View PDF

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

/0?

(1A6U,4644t es.'"V77,-

f
/
lefr /74- ,..j).ee

/9/E>




FIFTEEN NASSAU STREET

S6967)72

N E W Yo R K

January 4, 1918.

My dear Mr. Strong:

The enclosures will give you some idea of what a
salubrious party was had last night by one and all.

You

were ever present in our thoughts, and before breaking up
and as a fitting climax to a truly memorable occasion, a
toast to your health, wealth and prosperity was drunk heeltaps, and the following resolution was unanimously adopted:
"RESOLVED

to stand behind

Governor Strong until hell freezes over
and then some."'
Sincerely yours,

g13_61AAA-tv
Benjamin Strong, Esq.,
The Oluneden,
Lake George, New York.

DHB/LRL
Encs.

FEDERAL RESERVE

MMC4

BANK OF NEW YORK

CrFICE CORRESPONDENCE
To ______Mr_Strong____
11

Cate

Subject

October 9 1919.

_Dinner_to_Dir ec tors

D. H. Barrows

I have learned that October.?,1 will be convenient for all the
directors except Mr.

dward, who will be away from New York all October,

to attend your dinner at the Metropolitan Club at 7 o'clock on that date,
and have sent letters notifying them definitely of the time and place.
Do you wish me to send notices to anyone else?
t(10
DRB/LRL




FEDERAL RESERVE BANK
OF NEW YORK

MISC. 4.1-120 M-1-20

OFFICE CORRESPONDENCE
Mr. Barrows

July 14,

1921 192

SUBJECT.

Tc,

FROM

DATE

Governor Strong

Will you kindly circulate the attachea letter and report
Mr. Snyder among the senior

to me me when it is no

BS:11SI
En o.




officers and

longer needed.

from

the directors, and return same

FEDERAL RESERVE BANK
OF NEW YORK

MISC. 4. 1-120 M-1-20

C51-17-710E CORRESPONDENCE
To

Ifi

r

DATE

Aug.

3, 1921

SUBJECT:

FROM Goveraor Strong

The attached exceedingly interesting reportsfrom Mr. Snyder

should be read to our directors.

[7j

BS:MM

Eric s.




192

FpDERAL RESERVE BANK
OF NEW YORK

MI5C,4.2-30 1.0 10-21

O.

CORRESPONDENCE
Mr. Case,

FROM

DATE

October 9,

192, 2.

SUBJECT:

D. H. Barrows.

The dinner in honor of General Charles G. Dawes will

be held on Friday evening, October 13, at 7 Oclock, at the
Waldorf-Astoria Hotel.

Mr. Case:
Do you wish me to arra
or a room f9r you
League. Club'for the night of the lath?.

Ckultiutolt)




at the Union

4 411,W.A.4

FEDERAL RESERVE BANK
OF NEW YORK

,1SC. 4.1-30M 10-21

Oi.)110E CORRESPONDENCE
Mr. Sailer,
FROM

DATE

October 9,

SUBJECT.

D. H. Barrows.




The dinner in honor of General Charles G. Dawes

will be held on Friday evening, October 13, at 7 o'clock
at the Waldorf-Astoria Hotel.

1922.

,S...140MM-21

FEDERAL RESERVE BANK
OF NEW YORK

FOR FILES

C7)10E CORRESPONDENCE
Messrs. Bowers, Case, Sailer, Kenzel,
Cakey, Hendricks, Mason and Crane,
FROM

DATE

October 9,

SUBJECT:

D. H. Barrows.,

The dinner in honor of General Charles C. Dawes will be held
on Friday evening, October 13, at 7 o'clock, at the Waldorf-Astoria Hotel.




192 2.

WSC.3.1-75M4-21

FEDERAL RESERVE BANK

OF NEW YORK

Of ICE CORRESPONDENCE

meee_Ahmke 03,

f/l/t/L

To

_i_Mkiw_8tron6

FROM

shall be leaving on June 27th for a trip abroad, and will
probably be away

not less than to months.

Dr. Stewart of the Federal

And I can attend

Reeerve Board, end Miss bleecker will accompany me.

to mail, etc., without difficulty.
Neil Address - care Belie of

glend, London

Cable Address - care Bank of England, unless
specially advised to the contrary

Code messages can be sent through the

Code Department, with which hee been

lodged some private additions to the
code, and e set of test worde.
Ea arranging with Dr. Burgess to send

to me each week an

informal memorandum which will give me a picture of what is happening

VJJEL
in the various functions of the bank, and I am also arranging to have

N

forwarded regularly

(rN)5 1#1,%'

to me

g

mmi>All minutes of meetings

Daily Stetement of Condition

.D9ily Letter to the Federal

Reserve Board

Weekly Business end Financial Summery

6tekly Gola heport
Monthly eeview
Resort of Open Market Committee

But, in addition, I hope that the officers will not hesitate to keep me
informed of any mattere of specialinterest, by mail, or by cable if sufficiently important.

Mies Small in my office will look after

the forwardi%

of mail and seeing ehat cebles are coded.
I an arrenging, if necessery, to have
bank for my daughter,




meseegee sent through the

Mrs. watts Humphrey, who will be 4th me during the




4.

FEDERAL RESERVE BANK

4014 2,1

Or NEW YORK

0,.:7 PI C E CORRESPONbENcE
To_
FROM

.

Beall

2

Lron4;

Wort_ June a), 1925
SU BJ ECT

entire trip; and these on be forwarded by Miss Small.

Messages from

Dr. Stewart, Miss Bleecker and myself can be handled in the same way.

I want to

add a

word of caution about cables. It is co easy to

have (sables either, on the one hand, longer than necessary, or, on the
other /Mad, cryptic or ambiguous.

I have had endless trouble when abroad

in extracting the ref:paling from c,.bles which are not very carefully prepared

and reed over to make sure that the exact shade of refning is expreLeed.

I tope in obling me that this will be borne in mind.
....":>,) I hop that during my absence there will be no failure to obeerve
the rule that all decisions of ,Iny consequence

Isbell

be diecussed at the

Officers Council before action by any individual officer.




FILES DIVISiON
JUN 30 1925
FEDERAL




RESERVE

OF NEW YORK

BANK

FEDERAL RESERVE BANK
OF NEW YORK

MISC. 4.1-3014I 10-21

C -ICE CORRESPONDENCE
Dr. Burgess
D. H. harrows.

FROM

DATE
SUBJECT:

WHALEY-EA

June 30, 1925
ER OF

COMMENTING ON

192

UNE 27

S TRIP ABROAD.
0.411R,

You will probably wish to see this as

questions about it.




t
(..

obwepaper me ray as

WASHINGTON. D. C.

PARIS

MUNSEY BUII,MNC

10, SQUARE DESNOUETTES

(i9, BOULEVARD VICTOR)

WHALEY-EATON SERVICE
FOUNDED I919

American Letter No. 356.

June 27, 1925.

All rights reserved.

For Clients Only.

Dear Sir:

To those who know something of the decisive influence of American
financial policy in the fixing of major international programs during the past
few years the visit of Governor Strong, of the New YOrk Federal Reserve Bank,
to Europe is of special significance.

It cannot be forgotten that When the

Dawes scheme seemed hopelessly on the rocks, certain information reached London,

as to the American gold policy, that proved determinative in inducing the interested nations to accept the Dawes Plan.

Eighteen months of negotiation led

finally to the return by England to the gold standard, and that event is considered by Government financial experts as a greater consummation than the
Dawes Plan itself.

Part of the financial agenda all along has been the achieve-

ment of an harmonious course of action by all the great European banks of
issue.

Preliminary negotiations between such banks have been under way for

some time.

They have aS their ultimate object the return of all the great

nations to gold, and this involves a devaluation process in such countries as
Italy and France.

The financial economists of the various nations involved

have been engaged for weeks in preparing information on which to base conversations with Governor Strong, who will have at his side one of the ablest of
Washington's financial experts.

The results to be achieved will not immediate-

ly manifest themselves, it is probable, but the principles to be arrived at to
govern a common course of action will be far-reaching in their character.

bases will be laid, we understand, if all yes well, for (a) the moral, and
other, assistance of the United States in facilitating Europe generally to



The

6/27/25
'2.

adopt the gold standard and (b) the actual adoption of the gold standard by
Europe, in general.

This means stabilization of the exchanges not of one Con-

tinental country only, but of all of them that are of commercial importance.
Devaluation of certain currencies would be merely incidental to the general
policy.

It should be remembered that the Federal Reserve Banks are empowered
to

by law to establish agencies abroad, to purchase foreign commercial paper,
buy and sell gold, etc., etc.

When it comes, therefore, to pure matters of

business, involving private credit, tremendous facilities can be extended to
foreign commerce, entirely outside of political spheres.

America's

promise of

moral support to England) for instance, in the matter of gold, required no
legislative sanction and there was no occasion even to refer it to Congress.

Nevertheless, the method employed to bring about so highly important a result
was in line with the Administration's theory that the world's troubles are
mainly of an economic, financial and business character, and can be solved preferentially, and probably only, by the employment of accepted business methods.
It is for the foregoing reasons that European economists are inclined to regard
Governor Strong's visit as an event of major importance.

It is hardly likely

that much publicity will be given to the situation noted above, until and unless
definite agreements are reached, when official statements would be made, as
usual.

a. We have many inquiries as. to the probable course of money rates.
It is difficult to see howthe British can avoid some increase of
the bank rate, with its sympathetic influence on American rediscount rates, when heavy crop.purchases are made this fall. Yet
it is possible that no increaseewill be necessary. It is significant, for instance, that American deposits of funds in London
banks are growing in volume, attracted by higher earning power.
This process was anticipated, but hardly to the extent that has
developed.
So, too, the high price of rubber augments the underlying strength of British exchange.
Few experts believe that any
material hardening of money is in sight.
They keep emphasizing
the fact that one of the purposes of stabilization is to stabilize
the cost of credit and drastic changes in basic rates are scarcely
to be looked for. For admonitory purposes, a change of Y. in the
rediscount rate, combined with proper caution in open-market operations, has been found sufficient.
In addition, British industry is
vigorously opposed to carrying any heavier credit cost than it now
has to bear, on which account the bank rate is not likely to be increased unless the reasons therefor, in an economic sense, are very



FEDERAL RESERVE BANK
OF NEW YORK

MISC. 4.1-30M 10-21

C TICE CORRESPONDENCE
To __miss &nail
FRdni

DATE

June 50, 1925

SUBJECT :41HALEy_EATGN _ LacTER__GF _JUNE 27

-N,-Barraws.

COMMENTING DPI GOVERRUR_STRONG!3_TRIP_ABROAD.

Kindly send to the governor so much of the Whaley-Eaton letter of June 27
as relates to his trip abroad.




e' 192_
4';'414

MISC. 4

FEDERAL RESERVE BANK

1,004,-24

OF NEW YORK

OFFICE CORRESPONDENCE
To
FROM

Mr. Weisman%

DATE

October 22,

SUBJECT:

D. H. Barrows.

Referring to our talk this morning I 8ta attaching for your
information an exchange of letters with Mr. Hedges of Louis Sherry, Inc.

I told Mr. Voigt this morning over the telephone that you egreed with me

that the beet way was for him to drop Dr. Schacht a note in our care and
he said that he would do so.




-Tbs

1925.

mscA,,m1-9-23

0

FEDERAL RESERVE BANK

A

OF NEW YORK

E CORRESPONDENCE
Mr. Barrows

DATE__

Nov. 15, 194ig

SUBJECT:

M. S. Bleecker

I am enclosing check for $25. to cover cost of fruit and flowers
which you were good enough to send to the Mauretania at Mr. Strong's

request.

AK/




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