, which, as a member of the Liberty Loan Committee, I was obliged
to turn over

to make up

shortages as did all the other members of the

Committee and the financial interests of the city.

Making a public statement

contains the possibility of trouble

in creating just the impression we seek to avoid, but I shall take the

matter up at once with my

associates.
Very truly yours,

William G. v:illcox, Esq.,

-43-2tratr-nTriVr'RVrsketru4.
Uew York, N. Y.

BOIS3







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IN REPLY PLEASE REFER TO

September 8, 1914.

Dear Mr. Strong:-

Referring to your favOt of the 1st. inst.
herewith I beg to enclose my check for 141.92 being my share
of expenses for private car to Washington.
Very truly yours,

Benj. Strong Jr., Eq.,







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SE ORE TAFZY'S OFFICE

-K1-,7.&ii,,y

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ic'iviA/4-

C--

94.4daa,/cjaaa,e/lowd;40{-07area,

4.;(16)W
Governor Benjamin. strwag,

Jallo1;,S

n41

1' v.og,

NI, W,W1E

B 0 V:

Federal Reserve Bank,
New York.

14y dear Governor Strons:

In rol;ly to your letter of June 16th I wait
to extend to you my very wavzio eorGratulations upon your being
awarded the Order of Prince Danflo the First. I would have

written to you about it before but was informed by the State
Department that SiD00 you were a Government officlal, there
was some doubt about your being eligible, I am glad thy

have decided to allow you to receive the decoration aril pveSUMO that in due time the cro:;s and ribbon will arrive.
This honor was coLferred upon you, I think,
because ol your courtesy to us ill arranging that hontercTrl
should have a day of celebration to herself. This action
on your part was much appreciated by General Gvosdenovitch,
The honor, I believe, is comildered a high one in Montenegro
a.:La I amwriting Lieutenant Ohaovlitoh, Charge d'Affaires, to

.

info= you more poTt71.,crly about it.'




With cordial rer!;ards,
Sincerely. yours,
/

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"AMERICAS LEADING SURETY COMPANY"
WE BOND MORE PEOPLE THAN ANY OTHER COMPANY IN THE WORLD

WM. B.JOYCE,
PRESIDENT.

7077 /W/1/73
CAPITAL $2,000,000.00

ADDRESS REPLY TO
OFFICE OF

HUBERT J. HEWITT, SECRETARY

-October 23, 1913.

.0-77
To the Cashier,
Dear Sir:CerThe Currency Bill has evoked much discussion.
tain interests advocate its passage in its present form,
One side states
and other interests advocate amendments.
that the bankers of the country want it as it stands, and
others assert that it is not wanted by the majority of

bankers.

For the sole purpose of ascertaining the views of
the bankers, this Company has prepared a set of questions
which is enclosed herewith, and which is being sent to
every National and State bank and every Trust company in
the United States, as shown by the Bankers' Directory.
The replies to these questions will be correctly tabulated,
and the information in each individual case will be held
The totals, however, will be pubstrictly confidential.
lished in the newspapers of the country and sent to each
This tabulated information will
Senator and Congressman.
be of extreme interest to the bankers of the country as it
has never before been compiled, and will be of interest to
the Members of Congress.
We shall be glad, therefore, to have you fill out
and return the enclosed form promptly.
Let it be clearly understood that this Company is
not advocating the passage of the bill, nor is it advocating admendments, nor is it extending its influence in any
manner whatever for or against the bill.




Very

j ily yours,

Secretary.

AMERICA'S LEADING SURETY COMPANY"
WE BOND MORE PEOPLE THAN ANY OTHER COMPANY IN THE WORLD

22 Q7

WM.B.JOYCE,
PRESIDENT.

ADO

-A/jeff'47,21'4

OFFICE OF SECRI7TARY

HUBERT J. FIEwirr.

Oct. 23, 1913.

Dear Sir:
You no doubt will be interested in the poll of banks

throughout the country that this Company is taking on the
pending currency legislation,
We take pleasure in enclosing to you herewith for
yQur information copy of a circular le'tter we have

addressed to

the cashier of each National and State Bank and each Trust

Company in the United States, exclusive of Porto Rico, Alaska
and the Philippines, together with a copy of the questions,
replies to which are

requested.

We hope the zesult, which will be given to the press,
will be of great interest.




Yours very tr

Seer




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Lit

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Form 168

ore

r
GEORGE W. E. ATKINS. VICE-PRESIDENT

TEL

NEWCOMB CARLTON, PRESIDENT

"BELV IDERF

00A,

VICE-PRESIDENT

RECEIVED AT Produce Exchange, New York
.### 6KS
BENJ

TK

85 NE S
KANSAS ciTy MO SEPT

STRONG

JR

.11i4

22-14

BANKERS TRUST CO ' 16 WALL ST NEW YORK LETTER DATED SEPT
KANSASCITY NATIONAL BANKS YESTERDAY RECEIVED CIRCULAR
COVERING GOLD #4
CONTAINS NEW RULING
NINTH FROM TREASURY DEPARTMENT WHICH
VREELAND CURRENCY THE LETTER IS
PAYMENTS IN RETIRING ADDITIONAL ALDRICH
TOWARDS VOLUNTARILY JOINING GOLD Fr
LIKELY TO DISTURB BANKERS ATTITUDE
THE APPPRTTONMENT OF GOLD
HOW
SYNDICATE MR SWINNEY IS CURIOUS TO KNOW AND WHAT AMOUNT KANSASCITY
IS TO BE MADE
SUBSCRIPTIONS
SYDJSATE
ASKED TO SUBSCRIBE NO ONE HERE HAS RECEIVED INFORMATION
BANKS WILL BE
WRITE MR

REGARDING MATTER
SWINNEY




THINK IT WOULD

G B HURLB T

BE

HELPFUL iF YOU

256

WOULD

EORGE W. E. ATKINS. VICE-PRESIDENT

TEL

AM

NEWCOMB CARLTON, PRESIDENT

BELVIDERE BROOKS, VICE-PRESIDENT

DELIVERED FROM

RECEIVED AT 24 WALKER STREET, NEW YORK CITY

41 DA ASL 99 NL

DALLAS TEXAS SEPT 25-14

ENJAM1N STRONG JR,

,

0)->1
BANKERS TRUST CA, tVIv'

L 313

16 WALL ST, NEWYORK.

ALLAS CLEARING. HOUSE WILL HOLD MEETING CONCERNING GOLD SYNDICATE

ATURDAY. MR STEYART CHAIRMAN CLEARING HOUSE INFORMED ME TODAY RECOMMENDATION FROM FEDERAL BOARD WASHINGTON INDICATES ENTIRE SUBSCRIPTION IS TO
E PROVIDED AT ONCE INSTEAD OF BY INSTALLMENTS. IS THIS CORRECT. PLEASE
IRE ME. IF CONVENIENT EARLY SATURDAY SO

I

CAN INFORM STEWART BEFORE THE

ECtING. DALLAS BANKS HOLD APPROXIMATELY TWENTY TWO HUNDRED THOUSAND
OLLARS GOLD.- LARGEST BANKING INSTITUTIONS APPRECIATE BENEFIT TO COTTON

ENTERS THROUGH SUCCESS OF GOLD POOL. STEWART IN FAVOR OF DALLAS BANKS
A

SUBSCRIBING '_0.0LD BUT THINKS ONLY A PORTION OF SUBSCRIPTION SHOULD BE
RE4UIRED
 ON THE


Fl RST

G B HURLBUT 3AM




FROM
GUY

B.

HURLBUT

Dallas, September 26, 1914.

Mr.

Strong,

Jr., Benj.
President,

New York.
My dear Mt. Strong:-

I telegraphed you last night that the Chairman
of the Dallas Clearing House was under the Impression banks
here would have to remit the full amount of any subscriptions
to the gold pool, and I am today in receipt of telegram from
Mr. Wiggin covering the matter.
The telegram arrived in time for me to show it
to Mt. Stewart after which I gave it to Mt. Ferris, President
of the American Exchange National Bank before the Clearing House
meeting.
It was most fortunate the Clearing House had the
information contained in the telegram at the meeting as there
was nothing in the data received from Washington to indicate
What proportion of the subscription would be required Immediately, and several brnkers were opposed to having the entire subscription shipped at one time.
The Clearing Rouse decided to
subscribe $500,000. in gold to the fund, they base this subscription proportionately on the capital and surplus of the Members.
Mt. Wiggin's telegram to me ended up with the
following sentence."We appreciate sincerely your co-operation, it
is the patriotic and liberal attitude that we expected from the
banks in your section."
I had to do some hustling to have the Western
Union office rewrite the telegram omitting the closing sentence
so they could have the telegram at the meeting.
Sincerely yours,




WESTE

Form 2138

UNION

WESTERN UNION

GEORGE W. E. ATKINS. VICE-PRESIDENT

TEL

AM

NEWCOMB CARLTON. PRESIDENT

BELVIDERE .BROOKS, VICE-PRESIDENT

DELIVERED FROM

RECEIVED AT 24 WALKER STREET, NEW YORK CITY

H XL

47 NL NL
EP 27 1914

MEMPHLi TENN
-

BENJ STRONG JR

329
16 WALL STREET NENYORK CITY

BANKERS TRUST CO

IlbALLAS CLEARING HOUSE SATURDAY VOTED
UBSCRIPTION TO GOLD SYN.DICATE MR
SENT YOU

ARRIVED IN TIME

FIVE HUNDRED THOUSAND DOLLARS
WIGGINS ANSWER TO MY TELEGRAM
OTHERWISE

TO BE OF GREAT SERVICE

WILL GET LETTER FROM

OULD HAVE BEEN POSTPONED YOU

WRITTEN HERE GIVING FULL DETAILS
G B HULBUT
1026P

ME

ACTION

WEDNESDAY

FROM
GUY B. HURLBUT.

Memphis, Tenn., Sept. 27-1914.

Yr. Benj.

Strong, Jr., Pres.,

New York, N.Y.

Dear Mr. Strong:-

Appreciated your kind letters of September 21st and
22nd, both reached me at Dallas, the former having been forwarded from Kansas City.
After the Clearing House meeting at Dallas, and just
prior to my departure, wrote you a few lines giving you result
of the meeting.
When I arrived at Dallas last Wednesday, I made it my
business to find out how bankers stood on the gold subscription proposition and made it a point to impress upon them that
Dallas would be one of the greatest beneficiaries from the
success of the syndicate, owing to the city's great export
business.
Mr. Stewart, Pres., City National Bank, and Chairman
Dallas Clearing House, was the only prominent banker who impressed me as being luke warm.
I wired you for tie,- infor-.
mation setting forth the main reason he advanced for being,
When I
undecided as to his attitude;without his knowledge.
sowed Mr. Stewart the reply from Mr. Wiggin, I became convinced
the former did not want to be enlightened on manner of payments
of subscriptions.
He did not care to keep the telegram for
reference at the Clearing House meeting and it was evident to
me #e would try to postpone action.

I decided it was most important that some other member
of the Clearing House should read the telegram and have it at
the meeting which was to convene in about 15 minutes. I happened to meet Mr. Ferris, President, American Exchange NaT
tional Bank, on his way to the Clearing House; told him I had
received a telerram that might interest him. Mr. Ferris was
interested and asked if he should take the telegram with him
to the meeting. After the meeting Mr. Audrey, one of the committee appointed to make the assessment among Dallas banks,
told me Mr. Ferris produced the telegram when the question arose
as to how subscriptions were to be paid in.,
The National Bankers all over the country are under such
continuous fire from both Mr. McAdoo and Mr. Williams, that a
number of State banks who formerly were undecided as to their
eventually joining the Federal Reserve system now say they would
not think of joining unless they were absolutely compelled to do

so.


-2-

Mr. Downing, Pres., New England National Bank, Kansas City, Mo., told me last week he had strong evidence that
Senators and Representatives in Congress, were taking an active
part in advising the selection of Class"C" Directors of the
Regional Boards. He had received a telegram from the Congressman representing the Kansas City District, stating that a caucus
had been held by Senators and Representatives of both Kansas and
Missouri and asking Mr. Downing which one of two men named in the
telegram would be acceptable to bankers in Kansas City. One of
the men named in the telegram is the father-in-law of the sender
of the telegram; now a clerk in Washington and a man who made
The other suggestion was
a failure in the banking business.
J.T.M. Johnson of Kansas City who, as you know, is a partner
Mr. Downing replied that neither of these men
of Senator Owen.
was the choice of any bankers in Kansas City.

Banks in Texas are in as good shape as usual at this season
of the year, and many of them have large percentages of reserve
having anticipated heavy demands upon them during crop moving
I also found they wished to be in that strong position
season.
so they could make their payments at the time the Regional Bank
started without calling for much assistance from the Central
In Ohio and other ,States through which I have
Reserve cities.
travelled during the past few months, I am glad to say banks
apparently are planning to finance themselves as far as possible
from their own funds when the call is made. In that way they hope,
to avoid disturbing their balances in New York.
If you find it convenient, to do so, I thoroughly believe
you would find it advantageous to attend the A.B.A. Convention
Even if you did not feel you could stay the entire
at Richmond.
time.

Am gathering information on banking and general business
My time has been so occupidd
situatio4 from every source presented.
that I have not been able to transcribe all the data I have. I
will send as much as I can by letter from day to day, before I
see you in New York.




Sincerely yours,

)441

Confidential

Cincinnati, October 5, 1914.
Your esteemed favor of the 30th ult., received and contents narefully noted.
My interviews with promintnt bankers at Louisville an d here in Cincinnati have more
fully convinced me that the successful efforts and hard work of the Gold Syndicate
Committee are becoming more appreciated by bankers everywhere.

I

A very acceptable Board of Direct()
Regional Bank in St. Louis has been
sat
selected. Bankers and business men are
d and as a thole the Board is corn
posed of stronger men than had been ho
lker Hill told me he was reluctant
for. Er.
about accepting but had decided to do
as he cons
red it a matter of duty. Mr.
Breckenridge Jones introduced me to Mr.
Martin, s
oted as Chairman of the St. Louis
Board. Mr. McMartin has been a Vice Pr
nt i
Jones' institution; he is a
young studious man well liked by local b
era an is the same type of man as Mx.
Pierre Jay of New York.

Many banking centers, particularly
have had but little use for
be ab
emergency currency issued to them and w
o retire same at present or within
in growl
states particularly. For the
a few weeks. This applies to cities i
first time in the pxperience of the St
ouis Union
st Co., a bank in Texas shipped
currency to them during September. Th
*rst Natio
, Waco, shipped the Trust Co.,
0100,000.00 last week. Mr. West, Jr.,
sdlf
ided the investigations of the
Treasury Department might be responsible
pmentm but it indicated interior
banks had at the start of the war scare reque
larger amounts of emergency currency
than they needed.
Bankers in Memphis, Louisville an
y jobbers are worrying about collections in Georgia, Alabama and Mississippi.
claim it is impossible to get
payment of accounts owing in those states.
situation in States east of the
Mississippi is different from that in Texas.
a majority of cot onplanters
own their farms and grow, to some extent, ot
In Eastern cotton states a large
percentage of cotton planters are of the te
and grow crops from year to year
entirely through the assistance of count/y merchan s and country bankers.
The Manager, Foreign Exc. Dept. German Nati
'Bank, Cincinnati told me today
banks in Germany are encouraging their correspo
s in the United States to issue
drafts against them. The German Natio
eived confirmation of payments which
overdraw its account Mks. 50,000. Thei
dent in Germany wrote that although the
account of the German National was overdrawn, t
ould be glad to continue Making
payments for the bank here.
.

Mr. Svhmidlapp stated today the machinery and tool business in Cincinnati is at
a standstill. While he does not think genera/ business matters have improved, he
believes business people are becoming accustomed to the situation and are adjusting
their business to meet the unusual conditions now existing.




Sincerely yours,

Confident al
St. Louis, October 1, 1914.
l'emphis bankers report general business very dull locally.
Collections slaw and
only a few small orders are being received by large jobbers. The banking business is
exceptionally quiet awing to small tramactions in cotton.

English houses are buying a few small lots fof cotton, but are holding back purchases and shipments until bankers abroad
adequate banking facilities for
handling their business. Recent letter
houses to their American
partners indicate an optimistic feelin
resumption of usual activity
in the cotton trade. The big German h
es are not
lag to handle cotton at present.
Mr. Marche of Heineken & Vogelsang rep
llas stated the head office in
Germany wrote him the German Government
forbidden business men from buying goods to be shipped from,foreign po
, unl
suet: purchases were made against
credits already in those countries. Bankers in Memphis say firms with Russo-German
affiliati ns are expecting to do a big amount of business later in the season.
The "Buy-a-Bale" movement seems
growl
hroughout the country. I note
by newspapers a meeting is to be held
Tew York
consider the advisability of
joining in the scheme. It is plain to
the plan
I prove a "boomerang" to the
South.
Not alone will it draw money
of princ
centers there, but it will
postpone payments to country merchants.
compar
to the millions of bales which
will have to e carried over, only an
proportion of total will be bought
outside cotton growing states. Mr. Thomas
Jr , told me today the St. Louis
Union Trust Co.,acting as depository for St. Louis 'Buy-a-Bale" committee had in the
fund to date $250,000.00, $100,000 of ihieh waa elsaC bated by the Busch family.
Mr. Brinkley Snowden, the largest propa. y awr
me Monday he estimated the assured cot'on
at lE
the 2,600,000 bales carried over from last 3 ason.
cotton would have sold at 8 eta. per lb.,eve

and richest man in Memphis, told
Ln addition to
e is thoroughly convinced that
had been no European war.
,)0,000 bales,

Mr. George R. James, banker, planter and n ..facturer, in Memphis, at the beginning of the "Buy-a-Bale" movement sent six salesme
to visit territory in
Memphis cotton Belt. These men covered 20 towns p
y and were on the road ten days.
He permitted these salesmen to offer wagons and
farm implements to cotton growers,
either for cash or lor cotton *t 10 eta
While sales were made by his solicitors he did not receive in payment one
on. This shows the effect bf Buy-a-Bale
erchants who supply planters with
publicity on the farmers; naturally, the coun
have sold cotton for 5 eta. and
necessities are the sufferers. In years past pla
why farmers should not be expect6 cts. per lb., and business people do not understa
ed to bear their proportion of present price depression. I am writing you this information as he cotton buying movement seems to be general and it is misunderstood
throughout the North. It is a matter of fact that almost any planter in the South leould
be more than glad to contract sale for his entire cropcof cotton during the next ten
years at 10 cts. per lb., which would bring him a handsome profit.

My personal opinion is that the agitation for carrying the cotton crop is a
tempest in a tea-pot. If conditians in the cotton situation were permitted to adjust
themselves naturally, the operation could take place more easily without these uneconomic and disturbing plans for assisting cotton planters.
 you are probably advised
As
http://fraser.stlouisfed.org/ the Gold Syndicate,.
$500,000 to
Federal Reserve Bank of St. Louis

the Indianapolis Clearing House voted to subscribe

St. Louis, Oct. 1, 1914.

The St. Louis bankers mentioned in above paragraph told me of the committee
now visiting New York trying to arrange for a pool to ca,ry cotton at $30.00 per
-bale. A number of bankers gave their approval tth this plan in order to Offset the
Buy-a-Bale proposition? These men believe cotton purchased at $30.00 per bale
will be good security, and think it would place the selling power in the hands of country
merchants, who in turn would be able to rest'ict cotton planting this next season.
Louis today. Banks here have for the
New York Exchange is 900 premium
past month been receiving heavy deman
ency from their Southern correspondents;
d by
practically all New York balances c
auis baAce have been reduced to
e balance
minimum figures, but I anticipate t
, 11 eventually regain average
figures.




cerel

ars,




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-

The BOND CLUB of NEW YORK
ildvisory Council

Officers

JAMES S. ALEXANDER

GILBERT E. JONES, President
The Guaranty Company of New York

FREDER/C W. ALLEN
JAMES BROWN
CLARENCE DILLON

Board of Governors
EUGENE E. AILES
EARL E. BEYER
ROLLIN C. BORTLE
GILBERT G. BROWNE
ROBERT E. CHRISTIE, JR.
RALPH T. CRANE
EDWARD P. CURRIER

E. CARLETON GRANBERY, Vice-President

FRANCIS L. HINE
GATES W. MCGARRAH
CHARLES E. MITCHELL
J. P. MORGAN

Harris, Forbes & Company

SEWARD PROSSER

EUGENE E. AILES, Secretary
The National City Company

CHARLES H. SABIN
MORTIMER L. SCHIFF
FRANK A. VANDERLIP

EARL E. BEYER, Treasurer
Campbell, Starring& Company

DONALD DURANT
E. CARLETON GRANBERY

J. HORTON 'JAMS
GILBERT E. JONES
ARTHUR C. SHERWOOD
SAM S. SPALDING

Bat le0

ACiekt.-W
CO $1925

October 6, 1925.

14 Q4




Benjamin Strong, Governor,
Federal Reserve Bank of N. Y.,
33 Liberty Street,
New York City.

My dear Governor Strong:

May I thank you for your kindness in
advising with us regarding Dr. Schact, President
of the Reichbank.
We understand that as things now stand
he will probably not make any public speeches whatsoever. May We take the liberty, however, of enlisting
your good offices in our behalf should this arrangement
be changed.

Very tru

ours,

President.

GEJ:F.

,)

VP.;
,

,

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-

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,

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.11.Ir\r:s!




October 7, 1925.

ky deer Mr. Jones:

Thank you for your note of the sixth.
am sure that Li-. ;:chacht would feel plessed and

complemented by being invited to address tne memters of the

bond Club, but the fact ia, as you b4.ve been advised, he will

Luce no public c:ddresses while he is in this country, so he

will ne unable to accept the invitation..
Very truly yours,

6ilbert E. Jonas, Esq.,

Preelent, The Eond Club,
Sev, York, N. Y.




October 22, 1925.

My dear Mr. Jonee:

have just h
pportunity to have a word
with Dr. SchschV in resard to a prooeed luncheAl to be

arranged by the Bond Club.

Ho has so many engagements to keep during his

short stay here, tbst las finds it will te impossible for

him to accept your kind invitation, /And desires ma to
expl'ess his regrets, as *ail ei8 hie appreciation or- your

kindness.

Very truly yours,'

albavt &. Jones, Stki.,

Pr,JaidenS, The Bond Cluo,
New "York, h. Y.







Ontober 22, 1925.

My dear XI-.

.Upon my arrivtd In Net 'fork, Governor strong
mentioned to me your kinanet,,e in invitinF mo to addreas
the ,r.14,eri-, of tte Tont, Club, knd much to my '-egrot, I

feel obilgeo to
hi m to h(LVieu you of my inebillLy
to &veil my uell' of thI oo LUD ty becaUtib of the lerwe

number

e64,t,er,nte 4h1c.'sI have been oli ge 6 to make
lien: snort titre vibinh I hrve for my vi6it.

PleEee be aaeured tha I appreciate your ktr,eritt;d had thla evidence of your hospiteaity.
I beg to remain,
fAneerely yo'urs,

Mr. Gilbert E.. Jones,
Preeident, The bond Club,
New York, Ti. T.

The BOND CLUB of NEW YORK
ildvisory Council

Officers

JAMES S. ALEXANDER
FREDERIC W. ALLEN
JAMES BROWN
CLARENCE DILLON

GILBERT E. JoNEs, President
The Guaranty Company of New York

Board of Governors
EUGENE E. AILES
EARL E. BEYER
ROLLIN C. BORTLE
GILBERT G. BROWNE
ROBERT E. CHRISTIE, JR.
RALPH T. CRANE
EDWARD P. CURRIER

E. CARLETON GRAN BERY, Vice-President

FRANCIS L. HINE
GATES W. MCGARRAH
CHARLES E. MITCHELL
J. P. MORGAN

Harris, Forbes & Company

SEWARD PROSSER

EUGENE E. Ait.Es, Secretary
The National City Company

CHARLES H. SABIN
MORTIMER L. SCHIFF
FRANK A. VANDERLIP

EARL E. BEYER, Treasurer
Campbell, Starring & Company

DONALD DURANT
E. CARLETON GRANBERY

J. HORTON IJAMS
GILBERT E. JONES
ARTHUR C. SHERWOOD
SAM S. SPALDING

October 24, 1925.

Honorable Benjamin Strong,
33 Liberty Street,
New York, N. Y.
Dear Mr. Strong:

Your letter advising Mr. Jones, President of The Bond
Club of New York of the fact that Dr. Schacht will not be able to
accept his invitation to speak to The Bond Club was handed to me this
morning.
We are deeply indebted to you for your efforts.
It is with the greatest regret that I have to advise
you that Mr. Jones died last night following an operation for
appendicitis.

Ver

ly yours,

Secretary

Eugene E. Ailes:EMG







RECENZO

3OVE1NVS

025
OCT
of.

OFFICE

r.; tit
-




_44441

740A74116

(4,47

0a

A*kp

ilovember 29,1913.

Benjamin F. Strong, Esq.,
Bankers Trust Company,
16 Wall Street, New York.
My dear Mr.Strong:

For administrative reasons I thought
it inadvisable for us to bring the result of the inquiry
8

before the Congressmen and Senators.'

I was apprehensive

it might antagonize the administration at Washington which
would be very damaging to us.




With best wishes,
Very truly yours,

President.

t14#

et




44a

rfAAni 4Aiii4it1),7)
LES

4 Its.5hi

1_221 .

My dear Mr. Kingsley:

I have just received a communication from the Comeittee, of which you are

a member, which le seeking to raise a fund. to endew a course of lectures in Dochishe
University, Kyoto, Japan.

The scheme ereeels te me very teett ae having the

possibility of much good in improving the reletions beteeen the twe eouetries, provided of course the right MlA is selected to conduct the course.
hope you do not mind my stating that I em 4 bit skeptical of the value
of anything in the way of a, sentimental approach to this metter.
Japan

Aht we need in

it a men of sufficient courege, knoeledge end wisdom to tell the truth and

not mince matters.

If I could receive assurance that thle is going to be doneell

would like to make e contribution within my modeot meane towerde the eatablishment

of this fund.

But I euld not tent to contribute one cent to cerry out the plan

unlees some one like yourself would give sufficient attention to the select-inn to

wake sure that the right an wes cent to Japan.
There bac been more much end ncneenee published, talkeee whistled and

seine on the subject of relations between the United States and Jain to disgust
any one who has had the opportunity, 5B I think I bad, to gain eome knewledee of

the situation in Jaiian.
In dictating this note, I am reminded of the telk vhich you made in Oeaka.

If you could be persuaded to eo out and do some lecturing alone thet line, I eculd
be glad to double my contribution, small though it must be.
Won't you be good enough to drop me e line on thie motter?
Yours very truly,
Darwin P. 0,14;412y, Fee.,
c/o Mee York Life Insurence Comeeny,



RS,104

New York, A. T.

1,F;101,

COMMITTEE ON

41-L1 i!)

CSANGE LECTURES

BETWEEN JAPAN AN THE UNITED STATES

rattt

COMMITTEE

GEORGE A. PLIMPTON, CHAIRMAN
70 Fifth Avenue, New York, Ginn and Company, Tel. Watkins 7960
MASANAO KOBAYASHI, Treasurer
Manager of Mitsui & Co., Ltd., Representative of Doshisha Alumni, New York City

STEPHEN PIERCE DUGGAN
Director of the Institute of
International Education

DANJO EBINA
President of Doshisha University

ELBERT H. GARY
Chairman of the
United States Steel Corporation

SIDNEY L. GULICK
Professor in Doshisha University

HAMILTON HOLT
Editor of the Independent

DARWIN P. KINGSLEY

MAY 2 3 1921
ICIYOSHI SHIOMI, Secretary

President of the N..Y. Life Insurance

Lecturer in Doshisha University

Company

ROBERT E. SPEER

THOMAS W. LAMONT

President of the Federal Council of the
Churches of Christ in America

J. P. Morgan & Company

HENRY W. TAFT

PAUL MONROE

Lawyer

Dilutor School of Mattlod Teachers College,
Columbia University

JOKICHI TAKAMINE
Chemical Engineer

C. H. PATTON
Home Secretary of the American Board
of Commissioners for Foreign Missions,
Boston, Mass.

ALEXANDER TISON
Lawyer, formerly Professor of Law,

Imperial University, Tokyo

JACOB GOULD SCHURMAN

FRANK A. VANDERLIP

Formerly President of Cornell University

Banker

April, 1921

In order to provide suitable means for the correct interpretation of the American people to the Japanese
and of the Japanese to the American and for the promotion of thorough mutual understanding and good
relations between the two nations, it is proposed to raise a fund of one hundred thousand dollars ($too,000)
to endow in Doshisha University, Kyoto, Japan, an exchange professorship, the income of which shall
be used to provide an American professor to lecture in Japan and a Japanese professor to lecture in America.
It is understood that any balance of income may be expended by Doshisha University for the advancement
and dissemination in Japan of knowledge regarding the United States.
It is peculiarly fitting that Doshisha University should be recognized as the organ for carrying out
this purpose of mutual national enlightenment. That institution is in a sense the child of America. It

was founded with the help of the American Board of Foreign Missions through the efforts of Joseph
Neesima, a Japanese who in 1864 fled from his country, taking his life in his hands, for at that time
to be found leaving Japan meant decapitation. Neesima worked his way on a sailing vessel to China
and thence to Boston. There he was received into the family of Alpheus Hardy and educated, first at
Phillips Andover Academy and then at Amherst College and Andover Theological Seminary. Neesima
was thus prepared for the enlightenment of his own people. He returned to Japan and was the first
person to give them any knowledge of American Christian civilization.

Beginning in a rented house in 1875, Doshisha has grown and prospered. At the present time it
has property to the value of over a million dollars and a student enrollment, comprising both sexes, of
over twenty-five hundred.
A group of Americans in association with several Japanese have formed themselves into a committee to
secure the endowment of $ioo,000 for this exchange professorship in Doshisha University. They believe that

the two great countries which face each other upon the Pacific Ocean should know each other and that
there is no better way for such knowledge to be disseminated than through our educational institutions.
Subscriptions for any amount will be heartily welcomed by the treasurer.




1.4)

. Chairman
Secretary

THE DOSHISHA UNIVERSITY

"I cannot go back to Japan," appealed Neesima at the annual meeting of the American Board of Foreign Missions, held at Rutland, Vt., in 1874, " without the money to
found a Christian college, and I am going to stand here till I get it." Then Governor

Page of Vermont arose and said :

" Put me down for one thousand dollars."

Dr. Parker of Washington followed with five hundred dollars, Mr. Hardy with five
hundred, William E. Dodge with five hundred, and others with lesser sums, until
nearly five thousand dollars were raised.




(J. D. Davis, "A Maker of New Japan, Rev. Joseph Hardy Neesima,

LL.D., President of Doshisha University, Kyoto," p. 43.

1894.)

]).tittoirti,
346 B R OADWAY
NEW YORK,/ Y.

My 3

4;:-(

1921

May 25, 1921.
My dear Mr. Strong;

I sympathize entirely with the thought
expressed in your note of the 23rd.
I do not know
anything that Japan needs more than some straight
talk by a friend who is at the same time candid.
I think I have met in Japan already the usual fate
of the candid friend.
I am told by people who
have recently been there that my criticisms of what
I hold to be some mistakes Japan is making have put
me in her blE'ck books, in fact my informant says
that one of the leading citizens of Japan - I take
it one of those with whom the Vanderlip party conferred - intimated that I had been bribed when I got
to China:
The discouraging thing about that is
this,- it tends to confirm the charge openly made
in China that bribery was Japan's only weapon
amongst the Chinese.
A man who could so easily
bring forward that argument in my case reveals
somewhat his own mental processes.
I do not know how long a man would last
who had the courage to stand up in Doshisha University
and speak candidly.
I am not sure that I would
not have been thrown out of the Great Hall at Osaka
the night I spoke there, if the audience had not
been compelled to wait in large measure for the
words of the interpreter before they got hold of
whet I had to say.
Even so, there were some serious
objections but, upon the whole, perhaps no more
than one would expect at a meeting, for example, in
Madison Square Garden, where the audience blew in
off the street and the speaker said something that
they did not like.
Of course I cannot go to Japan to deliver
I am inclined to thihk I could not get
an invitation if I wanted to go.
I am in none
too high favor in the Japan Society here.
Mr.
Vanderlip has very markedly condemned me for
criticising Japan, and I think most of the men of
the party agree with him.
Of course none of them
went to China.
I refer to that, not by way of
criticism, except perhaps in the case of
Vanderlip.




lectures;

He is as hopelessly pro-Japanese as Judge Gary, and
they are both so extreme that, while the Japanese
for perfectly natural reasons like what they say,
down in their hearts I do not think the Japanese
have any particular respect for the opinions of
either.
I
get so tired over the mush and nonsense,
as you call it, that is indulged in, not only over
the relations between the United States and Japan,
but over the relations between the United States
and pretty nearly every other sovereignty, that I
sometimes think I will never take part in another
meeting or join in any expression of that kind.
It all springs out of the condition about which I
have talked so much in the last five years that
I am ashamed to talk about it any more.
The
fact is, that all the sovereignties of the world
face each other in exactly the same condition that
the men in a frontier town do, or did, each with a
gun in his hip pocket.
Nations do not mean to
shoot, the men in the frontier town do not mean
but the nations know, just as the men
to shoot;
know, that it is only a question of time when somebody will shoot, and every nation knows, just as
all the men knew, that the one that shoots first
has the great advantage.
The race for armaments
is exactly parallel to the discovery which the men
in a frontier town made one day, that one of the
boys had an automatic, while the others had 45's.
Of course every other man mortgaged his house and
sold his soul to get an automatic.
The problem
in the frontier town was solved by the final establishThen men were perfectly
ment of the reign of law.
willing to give up their gums.
They knew they were
going to be protected.
The same is absolutely
My theory, which you may not be
true in the world.
familiar with, is that the place to begin is with the
I would put all the States
English-speaking world.
of the English-speaking world together so tight that
the Federal Constitution would fall behind in the
.

race.

I do not know why I have branched off on all
this disquisition, excepting that when I think of Vanderlip




and Gary and the mush that they talk about Japan,
want to say something.

I

Why can't our statesmen think straight and
if they ever do think straight, why can't they have
courage enough to stand up to it?
The world would
not stand the domination of Germany, the world has
always resented the domination of the English fleet,
and the world will just as certainly resent the
domination of our fleet if we go on with the idea
that we have got to have the greatest fleet in the
world.
It all means war, and there is not an
idea loose in the world that really can prevent it
except, if you please, my modest suggestion, to
which nobody will listen.
After going all around the lot this way,
I now come back to the original question.
cannot go to Japan;
I do not now a man to whom I
would entrust the mission you have in mind;
but
I should be glad to take it up with you or with
any group who wants to forward the interests of
this University in Kyoto.
Very truly yours,

Mr. Benjamin Strong,
Federal Reserve Bank,of New York,
New York City.







'A, 33 S,MON zz+3Acs

CELZ.ct.XNECarre.,Gla

9g
1.12131.




WARRANT WAREHOUSE COMPANY
W. D. NESBITT. PRESIDENT

W. S. BROWN, VICE-PRESIDENT

H

K. MILNER. SECRETARY

BIRMINGHAM, ALABAMA

TELEPHONE MAIN 5900

MAGNOLIA COMPRESS & WAREHOUSE CO.
W. D. NESBITT. PRESIDENT

A. P. BUSH, VIDEPRESIDENT

H. K. MILNER. SECT,

MOBILE, ALABAMA
.IRECTORS
MA
OLIA COMPRESS 8e,
WAREHOUSE CO.
ALBERT P. BUSH
JOHN T. SCHLEY
HENRY H. CLARKE
H. K. MILNER
C. D. WILLOUGHBY
W. D. NESBITT

TELEPHONE BELL 145

FIREPROOF SPRINKLED WAREHOUSES
BIRMINGHAM AND MOBILE, ALA.

COTTON AND GENERAL STORAGE
FORWARDING
MEMBER AMERICAN WAREHOUSEMEN'S ASSOCIATION
MEMBER AMERICAN CHAIN OF WAREHOUSES

DIRECTORS
WARRANT WAREHOUSE CO.
EUGENE F. ENSLEN
W. W. CRAWFORD
W. S. BROWN
E. J. DUNN
E. M. ELLIOTT
J. D. KIRKPATRICK
S. P. KING

OFFICE: EMPIRE BUILDING

I3IRMINGLIAM, ALA.,

Sept. 10, 1914.

Jr. W. E. G. Harding,
clo Pederal Reserve Board,
eaehington, De C.
Lj dear Ur. Sarding:

ee wish to express our epereoiation of your interest in
securing as garchasers for cotton under our "Buy-a-Bale" plan
aessre Morgan, McAdoo, eileiame, Delano and Strong; end through you
to exprese to them our appreciation of the cooperation they have extended in Ve) Twitter. This plan is eecessarily very lielited in the
amount of money that it eill raise, but in its educationel aspect it
has tremendous poesibilitlev and the prampt endoreement by such reoognized leaders of thought in this clountey tends to convince the owner
who eineĀ° to sell at seven cents that he Is a fool; ano at the some
time armies to the individual tee world over, eho has money to lend
or invest, that here is a first enter diamond practically going under
bankruptcy proceedings. The entire buoinese eitizenship of this
country should be promptly educated to the point of underetaneing
-

thet the sale of cotton at seven (lents, in order to piw eebts, will
finelly result in greater losees to the present creditors than to
the debtors. The debts cannot be liquidated on the basla of seven
cents and when tbo cotton is gone there is nothilee leet to pay with.
It is remarkable theet with this first claw) seoeriter there could poe
ibly be at this time any different view than is commonly held as regarHs other securities now pleoee as collateral for loans. Practically none of these securities coule now be sold if forced on the
market, for amounts equalling those borrowed againet theme. The cone
eeeuenue is, that as a. matter of self-preservation, as well as oeuite,
since the inherent value is not ()banged by the present temporary conditions, creditors do not prose for these loam. The minute the
public and business world applies this same pereectly Bonne principle
to cotOon, then neither the holder nor his creditor wiel attempt the
sale of cotton at seven cents a pound any more th9n they would the
sale of the farms upon which it was raised, at 60 of their value.
The prompt action of you gentlemen has tremendously stimulated thou ht in this direotion. The receipts will roach you in eue
course. The Warrant earehouse Co. tends complimentary stereo() end
Sept. 1, 1916.
inevrance




LI




'

A,

t
' 71/11tee

/ 9/v-

ADDRESS

R. G. PATTON
GENERAL MANAGER IN AMERICA FOR
.4

ROOMS 35-38 PROVIDENT BUILDING
WACO. TEXAS

AMERICAN FREEHOLD-LAND MORTGAGE CO.
OF LONDON, LIMITED

Oct. 10, 1914.

191___

Benjamin Strong, Jr., Esq.,
Bankers Trust Co.,
16, 7;a11 St., New York.

Dear Jr. Strong:

I are obliged for your letter of the 2nd inst., and note that there is very little,

if any, chance of obtaining money in New York at the present time.

Recently I have been thinking that it would be the wisest course for me to build
up a business of my oWn, something my boys might step into after I have outlived my
Some yeara ago I had two opportunities to get into two of the large

usefulness.

Agenc

'es in Texas, but Mr. King objected so strongly to it that I refused the op-

p0," unities.

suggeq.dedinfrking

Now we have

there is no reason vity-i-ghiiuld

n6I-coksi

The Freehold into excellent shape
this matter, provided I could obtain

fficient vi. . e of funds.

In re -rd to the cotton situation in Texas,
without an adequate market.

t,,A5 simply this:

A large crop

In Central andabuth Texas the army worm has eaten the
mm*-- -

foliage, which--a-f-Paots-the-unmatiired bolls and detracts from the quality as well as

quantity.

In North and western Texas, the crop is good.

I believe,however, the crop

will come nearer four million bales than five million estimated in the Government report.
The price on the small amount that is bought brings from 6/ to 6 3/4/.
are taking it at a better price in payment of store accounts.

Some merchants

:uch of the cotton

is

being held for as soon as any quantity is put on the market, the price goes down. The
farmer is spoiled by the politician.

He has been taught to expect too much. He is not

willingto accept a loss for the year's business as other business concerns sometimes
have to do.

He feels at liberty to postpone payment of his own debts because the

politician tells him that the price
enable him to sell at a profit.
ing of cotton next year.




of

cotton will be fixed by 1e7is1ation,

it will

They are trying to get a law passed to limit the plant-

This would have the effect of increasing the present crop

B. S., 12.

value and teach the farmer to diversify his products.
Texas is really not in such bad shape, as we have made an excellent feed crop
and the prices of livestock are high.

But everyone is

talking

hard times and the

farmer believes that he is worse off than actual conditions would warrant.
If they should by any means regulate the limited planting of cotton next year,
cotton at present prices would be a great speculation. If at any time you need any
information from Texas,. I

know you feel at liberty to write me, and I will be glad to

be of uso as far as my knowledge goes.
Yours sincerely,

>2'4'.
/




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