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PETER J. BRADY

JOHN J. MUNHOLLAND

WILLIAM REED

HAROLD G. GRIEF

VICE PRESIDENT

VICE PRESIDENT AND TREASURER

ASSISTANT TREASURER

PRESIDENT

MEMBER OF THE FEDERAL RESERVE SYSTEM

FEDERATION BANK AND TRUST COlkviPANY
34 STREET & EIGHTH AVENUE

NEW YORK CITY
August 20,

27.

Ir. Benjamin Strong, Governor
Federal Reserve Bank of New York
New Iork City
Dear Sir:

Permit me to call your attention t

he enclosed printed

correspondence which you may find as info iing as I have.

When the American Federation c

Labor, the Chamber of Com-

merce of the United States, the New Y rk State Chamber of Commerce
n unite on the proposition that

and The National Civic Federation
this country should have no rela

ons with Soviet Russia under its

present regime, the conclusion is almost inescapable that those who
seek to bring about the esta

ishment of such relations, official

or commercial, are perform n, an un-American act.
Within the past
has issued orders to t1

onth, the Third International at Moscow
Workers' (Communist) Party in the United

States to start a cam aign to undermine the confidence of American
workers in the labor/banks and, if possible, to gain control of them.
These instructions

re boldly announced in the Daily Worker, the

official organ of/the Communist Party in the United States, published
in this city.

As Mr. Easley well says, because of the representative
character of Mr. Lee's clientele, "his utterances are often Vested

with an interest which otherwise they would not possess."

 c)
(En


Very

187

uly yours,

USA OR USSR WHICH?
10




SHALL AMERICAN MONEY HELP MOSCOW PROMOTE ITS DASTARDLY "WORLD
REVOLUTION"? UNITED STATES CHAMBER OF COMMERCE SCORNS PROPOSAL TO TRANSLATE AMERICAN IDEALS INTO TERMS OF COMMERCIAL GAIN - DISCUSSION OF "BUSINESS STATESMANSHIP"
IDEA EVOLVED BY MR. IVY L. LEE FOLLOWING HIS
WEEK-END SOJOURN IN RUSSIA

[NOTE.The fantastic maneuvers of Mr. Ivy L. Lee
have doubtless been a source of amusement to all those
favored from time to time with his bulletins, reports,
essays, treatises, dissertations, theses and so forth, on
practically all questions arising on this and other planets.
However, owing to the representative character of his

clientele, his utterances are often vested with an interest which otherwise they would not possess.

For several years past, Mr. Lee's pet hobby has been
the promotion of propaganda in the interest of Soviet
Russia. In April, 1926, following a dashing but futile
sortie made by him upon the New York State Chamber
of Commerce in the effort to induce that body to send a
commission to Moscow, he and I conducted a more or
less spirited correspondence which was afterward published. Upon the announcement last spring that Mr.
Lee was going over himself to see about things, I wrote
him a letter which, with his reply, is given below. This
is followed by my recent communication to him anent
his likewise futile pro-Soviet activities since his return.
RALPH M. EASLEY.]

now if they had it to do over again. Would they advise "Uncle Sam" to open our doors and let the Soviets
establish here their Red consulates where they could
carry on their propaganda unchecked?
Let me ask you to make clear to those two apostles
of world hatred and destruction that we in the United
States have not the slightest desire to interfere with
Russia's conduct of her own affairs ; that, so far as we
are concerned, outside of our own humanitarian instincts, she is free to butcher all of her people that she
wants to ; she may put in jail everybody who does not
agree with what the government is doing,which, as I
understand it, is her present "free speech, free press
and peaceable public assembly" policy. But, tell them
that we do not intend that the Bolshevists shall interfere in the affairs of our country in the slightest degree;

and this despite the vociferous mouthings of all the
Pacifists, Socialists and Communists, the freaks, fakes,
frauds and frumps in this country who, loud in noise
but amounting to nothing numerically or politically, are
seeking to capture the United States for Bolshevism.
However, I am digressing. Let me suggest further

that, upon your return and before you start out to
tell us "what's what," you spend a few days at the

ONE MADISON AVENUE
NEW YORK

MR. IVY L. LEE,

April 14, 1927.

111 Broadway,
New York City.

My dear Mr. Lee :
Well, so you are going over to Russia to do the job
all by yourself ! That is to say, you are going to find
out everything about it and then come back and tell us
how it all happened and why. This is as it should be.
You will now be more sure of a unanimous report than
you would have been if you had succeeded in inducing
the New York State Chamber of Commerce to send a
commission over there, headed, of course, by your able
self. Not being able to speak a word of Russian, you
will be especially qualified for the "fact-finding" task,
just as were Raymond Robins, Sherwood Eddy, Jerome

State Department and the headquarters of the American
Federation of Labor in Washington to get the facts not
only about true conditions in Russia but about the activities of the Soviets in all the countries which have ac-

corded recognition to them, as well as in the United
States. One of the benefits which you would derive
from a week thus spent would be that you would discover that most of the stuff with which they filled you
in Moscow was bunk,and that discovery would save
you much embarrassment.

However, you would have
had the benefit of the sea air anyway, so that on that
score you could still regard the trip as an asset.
Sincerely yours,
RALPH M. EASLEY.

Davis and all the other sentimental Soviet recogni-

P. S. You may recall that I have made some of these
suggestions to you before; but perhaps, when you get
out on the briny deep, you will have more time to think

tionists.

great metropolis.

Now, I am wondering if it would be presumptuous
on my part to ask if I might send a message by you to
Messrs. Stalin and Bukharin about some things over
here which, owing to the "high hat" stratum in which
you motivate, would naturally have escaped your attention. I wish you would tell them that the effort to capture the American Federation of Labor has been a great
joke; that the Stalin-Bukharinites have been kicked out

of the United Mine Workers', International Machinists', Carpenters' and 35 other organizations in which
their agent, William Z. Foster, started his "boring from
within" intrigues five years ago, and that now they are

than you usually have in your "dizzy whirl" in this
N. B. i think that, in fairness to your hosts over
there, you should warn them that they should not expect too much from your trip. However, doubtless
you will not find them over-sanguine since they have
been so disappointed in the great promises made by a
number of your compatriots who, after "talking big"
while there, have returned home only to "get lost in the
shuffle" about the first hour of landing, and have remained quiescent ever since, so far as any visible results
in Washington are concerned.

being cleaned out of the needle trades in New York
where the Reds had made their last stand; also, that
only last month the Central Trades and Labor Council

111 BROADWAY

of Greater New York and Vicinity expelled every
Stalin-Bukharinite from that body. Tell those two
"looters and assassins" that their effort to fight the battles of Moscow on the sidewalks of New York will not
succeed; that their official organ here, that venomous
and indecent sheet, the Daily Worker, is likely soon to

be without mailing privileges and that if our Government has fair success, the fire-eating and grotesque
editors of that publication will soon be "playing
checkers" with their respective noses.

NEW YORK

MR. RALPH M. EASLEY.

1 Madison Avenue,
New York City.

Dear Mr. Easley :

Thank you for your entertaining letter and all of its
good advice.

I have only to say this : I am going to Russia not

But, just why do you need to go to Russia to be

stuffed full of Soviet propaganda statistics when you

representing anybody but myself and only to seek inf ormation. I shall, as you suggest, and have already made

can get it all by visiting the Soviets' official propaganda

plans to do so, obtain all the information I can from

center in Washington, the "Russian Information Bureau," under the management of that highly efficient
propagandist, Boris E. Skvirsky, where they circulate
all the lies that emanate from Moscow and in much

official and other sources in England, France and Ger-

better English ?
However, you may be taking the trip for your health.
If so, let me, after expressing the hope that you will be

successful in that.quest, ask if on your way back you
CA will stop over in England, France and other European
countries which have accorded recognition to the Russian Bolshevist Government and ascertain just what they

many as to their experiences with the Russian Government.

In advance of my going I have also sought to obtain
all possible information from the various departments at
Washington and also from heads of the American Federation of Labor.
Otherwise, cheer up !
With kind regards,
Very sincerely yours,

think of the results of their relations with the "Red
Empire" and whether they would recognize that regime

IVY LEE.

April 15, 1927.




ONE MADISON AVENUE
NEW YORK

MR. IVY L. LEE,

August 5, 1927.

111 Broadway,
New York City.

My dear Mr. Lee :

I learn through the press that you have not only I

returned from your week-end in Moscow but that already you have gotten under way your new pro-Soviet
campaign, beginning with a fantastic proposal to the
United States Chamber of Commerce. This proposal
was so widely advertised and so incontinently squelched

that I would have felt sorry for you had I not known
that your supreme self-complacency would protect you
against a "little jolt" like that; and, besides, it got you
publicity which, of course, is your daily bread. I am
glad that you made your Quixotic trip to Moscow and
wrote that letter to the Chamber since it furnished such

a signal opportunity to that great body, representing
practically all that is worth while in our commercial
and industrial life, to tell Moscow as well as the Pink
and Red elements here what it thought of the proposal
to barter our national honor for stolen gold.
Also, already you have been able to publish for private

circulation a report on your quick-fire study of the
commercial, economic, industrial, political, educational,

social, moral and religious aspects of Soviet Russia,
although your comment upon the four latter subjects
is barely noticeable to the naked eye for well-known
reasons.

I am told by one who checked it up that, to keep all
the engagements and attend all the functions, social
and otherwise, referred to in your report, you must
have abandoned for that ten-day period all ideas of
eating and sleeping, and spent the entire 240 hours in
one continuous round of study and riotous "conferring."

I think my informant was wrong. You are not made.
that way ! What you doubtless did was to start the
Skvirsky bureau in Washington at work on your report

as soon as you made up your mind to go to Russia,
so that, upon your return, Colonel Skvirsky would
have it ready for you to add a few finishing touches
in the way of local color. You will recall that I had
advised you to get Skvirsky to do the work for you that

you might be saved the hazards of the trip. Or, you

may have found the report in readiness upon your
arrival in Moscow. At any rate, the propaganda resulting from the trip is so utterly raw that it is wholly
innocuous. Incidentally, of course, it is a satisfaction to
know that the expense of your trip will not be "charged
up to the City of New York."

Furthermore, while over there, you saw too many
"key men" in that short space of time, unless the Soviet
Government, with all its machinery, was turned over
to you on the theory that "Here, at last, is a superman
from America who can 'put it over'!" They had had
their Raymond Robinses, their Jerome Davises, their
Sherwood Eddys and their James P. Goodriches who
had promised great things but nothing happened. Here,
however, was a man heralded as the confidential adviser of the heads of the great corporations in the United

States, as the writer of speeches for many of them
and as possessing a clientele which included the Rocke-

fellers, the U. S. Steel Corporation, the Pennsylvania
Railroad Company, the Standard Oil Company of New
York, the Anthracite Coal Operators' Association, the
Interborough Rapid Transit Company, the Bethlehem

Steel Corporation, the Chicago Packers, and others.
Surely, a man with such affiliations would "get the
Bolshevists anything they wanted in the United States !"

But, at "the first crack out of the box," came the

smashing blow from Mr. Lewis E. Pierson, President
of the U. S. Chamber of Commerce! Really, it was
too bad ! Why did you throw all discretion to the winds

and "rush in where angels fear to tread ?" In my letter
of April 14, I cautioned you to warn Stalin and Bukharin not to expect too much in view of the laughable
fiasco of your attempt to capture the New York State
Chamber of Commerce. If you warned the Bolshevists,
as I suggested, you certainly did not warn yourself !
In your note to me of April 15, you stated that, prior
to sailing, you had sought to obtain all possible infor-

mation from "heads of the American Federation of
Labor" and that while abroad you would confer with

the crowned and uncrowned heads of European governments which had recognized the Soviets.

Would you mind telling me just who were those
"heads of the American Federation of Labor"? Did
they include William Green, Matthew Woll, Hugh
Frayne and Ellis Searles ? Or, were they made up of
such conspicuous friends of the Bolshevists as Timothy

Healy, Albert F. Coyle and John Brophy, all "ex"

It may be that, instead, you conferred
with your friends William Z. Foster, President of the
labor officials ?

Trade Union Educational League, Scott Nearing,
Frank P. Walsh or Basil Manley.
Again, I am curious to know just who were the officials of European governments with whom you conferred. It looks as though you did not talk with anybody except the Soviet agents themselves because, at
the very time you were in Europe, M. Herbette, the
French Ambassador to Moscow, was telling Tchitcherin
that, unless the Bolshevists stopped the infamous work

of the Third International in France and saw to it

that the Soviet Embassy ceased to violate every canon

of common decency, France would kick them out just

as England had done. You would have found out
further, had you interviewed anyone but Bolshevist

agents, that Germany, Italy, Belgium and Greece were
telling your hospitable if bloodthirsty hosts that they

had stood about all they were going to stand in the 0

matter of the persistent and continuous Soviet plottings
to overthrow their respective governments while at the
same time publicly fawning at their feet in the attempt
to negotiate loans. Of course, as you know, recognition

by France and England never would have been ob-

tained in the first place had not both Governments been
in the hands of the Socialists at the moment.
In the New York Times of July 31, Edwin L. James
describes in detail the attitude of each European country
which has accorded recognition to the Soviets, closing
with this illuminating paragraph :
"In other words, the countries which gave de jure
recognition to the Soviets are coming to believe that the
only tangible result has been on the one hand to strengthen

the Red regime in Moscow by giving it added prestige
and on the other hand to facilitate the propaganda work
of the Reds in countries which harbor their plenipotentiaries. Neither result is especially gratifying."

If you had called on Mr. James, you might have been

put in touch with these actual conditions in Europe,
thus saving Mr. Skvirsky and yourself the embarrassment of displaying such woeful ignorance in this connection.

Evidently you did not deliver my message to Messrs.

Stalin and Bukharin suggesting that they cease their
ridiculous efforts so capture the American Federation
of Labor. That they are still trying to run the labor
movement of this country is evidenced by a Moscow
cablegram in the Daily Worker of July 8, signed by
Bukharin, President of the Executive Committee of the
Communist International and prefaced by the peremptory order that "You should publish the following cable

of the Communist International in the Party Press."
This relates to the internecine war between the Lovestone and Foster factions over the program to promote
Communism in the ranks of American labor. The instructions which take up six columns of the Worker
are complete in every detail but the following paragraph
will indicate their general tone :
"The most important weapon in the struggle against

the bourgeoisification of the working class is the strengthening of the Communist party. With the greatest energy
the party must overcome the existing difficulties. The

division of the (American) working class into native,
foreign born and Negro workers makes great demands
for increased activity among the Negroes. Work among
foreign-born workers must also be increased. But the
most important task in the present stage for the development of a strong party consists in drawing thousands
of native-born workers into the party in order to bring
a fundamental change into its composition and to estab-

lish in this way a closer connection with the decisive

sections of the American working class."

Your book "USSR" reflects only the views continually aired by you in the past. How familiar ! "Russia
is there; her people are there. She will be either a good
neighbor or a bad neighbor to civilization." The first
two statements are ponderous, inescapable facts ; the
third, while ponderous, is not so inescapable. She might
be neither -a good neighbor nor a bad neighbor to civilization" but just "50-50."
Recognizing the evils of Bolshevism, you wind up
your book with :
"The dilemma which faces civilization is how to draw
Russia toward the West, to cure the disease of Bolshevism, to avert the menace of revolutionary Asia."

And you declare, with fine rhetorical effect

:

"Such is the supreme chalicaige to the business statesmanship of the world!"

Then with flags flying and drums beating, you sail
right in to develop this "business statesmanship" by proposing that the U. S. Chamber of Commerce establish a
bureau in Moscow to promote business. How delightful! You were good enough to think it all out for

the officials of the Chamber and to tell them just how
to do it, even suggesting their managers. I note, however, that you left out the most important thing,that
"Ivy Lee and Associates" would be the publicity agents
for the joint enterprise.
While, with a great air of frankness and fairness, you
seemingly make a number of admissions in "USSR",
they relate only to matters which have already been
fully exposed by others. For instance, in the chapter
on "How the World Learns of Russia," it is freely
conceded that the actual facts cannot be sent out ; that
all cablegrams are censored ; and that, if a correspondent should be caught in the attempt to smuggle matter

through some outside city, he would have to leave Russia
"instanter." But, all that is so well known that many

big papers refuse to publish any cablegrams or correspondence from Russia at all because such matter is
nothing but Soviet propaganda and, therefore, not news.
Another instance of great frankness is your description of the failure of certain big concessions which once
were largely exploited by Soviet Russia as bait for other
capitalists. Everything in that chapter has been pub- rill
fished far and wide for two years. Also, there are

some others which might well be added to this list.
In fact, it can be generally stated that your whole
report is made up of material which could be dug out
of any library on Russian affairs, including that much
(OVER)




overworked legend that the Third International is entirely independent of the Soviet Government. You
quote Russian officials as declaring that :
"If the Soviet Government is to be held responsible by
the American Government for the individual actions of
either political parties in Russia or of organizations such
as the Communist International, which may for their own
reasons have their headquarters in Russia, any agreement
is simply out of the question." (Italics supplied.)

That ought to settle it !

The idea that at this stage of Russian 'history the
Soviet Government does not control the Third International is so notoriously preposterous and asinine that
your own self-respect should have caused you to rise
at that point and say, "Gentlemen, I bid you good-day !
In addition to being a band of assassins and looters, as
you are called in America, you are a set of consummate
and clumsy liars!" Even Ramsay MacDonald says in
this week's issue of the Nation, a high-brow pro-Soviet
organ :
"Revolutionary propaganda from Moscow and by organizations like the Third International (the official status

of which the Moscow Government dares not repudiate
if the point is pushed) cannot be tolerated."

I find nothing in your book to indicate that you
attended "the solemn conference at the graduating exercises of the Kommunist University Toilers of the East"
which was being held while you were in Russia. Your

friend Rykov was present and he should have taken
you as a guest. In opening the meeting,. the director
of the University declared :
'We, the toilers of the East' will meet you on the same
battlefields at the fronts of the World Revolution."

She thereupon read a letter from your hero, Comrade
Stalin, regarding whose growing conservatism you assure us so positively. I quote the following passage :
"Two years ago, at your assembly, I spoke of the
goals of the university accomplished in the Soviet re-

publics and in the oppressed countries of the East.

Carrying on its work, the university is now sending right
into the tire of the battle new companies of fighters, its
fourth graduation representing 74 nationalities, comrades
who are armed with the tremendous arms of Leninism.
These comrades go to their fighting in one of the
. .
most serious moments of history."

Anent your brilliant suggestion that if we would lend
Russia, say, $50,000,000, she would pay $1,000,000 of
her debts, there is much to be said. Every crooked
debtor in Sing Sing would be glad to do the same thing,
the difference being one not of principle but of magni-

The Soviet officials would expectand, in tact,
many of them have boasted of itthat long before the
loan became due the World Revolution would wipe it
out, and that, in addition, the loan itself would help to
produce that very revolution. This is beautifully elucidated by Bukharin, Stalin's chief mouthpiece, when he
tude.

observed :
"On the one hand, we admit the capital element, we
condescend to collaborate with it; but, on the other hand,

acter and lowered the living standards of 140 millions of
people. .

. .

"Nor can the National Chamber forget the recent unfortunate experience of other countries in dealing with
the Soviets whose every effort, short of open war, has
been to overthrow the governments of those countries.
It cannot, therefore, ask American business to trade with

a political group, whose system is that of selling for
cash or its equivalent and buying with little cash and
large credit in order to provide funds to finance propaganda designed to overturn existing governments and to
maintain its grip on helpless millions of its own people."

Since you invariably blend your sense of "business
statesmanship" with your humanitarian instincts, let
me suggest, with respect to the great job which you have

taken onthat of educating and civilizing 140,000,000
Russian peasants, that there are 400,000,000 Chinese
peasants who, likewise, need straightening out. How
much greater would be the joy and glory of raising
them up from their ignorance and filth to a plane where
every year we could sell them 400;000,000 pairs of
shoes, billions of yards of fabrics, sewing mechines,
radios, soap, automobiles, Bibles (don't forget that you
were once the son of a Methodist clergyman!) and
so forth! Why, that is a real "man-sized job" which
you might get the U. S. Chamber of Commerce to take
on under your thorough and efficient supervision! Think

of the billions and billions of dollars that you could
bring into the United States ! With your great vision,
you could readily estimate how many times they would

encircle the globe if placed "end to end"all lending
itself to front-page stories and pictures in the cosmopolitan press with redounding credit to "Ivy Lee and
Associates." Drop that 140,000,000 "piker" job for
the "real thing"the 400,000,000 enterprise ! Like

your Soviet friends, "they are human beings" ;

"they are there"; and -they are going to stay

there" unless you can get them out!

You seem to make much of the cablegrams sent by
President Wilson and Samuel Gompers in March, 1916,

to the All-Russian Congress of Soviets at Moscow,
that of the former evidently being, to your mind, al-

most tantamount to recognition. Of course, I assume,

with respect to the latter, that you are aware of the
fact that his message was sent not by the American
Federation of Labor but by the American Alliance for

Labor and Democracy of which Mr. Gompers was
President. Since your eyesight is so good that you

can discern the difference between the Soviet Government and the Third International, I am surprised that
you did not see the difference between the American

Federation of Labor and the American Alliance for
Labor and Democracy. Furthermore, you cannot fail
to realize that the expression of sympathy in that mes-

sage was extended to the Russian people and not to
the Bolshevik leaders. It was very far from being an

endorsement of Lenine and Trotzky and the monstrous
autocratic regime which they were to develop. In
fact, Mr. Gompers seemed to prophesy just such a condition in his following closing paragraph
:

our final end is to eliminate it radically, to conquer it,

"To all those who strive for freedom, we say : Courage!
Justice must triumph if all free people stand united
against autocracy I"

In the light of that doctrine, what "dilemma" or "supreme challenge" confronts American business men ?

President Wilson's cablegram, likewise, seems to
have been drafted in the same cautious fashion. Let
me quote:

economically as well as socially."

You state that "what Russia must do" to "gain the
confidence and support of mankind" is to "establish
real freedom of thought, action and belief," and "take
all possible steps to remove from within her borders
any organization which seeks to upset the institutions
of friendly nations through violence." (Italics yours.)
All that sounds pretty good; but suddenly it appears
that such a happy state of affairs could be brought about

only by the United States making the Russian people
so prosperous that there would be no excuse for her not
being "a good neighbor."
With almost human intelligence you have finally discerned that "the great enemy of mankind is the Communist International." But you add that "The supreme
problem is how to drive a wedge between the Commun-

ist International and the Russian people so that the

Russian people themselves will come to feel that they
want none of the International or its works" ;
other words, that the "disease of Bolshevism" can be
cured "by making the people prosperous, even in spite
of themselves."
Very simple, indeed! And the first thing for us to
do, of course, is to open up trading and banking relations with Soviet Russia, something you have been try-

ing to bring about under various guises for several
years. For fear that in your busy life you may not
have given careful study to Mr. Pierson's reply, let me
quote a few passages as follows in which are reflected
the high moral character and patriotic spirit characterizing our representative business men and which must
have made you wince a little, if you still know how to
wince:

"The whole heart of the people of the United States
is with the people of Russia in the attempt to free themselves forever from autocratic government and become
the masters of their own life."

Do you think, Mr. Lee, that, if alive today, Woodrow Wilson would regard the Russian people as hav-

ing become "the masters of their own life," or that

Samuel Gompers would consider that they had secured

freedom? Didn't Mr. Skvirsky "slip a cog" when he
included those two cablegrams in your report ?
In your letter of July 5 to Mr. Pierson, you say

:

"It is very likely that a considerable time must elapse
before formal recognition can or should under any circumstances be given to the Russian Government by the
American Government. Strangely enough, however,
owing to the peculiar social and political economy of
the Russian regime, Russia stands in a position where
or, in political recognition is of relatively small importance
except in its relationship to business."

In other words, it having finally dawned upon you
that our Government never would recognize Soviet
Russia while it was in the hands of the buccaneers now

in the saddle over there, you have suddenly discovered that it does not need any recognition! You stress
the point that all foreign business with Russia is done
with the Government itself. You state :
"The Government is the sole buyer and the sole seller

on behalf of Russia in foreign markets. The Government is the sole borrower and the sole creditor in international finance."

Then immediately follows this amazing statement,

"The National Chamber by official action of its member

that is, amazing for you to concede although everybody

government. And we resent the implication in your letter
that for commercial gain American business recognize,

throughout the world, is in the back of the Bolshevik

organizations unanimously endorses the action of our

even to this extent, the soviet regime which by the

pronouncements of its leaders and by its deeds has
proved to be one of continuous tyranny, bad faith, confiscation of property, and denial of individual rights.

"We do not believe that

it

is possible to bring the

Russian people back to normal conditions through trade
relations as long as they are under the complete control
of such insincere, unrepentant and misguided rulers as
those who in the last ten years have degraded the char-

else has known it for a long time :
"World revolution, the ultimate ambition of Socialism

mind."

And yet, knowing that situation, you are still trying
to help the Soviets get money from the United States
to finance their movement to overthrow all the governments of the world including our own!
The moral issues involved in the idea of patriotic
Americans supplying the funds to enable the Bolshev-

1

ists to achieve their dastardly purpose have been contiful the rhetoric with which he may envelop the latter.
spicuously brought to the front during the past week in
But there are limits ! He may contribute to the "gayety
the controversy between the Standard Oil Company of
of nations" in general and even make a public nuisance
New Jersey and the Royal Dutch-Shell interests on the
of himself on occasion; but he must never, no never,
one hand, and the Standard Oil Company of New York
make an ass of himself ! We can't stand that. In this r)
and the Vacuum Oil Company on the other. This conconnection, we are told that you made a tearful appeal
troversy clearly raises the question: "Shall confiscated
to the Secretary of Stateand doubtless you have adoil in Russia be purchased by American corporations,
dressed President Coolidge and Chief Justice Taft also.
thus furnishing the millions which will make it possible
Why not ? They are helpless to stop the delivery of mail
for the Soviets to promote their revolutionary propato themselves. But copies of these letters can be mailed
ganda with renewed zeal ?"
Significant in this you to Stalin, Bukharin & Co. to show your close
by connection is the account of the Herald-Tribune (August 3,
relations with the "powers that be." For fear you
1927) of a letter sent to Mr. John D. Rockefeller, Jr.,
and Skvirsky will neglect to send to your Moscow
by Sir Henri Deterding, managing director of the
hosts the stinging reply of the U. S. Chamber of ComRoyal Dutch-Shell oil group, in which he appeals to
merce, I am having copies mailed to them, together with
Mr. Rockefeller, from the standpoint of the latter's
Chester M. Wright's attack on the Amtorg as well as

interest in church and philanthropic work, to cease

negotiating contracts with the Soviets and to withdraw
from any financial deals with the Russian Soviet gov-

ernment. He points out that "the Soviets have destroyed churches and similar institutions as well as

having confiscated property and nationalized all industry." In a statement published in the New York Times
of July 30, Mr. Deterding gave the reasons for his re-

fusal to purchase Soviet gasoline. While I am not in
the least concerned in the fight between the various
oil companies, I so like Mr. Deterding's way of discussing the Moscow gentry that I quote him as follows :
"I refuse as a man who believes in the good order of
established society to have anything to do with gasoline
which is in the hands of twelve unprincipled cut-throats
whose hands are stained with the blood of their victims.
These assassins are outside the pale of all decent civilized
trading and are as unscrupulous in their methods of trading as in their seizure of power. Every company is

affected, the Standard Oil Company no less than my
own."

,

The Standard Oil Company of New Jersey, which is
entirely separate from the Standard Oil Company of
New York and is the largest oil company in the world,

issued the .following statement on July 20, 1927, in
explanation of its attitude on the question of purchasing
stolen oil
"The Soviet Government seized all of the producing
oil wells, refineries and assumed full proprietary rights
over the private property represented by the oil industry
in Russia without any pretense of compensation. Subsequently the Soviet Government tried to raise capital
abroad by selling oil which it has thus confiscated.
Efforts were made to open a regular market for Russian
oil products with various interests, including European
subsidiary companies of the Standard Oil Co. of New
Jersey.

"At that time, the Standard Oil Co. of New Jersey

made it clear that it would not enter into any negotiations
with representatives of the Soviet Government looking
to the purchase of oil without assurances that claims of
the rightful owners of the properties would be met. It

took the position that if it participated in the sale of
Russian oil, a part of the proceeds should be allocated
to the indemnification of the former owners. As the
Soviet Government was unwilling to agree that private
property rights should be thus recognized, negotiations
terminated and have not since been resumed with the
Standard Oil Co. of New Jersey or any of its foreign
subsidiaries."

To break the force of the above attacks on those
dealing in confiscated oil, the handful of Red editorial
writers on capitalist papers in this country are crying
out : "If we are not to buy oil because it is confiscated,

what about accepting stolen Russian money for our
cotton? And what about purchasing furs from the
Soviets?"

There are certain general observations to be made
in respect to these two questions. One is that, in the
case of Russian money, it is not all stolen. In the first
place, whether we like it or not, the Bolshevists have
succeeded in erecting a "going concern" even if upon
a foundation of murder and loot. Through the industry
of 140,000,000 human beings, the Soviet Government
has an income derived from taxation as well as from

the profits of its industrial undertakings, besides its
foreign loans. Unfortunately, it is not possible to
separate any portion of that income as having been
stolen from any particular individual. This is precisely the situation which arises where currency has
i

been stolen from anyone and is unmarked; there is no
way of identifying it. Of necessity, it passes as honest
currency thereafter without question. On the other
hand, where specific property which belonged to individuals prior to the October (1917) Revolution, is offered for sale and can be identified, that is stolen prop-

erty, so far as the Government of the United States

is concerned, and it should be so treated by our people.
So far as the furs which we are buying of the Soviets
1

i

i

today are concerned, I imagine that they come from

copies of my correspondence with you.

Since, through your latest undertaking to translate our American ideals into terms of commercial gain,
you are trying to bring to the surface again the question

of the future relations of this country with Soviet

Russia, let me close this lengthy letter with quotations
from a few prominent individuals and organizations

bearing upon this subject for which I bespeak your
careful consideration. They are :
President Coolidge:
"I do not propose to barter away for the privilege of

trade any of the cherished rights of humanity. I do not
propose to make merchandise of any American principles. These rights and principles must go wherever the
sanctions of our Government go."

Elihu Root:
"For the United States to recognize Russia would be
to publicly acknowledge that the avowed purpose of the
present Russian government to overthrow by force our
system of government is consistent with international
friendship. Of course that would be a lie."

New York State Chamber of Commerce:
"Recognition would accord diplomatic and consular

privileges to the agents of the Soviet Government

whereby they and their staffs could establish foci for
the dissemination of subversive doctrines at their convenience throughout the United States, and we would be

unable to stop it, save by a breach of relations after

the damage was done."

American Federation of Labor:
"We regard the soviet regime in Russia as the most

unscrupulous, most anti-social, most menacing institution
in the world today. Between it and our form of political

and social organization there can be no compromise of
any kind. We repeat the call to American trade union-

ists to stand true to their faith, to be militant in their

defense of the principles of freedom and justice for which

our movement stands and upon which our democracy
rests its foundation walls."

Sir Robert Horne, one of the signatories to the British
trade agreement with the Soviets :
"Nearly every stipulation that was solemnly made in
the agreement has been broken from time to time, and
has been broken in the most flagrant fashion during the
past ten days by persons who were solemnly bound to
its terms."

Matthew Woll:
"The American Federation of Labor has placed its
opposition to the recognition of Soviet Russia upon
broader, fuller and more humane principles than principles of commercialism or industrialism, because we

have said that until there is established in Russia a government for the people, of the people and by the people,
rather than a government by murder and theft, we should
not recognize such a government."

The National Civic Federation:
"We believe that recognition of Soviet Russia would
be a repudiation of all that our national life has represented for a hundred and fifty years, and of all the spir-

itual ideals for which modern civilization has striven for
two thousand years."

Darwin P. Kingsley:
"We have an old-fashioned idea in this country, that a
common thief should put on sackcloth and ashes, and
if he doesn't put them on, we put them on him in the
shape of stripes."

Charles Evans Hughes, answering those who, for two
years, have been proposing a commission to negotiate
with the Soviet Government :
"There would seem to be at this time no reason for

negotiations. The American Government, as the President said in his message to the Congress, is not proposing

to barter away its principles.
"If the Soviet authorities are ready to restore the confiscated property of American citizens or make effective
compensation they can do so.

"If the Soviet authorities are ready to repeal their

animals which escaped confiscation by the Russian Gov-

decree repudiating Russia's obligations to this country

ernment in 1917. Even if they had been confiscated, I
am sure that they would have been too young at that
time to resent it !
The Soviet Government has for sale quantities of
other stuff which is not stolen. A large portion of the
wheat comes under that category because it is raised on
property belonging to the peasants. Even in case the
Soviets did steal it from their own peasants, that would
be no affair of ours if the latter were supine enough
to stand for it.
Much is permitted a professional publicity man, especially when he affects also the role of statesman, because of the recognized commercial motive which must
dominate his every act and every word, however beau-

"It requires no conference or negotiations to accomplish these results, which can and should be achieved
at Moscow as evidence of good faith.




and appropriately recognize them, they can do so.

"The American Government has not incurred liabilities
to Russia or repudiated obligations.
"Most serious is the continued propaganda to overthrow the institutions of this country. This Government
can enter into no negotiations until these efforts directed
from Moscow are abandoned."

Sincerely yours,
RALPH M. EASLEY.
0172:40."

READ TRU CAREFULLY FOR IT RELATES TO INSTRUCTIONS GIVEh
TO COMMUNISTS FOR AN ATTACK ON LABOR BANKS

EXTRACT FROM "THE RESOLUTION OF THE COMINTERN ON THE AMERICAN QUESTION"
ENDORSED BY THE PRESIDIUM OF THE EXECUTIVE COMMITTEE OF THE COMMUNIST INTERNATIONAL

Igly L.

1927.

The Party must carry en the struggle against the reactionary trade union
bureaucrats, for the transformation of the unions into militant organizations and for broadening their basis thru the organization of the unorThe economic struggles of the workers must be developed,
ganized masses.
extended and intensified by the Party, in order to increase the class
solidarity of the masses.
The Party must oppose the reactionary government as an executive organ
of the imperialist trust and finance capital, as an enemy of the working
class who in every struggle supports the bourgeoisie with all the means
at his disposal and as an instrument for the oppression of colonial
peoples and for fomenting new wars.
In order to expose the anti-labor character of the institutions of trade
union capitalism (labor banks, trade union insurance corporations, etc.)
to undermine the confidence 9f the worker in these institutions and to
free the labor movement from their disintegrating effects, the Party
must also put forward other specific proposals in accordance with the
concrete circumstances. To this category of proposals belong: struggle
for social legislation administered by the insured.
This struggle must
be carried on with the understanding that "reforms are by-products of
the revolutionary struggle," for social legislation is not, in itself,
an effective weapon against bourgeoisification.
At the same time, the Party should encourage the development of a powerful genuine working class co-operative movement which must be closely
connected with the class struggle of the proletarian movement. All measures must be taken in order to eliminate the influence of the reactionary
labor bureaucracy and to place leadership in the hands of Communists and
of other reliable left workers.
The freeing of the trade unions from trade union capitalism and the complete separation of the trade unions from the labor banks is an important
premise for the development of the trade unions into fighting organizaThe Party must develop concrete methods of struggle in order to
tions.
develop effective resistance against the linking up of the trade unions
and labor banks. Whenever it appears evident that the mobilization of
the masses for resistance to trade union capitalism in the form of labor
banks can best be effected by demanding the transformation of these
enterprises into co-operative labor banks under the actual control of
and direction by the workers, the Communists can bring forward such
P-exsesale, relating them with other concrete demands in their agitation
and more
eounteracting, thereby, the demagogy of the reactionary trade unio n
illusi().;,--iyttsjmust certainly not allow
itself to be carried away by
be possibre4.WAT X4
a of
such a transformation of the labor banks which may the Party to
for
It would be a mistake
a few individual cases.
the foreground of its work.
these questions in

-le

labor banks which pretend to be
The Party must do its utmost to expose
reality entirely bound up with the
co-operative banks, but which are in
exists and where it seems
big capitalist banks. Where the possibliity
basis of such institutions
advisable, end after making the economic
controlled by the workers themselves
tnoroly secure, co-operative banks
the means at the disposal of the
can be established in order to use
basis of the labor movement.
workers for strengthening the material
in this manner be used for antiUnder no circumstances can money raised
for building up of a powerful
proletarian aims -- it must rather be used
interest of
movement, and for other purposes in the
workers' co-operative
loans to the Soviet Union.
the working class, as for example, granting




PRESIDENT

JOHN J. MUNHOLLAND

WILLIAM REED

HAROLD G. GRIEF

VICE PRESIDENT

PETER J. BRADY

VICE PRESIDENT AND TREASURER

ASSISTANT TREASURER

MEMBER OF THE FEDERAL RESERVE SYSTEM

FEDERATION BANK AND TRUST COMPANY
34TMSTREET & EIGHTH AVENUE

NEW YORK. CrrY
January 20, 1928

Mr. Benjamin A. Strong,
Governor, PSderal Reserve Bank,
New York City.
Dear Mr. Strong:
His Honor, James J. Walker, and William Green,

President of the American Federation of Labor, have selected
Tuesday evening, February 7th, as the date when they can come
to the Advisory Committee Dinner of the Federation Bank and
Trust Company.

Am herewith extending to you a cordial invitation
to attend our Party on that date, which will be held at the

Hotel Biltmore, at 7:00 o'clock, and assist us in honoring
Mayor Walker and President Green.

Thanking you for letting me know if you will be
with us, I am
Yours very truly,

PJB:BMP.




President.

87




r^
frt--7

,

/8

/

ICERS

EXECUTIVE COMMITTEE

HONORARY PRESIDENT, CALVIN COOLIDGE

CHARLES E. SAWYER, CHAIRMAN

D. R. CRISSINGER
EDWARD B. McLEAN
JOHN W. WEEKS
JOHN BARTON PAYNE
CHARLES G. DAWES
FRED W. UPHAM

JOSEPH S. FRELINGHUYSEN, PRESIDENT
JOHN HAYS HAMMOND, VICE PRESIDENT
JOHN BARTON PAYNE, 2ND VICE PRESIDENT
ALBERT D. LASKER, 3RD VICE PRESIDENT
GEORGE B. CHRISTIAN, JR., SECRETARY
ANDREW
ELLON, TREASURER

THE HARDING MEMORIAL ASSOCIANeNNOWi EDOE.D
BOARD OF TRUSTEES
PRESIDENT CALVIN COOLIDGE
CHARLES E. HUGHES
ANDREW W. MELLON
JOHN W. WEEKS
I IARRY M. DAUGHERTY
HARRY S. NEW
EDWIN DENBY
HUBERT WORK
HENRY C. WALLACE
HERBERT HOOVER
JAMES J. DAVIS
JOSEPH S. FRELINGHUYSEN
CHARLES E. SAWYER
D. R. CRISSINGER
CHARLES G DAWES
EDWARD B. McLEAN
JOHN BARTON PAYNE
FRED W. UPHAM
JOHN HAYS HAMMOND
GEORGE B. CHRISTIAN, JR.
HOKE DONITHEN
JAMES F. PRENDERGAST

HEADQUARTERS, 1414 F STREET

WASHINGTON

DEC 14 1923

BR
Glens Falls, N. Y.
December 3, 1923

Benjamin Strong, Governor,
New York City,

PUBLICITY COMMITTEE
JOHN W. WEEKS, CHAIRMAN

WILL H. HAYS
GEORGE R. HOLMES
MALCOLM JENNINGS
ALBERT D. LASKER
LAWRENCE C. MARTIN
JOHN W. MARTYN
LEROY T. VERNON

SPECIAL GIFTS COMMITTEE
JOS. S. FRELINGHUYSEN, CHAIRMAN
C. GLOVER
FREDERICK HALE
FRANK J. HOGAN
DWIGHT W. MORROW
JAMES PARMELEE
GEORGE M. REYNOLDS
HENRY WHITE

Dear Governor:

Will you consent, in the spirit of

patriotism and respect, to the use of your name
as a member of an advisor?. board of one hundred

prominent citizens in the work of our New York

SPEAKERS COMMITTEE
JOHN BARTON PAYNE, CHAIRMAN

ARTHUR D. CALL
JOHN TEMPLE GRAVES
DR. THOMAS E. GREEN
DAVID JAYNE HILL
WILLIAM MATHER LEWIS
JOHN POOLE
W. L. RADCLIFFE
THEODORE G. RISLEY
ROLLAND S. ROBBINS

ORGANIZATION COMMITTEE
R. CR1SSINGER. CHAIRMAN

GEORGE E. CHAMBERLAIN
FRANK T. HINES
CLARK HOWELL
HENRY C. WALLACE
W. B. WOODBURY
HUBERT WORK

State organization of Harding Memorial Association - nonpartisan?
Duties will be curtailed and honorary.
Please advise promptly.
Very respectfully,

ASSOCIATIONS COMMITTEE
CHARLES E. SAWYER, CHAIRMAN

NICHOLAS MURRAY BUTLER
MRS. CALVIN COOLIDGE
JAMES J. DAVIS
HARVEY S. FIRESTONE
HERBERT HOOVER
CHARLES E. HUGHES
W. FREELAND KENDRICK
ELMER S. LANDES
JOHN A. LEJEUNE
A. P. SANDLES

c
New York State Chairman
Harding Memorial Association

WAYS AND MEANS
COMIWi'TEE
EDWARD B. McLEAN, CHAIRMAN
CHARLES J. BELL

DAVIS ELKINS
SAMUEL J. PRESCOTT
THEODORE ROOSEVELT
CUNO H. RUDOLPH




CONTRIBUTIONS EXEMPT FROM FEDERAL INCOME TAX

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December 14, 1g23.

My dear Mr. Colvin:

Much as I sympathize with the purpose cf the ilarding emorial

Association, I do not icel able to serve as

member of the Advisory Loard,

which ycu were good ennugh to :unite me to oo.

President Harding pp:4J t pereonal frind of mine for whom I had

the higheet possible regac:d, but tlisre are many ..c.here who can give more

time to work et this kind tiln I am able to Ore, bAnd I feel that I liould
be deprivikg you of the services of some pex on,who wouls: be not only

equally interested but laso fres t

become

r24

active participant in the plan.

Thanking you cordially for writing me.
Yours ve,r) truly,

Mr. A. B. Colvin,
Glens Fails, M. Y.
BMA'




aCkNOWI_EDOECt, ECUTIVE COMMITTEE

CERS
HONORARY PRESIDENT, CALVIN COOLIDGE

DEC 2 0 1923

JOSEPH S. FRELINGHUYSEN, PRESIDENT
JOHN HAYS HAMMOND, VICE PRESIDENT
JOHN BARTON PAYNE. 2ND VICE PRESIDENT
ALBERT D. LASKER 3RD VICE PRESIDENT
GEORGE B. CHRISTIAN, JR.. SECRETARY
LLON, TREASURER
ANDREW W

r-4

THE HARDING MEMORIAL ASSOCIATION
141117CUARTERS,1414 F STREET

BOARD OF TRUSTEES
PRESIDENT CALVIN COOLIDGE
CHARLES E. HUGHES
ANDREW W. MELLON
JOHN W. WEEKS
HARRY M. DAUGHERTY
HARRY S. NEW
EDWIN DENBY
HUBERT WORK
HENRY C. WALLACE
HERBERT HOOVER
JAMES J. DAVIS
JOSEPH S. FRELINGHUYSEN
CHARLES E. SAWYER
D. R. CRISSINGER
CHARLES G DAWES
EDWARD B. MCLEAN
JOHN BARTON PAYNE
FRED W. UPHAM
JOHN HAYS HAMMOND
GEORGE B CHRISTIAN, JR.
HOKE DONITHEN
JAMES F. PRENDERGAST

PUBLICITY COMMITTEE

CHARLES E. SAWYER, CHAIRMAN
D. R. CRISSINGER
EDWARD B. McLEAN
JOHN W. WEEKS
JOHN BARTON PAYNE
CHARLES G. DAWES
FRED W. UPHAM

NEW YORK STATE ORGANIZATION
HONORARY CHAIRMAN. ALFRED E, SMITH
STATE CAPITOL

WASHINGTON

CHAIRMAN. ADDISON S. COLVIN
GLENS FALLS'
VICE-CHAIRMAN. ARTHUR WILLIAMS
NEW YORK

SECRETARY. FRANK D. MOREHOUSE
GLENS FALLS

TREASURER. A. A. MILLER
NEW YORK

Glens Falls, N.Y.,
Dec. 17th, 1923.
Governor Benjamin Strong,
Federal Reserve Bank,
15 Nassau Street,
New York City.
'

JOHN W. WEEKS, CHAIRMAN

WILL H. HAYS
GEORGE R. HOLMES
MALCOLM JENNINGS
ALBERT D. LASKER
LAWRENCE C. MARTIN
JOHN W. MARTYN
LEROY T. VERNON

SPECIAL GIFTS COMMITTEE
JOS. S. FRELINGHUYSEN. CHAIRMAN
C. GLOVER
FREDERICK HALE
FRANK J. HOGAN
DWIGHT W. MORROW
JAMES PARMELEE
GEORGE M. REYNOLDS
HENRY WHITE

SPEAKERS COMMITTEE
JOHN BARTON PAYNE, CHAIRMAN

ARTHUR D. CALL
JOHN TEMPLE GRAVES
DR. THOMAS E. GREEN
DAVID JAYNE HILL
WILLIAM MATHER LEWIS
JOHN POOLE
W. L. RADCLIFFE
THEODORE G. RISLEY
ROLLAND S. ROBBINS

Dear Governor Strong:With the understanding that no intrusion

will be made upon your time, no service expected of you, and
no obligation is implied b) acceptance of our invitation to

permit the use of your name as sponsor of Harding Memorial
Association, I trust you will permit that service.
I have submitted my list to Governor Crissinger,
your associate in the Federal service, under whose direction

I am acting, and would not like to see your name eliminated.

ORGANIZATION COMMITTEE
R. CRISSINGER CHAIRMAN
GEORGE E. CHAMBERLAIN
FRANK T. HINES
CLARK HOWELL
HENRY C. WALLACE
W. B. WOODBURY
HUBERT WORK

You will be in good company as my Advisory Board
is most representative.
Sincerely,

ASSOCIATIONS COMMITTEE
CHARLES E. SAWYER, CHAIRMAN

NICHOLAS MURRAY BUTLER
MRS. CALVIN COOLIDGE
JAMES J. DAVIS
HARVEY S. FIRESTONE
HERBERT HOOVER
CHARLES E. HUGHES
W. FREELAND KENDRICK
ELMER S. LANDES
JOHN A. LEJEUNE
A. P. SANDLES

WAYS AND MEANS
COMMITTEE

ABC(G)

New York State Chairman.

EDWARD B. McLEAN, CHAIRMAN
CHARLES J. BELL
DAVIS ELKINS
SAMUEL J. PRESCOTT
THEODORE ROOSEVELT
CUNO H. RUDOLPH




CONTRIBUTIONS EXEMPT FROM FEDERAL INCOME TAX

December 19, 1923.

Dear Sir:

am sorry to pay that there will be a few days delay in
Mr. Strongls answering your letter of December 17,

68 he is in

Washington and not likely to return before the end of the week.
Tours very truly,

Secretary to
Mr. Benj. Strong.

Ir. A. B. Colvin,

Glens Falls, N. T.




December 22, 13.

Dear Sir:

Mr. Strong has just returned to the city and- he has
asked me to eend you prompt vrrd that be thanks you for your

cordial letter of December 17, and regrets very much that he
cannot serve as.

Advisory
n nvmher of thBc.- rd of the HardinE

Memorial Association.

Appreciating' yur invitation.

!re sincerely,

3scret9ry to
"r. Benj. Strong.
Mr. A. B. Colvin,

Glens Falls, N. f.







AMEmomuzpalgyroNGhDpunAirLoN
THE LEFE, AND SERVRCE
OF

GkmAll

77

ENG

"If, in the fortunes of human affairs, assuming the responsibility which has come to me, I can, in understanding and sympathy, and in firm resolution and devotion,
somewhat touch the disappointments of yesterday, and
turn them into a hopeful fruition for the morrow, I shall
have indulged the dearest purpose of my life."




Q

Born at Blooming Grove, Ohio, November 2, 1865.
Newspaper publisher, November 26, 1884.
Married, July 8, 1891.
Elected Ohio State Senator, November 6, 1898.
Elected Lieutenant Governor of Ohio, November 3, 1903.
Elected United States Senator, November 3, 1914.
Nominated for President, June 12, 1920.
Elected President, November 2, 1920.
Inaugurated President, March 4, 1921.
Died at San Francisco, August 2, 1923.

© Harris & Ewing




GAMALIEL HARDING died in the service
of his country, at San Francisco, on August 2, 1923. His
stewardship as President was limited to little more than

WARREN

half the span of his allotted term. He came to office at a crucial
period in the Nation's life. The World War had left momentous
problems of domestic readjustment. The machinery of government, set racing at top speed by the great conflict, must needs be
slowed ; the economic sanity of peace times be restored; the life of
the Republic be returned to normalcy ; America's obligations to a
distracted world be discharged.
The burden was one to tax the utmost of human ability, strength,
and understanding. But two years and five months were given to
this man to show the measure of his fitness for the task, to set his
impress on the record of his time.

The People's Qnfeasure of the cAfan
Yet, on that sad and memorable journey from the Pacific shore to

the Nation's Capital and on to his beloved boyhood home in
Marion, the people of the Nation paid a tribute of affectionate
appreciation such as few men have received from those of any
land or any timea tribute more sincere and moving because
silent and from full hearts.
In far mountain hamlets, on the wide stretches of the plains, in the
great cities along the way, in sunshine and in rain, in the day and
in the watches of the night, they gathered in endless multitudes
and waited patiently through the long hours, in silent sorrow at
the loss of one who had served them well in the great affairs of
office, but more because he had in the brief span of that service
become kin with each one of them in the ties of a common fellowship and human sympathy.
It was a moving tribute unparalleled in the vastness of its geographic settings, in the spontaneity and sincerity of its expression,
and in the number of those who had a part.
The full measure of President Harding as statesman may await
the slow retrospect of time. The people of the Nation have graven
indelibly on the living record of the day their estimate of hi'm as
citizen and man.
13




Memorial of Enduring Appreciation
The Ofan of the Hour
In the Providence that shapes the ends of nations, Warren G.
Harding was called to office when the wise, human, sympathetic,
friendly qualities of such a man alone could have sufficed. He was
the man of the hour when the hour struck.

It was much that he could bring to the country's service the ripe
experience of years spent in the National Senate; much that this
equipment should have been enhanced by the closer contact with
the people which the machinery of state legislation gives; but it
was much more that, with his breadth of vision and experience, he
brought such a wealth of the homely virtues of gentleness, urbanity,

calmness, and human sympathyabove all, abiding faith in the
goodness that is in all men.

Warren

amaliel Har(di'n g

abolition of the excess profits tax and advocacy of America's participation in the so-called World Court stand out as examples of
his most worthy and constructive statesmanship.

But time was not given in which to show in full measure the purposes he had set himself. Only was there time for the people of
the Nation to know what manner of man had come forth to serve
them in their highest place of trust ; only was there time for them
to enshrine him in their hearts as the friends who knew him had
done from the beginning.

Olan from the Soil
Warren Harding was such an American as we like to think all
Americans should be.

He loved his fellows because he believed in

them. He came from the soila farm out in the Buckeye State.

Q.Yefan of Peace
He was a man of peace, and his desire was to restore it to a distracted world. He was a man of business, and it was his purpose
'to apply the sanity of its principles to the governmental operation.
He was a man who believed in people, and the compelling motive
of his life was to serve them.
Even in the pitifully small time given to him in his great office, his
work was of lasting moment. He gave to the country a definite
start in the readjustment of its finances toward practical economy
following war's era of lavish spending. He voiced this purpose to
keep government expenditures within national income in his first
address to the Congress. The Budget Bureau of the Treasury was
the outgrowth of this determination.

He sponsored the Washington Conference on the Limitation of
Armament as a part of his service toward restoring the world to
peace.

0I

The Four-Power Treaty was another step toward the

desired goal.

Among the fine achievements of his administration, the refunding
of the national debt on a basis which insured substantial reduction

in the taxpayers' burdens, the readjustment of the British debt,
revision of the tariff, settlement of the coal and railroad strikes,

He labored hard and understood. The successes of his life were
the results of work. He lived on "Main Street" and knew its
people. He knew their troubles and their hopes. He loved his
country and admired its greatness and power, its goodness and its
beauty. He believed in it as a land of opportunity. He wanted
others to see it and believe in it as he didas something wonderful to live for and, if needs be, die for.

His buoyant sense of loyalty and patriotism was inbred in the
sturdy American stock from which he sprang. The Hardings
believed in doing the helpful worth-while things of life.

His mother was a devout Christian, whose faith found expression
in service to others. His father has devoted his life to ministering
to the sick. His sisters gave their lives to teaching the blind, to
work in the missionary field, and to the cause of better education.

A brother followed in the father's footsteps in allaying human
suffering.

The foundation of President Harding's broad vision and understanding of domestic and international affairs was laid as an editor
of the newspaper which he acquired and built up in Marion, Ohio.

comprehensive planning for rehabilitation of the Merchant Marine,

It was there he came to know his fellow mentheir hopes, ambitions and desires; and it was there he mastered the problems of

[4]

[5]




of Enduring Appreciation
business and economics, for the manager of a country newspaper
must know many things. The creed of his life was shaped there
at the case.

Creed Shaped at the Case
"Be truthful. Get the facts. Be decent. Be fair. Be generous,"
he said to his fellow-workers.
In the honors of after years men found he had not forgotten. He
was truthful. In his words and promises there was neither extravagance nor excess. He found no need to resort to excuses for
promises unkept, for he made none that he could not fulfill.
He got the facts always before reaching decisions on the affairs of
state or those of personal concern. He sought the real principle
of every question, the underlying purpose of every plan; for, in the
directness and simplicity of his nature, right was ever the thing of
first concern.
Lie was decent always, for his was the heritage of a good name and
the obligation to a beloved Christian parentage and the dignity and
responsibility of an American citizen. He held rigidly to the high
code of his Christian faith, and he loved the out-of-doors and the
wholesome, simple sports and pleasures of life that make for decent
living and right thinking.

Warren G a maliel Hardirtg
Q.41 Helpful Neighbor
"Neighbor, I want to help," was his greeting in the home days at
Marion, amid the loved and loving friends and associates of his
youth and middle life.

And he did helpwith wise counsel, with a ready hand, with a
cheerful optimism and faith, with a neighborly interest in the
simple, homely problems of the day, and with an affection that
won the hearts of all men.
He labored for home ownership in Marion; he offered prizes for

good gardens, for attractive lawns; he encouraged thrift, and
beauty, and pride in the home community, for to him the home was
the center of the Nation's life, the inspiration of its highest achievements and ideals.

And always beside him stood the mistress of his home, the wife
who inspired his labors, who shared his hopes and triumphs, who
comforted him in the days of struggle and disappointment.

"Neighbor, I want to help," he repeated to all with whom he
touched elbows in the larger sphere of public life. It was a proffer

as sincerely kept as in the home days in Ohio, and at far greater
inroad on strength and time.

Unselfish Devotion

He was fair because he respected his fellow men and their right to
independence of thought and conviction. He was less a partisan
than an advocate of the eternal principles of fairness and justice,
and so he won the respect and affections of men and women of all
political creeds. He differed with others without rancor, and he
had the abiding courage to be fair to himself.

His self-forgetting devotion to justice imposed added labor in
the consideration of every problem. Always he wanted to know

He was generous in the fullest meaning of the term, for his generosity was of the sort that called constantly for personal effort and
sacrifice. He was generous in the little things of thoughtfulness

ticularly of the young, for in them he saw the country's promise
of the future. He loved children and was given their quick recognition and affection in return.
No President has to a greater degree combined the dignity of office
with democracy and fine humility ; such distinction of poise and
manner with such frankness and simplicity ; such earnestness and
strength of purpose with such tolerance of others' views; such
rugged honesty and unshrinking courage with such tenderness and

and memory that make up the chivalry of life.

For years he

thought to send his mother flowers every Sunday. He was unsparing in the generosity with which he gave himself to his friends,
to his country, and to humanity.

how to be fair.
His love and sympathy and kindly interest in men
exacted many sacrifices that he viewed as privileges and pleasures,
however much they encroached upon his busy hours.
He sympathized with the ambitions and aspirations of people, par-

consideration.

[61

[7]




Memorial of Enduring Appreciation
AMNIMICIIMIN1

Warren
,., 111.

Q..61 Q./Iran Beloved of the People

The necessary association has been incorporated under the laws of
Ohio to make possible the consummation of these ends. Its members are to serve as stewards of the people whose gift this memorial
is to be.

In this man of lovable human sympathies and understanding the
Nation renewed the ties of government with the sources of its
beingthe people who give it life.
It was Harding the man, not Harding the President, they loved
and delighted best to honor. It was for Harding the man they
sorrowed on that silent homeward journey across the land.
They had lost a great President, but they had lost a greater man.

It is to perpetuate the great human qualities of the man that a
Memorial to the President is to be established. It must come from
the people out of the fullness of their hearts and their affection, or
it can be no memorial at all. There can be no division of creed,
color, or political association in its building, for the heritage of his
life and service belongs to all people of all faiths.

But One Place for Such a Shrine

Gamaliel Harding

The needed machinery of organization has been perfected. It
reaches to every resident of every State and Territory, and to
insular possessions of the United States, for this Memorial is to
be the people's Shrine.

Each contributor is to be a perpetual member of the Association. The enduring record of his or her donation
is to stand in the archives of the Shrine.
Universal participation in this Memorial is desired, for this is to be

a testimonial of your appreciationof all America's appreciation
and affectionate gratitude.
It is to endure in memory of a man whose greatness lay in spreading the faith of universal friendliness and good will ; a man whose
brotherhood and unselfish service made the world a better place
in which to live.

And there can be but one place memorialized, but one shrine to
preserve the memory of such a manthe home he loved and labored
in, the home from which he drew the finest inspirations of his life.
It is the purpose to perpetuate this home, and to gather under its

rooftree the treasured belongings associated with his lifethe
simple things that were dear to him and the mementos that a great
people bestowed upon him as tokens of their love.

It is the purpose to build a fitting resting place for his remains
an enduring home amid the friendly scenes he knew and so dearly
treasured.
It is the purpose to create an enduring Memorial of his service by
endowing in some great central university a department of instruc-

tion that will fit men and women for intelligent and efficient
government employment in its business departments and in its
diplomatic and consular branches. This is in accordance with his
expressed desire and hope.
It is the purpose to provide a sufficient endowment to make these
several memorials permanent and self-sustaining.
The sum estimated as necessary is $3,000,000.

f8l

f9l




V.

6
MAY BE MADE THROUGH
THE LOCAL REPRESENTATIVES OF THE
CONTRIBUTIONS
MEMORIAL ASSOCIATION IN YOUR HOME COM-

MUNITY; THROUGH THE RELIGIOUS, CIVIC,
EDUCATIONAL OR FRATERNAL ORGANIZATIONS

TO WHICH YOU BELONG; THROUGH YOUR
BANK, OR YOU MAY SEND THEM DIRECT TO
THE TREASURER OF THE ASSOCIATION, THE
HON. ANDREW W. MEI.LON.

WHAT YOU GIVE WILL BE FREE FROM TAXA-

TION UNDER THE GENERAL RULING THAT
GIFTS OF THIS NATURE ARE EXEMPT UP TO
15 PER CENT. OF YOUR INCOME.

CHECKS SHOULD BE MADE PAYABLE TO THE
HARDING MEMORIAL ASSOCIATION, 1414 F
STREET N. W., WASHINGTON, D. C.




0

9

.

S

THE HARDING MEMORIAL ASSOCIATION
HEADQUARTERS, 1414 F STREET N. W.

Washington, D. C.

Honorary President
Jcting President
First rice-President
Second Vice-President
Third Vice-President

CALVIN COOLIDGE
JOSEPH S. FRELINGHLTYSEN

JOHN HAYS HAMMOND
JOHN BARTON PAYNE
ALBERT D. LASKER
GEORGE B. CHRISTIAN, JR.
ANDREW W. MELLON

Secretary

Treasurer
SO.

Board of Trustees
PRESIDENT CALVIN COOLIDGE

HON. CHARLES E. HUGHES
HON. ANDREW W. MELLON

HON. JOHN W. WEEKS
HON. HARRY M. DAUGHERTY
HON. HARRY S. NEW
HON. EDWIN DENBY
HON. HUBERT WORK
HON. HENRY C. WALLACE

JOSEPH S. FRELINGHUYSEN
CHARLES E. SAWYER
D. R. CRISSINGER
CHARLES G. DAWES
EDWARD B. MCLEAN
JOHN BARTON PAYNE

FRED W. UPHAM

JOHN HAYS HAMMOND
GEORGE B. CHRISTIAN, JR.
HOKE DONITHEN
HON. JAMES J. DAVIS
JAMES F. PRENDERGAST
HON. HERBERT HOOVER

se.
Executive Committee
CHARLES E. SAWYER, Chairman

JOHN W. WEEKS

CHARLES G. DAWES

D. R. CRISSINGER

FRED W. UPHAM

JOHN BARTON PAYNE
EDWARD B. MCLEAN




,

/117)

MiAte....k.

t

Z140;41

TRUST C OArrearr 5`..aeja41011/

PRESIDENT.

E N PIN& Swpm

OLIVER "- FiLER, President Wts-consin Trust Co. Milwaukee, Wis

FIRST V/CE-PRESIDENT:
LAWRENCE L.GILLESPIE.Vice-President The EquitableTrust Co.of New York.

CI1A/MAN EXECU;'/VE COMMITTEE:
F. H. FRIES. PresidentWachovia Loan & Tr ust Company, Winston -Salem, N.0

SECRETARY..
PHILIP S BABCOCK, Eleven Pine Street, New York.

618 Fifth Avenue,

NHIlr'IWItl,$S, Feb, 4, 1911.

FEB 6- 1911:

My dear Mr. Strong:-

I have your kind favor of the third instant and enclose,

herewith, copy of ny letter to Colonel Fries with reference to tfe p-21 tug iL
proposed meeting to consider Senator Aldrich's recommendation.

I shall call you early in the week by telephone to make an appnintment in accordance with your kind suggestion.

Yours very truly,/
A

Vice -Pr sident.

.

Benjamin Strong, jr. ,
7 WW1 St.,

New York.
k.

LLG/T

Enc.




roh. 4, 1911.

file leifth Avart40

Dear Colonel !West+,

I haVe your f..nt cresting aosseiniaation of the thirty-first u3titao before we in
rfou surAgeet having .11 ,,eetingat ?mot Cev(inles in raw "ork Ineentugatire with

a 3 unshorn or ther

4',Idike up

44 no ug.wirns of :ienator

ti-n of tlational Ben%s bovine.,

he

drich with refrrse to

rue, COWSEty prlY1704.,,us, or tho civing

PtItionsa 'Solos of these authorities.
'A have -1e1.1 'Prier )etisr in aluvenue for t,wenty.four hour, esgi have ornsiderad

the matter very careftaliy and Willa tallied to 4. taboo& vid tr. ;.ollflon over t
taieptiens, and *vs relelved an invitation fron !fr.

with btu.

Jigs raMur

I hops we shall get together one of tato early day, next -see)c and thrash

tail eletter out among ourselves re/d report tr

in the reantire

'AMA

the results of our deliberations.
'he plan as put

"multi rny that %see thoughts ocour to

forth by ens.tor 434rich is vary ratagrre ind gu-,,sere to be rather for the purpoloof
cresting discuision Ir.`..th a view to

r

ultn of 1(10AS Viall Fel actual plan.

vUrtneriore, it 4oes not seialto proniite any irl,ediate action.
Aldrich is reported on

he stronc that

A/

, ar,otor

authority to he quite unwell anti the probabilitiee

would not be (bblo to get HU, to our Iscetim.

It storls 4,1*0 that

this part iouler Trust .7calpan7 feature lute not given any prem.:mance in the -p 1 an Cina has

net ettrated very wide attention.

..71 now "'oust fVecories in general, arid partic;.*

ularly 'Wet Companiss in t ha vicinity of tow 'ork vberc their functions are consider
ad to have been wort ed out Dore fully than in cbil

iv mere noticsable, ge toc,ether in a.-Ireckirtort



Eir

districts, Nri

where 41

r size

urr o 3o of dlactussing

-4,-

-

y. 14,.

this id**, the impression vill b

iven out si,;aly thrit the rust 'Isal,ffiniee soiicitt

;lay a pronineni part in this onvsseeni are runny the instigators in the pan.
matter of teat, I 4rtikr, vary puma* ,shether most of it he

in

elane '114zit

SkiSS of 'the 111114.41

ricers, sill be particui
len stor ,t14 rich.

s,

COS41111104dn 1114

fitithtir

r3y01441114411i*St10 GbriAt it*

tevca

741r

are :intereasted

&holier* or as cf..

Itep tentatively proposed

1t hint: 11412 ti a mov,swent sou)d attract unusual attention sad sr

bavatilatoly put us upon the defonsive with r r frionds end actua3ly craate a eittm.
tticto 1,5,10i

t 4hic ini4 he very far frvol ropresonting our actue3 sieve.

luob fart

*silos t Mint soUld have er Ns very cautioualp considered and no public utterances
Appliering

c OM* from a calculated lulu-v.4 should be 411,011 1131141110. '441 wore Cef tail%

it bre really reprewIted the vt.ces of our constitAnorts.

general I snipathiso var., fuLty alth trio andarlying motive of your 'letter;
nwnillYs tbs., ,3 -rust r:otap my :coition should, intense: it wit' in public ittb eat no in
vh3 oh ,vti are even remotely invc /sad

that tide is Val sliest desirable method by

stints a,. can have our influenca recognised.

It, own

' alter. le *iat llitieSS Gine

M4 to-pio ;Can one up during the nest three ronlibe, 'attach ehou3d need our attention,
in which case 'i qi3rt rø1 hesitate to courak;sously no

itsit

gla

tuationt that fee

about '.)is lane of tie nesting of the 101111110AITS ,:eteitilltte Of the at

any 'action which occitre Isoahroneualy altb tu ''ieeting of the reneral

in ' &shying, 'fan., on or ahoul ay first trid then have in !.rot York
..ting with a din.-er an a broad scale on or about say 'Jay
the Prosnbers rf rum'

(413'411

'rust 'Company

.i.rudd give

lac tive "Ametittee title outtervi 4the .easiwille Coting trld cams

to NM York for This dinner.

We aould a/ so invite an of the r.iimbera of the :''zse

anti?* e4Yancil st their exTerse 44" attend and invite all to Trust Compan.las in t.he
MitSi3tatee member* of the Inset roripany

*.r be represented anti rise than

plenty of ttotice in advents, sr that they could have every o; orti 4ty
arrallo
be present. I sfou'ld then have a orupla of speakers, %lot+ GS ()Crate-my !Isio'ice.tchcf



this Trepesttry =Ind either Ift,

';fr

al.

or 3eputor Aldrich, tool Ovo tr ai

city to present their ideas before 4 holy ocapetent to unUers'and

cv.portte3r4 ¶41*

gray it iazre 44^ me we would bring it sheut that the int,,trasting subject pronul.iated

wield rather contribute to vice inpor'tance tan he

us eppeetr as the creatnre of the

LV insiment.

7 she); vor7

wJy crevunicate with Co1one2 larwrocrth *Id find cut esactly

*brut 4, hi dates of the !1,ailivilIe "ectit4;.

naturally pruside

I an Sandi NC a copy of tills letter to :r.

at our dinner, and al so to .r. 'shoo*, mr.

on ord

r. strrrE.

IPs qui te

sure that those of tat 101e aro here in w Yerk veuld hete nwillinc to offer
our services in Iskin; such* noutint; a very pronounced 314CC04114,

ih kind marls,
lery cordially yours,

V1,

aclene7

.

roof lent.

rri

7iiiadhevia Laan e 'rust Co,




p

7

4

Ut Vifth Avenue,

ifrnal

4111

Yebrit Girt

3, 1 91.1

rri.11:

hrI'Ve ?reur fever of the

fit

looter*: ir reference to

en

toe t vino t 'try !-Xmosislion, Ind ihs ;:repolled thsnquet by the

...'encre3.4totel

nutCcalpsa.,y

I SP 'afraid that e hove not rade quite aster tr you

it is formula-Um in

re reviderrt inOwe 'fork sod

mIM s of the riembara ni 131 Cntplifkall %ho

.retelenti,

4 cI

the

a think

hies the aspersed IPA will earn *oho siic,ort of the 1evelinc ?rust Go-pany mon of this

fire purposirg toming a banquet for '4ust comvisrty run oind eViere interested

in those ins titirtions tkIrournoui the ifnited Astes, to be held under this auspices of
the ?nisi Cool,. try ',eetion of the

bell.rooss in the
eesi

US

.m.)

A.

A.. end

dart hetorie for t1e

$9,, not p sr bevel

IRO

,"4

Erlt

think thwt ene of the

hovetr.tlion rn ertin upon 'I* grand

aKirw of nor 5, 1911.

'rhea *limner ell I

prearnin V ',bergs 42, per seat, which will giVe

1etre3sy fer invittel guests, stietirnory, pestN,:e,
0

'70

,krifi

printing.

it imertant subjects before the tenantry et present

is tre roper'. rf the Monetary :moriission,

but

13

net in 4. onfied by

LIS

et this

banquet Ihrtniti be given for the purpose of erneldering 'this rtsrovit keit reattger *Jett

et theej the the opportunity will be

riven to ilia 20 rep r senti nr, this no wire ,-.4*

erma before be and rut it in its most 9wrabø lirht en4 thee

r1.n

it forme in

WI err hatic rInnrier before on ergarlentirn reprover-143% the bnkrsfren - ner ehrlo
eountry,

e conlate

the yr net dent

VanaCitS3 47,rs ether %taffeta es

robintrt , srid 330o sone we stern , or stidill

u31, rAorleeriirc

western , TrA it Cevvany !',2an

of preeminence, and mime private banker who is particularly *r the fresti at this Us*.




frrk ,te'e Bank ere 4;onvention

:he wriUr incl a telk vith ur. Vrteland at
in 1;eoper3tawn last .arr,er, d whi.oh time
freetinr `7rn4t. Corny repro)
th

!'"7

.

er,

si4eorab1, intorest

'Vreeland exprelsod o

*Awes, vutr.,:itroni;:, of *As iitgOr ens Trust Coppany,

he htp* re lent] y leen r. %Intel find , who fouls now tux he did then,

1

Ifrosland will he glad to come .te our meeting en '',ety fifth, and I think it

-Wove

i

60 proferah1e

onhvill for our toaleutise Cona

havine hir talre the journor tr

ait'se liacting, where the seope of his uttorons-es would nese:snowily he :vont rest.risted

in their infl macs.
I think , how,xvor, it it wiry rhloirahl that all the metteers of
should re AA

tar 4Ortai Vise

ihirt Naivee upon tale iriportant topic end .1 an glad to 'asiver tikat rut hare

fo this ougrastion to tilen by letter.,

30vral of no are going to lunch or S'riday of this week, in crier to talk Water
e or n rectai with the

further the det

fifkil meeting.

this will he *Sono in a perfunctory or half-haarted sewner.

ahead, as 3 thi'* is airiest sertoin, e prepol3

fair v/r4 rive it

on * I.,arge scale.

whatever W43 detornine to

ith

'4,

not get the idea that

if we decide to go

mak* it a molt distinituishoi *fa

In the m4104111,

I

lha3 I keep lf'D4 acquainted with

4*

ragorts,
Very eft, ri Jai 1 y7fi4rs,

ice"i'reei 4t.
rise,

Colonel

irstoo...A3***,







Guaranty Trust Company of NewYork
140 Broadway
Capital $10,000,000. surplus $ 20,000,000.

---- Fifth Avenue Branch
ifth Avenue and 43,4 St.

NewYork,

Alexander J. Hemphill,
President




London Office
33 Lombard Street,E.C.
cableAd.dr
itu,

Cable Address:"Fidelitas"

Gable Adclross(Sotramco"

1914\

SLi
7-,1 dear B.3.--

September 28, 1914

1

I am glad to receive your kind letter of the 25th,

givineme a quotation from Mr. KerWs thoughtful and complimentary
letter concerning Mr. Wyse.

Recently we received a letter from

7:yse telling us of the rleasure he derived from his privilege

to be of such assistance as he could render.

Of course, you know

we are proud of the record we have established abroad and we are
sparing no pains for increasing prestige there through 71". Wyse's
able management.

I am careful to note

,

. Kent's treatment of

our London office in connection with new business and I need not
tell you how vastly this action is appreciated.

I am writing Li. ::yse

to-day, for I am sure he will be as delighted with the contents of
your letter as I have been.

With kind regards,
Yours sincerely,

Benjamin Strong, Jr., Esq.,
c/o Bankers Trust Company,
16 Wall Street, City.

Guaranty Trust Company of \ewYork
14() Broadway
Fifth Avenue 0 lee
Fifth Avenue and 430 St
CableAddee-7.

Capital $ 20,000,000. Surplus

20,000,000.

FEDERAL RESERVER*

gAtttWW4Ec-,

Cable Address:"Fidelitas"

Alec,

50-

II

it,,

I0e
Please address reply to
tararitiy Trust Company of New York
Foreign Department

I: ',,'

i' /
/ %,./
Y

John Bolinger
Assistant Manager

NewYork,

Nov. 20, 1916.

94
B:'

AN w
z

VAD

ins

4(

i3
-

.4

REQE,..E0
ARYV 21J 1916

Federal Reserve Bank,
New York City.
Dear Sirs:

As requested by you, we give you herewith excerps of the
conditions relative to our acceptance credit granted to the Russo Asiatic
Bank of Petrograd:
"Against the guarantee of the Russo Asiatic Bank, in which
they obligate themselves to pay us upon maturity of the loan, not later
however than eighteen months from date of issue; furthermore, against the
deposit of railroad four and onehalf per cent bonds guaranteed by the
Russian Government, to be carried on the basis of 82 %, the Roubles involved to be figured at market value from time to time, we herewith agree
to finance the aforesaid Institution to tlie extent of $5,000,000.- such
money to be used for the purchase of cotton or other merchandise, for
which shipping documents are to be turned over to us, we in turn to forward the same to the Russo Asiatic Bank in Petrograd.
"It is furthermore understood and agreed that the Guaranty
Trust Company of New York shall receive as remuneration for their services
in accepting at 90 days sight for the Russo Asiatic Bank to the extent of
% every 90 days as acceptance fee; and it is also agreed
$5,000,000
that a discount rate will be applied by the Guaranty Trust Company on
their PO days acceptances which the Russo Asiatic Bank agrees to sell them
these acceptances to be renewed from time to time
per annum;
of
---as they mature,until finally within 18 months from the, date the transaction
is begun it shall be liquidated on the part of the Russo Asiatic Bank, by
either their buying telegraphic transfers on New York, or placing sufficient
money at the disposal of the Guaranty Trust Company of New York in London
to liquidate the entire transaction.

In connection with the aforesaid credit, we desire to inform
you that the initial acceptances were made under date of January 3d, 1916.
Trusting the foregoing information is what you desire, we
remain
Yours truly,

Assistant Manager.
jb/M


75


/112,e3-4-

17J

2_,ent

3-t-4-77A-e

0 . e,
/are170( .°2-




$20,000,000

FRENCH COMMERCIAL EXPORT ACCEPTANCE CREDIT
AGREEMENT made this twenty-first day of August, one thousand nine hundred and fifteen, between
BROWN BROTHERS & COMPANY, of New York (hereinafter called the American Managers), and J. P. Morgan &

Company, National Bank of Commerce in New York, Guaranty Trust Company, American Exchange National
Bank, Bank of New York, N. B. A., Bankers Trust Company, Brown Brothers & Company, 'Central Trust Company, Chase National Bank, Columbia Trust Company, Farmers Loan & Trust Company, Hanover National
Bank, Mechanics & Metals National Bank, New York Trust Company, J. & W. Seligman & Company, Bank of
America, all of New York ; The Franklin National Bank, The Philadelphia National Bank of Philadelphia, and
the Merchants National Bank of Boston (hereinafter called the American Syndicate), the CREDIT LYONNAIS, of
Paris (hereinafter called the French Managers), and Messieurs de Rothschild Freres, Credit Lyonnais, Comptoir
National d'Escompte de Paris, Heine & Cie, Hottinguer & Cie, Mallet Freres & Cie, de Neuflize & Cie, Mirabaud
& Cie, Vernes & Cie and Banque Suisse et Francaise, all of Paris (hereinafter called the French Syndicate).
WHEREAS, French buyers of American merchandise and other commodities for export from the United
States to Europe have found it difficult, owing to the extraordinary conditions now prevailing, to obtain satisfactory exchange to enable them to settle their accounts with the American merchants ; and
WHEREAS, the export of American merchandise and other commodities to Europe may be seriously curtailed unless adequate exchange facilities are provided; and
WHEREAS, in order to provide additional exchange facilities for such French purchasers of American merchandise and other commodities, the French Managers have formed said French Syndicate, whose respective participations therein are more particularly enumerated in "Schedule A" hereto annexed and made a part of this contract ; and
WHEREAS, in order to facilitate payments to American merchants, the American Managers have formed the
said American Syndicate, whose respective participations therein are more particularly enumerated in "Schedule
B" hereto annexed and made part of this contract ; and
WHEREAS, it has been agreed that the American Syndicate through the American Managers shall open a
Commercial Export Credit for account of the French Syndicate for the amount of twenty million dollars
($20,000,000.00) upon the terms hereinafter stated ; and
WHEREAS, each member of the American Syndicate, severally, and in proportion to its and their respective
participations in the Commercial Export Credit, has agreed to accept drafts drawn severally by the individual
members of the French Syndicate in proportion to their respective participations in said credit, and each said
member of the American Syndicate has further agreed to guarantee discount of said drafts to the extent of its

and their participation at an agreed rate of four and one-half per cent. (42%) per annum ; and
WHEREAS, letters have been exchanged between the French Syndicate and the Bank of France, constituting
a guaranty of payment in gold, if necessary, on the part of the latter, copies of which letters are hereto annexed,
marked "Schedule C";
Now THEREFORE, in consideration of the premises and of the mutual covenants and agreements herein contained, it is agreed as follows :

FIRST: The Commercial Export Credit hereinabove provided for, to be designated as "Commercial Export
Credit A," shall be for the aggregate amount of twenty million dollars ($20,000,000.00) for a period of approximately one year, and shall be availed of by drafts to be drawn at ninety (90) days' sight (with three (3) renewals
thereof for like periods), by the several members of the French Syndicate upon the several members of the
American Syndicate, such drafts to be forwarded to the American Managers in eight (8) successive weekly installments of two and one-half million dollars ($2,500,000.00) each. The amounts of
the drafts to be drawn by the members of the French Syndicate, and the designation of the respective drawers and drawees shall be determined by the French Managers, and a schedule of such drawings shall be forwarded to the American Managers. Each member of the French Syndicate shall draw by one or
several drafts in such amounts respectively as the French Managers shall determine, upon the members of the
American Syndicate severally to an aggregate amount in each installment in proportion to the participation of
such members of the French Syndicate respectively in the total Commercial Export Credit as specified in "Schedule




A" hereto annexed. The amounts of the drafts in each installment upon the several members of the American
Syndicate shall be in proportion to the participations of such members respectively, as specified in "Schedule B"
hereto annexed, in the said total Commercial Export Credit. All drafts so drawn shall be forwarded by the
French Managers to the American Managers, who shall in due course present the same for acceptance by the
drawees therein named, and said drafts shall be accepted by said drawees as hereinafter provided. The first
installment of said drafts shall be forwarded or delivered immediately after the execution hereof, and the following
installments shall be forwarded or delivered weekly in like manner.

SECOND: Each member of the American Syndicate severally and in proportion to its or their respective
participation in said Commercial Export Credit hereby agrees to and with each member of the French Syndicate
severally and to and with each other party hereto, to accept said drafts so drawn severally by the individual
members of the French Syndicate in proportion to their said respective participations in said Credit forthwith upon
ptesentation of such drafts as aforesaid ; and also each member of the American Syndicate severally to the extent
of its or their participation covenants and guarantees with and to each other party hereto that the said several
drafts so to be accepted shall be forthwith discounted in lawful money of the United States equivalent to gold

coin of the United States of the present standard of weight and fineness, at the agreed rate of four and onehalf per centum (472%) per annum and that the proceeds of such discount shall be forthwith paid to the
American Managers.
THIRD: The American Managers will place the proceeds of such discounts to the credit of the Bank of
France in a Special Account to be kept by the American Managers. Such funds shall be paid out from time to
time upon written or cabled order, to be addressed to the American Managers by the Bank of France, or by its
designated agent or agents, but only in payment for American merchandise and goods, manufactured or not, as
well as all produce, live stock and other commodities of whatsoever nature to be exported and upon presentation of
shipping documents or contracts for shipments or other American evidences of exportation to be delivered to the
American Managers at the time of payment and to be forwarded in due course by the American Managers to the
Bank of France. It is understood and agreed that the American Managers shall be obligated to make such payments only against cash in hand. Therefore, no cheques, drafts or cabled orders shall be drawn against the proceeds of any such drafts discounted and field upon such Special Account, until at least three (3) business days
after the receipt by the American Managers from the French Managers of such drafts forwarded for acceptance
and discount.

FOURTH: Each member of the French Syndicate, at least five (5) days prior to the maturity of each of the
ninety-day drafts originally drawn hereunder, shall cause first renewal ninety-day drafts, draWn by the same
drawers upon the same drawees, and for amounts identical with those of the drafts so maturing, to be delivered
to the American Managers through the French Managers, and the ,American Managers shall present the same in
due course for acceptance to the drawees therein named.

Each member of the American Syndicate severally hereby agrees to and with each member of the
French Syndicate severally and to and with each other party hereto, to accept such first renewal drafts so
drawn severally by the individual members of the French Syndicate forthwith upon presentation of such
first renewal drafts as aforesaid ; and each member of the American Syndicate severally to the extent of its
or their participation covenants and guarantees with and to each other party hereto that the said fiirst renewal
drafts so to be accepted shall be forthwith discounted in lawful money of the United States equivalent to
gold coin of the United States of the present standard of weight and fineness, at the agreed rate of four and
one-half per centum (472%) per annum and that the proceeds of such discount shall be forthwith paid to the
American Managers ; and upon receiving the proceeds of such discount the American Managers shall apply
the proceeds towards the payment of the maturing drafts.
Each member of the French Syndicate at least five days prior to the maturity of the first renewal drafts
shall cause second renewal ninety-day drafts drawn by the same drawers upon the same drawees and for the
identical amounts so maturing, to be likewise delivered to the American Managers ; and the American
Managers shall present such renewal drafts for acceptance in like manner ; and each member of the American
Syndicate severally to the extent of its or their participation agrees likewise to accept said second renewal
drafts and covenants and guarantees with and to each other party hereto that the said several second renewal
drafts so to 'be accepted shall be forthwith discounted in lawful money of the United States equivalent to
gold coin of the United States of the present standard of weight and fineness, at the agreed rate of four and

one-half per centum (42%) per annum and that the proceeds of such discount shall be forthwith paid to
the American Managers ; and the American Managers, upon receiving the proceeds of such discount will apply
the proceeds thereof to the payment of the said first renewal drafts.

Each member of the French Syndicate at least five days prior to the maturity of the second renewal
cause third renewal ninety-day drafts, drawn by the same drawers upon the same drawees and

 drafts, shall


for the identical amounts so maturing to be likewise delivered to the American Managers ; and the American Managers shall present such renewal drafts for acceptance in like manner, and each member of the American Syndicate severally to the extent of its or their participation agrees likewise to accept said third renewal
drafts and covenants and guarantees with and to each other party hereto that the said third renewal dIrafts
so to be accepted shall be forthwith discounted in lawful money of the United States equivalent to gold coin
of the United States of the present standard of weight and fineness, at the agreed rate of four and one-half
per centum (42%) per annum and that the proceeds of such discount shall be forthwith paid to the American Managers ; and the American Managers upon receiving the proceeds of such discount will apply the
proceeds thereof to the payment of the said second renewal drafts.
FIFTH:

It is further agreed that at the maturity of each third renewal draft, each member of the

French Syndicate shall respectively arrange that remittances through the Bank of France or otherwise shall
be received by the American Managers at least five (5) days prior to the maturity of each third renewal draft
drawn by it hereunder, of the equivalent of each maturity. Such remittances may be made by forwarding
to the American Managers drafts or cheques upon responsible American drawees, or by foreign exchange
devices, provided an agreement as to price thereof can be reached, but all remittances so made shall be at
the risk of the members of the French Syndicate respectively, and without responsibility to the American
Managers. In case exchange shall not be available for remittance, payment shall be made in New York to
the American Managers for account of the American Syndicate of all maturing acceptances in gold coin of
the United States or other bullion or gold coin equivalent in value to gold coin of the United States of America
equal to the present standard of weight and fineness.

Sp= : It is mutually agreed between the American Managers and the American Syndicate, and between said parties alone that each member of the American Syndicate is to have the option of withdrawing
its or their acceptance on paying forthwith to the American Managers the proceeds of it at the agreed discount rate of four and one-half per cent. (42%) per annum, provided such member notifies the American
Managers of his election to do so at the time of his acceptance of each draft. The difference between the
actual proceeds of discount of each installment of all the acceptances which are discounted through the
American Managers and the face of such drafts, less the agreed discount is to be immediately remitted by
the American Managers, or paid by those members of the American Syndicate to the American Managers,
whose acceptances are discounted through the American Managers, and in proportion to their respective acceptances. All drafts discounted by the American Managers will be at the best obtainable rates either at the
Federal Reserve Bank or in the open market.
SEVENTH: As security for the due performance of the covenanis of this agreement Bons de la Defense
Nationale to the order of Brown Brothers & Co., American Managers, in francs, payable in Paris on or about
fifteen months from the date hereof shall be deposited with the nominee of the American Managers in Paris
for the account and subject to the instructions of the .American Managers to an amount equal to the face of
this Credit, the equivalent being ascertained by conversion of francs into dollars at the rate of five francs ninety
centimes (Fcs. 5.90) per dollar. Such deposit shall be made from time to time in installments at or before the
forwarding of the drafts by the French Managers to the American Managers, and in amounts at least equal,
at said rate of exchange of five francs ninety centimes (Fcs. 5.90) per dollar, to the amount of the drafts so
drawn.

Upon full payment of all acceptances given under this contract all said bonds, save such as shall have
been otherwise lawfully disposed of under this agreement, shall be returned to the French Managers.

In case of the default by any member of the French Syndicate in the execution of any of the clauses
of this contract, the American Managers shall have power of rehypothecation or sale of such and so many of
the said Bons de la Defense Nationale as shall be approximately necessary to make good such default, applying the net proceeds of any such sale or re-hypothecation to the payment of any acceptance then due, and upon final
settlement hereunder, accounting to the French Managers for any surplus so arising, provided that no sale of any of

said Bons de la Defense Nationale shall be made either by the American Managers or under or by reason
of any rehypothecation of said bonds except at public sale in the cities of Paris, London or New York, and
upon ten days' previous notice to the French Managers ; such period of ten days to begin upon deposit of
notice with a cable company in New York for transmission by them to the French Managers and by 'delivery
of said notice addressed to the French Managers at the office of any person in the City of New York previously designated by the French Managers to receive the same ; and in any case of notice of sale fof default
as aforesaid, or under any rehypothecation the French Managers or any member of the French Syndicate
shall have the right to pay the indebtedness for which any of the said bonds are rehypothecated or to
make good such default and redeem such bonds at any time before such sale. The American Managers or




any members of the American Syndicate may become the purchaser or purchasers of such Bons de la Defense
Nationale, or any part thereof, at any such sale.
And, provided further, that if any case of default under Article Fifth hereof shall be due to the nonarrival Jor any cause in New York of drafts, remittances, gold or bullion, which have been seasonably for-

warded by the French Managers for transmission in the ordinary course to the American Managers and
notice of the forwarding of which shall have been given by the French Managers by cable or otherwise,
then no action for the sale of any of 'said bonds shall be taken until the expiration of twenty days from such
.default except that ten days' notice of sale, expiring on or after the termination of said period of twenty days,
may be given by the American Managers to the French Managers in the manner above provided.
If any member or members of the American Syndicate shall default in the performance of any act which,
by the 'terms of this agreement, it or they are required to do, then, in addition to any other remedies which
the French Syndicate oz any of them or the French Managers may have on account of such default, and if the
drawer of the draft on which such default shall occur shall take up the same, the American Managers shall
forthwith, upon request of the French Managers, return to the French Managers so many of the Bons de la
Defense Nationale then in their hands as shall bear the same proportion to the total amount then held by the

American Managers which the draft so taken up bears to the total amount of the acceptances then outstanding.

EIGHTH: Each member of the French Syndicate will severally remit through the French Managers
to the American Managers with all its original ninety (90) day drafts drawn hereunder, an acceptance commission amounting to one-fourth (%) of one per cent. (1%) of the face of such drafts, and a like commission
on each renewal draft, as well as the agreed discount at the rate of four and one-half per cent. (472%) per
annum on such renewal drafts for payment by the American Managers to the member of the American Syndicate to whom the same may be payable by the member of the French Syndicate remitting the same.
NINTH: The French Managers and the members of the French Syndicate hereby expressly waive the
benefit of any moratorium or law of the Republic of France postponing or affecting in any way the obligation of the members of the French SyndiLte to provide at maturity for the full payment of each and every
acceptance drawn hereunder in accordance with the terms of this agreement.
TENTH: It is expressly understood and agreed that all liabilities of and undertakings by the 'Parties to
this agreement are several and not joint, and that the several members of the American Syndicate and of the

French Syndicate, respectively, shall none of them be answerable for any obligation, act or default of any
other member of said Syndicate, nor except for its or their own obligation, act or default, and nothing
herein contained shall be construed as constituting a partnership between the members of said Syndicates, respectively; and it is expressly declared that the French Managers and the American Managers shall not be

answerable or responsible to any member of their respective Syndicates for or on account of any act or
omission of any agent or employee selected in good faith nor for any errOr of judgment or mistake of law
nor in any case except for its or their own individual, wilful malfeasance or neglect.
ELEVENTH: It is understood and agreed that the French Syndicate shall by a contract executed contemporaneously with these presents, provide for payment to the American Managers of the compensation for
their services, and that the American Managers shall and will assume and discharge all legal and other expenses of themselves and of the American Syndicate arising under this contract.
TWELFTH: This agreement may be executed severally by any of the parties in as many counterparts as
desired, each of which so executed shall be deemed to be an original; and such counterparts, although separately
signed, shall together constitute but one and the same instrument.
IN WITNESS WHEREOF, the copartnership parties hereto have signed these presents ; and the corporate
parties hereto have caused these presents to be signed by their respective officers thereunto duly authorized the
day and year first above written.
BROWN BROTHERS & CO., American Managers,
CREDIT LYONNAIS, French Managers.




SCHEDULE "A"
NAMES AND PARTICIPATIONS OF FRENCH SYNDICATE
Participation

Name

M.M. de Rothschild Freres
Credit Lyonnais
Comptoir National d'Escompte de Paris
Heine & Cie
Hottinguer & Cie
Mallet Freres & Cie
de Neuflize & Cie
Mirabaud & ,Cie
Vernes & Cie

Banque Suisse et Francaise

$3,600,000
3,600,000
3,600,000
1,400,000
1,400,000
1,400,000
1,400,000
1,400,000
1,400,000
800,000

SCHEDULE "B"
NAMES AND PARTICIPATIONS OF AMERICAN SYNDICATE
Name
J. P. Morgan & Company, New York
National Bank of Commerce in New York, New York
Guaranty Trust Company, New York
American Exchange National Bank, New York

Bank of New York, N.B.A., New York
Bankers Trust Company, New York
Brown Brothers & Company, New York
Central Trust Company, New York
Chase National Bank, New York
Columbia Trust Company, New York
Farmers Loan & Trust Company, New York
Hanover National Bank, New York
Mechanics & Metals National Bank, New York
New York Trust Company, New York
J. & W. Seligman & Company, New York
Bank of America, New York
Franklin National Bank, Philadelphia
Philadelphia National Bank, Philadelphia
Merchants National Bank, Boston




Participation
$ 2,500,000
2,000,000
1,500,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000'
500,000
500,000
500,000

500,000'

a

SCHEDULE "C"
GUARANTY OF BANK OF FRANCE
Text of letter addressed by the Bank of France to the French Syndicate Managers :
LA DIRECTION GENERALE
DU CREDIT LYONNAIS,
PARIS.

rai l'honneur de vous accuser reception de votre lettre du 17 aoirt, ainsi concue :
"Nous avons ete mis au courant des negociations que vous avez poursuivies aux tats-Unis en vue d'une
ouverture de credit ayant pour but d'assurer des facilites de change aux acheteurs francais de marchandises et
produits americains.
"Nous acceptons avec empressement le role que vous nous avez reserve clans cette operation et nous mettons

gracieusement notre concours a la disposition de la Banque de France pour la realisation du contrat ci-joint
prepare sous son controle et pour son compte.
"Ii est entendu que la Banque de France assurera le reglement par les moyens de change, ou a defaut, par
des remises d'or, assumera tous les risques de l'operation."
J'ai l'honneur de vous confirmer rjotre plein accord sur le contenu de cette lettre.




Veuillez agreer, etc.
G. PALLAIN,

(Gouverneur)

7-lakkk

I have the honor of acknowledging

receipt of your

letter of August 17th, worded as follows:
"Tie have been advised of the negotiations which you

have prosecuted in the United States looking to the opening of credit,
having for ebjeest the as,urance of facilities of exchange for French

purchaseiT of merchandise and American products.

We accept gladly the role which you have assigned to us
in this

operation and cheerfully put our services at the disposi-

tion of the Bank of France for the realization of the contract here-

with attached, prepared under its direction and for its account.
It is understood that the Bank of France will assure

settlements through the medium of exchange, or in ease of default
by remittances of gold, will assume all the risks of the operation."
I have the honor of confirming to you our full accord
with the contents of this letter.
Please accept, etc.

VOM







AGREEMENT

COMMERCIAL EXPORT CREDIT "A"
$20,000,000

Dated

New York,U.S.A. and Paris, France
August 21, 1915

BROWN BROTHERS & CO., New York
American Managers

CREDIT LYONNAIS

-

French Managers

-

Paris

-




464,
Iv, 2.




"1_441

riTh.it_da

NEW YORK CHAPTER, INC.

AMERICAN INSTITUTE OF BANKING
SECTION AMERICAN BANKERS ASSOCIATION
JACOB C. KLINCK, PRESIDENT
WITH METROPOLITAN TRUST COMPANY

WILLIAM G. F. PRICE. 1ST VICE-PRESIDENT

LOUIS H. OHLROGGE TREASURER
WITH THE NATIONAL PARK BANK

15 WEST 37 STREET
TELEPHONE: FITZROY 1544

"H THE NATIONAL CITY DANK

15 WEST 37 STREET

NEW YORK

CHARLES H, SCHOCH. 2N0 VICE.PREsIDENT
WITH IRVING BANKCOLUmS, TRUST COMPANY




.1. MARTIN TELLEEN. SECRETARY
G. REGINALD CROSBY, ASSISTANT SECRETARy

EDWIN C ESTER. CHIEF CONSUL

WITH THE selLTwoilKicrinEDTUTION

ACKNA
120 Broadway, New York City.

F1 1994
rit

January 31, 1924.

Hon. Benjamin Strong,
Federal Reserve Bank,
120 Broadway,
New York City.
Dear Mr. Strong:

On February 16th, 1924 at 7 P. M. precisely
New York Chapter of the American Institute of Banking will
hold their Annual Banquet in the Grand Ballroom of the
On behalf of New Yo4k Chapter, may I ask you
Hotel Astor.
to honor us as one of our guests?
The speakers will be, Mr. Charles E. Mitchell,
President of the National City Bank, Mr. Alfred C. Bedford,
Chairman of the Standard Oil Company of New Jersey and Hon.
Harold B. Welles, Judge of the Burlington County Court.

I trust that you will let me bear from you
and that you will be able to attend.
With personal regards.
Very sincerely,

ILP

President.

..4701




Feb. 1, 1924.
_r. Beyer
Please send word to Mr. Klinck thet Mr.

Strong will be glad to accept invitation to attend
A.I.B. dinner.
Mc.

February 1, 10241.

t-Dear

r. Klinck:
Mr. Strong has directed me to send you word that he accepts

with pleasure your Cordial invitation to attend the Annual Banquet of
the New York Chapter of the American Institute of Banking, to be held

Ft the Hotel Astor on Februcry 16th at 7 p. m.
Yours very truly,

Secretary to
Mr. Benj. Strong.
Mr. Jacob C. Klinck,
c/o 4:1,4erican institute ,of
15 Zeit' Vrtt-"St";14r6i- York City.




NEW YORK CHAPTER. INC.

AMERICAN INSTITUTE OF BANKING
SECTION AMERICAN BANKERS ASSOCIATION
JACOB C. KLINCK. PRESIDENT
WILLIAM G. F. PRICE. 1ST VICE-PRESIDENT

J. MARTIN TELLEEN. SECRETARY

TEMEPTIONE F'ITZROY 1544

THE NATIONAL CITY BANK

CHARLES H. SCHOCH. 2ND VICE-PRESIDENT
WITH IRVING 9ANKCOLUMBIA TRUST COMPANY




LOUIS H. OFILSOGGE. TREASURER
WITH THE NATIONAL PARK BANK

15 WEST 37 STREET

WITH METROPOLITAN TRUST COMPANY

NEW

15 WEST 37 STREET

YOIAICkNOVVIEnagri
FEB I 1

CROSBY. ASSISTANT SECRETARY

STES. CHIEF CONSUL
EDW I
WITH THE SOUTH BROOKLYN SAVINGS INSTITUTION

1q94

f4 4

February 8, 1924.

Hon. Benjamin Strong,Governor,
Federal !ieserve Bank of New York,
120 Broadway,
New York City.
Dear Mr.Strong:

This is to remind you of the Annual
Banquet of New York Chapter of the American Institute
of Banking to be held at the Hotel Astor (Grand Ballroom)
Saturday evening February ltth, 1.924 at seven precisely.
There will be a room set aside for our guests of honor
that will be plainly designated as you enter the Reception
Hall.

Appreciating very much your kindly
cooperation in helping to make this function a success,
I am,

President.

February 11, 1924.

My dear Mr. Alinck:

This is to thank you for your letter of February 8, reminding
Mr. Strong of the Annual Banquet of the New York Chapter of the American

Institute of Banking, to be held thie Saturday evening, February le, at
the Hotel Astor.

For your information, I desire to say that Mr.. Strong has been

in Washington all cf 'Let week and will likely remain there the greater

part of this week.

I hive every reason to believe that he will be back

in time for the Banquet, but in case there should be any doubt of his being
present I will communicate with you again.

Yours very truly,

Secretary to
Mr. Benj. Strong.
.

Mr. Jacob C. Klinck,
c/o American Institute of Banking,
#15 West 37th St., New York, N. Y.




NEW YORK CHAPTER, INC.

AMERICAN INSTITUTE OF BANKING
SECTION ,I.NIFLIRICA.N BANKERS ASSOCIATION
JACOB C. KLINCK. PRESIDENT
WITH METROPOLITAN TRUST COMPANY

15 WEST 37 STREET

WILLIAM G. F. PRICE. 1ST VICE-PRESIDENT
I THE NATIONAL CITY BANK

TELE:PRONE FITZROY 1544

NEW YORK

CHARLES H. SCHOCH. 2ND VICEPRESIDENT
WITH ROBERTS, ANDREWS AND COMPANY




LOUIS H. OHLROGGE. TREASURER
WITH THE NATIONAL PARK BANK

J. MARTIN TELLEEN. SECRETARY
15 WEST 37 STREET

G. REGINALD CROSBY. ASSISTANT SECRETARY

EDWIN C. ESTES, CHIEF CONSUL
WITH THE SOUTH BROOKLYN SAVINGS INSTITUTION

120 Broadway, New York City.

ACK NQWLEDOED
FEB 2 I 1924

s.
February 20th, 1924.

Hon. Benjamin Strong,
Governor, Federal Reserve Bank of New York,
120 Broadway,
New York City.
Dear Mx. Strong:

Permit me to thank you for your cooperation
in making the Twenty-third Annual Banquet of New York
Chapter of the American Institute of Banking a success,
for I appreciate very much this personal consideration
on your part.
The Chapter is doing a very fine work and it
means mudhto have you give it your public endorsement.
With personal regards,
Very sincerely yours,

;

.,

ei

:-...,

Govi,1114s.1,-.:1.

,

-5.

FEB 21h24
tr.

;43




February 21, 1924.

Dear

'r. Klinck:
Thank you for your note of' the 20th.

I was glad to

attend the Banquet and am indeed much interested in the work

of the Chapter, and congratulate you and your associates upon
the enthusiften which is so obvious among the membership.

I thought the meeting was fine.
Yours sincerely,

Mr. Jacob C. Klinck,
C/C) Amen i gan.J.AMItute

15 West 37thSt., New York City.
BS.MM










October 22, 192S.

My dear Alvin:

I have juat returned from Wahhington with
Lr. Schacht, and hbve gone over the vbrious invitations
which he Sa8 received.

Unfortunately, it develope thcA he most be
out-of-town on the ath and 29th, and poesibly the 60th,

ao arrangements for the luncheon will have to be pomtponed
until we know moie definitely on *hat d4ye he *ill be in
New York.

I um sorry not to be able to send you a more
satiaftctory *ord.
Oincerely youre,

.

Krech,

Liuithie Trust Company,
'V Wall Street, Mew iort.
136.,LS




Noliestor 0, 192,5.

!ly deer

have just head E. word with rr. bchacht in

regard to the poseibility of finding an evening before
he seils,'but it reslly accme impostAble P.nd he is very
sorry, indeed, to eay this az he had looked fori.,ard to
the ;,)rospect of having a quiet evening with you
family.

.:Tati your

The difficulty erises from the necessity
(rather unexpected) of mekine two trips to Washington tnd
one to Chicago, which took so much of hic, time.
Lincereli yours,

Alvin X. Krech, Esq.,
Equitable Trust Company,
Nclw York City.
8:3.LS

1"'"'

NEW YORK CHAPTER, INC.

AMERICAN INSTITUTE OF BANKING
SECTION AMERICAN BANKERS ASSOCIATION

SON M. McKERNAN, PRESIDENT

.u.TH THE AMERICAN EXCHANGE IRVING TRUST COMPANY

WALTER MONSEES, 1ST VICE PRESIDENT
WITH THE FARMERS. LOAN AND TRUST COMPANY

GRAY BAR BUILDING
420 LEXINGTON AVENUE

CLIFFORD L. LUNDGREN, 2ND VICE PRESIDENT

TELEPHONE, LEXINGTON 8810

NEW YORK

WITH THE CHASE NATIONAL BANK




PAvSON G. GATES, TREASURER
WITH BANKERS TRUST COMPANY

J. MARTIN TELLEEN, SECRET-ARV
ALFRED E. HENDERSON, ASSISTANT SECRET,
MORTIMORE F. HILL, CHIEF CONSUL
WITH THE EQUITABLE TRUST COMPANY

sy
November 15, 1927

Mr. Benjamin Strong
Federal Reserve Bank
33 Liberty Street
New York City
Dear Mr. Strong:
We appreciate /your remittance of
$10 to cover sustaining membership dues to November
1928. With our enclosed receipt #116 I offer our
acknowledgment both of your material assistance and
your interest.
Yours sincerely,

President
NMM:B




NEW YORK CHAPTER, INC.
AMERICAN INSTITUTE OF BANKING

No.VT7
1

(

NEW YORK,.

RE COMD FROM
DOLLARS

IN

PAYMENT

YEAR/

OF

DUES

AS

A

SUSTAINING

MEMBER

FOR

THE

0




,

JOHN V. ',THAYER. VICE-PRESIDENT
J.Y. G.WA LK ER,
.VIDE-PRES/DENT
HENRY M..POPHAM VICE-PRESIOENT

EDWIN G. MERRILL, PRESIDENT

W. Mc MASTER MILLS VICE-PRES, PLAZA BRANCH

HENRY M. MYRICK, SECRETARY

CARROLL C. RAVVLI NGS,vicE-PREs, &TRusr OFFICER
BENJAMIN A. MORTON, ASS, TRUST OFFICER
T. W. HARTSHORNE, Ass, SECRETARY

C.W PARSON, Ass'T SEel' FIFTH AVE. BRANCH

'Onion Pul5t

0

Tim 11rh

nip an
80 BROADWAY

ALL COKNIUNICAT.ONS SHOULD BE ADDRESSED TO

UNION TRUST COMPANY OF NEW YORK
P. 0. BOX 1015

N E W YORK,

CABLE AooREss:UNITRUST'

Feb ruary 4, 1914.

Benjamin Strong, Jr., Esq., President,
Bankers' Trust Company,
New

York City.

FE 13

4 1913

Dear Mr. Strong -

I beg to hand you herewith copies of two letters which I have
sent to Mr.

an Antwerp, concerning the matters about which you have

kwritten me.




Very truly yours,

0

JOHN V. B.THAYER,
VI-PJY. G. WALKER,

CARROLL C. RAWLINGS,vicE-PRes, &TRUST OFFICER
BENJAMIN A.MORTON, As, TRUST OFFICER
T. W. HARTSHORNE, ASS, SECRETARY

EDWIN G. MERRILL, PRESIDENT

VICE-PRESIDENT

HENRY M.POPHAM VICE-PRESIDENT
HENRY M. MYRICK, SECRETARY

W. Mc MASTER MILLS, YicE-PRES, PLAZA BRANCH

C. W. PARSON. Ass, SEdY FIFTH AVE.BRANCH

'Onion ' '.7twvt Tompanv,
80 BROADWAY

ALL COMMUNICATIONS SHOULD BE ADDRESSED TO

UNION TRUST COMPANY OF NEW YORK
P. O. BOX 1015

N Ew

CAdLE ADDRESS, UNITRUST

Yo R

,February 3, 1914.

T. T. Van Antwerp, Esq., Vice President,
Union Trust Company,
Albany,

N. Y.

Dear Mr. Van Antwerp -

I have

your letter of the 2nd and note contents.

noted the contents of Mr.
difficult to handle.

Colvin's letter which may perhaps

May I ask you

I have also

be a little

to send me a list of the present mem-

bers of the Executive Committee of the Trust Companies Association, and
also a list of those appointed by Mr. Bannard to the

Legislative Committee?

I think it would probably be wise to have a meeting of this Legislative Committee very shortly to decide, the attitude of the Association on some of

these questions while there is yet time to present the matter to the Van
Tuyl Commission.
day of next week ?

Could you

arrange a

I expect to go

meeting here in New York, say on Mon-

to the Adirondacks on Wednesday the

11th, to be gone until the following week.




Awaiting your advices in the matter, I um
Very truly yours,

President
Trust Companies' Association.

JOHN V B.THAYER.,VIcE-PREsioE,
J.Y G.WA LK E
VICE-PRESIOENT
HENRY M,POPHAM VICE-PRESIOENT
W Ric MASTER MILLS. VicE-PRE, PLAZA BRANCH

CARROLL C. RAWLI NGS, V10E-PRES, &ThrusT OFFICER

EDWIN G. MERRILL, PRESIDENT
HENRY M. MYRICK, SECRETARY

BENJAMIN A. MORTON. As, TRUST OFFICER
T. W. HARTS HORNE, As, SECRETARY

C.W. PARSON, Ass, SEC, FIFTH AVE.BRANCH

lnitm rut5t (Comp aitt of 'Arm cti ork
80 BROADWAY

ALL COMMUNICATIONS SHOULD BE ADDRESSED TO

UNION TRUST COMPANY OF' NEW YORK
P. O. BOX 1015

NEW Yo R K , JarIllary 31, 1914.

CABLE ADDRESS: UNITRUST"

T. I. Van Antwerp, Esq., Vice President,
Union Trust Company,
Albany, N. Y.

Dear Mr. Van Antwerp I have

your favor of the 30th and thank you for the information in

regard to the bill just 'introduced in the Senate.
tunity to talk with any

seers to me that

I have not had an oppor-

other Trust Company people about

to have

it would be a pity

matter, but it

the

The

this bill pass.

amount of preferred deposits that are carried by

any

larger the

Company the less attrac-

%

tive is their statement to individuals, and the

passage of

this bill would,

in my opinion, tend to make municipalities even more careless than

at

present

in selecting their banks of deposit.
The illuminating list published about

the time of

the failure of the

Carnegie Trust Company, showing the amounts the City of New York had

various institutions brought about

in

a considerable revulsion of feeling

the

on the

part of the City authorities in favor of keeping their money in carefully
handled banks and trust companies, but I strongly believe that a law of this
kind would tend to bring

back

the old conditions.

I would be very glad if you would find out from the
the Executive Committee of the Trust Companies' Association

agree with me in
think the




this

other members of

whether' or not they

matter, and if there is no marked difference of opinion,,

influence of the Association, should

be

used against the

Very truly yours,

bill'.

C.

JOHN V. B.THAYER, VICE-PRESIDENT
J.Y. G.WA LK ER,
VICE-PRESIDENT
HENRY M.POPHAM VICE-PRESIDENT

EDWIN G. MERRILL, PRESIDENT

W. Mc MASTER MILLS, VICE-PRES, PLAZA BRANCH

HENRY M. MYRICK, SECRETARY

CARROLL C. RAWLI NGS,v1ce-PREs, 8,Tiausr OFFICER

BENJAMIN A.MORTON, Ass'T TRUST OrncER
T. VV. HARTSHORNE, ASST SECRETARY

C. W. PARSON. ASS, SEC, FIFTH AVE. BRANCH

rTh

'Onion rut Tompankl ate Tirin 71 mit
80 BROADWAY

ALL COMMUNICATIONS SHOULD BE ADDRESSED TO

UNION TRUST COMPANY Or NEW YORK
P. 0. BOX 1015

NEW YOR K ,February 6, 1914.

CAa1_E ADDRESS: UNITRUST"

Benjamin Strong, Jr., Esq.,

President,

FEd

6 1913

Bankers' Trust Company,
New York City.
Dear Mr. Strong -

I beg to hand you herewith copy of a letter received yesterday from
Mr. Van Antwerp,stating that he could not be down on Monday next, together
with my gewer thereto.

If you think it advisable, however, to have a meet-

ing next Monday forenoon, I will wire Mr. Colvin and see if he can come down.
Dow Jones' sheets said yesterday that the last meeting of the Van Tuyl Commission will be held on February 11th.
I enclose herewith also a letter received this morning with correspondence from Mr. Colvin.
reading them and let




MR

rin

you kindly return these to me after

know what you think we had better do about them ?
Very truly yours,

President
Trust Companies Association.

Orugt Tuntpattirg Aggoriation
of Or

tatr. uf Nrio Vork

PRESIDENT

EXECUTIVE COMMITTEE

IN G. MERRILL, PRESIDENT UNION TRUST CO. OF NEW YORK

CHARLES A. BOO DY, PRESIDENT PEOPLES TRUST CO., BROOKLYN, N. Y.

ADDISON B. COLVIN, PRESIDENT GLENS FALLS TRUST CO., GLENS FALLS, N. V.

VICE-PRESIDENTS

WILLARD V. KING, PRESIDENT COLUMBIA-KNICKERBOCKER TRUST CO., NEW YORK

E. 0. MCNAIR, PRESIDENT COMMONWEALTH TRUST CO., BROOKLYN, N. V.

WM, NOTTINGHAM, VICE-PREsIDENT SYRACUSE, TRUST CO., SYRACUSE, N. V.

A. W. LOAS BY, PRESIDENT TRUST MO DEPOSIT CO. OF ONONDAGA, SYRACUSE, N. Y.

LEWIS P. ROSS, PRESIDENT FIDELITY TRUST CO., ROCHESTER, N. Y.

E. P. MAYNARD, PRESIDENT BROOKLYN TRUST CO., BROOKLYN, N. Y.

CHAS. H. SABIN, VICE-PRESIDENT GuARANTy TRUST CO., NEW YORK

TREASURER

MYNDERSE VAN CLEEF, PRESIDENT ITHACA TRUST CO., ITHACA, N. V.
B. STRONG, JR., ,CE-PRES/DENT BANKERS TRUST Co., NEW YORK

CLINTON L. ROSSITER,P RESIDENT BROOKLYN TRUST CU., BROOKLYN, N. V.
VICE-

M. N. BUCK N ER, VICE-pRESIDENT NEW YORK TRUST CO., NEW YORK

SECRETARY'

EX-OFFICIO

T. I. VAN ANTWERP, VICE-PREERDENT THE UNION TRUST Co. OF ALBANY, N. Y.

GRANGE SAND, PRESIDENT THE UNION TRASH CO. OF ALBANY, N. Y.

New York, February

/101

Ai:

1914.

Av.°
FEB ",

1(114

E.ERRED TO
" bFFice

Benjamin Strong, Jr., Esq., President,
Bankers Trus7. Company,

New York City.
Dear Mr. Strong -

For your files I beg to hand you herewith copy of letter-which
I sent to the Secretary of the Committee for the Revision of the Banking
Law, and which I sent aver to you to read yesterday.




v

Very truly yours,

President.

New

York, February, 19, 1914.

E. F. Roreheck, 7sq., Secretary,
Commission to Revise the Bankina Law,
New York City.
Dear Sir -

The Legislative Committee of the Trust Companies Association held a
meetine yesterday and carefully considered the draft of the proposed new Banking
Law.

Commission has made many improvements

They feel that the

and they have few criticisms

to offer.

There

in the existing law

are a number of minor matters which

will undoubtedly be corrected before the law is put in its final form,
derstand these have already been brought to your attention.

two matters which seem to

the

and we un-

But there are one or

Committee, very vital and should be changed.

The most impoetant of these is

on page 167, paragraph 194, relating to

Trost Companies, and on page 89, paragraph 109, relating to

State Banks.

It seems

to the Committee that the clause which has been inserted as to the amortization of
securities would

whether in

prevent a Treat Company revaluing

the case of u long continued

or in case of a considerable
since the end of 1913.

its securities for any purpose,

drop, such as occurred in the past year,.

appreeiation in secutities such as has occurred

In a year like 1913 it would make it

necessary for banks

to publish false statements of their surpluses, and false statements of

their fi-

nancial condition, as in no case iu an amortization value necessarily kliluidal
tion value.

It seuld necessitete the keeping of an additionnl set of books by

every Trust Company that would be of no use of any kind to any well-manared

institution, except to furnish an interesting set of statisVcs.



It seemed

he Committee that this Section oueht to be ettirely

o

relrafted, so es not to bring about a very unfortunate condition of affairs.
So far as those sections are concerned which

of officers, directors
Paragraph

and employes borrowing money

relate to the restrictions

froe their own institutions,

222 is contradictory to Section 8 of paragraph 190, and the ler in
re

jeese paraeraphs is not eonsistent with that of the State banks.

assume

that this was due to an oversight.

Those sections of the law relating to the publication of the Trust
Companies' statements ought to be so amended au to allow publication of a aura-

mary of the statement filed with the Banking Department.
has recently held that

The Attorney-General

the entire affidavit of both officer-al signing the state-

Tilent nuet be published in dAs most detailed form under the presett law, and it

was figured a short time

afo that the publication of this utterly

unnecessary

affidavit was costine the Trust Companies in New York City alone at leaet
,500 a year.

There is certainly no reason why any more unnecessary

should be published on behalf of the Trust Companies than on
National

behalf of the

banks.

seems to us
"time

details

unfortunate

that

the

in

general definition on page 8

depositseshould not in some way be defined so as not to require the

eortificates for thirty days be-

Trust Companies to hold reserve against time

fore their maturity.

Te do not understand

that

the Federal Reserve Bill has

any sech limitations on the deposits of hational banks, althoueh they apparently

reedre a reserve of 5% against time depoeits elk the time.

It seers to the

Coremittee also that a clearer definition ogrht to be made of these timedeposits
so as to allow the inclusion by Trust Companies of the deposits of
payment of which is




entirely within their own

control.

trust funds ,.

3-

The Committee hopes that attention will he given to these Natters

before the bill is put into final shape for the Legislature.




Very truly yours,

President.

0.rast (1hiuqiautri Aaortriation
of Or ftitr vi Nritt tint-ft
PRESIDENT
Er

'PI G. MERRILL,

EXECUTIVE COMMITTEE
CHARLES A. BOO DY,

PRESIDENT UNION TRUST CO. OF NEW YORK

E. 0. McNAIR,

PRESIDENT COMMONWEALTH TRUST CO., BROOKLYN, N. Y.

LEWIS P. ROSS, PRESIDENT FIDELITY TRUST CO., ROCHESTER, N. Y.
CHAS. H. SA BIN, VICE-PRESIDENT GUARANTY TRUST CO., NEW YORK

PRESIDENT BROOKLYN TRUST CO., BROOKLYN, N. Y.

MYNDERSE VAN CLEEF, PRESIDENT ITHACA TRUST CO., ITHACA, N. Y.
B. STRONG, JR.. VICE-PRESIDENT BANKERS TRUST CO., NEW YORK
M. N. BUCKNER, VICE-PRESIDENT NEW YORK TRUST CO., NEW YORK

TREASURER
CLINTON L. ROSSITER,

PRESIDENT GLENS FALLS TRUST CO., GLENS FALLS, N. Y.

WILLARD V. KING, PRESIDENT COLUMBIA-KNICKEREIOCKER TRUST CO., NEW YORK
WM, NOTTINGHAM, VICE-PRESIDENT SYRACUSE, TRUST CO., SYRACUSE, N. Y.

A. W. LOAS BY, PRESIDENT TRUST AND DEPOSIT CO. OF ONONDAGA, SYRACUSE, N. Y.

E. P. MAYNARD,

PRESIDENT PEOPLES TRUST CO., BROOKLYN, N. Y.

ADDISON B COLVIN,

VICE-PRESIDENTS

VICE-PRESIDENT BROOKLYN TRUST CO., BROOKLYN, N. Y.

SEcRETARY

EX-OFFICIO

T. I. VAN ANTWERP, VICE-PRESIDENT THE UNION TRUST CO. OF ALBANY, N. Y.

GRANGE SAND, PRESIDENT THE UNION TRUST CO. OF ALRANy, N. Y.

New York, parch 9th, 1914.

Benjamin

Strong, Jr.,

req.,

president,

Bankers Trusi Company,

cE. V

New York City.

Dear Mr.

tilAR 1 n
REFERt1i.0 CO

Strong -

\\*.,
I beg to

to Mr. Van




hand you

Antwerp to be

man of each of the

e

OFFICE

herewith copy of a letter which I have sent

presented at

Committees, in

the

hearing to-morrow to

the Chair-

connection with the new Banking Law.

Trusting that this form of letter will have your approval, I am,
Very truly

yours,

President.

'YORK,

March 9th, 1914.

Chairman,
Assembly Coemittee on Banks,
Albany,
N. Y.

Dear Sir -

On behalf of the Trust Companies Aesociation of the State of New York,
I beg to commend to your favorable attention the new Ranking Law, which is now
before your Committee, and on which a hearing is to be given to-morrow.
A special committee of the Trust Companies Association has kept as
tcloeely as possible in touch with the Committee appointed to revise the Banking

Law, and has followed the progress of this bill.

This Committee is satisfied

that, with the exception of some minor details, the bill is an excellent one,
and that if it is passed in its present form it will be a. great improvement over
the present law.
So far as that portion relating to Trust Companies is concerned, there
is one minor correction which I would like to urge and which would save the Trust
Companies of this state a usehess expenditure of many thousands of dollars a
year.
In Article 218 relating to reports to the Superintendent (line 21 on
papa 196 of the Assembly Bill) the words "a summary of" should be added at the
beginning df the sentence, so that it shall read "A summary of every such report
shall within thirty days after it shall have been filed with the Superintendent
be published by the trust company" &c.
This would eive tlqe Superintendent of
Banks power to authorize the Trust Companies to omit the publication of the detailed affidavits, which are of no use to anyone (which posu)r I understand the
Attorney-Ceneral has decioed the Superintendent does not possess at present),
The enclosed statement from this morning's New York Times, published by the Union
Trust Company, as required by the Ranking Department, and that of the Unl.ted
St-tee Trust Company, published apparently as an advertisement, show very clearly
the point raised.

Regretting that my enreeements make it impossible for me

to appear
on behalf of the bill as a whole, and trueting
that it will have your favorable consideration, I am

before

your

Committee to speak

Very truly yours,

See sheet attached.



President.

Ora9t Tinit4nutit5 Aasoriation
of Or 'tatr ui Nrtu tiork
PRESIDENT
IL

EXECUTIVE COMMITTEE

IN G. MERRILL, PRESIDENT UNION TRUST CO. OF NEW YORK

CHARLES A. BOODY, PRESIDENT PEOPLES TRUST CO., BROOKLYN, N. Y.

ADDISON B COLVIN, PRESIDENT GLENS FALLS TRUST CO., GLENS FALLS, N. Y.

VICE-PRESIDENTS

WILLARD V. KING, PRESIDENT COLUMBIA-KNICKERBOCKER TRUST CO, NEW YORK

E. 0. McNAIR, PRESIDENT COMMONWEALTH TRUST CO., BROOKLYN, N. Y.

M, NOTTINGHAM, VICE-PRESIDENT SYRACUSE, TRUST CO., SYRACUSE, N. Y.

A. W. LOASBY, PRESIDENT TRUST AND DEPOSIT CO. OF ONONDAGA, SYRACUSE, N. Y.

LEW IS P. ROSS, PRESIDENT FIDELITY TRUST CO., ROCHESTER, N. Y.

E. P. MAYNARD, PRESIDENT BROOKLYN TRUST CO., BROOKLYN, N. Y.

CHAS. H. SA BIN, VICE-PRESIDENT GUARANTY TRUST CO., NEW YORK

TREASURER

MYNDERSE VAN cLEEF, PRESIDENTITHACA TRUST CO., ITRACK, N. Y.
B. STRONG, J H., VICE-PRESIDE, BANKERS TRUST CO., NEW YORK

CLINTON L. ROSSITER, VICE-PRESIDENT BROOKLYN TRUST co., BROOKLYN, N. Y.

M. N. BUCKNER, VICE-PRESIDENT NEW YORK TRUST CO., NEW YORK

SECRETARY

7tIVE-E.F.pwro

T. I. VAN A NTWERP, VICE-PRESIDENT THE UNION TRUST CO. OF ALBANY, N. Y.

GRANGE SA RD. PRESIDENT THE ligio'N TROUT co. or ALBANY, N. Y.

NW YORK, March 14, 1914.

CHE.1(470

Benjamin Strong, Jr., Esq., President,

NW 1 6 1914
REFERRED ro

Bankers Trust. Company,

14 Wall Street,

OFFICE

New York City.

Dear Mr. Strong I have received this morning a letter from Mr. Van Tuyl, and I
understand he is sending a copy of it to all the members of the Legis-

lative Committee.

I think it will be wise to have a meeting of the

Committee as early as possible, and 1 have arranged a meeting

for

Monday

afternoon, March Ifth at three o'clock at the office of the Union "'rust

Company, 80 Broadway, which time I understand will be




satisfactory to you.

Very truly yours,

g
President.




i

ti, 1.4L

,

ff,,,,t4t1

JOHN W.PLATTEN,
CALVERT B HEWER,
CAR I. O.1tASMUS,

trykwr
PnEsVicEPREsinrxr

VICE PRESIDENT
VICE PRESIDENT
JOSEPH ADAMS.
TREASURER
ALEXANDER PHILLIPS
SECRETARY
HEN1IY4X,SE RVO S ,
ASST. TREASURER
T.W. B ir.L_An LE TON ,
ASST. SECRETARY
VICTOR EFIRL IC HER
ASST. SECRETARY
ASST.TREASURER
HARRY W. HAD L EY,
CHAUNCEY FL MURPHEY , ASST. TREASURER
ASST. SECRETARY
WILLIAM V. LAW,

FRANK J. PAR S ON S ,

UffOIN

S' q@2, HOI1E10© MTEg COEpEin7
(Ude)

Th'ik7

KGCT 'VOTE

&ti°G.Q0

July 22, 1913.

'43

My dear Sir:-

In order to contribute somewhat toward a more
general understanding of the present attitude throughout
the country in respect to the Currency legislation now pending before Congress, this Company has obtained the consensus
of opinion upon this subject in their several localities,
from its BANKING CORRESPONDENTS, ATTORNEYS and BUSINESS REPRESENTATIVES in forty-two cities located in twenty States
in which its mortgage investments are made.

While the ter-

ritory covered does not include New England and the Eastern

States north of Virginia, nor the larger money centers such
as Chicago and St. Louis, it embraces a sufficient area of
widely separated sections of the entire country to furnish
the basis for a comprehensive survey.

Analyzing in a general way the expressions of
opinion received, twenty-two cities are recorded as favoring
the main features of the proposed legislation; ten are op..'

posed and there are ten cities in which public sentiment is
somewhat divided.



-2-

0

A sub-division of the views, summarized territorially, indicates the following attitude with respect to the proposed bill:

SOUTH
Generally regarded with favor.
PACIFIC NORTHWEST
Quite evenly divided but slightly favoring the bill.
INTER-MOUNTAIN
Sentiment generally opposed.
NORTH CENTRAL & MIDDLE WEST
Opinion divided but apparently unfavorable in the main to legislation as at
present outlined.

Probably the most striking points brought out are
the full realization of the need of dome form of Currency
legislation and the almost unanimous recognition of the adverse effect of the existing uncertainty.

Objections and anxieties which appear in the public mind with respect to the bill may be briefly stated as
follows!




Inadequacy of banking representation
upon the Federal and District Boards.

General fear of political control as a
result of the proposed appointive arrangement.
Scattering, rather than concentration, of
reserve funds through the operation of the
regional system.
Anticipated curtailment of credits with
its consequent effect upon earnings in the
case of individual banks.

-3-

Objection from the Inter-Mountain region
to the issuance of Currency against asset
obligations.

CY

Anxiety as to possible forced denationalization of Institutions now under Federal
control.

On the whole it is evident from the expressions of
opinion received that there exists a marked tendency to await
further modifications of the proposed legislation, the general feeling being one of hope that the measure when finally
enacted will prove acceptable to the country at large.
Very truly yours

Benjamin Strong, Jr., Esq.,
Bankers Trust Company,
New York City.







UI
(




UNITED STATES TRUST COMPANY
45 Wall Street

New York, January 19, 1925.
My dear Mr. Jay:

I greatly enjoyed my luncheon with you and Mr. Case
last Friday and the view which you gave me of your great
building and of the wonderful work there transacted.

Your

reserve bank has accomplished so much for the country and

world in the ten years of its existence that it is an added
gratification to find the staff installed in so commodious,
admirably arranged and impressive a home.

With warmest wishes for the cdntinued and constantly
increasing success of your work, believe me,
Yours sincerely,

(Signed)

Edward W. Sheldon
President.

Pierre Jay, Esq., Director,
Federal Reserve Bank of New York,
33 Liberty Street, New York City.




4
(L-C? ,S)

7,22

/e7.

NEW YORK CHAPTER. INC.

AMERICAN INSTITUTE OF BANKING
SECTION AMERICAN BANKERS ASSOCIATION
FRANK M. TOTTON. PRESIDENT
WITH FIDELITYINTERNATIONAL TRUST COMPANY
E. 1

15 WEST 37 STREET

WITH NATIONAL PARK BANK

TELEPHONE FITZROY 11544

WE, 1ST VICE-PRESIDENT
WM, CHASE NATIONAL BANK

J. M. TELLEEN. SECRETARY
15 WEST 37TH STREET

NEW YORK

WILLIAM G. F. PRICE, 2ND VICEPRESIDENT
WITH THE NATIONAL CITY BANK




L H, OHLROGGE, TREASURER

N. M. McKERNAN, CHIEF CONSUL
WITH IRVING NATIONAL BANK

June
Ninth
1922.

ACkNOWLEDGED
JUN 1 2 1922

Governor Benjamin Strong,
Federal Reserve Bank,
New York.
Dear Governor Strong:

Permit me to tell you how
much I appreciated your presence at the CommenceIt was indeed an honor for
ment last evening.
us to have you on the platform and I am sure the
graduates of the Federal Reserve Bank will never
forget your kindness in perspnally congratulating
them as you did.
Thanking you heartily for
your manifest interest in our work and bespeaking
your continued support, I am, with kind regards,
Cordially yours,

FMT.AM.

rssidLt.

1




ief

)git. CHYL.117.1V LAC:

171ES
-

71

N121922
44.
-

P

June 12, 1922.

Dear Mr. Totton:

It was very nice of you to ask me to attend the Commencement exercises

of the Nev York Chapter of the American institute uf banking, and I apreciate

your note of the 9th which has just reached
It is, hcvever, a fact that I gained a great deal more pleasure

attending the meeting than you may realize, and I only Nish that a multitude of
engagements and a variety of oalls that take me out of town did not se feecuent-

ly make it impossible for me to take a greater interest in matters of this
kind.

I congratulate you all most heartily upon
Chapter.

lith personal regards, believe me,

iery truly yours,

Freink M. Tottcn, EE(1.,

c/o Fidelity-International Trust Co.,
Nal York City.
FIS.MM




the work of

the New York

NEW YORK CHAPTER, INC.

AMERICAN INSTITUTE OF BANKING
SECTION AMERICAN BANKERS ASSOCIATION
FRANK M. TOTTON. PRESIDENT
WITH FIDELITYINTERNATIONAL TRUST COMPANY
E.

OVE. isr

VICE-PRESIDENT
WITH CHASE NATIONAL BANK

15 WEST 37 STREET

L H. OHLROGGE. TREASURER
WITH NATIONAL PARK BANK

TELEPHONE FITZROY 1544

J. M. TELLEEN, SECRETARY
15 WEST 37TH STREET

NEW YORK

WILLIAM G. F. PRICE. 2N0 VICEMPRESIDENT

N. M. McKERNAN, CHIEF CONSUL

WITH THE NATIONAL CITY BANK

WITH IRVING NATIONAL BANK

ACKNOVvi..E.00ED
1922
JON 2 9

June 23, 1922

13-a

Mr. Benjamin Strong, Governor
Federal ROserve Bank
120 Broadway
New York City
Dear Governor Strong:
Your interest in our Chapter is such that
I take special pleasure in sending you the record of
our student members from your bank, who have successfully
completed work in the educational courses of the year
1921-1922.
The following members from the FEDERAL RESERVE
BANK completed the THIRD YEAR OF TIE STANDARD COURSE and
received certificates of the American Institute of Banking
at the Commencement, June 8, 1922:
qiurnett, Henry Moore
Dickey, Robert J
,Golden, John J
.Rourke, Charles Francis
4wejad

vrOvt4

7l
sel

Mr. RUB ELL TWEED received the prize for the
highest standing in the THIRD YEAR, STANDARD COURSE.

tram:

41r. ,PLARENCE BOBART satfiSfactoriLy completed
the work of the 'IREPARAVKY COURSE, and thereby qualified
for entrance into the Standard Course.

The following were "Honor Students" in the
courses mentioned:
atchelder, Windsor
rr-e

1..e_w

at...L

re(,;

-,cts,




)e 4.4ieckert, J.

4;

VFox, 4ed

11aw of NeOliable Instruments
caw

of Bueiv& Relations

vLaw of Contracts

Hi




6 /23 /22

"Mr. Benjamin Strong, Governor
Federal Reserve Bank
120 Broadway

New York City

0:124ta-efita

Lawrenge

5151A217A-1Z ties, Elizabeth
'71r////r

vRo e, Mabel

Intespational Exchange

M..kourke, Charles

)2,14

rganization
141n4ples of Economics
Ba

igOee, R.A.
vWaarst, Oscar

111,w of Business Relationa
Res1Tves & Rediscounts

Bapi Arithmetic

In addition, members from the FEDERAL RESERVE
completed Courses listed opposite their names as follows:
LcLVAb ahams

1

lliam

Anderson, William

Qeattyer,
c°44. 477

Windsor

vanisthg Practice
Law of Co/itracts 6-2AX4

Law of Contracts''

1Bank Organization v/
MAuciary Law

eyer,

orge

1.--Susiless Organization

Carnahan, Robert

AdvanOd Spanish CLUA

Cooper, Norman

."!.1...410,......4,;;/

Second Year

Creightfpn, Norman
D.

X;74-: al4L Dorstt'S, Arthur
J-49,1101, Albert
V

Pox, EmTa

44- p6x




BANK

vcee",

Fred
Lawrence

Gallagher, George

V.

.

Ov 4\-

Inc34qe Tax Procedure (UtA
International Exchange

Tr'st Functions
Secot4 Year

a

Bus' ess English

atond

OEM!.

\AA

Year

Reserves & RedVcounts
vf

Internaiional

Exchange

I/14

I

-enjamin Strong, Governor
Federal Reserve Bank
120 Broadway
New York

6/23/22

,(3).

------

D.E.

44-44-

FIRST IYEAR STAND COURSE

B.

Gil lmoie

Banking Practice
Economic Develbpment
Bank Bookkeeping
Bank Arithmetic

4/1.t% Hauslaib,
difo_.44)

V

Russell/ ResTyves & Rediscounts

Hawkin,v,0 . H.

40-Z42--e,

Law of

)(

'

40'6*(1

Vil

ntr acts

-

r

-tri-okerottiTtOrtal._

"7r)

'-

Hoffmann

Sq2---YEAR- STAIMARD-001:1R-SE,

Economic Development"
Business English,

;afirY

171/

6

4217-J05t, Charles
'" -4)

73,:§Ink Organization

Lombard, Huold 11

Bank Organization"
Credits'

Lokr4ia-r

Mane, Bas/

FIRST *R STANDARD COUR SE

Miller,

FIRS/T YEAR STANDARD COTE SE

Morcerf, Jamek,

Business English

2

0.1,4x, A

/
EALti




blorris

,

Chester

)4

Buskpbss English

()

(41-1'
0- 1/

0' Toole, Cyjil

Bank 0 gani zati on

Rowe, Lestp

Principles 1 Economics CII-AA4

\I.

I

Shannon, Ge or/e

Bank\ 91' g e.ni

Smith, Robert

Law of Negotiable Instruments

Stein, Alf,rjed

FIR T YEAR STANDARD COURSE

z at ion

-

.r°aDJ.%aw oNegotiab1e"Ins'truznents1

Law. =of-Ne. goti-ab-Le-Instruments..,
Very truly yours,

FMT:LM

President,
NEW YORK CHAPTER,A.I.B.

-June 29, 1922.

F

g. Totten,

President .Nel frk Chapter, American Institute of Banking,
15 West 37th Street, New York, N. Y.

dear kr. Totten:
Th,ank you for your ietter of June 23 containing *. not of our
ployes who have completed courses at the New 'York Ch.:pt,er this ye:72r

ith

ryin- degrees of success.

71., were prticularly -plesed to h-ve six gra...1utes of the
Third Ta*r Standard Course, one of whorl w.

s.

an honor nu,n,

LU heve

nine honor men in aIngle course.




te 11,0/e endes,vored to show cur :i.x_reciati7m to each of the

tudents.
Very truly yours,

Benj. Strong
Governor.

a

January 113, 1923.

1)-ear Mr. Totten:

It will be a pleasure to attend the Annuel Banquet of the
.

New York Chapter of the Amerionn,4netitute of 3enking on Februery 17,

and i greatlyreciate your ecurtesy in invitinL; le to be one of
your guecte.

It T4ill harody De possible for re to say anything, which

indeed was not euggested by your letter, but I am eimply writing in
excess of precaution.
Of course, you know ho v uncertain my engagements 4ust be on

account of the neceesity for being in geohington en fre,luentiy.

such ueed ariees, I wilt notify you promptly.
Thanking you for your courtesy, I am

tours very truly,

gr. Frank U. Totten,
c/b Fidelity-International Trust Cc.,
Nee York City.
33.4M




If

NEW YORK CHAPTER. INC.

AMERICAN INSTITUTE OF BANKING
SECTION AMERICAN BANKERS ASSOCIATION
FRANK M. TOTTON, PRESIDENT
WITH FIDELITY-INTERNATIONAL TRUST COMPANY
El

15 WEST 37 STREET

,T T. LOVE. 1ST VICE-PRESIDENT
WITH THE CHASE NATIONAL BANK

WILLIAM G. F. PRICE. 2ND V/CEPRES/DENT

TELEPHONE EPTZROY 1544

J. MARTIN TELLEEN, SECRETARY

NEW YORK

15 WEST 37 STREET

NELSONM. McKERNAN, CHIEF CONSUL

WITH THE NATIONAL CITY BANK




LOUIS H. OHLROGGE. TREASURER
WITH THE NATIONAL PARK BANK

February

9, 1973

FEB 1
Governor Benjamin Strong,
Federal Reserve Bank,
New York.
Dear Governor:

I am delighted to think that we
are to have you at our Speakers Table on
the evening of our Annual 'Banquet, February
the 17th, at the Hotel Astor.

The reception is scheduled for sixthirty and we intend to sit down promptly
at seven o'clock in order to conclude the
The two speakers
speeches at an early hour.
are to be the Honorable Henry J. Allen of
Kansas and :Ir. W. L. Saunders, Chairman of
the Board of the Ingersoll-Rand Company.
Your presence as our guest will
mean more to the young bankers of our city
than you perhaps may realize.

Anticipating the pleasure of having
you Nith us, and with kind personal regards,
Cordially yours,

FLT/DB

IRVING NATIONAL BANK




W
ft"-C.X.119/,

.01 Its

.}T

ita%

Yeo

February 13, 1923.

My dear Mr. Totten:

Thank you tor your .ietter of February 9 received in
Governor Etrong!t absence.

'Lou will undoubtedly- be pleaoed

know that Governor Strong plans to attend the institute dinner
on next Saturday evening, February 17. I

lours very truly

Secretary to

Governor Strong.

Mr. Frank M. Totton,

c/o fi'idelityInternational Trust, Co.,

New York City.
GB.




0460400/04
ws4

sit

1

$a1

February 14, 1923.

My deer Mr. Totton:

Governor Strong has just wired me from Auguota, Georgia,

that he has been euddenly callerl to NaEhington to attend an important
eonfereace and probably would not return tc New York until next week.

He regrets very much teat this sudden change in his plane vill erevent his attending the annual dinner of the hew York Chapter of the
American Institute of 3anking next Saturdey, to which you so cordially

It we only a day or two ago that

invited him as your guest.

Governor Strong wired thet he hoped to arrive from the South in time

to attend the dinner.

I know that he feels keenly the disappoint-

ment in not being able to be with you, and he has asked that I

exerets to you his sincere regrets, and to convey his best wishes for
a most enjoyable end delightful evening.
Yours sincerely,

Secretary to

Governor Strong.

Frank
Totton,
eteident, New York Chapter,

eeerican Institute of '3anking,
Fidelity-International Trust Co.,
110 Nilliar St., Sew York City.

Oa




c-




Trust 6:wpm-firs Assoriatiou
of Or tair ui Nrin Vork
ElXECUTIVE COMMITTEE

PRESIDENT

OTTO T. BAN RAND, PRESIDENT NEW TORN TRUST CO., NEW YORK

THEWORE F. MILLER, PRESIDENT BROOKLYN TRUST CO., BROOKLYN, N. Y.

CHARLES A. BOODY, PRESIDENT PEOPLES TRUST CO., BROOKLYN, N. Y.

VICE-PRESIDENTS

A. B. COLViN, PRESIDENT GLENS FALLS TRUST CO., GLENS FALLS, N. Y.

JAM ES S. SHERMAN, PRESIDENT UTICA TRUST AND DEPOSIT CO., UTICA, N. Y.

CHARLES H. KEEP, PRESIDENT KNICKERBOCKER TRUST CO., NEW YORK

JOHN I. WATERBURY, PRESIDENT MANHATTAN TRUST CO., NEW YORK

W I L LA R D V. KING, PRESIDENT COLUMBIA TRUST CO., NEW YORK
E. 0. McNAIR, PRESIDENT COMMONWEALTH TRUST CO., BUFFALO, N. Y.

FRANCIS HENDRICKS, PRESIDENT TRUST AND DEPOSIT CO. OF ONONDAGA, SYRACUSE, N. Y.

WM. NOTTINGHAM, VICE-PRESIDENT SYRACUSE TRUST CO., SYRACUSE, N. Y.

TREASURER

LEWIS P. ROSS, PRESIDENT F1DELITT TRUST CO., ROCHESTER, N. V
CHAS. H. SA BIN, VICE-PRESIDENT GUARANTY TRUST CO., NEW YORK

CLINTON L. ROSS ITER, VICE-PRESIDENT LONG ISLAND LOAN & TRUST CO., BROOKLYN, N. Y.

EX-OFFICIO

SECRETARY

GRANGE SARD, PREsIDENT ORION TRUST CO., ALBANY, N. Y.

T. I. VAN ANTWERP, VICE-PRESIDENT UNION TRUST CO., ALBANY, N. Y.




SEYMOUR VAN SANTVOO RD, PRESIDENT SECURITY TRUST CO., TROY, N. Y.

Albany, N. Y., January 28th, 1913.

JAN 29 i''1`.1
REFERRED TO

B. Strong, Jr., Esq., Vice Pres.,
Bankers Trust Company,
Pew York City.

Dear Sir:

It gives me great pleasure to advise
you that, at the Annual Meeting of the Trust
Companies' Association held January 24th, you
were elected a member of the Executive Commit-

tee to serve for threLzoars.
Very t

ay

yours,

Zelta2"--Secretary.

------4-------




JavtAry 29,1913.

nr. T. I. 'Ian Antwerp, Socrotor7,
cio Union Trost Company,
Albany, N.Y.

Dear Sir:In Mr.
to nolmowledee

Instant.

Absence rrom the cit7, I beg
favor of the 28th

Str.

-ormia

and Iam forvnarding row 1

Yours very tr
(1

`




February 7, 1913. *

1

\

Mr. T. I. Van Antwerp, Secretary,
Trust Companies Association of the State of N. YA
Albany, N. Y.

Dear 31r:

Your favor of the 29th ult advising
me of my election as a member of the 7bcecut1ve
Committee of

Trust Companies Association,
e

has been for th7ed _to

me--11-4<..

I feel much honored

that you have elected me to this orfice and trust
that I may be able to serve the Association in sone
useful way.

Very truly yours,
3/3

rust Tinnttattirs Assoriation
of Or #tatr ul Nrto Durk
EXECUTIVE COMMITTEE

PRESIDENT
T

CHARLES A. BOO DY, PRESIDENT PEOPLES TRUST CO., BROOKLYN, N. V.

ODORE F. MILLER, PRESIDENT BROOKLYN TRUST CO., BROOKLYN, N. Y.

B. COLVIN, PRESIDENT GLENS FALLS TRUST CO., GLENS FALLS, N. Y.

VICE-PRESIDENTS

WILLARD V. KING, PRESIDENT COLUMBIA-KNICKERBOCKER TRUST CO., NEW YORK

OTTO T. BANNARD, PRESIDENT NEW YORK TRUST CO., NEW YORK

WM. NOTTINGHAM, VICE-PRESIDENT SYRACUSE TRUST CO., SYRACUSE, N. V.

FRANCIS H EN DRICKS, PRESIDENT TRUST AND DEPOSIT Co. OF ONONDAGA, SYRACUSE, N. Y.

LEWIS P. ROSS, PRESIDENT FIDELITY TRUST CO., ROCHESTER, N. Y.

E. 0. McNAiR, PRESIDENT COMMONWEALTH TRUST CO., BUFFALO, N. Y.

CHAS. H. SABIN, VICE-PRESIDENT GUARANTY TRUST CO., NEW YORK

MYNDERSE VAN CLEEF, PRESIDENT ITHACA TRUST CO., IOSAKA, N. V.

TREASURER

STRONG, JR., VICE-PRESIDENT BANKERS TRUST CO., NEW YORK

CLINTON L. ROSSITER, VICE-PRESIDENT BROOKLYN TRUST CO., BROOKLYN, N. Y.

EDWIN G. MERRILL, PRESIDENT UNION TRUST CO. OF NEW YORK

SECRETARY

EX-OFFICIO
GRANGE SARD, PRESIDE, UNION TRUST CO., ALBANY, N. Y.

T. I. VAN ANTWERP, YICE-PREBIDENT UNION TRUST CO., ALBANY, N. y.




Albany, K. Y., February 2, 1914.

Benjamin Strong, jr., Esq.,
c/o Bankers Trust CompanY,
New York City.
Dear Mr. Strong:

I am enclosing copy of a
letter received from Mr. Colvin, President
of the Glens Falls Trust Company.
Very truly yours,
Secretary.

Enclosure.

s..

COPY
(Letterhead of Glens Palls Trust Company)

Glens Falls,

r. Y., Jan. 31st, 1910.

T. I. Van Antwerp, Secy.,

Trust Companies Assn. of
New York St ate,
Albany, U. Y.
dear
Van Antwerp:

FEB-4/913

desire to have immediate action taken by
the Legislative Committee, of which I am a member, on the proposition
to eliminate from the Banking Laws the possibility of officers of
Trust Companies borrowing from their institutions.
The country Trust Companies will be grievous-

ly discriminated against if this feature of their business is eliminated.

They will certainly go to the legislative committees formally,
oppose such action, and I believe secure the relief they will pray for,
and in a may feel that their State Association has been inactive, neglectful and quietly consented to u blow at one of the vital interests

of their respective institutions.

As a member of the Legislative
Committee of our Association I can see discord and withdrawals from the

Association as the result of our not protecting these smaller institutions in their hour of disturbance.
In a thousand ways it is both unfair and in,
prudent to bring down such legislation on the head of the institutions,
who are officered by men whose time, effort and energy have been exert-

ed to establish creditable banking institutions in their respective
communities, with no remuneration for the same except a satisfactory



#2

feeling of representative citizenship.

Any number of country Trust

Companies, whose conditions I am familiar with, would lose the best

customers their institutions have, and the services of the best men
on their boards, if this proposition were permitted to stand as mr.
Maynard said.
I am led, however, to believe he is in error in his
statement as to what the Commission propose. In any event there
should be no uncertainty about it. Judge Le Boeuf knows of the formal
protest made as to this action at the recent hearing before the Banking Commission,

Our Ia.. Mason had considerable to say at that time
on the subject, reported to nm on his return home, and I was led by
him to believe that the matter had been disposed of and would not come
'up again.
When Mr. Maynard stated thb facts as he understood them I
did not know what to make of it and was not advised as to how authori-

tively he spoke, eto., consequently I thought best to keep quiet until
one or two committed themselves.
Then I pointed out, as you will recall, the impropriety of the proposed action as It appealed to mo. On
my return home I find others are protesting vehemently, and something
certainly must be done by our Committee.
The suggestion made by P. T. Shepard, clecretary and Treasurer of the :daunt Vernon Trust Company, that the provision apply only to

cities of the first class, I was told by a prominent attorney in Vow
York before leaving, would be unconstitutional and not permitted to become a part of our statutes if presented in that way.
Let me know just what I can do to assist in the situation.




Yours very truly,
(Signed) A. B. COLVIN.

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