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et-h- [Copy of Betjalain Strong's handwritten letter to his paten4,in possession son, Benjal'.in, July of his 1969] "Sunday, Au.30th 1914 Dear Mother and Father - For fear you nay see something about my doings in the newspapers, and wonder why not from me, I must take you into my confidence about a very important and confidential natter. Not a word about it yet to anyone. We are facing,though people don't generally realize it yet, the real test of the ability of this country of ours, to pay its debts and carry the financial burdens of a world at war. The financial perils of the Civil War didn't approach the present, though as yet they have not fully developed and are not understood generally by the Country. The best men in New York and Washington think, as I do, that our new banking system, if started at once, in the right way, and under the right management, can be made the means of averting possible,(and I think inevitable) disaster to our credit system. Last May the day before I sailed for Europe, Paul Warburg asked ne to allow him to suggest my name as President of the pew Federal Reserve Bank of New York. I didn't finally say no but told him I probably would on my return. Since then matters have developed to such a point that it will probably be impossible to say no. The Federal Reserve Board are apparently unanimous in their desire for me to accept, and yesterday Jack Morgan and Harry Davison reluctantly told me that it was my duty to do so. Jack was insistant, and like his father, is clear and positive in his convictions. President Wilson I understand is awaiting sufficient encouragement to write me urging my acceptance. It has troubled me a lot, - rhate to quit the crowd, more than you can know, but down in the bottom of my heart I have known what I ought to do and in a vague way realized it would end by my doing it. Warburg is a Jew, as you know, but the whitest man possible. He has set his heart on my doing this work with him and as you know he is the real head of the board at Washington, so fax as knowledge and ability goes. The matter cannot be decided until some plans are carried out about my personal affairs and the Trust Company's management. George Case, who also thinks as the others do, and Harry Davison are to look after all that for me. The work nay take two, five or ten years, but when it is really done, I an now in a frame of mind to quit while the going is good and make that my last job. However, there are still some chances that the plan may not materialize, so I am discounting the future more than may be justified. All this is quite between ourselves, but you will know the result in a few Friday I am obliged to be in Washington, and it may prevent going to Woods Hole, but will know in a day or two. If I go it will be on Saturday by boat or train. days. Hope you are all o.k. again: and Miss Thompson with you. you both, and to the rest of the family, from Lots of love to Your affect. son Ben. I hope you understand how busy I have been and why letters have been infrequent. -Extract of Benjamin Strong's4 etter to his mother, April 0Colorado, in son Benjamin's possession, July 1969] 5, 1917 from Denver, " It is becoming increasingly important every day that I should 7o back east, at least for a short time. While Dr. Sewall would prefer to have me remain here until June, I may decide to leave earlier. Possibly you may not understand that the negotiationu with the Bank of England and the Bank of France that took me abroad last winter have now been about completed, and it really is just as much my duty to get that plan into operation as a part of our preparedness work as it is for Ben to go into training.... You don't need to worry about my overworking, for I haven't the slightest intention of doing so. I an hoping that you have been able to attend some of these recent momentous sessions of Congress. They are of historic importance and it is an experience that one will be glad to have. About the Warburgs, please dismiss any thought of disloyalty from your mind. Warbur7 is making a speech in Chicago on Saturday, of which he has sent me a copy and in which he states his loyalty and citizenship without qualification. One of the most difficult things I have had to do at times during the past two and a half years is to keep some of my most intimate friends and associates convinced that they are mistaken in charging him with disloyalty." [Copy of a handwritten letter by Benjamin Strong to his mother, in son Benjamin's possession in July 1969] "S.S."Elephanta" Sept 5th '20 Dear Mother- Here we are on shipboard again, on our way from Penang to Rangoon._My-----N last letter home was from Singapore, where we had a few days loaf.// Wont you consider this a family epistle and pass it through to them after reading. my correspondence ,/ ) is rather weighty and I an trying to keep it at, -li irm. ,L covered by lelkTe73-TO777577J-im./ f.....--- After a very agreeable evening and dinner with the Governor of the Straits Settlements and Federated Malay States, we made an early start next morning for Kuala Lumpur, in the Gov'rs private car, an observation coach, and had an all day ride UD the Straits,through the immense rubber plantations that cover the placer-were met on arrival by the Gen'l Mgr of the road and some others, and, found everything arranged for us, including a motor trip to the "gap", which is a Govt. rest house perched on the back bone of the mountain range running north + south on the peninsular. We spent the night in K. L. then made an early start next morning for the Gap. It was -a wonderful drive thruT the tropical jungle, but spoiled part of the way by rain. Spent a comfortable night, (I slept under four blankets) and next day motored back by another route, practically all the way thru the most wonderful jungle you ever dreamed of. The day was fine, fortunately, and we got lots of pictures, taking all day to make a run of 70 odd miles. One can hardly understand tropical foliage until seeing a sample such as we did. Walking ten yards in it is impossible, on account of the vines, parasitical plants of all kinds, aereal roots, cree;vfrs, bamboo etc. Most of the large trees, some 150 feet tall + aver, are literally rhuge cascades of vines, ferns, orchids and parasites. Many of the tropical trees drop roots down from their branches, 100 feet and over in the air, vines climb thea)roots, ferns and orchids lodge in them, until finally a solid mass of vegitationtis formed. Much of the way we could hear the monkeys scolding and chattering in the tree tops, but could not see them till finally we got out of the cars to walk, and around a sharp turn came up to a big tree alongside the road that was filled with them. They were scrambling about, swinging by tails etc. and making the most enormous jumps and drops from one branch or tree to another. Mr. Miles got a good picture of one in nid-air not 100 feet away. The jungle is filled with animals, including elephants, but they keep out of sight. That afternoon later Mrs. Anthony, wife of the G.M. of the R. R. took me to the pawn-shops to purchase, some of the native work, then we dined with them at their home, a very good dinner in a lovely house, and next morning our car was DUt on the fast train to take us to Penang, where we were to spend a couple of days. The ride was most interesting, thxu? the native settlements, but on arrival at the dock where the ferry meets the train (Penang is on an Island) a launch dashed alongside with a note saying that ourship was in the harbor only waiting for our arrival to sail. Thenlive did have a scramble with luggage, and finally tiambled on board to find the agent of the line, and the Harbor Master awaiting us to give us tickets, examine our passports etc. and in a short time we were off. The movement of these ships in Eastern Waters is theTeverlasting mystery. They come and go at any old time, and were it not for7:our friends "at Court" we would certainly have missed this one. But we shall have a couple of days extra at Rangoon, which we can use to advantage, by going to Mandalay and sailing down the irawaddy River. Burmah is little visited and I am told a most interesting country. LCopy of a handwritten letter by Benjauin Strong to his rother, in son Benjamin's possession in July 1969] You racy be wondering how we get along in the tropics. It is quite different frog what we e:opected. The sun is intense, without being so hot,- if you can grasp the distinction. It rarely gets above 02. but one must wear a thick sun helmet, and white clothes, preferably linen or cotton. The nights are almost always cool, at least not hot, the air is heavy with humidity, but in the shade, with the constant breeze of the S.W. uonsoon, one is ruch more comfortable than in N.Y.on a hot hur_j_cl day. But we take every precaution, and have been rewarded by eacaping all trouble. Soue of the precautions are amusing. We never drink any save bottled nineral water,- not even boiled water, lest the boiling is incomplete. This applies also to brushing teeth, at ten cents a brush: Try brushing yours with soda water. It gives one a funny sensation. We drink gallons of water d day. Mr. Miles and I have one gloz. bottles sent to our room every day and use it all, not to mention what we have at teals and otherwise. Often three bottles at a crack: Then we change our clothes as often as possible. Clahrmy underclothes are badj- in ten days recently, T had a wash of 122 pieces: One or two white suits a day will keep one feeling refreshed and dry. Ben A- T. wear a heavy woolen abdominal band, which keeps ones middle from feeling clammy, and is supposed to be good. Also take as many baths as possible, but not after sundown, when one can easily get chilled. Also a minimum of alcoholic drinks. We eat no fish, except where it is sure to be safe. Every day possible sleep after tiffin and as important as anything,eat all we can hold. Every night we sleep under mosquitoe nets, an important safeguard. Also we never eat uncooked vegetables,this whole country is more or less infected because of the unsanitary habits of the natives, and because of the vast area that is irrigated by polluted water. But reasonable care enables one to be as safe as at hone. One it gets notldy. with both moths we have added a things to brin' nuisance is OUT luggage. Trunks :lust be opened and clothing aired or I have two pounds of calpher in my two trunks, which helps a lot and moisture. Our luggage grows as we progress, for books accumulate, dozen suits or more each, for this climate, and we buy a good many or send hone, not to mention photographic stuff by the ton. Our ian, OT boy as they say here, is a great comfort and a greater scoundrel. He is the greatest rustler of luggage and abuser of his is likewise a thoroughly artistic thief, short change is countrymen I ever saw. But he makes some sort of a rake off on things we buy, laundry, one of his specialties. He rikashaw boys, and I surmise on Tany other things. We always hold back his pay, owing him as a rule about 1;50 gold, for fear he lay decamp and desert us,- and I also have his passport safely in my possession. They are all the same, however, on as bad as another, and what he gets he earns, whether stolen 02 not, for he saves us all the botherations of travel, and affords us no end of ii:'erent. Wait until you see his pictures. They show the man,- crooked as a dogs hind lo Now I rust quit. I shall get a letter off home from Rangoon, T. hope, and some time, possibly there, have a chance to get the pictures printed. Give lots of love to all the family, and ]-Alch to you from Your loving son B.S.Jr. sends his love. Ben. Q 4t [Excerpt no °June 4, 1915, ;_etu r to brother,Dr. Archibald M. Strong,serving in Servia, by Strong, In son Benjamin's possession, July 1969] "Personally, I have felt a good deal of concern about the whole European situation. It becomes more calplicated and in an economic sense, more dangerous each day. We, at this distance, are looking on with amazement at the destruction of everything stable in Europe, and naturally are wondering what the possibilities may be for our own participation through sore unforseen disaster. The Lusitania matter sent a cold chill through the country, but has not as yet developed the hind of jingo spirit which was so apparent during McKinley's administration and which brought on the Spanish war. Had Congress been in session, things might have been different. President Wilson is handling the situation in a way to call forth the admiration of all sensible people in the country and has made many friends who have either been very lukewarq or outspoken critics of his administration. .... The last month or two I have been exceedingly busy, however, and have been away almost constantly, that is to say, in town part of the time and then again in Washington, or elsewhere Billy is working like a Trojan with a man named Stettinius running the Export Departent of J. P. Morgan + Company. So far as I can gather, they are making all the purchases of war materials for the Allies. I suppose, in a way, it is the largest cormercial operation ever undertaken in the country. Harry DavissoltOrd re to-day that Billy was making a great record. They think he is the salt of the earth, everybody laying emphasis on his absolute reliability. I am delighted, of course, as I have always felt responsible for his coming East, and I guess now he will stay here in some capacity of other as long as the rest of us are here. [Excerpt fromA1 tter to brother, Dr. Archibald N. Strong, Trudeau, N.Y., from Benjamin Strong, in Denver, Apr. 17, 1917, in possession of son Benjamin, July 1969] .... "I am planning now to return East in June, even though I may be obliged to return West again later on, as there are some important patters that I must attend to...." You ask what I think of Wilson and I cannot say my views have changed very materially. His address to Congress was a masterpiece and he is now really performing, but I still contend that he could have done the same thing in May; 1915, after the Lusitania was sunk and by now the war would be over. Best regards to you, old boy, and I hope you have an early and decisive victory over the bugs." Denver, Colorado, January 9, 1917. Dear Billy: I aLa very gratoful tD you indeed for tho should guard artainst any sort of weather, of whi great variety out hero, includin so: Ie., co bP1172 gloves which here seems to be a 111 h:Lve to ask you to rely on the boys for an account of our ChristNhe next time you see them, as I am just now str, quite a lot 01 work. The enclosed notice about the _ield Cc= to mother's stock and I send it Ohio Eailway road rolf,..to,s for your usual attention. Llso rany thanks for you The account your on Of course, as ;y01.1 tirely u2on health interests no a zsooa deal. it all depen(, On the war, while Iv own depend en- , aasiderations beln,7 too not be and I will find some wo'rk to keo) me from Am.-igestion about being forced out would unless it was maliciously and gratuitously .out forward, / :1 von:1=1m:: if situatl ble that Please wri Ahavo hoard anythinn that would sugost such a nE) just What you have heard. It seems quite TIroba- to rluit work i would first complete the foreign arraugeent!) and get that on a sound working basis. The announcement that you refer to was 7.)ro-,:atu;:-a and no wor.: was not completed by a long shot. is difficult, for me to mak-e su,z;estio,ls about invest:rents for mothor fron hero. Itu_zeSt:d the scoured -;:',glish loan, or the secured French loan, 1,5roferLbly the for._,;)r, bct would rather look over such su_;,us- tions as you cd.;ht see fit to send. 2. To - Yx. Strong. Januar:; 9, 1917. About the 7:oods Hole Dian that :Jou s-aggest9 it ic of course, inROosible for me to think'. of coming to any such decision at the 1)resent and I fear that climate would not be the Please write me when you get a change anc jour letter and the Christmas prosot./4 V. E. S. Strong, Ls J. P. Loran New York Gity. BS/X Co. t by any moans. ancs many times for W. E. S. STRONG, M. E. 31 NASSAU ST. N. Y. April 13th, 1917. Dear Ben:- AP111 8 1917 yours of the 9th received. The two books are O.K. and I now have them in my office. At your convenience, you can send me a check for ?40.50, and let me know what disposition you wish made of them. It will be no trouble to look after !;randin. I under- stand that his allowance is ''' 15.00 a month. T rill keep track of it, and we can settle up when you return. In regard to any work for the Government, it is the consensus of opinion that the efforts of all of us at J. P. Morgan & Company can produce the best results by sticking at the work in which we are now engaged, as, of course, the thing of greatest importance is to sup.ply the Allies, and naturally the organization that has been in force for the last two years would be b*3st intact. Of course, there may be some chance of the U. S. Government taking over this work; but, as yet, there is no indication that this will be done. I hope that your extreme desire to be beck will not make you come before you should or before the Doctor says you are able to come. I can readily understand how you fool about it at the present time and your not being in the midst of affairs which so vitally affect your work; but stick it out until back safely. With kind 'regards, you can come I am, Affectionately, ul 73en5.Strong, 7sq., Denver, Colorado. 2-flom e ALL COMMUNICATIONS SHOULD BF ADDRESSED TO J.P. MORGAN B CO., EXPORT DEPARTMENT. J. P. I 0 H GAIN C 0 L PANY EXPORT DEPARTMENT 23 WA1,1, STREET TELEPHONE HANOVER 516 O. .-NEW -YORK, ,:1' Sept 12, 1917. Mr. Benjamin Strong, Federal Reserve Bank, Nassau St., New Yo-rk. Dear Ben: enclose herewith copy of letter just received from Ben Jr., which I know will be of interest to you. If there is any chance of your going up to Woods Hole this week end, you should let me know as soon as possible, so that I cztri arrange for accommodations on the Fan_ River boat. Yours sincerely, Extract from a letter of Benjamin Strong, Jr., to Benjamin Strong, Feb.4,1916 (in the former's possession). I saw by the papers the other day that Mr. Morgan slipped on board the steamer with you, and left without many people knowing about it. The papers seemed to think that the combined departure of Mx. Morgan, MX. Harris, and you meant that some big deal was to be made over there. 0 0 Extract from a letter to Benjamin Strong, Jr., from Benjamin Strong, February 16, 1917, in the former's possession. Personally, I think we are going to have war with Germany, but I doubt if our participation extends beyond naval affairs, financial affairs and possibly undertaking the training of a reserve of men not to be called on for active service, at any rate under 9 months or a year. No situation comparable to the present one has ever occurred in history to my knowledge. Except on the sea, we may be in a position of being at war with two or three European nations without having the means of striking a blow, except through the employment of our economic resources. conditions, I have Under these some hesitation in concluding that it is your duty, or Grandin's, to do anything at all, unless this government is willing to undertake a system of compulsory military service, in which case I should of course expect both of you to do your share. Extract of a letter to Benjamin Strong, Jr., from Benjamin Strong, October 9, 1917, in the formers possession. Just now we are right in the midst of the boil of the Liberty Loan The plan is to sell a minimum of $3,000,000 . bonds with a possi- Campaign. bility of a heavy oversubscription, one half of which will be allotted. This may mean selling $4,000,000,000. or $5,000,000,000. bonds and you can imagine the extent of the undertaking. Last April our force at the bank was so around one hundred people. fifty. I understand now that we have about six hun We have taken a lot more room in the Equitable Building and have taken the entire building at 50';:d11 Street as well. The volunteer organization to sell the bonds has become a machine of tremendous proportions. The heads of the committees estimate that in this second division alone, which covers New York State, Fairfield County, Connecticut, and the twelve northern counties of Ne Jersey, that we have probably an army of one hundred thousand people directly or indirectly engaged in selling bonds. I am wondering whether their success will be so great as to com- pletely swamp us at the bank. We are making every preparation possible. We are just completing our plans for a great meeting here in New York on 18th. Lord Reading, Chief Justice of England, has agreed to speak, and I have some hopes of getting President Wilson. The object of the meeting is to bring the people of the country to reali7,e that constitutional government and the institutions developed on that foundation are really at stake in the war. Extract of a letter to Benjamin Strong, Jr., from Benjamin Strong, November 26, 1918, in the former's possession. We have all been very much interested and somewhat concerned about Secretary McAdoo's resignation. As you probably realize, he took his cabinet position after some business misfortunes had overtaken him, and I think he has retained his office against his wishes and best judgment to the very great detriment of his personal affairs. He has a large family dependent upon him, and now feels he must get about bettering his finances. a young man and one can not leave a large family a legacy of Of course he debts. Excerpts from Correspondence of Benjamin Strong and Benjamin Strong, Jr., 1913-1927: BS to BSJr., Jan 13,1914(1915?) "not had a minute to write" TS to BSJr , Apr.15,1915(cable from) "your Uncle Arch indicates that he may go to Servia on a Red Cross expedition". BS to BSJr., Aug.11,1915 that can)"hear the account of his(krother Arch's) experiences in France and Servia" BSJr. to BS, Feb.4,1916 "I saw by the papers the other day that Mr. Morgan slipped on board the steamer with you, and left without many people knowing about it The papers seemed to think that the combined departure of Mr. Morgan, Mr. Harris, and you meant that some big deal was to be made over there BS to BSJr., from Paris, Feb. 18, 1916"To give you some account of our doings I have just written Mr. Jay about as follows"(a few details missed from the account) RS to BSJr., from Paris, Feb. 26, 1916 'Banque de France has also presented me with a medal commemorative of the one hundredth anniversary of the establishment of their bank" BS to BSJr., Mar.7,1916 from London, (Mentioning meetings with bankers and officials )"Every consideration, other than the war, is laid to one side and on that account business matters take more time to deal with than isuusually the case B. BSJr., Mar. 18,1916 in London "The trip has really been a wonderful experience, and in a way I feel as though it were going to school again, for most of my time has been spent in looking into banking methods etc,, over here BSJr. to BS, May 23,1916 (sorry)"to hear you are not feeling very well BS to Bs Jr., Feb. 16, 1917 "Personally, I think we are going to have war with Germany, but I doubt if our participation extends beyond naval affairs, financial affairs and possibly undertaking the training of a reserve of men not to be called on for active service, at any rate under 9 months or a year. No situation comparable to the present one has ever occurred in history to myyknowledge. Except on the sea, we may be in a position of being at war with two or three European nations without having the means of striking a btlow, except through the employment of our economic resources. Under these conditions, I have some hesi. tation in concluding that it is your ;duty, or Grandints, to do anything at all, BS to BSJr., Feb. 16, 1917(continued) unless this government is willing to undertake a system of compulsory military service, in which case I should of course expect both of you to do your share." BS to BS Jr , Oct. 9, 1917 "Just now we are right in the midst of the boil of the Liberty Loan Campaign! The plan is to sell a minimum of $3,000,000,000.bonds with a possi bility of a heavy oversubscription, one half of which will be allotted. This may meanF selling $4,000,000,000. or $5,000,000,000. bonds and you can imagine the extent of the undertaking, one hundred people. Last April our force at the bank was somewhere around I understand now that we have about six hundred and fifty. We have taken a lot more room in the Equitable Building and have taken the entire building at 50 Wall Street as well. The volunteer organization to sell the bonds had become a machine of tremendous proportions. The heads of the committees estimate that in this second division alone, which covers New York State, Fairfield County, Connecticut, and the twelve northern counties of New Jersey, that we have probably an army of one hundred thousand people directly or indirectly engaged in selling bonds. I am wondering whether their success will be so great as to completely swamp us at the bank. We are making every preparation possible." "We are just completing our plans for a great meeting here in New York on the lath. Lord Reading, Chief Justice of England, has agreed to speak, and I have some hopes of getting President WilsoN. The object of the meeting is to bring the people of the country to realize that constitutional government and the institu tions developed on that foundation are really at stake in the war." BS to BSJr., Nov. 26, 1918,: "We have all been very much interested and somewhat concerned about Secretary Mcikdoo's NI( resignation. s you probably realize, he took his cabinet position after some business misfortunes had overtaken him, and I think he has retained his office against his wishes and best ,lidgment to the very great detriment of his personal affairs. He has a large family dependent upon him, and now feels he must get about bettering his finances. BS to BBJr, Nov. 26, 1918(continued) Of course he is not a young man and one can not leave a large family a legacy of debts. .pr. 14,1919 "Secretary Glass arrived here last night and 081,6 to BSJr., ill spend today and tomorrow in Ned York going over our loan program, and Tuesday night we have a -Oig mass meeting at the Opera House. Secretary Glass and Admiral Sims are going to speak, and this time I am going to get off with a very short talk." BS to BSJr., May 26, 1919 "My plans for this summer are still rather indefinite. I must make one trip to Washington, and I am still think seriously of a flying trip abroad in connection with some important business for the bank If you are still there you may count on seeing me. BS to BSJr., Oct. 10, 1919 "Mat Princeton Collection has been a bit of a White Elephant but I really think in the long future it will be of great value as a source of reference, and I am hoping to increase it by adding a good many volumes as Professor Richardson is able to locate and purchase them. It represents a much larger investment than I had originally contemplated, but once started you can't very well stop it. BS to BSJr., Ab. 10, 1921 "pressure at the office is very much less than before I left home". BS to RS Jr., June 5, 1922"Last Wednesday we laid the cornerstone of our new bank building, which means little more than that the bank building may be finished within a year and a half or so, although the people who are putting up the building were good enough to present me with a beautiful silver trowel BS to BSJr., June 19,1922 Mr. Norman's advice(in deciding where to live) All be helpful and, as you know, he is conservative and is most anxious that you should do quite the right thing." BS to BSJr., Aug. 9, 1922"Since I wrote you last,--- I had spent about a week in Washington, all given up to business except that I was kept there over a Sunday which I spent with Mr. Hoover fishing down in Chesapeake By, and Jith a good deal of About my own plans for Europe .1- success. they are still undertain. If the meeting comes off, as now seems possible, in October, you may expect to see me then but Mr. BS to Balr , Pug.9,1922(continued)Norman really knows better about whether the meeting will be held and when than I do. of each other. I am glad that you and he continue to see something There is no better man living than he and he is a good friend for you to have.. BS to BSJr., Sept.6,1922 ..."My trip in Washington was exceedingly interesting, although I Jent on an errand that was most discouraging. We felt quite undertain as to whether -the President will be willing to reappoint Governor Harding, and it was suggested to me that I should go over and have a chat with the President about it . He was exceedingly nice, as he always has been whenever I have seen him, explained his many difficulties, and confidentially, I think our talk made clear to me that he still has a rather mistaken idea of what the Federal Reserve System is But the visit did a lot of good I think in clearing up some misunderstandings between the White House and this bank, and I was glad of the opportunity to put in my own mrt...."I hear pretty regularly from Mr. Norman, who seems to be keeping an eye on you now and then, which pleases me very much .... For the first time I think in my experience the bank is really dull_ We have not a great deal of work to do, partly I feel because it is better organized and the machine works smoother, The building is coming along finely. Bytthe time you are back home it will look pretty well completed ....The prospects of that meeting in London seem to get dimmer all the time, so you may not see me this year at all." BS to BSJr., Oct. 24,1922 ... Of course, it is not necessary to caution you as to the care that must be exercieed about discussions of what goes on in that office with Governor Norman. I am only throding out the hint as an excessive precaution, as the London bankers are very jealous of what the Bank of England knows about their Sffairs, This situation is a little curious, as you realize, with Mr. Tiarks on the board of the Bank; but the old traditional London is filled with inconsistencies 66rthat kind ..(Just had) a very hard week's work in Washington at the Governors Conference." BS to BSJr., Oct 27,1922 "I have been reading the political reports from London with the greatest interest, and Mr. Norman has kept me a bit posted by cable. If I folloJed my real inclination I would get on a steamer and go over and have a look at the situation on the ground, but our affairs are in such shape that it is really ... BS to BSJr., Oct.27,1922(continued)impossible for me to consider it just now. Besides that, if the British Government does send a commission over here to negotiate about the debt, I want to be on hand," BS to BSJr., Nov.21,1922..."I will write you shortly about my own plans a little further as soon as they develop, which may include 3 trip to Europe.' BS to BSJr., Aug.20,1926(from Evian, France)"(No news to send you)"as I have been spending a few days up here with Mr. Mellon and Mr Gilbert, taking the opportunity to talk things over with them before proceeding on mylliourneyt Confidentially, I will leave for Paris on Sunday, and after that am not certain of my plans BS to BSJr., Feb.25,1927(from Biltmore, N.C) In a general -day, as you know, I have a better opinion of the Japanese situation than some of the London and New York bankers. There is a certain solidarity there which one does not encounter in other countries, and in banking matters it must not be overlooked that they have a .bplendidly managed bank of issue which stands behind difficult situations wtth a good deal of courage and skill." THIRTY THREE LIBERTY STREET NEW YORK August 16, Dear Ben and Phil: There are certain matters that I want to disposeofc and must ask you toys to handle them. The portrait by Gari Melchers which is in the b:nk. I shall leave it to you, consulting Katharine as to whether you wish to keep it, or if the bank wishes it, as to whether wish it it shall be paid for, and the it shall have it. If the bank does cost was 6,000. I want Katharine to have all of her mother's jeiielry. All my personal thine I are leaving by kill to Ben, with the request that he divide them. There are certain my great grandfather which probably should be souvenirs and a portrait of retained by Ben on account of the name, bu-7, I leave this to be worked out amonJ, yourselves. There is a large mass of personal corres2onoence at the bank, much of it relating to the bank's affairs. This must all be great care exercised, Norman, as to its examinea and especially as to the correspondence with Governor disposition as it is of most confidential character. I should like to have this handled by Ben, Mr. Harrison and Miss Holmes, or if Miss Holmes is not available, someone in the bank to be selected by Mr. Harrison. In general, the correspondence material to the bank's affairs should be left with the bank, and all other correspondence can be sorted ., and what is worth keeping can be kept in such custody as you agree, if it is uf any interest to the family. 9,7 The tauestry hanging in the sitting, room was loaned to ma by Mr. and Mrs. John T. Pratt and shoUld be returned to her. THIRTY THREE LIBERTY STREET NEW YORK Mr. Benj. Strong, Jr. Mr. Philip G. Strong - 2 ugust 16, 1928. I enclose a letter addressed to A. Fleur at the Links Golf Club - requesting him to deliver any property of mine in his hands ';to-you boys bS you may direct. There is a very interesting picture, painted for me by William Grimm, in the hand, of Messrs. Morgan & Company, Place Vendome, Paris, of which some disposition ought to be made; brandy which Mr. jean Monnet gave also, as I recall, a box of very fine old me. Some correspondence about KEtharine's and Watts' affairs I am turning over to you with this letter. There are certain bank; the deck items of personal property belonging to me at set which was given to me by the clerks of the Bankers Trust Company when I resie:,nled, also some grossed resolution given to me by the souvenirs of the war such Liberty Loan EIS the en- Committee, which you should obtain from Miss Holmea and keep with my other personal effects. There are some personal papers in tJ:o tin boxes sent up to me from the bank which I 1.111 Errr,n,e in order and label as to their disposition. Most of them are letterT from members of the family. ( /lig "Lb-la-. amiaft7--5/877, -,-6-6 ) the title to this property is either longed in the la I recall, Trust Company in 2,eshington WEV A ,F trustee for the owners, or it is held in some under a joint and several ownership vthich results in the share of each bomber reverting to the survivors in the case of any member's death. this I am not' certain. I have carried it as an asset on my books 47b *1,000 becauee my ripinsl subscription to was 12000 but Eut of the house when I joined fourteen years e,,,;() of course, I have put more money in since to cover the recon- THIRTY THREE LIBERTY STREET NEW YORK Mr. Benj. Strong, Jr. Mr. Philip G. Strong 3- August. 1.6 1M. struction of the house and for various things purchased. I can going to try to arrange to have this charged off from my books as a. loss this'.year so as to save the income tax, but if I can't do that, in the event of my death it will be necessary to get definite information as to the ob:lership so that no steps need be taken to realize on the value. I am writing General bil3iams about it to-day. Major General G. C- Williams's address is 1817 H. Street and he is the one most likely to und,rstand the detail, end the lawyer who looked after these matters is Mr. aiter Howe whose residence is also on F. Street, right near the house. -17.)6h-e =