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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 1 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" 71 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. t S. T. W.H.J. JARROLD C.B.E. CRAKER ROSENTHAL GUTTMANN T.G. ABERBARON (USA) 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: z 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 C.B.E. ENTHAL NN THAMES AND HUDSON LTD DIRECTORS: E.U. NEURATH (CHAIRMAN) T.M. NEURATH (MANAGING) 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 14 1 7 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: E.U. NEURATH (CHAIRMAN) T.M. NEURATH (MANAGING) cv-A-4--s-e--: MRS. L. GRADY DOLLIE R. L. ALFORD 36-WEST--I~N.S.T42F-ET VitEtRETSMSS:01 S. C. e/ 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, MANHATTAN Y NE New York 51 N.Y. ?NNE CHASE MANHATTOAF EN, --" .........-- -r 03 Ew YORK 5, N. Y. A 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 TO 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, S 1 wiAkkiAlk Laura S. Turnbull AA/84,00 4"Eivoto June 20, 1951 C2 I _ 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, t %%oh Va-ria qkmj kQ Lucy) ce-tket`a,_ Ti Cc 1 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 0 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 4 FEDERAL RESERVE BANK OF KANSAS CITY PRIVATE WIRE SYSTEM OUTGOING to 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 I 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 IF 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 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 Wr:rsaw and the more detailed cable from Dr. Hist. 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 V 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. t 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 h. 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. 7J , / 40 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. 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 2. 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) M. 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. I 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. I 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. ay 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 1 R BURGESS F R 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 ST 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 #2 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. T. 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 I 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. TELEGRAM 30 M 7-26 FEDERAL RESERVE DANK OF NEW YORK TTENTION 103 td DECODED COMMERCIAL WIRE-INCOMING CHECKED TRANSLATION COPY COMPANY 9 ASHEV I LLE NCAR 125P DEC 27 04)./. I SS 926 B BLEECKER F R B NEVYORK Y (F :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) vo 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. 3. The very moderate salary increases during the past year. 4. Transfers from one department to another. 5. 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 w 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. More in attendance causes Before plans for dealing with these matters are formulated, I suggest that you and the other members of the Salary Committee discuss this whole subject with the Employment Department in order to get their point of view. They are the people who have contact with the clerks and get impressions of the grounds for complaint, morale, etc. BS.MV att. .191 9 V.i.esiitricTcN. D. C.. June 21 I I 1:.:41 jW; 2.319 Mr.Governor; A11.ow me to congratulate you ,on your ROYAL LEGATION N° OF MONTENEGRO mmination of Oomander of the Royal Montenegrin Order o Prince Danilo the First.Agreeable to rr.W.F.Dix suggestio .1 take pleasure in giving you herein some information rega ding the distinction. The Crder of D.:.11110 the First vr.s institqted in 1060 by the present Ifing IlichoDls of Montenegro in the name of his Uncle,Prince Danilo, to commemorate the Indepen- dence of Montenegro. he Order is very seldom bestowed t.nd when it was instituted it waz exclusively reserved to 1_e: b 1 of the Montenegrin Royal Family and to Foreign Soverei,ns. There are five grades in the Order namely:Ohevalier,(1 nigh Officier,Oonmandour,Gxand Officior,GrandOroix01119 grade of Cornet may be given (in Kontenegro)only to a - or to a civilian occu-oying a 211Alar Honorable BenjarAin Strong,GovE)mor. T;le Federal Reserve Bank Ifow-York,N.Y. Igadier Bo assured,Lr.Governor,thet I feel very g.ratified that my 2evereign has recognized the cervices you rendered to the cc.uce of Montenegro by granting the Order to You. Accept,L7r.Governor,the assurances of my high Lieut. consideration . in charge the Legation. 9114t. =t 1,:-...A1J STREET NEWYORK Eis Excellency Edward de Billy, -High Commissioner of France, 7ashington, D. C. Your teleam advising of the high honor conferred upon me by your Govern7rent has been repeated to me here c.. L.1,1 affords me the utriDst pleasure and satisfaction. Lay I acceit this gracious act of the Government of France as evidencing their recognition of the great admiration and affection in which I have always held your noble Country and your Countrymen. For this New Year, and thereafter ray France enjoy peace, prosperity anl happiness which it is ry hope that sacred bonds of friendship between your reople aa3 ours will hasten and make perI ea T:ith grateful appreci-t;ion of your courtesy, manent Faithfully, (signed) Benj. Stro.