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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

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