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IN a DEPT.

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RESERVE RA

FEDERAL

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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.

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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

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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

9JĀ°

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,

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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

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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'

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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

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