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(- 4.11,a1 1(aA, ort IN a DEPT. 0 AUG sl 6 191B L)/ L Th, RESERVE RA FEDERAL c , 4-2 L ---- 47 ra I 2-', ,-R' EDs '----___-:--__,./ UM1.MM2M2=2tEt MADISON AVE. COR. 44TH ST. New Rork, August 24, CABLE ADDRESS-- BROOKBRO. NEW YORK." LIEBER'S AND A. B. C. CODES USED. 4e, 4de Qv, Mr. Benjamin Strong, Jr., 62 Cedar Street, New York City. Dearsir:Mr. James F. Curtis, of ,C:darhurstLI., desires to open an account with us responsibility. and refers to you as to his Te should consider it a favor if you would furnish us in confidence with any information you may have, and enclose stamped envelope and blank for reply. Thanking you in advance for same, we beg to remain. Yours respectfully, BROOKS BROT4iRS Per- August 25th, 1915. Gentlemen: Mt. James F. Curtis, of Cedarhurst, Long . Island, concerning whom you inquired in yours of the 24th inst., is associated with me in this bank, of which he is Counsel and Secretary. cur any indebtedness which he He would not in- as unable to meet and you will certainly be justified in opening an account with him. Very truly yours, Messrs. Brooks rothers, Ason Avenue, corner 44th Street, 1.ew York City. BS"Jr/VCM WHEN REPLYING TO TH15 COMMUNICATION ADDRESS 3I NASSAU STREET. CABLE ADDRESS TELEPHONES: JO DAY, NEW YORK A BC CODE ,41 -742 -743-744-745 CO RTLA N DT. WESTERN UNION CODE DEPARTMENTS AUC ' MEMBER OF ON REAL ESTATE BOARD OFBROKERS OF NYC. AUCTIONEERS ASSOCIATION OF N.Y.0 LONG ISLAND REAL ESTATE EXCHANGE VATS SALES APPRAISALS EXPERT TESTIMONY EST N.J.- N Y. REAL ESTATE EXCHANGE 10 MORTGAGE LOANS MANAGEM ENT QUEENS BOROUGH EXCHANGE,JAMAICA.L.I, REAL ESTATE BROKERS EXCHANGE, NEWARK. INSURANCE ADVERTISING ALLIED REAL ESTATE INTERESTS AGENCY DEPARTMENT 932 EIGHTH AVENUE EXECUTIVE OFFICES 31 NASSAU ST. N ew York ECONOMICAL MANAGEMENT OF PROPERA SPECIALTY. CoR.CEDAR STREET Oct. 3rd 1914. Miss Talters,Secretary Mr. Benjamin Strong, Jr., Bankers Trust Co., 16 Wall Street, City, My dear Miss Walters: Confirming telephone conversation of even date, I wish to acknowledge receipt of the copy of letter which you forwarded to me addressed to Mr. Strong from Mr. Wilbur J. Carr. Mr. Day telephoned Adirondacks and I read quested that you advise today from this letter to him. Mr. Strong in Washington on Wednesday, the He re- that he will be Oct. 7th, to meet Mr. Bryan. Very truly yours, Secretary to Mr. Day. or, Eecember 19, 1q22. My der Mr. Hagen: I -hardly need to express to you the enjoyment that I experienced at our meeting in Chicago and the benefit that I gained from the opportunity to fiiscues matters in which we are mutually interested with you and with some of your associates. M; return to New lork Was delayed by a meeting in Chicago, and yesterday I found that the gentleman with whom I wished to discuss your new as out of the city. organization immediately upon seeing him I will He will write you The movement in wheat pricee certain. return this week, however, end further. seems' to be fairly continuous and I hope it indicates that the demand from abroad, which is of course a insistent, isheal and effective me, and the means of paying for the foreign customers can find whent that they nee: towards relieving the situation if an With kindest that our regards, and It will go a long way adequate supply of cars can be had. thanking you for you showed me while I was in Chicago, I am, Yours sincerely, HageRt_. c/cr.ain drovers Sales Co., Mr. T. H. Corn Exchange, Minneapolis, Minn. BS.MM the many courtesies December 20, 1922. My dear Mr. Hagen: I am writing you with some hesitation because I am very anxious that you should not as yet gain the impression that I have succeeded in accomplishstill further hesitation ing everything that you wanted me to do, and with because in case what I zele attempting to Jo should fail of success, I do not want you to feel that it is due to anything but the very best and fairest Now here is the judgment of the matter that is capable of being produced. story. I have just had a talk with my friend Mr. James S. Alexander, President of the Nationa'l Bank of Commerce, who has been a director of the Federal Reserve Bank for the last three years. I have known him practically ever since I have been in business in Net/ York, and for some years he tens a director of my old company, the Banlers Trust Company. Mr. Alexander has exhibited considerable interest in the story that I told him about your new organization - as well as I could remember all that you told me - and has expressed a willingness to send a responsible and competent officer of his ban', tc Minneapolis ito meet you and your associates and to advise with you es to the possibility of doing sore financing in New Yo rk. The Sank of Cbrneerce is a progreseively managed inetitution end is gather is just the type managed in the true epirit cf public service, which of institution that you would like to do business with if poseible. Of course, I can not say what their attitude will be after looking over your program, on His idea now is to send some the ground and meeting with your associates. it will 'be impossiele to one to ginneapolis immediately after the holidays. send any one prior to that time because of the great pressure of work at this season of the year. The best advice that I can give in this situation is to lay the whole project before him without reservation. I think you will find that the officers of that bank are able to give you some good sound advice as to financing in this part of the country, and I should hope that this might be the opportunity for the establishment of a relationship which would be of mutual advantage. If Now, won't you please write me in what further way I can be of service. later in the year I am able to visit Minneapolis, I shall of course count upon seeing you there, and in the meantime, if this matter or any other matter brings I will await hearing from you to New York, please be sure and call to see me. you with interest. Yours very truly, Mr. T. H. Hasen, c/o IL S-,:-Grain Growers Sales Co., Corn Exchange, Minneapolis, Minn. ES.MM '11,111 December 20, 1922. My dear Vr. Hagen: with this I am enclosing a copy of an extract from the Monthly Review' of the Ett,ndard '3ank. of South Africa, in the edition of L/ctober 31, which Y. am, sure you will read with considerable amusement when you consider that with the change of a few names it would be almost impossible to discover that this article Tfa.s not written about agricultural conditions in the United States. Youre very truly, Mr. T. H. Hagen, 0/0 U. S. Itain Growers Sales Co., Corn Exchange, Minneapclie, Minn. BS. MM J. F. REED, Pres. E. H. CUNNINGHAM, Dir. Secretary Iowa Farm Bureau Cresco, Iowa Federation Owatonna, Minn. THOS. E. CASHMAN, Treas. President Minnesota Farm Bureau Federation Gary, S. D. A. F. NELSON, Vice-Pres. Se ginnesota Farmers Grain s Ass'n De Benson, Minn. T. H. HAGEN, Secy & Mgr. Director Minnesota Farm Bureau Federation H. W. GREEN, Dir. U. S. Grain Growers Sales Company North Dakota Farm Bureau Leal, N. D. Federation OF MINNEAPOLIS Corn Exchange, Minneapolis December 26, 1 9 2 2, Mr Benj Strong, Governor, Federal Reserve Bank, New York City, N Y Dear Sir:- Your letters of recent various dates addressed to our Mr Hagen to hand, and, for your information, wish to state that Mr Hagen is out of the City and will be absent until the latter part of the week - your letter will be brought to his attention upon his return. Yours very truly, U S GRAIN GROWERS SALES COMPANY, By Or ' , ynsciffioD a3lis? ai9woiD nifilD 211ecLA3VIPIINI frro3 of/ .0 vowittc,f. THOS. E. CASHMAN, Treas. J. F. REED, Pres. Director Minnesota Farm Bureau Owatonna, Minn. Federation President Minnesota Farm Bureau Gary, S. D. Federation H. W. GREEN, Dir. A. F. ,ELSON, Vice-Pres. Dc Vlinnesota Faain Benson, :r. s Ass'n GrMinn. T. H. HAGEN, Secy Sr Mgr. E. H. CUNNINGHAM, Dir. Secretary Iowa Farm Bureau Cresco, Iowa Federation U. S. Grain Growers Sales Company North Dakota Farm Bureau Leal, N. D. Federation OF MINNEAPOLIS Corn Exchange, Minneapolis January 2, 1 9 2 3. Beni Strong, Governor, Federal Reserve Bank, New York City, N Y. My Dear Governor:- that N Y, Bank this We are pleased to note in your favor of December 20th, your friend, Mr James S Alexander of the National Bank of Commerce, has expressed a willingness to send a responsible officer of his to Minneapolis to meet with us and go into the matter of financing proposition from New York. I wish you would kindly have Mr Alexander wire us so we may have information a few days or a week in advance if possible, of his associate's arrival here, so we will have ample time to call in the Executive Board. When said officer arrives here, we shall go into the very heart of this organixation from start to finish, as we want him familiar with every detail and plan of the organization. We propose to so carry on and manage our business that these loans will be liquidated and cleaned up at the end of each business year, which will be not later than August 1st, and every dollar borrowed will be used entirely and exclusively, and for no other purpose, except for the buyilaig of grain and carrying an the business of the local farmer awned elevators throughout the Northwest. The grain for which this money has been borrowed, will always be fully covered by insurance, and no Farmer's Elevator can commence doing business with us without first showing a clean bill of health - in other words, they must come to us with a clean slate their elevator plant must be paid for, and free from all liens and encumbrance whatsoever, as we are not here to take over any "lemons" from any of the grain commission firms who are now financing, and who have financed the farmer's elevators ever since their innaugeration into the grain business some 15 or 20 years ago. Another thing: a campaign of education will be directed from this office charging the stockholders of these farmers elevators with their moral and financial responsibility, and the Board of Directors of these elevators will be made to understand, that being elected as a director of a Farmer's Elevator Co. is not merely an office of honor, but their responsibility as a director, will be to direct, and if they endorse or authorize the execution of a note, that they will be both morally and legally bound until the obligation is paid and cleaned up. In addition to this, we will have a credit bond executed between the Farmer's Elevator Co, Government, or whoever may advance this money, and this bond will guarantee the payment of all moneys advanced under a certain line of credit, agreed upon and covered by said bond. In other words Governor, we propose to see to it that every dollar - THOS. E. CASHMAN, Treas. Director Minnesota Farm Bureau Owatonna, Minn. Federation E. H. CUNNINGHAM, Dir. Secretary Iowa Farm Bureau Federation Cresco, Iowa H. W. GREEN, Dir. -rain cy & Mgr. U. S. Grain Growers Sales Company North Dakota Farm Bureau Leal, N. D. Federation OF MINNEAPOLIS Corn Exchange, Minneapolis Mr B S #2. loaned to the Farmer's Elevator Companies is paid back to the borrower, as we know, that in order to perform the service expected of us by the American farmer, a reputation for square dealing and paying our Obligations, is the very foundation on which depends the life and success of our organization. Te cannot express our appreciation for the interest you have shown in this entire proposition, and I know we will have no difficulty in getting together with Mr Alexander, and we are ready to go over this matter fully just as soon as Mr. Alexander's Associate can arrange to be here. Wishing you Good Health and Happiness for the New Year, we are, Very truly yours, U S GRAIN GROWERS SALES COMPANY, TH/O'B. J. F. REED, Pres. THOS. E. CASHMAN, Treas. President Minnesota Farm Bureau Federation Gary, S. D. A. F. Sec De LSON, Vice-Pros. ilinnesota Farmers Grain Ass'n Benson, Minn. T. H. HAGEN, Secy & Mgr. Director Minnesota Farm Bureau Federation Owatonna, Minn. E. H. CUNNINGHAM, Dir. Secretary Iowa Farm Bureau Federation Cresco. Iowa H. W. GREEN, Dir. U. S. Grain Growers Sales Company North Dakota Farm Bureau Federation Leaf, N. D. OF MINNEAPOLIS Corn Exchange, Minneapolis January 2, 1 9 2 3. Beni Strong, Governor, Federal Reserve Bank, New York City, N Y. uy Dear Governor:I cannot find words that will adequately express my feeling of appreciation for the several letters received from you under dates of December 19th and 20th, and, circumstances over which I have no control, has made a more prompt reply impossible, as I have just returned from the 'estern part of the State, and even this morning I am in "high gear", as the first week in January is always the busiest and most important week we have in this State, as this is the week known as Homecoming reek at the University, with a short course and get together for the Farmers of the Northwest. It is also the week of the Annual Meeting of the Minnesota Farm Bureau Federation, and in addition, the Minnesota Legislature convenes this A M, so everything taken into consideration, we have before us a very busy week, and nothing would please the Farmers of the Northwest more than to have with them this week as one of their honored guests, Benjamin Strong of New York, and, from remarks that were freely expressed by delegates from various States, at the Chicago National Convention, I know that you would be very welcome to any State or National gathering of farmers anywhere, and now and here, in behalf of this organization, and the Minnesota Farm Bureau Federation - I have this authority, as I took the matter up with Pres. J F Reed yesterday - I invite you to spend the first week of January 1924, with the Minnesota Farm Bureau Federation, and with the farmers assembled at the Agricultural School for the Homecoming week next year, and I hope it will be possible for you to be with us at least a day or two, if you cannot spend the entire week. Our climate is not always the most inviting at this Season of the Year, but it so happens this Year, that it is unusually pleasant, in fact more so than we would like to have it - the ground is bare, and machines are being used instead of sleighs and sleigh bells. I was especially interested also to receive the extract from the Monthly Review of the Standard Bank of South Africa, under date of October 31, 1922, on the agricultural situation of South Africa. Along this same line, only the other day, Mr J WWard, Sect'y THOS. E. CASHMAN, Treas. a Bureau d.ary, S. D. ,-Pres 'armers Grain Benson, Minn. 7 & Mgr, Director Minnesota Farm Bureau Federation Owatonna, Minn. U S. Grain Growers Sales Company E. H. CUNNINGHAM, Dir. Secretary Iowa Farm Bureau Cresco, Iowa Federation H. W. GREEN, Dir. North Dakota Farm Bureau Federation Leal, N. D. OF MINNEAPOLIS Corn Exchange, Minneapolis MY B S #2. of the Canadian Council of Agriculture, and Mr J T Hull, Associate Editor of the Grain Growers Guide of Winnipeg, Can, called at this office for information as to how we were getting along with our plans for the co-operative marketing of the farmers grain of the Northwest. These men were part of a committee working out a plan for the cooperative marketing of the Canadian grain crops. This, only goes to prove Governor, that human nature is the same in Canada, this Country and Africa, and the minds and best thoughts of men everywhere are engaged in working out a system that will give the basic industry of the World a fair deal with every other industry, and, I am glad that men like you and James S Alexander, President of the National Bank of Commerce, N Y, are also giving this matter earnest and honest consideration. I enclose herewith the extract of a few remarks I shall make before the Farm Bureau Federation held tomorrow, also a program of the Minnesota Farm Bureau Federation, and the roll call of the Minnesota Legislature, and in mail tomorrow, I shall send you a program of the Short Course Farmers' Homecoming reek. Thanking you for your various commftnications, I am, Yours very truly, U S GRAIN GROWERS SALES COMPANY, TH/O'B. Secretary. m^aaR t.taaartiM sorAttf .sansriEvre yrffiqmo, is? anwolD ni Lt eLICAA.3111011M ailovientiM telinarb2c7 rno0 eastoosaA LUIS T1. iboa ielmalo31%3A lc llossio!) oalluAns`J a/1.1 Ic le bells° .r.AO ,30q1au17 to igue alswolf) alaT3.0d$ to analq isso S:lw vola -Asla:03 01eit ew svott 03 as ao1Jam-lo/s1 lot 0011-Ic .1,444110W ed: lo als-13 aistanal ad: lo 3s1101.wm 9V1 '9O-O3 ad3 1.42 -oo 0A: lo/ nada a luo 3stlitow eaJaimmeo s to :laq wiew sem 0aedT ewe Vao niens ast1.astli3 ad$ lo 3n/Je.Vcem ev/J010,40 a!!111164;1:!4tAghl#'11144ARue#gROA444.4.194%0X00.,MONVOI v--alww13 Seed lois &balm t3i bn.,44ol%1 6as aeveriw ,,aad 84441713 4.11-w 444LAsSali s ano 302231low al ,Las ledas -clove dale' iamb %1st o OltO'sd: /o vOestal ad: 2c J1,%ebsai0Li, aemat Las mox will ;lam led: ,y 1," owlesmo Io Ansa , 10:4= 1LL3alw13 Gala els liada I ekiel wel a lo 4,.alaae ad$ Adlwated eaoicn,-; ls itqa otla ooslomo3 bleitnollItebea arauid mai zL lo:iec to 1i8o ilcl 041 boa ,sollxiabe51 ssolla mai aiosennAT od: lc 4 orx bnaa !lade I Otttorao,:ii kna ,elOSsIslasJ otee'r.3a1m0001c7 talovw%. 4auso0 timit13sIntis1V0:) eirClsv 14(. 101 IAPI, WArsedT .7 .3 :912812.: 1781 e3O0enal- 3lo41:: 044 to'mat7; NV! COMMITTEE ON AGRICULTURAL LEGISLATION A. Wilkinson, Chairman 1 Dist. S. B. Shonyo, Elgin 2 " H. J. Farmer, Airlie 3 " R. A. Wilkinson, Lake Elmo J. R. Sweitzer, St. Paul 5 W. I. Norton, Minneapolis 6 0. P. Jacobson, Hillman 7 0. C. Neuman, Wheaton crictie 01:411nbsoia HOUSE OF REPRESENTATIVES 4" 8 9 10 FORTY-THIRD George H. Herreid, Deer River F. A. Green, Stephen Thos. H. Horton, North Branch At a gathering of members of the Minnesota House of Representatives recently a resolution was passed providing for a committee of ten members elect of the Legislature, one from each Congressional District, to meet and secure information and prepare bills to be presented to the Legislature when that body convenes January 2d, 1923, upon the subject of farm marketing, transportation, storage and other subjects along agricultural lines; also legislation on rural credits in comformity with the constitutional amendment passed at the recent election. This circular letter is sent to all Co-operqtive and Farm Bureaus, Commercial Clubs and others whom may be interested in legislation along the line suggested in the foregoing paragraph. The Committee will meet Tuesday, December 12th, 1922, in the Senate Retiring Room at the State Capital, St. Paul, and all parties interested are requested to be present or send their recommendations to the committee. Yours truly, R. A. WILKINSON, Chairman J. F. REED, Pres. THOS. E. CASHMAN, Treas. President Minnesota Farm Bureau Federation Gary, S. D. Director Minnesota Farm Bureau Federation Owatonna, Minn. A. F. TiLSON, Vice-Pres. Iinnesota Farmers Grain Benson, Minn. Decs Ass'n T. H. HAGEN. Secy & Mgr. E. H. CUNNINGHAM, Dir. Secretary Iowa Farm Bureau Federation Cresco, Iowa H. W. GREEN, Dir. U. S. Grain Growers Sales Company North Dakota Farm Bureau Federation Leal, N. D. OF MINNEAPOLIS Corn Exchange, Minneapolis January 4, 1 9 2 3, JAN Benj Strong, Governor, Federal Reserve Bank, New York City, N Y. My Dear Governor:Please find herewith enclosed, copies of addresses delivered at the Farm Bureau Federation yesterday, so you may know the trend of thought. Under separate cover, we are also sending you a copy of this Morning's Tribune with the Governor's Address. I was not so much interested in the Governor's recommendations, but the Farmers of Minnesota in the election last November reminded the Governor, and it was also their intention to remind Senator Kellogg, that these portfolios come from the people and not from Kings of Commerce, and therefore, in reading the Governor's Address this morning, I was particularly interested to know if in it there was evidence that this information had gotten to him. The feeling tmong farmers was more general that Kellogg did not understand this, and, in serving this warning upon him, the job was rather overdone - if I could have had my awn sweet way, Kellogg would have been re-elected Senator of this State by a majority of just one vote, and Preus by two, and I did not vote for either one - neither did I vote for Shipstead - but there were no tears shed around my barnyard on the grey dawn of the morning after when Shipstead was elected by a majority of nearly 100,000, which normally, is the Republican majority in this State, and the balance of the entire Republican State Ticket accepting the Governor was re-elected by the average normal majority. While Preuss was State Auditor and a candidate for re-election to that office, he was then advertised - over advertised - in other words he was then being groomed for the Governorship. I had this information two years in advance that Preus would be the Republican Nominee for Governor, and I for one, did not appreciate this inside information, as this kind of information never comes from the people. Preus is able, energetic, dependable, and in every way qualified to succeed Senator Knute Nelson, but with all his qualifications, he will never be Governor of this State, if he does not draw the line between the Powers that made him Governor and the Powers that will name Governors and Senators in this state from now on, as the intelligence of the people of Minnesota must not be under-estimated, and they have demonstrated on more than one occasion that they know how to vote. I merely give you this information Governor, so you may have proof positive, that the farmers of this State are not so radical as one might easily gather from information thru channels reaching Wall Street. B S #2. Trusting that you may be with us the first week of January year, which is always the week of the Annual Meeting of the Minnesota Farm Bureau Federation, and Homecoming Weak at the University, I am, next Yours very truly, U S GRAIN GROWERS SALES COMPANY, Secretary .1_71. 64,(_e_,_( H/O'B. Diet, but not proof read. (ELEASED FOR PUBLICATION IN AFTERNOON PAP::::5-, 1EDT7SDA1-, JA:. 3i THE U. S. GRAIN GROVjERS SALES COMPANY OF MINNEAPOLIS Summary Address oy T. H. Hagen, General Manager Annual Convention 73efore Fourth MINNESOTA BUREAU FEDERATION FARM St. Paul, Minn. Jan. 2, and 4, 1923. As manager of the U.S. Crain Gro,ers Sales Company of Minneapolis, I am glad to have this opyortunity to speak to the delegates of the Minnesota Farm Bureau Federation from every county of this state, and to so many mcn interested in co-operative grain marketing from all of the important grain gro;)ing states of the union, We, .iho are engaged in the :..usiness of farming, realize perhaps more heenly than those ;ho have merely seen told the story oi ho, hard farmers have seen hit the last three years. I have no time to "molly coddle" - I have taken a carsful and honest inventory of the Alole,situation - and the farmer, you and I - no one also - is to slame for the farmers rredcament today have been too easy going too Oegligent - too inactive - failed te give studious, earnest thoubht and consideration to the susiness end of our enterprise viz: that of marketing our brain and other products. But the farmers cf this country are non determined - their jaw is squarely and firmly set - as they can.so clearly see ',hat organization, leadership and sane co-operation-has done for every other important industry of the - land. What makes 'the purchasing poaer of a farmer's dollar only .hile the purchasing po,ier of other important industries stand today at ,::1.511.? The inewor to the question, ahan stripped of cunning and clouds of argument is this, that the Old Fashioned law of supply and demand operates perfectly and to a Queen's taste in fixing the price of a bushel of ,4het, and everything else the farmer has to sell, out that same old is knocked into a cocked hat and fails, utterly fails, to operate hen it comes to fixing the price. of a foot of lumoer, a pound of coal, a ton of steel, a gallon of gasoline, a freight rate, and everythi4; else the farmer has to suy. 6/4, all IS THERE A REMEDY? Yes, First: Get sack of the FaBureau Federation, the greatest and most important farmer's organization the orld has ever known, ana this organization is pLedged to an active nation-nide co-operative marketing program. Second: Be loyal - co-operate and .itick, and start this loyalty, co-operating and stickinb at home your local farmer owned elevator. Third: Push Sack oustacles and creak do-4n all carriers in the 'jay of your shiIping and carrying on your business .aith co-operative selling agencies, promoted and backed oy the Farm Bureau Federation. Don't pussy foot in any of these matters out, "take the oull by the horns", and cic btnJiness. It's up to you - (3t pack of this susiness program in a determined -ay, and in not so very many months we will be the largest cash, grain handling machine in the .world. Yes, in time, and in no very L;rat length of time either, will ae get in on the price dickering, in fact, if farmers will work their heads. in this matter, as hard as they have worked their hands and feet along lines of production, can .4ithin sixty months have a fair price cabinet..i3-4. absolutely fix the price of our ,.heat and other products to the, price, of i;asoline and othe,r stuff e have ji-eniiIh nho Sheet 2 ouy. Vi J aro layin, a foundation,air tight anU bullet proof economically - so much oo that we can now say to you that securing the thirty million dollars necoosary to finance the Farmers Elevators anu carry on our OUJin0Sj does not look anythind like the same obstacle that it diu six -weeks' ago - another thin, One of the large yaotern bonding companies otalas ready to undorilrite credit.bondo for Farmers Elevators doing business with us to an amount aL;gregating thirty million dollars, 30 you may know we are making progress each day. - If any one has the right to capitalize his experience for the hope and benefit Qf the future, the farmer has that riht and he will nqtrer bc accu3od of originating the idea of organization, and ey organization and not by price fixing lcgiolation must we pull ourselves out of the mud. Analyze carefully all propaganda -ent out for your con.sumption, and if against your own organization, Uon't be too quick to swallow hook, bait and all. If we follow our drain to the mills and exporters, and our liveztock to the packing plants, we are exceeding no speed limitS, nor are we violating any sound economic law, Farmers in other countries ,;() much further - so everything conoidered, our proposition is conservative - sound economically, highly meritoriou and justified from any and every point of view, and the U, S. Grail. Growers Sales Company of Minneapolis, 1.1clongJ to the farmers and Farmers' Elevators of Minnesota, North and South Dakota and Montana. .Ship your grain to Us as soon as you can 30 arrange, draw on UG 'aith bills of lading attachoa to drafts for 90 tercent of value of shipments. OUR MOTTO: We are resolved to conduct the affair3 of this company in the strictest honusty - to doal fairly and in the open with the public - to be just with employes - to put our best thoughts and our whole life and, energy into this very important cusiness, Right wins - always wine but hear yo! - YOU MUST BEGIN OR YOU'LL NEVER WIN! (1) As Manager of the U $ Grain Growers Sales Company of am glad to have this opportunity to speak to the delegates of the Minnesota Farm Bureau Federation from every County of this State, and to so many men interested in co-operative grain marketing from all Minneapolis, I of the important grain growing States or the Union. We, who are engaged in the business Of farming realize perhaps more keenly than those who have merely been told the story of how hard farmers have been hit the I have no time to "molly doddle" - last three years. I have taken a careful and honest inventory of the whole situation - and the farmer you and I - no one else - is to blame for the farmers predicament today. Te nave been too easy going - too negligent - too inactive - failed to give studious, earnest thought and consideration to the buniness end of oer enterprise - viz; that of marketing our grain and other products. But the :farmers oi this country are now determined - their jaw is squarely and einmly set - as they can so clearly ,see what organization, leadership and sane cooperation ha e done .or every ether important industry of the land. 71hat makes the purchasing powerofaearmer's dollar only640, while the purchas,ng power ef other important industries stand today at ;1.542 The endseer to the question, when stripped of all cunning and clouds of argument Is this, that the Old Fashioned and to a eueen's taste in Law of sweply and demand operates eerfectly fixing the price of a bushel of wheat, and every- thing else the farmer has to sell, but that same old law is knocked into a kocked hat and fails utterly fails, to operate when it comes to fixing the price Of a foot of lumber, a pound of steki coal - a ton of steel - a gallon of gasoline - a freight rate, and everything else the farmer has to buy. IS MBE A REKEDY? 1st: Yes, Get baCk of the Farm Bureau Federation, the greatest and most Farmer's Organization the "arld has ever known, important thd this organization Is pledged to an active nation wide co-operative marketing program. 2nd: Be loyal - co-operate and stink, and start this loyalty, co-operating and stinking at home - with your local farmer owned elevator. 3rd: Push bank obstacles and break down all barriers in and carrying on your business with co-operative by the Farm Bureau Federation. the bull by the helve'', and do the way of your shipping selling agencies, promoted and backed Don't pussy foot in any of these matters but, "take It's up to you - get back of this business. program in a determined way, and in not so very many months will we be the cash, grain handling machine in the World. of time either, will their heads in this we get in on the price matter, as lines of production, we can abetlutely fix the Yes, in hard as they time, and in no dickering, in fact, if largest very great length farmers will work have 'worked their hands and gaet along within sixty months have a fat:lees cabinet, who will price of our wheat and other products to jibe gasoline and other stuff we have to buy. business with the price of Te are laying a foundation air tight and bullet proof economically - so much so that we can now say to you that securing the thirty million dollars necessary to finance the Farmer's business does ElevaArs not look anything like the same obstacle that it and carry on our did six weeks ago - another thing, one of the large Eastern Bonding Companies stand ready to under- write credit bonds for Farmers Elevators doing business vith us to an amount aggregating 30 million dollars, so you may knew we are making progress each day. If any one has the right to capitalize his experience for the hope and benefit of the future the farmers has that right and he will never be accused of originating the idea of organization, and by organization legialation, must we pull ourselves Out Of the mud. and not by price fixing, Analize carefully all propaganda sent aut for your consumption, and if against your own organization, don't be too euink to swallow hook, bait and all. If we follow our grain to the Mills and Exporters, and our live stock, -2- to the packing plants, we are exceeding no speed limits, nor are we violating any sound economic lam. Farmers in other Countries go much further - so everything considered, our p0oposition is conservative - sound economically, highly meritorious and justified from any and every point of view, and the U S Grain Growers Sales Company of Minneapolis, belongs to the farmers and Farmer's Elevators of Minnesota. North and South Dakota and Montana. Ship your grain to us as soon as you can so arrange - draw on us with bills of lading attached to drafts for 90% of value of ahlpments, DU R CREED: We are resolved to conduct the affairs of this Company in the strictest honesty - to deal fairly and in the open with the Public - to be just with =mployes - to put our best thoughts and our Whole life and energy into this very important business. MUST Elam OR YOU'LL NEVER Right wins - always wins - but hear ye: - J. F. REED, Pres. THOS. E. CASHMAN, Treas. President Minnesota Farm Bureau Federation Gary, S. D. A. F. NELSON, Vice-Pres. Se, 'linnesota Farmers Grain De.. Ass'n Benson, Minn. T. H. HAGEN, Secy & Mgr. E. H. CUNNINGHAM. Dir. Secretary Iowa Farm Bureau Federation Cresco, Iowa Director Minnesota Farm Bureau Owatonna, Minn. Federation H. W. GREEN, Dir. North Dakota Farm Bureau Federation Leal, N. D. U. S. Grain Growers Sales Company OF MINNEAPOLIS Corn Exchange, Minneapolis January 3, 1923, JAN 5 Benjamin Strong, Governor, Federal Reserve Bank, Yew York City, N Y. Loose AT Dear Governor:- ii/e4 :5 Please find here enclosed program bulletin of the Ninth Annual Farmers'and Homemakers'Short Course, now assembled at University Farm, Saint Paul. I hope next year that you may enlist as a student of this course. Very Sincere4, U S GRAIN GROWERS SALES COMPANY, H/O'B. al - I.- --;.if . --.11,c-,q L,,tc .ae snad brl aTsgivtefleF ease_ ' ensitrul: 1:13unilit tsc wiroB 1 ic.;trv1nU le 9E1.M tijaleori 1 :791i 474. 4- f`.. Jenuery t", 1921. My dear N.r.,,.4ekeeret..., Unfortunetely, I have been lid up for a couple of eeekr, part of the time In 43hitietun nnd the rest uf the time in New '!erk, and so unable until to-day to acknowledge yeur two letters cf Januery 2. I am comeunicating with. rt.. Alexander end Leve no doubt that you will her from him ir e short time. We have all been tremendouely bdsy with the veer-end turrerer, but thet cleeld be letting up befcre long. New about that meeting to be held a year hence. If it is possible for me to et nut to Minteapolis in January; 1924, you can count upon my being there. It is P :ong way ahead an Teeny things can htnpen in the meertime which might prevent my going, but I want to go effort to do co. till maiezo a most determined I confidently expect if I do ree you then to find things very much brighter for ,11 the fermers of thiE country than they helve been recently. Even eince r3e net in Chicago there has been a decided tendency toward improvemert. Now in reeetr-4 to Mr. Alexander's interest in yeur organization. will of coures sirpect to take it ur on e businese beeis just em you eo. Fo AP I snid in Chicago, men's minds do not always meet in these ()attars, and If for eny reneon whet you dire to accomplieh dues not reeult you can he 2erfectly certein that it indicates no reluctance on his part or on mine to do everything possible to facilitate yell' program. ly advice would be to do exectiy es you state in yeur letter; open up the eubject to the core, Nhoever goes out January 6, 1925. #2 from the Bank of Commerce will be able to give some sound advice from the standpoint of the New York marketand you, on the other hand, will be able to give some sound informetion ap to conditions in yo,ur district end what is needed there. I only hope thst you are able to arrange something satisfactory. Onoe more my best thanks for your letter and for wishing me to attend your mooting. I wish all of you a very hapirf and orosberoue New Year. yours very truly, r. T. S. Hagen, Secy. & Mar., U. S. Grain Growers Sales Co., Corn Fxcbange, Minneapolis, Minn, BS.P4 January 8, L'923. z4y dear Theek you for your letter of the 4th eaelosing those ddressee, which I have read with fs, good deal of interest. about the election out your way. we had a E, Also for what you ,ffrite It certainly wa a turnover, but of court() i 1 ar sweep here in New York State, although I think it was more generally expected in our part of the country than it was in yours. You ere a better speechmaker than I air, and I have read what you sent me with a good deal of iutereet. I hole that you and your aesociates always have in mind one ireortent ielct - it is fundamental to the fermer's welfere. Po long as the Amerioan farmers produce r or 15 eer cent. lore than Americen eonsteeere can use, the Azerican farm industry will be to that extent dependent upoe foreign markete. The old economic law by Which a email surplus of given crop fixed the price for the whole crop is not geing to stop working, and it cannot be stopeed by .!.3gislation or organization or any other method. Of all olases in our country who are now affected by disturbed conditions abroad, I think the fermere are, witivut question, the etost imeortant. We need world tranquillity and confidence and a lot of reconstruction in the machinery which ensbles commerce to function, and we do not want to see the world, and especially the part that ve ere interested in, forced to curtail production, and consequently accept the need for lower standards of living. That eould be a confession of impotence that 8 hould oe abhorrent to every active American.. 2 January R, 1923. I hope to be able to visit you a year from now and to meet of your friends and associates out in the wheat country. nth kindest regards, I am, Yours very truly, Mr. T. H. Hagen, Secy. :1: U. Corn Exchange, Air,;:spolic, Minn. 2S.MY Grain Growers &leo Co., some E. H. CUNNINGHAM, Dir. Secretary Iowa Farm Bureau Cresco, Iowa Federation THOS. E. CASHMAN, Treas. J. F. REED, Pres. Director Minnesota Farm Bureau Owatonna, Minn. Federation President Minnesota Farm Bureau Gary, S. D. Federation H. W. GREEN, Dir. A. F. NELSON, Vice-Pres. Se De, "innesota Farmers Grain Benson, Minn. Ass'n T. H. HAGEN, Secy & Mgr. i U. S. Gran Growers Sales Company North Dakota Farm Bureau Leal, N. D. Federation OF MINNEAPOLIS Corn Exchange, Minneapolis January 10,1923 4p e< C. 40" ' met* . Benjamin Strong, e Governor eederal Reseeve Bk of New York, New York,E.Y. r My Dear Governor; have your favor. of Jan. 6th and Jan. 8th and I have noted the contents very carefully, it goes without saying that we shall be greatly pleased to hear from Mr. Alexander and i hope it will be possible for his representative to be here in the near future, as we are getting everything lined up and ready to go. I am very pleased to report to you that the general situation could not be more promising than it is, in every way. The friendly attitude,spirit of co-operation and promise of support coming to us, as it has from all quarters of the Northwest, has exceeded every hope and expectation, and the time is not far distant when this agency will be one of the very important cash grain handling machines of this country. We shall look forward to your being with us the first week in Januery,1924 and I shall then do my level best Governor, to convince you, if possible, that we might, in time,reach a stage of perfection of our organization where a surplus of 10% or 15% will not so entirely fix the price of a whole crop as it does now, and if we are not able to get together on this question I hope we shell both iive long enough to determine the qeestion by ectually trying it out. Awaiting to hear from Mr. elexander, and whenever you pass thru Minneapolis be sure thet you 1 t us know end if you have no better company We shall be pleased to h-ve you with us for a cup of tea. With kind personal regards, I am, Very truly yours, U.S. GRAZ GRTERS SALES CJITALY THH-G L-; a9lie 219WC 2.1.109ATAVIIU" rtioD C7) January 13, 1923. My dear Mr. Hagen: Thank you for your note of the 10th. it reached me after an aosence of a fsaw days, and that coming on tor of my illness has I shall do so the first -art prevented my seeing 4r. Alexander. of next week and will let you know what he says. ith 'nest regards, and looking forward to that cup of tea at the first opportunity, I am, Yours sincerely, Mr. T. H. Hagen, Secy. gt Mgr., U. S. Grain Growers Sales Co., Co rn Exchange, Minneapolis, Minn. 3S.MM Director Minnesota Farm Bureau Owatonna, Minn. Federation President Minnesota Farm Bureau Gary, S. D. Federation A ION, Vice-Pres. Sec. y Min esota Farmers Grain Benson, Minn. Dealezs As4'n T. H. HAGEN. Secy & Mgr. E. H. CUNNINGHAM, Dir. Secretary Iowa Farm Bureau Cresco, Iowa Federation THOS. E. CASHMAN, Treas. J. F. REED, Pres. H. W. GREEN, Dir. North Dakota Farm Bureau U. S. Grain Growers Sales Company OF MINNEAPOLIS Corn Exchange, Minneapolis 1 9J° V**** 1(1' O lb 91923 Nkt..,43 Yr. Benjamin Strong, Gov. Federal hank of N.Y., New York,N.Y. My Dear Governor; I am glad to have your favor under date of Jan. 13th and am pleased to note that you have fully recuperated from your recent illness and I shall be glad to hear from you after seeing Mr. Alexander. It is getting So late now that we shall not need anything like the amount of financial assistance to carry us thru the baLnce of this season,estimated when we parted in Chicago more than a month ago, as there has been such a decided improvement in the car situation and an important increase in the movement of grain to the terminals, but nevertheless anxious for the meeting with Mr. Altxander's associate, so that we may determine and know whether a working arrangement can be effected with his institution or not. Whatever we do noWwill merely be starting,in a small way, the arrangement that will fine the movement of that portion of the grain that will be marketed through a considerable number of the farmers' elevators in Minnesota, the two Dakotas and Montana,next,season. Mr, Reed and I are dated for a numuer of Farm Bureau and '. rain Marketing meetings in the two Dakotas so if you will kindly give us notice a week or en days in advance we shall then be gov,rned accordingly. appreciating your personal interest in this matter, we are, Very truly yours, U.S.QEAIN 007ERS CALL,S CJMPANY 71( Secre ITH-G Diet. but not proof read y we are J. F. REED, Pres. THOS. E. CASHMAN, Treas. President Minnesota Farm Bureau Federation Gary, S. D. ',SON, Vice-Pres. Sec y ,Imnesota Farmers Grain Dealers Ass'n Benson, Minn. E. H. CUNNINGHAM, Dir. Secretary Iowa Farm Bureau Federation Cresco, Iowa Director Minnesota Farm Bureau Federation Owatonna, Minn. A. T T. H. HAGEN, Secy & Mgr. U. S. Grain Growers Sales Company H. W. GREEN, Dir. North Dakota Farm Bureau Federation Leal, N. D. OF MINNEAPOLIS Corn Exchange, Minneapolis February 26th, 1923. -Atut c('3 AAt94 \r Benjamin Strong, Governor, Federal Reserve Bank, New York. 9-4)c pwia4 6-74,0 (444fILLIA,44_ dear Governor: I have your esteemed favor under date of February 19th, and I would have 1.'v-ritten an immaLiate reply but I have just returned to the office after a,week's confinement at home with the flu, but I will be up and. coming in 'another day or two. I am very sorry to hear that you are not enjoying better health, but with the approach of spring I hope you will soon fully recover. I am so pleased to have your letter and to be advised, that you have not lost interest, but that you will girt after our proposition just as soon as your health permits, Laft depend tt-ne-,: it, Governor, I shall keep you in the very closest touch with the proess and development of our organization, as we want every honest .iimerican, business man as well as farmer, familiar with every detail and plan of our organization, and we realize as keenly as ever the maolitude of our proposition and the responsibility of our undertaking, and. that was one reason why in the Very pioneer days of this gigantic undertaking you were invited to Chicago last December. The cooperative marketing of farm products, grain, live stock and cotton, in short, the business proem of the iimerican Farm Bureau Federation, is the most gigantic business undertaking by farmers ever recorded in the annals of history of any country in the world, aid we have sense enough to innow, Governor, that, in order to put this over in a safe, sotr..d, businesslike rranner, that we must have the assistance and. cooperation of the most We mist have intelligence able and. conscientious business men of .Lmerica. and. judgment of the highest order, and. we respect the genius , efficiency and. ability of the best men of Wall Street, and if you will came out nt month, set a date ten days or two weeks in advance, and. bring with you a few of the fair minded, broad gaged men of ..;all Street, Boston, Philadelphia and Chicago, then we will call a meeting here and, invite to the conference men of the same caliber from this and. other States of the 'diddle -,iest, bankers, labor leaders, frmers and business men, men of a ttpe who vil1 push .back all' boundary lines for a broad, clear vision of the whole situation and let us Let us have all be guided "by the highest motive ani the best thoujnt in us. but one thought in mind, and that to do unto your neighbor as you would have 1. him do unto you. If something is not done soon, Governor, to bring about a safe, sane, fair business Program we may be obliged to submit to an insane, radical political Proam. The banker, farmer, manufacturer, laborer, merchant and community are all dependent one upon the other. are partners. Our interests are common. Neither can enjoy the and prosperity at the expense of the other. 11 measure of hat_ierc, must be a spirit of fair play. None of us are so independent The farmer is an inas we once thought we we of one one The very nature of his business makes him so; but as dividualist. The day of individualism an individualist he is a business failure. it must be abandoned by the in other industries passed long ago; farmer, and the day of farmers organization and cooperative marketing Len who cannot see that are not only blind, but is here to stay. they are also deaf and dumb. - are now called upon as never before to toil, sacrifice and submit to discipline. The thoughts and minds of men must be This s unrest ev;rywhere must be settled and a safe, sane, stabilized. sound remedy that will cure this economic colic must be worked out, and it must be worked out by the best prains in America, and to work this Street as it is the job of the fail(,er out out is as much the job of here in the fiell, and I am :lad to know that you realize that this is Do your best and I'll do mine. your job as much as mine. via' 1.1r. ReeC, President of the Farm Bureau Federation, here at my side, joins me in this invitation to you and the best men you can find in the ::;,:Lst to meat with the best men we can find here in the Let us bring about this conference. Liddle West. Let us all get together and talk the situation over and as soon as we hear from you this conference will be arranged by the Linnesota Farm Bureau Federation with other important organizations of the Ttdn Cities cooperating, and me are ready for this conference as soon as your health will permit. Again thanking you for your earnest effort and cooperation. in this very important matter, we are, Very truay yours, J F REED, Pres. THOS. E. CASHMAN. Treas. Director Minnesota Farm Bureau Federation, Owatonna. Minn. President Minnesota Farm Bureau Gary, S. D. Fedemtion. A. `.- -SON. Vice-Roes. Minnesota Farmers Grain Dealers Ass'n, T. H. HAGEN, Seey & Manager. U. S. Grain Growers Sales Company Benson. OF MINNEAPOLIS Corn Exchange, Minneapolis Uve-e-e, 7 >e, E. H. CUNNINGHAM, Dir. Sec'y Iowa Farm Bureau Federation, Cresco. Iowa H. W. GREEN. Dir. North Dakota Farm Bureau Federation. Leal. N. D. E. H. CUNNINGHAM. Dir. Sec'y Iowa Farm Bureau Cream. Iowa Federation. THOS. E. CASHMAN. Treas. Director Minnesota Farm Bureau Owatonna, Minn. Federation, ..nesota Farm Bureau Gary, S. D. -SON, Vice-Fees. cc'y Minnesota Farmers Grain Benson, Minn. Dealers Ass'n, U. S. Grain Growers Sales Company T. H. HAGEN, Sec"), & Manager, H. W. GREEN. North Dakota Farm Bureau Leal, N. D. Federation. OF MINNEAPOLIS Corn Exchange, Minneapolis 6cA, a-,,c re - (4, , LI 6-576: ae-/ mzce:r 0.--,--t-dr( (9 6 o 40-6 THOS. E. CASHMAN. Treas. Director Minnesota Farm Bureau Federation, Owatonna, Minn. ...mes,ta Farm Bureau Gary, S. D. E. H. CUNNINGHAM, Dir. Sec'y Iowa Farm Bureau Federation, Cresco. Iowa -SON. Vice-Pres. ,c'y Minnesota Farmers Grain Benson. Minn. Dealers Ass'n, T. H. HAGEN, Sec'y at Manager. U. S. Grain Growers Sales Company H. W. GREEN. Dir. North Dakota Farm Bureau Federation, Leal, N. D. OF MINNEAPOLIS Corn Exchange, Minneapolis (*(k / t 1 //lf _/ VirE/ Vt/l/ p17,6 Ac rotL /34(1-0---v_e &4( L-a (A_J-ifGk (44 (77;p,_"( C4ce _y /7/7 CABLE ADDRESS "EDHOGAN"N.Y. AGENT FOR H. P. WEN IC WESTERN UNION CODE USED ,0RTH TELEPHONE 5524 BARCLAY. .440 weivr&I-1119 a no lel " " a REAL ESTATE -INSURANCE Tu,sERVI' BA." " FEDEYkNL BROKER AG ENT APPRAISER WOOLWORTH BUI LDI NG 233 BROADWAY NEWYORK, July 1st, 1919. HIGHEST IN THE WORLD. Mr. Benjamin Strong, Jr., Govenor Federal Reserve Bank, 15 Nassau Street, City. JUL?, lin My dear Sir:Mr. James F. Uurtis, 15 Broad Street, is negotiating the Woolworth with us'for the rental of space in Building, and has referred us to you as to his responsibility and desirability as a tenant. Any information you can give us will be greatly appreciated, and considered confidential. Yours very truly, E.J.H. Mc 49( LIBRARS 2 1.919 JUL Otcl Kfmc FEDERAL -RESERVE PVS0101..July 2, 1919. Dear Sir: Replying to your inquiry of the 1st instant, I beg to advise you that Mr. Jarne E, Curtis is the counsel of this bank and one of its deputy governors. He is resign- ing to form a partnership for the practice of law. I con- sider him thoroughly responsible for any engagement which he may make. Very truly yours, alward J. Hogan, Sag., 233 BroadOWbolworth Building, New YorA. B6//413B B a January 26th, 1916. Der Sirs; Enclosed please find the card of Benjamin Strong, Jr., which you will kindly attach to the brisket of T:rup, to bo sent to the "Rotterdam" on 7ednosday for Lr. John F. Harris, Suite 28. Very truly yours, Secretary to !Jr. Strong. Messrs. Janles B. I7eagen Company, Broadway & 42nd ::treet, 'New York City. VCM PAINTED BY MAXFIELD PARRISH FOR HOTEL KNICKEHRoCKEH HOTEL KNICKERBOCKER PRINT SHOE CABLE ADDRESS TELEPHONE.IgggHRYANT1 REGANPROP" DIRECT IMPORTERS OF SOLE OWNERS AND DISTRIBUTERS OF THE FINE VINTAGE CHAMPAGNES ENGLISH CUVEES CHATEAU BOTTLED RED AND WHITE BORDEAUX RED AND WHITE BURGUNDIES IMPERIAL RUSSIAN CAVIAR OLD KING COLE CIGARS LA CORONA CORONATION AND SHAKESPEARE ONE FORTY WEST FORTY-SECOND STREET NEW YORK V. C. January 27th 1916 cl.Laren, 3sq See-ty to Mr. B. Strong,jr Federal Reserve Bank of New York, City Dear Sir;We beg to ac owledge receipt of your letter of thY 26th"inst. enclosing card to be sen with the basket of ohn F. Harris on Wednesday, Februa 2d 1016. T anking you, we Yours ruly KruO 1900 to Mr. JA.lat3 NPORT AT ION COMPANY MANAGER 191