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el? 9049 BION H. BARNETT GH.einmes OF THE BOARD WILLIAM R. McQUAID, P.sS",sN'r ARTHUR G. GUMMER, VICE Pssszmrsr CAMILLUS S. I.ENGLE. Vlaw PRESIDENT DONALD M. BARNETT. V/OE PszsmEwr FRANK W. NORRIS. VIGE PlissrpErrr GEORGE AAURK .VICE Pseasnasarr CASRIER W. B. PREVATT,Assr.GSHIER Goxr.r.nr.Enst L.A. PERKINS. JR Assr. C,.SRIRII P. L. WALTON. Ass, CASHIER THE BARNETT NATIONAL BANK OF JACKSONVILLE DESIGNATED DEPOSITARY OF THE UNITED STATES JACKSONVILLE ,FLORIDA E. G. FLASKELL. ASST. CARRIER R. D. BALDWIN. ASST. CASHIER March 4, G. P. KENDALL,Vron Pa,ssmmyr & TRUST OFFICER 1927. ..// V OZN1/4°. Hon. Benjamin Strong, Governor, Federal Aeserve Bank of New York, 33 Liberty St., New York City. Dear Mr. Strong: I am sending you, by separate post, a book which our bank has gotten out in commemoration of its first fifty years. I hope you may find something of interest in it. The State is still young, and small in population, but we are growing rapidly. It is hard to realize that I have been in this bank for fifty years, and that it must have been fifteen years since we had our last game of golf together. I hope your game has improved; mine hasn't. With personal regards, I remain Sincerely yours, 1\A V1/14- BHB:T ,01 1, f March 13, 1927. Dear Mr. Barnett: It was a great pleasure indeed to have your note of March 4 forwarded to me here from my office, as I am just now convalescing from a severe attack of pneumonia which laid me lot last Septem-ver. It must be at least fifteen years since Since then I fear we have we have had the pleasure of meeting. both graduated into the senior class of fairly old men. It is a pleasure to look through the interesting volume you sent me and to recognize in it the evidences of a bank of a type that we so greatly need in this country, with a real trqdition, one associated with a family of high ideals, and with a consistent and a conservative success. It would give me a great deal of pleasure indeed if I could see you when you are next in New York, if I have the good fortune to be there. Could you charge yoyr mind with drop- ping me a line some time in advance of coming? me the opportunity to make you acquainted It will afford with my associates, to see something of what I believe is a great institution, would be the particular pleasure for me, to have a good with you. 9.th kindest wishes, believe me, Sincerely yours, Mr. Bion H. Barnett, Chairm,,n, Barnett National Bank, Jacksonville, Ilerida. and what visit 9049 BION H. BARNETT CHAIRMAN OP THE BOARD WILLIAM R. McQUAID. PRESIDENT ARTHUR G. GUMMER, VICE PREsIo.earr THE BARNETT NATIONAL BANK F JACKSONVILLE CAMILLUS S. I.ENGLE.Vuar PRESIDENT DONALD M. BARNETT. VICE PRES TDENT FRANK W NORRIS. VICE PREs 'DENT DESIGNATED DEPOSITARY OF THE UNITED STATES GEORGE A.,KIRK Nloa PRasnmsprr & CASHIER W. B. PREVATT. ASST. Cd-SH SEE. & COMPTROLLER L. A . PERKINS. JR Ass, GASflEH P. L. WALTON, Ass, CASHIER JACKSONVILLE ,FLORIDA E. G. FLASKELL. Ass, GASH, ER R. D. BALDWIN, Ass-r Gns Hz nz.e G. P. KENDALL,VroE P.Rrennrarr & TRUST OPP/CER Benjamin Strong, Stuyvesant Road, Biltmore, N. C. March 15, 1927. Esq., Dear Mr. Strong: I am very sorry to hear that you are ju t recovering from a severe attack of pneumonia, and hope you will 6on be perfectly well again. While I fear you are right that I Lelong to the senior class of fairly old men, yet I don't like to adz', it, and find that by spending about four months here every Winter an taking eight months vacation I am still able to play my thirty-si holes of golf a day without getting unduly tired. ; I have never called on you in New York, because I thought you were too busy a man to be int rrupted, but I certainly will take advantage of your kind invitation d drop you a line in advance of my next visit to New York, and hope may have the opportunity of meeting you again, and seeing the wor ngs of your great institution. With kindest regard remain Since ely yours, wk4 BHB:T LfeAzdv ' 9049 B/ON H. BARNETT GRAIRMAN OP THE BoAnn WILLIAM R. McCATAID, Pn...Esrmt.rr ARTHUR G. GUMMER VICE PRESIDE:NT CAMILLUS S. LENGLE. Vac. PRESIDENT C. DONALD M. BARNETT. VD... PRESTDIDTf THE BARNETT NATIONAL BANK OF JACKSONVILLE DESIGNATED DEPOSITARY OF THE UNITED STATES FRANK W. NORRIS. Vron PREsrnErrr GEORGE A.KIRK NICE PRESIDENT 84 Cwsprxer.. W. B. PREVATT. Ass., GASHIEH GOMPT-RD/J-ZR LA. PERKINS. JR ,Ass-r. GAS/HER P L. WALTON. ASST. CASHIER E. G. FLASKELL ASST. CASHIER R. ',BALDWIN, Ass, Gss G. P KENDALL.W.oz P.u,norarr JACKSONVILLE,FLORIDA April 4, 1927. .TRusT OvP/ogr.: Benjamin Strong, Esq., Federal Reserve Bank, New York city. Dear Mr. Strong: I have noticed in 'tee papers that you are expected to return from your long acation very shortly, which I hope it true as an enforced vac tion is not a pleasant one. I am sailing 0 the Berengaria on the night of the and will be in N yok on that day. If it All be convenient for you to see le I will call at any time you may suggest, except lunch t' e, as I am lunching with Mr.Prosser at the, Bankers Trust. AnDAVEA,,,R.0,,KKINTIIII4ARRE With pers nal regards, T remain Very truly yours, I( BH13:T i/V144/6 i,/1/141AK Ar .1. i El:,i, 1:,, 27 1927 k.:75,7-77., 11,'1,11F $ ,.. Na' Y:.! 4 i 1'1-4 Hotel drighton, .,tlantic City, N. J., April 12, 1927. Dear Mr. Barnett: four kind note of April 4 has been forwarded to inc here. I m planning to be in New York at the time you mention, and will be very glad indeed to see you if you are able to stop at the bank. 4ith kindest regards, believe me, Very sincerely yours, Mr. Mon H. 3arnett, Chairman, The 'Barnett National 3arik, Jacksonville, ?lorida. I ESTABLISHED ISSO. THE AMERICAN NATIONAL BANK OF ATLANTA CAPITAL AND SURPLUS $ L000,000. WILLIAM L. PEEL, PRESIDENT. ROBT. P. MA DDOX,vicE PRES. TH OS.J.PEEPLES,cAsHi JAS.P.WIN DSOR,AssTcASHIER. JAS F. ALEXANDER,Ass-r.cAsHIER. September 15,1914 Mr. Banismin Stroeg, Jr., York City. I ATLAitifirA., SEP 241914 Dear Sir:As chairman of a special cuaalttee appointed by the Atlanta Chamber of Commerce at the outbreak of the war, I have been very much interested in the situation in the south, and our eommittee has been very active in using their Influence to meet present conditions. Thinking that you might perhaps be interested in what we have done, I em enolosine you herewith E, generel letter, asking the bankers in the Southern Stetes to agree to use their influence and to lend financial assistance next year only to the planter who will agree to redact) his cotton acreage 'one heir and proportionately increase the production of food crops. As perImps seventy-five per cent of the cotton of the South is raised by farmers Who are dependent for financial assistance upon either the local merchant or bunker, we think this is the most direct way to secure results. About 5000 of these letiers have been mailed in the past few days to every bank in the cotton producing states. I also enclese you copy of resolutions which we are mailing throughout this section, whiele explain the practical manner in which cotton may be stored against warehouse receipts, which can be used as collateral by the country banks or merchants, and in turn be used by members of the National Currency Associations to secure additional circulation under the AldrichVreeland Act, as amended. I also enclose you copy of resolutions which were wired to the cotton ezhanges, urging thee to reopen for business. proving. I am glad to say that conditions in this section are gradually imThe statements published by the national banks of Atlanta to-day, as called for by the Comptroller of the Currency, will show Larger deposits than war was declared - and also considerably larger than this day a year ago. We believe that while this year's crop of cotton is going to be large, the low price will be attractive to buyers, and will yet enable the South to pay its debts. With kind regards and best wishes for your continued sucoess, I am, Yours very truly, - g_L R. WILKINSON. PRESID:INIT THOS. D. MEADOR. TREASURER WALTER G. COOPER. SECRETARY DIRECTORS V. H. KRIEGSHABER, 1ST VICE-PREST BROOKS MORGAN, 2O VICE-PREST. ALBERT HOWELL, JR. 3D VICE-PREST H. G. HASTINGS. 4TH VICE-PREST. IVAN E. ALLEN, 5 T H VICE-PREST. JOHN S. OWENS LYNN FORT THOS. K. GLENN JOHN MORRIS. SR. JACOB W. PATTERSON J. R. A. HOBSON JOHN W. GRANT J. LEE BARNES GEO. W. HANSON B. M. GRANT THOMAS EGLESTON W. J. DAVIS FRANCIS E. KAMPER W. H. WHITE, JR. C. A. WICKERSHAM S. A. KYSOR Atlanta Chamber of Commerce September 15th, 1914. The President and Directors of this Chamber, whose names appear above, earnestly ask your attention to the following plan to relieve the situation caused by the European war. They do so on the urgent recommendation of a Special Committee, composed of our ablest and wisest bankers, farmers, merchants, cotton men, and men of affairs, headed by Robert F. Maddox. It is a plan by which the 1915 cotton crop can be reduced one-half and the present surplus wiped out. AS soon as it becomes known that next year's crop will be cut in half, this year's crop will ell for a far better price and the whole situation will be relieved. This can be assured if the bankers and merchants of the South will act as one man, pledging themselves to give financial aid for the making of the 1915 crop only to those who will cut down their cotton acreage one-half and increase food crops in proportion. Representative farmers approve this plan and assure us that it will not only be a Godsend to them now, but will give an impetus to diversified agriculture which will put the farmers of the South on the high road to prosperity. Cotton is off one-third and food crops are a third higher. Cotton has no market while food crops sell readily. It is easy to see where your security lies. We are sending this to every bank in the Cotton States. If an overwhelming proportion of them say they will adopt this policy, we will publish that fact to the world and it will reassure thd market in every center where cotton is sold. Let us do this now and get a better market before cotton notes begin to fall due. If every banker will act promptly on this line it will save the South a hundred millions in the price of cotton this year. Act now, sign the card and mail it by first .train. Very truly your L, Secretar ATLANTA CHAMBER OF COMMERCE ATLANTA, GA., SEPTEMBER 14, 1914 To Farmers, Merchants, Bankers and others interested in the Cotton Crop: Upon the recommendation of a special committee, whose names appear below, appointed by this body to consider and recommend ways and means to meet the situation caused by the European war, the Atlanta Chamber of Commerce, after careful consideration by this committee and by the board of directors finds the situation to be as follows: THE PRESENT SITUATION. As a result of the war a large proportion of European mills will be idle for some time and this is likely to reduce the consumption of American cotton very largely until the war is over. The probable surplus of cotton, due to this cause, is estimated from three million to four million bales, some even making it five millions. Again it is held by some that the consumption of cotton by American and Japanese mills will be considerably increased. It is impossible at this time to approximate the surplus or to state what is the fair statistical value of cotton. In the meantime the cotton exchanges of America and Europe have been closed for more than a month, and for the time being cotton ceases to be a marketable product f at a uniform price. Under these circumstances an attempt to force cotton upon the market will result in further serious depression of the price. LARGE SUMS 'ALREADY ADVANCED Merchants, bankers and fertilizer men have advanced to the farmers large sums and this indebtedness is now estimated to average nearly or quite as much as cotton would sell for at this time. There will be a demand from American mills for a good portion of the present crop, which is expected to furnish a considerable amount of cash during the season, but to force a liquidation of this crop would be ruinous to the producer and those who have advanced him money or supplies. It would be a serious blow to the commercial fabric of the South and one that would undoubtedly cause great distress and serious depression throughout these States. ONLY ONE COURSE OPEN. In our opinion there is only one thing to do. That is for the farmers who are un- able to pay their debts to satisfy their creditors by placing cotton in warehouses, insuring it and giving notes to their creditors with the warehouse receipt and insurance certificate attached. If the cotton is properly stored and insured and the papers are in proper shape, the merchant or the banker who made the advances will have good collateral, which will make him safe and enable him to continue business with the aid he will be able to receive from banks or others. If notes are for not exceeding four months, with proper warehouse receipts and insurance papers attached, they will form a class of paper, when in the hands of banks connected with the National Currency Associations, which will be accepted as collat- eral for the issuance of emergency currency, under the Aldrich-Vreeland Act as 0 amended. This kind of paper coming from the farmer to the merchant, from the merchant to the country bank and from the country bank to banks which are members of National Currency Associations, will be the means of securing money with which to carry a large amount of cotton until it can be safely marketed. THE ULTIMATE REMEDY. The foregoing are means to meet the immediate emergency. There can be no permanent relief except in a heavy reduction of next year's cotton acreage, and we believe this can be brought about by a campaign of education now, followed by the close and cordial co-operation of merchants, bankers and farmers when the time comes to make arrangements for planting next year's crop. If, at once and in a large way, with systematic effort, the farmers' associations, the commercial bodies, the press, the merchants and the bankers will all use their influence to bring about a reduction of next year's crop, and following this, when the time comes to pitch the crop and make arrangements for money and supplies on which to make it, the merchants and bankers will give financial encouragement to a diversification of the crop, making it clear that they can better afford to help the farmer who will cut down his cotton crop and increase his food crop, the desired reduction in the 1915 crop will be effected. A CAMPAIGN OF EDUCATION. We recommend that all these organizations and organs of public opinion vigor- ously exert themselves and use their influence along this line. We recommend that the Government, through its farm demonstration agents, the State Colleges of Agriculture and the State Departments of Agriculture, conduct a vigorous campaign of education along this line until the 1915 crop has been planted. If this policy is adopted throughout the cotton producing states, it will not only assure a good price for cotton the coming year but will necessarily have the effect of raising the price for the surplus produced this year. CAREFUL WAREHOUSE METHODS NECESSARY, In the storing of cotton for holding purposes with the expectation of securing money on notes accompanying warehouse receipts, it is very important that this business be conducted in a careful and thorough manner. The committee also urges the importance of bondizg the warehouse managers. It may not be practicable in the present emergency to bond the warehouse in the fullest sense, but there will be no serious difficulty in securing a fidelity bond for the managers of warehouses from responsible Surety Companies. This will add greatly to the value of the warehouse receipt. INSURANCE CERTIFICATES IMPORTANT. In addition to this, those who take such notes should be sure that the insurance certificate accompanies the warehouse receipt and is attached to it. Only in this way can the banker intending to advance money on the security make sure that the right kind of insurance policy has been issued and that it fully covers the risk. The insurance on the cotton will test the availability of the particular warehouse in which it is proposed to store it and it is important that this detail receive careful attention. Hereto are attached forms of warehouse receipt and collateral note which our corn- mittee after careful consideration has approved. They have also been approved by the Government. We also enclose statistics of the warehouse capacity and related subjects collected by the Secretary of this body. While the situation is the most serious that has confronted the Southern people in many years, and one that calls for calmness, courage and co-operation, we are confident that in this spirit our people will rise to the occasion, meet the emergency, and pass through it without serious harm. These recommendations were adopted upon recommendation of the special committee composed of Robert F. Maddox, Chairman, Me11 R. Wilkinson, W. S. Witham, A. P. Coles, T. K. Glenn, J. K. Orr, H. W. Miller, H. E. Watkins, Albert Howell, Jr., J. K. Ottley, Frank Hawkins, Brooks Morgan, Ernest Woodruff, Ed. H. Inman, F. J. Paxon, Sam D. Jones, V. H. Kriegshaber, Dr. H. E. Stockbridge, and J. R. A. Hobson. W. G. COOPER, Secretary. WAREHOUSE CONDITIONS, ADVANCES, ETC. Statistics Collected by W. G. Cooper, Secretary Atlanta Chamber of Commerce The following information was secured from bank cashiers in Georgia and other Southern States in answer to letters requesting this information. Eight hundred letters went to cashiers of State and National Banks in Georgia, and 208 letters went to cashiers of National Banks in North Carolina, South Carolina, Alabama, Missisippi and Louisiana. Over seven hundred replies were received, about 600 from Georgia and 119 from other States. A striking fact brought out by these inquiries is that the warehouse capacity is from 1/3 to 1/2 the cotton receipts at most towns. This will probably be ample to meet the present emergency. Another important fact is that in most of these States the advances already made to farmers by merchants and bankers average between eight and nine cents per pound on the crop. Another fact of great importance is that the farmers in most of these States have raised about two-thirds of a years' supply of corn and forage. The figures by States are as follows: GEORGIA: RESULTS from 300 towns. Total warehouse capacity, 1,594,609. Average advance, Percentage of foodstuffs, 64.12%. NORTH CAROLINA: RESULTS from 24 towns. ALABAMA: RESULTS from 49 towns. Total warehouse capacity, 437,552. Cotton MISSISSIPPI: 5,089,603. receipts, Average advance, $42.77. Percentage of foodstuffs, 64.78%. Total warehouse capacity, 248,550. Cotton receipts, 676,851. RESULTS from 20 towns. Total warehouse capacity, 343,70. Percentage of foodstuffs, 67.3x%. Average advance, $42.79. Percentage of foodstuffs, 69.81%. Average advance, $32.73. Cotton receipts, 533,800. SOUTH CAROLINA: RESULTS from 23 towns. Total warehouse capacity, 200, 950. Cotton receipts, 361,200. Average advance, $40.02. Percentage of foodstuffs, 53.14%. APPROVED FORM OF COLLATERAL NOTE. GA., AFTER DATE AT 191. PROMISE TO PAY TO THE ORDER OF BANK DOLLARS, per cent, per annum until paid, with all costs of collection, including ten per cent. attorney's fees, if collected by law or through an attorney at law, and have pledged to said payee, as collateral security For value received, with interest from date at and do hereby agree that, whenever the total market value of the cotton represented by said warehouse receipts held as collateral security for this indebtedness of the undersigned to said holder shall be insufficient to cover the same, with ten per cent, margin added thereto, to deposit with said holder immediately, upon demand, additional security to be approved by said holder, sufficient to cover the said amount and marginthe said additional security to be a collateral security to the same extent as the securities hereby pledged; and, in default of depositing the additional security, as above agreed, this note shall become instantly due and payable, precisely as though it had actually matured. Upon default of payment, when due, said holder is hereby authorized to sell, at any time or times thereafter, and without any previous demand or notice, the whole or any part of the said warehouse receipts or the cotton they represent, at either public or private sale, and to apply the proceeds thereof to the payment of such indebtedness or liability, with interest and costs, including ten per cent, attorney's tees, the undersigned remaining responsible for any deficiency. At any sale made in accordance with the above agreement said holder is hereby authorized to become the purchaser and absolute owner of the securities sold, free of all trusts and claims. I also agree to keep the above ,described cotton fully insured at its market value against loss or damage by fire in a company acceptable to and for the benefit of the holder of this note, and to pay the cost of said insurance until this note is paid. Each of us, whether principal, security, guarantor, endorser, or any other party hereto, hereby expressly waives and renounces, each for himself and family, any and all homestead and exemption rights either of us, or the family of either of us, may have under or by virtue of the Constitution or laws of Georgia, any other State, or the United States, as against this debt or any renewal thereof ; and each of us further waives demand, protest, and notice of demand, protest and non-payment. Given under the hand and seal of each party. (L. S.) No (L. S.) Due Address APPROVED FORM OF WAREHOUSE RECEIPT. No .1-91... Warehouse (P 0. Address) Received from the following described bales of cotton: MARK NUMBER WEIGHT CLASS MARK NUMBER Ga. , WEIGHT CLASS This cotton is received in good order, and is deliverable only upon the presentation of this receipt, properly enper bale per month warehouse charges. dorsed, and upon the payment of Warehouse hereby obligates The itself to properly house and protect the above described cotton until called for by the holder of this receiptacts of Providence and damage or loss by fire excepted. Warehouse hereby gives the The holder of this receipt the,right at any time to inspect the above cotton. Having pledged the foregoing security as a basis of credit, hereby certify that the above described cotton is my own property and free from any lien or encumbrance. I warehouse By APPROVED FORM OF ENDORSEMENT OF WAREHOUSE RECEIPT TO BE PRINTED ON BACK. For value received I hereby transfer and assign all my right, title and interest in this receipt to and authorize to deliver same to or his order. Warehouse (L. S.) 0 pa," 4 todi 14:- 4 August 27, 1914. 0 0 , M. S. Murray, Esq., Assistant Cashier, The Lumbermans National Bank, Houston, Texas. lily dear Sir:- Having no talent for rhyme, I am unable to prepare what would be a suitable response to the very clever lines enclosed with your letter. I can, however, write you a little account of what is happening in regard to travelers' cheques and letters of credit abroad, in which I believe you will be interested, asking, however, that you consider the matter confidential, as it is still too soon to make public any statement in regard to this important matter. As you know, letters of credit and travelers' cheques issued by practically all American institutions and firma are paid in any part of the world under banking arrangements which permit reimbursement by drafts on London at the current rates of exchange. Just before the war broke out, some of the New York bankers anticipated that London reimbursement might be interrupted. I don't think many New York bankers realized the possibility that moratoria would be declared by many countries, or even worse, bank holidays, and that no payments in some cases, and in others very small payments would be made at various continental cities, and London as well, even though balances were held in the banks for the payment of these items. Steps were taken, however, as early as the 28th, 29th and 30th of July to afford protection to travelers in Europe who held American letters of credit. The situation developed so rapidly and so seriously that it was finally found necessary to provide a fund of gold to be sent abroad on a United States war vessel, and I may say confidentially that about 47,000,000 was at once raised by Bankers Trust Company, in cooperation with others, for this purpose, and additional amounts were promised if required. The collapse of ordinary banking machinery abroad was so serious for about a week or ten days that tourists became panic stricken and very foolishly, in many cases, sold their cheques and exchange at ridiculously low rates. As soon, however, as the announcement was made that our Government was cooperating in plans to furnish gold to effect the redemption of all responsible American travelers' credits, relief was felt instantly throughout Europe. Banks cashed cheques and letters of credit more freely, and special credits were arranged at many points where it seemed necessary. Two of our Vice-Presidents, Ir. Kent and Mr. Duane, were in Europe and were able to visit both Berlin and Paris before proceeding to London, thus making arrangements for the protection of' cheques which we issue for the American Bankers Association. Since these relief measures have been put into effect, many travelers have returned from Europe. I may say that with very few exceptions they expressed to us the deepest gratitude for the prompt measures which were taken not only in their own behalf, but in behalf of k. S. M. 2 0 those who held other forms of travelers' credits. We are now advised that relief has been afforded in practically all parts of Europe; even in Germany, where cable communication has practically ceased, we have a representative who went personally from London for this purpose. 0,000,000 of gold was shipped to London on the Cruiser "Tennessee" and 0,000,000 of gold has been locked up in our vault to protect a credit of a like amount in Paris. Separate credits have been arranged in Italy, Switzerland, Portugal, France, England, Scandinavia, Denmark and Holland, and we are informed that everything necessary to be done has already been done in Berlin, and our representative there will see that all details of these arrangements are promptly put into effect. I should not conclude this letter without stating that only by the co-operation of the State, Treasury, Navy and War Departments at Washington has it been possible to make these arrangements as promptly and effectively as they have been made. On the whole, I believe it will be found that holders of cheques issued by the American Bankers Association have been protected to a degree that would not have been possible except by the united action of a large number of important institutions, with the co-operation of the Government, and that in this unprecedented crisis the neceseities of our friends in Elirope have been promptly met. This letter is for your own information and in order that you may correct any misleading infordation in the minds of friends of the Houston Daily Post. We do not, however, consider it wise at this time to publish any statement on the subject,which will be done at length and authoritatively a little later. Very truly yours, (Signed) BENJ. STRONG, JR. President. / ,., deatt4,4ii-1 PRESIDENT: F.O. WA ...President First National Bank ,Nashville,Ten n. FIRST VICE-PRESIDENT: PO& 61715)P.:11, WILLIAM LIVINGSTONE,President Dime Savings Bank,Detroil, Mich. CHAIRMAN EXECUTIVE COUNCIL: CHARLES H.HUTTIG,President Third National Bank,StLouis,Mo. GENERAL SECRETARY.' FRED. E.FARNSWORTH, Eleven Pine St,New York City. TREASURER: ARTHUR REYNOLDS. Pres.Des Moines National Bank ,Des Moines,la. ASSISTANT SECRETARY.. WILLIAM a FITZWILSON, Eleven Pine St,New York City. GENERAL COUNSEL.. THOMAS B. PATON,Eleven Pine St,New York City., Nashville, Tennessee, August 22, 1911. MANAGER PROTECTIVE DEPARTMENT. L.W.GAMMON, Eleven Pine St,New York City. AUG 24 1911 Mr, Benjamin Strong, C/o BANKERS TRUST COMPANY, New York City. My dear Mr. Strong:- I have read with interest your letter of You make two suggestions regarding topics for August 17th. the address which you are to prepare for the New Orleans Convention which appear to me to be especially suitable: first, "The Influence of the Reserve Assoctiation on the Foreign Banking Business of the United States:" second, The Influence of the Reserve Association upon Interest Rates in the United States." - There is another phase of the subject with which you had most to do at Atlantic City in changing the original proposal of Senator Aldrich: to wit, the method of taxing It seems to me to be a good field to include circulation. subject of taxation. On September 4th, we will have the entire a meeting of the Administrative Committee in Chicago, when I will present all of the various subjects to the committee and we will decide definitely upon them. I am sure if you take either of the three subjects here it will be entirely agreeable to the committee, or if you prefer to wait until the entire list is completed I I will be glad to submit them to you for your consideration. the opinion in your letter. that am glad that you expressed "business less important" should be left over for another year. That is certainly the position that I have taken with all departments of the Association, and I am sure that my associates on the committee will approve. . I am now taking it up with the various sections of the Association, including the Trust Company Section, and I hope to get them all to take the same view of the situaIf you happen to run across Mr. Fuller, who is President tion. if you would express of the Trust Company Section, I would be glad PRESIDENT; F.O. WA, iS,President First National Bank ,Nashyille,Tenn. FIRST VICE-PRESIDENT.. WILLIAM LIVINGSTONE,President Dime Sayings Ban k,Detroit, Mich. CHAIRMAN EXECUTIVE COUNCIL/ CHARLES H.HUTTIG,President Third National Bank,StLouis,Mo. GENERAL SECRETARY: FRED.E.FARNSWORTH. Eleven Pine St..New York City. TREASURER: ARTHUR REYNOLDS,Pres.Des Moines National Bank,Des Moines,la. tansy, Pion Wm:am Thwilifoval ASSISTANT SECRETARY: WILLIAM G. FITZWI LSON, Eleven Pine St.New York City. GENERAL COUNSEL: THOMAS B. PATON ,Eleven Pine St,New York City., MANAGER PROTECTIVE DEPARTMENT. L.W.GAMMON, Eleven Pine St.,New York City. trong #2. yourself to him, as I hope to meet him within ten days or two weeks to arrange the matter. Yours very truly, President. W ESTEL7X7A4 5r7 13 WESTERN UNION NIGH %wl THEO. N. VAIL. PRESIDENT -- RECEIVED AT 101BPN 70 NL NENORLEANS LA SEPT 1273,, (I phoned r- ' BENJAMIN N STRONG NOODSHOLE MASS. to ---------------------------- . ---------- - ------------ ---------------- ----- --------------- To De -------------- BARKERS 1.711E VERY APATHETIC AND TAKING LITTLE INTEREST THINK HO NEVER CAN SECURE COOPERATION OF ONE BESIDES OURSELVES ONLY FOUR NATIONAL BANKS AND OUTSIDES OURSELVES GOOD STOCK IS SMALL I THINK PLAN IS GOOD AND SHOULD BE CARRIED OUT AND I AM -WILLING TO COOPERATE WE HAVE SATISFACTORILY ARRANGED OUR SEPTEMBER FOREIGN MATURITIES LonoN SEEMS DISPOSED TO GRANT CREDiTS ON REASONABLE TERMS CREATE BALANCES TO BE APPLIED TO OLD OBLIGATIONS. SOL NEKLF4R4, 1126P SEND THIS COPY TO AUDITING DEPT C. September 14, 1914. Sol. Wexler, Neg., Whitney Central Nat'l Bark, New Orleans, La. Federal :Zeserve 'board has announced that conclusion New York City financing makes unnecessary to consider gold plan for present. Effect of announcement in New York very unfavorable. We believe completion New York financiiag makes raising gold fund from rest of country much eacder and necessary. Should be done before English moratorium expires 00%ber fourth, Gold pledged for City cannot be used for any other purpose, and r...) exchange will be made by that transaction. If you .agreo wisdom of carrying out our recommendation suggest you wire Federal Reserve Board or secretary Treasury urging prompt action. New York 3ankers will cooperate in handling exchange for city and pool accounts. Benj. Strong, Jr. CE NTItAL NAT! OIVAir BMVI( COV NNW 0114.11.11KAATS, September 17th,1914. Benj. Strong, Jr.,Esq., 16 Wall Street, SEP 2 1 1914 New York City. Dear Mr.Strong: I have received your telegram of the 15th instant, as well as your letter of the 14th, and thank you for keeping me advised. It is utterly impossible for me to leave here at this time, as I am practically alone and only made the trip before at considerable sacrifice. The Department at Washington is in possession of the information relative to the amount of Gold held by the New Orleans banks, as they have asked for this data and no doubt same will be available to you, to which effect I am wiring you to-day. Our liability to Europe on Foreign Exchange has been pretty well covered, as we have bought considerable exchange in the last few days and have besides arranged with our correspondent to take up any Bills we have outstanding and to cover them at our own convenience. With best wishes, I am, Yours very t Die .SW-:-B. ly, WESTEkX%Xl UNION sx.-tv TEL AM Z Form 168 WESTERN UNION GE GE W. E. ATKINS, VICE-PRESIDENT NEWCOMB CARLTON, PRESIDENT BELVIDERE BROOKS, VICE-PRESIDENT RECEIVED AT Cotton Exchange Building, New York EgiOAD 15 SAN OC 20 ILW NEWORLEANP LA SEPT 17 BENJ STRONG JR 706 CARE BANKERS TRUST CO 16 WALL ST NEWYORK WPOSPIBLE FOR "1E TO LEAVE' AT THIS TP4E COMPTROLLER HAS ALL INFORMATION CONCERNING AMOUNT OF SQL WEXLER 1121A GOLD HELD BY NEWORL EANP BANK 0 dO 14' NEW OittiumAtivs, September 28th, 1914. Benj. Strong, Jr.,Esq., 16 Wall Street, New York City. Dear Hr.Srong: I have your esteemed leLter of the 22nd instant, enclosing data concerning the $100,000,000. of Gold, and would thank you to advise me if it is now desired to obtain these commitments from the various Clearing House cities, so that I may take the Matter up with our Clearing House. If this be the case, will you please telegraph me upon receipt of this letter, requesting me to place the matter before our Clearing House Association and urging upon me the desirability of having them subscribe the full amount allotted to New Orleans. I shall then do my best in the premises. Awaiting your reply, I remain, with kind regards, Yours very truly, ,?5/.( Dic.SW -: -B. 4111111111111111FWaTEZKI 1711MII GE lE W. E. ATKINS, VICE-PRESIDENT AM NEWCOMB CARLTON, PRESIDENT RECEIVED AT 24 WALKER STREET, NEW YORK CITY B57N0 AVM 18 109 NL 2138 BELVIDERE BROOKS, VICE-PRESIDENT EnLORADirsr WAYS NEW ORLLANS LA SEP 28 14 OPEN. BENJ W STRONG JR CARE BAKE 8 TRUST CO NEWYORK PLEASE ADVISE BY WIRE FOR INFORMATION OUR CLEARING HOUSE FIRST IF OUR SUBSCRIPTION TO GOLD FUND IS PAID IN DEMAND STERLING ON LONDON CLEARING HOUSE BANKS WILL WE GET IMMEDIATE CREDIT IN NEWYORK AND IF SO AT WHAT RATE PER POUND STERLING SECOND IF GOLD IS DEPOSITED WITH SUBTREASURY HERE FOR TRANSMISSION THRU NEWYORK SUBTREASURY DO WE CORRECTLY UNDERSTAND THAT NOT MORE THAN TWENTY FIVE PERCENT OF OUR SUBSCRLPTION WI-LL BE CALLED FOR UNTIL COVERED BY THE EQUIVALENT CREDIT IN NEV1ORK THIRD WILL THE CERTIFICATE FOR THE DEPOSIT OF TENT -Y FIVE PERCENT OF AMOUNT SUBSCRIBED PENDING COVER IN NEWYORK BE PERMITTED TO BE COUNTED AS RESERVE.BY THE COMPTROLLER 'SOL WEXLER 805PM 11 CONFIRMATION OF TELEGRAM FROM BANKERS TRUST COMPANY, 16 WALL STREET NEW YORK CITY SopteMbor 29. 1914.. Sol Wexler, Care I'llitney-Central National Bank, New Orland, La. Replying your . .re trenty-eighth, contributions to fund to .0e made in gold only and not exchange Stop. Firlt call not exceed twenty-five per cent, subsequent °P.n.s if made no limited that total amount invested any one time will not exceed tretity-five percent, difference boine returnee in New York. funds out of proceeds sales exchange 3top. Comptrollor-of Currency informally advines un cortifIcate'of deposit cannot be counted al reserve. . 1TRONG, JR. Charge 3ankers Trust Co. Acct. Gold Fund. _smrs HOrIM AL;YZIATT/AiiillON NEW ORLEANS, IA. September 30th-1914 Yr. Benj.Strong Jr., c/o Bankers Trust Company, New York City. Dear Sir:Your telegram of September 29th., addressed to Mr.Sol Wexler of the WhitneyCentral National Bank was read at a meeting of this Association held this morning. It was directed that message be sent to you as per duplicate enclosed. Yours very truly, Manager. Enc. . =Er Form 2-1111111 ,RS NO. THEO. N. VAIL, PRESIDENT SEND the following Telegram, subject to the terms on back hereof, which are hereby agreed to To September 30th* 11014-C c/o BANKieRS TRUST COMPANY* NEW YORK CITY, -re cf tido J-413cciat4.on have unanimously agreed to their reopective -)ro Ta'aa cf the Six Hundr,d Thousand Delr qpt fc:rth. in'Reser7a Board Lir C A. YORCAN Manager, ClEARINC HOUSE AEOCIATION. 19t.. ALL TELEGRAMS TAKEN BY THIS COMPANY ARE SUBJECT TO THE FOLLOWING TErt,..\ To guard against mistakes or delays, the sender of a telegram should order it REPEATED, that is, telegraphed back to the originating office for eon An... For this, one-half the unrepeated telegram rate is charged in addition. Unless otherwise indicated on its face, THIS IS AN UNREYEATED TELEGRAa AND PAID FOR AS SUCH, in consideration whereof it is agreed between the sender of the telegram and this Company as follows: The Company shall not be liable for mistakes or delays in the transmission or delivery, or for non-delivery, of any UNREPEATED telegram, beyond the amount received for sending the same; nor for mistakes or delays in the transmission or delivery, or for non-delivery, of any REPEATED telegram, beyond fifty times the sum received for sending the same, unless specially valued; nor in any case for delays arising trona unavoidable interruption in the working of its lines; nor for errors in cipher or obscure telegrams. In any event the Company shall not be liable for damages for any mistakes or delays in the transmission or delivery, or for the non-delivery, of this telegram, whether caused by the negligence of its servants or otherwise, beyond the sum of FIFTY DOLLARS, at which amount this telegram is hereby valid, unless a greater value is stated in writing hereon at the time the telegram is offered to the Company for transmission, and an additional sum paid or agreed to be d based on such value equal to one-tenth of one per cent. thereof. The Company is hereby made the agent of the sender, without liability, to forward this telegram over the lines of any other Company when necessary to reach its destination. Telegrams will be delivered free within one-half mile of the Company's office in towns of 5,000 population or less, and within one mile of such office in other cities or towns. Beyond these limits the Company does not undertal to i lake delivery, but will, without liability, at the sender's request, as his agent and at his expense, endeavor to contract for him for such delivery at a reasonable price. No responsibility attaches to this Company concerning telegrams until the same are accepted at one of its transmitting offices, and if a telegram is sent to Ruch office by one of the Company's messengers, he acts for that purpose as the agent of the sender. The Company will not be liable for damages or statutory penalties in any case where the claim is not presented in writing within sixty days after the telegram is filed with the Company for transmission. No employee of the Company is authorized to vary the foregoina. THE WESTERN UNION TELEGRAPH COMPANY, Inc. THE,. N. VAIL, PRESIDENT CLASSES OF SERVICE TELEGRAMS A full-rate expedited service. NIGHT TELEGRAMS Accepted up to 2.00 A.M. at reduced rates to be sent during the Telephonic delivery permissible. Day Letters received subject to express understanding that the Company only undertakes delivery of the same on the day of their date subject to condition that sufficient time remains for such transmission and delivery during regular office hours, subject to priority of the transmission of regular telegrams. night and delivered nnt earlier than the morning of the next ensuing business day. NIGHT LETTERS DAY LETTERS Accepted up to midnight for delivery on the morning of the next A deferred day service at rates lower than the standard telegram ensuing business day, at rates still lower than standard night telegram rates as follows: One and one-half times the standard night letter rates, as follows: The standard day rate for 10 words shall be charged rate for the transmi%ion of. 50 words or less mid one-fifth of the for the transmission of 50 words or less, and one-fifth of such standard initial rate for each additional 10 words or less. Subordinate day rate for 10 words shall be charged for each additional 10 words or to the priority of transmission and delivery of regular telegrams. less. Must be written in plain English. Code language not perMust be written in plain English. Code language not permissible. missible. Mail delivery, postage prepaid, permissible. Will TX BY- C MAMMAL NAT! CONA111. I LlikArn 4\\* ti) . Sim w 0 mukaAavs , September 30th, 1914. Benjamin Strong, Jr., Esq., care Bankers Trust Company, New York City. Dear Sir: Referring again to your valued letter of the 22nd instant, I wired you to-day that our Clearing House Association had agreed to subscribe to $600,000. the of,gold fund allotted to New Orleans, which I now con- firm. I am pleased to note to-day the decline in Sterling exchange, which I trust will continue and that the operation of this fund will have the desired effect. Yours very truly, SW-: -B. C ENT HAIL NAT I CIIX.AL OF' Niw 0 turAnAms, October 5th, 1914. Benj. Strong, Jr.,Esq.,President, OCT BANKERS TRUST COMPANY, 8 1014 REFERRED TO OFFICE 16 Wall St.,New York City. Dear Mr.Strong: I have your valued letter of the 2nd 'instant, and glad to learn how well the pool has worked, and also to observe its effect upon the Exchange market. This is quite in line with our expectations, and we are wiring you to-day for quotation on cable transfers, but will fill all of our requirements at the present time. which I trust will be satisfactory. I hope to have the pleasure of seeing you in Richmond or, if not, in New York a few days there- after. With kind regards, I am, Yours very truly, Dic.SW-:-B. NVESTEasm UNION Z Form 168 WESTERN UNION GEORGE W. E. ATKINS, VICE-PRESIDENT TEL It a AM NEWCOMB CARLTON, PRESIDENT BELVIDERE BROOKS, VICE-PRESIDENT RECEIVED AT Cotton Exchange Building, New York 1 4 7E X M. n 1 6 LC Kr NEWORL: ANS LA SEPT 30 BENJ STRONG JR to 1914 874 CARE BANXERS TRUST CO NY THE NEWORLEANS CLEARING HOUSE HAVE AGREED TO SUBSCR I In SIX HUNDRED THOUSAND DOLLARS TO THE GOLD POOL SOL WEXLER 1 24 5 P