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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
=

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