Full text of Papers of Benjamin Strong, Jr. : Correspondence Files by Subject : Honors bestowed upon Benjamin Strong, 1919-1928

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MISC. 43 -1/74

FEDERAL RESERVE BANK
OF NEW YORK

CROSS REFERENCE SHEET

FILE NO. e cte
SU

SEE

FILE NO.
OF
DATED

erv
tiLL<-0-JO ir

1,,c_s;&c0-4

)

MISC. 43 -5/73

FEDERAL RESERVE BANK

OF NEW YORK

CROSS REFERENCE SHEET
FILE NO.
SUBJECT.

SEE

LETTER OF
DATED
p

//-27

-7-

March 8, 1971

AIR MAIL
Mr. Hans Fluks
Thames & Hudson
c/o Nilsson & Lamm
Beursplein 3
Amsterdam - C
',Ile Netherlands

Dear Mr. Fluks:

As requested. by Sheila Lee, you have our

permission to use the photo of Ben 'trong taken in 1927

which you obtained from the archives of the Bank of
ngland.

'ks you can realize, it is quite illogical for

me tc approve such use without seeing the photograph.
However, we J.re depending upon the good judgment of Mr.

Kelly of the Bank of England and trust the picture will
in no way embarrass this Bank or the living relatives of
Benjamin Strong.
Sincerely,

Richard H. Hoenig, Manager
Public Information Department
Rilitiep

cc:

We. Sheila Lee

March 8, 1971

AIR MAIL
Mr. G. L. B. Morgan

Assistant Secretary

73ank of

IS
.

441/1-

gevfri/44,
%;IL,A.442.4,4.(,

?:.igland

London E.C. 2, :ngland
Dear George:

Tom suggested I send you a copy of the enclosed
letters because he does not know Mr. Kelly of the Bank
of England any more than I do! We didn't have a photo
for these people so they obtained one from you. I do
trust you wouldn't have given out anything not proper to
print so we told them to go ahead and use it. This
requires no action on your part; we just wanted to let
you know we had said OK, even if blindly.
We had Stefan Mendelsohn of the American BAnker
in for lunch last week and I asked him to say hello to
you the next time he saw you.
Little did I realize I
would be writing this soon!

Best regards.
Sincerely,

Richard H. Hoenig, Manager
Public Information Department
closures

TO OPEN SLIT HERE

NAME AND ADDRESS

mes & Hudson

Bloomsbury Street

don (C113 3QP

AIR LETTER SHOULD NOT CONTAIN
ENCLOSURE; IF IT DOES IT WILL BE

HARGED OR SENT EY ORDINARY MAIL
The 'APSLEY' Air Letter
A John Dickinson Produ-s

m approved by the Post Office (United knytdom) No. I.

SECOND FOLD HERE

1:7Th
ea."

tr::'"

AMSTERVAq
5-T.D

t?-1 24
rn"

LEIN 3

Mr. Richard H. Hoenig
Public Information Department
Federal Reserve Bank of New York
New York ,

N. Y. 10145

U. S. A.

H.A.

S. BARON
T. W.
CRAKER
H.J.
GUTTMANN
T.G.
(USA)
JARROLD
ROSENTHAL
C.B.E.
ABER

Yivoi/(2,7
January 19, 1971

AIR MAIL
Mrs. Sheila Lee
Thames and Hudson Ltd.
30-34 Bloomsbury Street
London W.C. 1, .]ngland
Dear Mrs. Lee:

I am sorry we are unable to provide you with
a picture of Governor Strong--with Montagu Norman or
alone.

In 1964 when we published a booklet about this

Bank we tried to find suitable pictures of Governor
Strong in the Bank's archives.

The only one we were

able to obtain (even after seeking help from his scn)
was not usable.

71e finally used a face shot obtained from

a commercial source.

The only thing I can suggest is

that you also try these agencies.

I am enclosing the

list of names and addresses of concerns in New York City
we used.

I believe they will be glad to send you photos

on approval--for payment upon use.
Sincerely,

Richard H. Hoenig, Manager
Public Information Department
2,h closure

Because of the postal strike in England the letter was sent to:

Hans Fluke, Thames and Hudson Ltd., c/o Nilsson and Lamm,
Beursplein 3, Amsterdam-C, The Netherlands

OLD
ENTHAL
C.B.E.
NN

THAMES AND HUDSON LTD

DIRECTORS:
T.M. NEURATH
E.U. NEURATH
(MANAGING)
(CHAIRMAN)

TO OPEN SLIT HERB

SENDER'S NAME AND ADDRESS

Mrs Sheila Lee,
Thames and Hudson Ltd,
3n-34 illianmsbury strat,

London, W.C.1.

AN AIR LETTER SHOULD NOT CONTAIN
ANY ENCLOSURE; IF IT DOES IT WILL BE
SURCHARGED OR SENT BY ORDINARY MAIL

The 'APSLEY' Air Letter
A John Dickinson Product
Form approved by the Post Office (United Kingdom) No. 1.

SECOND FOLD HERE

Public Relations Department,
Federal Reserve Bank of New York,
33 Liberty Street,
New York,

N.Y. 10005,
U.S.A.

THAMES AND HUDSON LTD
DIRECTORS:
T.M. NEURATH
E.U. NEURATH
(MANAGING)
(CHAIRMAN)

cv-A-4--s-e--:

MRS. L. GRADY DOLLIE R. L. ALFORD
36-WEST--I~N.S.T42F-ET
VitEtRETSMSS:01 S. C.

411b4

7, /97

Q./

-1AR 09F17

a.4J

24ei.c__

ifie;

(';i-i4

December 12, 1967

Mrs. L. Grady Alford
P. O. Box 1006
Lancaster, South Carolina 29720

40°7

Dear Mrs. Alford:

Thank you very much for submitting for our
inspection the certificate signed by Benjamin Strong.
It is, indeed, h handsome memento. However, after
checking our own files, we find that we already have
a number of similar mementos signed by Governor Strong.
Since we have no plans for displaying them, I'm afraid
we do not have any need for additional samples.
Therefore, I am enclosing your certificate by certified,
first class mail.
Once again, thank you for thinking of us.
Sincerely,

Richard H. Hoenig, Manager,
Public Information Department
REEtteb
Enclosure

47-

M ISC. 43 7 70

FEDERAL RESERVE BANK
OF NEW YORK

CROSS REFERENCE SHEET
FILE NO._____LL

SEE

2
FILE NO.
LETTER OF
DATED

4//

/..1fra A d

MISC. 119-250-11-55
.1!

DATE

7/18/62

RECEIVED from the Federal Reserve Bank of New York
Representative,
Mr. Shiro Inoue,
The Bank of Japan THE BANK
N OFFICE
1 Chase Manhattan 4g40,
MANHATTOAF
Y ?NNE
NE CHASE MANHATTAN
New York 51 N.Y.

EN,

--"

.........--

-r

Ew YORK 5, N. Y.

6416

c q,

July 13, 1962
BY HAND
Mr. Shiro Inoue,
Representative,
The Bank of Japan,
1 Chase Manhattan Plaza,
New York 5, N. Y.
Dear Mr. Inoue:

As I told you in our telephone conversation
this morning, Benjamin Strong, first Governor of the
Federal Reserve Bank of New York* visited Japan in 1920.
In going through his files pertaining to that
visit I have found two documents in Japanese with short
English labels reading as follows:
"The Speech made by Mr. Benjamin Strong
at the Official Residence of the Minister of
Finance on May 22, 1920."
"The Summary of the Speech made by
Mr. Benjamin Strong, Governor of the rederal
Reserve Bank of Nev York, at the Tokyo Ginko
Club on May 24th, 1920.''

I have also found two documents in English in
Governor Strong's handwriting. He did not have a
secretary with him on his trip.
I suppose that when
he made a speech that was not extemporaneous* he probably
wrote it out in longhand. I am wondering whether the
two speeches recorded in Japanese are the same as the
two documents written by him. I would appreciate any
help you can give me as to the subject matter of the
speeches recorded in Japanese.
Sincerely yours,
0

WFT:tch
4

William 7. Treiber,

First Use President.

We/rt-,

MISC. 4A.3.8014-2-53

OF10E COR

FEDERAL RESERVE BANK
OF NEW YORK

PONDENCE
DATE

FROM

Miss Voigt

February 10, 1954

lUBJEC.T

Mildred Adams

Thanks so much for the booklet on The Benjamin Strong Collection
of International Finance.

The curator of that collection has just sent us

another one from Princeton so I am sending this book to Miss Regan as you
suggested.
r

MA:ek

October 9, 1952

Miss Laura S. Turnbull, Curator,
Princeton University Library,
Princeton, New Jersey.
Dear Miss Turnbull:
I want to acknowledge and thank you for sending to

Mr. Sproul, at the suggestion of Mr. Benjamin Strong, your booklet
on "The Benjamin Strong Collection of International F inance".

Mr.

Sproul is presently in Europe, but I know he will be glad to have it
upon his r,1:turn.

Very truly yours,
Secretary to
Allan Sproul

PRINCETON UNIVERSITY X r)
INTERNATIONAL FINANCE SECTION
(Department

of Economics

and Social Institutions)

Princeton, New Jersey

October 8, 1952

Mr. Allyn Sproul, President
Feder
Reserve Bank of New York
33 Liberty Street
New York 45, New York
Dear Mr. Sproul:

At the suggestion of Mr. Benjamin
Strong I am sending you this copy containing
a short account of the Benjamin Strong Collection, established, as you know, in honor of
his father.

Sincerely yours,

wiAkkiAlk

Laura S. Turnbull

AA/84,00

4"Eivoto

June 20, 1951

1
Mr. Benjamin Strong, Presicent,
United States Trust Company of New York,
45 Fall Street,
New York 5, New York.
Dear Ben:

Enclosed are the copies of letters, and the
extract from a recent publication of the Bank of
England, which I promised to send to you in view of
your interest in the "Houblon tankard."

We do not

have the letter dated June 4; 1924, from your father
to Governor Norman, which is referred to in Governor
"1"

Norman's reply of June 19, 1924.

I hope, however,

that the Clearing House records may enable you to
fill in the gaps.

Yours sincerely,

ALLAN SimA4
Allan Sproul

Enclosures
AS011gs

.ract from Bank of England booklet issued by the Court of Directors
in the occasion of The F estival of Britain - 1951.
"John Houblon, the son of a Huguenot refugee who had become
established as a merchant in London, had set up in business in a house he built
in Threadneedle Street soon after the Great Fire of London, 1666. In 1689 he
was elected an Alderman of the City of London, and was knighted by the King
in the same year. He was Master of the Grocers' Company from 1690 to
1691, and while shouldering the onerous duties of Governor of the Bank during
the first three years of its life, served from 1695 to 1696 as Lord Mayor of
London and from 1694 to 1697 as a Lord of the Admiralty.

"The diarist Samuel Pepys, who was an intimate friend of the
Houblon family, described Sir John as an 'industrious merchant' -- a tribute
with the flavour of an understatement.
***

"In recognition of the part played by the first Governor a silver
tankard was presented to him, inscribed -- The gift of the Directors of the
Bank of England to Sir John Houblon, Governor, Lord Mayor of London, in
token of his great ability, industry and strict uprightness at a time of extreme
difficulty. 1696'.

"This historic tankard, after many wanderings, was acquired
by the New York Clearing House Association in 1893, and in 1924 the members
of the Association generously gave it to the Bank."

FEDERAL RESERVE BANK

OF NEW YORK

CROSS REFERENCE SHEET
FILE NO.
SUBJECT

SEE

FILE NO
LETTER OF MA
DATED

0.1 I

cocut 4704/4,63Ail,

%%oh
Va-ria

qkmj

kQ
Lucy)

ce-tket`a,_

6/15
AS:

Miss Dillistin does not have the June 4/24 letter
from Gov. Strong to Gov. Norman, referred to in the
latter's letter of June 19th to GoT7 Strong, but she
thinks th'0 'e is enough on attached'jg establish the
fact that ov. Strong apparently had a large part in
the matte
Miss Dillistin says the attached material did not come
that she reto her in the normal course of business;
ceived it from Gov. Strong's office after his death.

411111.=11

October 10, 1928.

Governor Strong passed an excellent night and

hic condition shells continuou,7 improvement.

October 8, 1928.

Dear Mr. !Old:

Je appreciate you= thoughtful letter of GctobeT 6,
inquiring as to Governor Strong's present condition, followthe ol:eration uneergone by' him on Satulas.,-.

3e is, I art

happy to :sport, doing well this iso:ming, and we are hopeful

as to the ultimate outcome of his illness.

I shall be glad

to convoy your good wishes to Governor Smug just as soon as
he is in condition to receive messages.
jinceroly yours,

Mr. Theodore Wold,
Tha Northwestern National Bank,
Minneapolis, Unresota.

FORM 1211

FEDERAL RESERVE BANK OF KANSAS CITY
PRIVATE WIRE SYSTEM
OUTGOING

DATE October 6, 1928
12:25 pm

Care - New 'ark

Sincerely regret necessity for Governor Stronge operation.
receover2 quickly.

Hope he

Please convey best wishes officers this bank.

Governor Bailey is confined to his home having been operated upon for
mastoid about two weeks ago.

He is making satisfactory progress.

Worthington

RE:cleiNe e:0

OCT 8

1928

J. H. 0.
"NIT NO.
SENT BY

EXPENSE UNIT NO.
GENERAL AMC

STATION 34

TioN

FORM 46-16 25M 12-19-27 8-25308

OUTGOING

CONFIRMATION

FEDERAL RESERVE BANK OF CHICAGO
c Lol.)-21-

3 1C; 6

CO\ Fl RVATIO\

or*
9

%-v./4/r6vilJw2

October 6, 1928.

Governor Stron,7 was operated upon this

morning for an abscess due to diverticulitis.

The

operation was done for the most oart under local
anaesthetic.

Mr. Strong came through the operation

well and was in good condition afterward.

The

operation was performed by Dr. Eugene ff. Pool.

CONFIRMATION OF TELEGRAM
37 BC -.27

FEDERAL RESERVE BANK

OF NEW YORK

TO BE MAILED

WE HAVE TODAY TELEGRAPHED YOU AS FOLLOWS:

80 1928.

Ha7ding
Norris
Fancher
Seay
Black

McDougal
Biggs
Geery
Bailey
Talley
Calkins

Boston
Philadelphia
Cleveland
Richmond
Atlanta

Chicago
St. Louis
LanLeapolis
Kansas City
Dallas
San Francisco

The following telegram is to be sent to all the above.
CONFIDENTIAL

Governor Strong'$ intestinal disturbance has taken turn for worse
necessitating operation today.

While this must be regarded as

serious his general conA.tion is good.

Will keep you advi'ed.
CASE

We are hoping for the best.

Misc. 37 I5C

FEDERAL RESERVE BANK

CONFIRMATION OF TELEGRAM

OF NEW YORK

TO BE MAILED

WE HAVE TODAY TELEGRAPHED YOU AS FOLLOWS:

October 6, 12284-

Following

elegrEun to be sent to:

Eamuel W. Reyburn

Lord & Taylor, Eth Avenue & 38th
New York, N. I.

Delmer Runkle

National City Rank, Troy, r. Y.

Robert H. Treman

Tompkins County National Hank, Ithaca, N. Y.

Clarence M. Woolley

American Radiator Co., 40 West 40th Et.,
New York, N. Y.

William H. Woodin

American Car & Foundry Co.,
30 Church Et., New York, N. Y.

Theodore F. Yhitm&rah

Francis H. Leggett & Co.,
13th Ave. &27th Etreet, New York, N. Y.

Governor strong's intestinal disturbance has taken turn for worse necessitating
operation todLy.
is good.

While this must be regarded as serious his general condition

We are hoping for the best.

Will keep you advised.

GAEL.

FEDERAL RESERVE BANK
OF NEWYORK
September 11, 1928.

Dear Governor Strong:

Enclosed is a cable for you from Dr. Fist
stating that Mr. Dewey has asked the Bank of France to
consider extension of the central bank credit to the
Bank of Poland and advise the other participants.

You

will observe that the Bank of France has cabled to
Mr. Dewey in reply suggesting that he apply first to us
since the credit was arranged on our initiative.

We have received no word direct from
Mr. Dewey or the Bank of Poland concerning this matter.
I telephoned to Mr. Harrison about it this morning and
he feels that it is unfortunate that 1r. Dewey has approached the Bank of France particularly without informal
discussion of the matter with us.

Mr. Harrison added

that he has been hopeful that the Bank of Poland would
not have to renew the credit and he suggested that before
we take any definite action in the matter we should
await some advice from Warsaw and the more detailed cable
from Dr. Rist.

In the meantime, he said, it might be

advisable tobzlerel)acknowledge Dr. Rist's cable and let
Mr. Dewey know that we had received word from the Bank
of France.

I am enclosing two cables, one to Paris and

the other to Warsaw, for your approval.

In this connection you may be interested

Mr. Strong

9/11/28

FDERAL RESERVE BANK CF NEW YORK

in the following paragraPh in Mr. Harrison's letter of
July 24, 1928, to Mr. Siepmann:

"I am not yet certain, however, what
should be the proper procedure in the event of
a request by the Bank of Poland for ? renew21
I have heard no
or extension of their credit.
more about it and hope it will not be necessary;
but if so I think it would be a mistake to have
the Bank of Poland approach separately each inThe esdividual participant in the credit.
sential thing is that there should be some orderly
procedure with a proper appreciation of individual
responsibility on the part of each institution
in accepting or declining to participate."
Mr. Siepmann's reply to the foregoing was
as follows:

"When Mr. Dewey was here, he did not
mention the possibility of a renewal of the
Our view, I think, is that the
Polish credit.
auestion of renewal ought not to be r.7,ised, beto which
would
cause of
One of those difficulties
certainly give rise.
is the very ouestion of procedure which you
I cuite agree that it
mention in your letter.
would be a mistake to have the Bank of Poland
approach each individual participant separately.
Yet the moment they address themselves to the
originators of the project (whoever these may be)
the embarrassment begins."
Very truly yours,

Benj. Strong, Esq.,
270 Park Ave.,
New York, N. Y.

September 11, 1928.

Dear Governor Strong:

Enclosed is a cable for you from Dr. Fist

stating that Mr. Dewey has asked the Bank of France to
consider extension of the central bank credit to the

Bank of Poland and advise the other participants.

You

will observe that the Bank of France has cabled to

kr. Dewey in reply suggesting that he apply first to us
since the credit was arranged on our initiative.

We have received no word direct from
Mr. Dewey or the Bank of Poland concerning this matter.
I telephoned to Mr. Harrison a=bout it this morning and

he feels that it is unfortunate that kr. Dewey has approached the Bank of France particularly without informal
discussion of the matter with us.

Mr. Harrison added

In the meantime, he said, it might be

advisable tomerelyjacknowledge Dr. Rist's cable and let
A

Mr. Dewey know that we fvd received word from the Bank
of France.

I am enclosing two cables, one to P7ris and

the other to Warsaw, for your approval.
In this connection you may be interested

kr. Strong

9/11/28

in the following paragraph in Mr. Harrison's letter of

July A, 1928, to Me. Siepmann:
"I am not yet certain, however, what
should be the proper procedure in the event of
a request by the Bank of Poland for c renewel
or extension of their credit.
I hove heard no
more about it end hope it will not be necessary;
but if so I think it would be a mistake to have
the Bank of Poland approach separately each individual participant in the credit.
The essential thing is that there should be some orderly
procedure with a proper appreciation of individual
responsibility on the part of each institution
in necapting or declining to participate."

Ur. Siepmann's reply to the foregoing was
s follows:

"When Mr. Dewey was here, he did not
mention the possibility of a renewal of the
Polish credit.
Our view, I think, is that the
question of renewal ought not to be raised, because of the difficulties to which it would
certeailygive rise.
One of those difficulties
is the eery question of procedure which you
mention in your letter.
I quite agree that it
would be a mistake to have the Bank of Polend
approach each individual participant separately.
Yet the moment they address themselves to the
originators of the project (whoever these may be)
the emberressment begins."
Very truly yours,

Benj. Strong, Esq.,
270 Park Ave.,
New York, N. Y.

JEC:MIC

i4 I

ttAA1

9, Rue de Ligne
Brussels

P. de Soete
ScUlptor

September 61 1928

My dear,* Governor,
I am happy to inform you that pursuant

to instructions received from Monsieur L Franck, Governor of
the National Bank of Belgium, I have just had packed and
shipped to you by the Red Star Line your bronze bust and the
pedestal.

The shipment is being made through diplomatic channels
and our

Ami)aSsador, His ExCellency the Prince de Ligne, will

take possession of it when it arrives in New York. He is leaving
Belgium on the Bergenland October 12th.

By this mail I am also advising our consul M raly of this
shipment and asking him to attend to all the custoir.s formalities.

I was sorry to learn, my dear Mr Governor, from Governor
Franck that you would not piss through Belgium. It Was a great
disappointment to me. For I should have liked so much to see
you again and shake hands with the eminent person whose
features I had the honor. of reproducing with all the charm of

the man whom I knew in the United States.
I venture to hope, my doar Mr Governor, that the Lust will
give you entire satisfaction and I have no hesitation.in telling
you that ail my sentirent and soul went into the execution of
the portrait of this great friend of Belgium.
It is a work of which I am proud. I previously

z/d
S
July 11, l28.

Sir:
I have the honor to inform you that the
President of the Republic of Poland has con(erred upon you the Grand Cross of the Order
of "Poloni.a Restitutan in recognition of the

signal services rendered by you to Poland in
connection vith the elaboration and the successful application of the plan for the sta,
bilization-of Poland's currency.

The PresiCnt of tne Republic of Poland
desires in this :comer to express on.behalf
of Poland the hi pest appreciatic,n and deep-

est gratitude for tIle invaluable advice vhich

you so kindly gave in this matter through the
medium of the Bank of Poland, and for all your
most valuable and effective cooperation v:hich
led to the achievement by Poland of final f i-

nancial stability.

The insignia of the Order, consisting of
the Grand Cordon and. Star, a8 yell as the Di-

Benja:rdn Strong, *c.;c,.,

Gciv,-.:;rnoz of the Federal Ro2erve

of New York,
New York, N. Y.

Bank

plomal are in my keeping, and I have the honor
to request you kindly to inform me whether you
desire me to send them to you or to hold them
until you return to the United States, when I
could have the honor of presenting them to you
personally.

I am, Sir, with highest regard,

Your obedient Servant,

Envoy Extraordinary and
Einister Plenipotentiary
of the
Republic of Poland.

Pxess Dcr,rtrent

neger. of Poland
September 5, 1928r

New YORK FEDERAL BANK OFFICERS HONORED BY POLAND

resident of Poland has conferred decorations upon

rong, Governor of the Federal Reserve Bank of New York

, Govern,-)re J. Herbert Case. and George L. Harrison,

and

ant Deputy Governor J. E. Crane, it was annonnood today.

ghest rank of the Order of Polonia Restituta, The
with Star, was conferred upon Governor Strong.

Deputy

rs Case and Harrison received the Knight Commander's Cross

of the same Order, and Assistant Deputy Governor Crane

r's Cross of the Order.

echanowski, the Minister of Poland to the United States,

n3sentations at the Federdl Reserve Bank of New York..

-2-

4/15/27.

theysdo appear as drawers on a considereble amount of benkere bills. A few
days teo in all cf our pockets we held something over 000,000 of first -class
beakers paper drawn by 7.uzuki; the acceptors were very well secured, brown
Eros. end Huth & Compeny beine the lergeet lines. They were very much pleased,
ae F result of F thorough inveetietion wean their people examined the New for
office, to find its effairs in excellent shape and they do not see how they can
euetsin any loes.
Yr. Spender- Smith, who wee here at the time, told me that his firm
gave them crecite and that the name was pretty sell around in all the :..cine4.sn
houses, and he said their experience had eleseye been satisfactory, the lines
well protected by collateral, and ee aid not appear to be worried but expreesed
regret, as (le Huth & Compeny, that the volume of the busincsa, which had yielded
coraissions in substantial amount, might be grestly curtailed.
The attituee of th Government :.nd the sank cf tib;:fin ie further reflected. in cables, cited April 1 end 5 respectively, from Finance Vinister Katoaka
to Pr. Wikewa in New York, coeies of ehich sic rscently received from him and of
which I au also eccloeing copies herewith.
In his letter of trtnemittel ?fir. Nikews said that it ALAI their belief

that no metter *et courre the Suzuki affair mee take, it .:cold cnly result in
promoting Jepenle economic rehabilitation.
You ::ill note thet Mr. IncAlye is
Chairmen of the Corrittee of Inveetigetien ef the effeire cf the Fonk of Teioen.
from

Today we have received from fr. nketa notification of further advice
Japanese Treasury Depertment, as per copy enclosed.

tith ell of this information it hardly seems to Ur. Case or to ae that
direct ineuiry of the Governor of the sank cf Japan ie neceesery, it being- six
weeks to tea menthe before we could get a reply, but on the general situation I
think ycu right life to *rite him a eereenel letter in the lieht of all of the
information that you will heve from this letter and the enclooures.

Last nieht the dinner of the directors end officer: to our foreign
guests passed off
cry well indeed, Mr. Reyburn being eheirmen, with speeches
by each of our visitors and by Vesers. Yount, Treman, Reynolds end Case.
They
were all in earticulaey happy vein. poor Mehon, who had been fidgeting et the
thought of being called ueon, reelly iistinguished himself with a most neat reely,
but I think by far the finest sentiments were expres4ed by Cr. :aahmaan, who very
gracefully conveyed a. meeeege embodying sound and serious thought and wound up
with a tribute to you which was se impressive as it was pleasant to
us to heer
so eloquently expreeaed.
We miesei you very much and I hope that at the, next
internationel party you sill be with us Lenin.
Sincerely yours,

Benj. Strong, Fe'.,
Hotel Briehton,
Atlantic city, N. J.
Encs.

ERK/v

February 9, 1927.

Lear lovernor Etrohg:

Supplementing our talk over the telephone this morning, I
am enclosing the following:
1.

Federal Feserve Foard State,lent for the
Press, 1-4788, for release February 10,
und

statement of Cwen L. Young, Deputy Chnirman,
The
Federal Feserve Bank of New York.
:Antement in the second paragranh, eer'ond
line, has been modified to meet your
criticism.

With best regards, I am,
Faithfully yours,

Mr. Henj. arong,
Stuyvesant T-oad+
BiltmoTe Forest,
burro', N. C.

Enclosures (2)

February 8,

Dear Governor Strong:
It may stimulate your mind to lock through the attached

by our old friend.

He is still under the spell of the old heresies, but

I think on the whole

objectionable.

p6ephlt

job is the hest that he

has done and the least

copies around to our dir,_ctora, *l1:. th

:Lv..

attached letter.
I EM also e-nclosin

a rather intelligent column from the New York

Evening Post, and a spread by Ivy Lee about Governor Norme.n, tzich ycu may

have seen already.

Our directors are tollowing the credit situation very closely
juat now and I am working up some more material

for

Thursday's meeting, which

I will try to send you ahead of time.
Your telegram about the service
ing.

foreign loans clIme in this morn-

F-:ose is preparing a report, with all the proper qualifications

and deductions, which will be handed to $r. harrison in due course.

aen,:Ling you the final figure was quite unofficial s'...nd urir.u.l.orii..ud and does

not indicate any other leak.
Sincerely yours,

Yr. Benj. Strong,
stuyvesarit-R4.),..d,

Forest,
Biltmore, worth Carolina.
Biltmore

iffsE4R

encs.

W. T. 11.1

311 M

7-211

FEDERAL RESERVE DANK
OF NEW YORK

TELEGRAM
COMMERCIAL WIRE - INCOMING

ATTENTION

TRANSLATION COPY
_

iv;

1923

R BURGESS
F

B NU YORK

EST NOT SEND THOSE FIGURES 'TO

O LDSBOROUGH FOR THE PRESENT

DECODED

CHECKED

COMPANY _

NCAR 906A FEB 8 1927
V1

WIRE TRANSFER
DIVISION

923A

June 24, 1928.
Dear Governor Strong:

This is in reply to your note of June B, with regard to Lit: sale
to iessrs. J. P. gorge!) 4 Ooepeny of 1$35,4D0,000 of June 15 --rti2ic.,.ten for

delivery June 14.

As you will readily aepreciate, this tnnw...ction yes made at the
ra,u3st 3f the Tre,_eury Dep.,rtment to erl Ole Ueueru. Horg,m

Company to tau.ito the

British debt b3ttlement on June 15 of .89,000,000 wholly in June 15 certifie -tes.

While the record of the Ofricers' Heating of Vey 24 fella to show that thin trans.action was submitted to the ::,embers of the Open 4arket Committee, it ta, aever.-

thelees, t..len up with than at that time, eccom2anied by the 6uggestion that the

full amount of our June 15 maturities should be repleced by other short-term
Governments, and the approval of the members of the Open Market Committee to the
bale j na repurchases Was duly incorporated in the minutee or the Open 111;,rket Jn-

vestwent Committee meeting, a copy of which was sent forwa.rd to each meaater under
data of May 24.

The prozmm of the Treasury for June 15 to omit their usual Treasury
offering on that date, proved to be r big uurprise to the market.

No one app rently

anticipated uuch action, end au you cL-r. well imagine, there immediately

wild sortable on the ytrt of thokie who had maturing obligatioub.

anaued L.

We had anticipated

this in the bet*, and had covered by forrard purchases our re4uiremento of
$38,000,000, plus .114,000,000 for foreign account, and some 40,000,000 for the
Property Custodian fund.

fie were very iertanete, under Lhese conditions, to be

able to accumulate tnie total of $80,00C,000 of Governmeets, but tb the Treasury

substituted Miro Liberty Loan bows to replace the maturitiee in the Alien Property

benj. Strong, Eeq.

6.24.26

Benj.

.)1.,rong, Esq.

6. 24. 2,1

first of the week, I propose to see that such lone are spread among several of the
large! :-...aak6 h. ra ri:ther taaa to see them taken over 5y any one institution.
Just before you went %way, we discussed the record being made by the Tre!,sury
in borrowing money from us temporarily Et toix periods at 2%, while we were paying
e. much biLber rote to our banke for securities tenr,orPrily sold them Lrfam tne open
market account.

ilL1 ri a word with Mr. Winston 5bout tbie just before he ,,ent away,

and rave: held the matter up until his return, when are could incorporate in the

picture just that happened on June 15.

I sent him a letter yesterday, accompanied

by a carefully prepared inemoratAtra, discuasini; the philosophy a urrouncing the

Trdsouryts tvaiortry torrninge. In principle, it seems to one that they should pay
the lowest -going rate of funds et each quNrterly period, rather than haying any
automatic .f.rren6eTart thick does not permit of r..ny discretion being used.

I em

copy of this letter and memorandum for your information.

Trusting that you ere twring

good rest, t. nd with beet regerds, I am,

Sincerely yours,

Bsnj. 5tror.4, Ssq.,

cio . L ak of Enzland,
London, England.
Enos.

MISC. 3

60 M

FEDERAL RESERVE BANK

12-25

OF NEW YORK

OFFICE CORRESPONDENCE
To____Orrizerst_Councal_
FROM

DATE-Itajr--,44,
SUBJECT: GO-Veratent

L 11._Case

_SeCaritytr-fir-B&GtiOrtily

Loccount, trritiabr-Gevervaellt

For the Treasury, account Alien ?rokerty Custodian, le have
sold to Messrs. J. P. Morgan v Company for the Britisa ,-:lovernment
$15,130,0-)3 of

June 15, 1926 certificates of indebtedness at tier

Laid interest for thliu::ry t.t various dates from May 21 to June 11, and
hcve purchased for this account tie etidISie aairegate i.mount of Third 41-.,3

Liberty Loan bonds at 1 Al 8/:-.`i., delivery on comearable dates.
From the O-ren Market investment Account ac have sold to

lessre. J. P. :3i.oritan & Company for the british 4overnmeiA

of uune 15, 1926 -

certificate& of indebtedness at par and interest,

delivt:rable June 14.

This 411 enable the iritieh Government to make

t..eit total payment to our Treasury on June 15 in June 15 cz.',rtificates
of indebtednees.

1928_

Misc. 24, 1

40 M 6-25

FEDERAL RESERVE BANK
OF NEW YORK

SENT BY

SEND TO FILES

COPY OF TELEGRAM

December 23, 1928

Fancher - Cleveland

heferring your sire

Strolgte acErees is Grove PLrk Ion

Llthough N.e are not forsarding moll

HAREISCN

W. T. 11.1.

30 M 7-26

FEDERAL RESERVE DANK
OF NEW YORK
TTENTION

103

DECODED

COMMERCIAL WIRE-INCOMING

CHECKED

TRANSLATION COPY

COMPANY

ASHEV I LLE NCAR 125P DEC 27

04)./. I SS

926

B BLEECKER

F R B NEVYORK

:CLUB)

-jc7..6(

SEND I NG TELEGRAM TOT

STRONG

AT YA E CLUB

SUGGESTED

WIRE RANSFER
VISION

WT. 16

60 M 10-26

FEDERAL RESERVE BANK

*F NEW YORK

TELEGRAM
PRIVATE WIRE-INCOMING

126BD D CLEVELAND DEC 23 248P
ARRISON
VII LL YOU PLEASE WIRE ME STRONG'S ADDRESS
ASHEVILLE.

FANCHER 256P

WIRE TRANSFER
DIVISION

Extract of letter dated September 10, 1924, from Governor Strong to
Mr. Cecil Lubbock of the Bank of England.

COPY

July 9, 1924.
My dear Norman:

Your letter of June 19th troubled me because I now fear that
the expressions I used in my letter on the subject of the Houblon tankard
were not as adroit as they might have been. The Clearing House association
really would like very much to carry out such a program as I took the
liberty of suggesting on my own responsibility, but they felt they should
have some sort of a letter from you which would contain some indication
of the sentimental value which you attach to the piece of silver.
Why not write a letter to Mr. William Woodward, Chairman of the
Clearing Housc Committee, care of the Hanover National Bank, giving him
the history of the tankard, refer to the conversation which I had with you
in London about it, and say that while the Bank of England cannot very well
request the return of the piece of silver to which attach associations of
such moment for the Clearing House, nevertheless you understand I have discussed a plan by which its return might be arranged and that anything that
the Clearing House Association decides to do about the matter would be
gratifying to you and to your associates, and that you appreciate his
friendly interest. Word it any way you please, but do put me in a position to get it done. I suggest that you send the letter through me, so
that I may have a look at it.

Yours sincerely,

Right Honorable Montagu C. Norman,
Governor, Bank of England,
London, England.
BS .1V1M

COPY

AIF

Bank of England,

London, E.C. 2
19th June, 1924.

My dear Strong,

I am grateful to you for your letter of
the 4th June on the subject of the Houblon tankard. It is very

good of you to have taken so much trouble in the matter; but I
have not sent you a cable (as you suggested) because I confess

I cannot take any step which might be interpreted as an indication of willingness to ask the New York Clearing House Association

to hand over to us an object of great interest and value.
We much regret and are greatly to blame that
when the Houblon family parted with the tankard it was not acquired

by the Bank of England; but I should feel that I was acting
ungraciously if I were to suggest in any way that we grudged the

possession of it to the Clearing House Association.
Believe me,

Yours most sincerely,

/s/ M. Norman.

Benjamin Strong, Esq.

--11/
L

PAISC.3.190b4-1-20

vinerimi

-.1mw
,

,,,t;tx.44

FEDERAL RESERVE BANK
OF NEW YORK

011ICE CORRESPONDENCE

DATE

April 1?, 192.t

__Ir. Harrison (copies top Messrs. Sailer andp4sTM. Jones)

Governor Strong
FROM

Attached are the minutes of the meeting which resulted in my addressing the
chiefs on Friday afternoon.

It was brought out that the dissatisfaction in the

organization grew particularly from the following developments:
1.

The salary standardization plan concerning which great ignorance pre-

vailed, and where the general interpretation was that individuals were being
standardized rather than the positions.
2.

The discontinuance of the bonus.

The very moderate salary increases during the past year.

Transfers from one department to another.

The appearance of indications of the grading on the salary slips

recently distributed.
6.

General fear that the force 48.8 going to be radically reduced and

positions lost.

I am impressed with the need of more meetings between the officers of the
vari:us grades with the senior officers.

I do not think that we should have chiefs

and managers at the same meeting; it wculd stifle frankness of discussioq and it
mould appear that such a meeting , say, of department managers or of chiefs should

be attended by only one of the senior officers.
ment.

Full text of Papers of Benjamin Strong, Jr. : Correspondence Files by Subject : Honors bestowed upon Benjamin Strong, 1919-1928

FRASER