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/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/