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17/1? ..41 it( ,,ffe 0 METAL risrrvr BANK OF ZAN FRANCISCO September 14 1916 Fel-!tral PeiNervo Bank of New York, Nea York City, ;11.1. : AcknowIng ncelpt of your telsgra: of £ tbr 13th, a3 follohoc . to withhold from 1,,ollr balance in sottring t'lroURh the Gold Fund to-44y four' zillion dollars Exchanze rosived from Feierrl Feerve Baks has scouulats=i so rapidly as to give us excess of slvar and legalo. Pla,tss instrvt tho Bw.ri to with- hoid this amount.° w.% wired 7oo on tlte earA "ComlyinE with your vqro i%.4uoating with-. holding four !Ullion from sottlement to-day" which wu teE-. to confir4. Somo ti te ago s soawhat lani-!thy corras,7ondowza w..o ar,chenga between this ank :and Fesrva Bank of Ne,N York r.tgarling °tele-Gra-7.21Jc trans.-. fors° and wtr9nsfar chA*ges° 1. a conclusion of which av,oared to us to ba an adnicsion on your part that cur contention, which w.:o that thet..;,rms of 7uen trannfre should oriinnt, that is, determined by t,-!a Fril Reserve Bank ney follow t.71 rractica vi:11ch has ltng obtained son g bsnks inete,A of radically 'denarting fro mnd your position untenable. had recd od fro this position. it aa you appearil to propoo4, wcorrct, e hole, howov,Ar, not been advise! Our proFoGed course would in every c. se !cu va provils:; you with gold to dcoait for your cradit Et tha God Settlea,ent Fund, theraby enabling you to mast eattleaents in ur favor in every instance. -2It is safe to *ay that all other traneactions bate.** thie Bank and cthe Fo3er71 Reserve Bank of New York, such as your purc. se for us of investments, collection of maturing paper, and transactians incident plan approximntely "wash transfers and that oonatquently cr_dit balances telegrqphic transferal collectible, P that you refu-aA to take payment .7nd did U-ke for collection drafts in funds not available Your telegram above quoted sulted which upp.Arently were for the purcese of te Geld Settlement to eithhold from sttlhtnt It appears to us to bs extremely fortunate at a time when its effects in gold covering 3':crite3 that at this time thie course hls re- in your finding it necessary this bank. arisen arising from eith:r by wire or by draft aro all that you have to meet. Your poeition. only to te ceck collection Till or bslences due that this situation he no ' -arioue hardship and cauee no seVious disturbance, for er.1 believe that it may be cow=erwitively said most serlaus an rotentl'Aly dangtrow to be the eituat?on which hes arisen during the operaticn of the Federal Reserve Banks. Member banikre in this dintrict have at all times large excess with banks in Central Reserve Cities, particulmrly in Ne York, these balono, at this time bein- probably larger than any heretofore so held. that if in an acute or even V.sestening situation we v. balances . It in obvious askai to make such trans- fers and were obliged to zive trle answer cent/dna- in your telegram, it --culd tee* about 31 lomg to prItcip,itate a firious crisis a1 it twit' tglita to oend tolegras across ts continent. It may b. said tet our situation differs from the other Federal Revirve Banks, in that ,te dell in rold, but it egad appear. to us that that being the c!,7se, so lonE as we undertake to supply you with gold for tat purpose, ther sculd be no delay whatever in meeting settlement of our balances throwh the Gold Settlement Fund. If t':;is oitustion i3 dI;.c to a defdct inherent in the syntem, it should 4 'be recognized and, if within t'le range of posaibility, rezedied at the eartisat mordent.itcannot be adoiustaly discuseed from tha point of view of considertrunsfer charges involved, being much to serious to be ation of ths de$e-mix!s4 or on Influenced by suchan iwsitnificent item, and we *re not sericualy concerned with the question no to who ahou d secure the benefit of that ch.:,rca, except that t'ne Imposition d that chars* by you effectively' precludes uo froL efecti. tranaactiens of thia character in g Id. trust that you will not .fleed aesurancs that thiz discussion doeE not ariae froA:, any annoyance due to your request , it coa0.7 in this instance, but whic we are glai to Yort being t','Js hub,11,44L the axis stops, it-is inevitable that the periphery ihou,d experience a disturbinil jolt. nurs vary truly, Jno. U. Calkins Deputy Covernor DRAFT OF LETTER RE FRENCH INDUSTRIAL CREDIT OF NOV. 11, 1916. We are informed that on the 16th instant the French industrial credit of November 11, 1916, for 4;50,000,000 will be availed of by the ac- ceptance on that day of bills aggregating the total amount of the credit. This is the credit which it was originally announced would probably be for 4400,000,000 and regarding which, in view of this announcement, the Federal Reserve Board telegraphed to Federal reserve banks under date of October 23, 1916, recommending that Federal reserve banks should not acquire beyond a conservative amount acceptances drawn under long renewal credits. Shortly after that date officers of this bank conferred with the 2edera1 Reserve Board, as a result of which the Board wrote to each of the Federal reserve agents under date of October 31, 1916, giving a further outline of the policy of the Board in this regard. In view of this letter we understand that the Board does not object to the purchasing in conservative amounts of acceptances drawn under this credit by any Federal reserve bank desiring to make such investment. We have considered the terms of the credit, which are substantially the same as other renewal export credits, bills drawn under which we have urchased from time to time during the last year and a half, and we expect to purchase in moderate amounts eligible bills drawn under this new credit when they are offered in this market (provided that we are in the market at that time for bills) the same as we have purchased bills drawn under previous* export credits containing renewal clauses. Among the bills allotted to you in your participations in our purchases from time to time have been bEas drawn under previous renewal gredits, -2- and we would ask you to advise us promptly as to what allotment you desire from our purchases of bills drawn under the"French Industrial Credit of November 11, 1916." For your further information in regard to this credit, we enclose herewith a copy of have received for the credit agreement and a list of the acceptors which we your confidential use. January 12, 1917. John U. Calkins, Zsq., Deputy Governor, Federal Reserve Bank of an Francisco, San Francisco, Cal. gy dear Ir. Calkins: We are in reoeipt of your telegram of the 11th inetant reading as follows: "We will have no conversion 3s to offer through committee this quarter stop Desire say -,500,000 per day until further notice distributed member and nonmeMber bills at not less than 2 3/4 with daily wire advice of purchase stop 3onds to be 4hipped from Washington to you will be register.. ed bonds we cover insurance." I have noted the information regarding the conversion 38 for the committee, and understand from the last part of your telegram,that You will not require U3 to obtain insurance on any shipment of the 41,000,000 of bonds regarding which you wired Us on the 10th instant. In regard to your request to purchase ;;1500,000 of bills for you daily until farther notice, I enclose oonfirmation of our wire to-day advising that in partial compliance with your request we had purchased for your account for delivery on Monday bills aggree7ating 420,000. As indicated in our telegram, the market is at present practically Gleaned out of eligible bills. volume. Ineligibles have also sold in remarkable One of the most active dealers advised me yesterday that their entire portfolio consisted of only :A50,000 of bills running beyond 90 days, and all dealers report to US that the market for bills has broadened wonderfully, with John U. Ca/kills, Seq., 02/17. demands and inquiries from both local and out-of-town institutions increasing as to volume and number, and they unanimously ascribe this developmeat to our prac- tical withdrawal from the market, through our raise in rates, at a time when outside money conditions are easier. This is exactly the situation that we sought to bring about when we increased our rates, and our action. in so doing has had the general approval of the Federal reserve banks in the eastern districts and of the Federal Reserve Board; and it now seems to us that it would be better for the future development of the open matket if we maintained rates at least equal to, if not slightly above, the open market. It is not, however, in.-. probable that within the next meek or two, if conditions remain about as they are at present, we shall reduce our rates from the present levels in order to attract bills in larger volume than we are now getting them. You will appreciate, 1 am sure, the futility of our withholding fron general purchases for account of ourselves and the other Federal reserve banks if we were to go into the market and purchase large blocks of bills at or below the market (and purchases such as you request, say, of half a million dollars of bills a day are large blocks even in this market), and, also, that other Federal reserve banks might deem it unfair for us to make such purchases below our established rates for account of any one bank, thus operating adversely to the interests of the other beaks. Ve, however, thoroughly appreciate the great distance 'which separates your institution from Ilew York, the different conditions that might obtain in those two districts and the difficulty that you may experience in sea-urine a sufficient volume of inventments without re- course to the low York market, and no felt justified in suggesting that you advise us if you desired us to make some special purchases for your account. but feeling that in so doing we were aaking an exception to meet a peculiar condition temporarily existing. and that, if you requested special pureaases at this time it would be for moderate alounts. jehn U. Laq., 1/12/17. We are glad to have been able to secure the bills for you which are coming in on londay, and will endeavor to make some farther special purchases for your account as we may without appearing as bidders or competing for bills 'in the on market, but trust that you will consider this as an exoeption and by no means a pre:_,edent, Very truly yours, i,ssistant Cashier. '2X/PE Eno. 1).- FEDERAL RESERVE BANK A C FC NO JUL 6 OF SAN FRANCISCO Wt.El.)CiED 192? r-h June 27, 1922 Benj. Strong, Esquire, Governor, Federal Reserve Bank of New York, New York City. My dear Governor Strong: I am wondering whether yoti,TB had an opportunity to discuss the subject of your letter of May 31st with Comptroller Crissinger. This refers to the undecided question as to whether we will continue to pay for reports of examination of national banks as heretofore. Yours very truly, Governor JUC.L 7,7g, "ine 8.UONPAOS AU Q3A13344 ES DIVIVGA FEDERAL RESERVE BA OF SAN FRANCISCO 3124 Of 91924 tarfl 1101 IOU June 3, 1924 aelz.._ Benjamin Strong, Esquire, Governor, Federal Reserve Bank of New York, New York City. My dear Governor Strong: Will you be kind enough to advise me what action you have taken, or what action you propose to take, regarding the subject of the Comptroller's letter of May 10, 1924, that is, the Federal Reserve Banks paying the Comptroller $10,instead of 4.50,for copies of examiners' reports? Yours very tru illie "/ C -Gov rnor 3 372' FEDERAL RESERVE BANK OF SAN FRANCISCO March 17, 1925 Confidential cc My dear Governor Strong: Please accept my thanks for your letter of March 6, 1925, discussing the considerations which led to the recent increase in rediscount rate by your bank from three to three and onehalf per cent. Obviously, it is gratuitous for me to say, but it appears that conditions justified the action taken. Please accept my thanks. With kind regrds, I qm Benjamin Strong, Esq., Federal Reserve Bank of New York, New York City. 0 (-) 30VERNOR41S OFFICE RECE1VE-D 29 1025 9 39 ;1:1 VA,P, ' FEDERAL RESERVE BANK qt:# OF SAN FRANCISCO September 1, 1925 eV at cknolAfr. - w. en. Mr. Benjamin Strong, Governor, Federal Reserve Bank of New York, New York City. Dear Governor Strong: You will recall that at the last Governors' Conference we agreed to extend the privilege of issuing Exchange Drafts to $50,000. In reaching our conclusions, you will remember it was felt that some discretion should be exercised in granting this privilege to member banks. If discretion is to be used, it will naturally apply to granting permission Per- For instance: in one Ot8e and refusing it in another. missdon would not be granted to banks which cannot be regarded as trustworthy in the matter of promptness to notify Federal Reserve Banks of their drawings and to make provision of funds to be impounded to retire the drafts on presentation. This bank has received quite a number of applications for permission to issue Exchange Drafts, in some instances from institutions which are not in sound financial condition. Experience has quite well established the belief that banks in unsound condition are credit risks, regardless almost of the nature of the transaction involved. The fact that immediate credit and availability is given for Exchange Drafts, which may be in the mail five or six days before reaching the drawee Federal Reserve Bank, raises the question of credit granting; and it causes some feeling of disquiet to approve an application when the prospective drawer is in an extended condition. Before acting upon these applications we should like to receive an expression of your experience in reviewing applications and generally the elements you are taking into consideration in granting approval or in disapproving them. (Governor Yours vejy truly, ,6ezzee--e-0 Governor./ left before this was ready for signature). . .- !:.? ,! - - : . - - sz, 000 SlAIA.:1 4 September 14, 1921. Dear Governor Calkins: You will recall timt about two years ago we had some correspondence in regard to the work of the National Budget Comrrittes. In part, at least, oassage of the budget legislation by the Congress was due to the work conducted by that Now that the basis of the budget system has been ae.opted by Congress, committee. our organization is endeavoring to crystallize fublic sentiment for the support of the program of government economy and thereby to insure permanent success for the new national budget system. ie are seeking to extend this work by salacting, so far as possible, 4nkers to accept activ,1 chairmanships in various of the more important cities, simply to carry on work which will be laid Jut or them by the national committee. The scope of the work it desoribed in the enclosed wemorandum. Can you suggest representative men, rreferably bankers, who might be willing to 9.ocei:t such appointments ia the cities of Los Angeles, Oakland, Portland, San Francisco, Salt Lake City, Seattle and S?okanc. At the ,resent time i r:hall only ask you to suggest names, but later on possibly you would be willing to communicate with them directly and further our object of h4,ving them accet these appointments. If for any reason you think it unwise to make thee suggestions, will you not write i,e ;!uite frt.nkly end, if you are willing to dc so, give me your reasons. With beet regards, and thanking you very oordially, I am, Yours very truly, John U. Calkins, Esq., Governor, Federal Reserve Bank of San Francisco, San Francisco, Cal. BS :MM enc. 4 TEL.. D. 4 DITLIC FEDERAL RESERVE BANK OF NEW YORK PRIVATE WIREOUTGOING WAS/LX February 9, 1920. Day Deputy Governor San Francisco, California. Governor Strong tells me you are undertaking to arrange passage to Japan during April for his party of three Please keep me advised of your progress and let me know if we can assist by obtaining help of Agenoy Bank of Japan here Case Deputy Governor. Charge Private Wire. Departments Interested Prepared by FEDERAL RESERVE BANK NEW Y Copy Translation TELEGRAM 19 A1.072137 Checked by 4. Code used TEL.Ec TEL. D. I OPER/ m FEDERAL RESERVE EAU OF NEW you PRIVATE WIREINCOMING JO 1 Sn F/eec Case withcorrespondence Governor Strong Have been in Orient Travel is relFrling resery.a 0orrsi,fitia very heavy ane have been unebla to place him comfortably on Japanese line'on the Korea ilaru hich boat eoule get Governor Strong into Japan ;A the time he -ishes to be there enc there are but t'eo delux this boat one of these cabins has been purchased and peie reserved for.The other has been L:.nc". this morning I was told 'ill be taken. If you can Bank of Japan connections use influence Governor Strong and party It woul cabins on through your ' neve this cabin -llotted to be well othereise the eccom:,odetions offered inferior ieside rooms and crowding his party of three.im one room.The best iale accomdidatione I nave been able to arran6e Leeving Sen Francisco April tenth an ue are to cabins next ZUac,Steship one separate cabin for Governor cabin which Strong ccornrnoda,.ions arrangements I think ar. so far. If you can bring Pressure to to be bear . preferred an ..)ersons in to Japanese Line get a deluxe cabin on toyo Kisen "a.i.slaa Liner Korea Maru leaving San Francisco April seventh governor Strong v.rould be quite comfortable but unless we can zet a deluxe cabin E.LEGRAPI-la suggest accommodations on thc Nile Day ,r-st f,',1" 0 r. 122prn -1'11 101920 N. Y. COPT 90 P Sea rrane Caeo Have beenLxi osoeneo vith Cvornor jtreng recerdinc z tic ftcr Orient 2rovel is very ixiavr nd hove been Imago to pima hill contort-ally on Japvnese line on the I5oroa ;Amu ;71/1011 bout rioald cot Governor 3trone into &Ton at tale 'tirae he vd-shce to be them cad tho o but trio del= cabino -on this boat -tme of thaw albino ha s beau.zurttliased and paid for. Vac oth.,r has lc= reserrod 1:nd Cis .1 wee told win be ttm Bore: of Jeapaa =moot 1,011S TIM it you can UMW" 44 YIN:. and rit.170 Vie cabin allotted to G2710rtree*: and party It would be toll otnenrise the oncalloth,tions ofTered are inferior Inside roam and ermding his part, of tire° in cno rem, boot a000modatione I ha N 2he nra.,xt b°01 °MO to arrt21CP Pre On the CUM :Zia 3te(Zraltp Is Leaving 3to ?stamina° Adril tenth eike are t7o acliirc one oeperato cabin for Governor Strew; LIZICI C4CeMOdetions for trAo personn in editoinine cabIn ihieh amant-?zusente I think one to be preferred to Japanese Line so far. Lrou brine prune -a to bear and mrt cx deluxe cabin cm two Eisen adobe Liner 'Korea *a Fr, lace April seventh eovernor ari muld be quite (=fortable 'but utile= we con et dolma cabin ourgest ecoom:odations on tile Nile :Day 242 puo WT9-40' 10-19, FEDERAL RESERVE BANK OF NEW YORK PRIVATE WIREOUTGOING Febrwary 11, 19'20. Day Deputy Governor, 3cm 1?T:1=1800, CaliforniI oz informed by 44)702107 Batik of Japan hero that Oun .Prancisoo office of Yoko1r4me SpeOie Zalk /WA suooeeded in obtaining for Governor strong and party reservation od deluxe oath on the =Ea MAW which I understmd is eoheduled to sun Llarch 30 would sumest tut you oommzzioate with both Yokohama Specie Bonk and Governor 3trong corx3er4re this reservation koeping IRO in:for/zed az to developments CIASO Doputy Governor. Wrarge krivate Wirt. .,13.71A. V n OAP.= OF NEw YO/L74 Translation No. TELEGRAM A107470 19 Prepared by Departments Interested Checked by Code used TEL. D. 1 FEDERAL RESERVE BANK OF HEW YORK PRIVATE WIRE-INCOMING if pi SanFrancisco Feb 10-20 255p Case NY Have just been able to Mar.,,z for Gov Strong. get satisfactory accommodtions on Korea t necessary that you take matter up with Bank of Japan agent. REC EWE D Day 918allth Pte. 14 R, 41.'4* TELEGRAM SENT OVER LEASED WIRE F,EDERAL RESERVE BANK OF SAN FRANCISCO To DATE Case, Febru, ry 11th, 1920 Feder A. Reserve Bank, YORK Telegram resived regarding accommod:,.tions Governor Strong. Yesterday counicat ' Ath Governor 5irong indicating th,st theae accommodations had been secured, and thiP morning received reply it wild not by convenient for him to sail as early as He therefore will use reservations previously made for h rch 50th. DT FEB St eamshi,, DAY MA WE CONFIRM OUR TELEGRAM AS ABOVE, MIS 16A-25M-5-29-19 ® ASSISTANT CASHIER DEPUTY GOVERNOR 0 1 r""="WE" y / F. Copy Translation Prepared by TELEGRAM N°. Al 0,7936 Interested Checked by Code used 19 M-D. 1 FEDERAL RESERVE BANK OF NEW YORK PRIVATE WIRE-INCOMING 5f Inq Sanf ran 11- 245p Case Telegram received regarding accomodations governor strong. Yesterday commuiaicated with Govr Strong indicating that these accomodations had been secured and this morning received reply that it would not be convenient for him to sail as early as March 30th, he therefore will use resepvations previously 'made for him on Steamship "NILE" 910a liay 101 ....... VsiSi _o F. fisc:34 ,-)ERAL RESERVE BANK OF NEW YORK Sent by (SEND TO FILES) COPY OF TELEGRAM 4/10/70 rnc.Ir 6an Francivoo Pedoral Reserve Bank Rave, wired Governor Strong t 1.1wetix, Arizona, the fallowing 14:efage: "Through Mr. Naga/to have secured far you and Ben accormod4tione on Tenyo Waru ealling April eeventoontla Suite one Cabin U. deck B. For Mr. Miles Berth C. Cabin twentyreven deck not knowft. accomodationt! exe gatiafq:Aury.0 George Beyer Hope Ateir / 71 7 ciei March 6, 1919. TrIDForAL An nor?rm7TIAL. My dear Governor Lynoh: Poi' some time I have been interested with some friends in a study of some of the problems "f ournational financial system and particularly to the possibili- ties of a reform mo ement which might result in the establishment ef a sdientific The need for this has been made apparent to me during the plan for a Pederal budget. past two years and as a result of contact with the financial machinery in -ashington. Some of /115, friends believe est the time is now opportune for a general attempt to inter- the people of the country in national finnncial reform. campaign for saviag, thrift And Th(7? sensible snendinfn ircident to the flo- . Government loans has uut tation of suggestIons in these matters. for many of our people in a receptive mood Tho nat1onr.1 debt must be redreed att duced if both individuals and the Government practice further car on1,7 be re- s:snsible spending. it is particularly true with the Government but cannot be ,lade uossible until scientific machinery is installed to accomplish it. Students of budget system is this subject seem to be in the only solution. general agreement that a scientific To persuade our people that such a system should be installed, a nonpartisan organization should be built up and a wise and same campaign of publicity inaugurated. It is a plan of that sort in which some of my activity friends are interested with a view to steps must be taken to prepare the publicity, and the personnel of the organization after the next loan is placed. In the meantime, must be developed in advance. It is, of course, out of the question to utilize, the tions as such for an enterprise of this proper for me to ask you if in other organizations in duals in your our experience connection with district who character. with It does Liberty Lean organiza- not, homver, seem im- the Liberty Loan, War ravings, or the war, you have some in contact would be likely to be interested in this with indivi- movement and who would #2 March 6, 1919. be qualified for service in such an organization and who would do so as a matter of public duty. That is first needed is a representative in every state, competent to take charge oe the movement and direct it iu the State. Fe should have qualifications to enable him to become a leader oe the etate novement, some ability as an orgenizer, should be neblic spirited, able to grasp the subject and willing to stud:. it, and should be regarded locally as without political prejudice or purpose, and have the confidence in general of the people of the State. In addition to state directors, similar organizers must be appointed in the various counties and rrincipal cities. I shall be greatly indebted names of men in your district for this to them. to eou if you can rork let me have suggestions and without, however, mentioning the matter You may know them well eneueh to make definite reoommendations not only .because yoe came in eontact with their, in Liberty Loan mettere, but ether publics spirited activities With %ellen eell are ecqualntee pe eeeeeeeee. This is a matter in thich I have a greatful for your assistance. strong personal interest and will be At our meetine in Washington on the 20th I hope to have an opportunity to refer to this matter more specifically. Sincerely yours, Governor. James Y. Lench, Esq., Governor, eederal Reserve lank el' San Francisco, San Francisco, -California. PS/Ell April 3, 1919. Dear Mr. Lynch: I am anxious to get suggestions from you as to some one to do some work in the State of %ashincton in connection with a proposal now being shaped for Pederal legislation designed to establish a financial budget for our Government. The work required will not be very onerous, out it -wi.11 need the serq'ices of a man whQ can Uevelor, an organization for tns purpose of so.rne little sducational and publicity work to brinf; aoout a better understandint of this subject. It rill be necessary to raise a smaill amount of mono, and, generally, to carry out the ,program which will be laid out by tl.o organization at the NeW York Neadquarters. It needs the services of a mar, Who is interested in the economic aspects of the Govermient'a finance, and who is sufficiently interested ft the subject to be wi1lin to devote some time and ensrgN to bringing about an improvement, it would be preferable to have some one whe would be capable of making an occasional address on this subject, and who sould be willing himself to study and understand it by an exsmination of literature which will later be furnished. I will greatly appreciate any help you can give mo in this connection, by suggesting anyone you think could undertake this work successfully. Vaithfully yours, James X. Lynch, 1111.,t Governor, ederal Reserve Bank of an 2rancisco, San ifancisco, Galifornia. BS/11315 LIBRARY APR 1 2 1919 FEDERAL RESERVE BANK April 12, 1919. doer Lir. Lynch: I have yortr to letters of April- 7th sugitesting the a:pointy:lent of lx. /lark L. !leg= as head of the organization I have fully noted rlat you say, for the ::tate of California. - shall Trite you more in detail as soon as all the su7gested ,...,i,pointments are received. 7-1.th Many thalfai and appreciatirm your coorerntion in the matter, be ne, Very truly yours, Governor. Yr. jams X. Ipach, Governor, Federal Reserve Bank, I'randisco, California. 4 34-40M-11-19. FEDERAL RESERVE BANK OF NEW YORK (SEND TO FILES) SENT BY COPY OF TELEGRAM ril 1, 1920. p. e oit)Fa IsPE33itttlitai , Fran San Fr Reserve Agent, Cal. Can you have man nieet Overland Limited arriving San Franciaco April 5 end get from Pullman conduotor i:ackage adciressed your bank. Governor Strong,, care Packak,re contains mb.ttor which M.r. 6trong wante to take to Ja an ,tnd will call for. t.0 4:.oriday afternoon Could not trust it to mails. cier_A, 'MORGAN