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http://fraser.stlouisfed.org/ 7, St. Louis Federal Reserve Bank ofGRACECHURCH STREET Lloyds Bank Limited, 11g HEAD OFFICE, POSTAL ADDRESS, G.P. O. BOX No 215. 71,LO/ABARDS!,E.0 3. TELEGRAPHIC ADDRESS. LONDON, E.C.3. "HHANCHAGE,STOGS, LONDON 6th July, 1921. Benjamin Strong, Esq., Federal Reserve Sank of New York, New York. I have your letter of the 21st June and hasten to say how pleased Dear Mr. Strong, we shall be to see Mr. to London. You may depend upon us giving him the warmest welcome. I hope you are well and that we shall see you here, too,some time before very long. Yours faithfully, /AAA-1'A? Director and General Manager. a r/ Founders Court, Lothbury, E.C. 6th Llarch,1910. Benjamin Strong,Jnr.,Esq., Ritz flotel, Piccadilly, 7. Dear sir, ,e have your letter of ye..:ter6ay's date enclosin 3rown Brothers j: Company's letter of Introduction, to have had the pleasure of seein 7essrs. rd hay hoped you before, especially as we now learn that your stay in Lond on is likely to prove rather short. heedless to say we shall be very glEid indeed to see you any time you can make it convenient to cill, except to- morrow afternoon, and if your enagements will permit of your rliking an appointment it would insure that some of our psrtners woulC be in to see you. In the meantiLle please adviL.e us if there is any way in which v:e can be of use to you during your stay in London. 3elieve us to be, urs faithfully, 7z7r 00 A I ly 41-;' 711. 37N 0 a N 31loadoilei 8 'a ( "( 1.11-xxx.s 17.611 (MET fa LE GRAMS H I G MC STE KNIGHTS LONDON I C STE SnntilYGM !:"--LazDz.noaDivaiS:W. NONE 1320 KENSINGTON 120 LINES, November 21: 21 r Lir Strol._, receivf your letter & 7rrmly for it. I see from have inadvel-tentlj given you the little Memorandum, which rrected in accordance with essed at 7ashington. All eliminates' the word "eli;rase as alterd is: "the ter a satisfactory basis for s finder the Act". This, d satisfactory in Washint:ton, meet your objections. I can apologies for you the y pocket, which was the sole o meet the present unemployilities Bill has been rushed n connexion with which my has been put on the advisory therefore hopin7. that we sha: ette OPS7 rierpd ce* ^n - ard , e TIIIf 44: AMBASSADOR. NEW YORK ( J4., Aa. 01-c_ ss 2 J'4 e;t-va e- ?e, --(2t7& 0--e-cy6A fr4- A (IA-a 6,41 Q. 9-Ce4 rri-L L0 /; ctA._,4 cc.k r 41- 7 c ot eL: 0-4-22.214.171.124 et_ y, LIN- ciALcti4 Xeritr Os a e_ 0'71/ CAA- X.L... et ecac j et..4-4.4,_ Acre-. Do A-14-1.-. /1-4- etat-cd-iv. 4-7 c-zi day or>1.9, A ettx.s 4-e_ [copy] The Ambassador, New York 20 th April [1928 ?] 1 Dear Mr. Strong IP York and still more distressed I was so sorry not to see you while in New sincere sympathy and best wishes for a to hear of the reason. Please accept my interesting time at Mr. Smith + I spent a most delightful and quick recovery. of Mr. Case and I cant tell you the Bank thanks to the kindness and hospitality how much we appreciated it. to you and am only so I enclose a letter which Monty Norman gave me personally but hope I may have a chance sorry that I could not hand it to you of meeting you another time. With kindest regards [signed] R.S? Hambro P.S. Please do not answer this letter. or 75, COPY January 9, 19140 Dear Sirs are Pomeroy is busy cleaning up his desk prepattatory to a trip to Africa, and I have undertaken to answer your letter of the 7th in his behalf. _ The enclosed copy of a letter we reoantly sent to one of our friends explains somewhat our position but I want to elaborate on it to you so farces I am abireable. Our examination of the State and Federal Law since writing the enclosed letter convinces us that we are without parer under the New York statutes, as they now stand, The principal obstaole as to trust to beoome a member of the Federal Reserve System. companies lies in the difference in reserve requirements, and the same is true of state banks in New York State, with the added obstacle that state bares are not permitted, under our Lau, to aan stock except it is aequired in enforcing collateral. While we have no formal opinion from our counsel, we believe it is their visa that New York State institutions would require a special enabling act generally, in order to voluntarily subjoot the institutions to the regulation, control, °zee:dilation, etc. provided in the Last year a oommission was appointed in this state to effect a Federal Reserve aw. thorough revision of our banking law. .ghat coamission is now at work and expects to report at an early date. I have been informed that they oontepplate an amendment to the law whioheill make it possible for state institutions to become member banks. In the meantime, I feel as to our own oompway we would likely be guided to some extent by a little better knowledge of the plans of those who will be ie charge of this great enterprise, and possibly even further, we would like to Yellow who will be the Federal Board of Management before we ooze to any decision. Our company might in two ways receive direct and tangible benefit from the plan. For some years past we have been developing a large foreign business in connection with which the facilities of the new system might be of some advantage to us, although probably not very great. VIS have also adonted the policy of purchasing a certain amount of Brine commercial paper) which would beiof a quality and character available for rediscount in case se joi_7ystem. On the other hand, we rarely have occasion to use currency in large amomifs, and the privilege of redisoounting would only be availed of by an institution like ours under one of two condi tions, that Is to say, in time of stress when we needed the aeoommodation or at such times as it would be profitable for us to rediscount notes at a lower rate than we bought theme success. an the One general attitude is to wish the plan every whole we regard it as ooeletructive legislation, but defective in detail, and in some respects unsound, bat nevertheless it is a start in legislation which is badly needed this country, and experience will doubtless facilitate improvement in the law as its defects develop. in I have written you a little more fully than we have felt willing to write to any of our oorrevondents, believing t at I might do so in oonlidenee, as we are determined that at to time may it be stated that we have discouraged participation tj state institua These institutions which are able to join the system and derive Lions in this plan. benefit from it we believe should very seriously consider doina so. Our situation in New York is peculiar and differs from that of any other section of the country, and must be considered largely in the light of circumstances which would control our action, but which would not apply to others. Very truly yours, April 12, 1915. Liy dear Sir Edward: Mile I realize the heavy; )clurdens you must be carrying those days, I hope that you may be able to spare tine no in regard to how matters are going. and then to send me a few lines It would be a great disappointment to me, if nu resignation from the Bankers Trust Co-pany to take my present position, cost me any of my old bankiw7 friends on your side of the water. I will be delighted to reciprocate, although this may not appear to be a fair exchange, as possibly, I am not now quite as busy as you are. It was suggested to my mind to write you for a little special information by r adinr a second tine your address to the shareholders of your bank. I am anxious juctt now to get the most reliable figures available as to the amount of note issues which have b on made in Germany by their war credit institutions and the amount and character of reserves, if any, held behind them. I an also !anxious to get reliable information as to the amount of increased indebtedness incurred conducting the war. the various belligerent nations for the purpose of All of thin can be compiled from various publications, and is boing assemhled,from time to time, by our men, but I would like to have information of similar character from you as a chock upon the accuracy of the sources of our information. You have doubtless observed tho continued ease of our money position in this country, and the extent to which it is reflected in securitli prices. To Gir 3dward Holden April 12, 1915. -2- some very interesting observations could be made on these subjects just now, chief among which, would probably be that the Yinerian temper-ment, enthusiasm and enterpris justifies considering everything possible when money is easy. Business conditions here are undoubtedly improving, but I shauk7say. not as rapidly as enthusiastic newspaper men are disposed to report. have shown an increase for some little time past. Bank clearings This is a very deceptive index, under -present conditions, whore the stock markets have been opened to freer trad6ng,and greater activity in security trading accounts,for the large part, if not all, of the increase. The over-shadowing development in our financial position is, of course, tie vast increase in cur credit power reason of rcserves,released through the operation of the 2ederal Reserve Act and the newly created lendFederal reserve banks. ing power in th The re-assuring results from this development are: First: The apparent disinclination of notional banks throughout the country to at once absorb these released reserves by the creation of new credits, and Second: The conservative management of the reserve banks and their willingness to hold their own credit powers in reserve. warn recards, believe re, Faithfully yours, Sir Ldward Haden, The London City & Lidland Bank, Ltd., London, England. L.:41-LC' BS Jr, kW THE LONDON CITY AND MIDLAND BANK LIMITED. 5, Threadneedle Street, LONDON, E. C. 24th July, 1215. PRIVATE & CONFIDENTIAL. My dear Mr. Strong: I am very sorry that owing to the strenuous times we have been passing through and in the rush of business, your last letter to me in which you asked me for an expression of my views, has somehow got mislaid. I hope, therefore, you will pardon me for not replying to it. I want to ask you now for your opinion on the following:Do you think it would be possible to get the Bankers of the Unitejtates so interested as to assist by putting out onedimillion sterling of 5 or 10 year bonds or nctes in your Country, all other things, such as interest, exchange, etc. being right? If you could give me your confidential cpinion on this point, I should be very much obliged, and will you kindly keep this letter private. With warmest personal regards, Believe me, Very sincerely yours, Benjamin Strong, Jr., Esq., Federal Reserve Bank of New York, NEW YORK CITY. 2 it Edward H. Holden. 8/13/15. .s U.S.Senate, 74th Cong.,2nd Sess, Special Committee investiDigitized for gating the Munitions Industry, pursuant to S.Res 206 FRASER 1 part 26, http://fraser.stlouisfed.org/ MUNITIONS INDUSTRY Federal Reserve Bank of St. Louis (Washington, . - _ _ U.S.Senate, 74th Cong.,2nd Sess.,Special Committee investigating the Munitions Industry, Hearings pursuant to S.Res. 206, part 26, p.8117(WashinfaffyniSig74sTriusTRY S 8117 EXHIBIT No. 2202 [Copy] [Private & Confidential] Ave. 13, 1915. . My DEAR SIR EDWARD: Your favor of the 24th ultimo has just reached me and I can thoroughly understand that you have found it difficult to keep up with your correspondence. Rather than give you an evasive or indefinite answer to the inquiry contained in your letter, I think I should say that this same inquiry has been addressed to me a number of times recently by friends on the other side and I have frankly stated that I would not like to express an opinion on this subject at the present time. There seems to be a very strong feeling here that the Federal Reserve banks are in some way a department of the Government and, while that is not so in a legal sense at all, I have felt it necessary to avoid any expressions that might give rise to embarrassment or criticism, and hope that you will thoroughly understand my telling you this frankly rather than evading an answer to your inquiry. There is one thing in connection with the attitude of your banks in regard to our exchanges which I find great difficulty in understanding. We are exporting from this country vast amounts of goods, foodstuffs, etc., which must be paid for. If English banks would open credits with their American correspondents in this country for the benefit of those who are importing these goods from America so that our own export trade were financed on dollar acceptances in New York, it would create a large volume of bills in our market and to that extent relieve the exchanges. You will say at once that these bills must be met at maturity and the same difficulty with the exchanges will arise on that account at a later date. That is true, of course, of any specific transaction (except the sale here of longtime bonds or a large amount of our securities now held abroad) but I think the fact is overlooked that, if a volume of say one hundred million sterling of bills were permanently transferred to this market in dollars, it would be the equivalent of a permanent loan and have exactly the same effect as would be brought about by a sale of bonds or notes. It would be the easiest credit to establish not only on account of the ease of money here at the present time but on account of the eagerness with which business of that character is now being cultivated by American firms and institutions. Again you may object that this means transferring a considerable portion of the pabulum of the London market and the profits of the London banks to New York banks and I think the answer to your objection is that the transfer may and probably will occur anyway and it is much better to do it now in an orderly fashion than after the exchange situation gets beyond control. Possibly a little later I may feel more at liberty to write you on the subject of a sale of bonds but just now there seems to be so much discussion and agitation here in regard to our neutrality, etc. that I hesitate to give free expression to my views. usting that you keep well notwithstanding the strain to remain BENJAMIN STRONG, Jr. dland Bank, London, E. C. . 2203" appears in text on p. 7850.) 2204" appears in text on p. 7850.) o. 2205" appears in text on p. 7850.) 1-41 p-rc /7( (l r7 vC/d' . IrCeitu (7;74neee-eY&Me/itjailiti/0MedeAzt "ecgov~t/-"ede,91taG 4-er4d-o/Mi#4 eZ, e.ioer/tiJeayny nae44-nerm/ (1;Yonelen/4R37,d4nle4a4aZnek4 Aereee6 -(1,/therdee-9oefde,e, AW01, ( PINAFORE ROOM.) -oN,e_%ezLekr///azie,/Mta/47.0Az ci)" /rn, 131.YKY i DINNER GIVEN By SIR EDWARD HOLDEN, Baronet, TO Mr. BENJAMIN STRONG, Junior, (Governor of dre Federal Ram Beek el New Yee ir. March 14ri, 1916. PLAN OF TABLE. SAVOY HOTEL 'PINAFORE ROOM). Form 2 6-15-175 M T w COMPAGNIE FRANCAISE DES CABLES TELfGRAPHIQUES NEW YORK. TELEPHONE, 451 452 BROAD. D ST, , (ALWAYS OPEN) 25 PULITZER BUILDING, PARK ROW. TELEPHONE, 2069 BEEKMAN. TELEPHONE, 1236 SPRING. TELEPHONE 394 FRANKLIN. TL...PHONIF., 1238 SPRING. 3 MERCER STREET. 1 WORTH STREET, 58 ROADWAY. . TcLcoHoNc, 1004 STtpr ...... 6 dillrTH AVENUE, 281 FIFTH AVENUE, T PARIS. 15 BOULEVARD MONTMARTRE. 63 RUE VIVIENNE. LONDON. 24 ROYAL EXCHANGE, E. C. 2 MINCING LANE. NEW BRIDGE STREET, E. C. BALTIC MERCANT SHIPPING EXCHANGE, E. C. 24 SOUTHWARK ST S. E. 38 VICTORIA STREET, WESTMINSTER. , HAVRE: 40 RUE DE CHIIOU. 30-32 RUE DE CHATEAU. BREST: AGENCY, 14 RUE VENUS. ANTWERP: ST. PIERRE, MIOVELoN. ONE, 397 MAOISON SQ. ORLEANS, MASS. WESTERN AGENCY. 118 NORTH LA SALLE STREET, CHICAGO, ILL. EDWARD C. SWEENEY, MANAGER. TIME - DATE fr / 4/1 The following MESSAGE is received via FRENCH TELEGRAPH CABLE, subject to the terms and conditions printed on the ba#Filitilef2thlcol?155?rat4fwd and agreed to. B STRONG JUNIOR GOVERNOR FEDERAL RESERVE BANK CEDAR ST NY iv LETTER RECEIVED DELIGHTED PROSPECT SEEING YOU HERE HAVE RESERVES TWO SUITES RITZ YOURSELF AND HARRIS WE WANT ENTERTAIN YOU AT DINNER ON YOUR ARRIVAL WILL IT BE SAFE FIX THURSDAY OR FRIDAY EVENING HOLDEN isfirTo reduce the risk of errors or delays, please file any answer to this message at one of the Company's own offices.Messengers may be summoned by Telephone for Cablegrams FREE OF CHARGE. Form 2903 WEST CAB Number 1 Time Filed Number of Words THEO. N . VA I Li UNION RAM PRESIDENT CLASS OF SERVICE DESIRED Full Rate Half Rate Deferred Cable Letter Week End Letter Patrons should mark an X opposite the class of service desired: otherwise FULL RATES will be charged SEE BACK OF THIS BLANK Send the following Cablegram, subject to the terms on back hereof, which are hereby agreed to Feb, 1, 1916, Holden, London City & MidL.nd Bank, London, Thanks for cable. Doubtful reaching London before I,riday. going at one to Paris, afar to await arrival before accepting kind invitation. Benj. strong. Marge to Federal Reserve 62 Cedar r.trect. BS Jr/VCII Possibly , I. RESERVE BANK NEW YORK Copy Translation E EGR 7 Prepared by. nteres e Check by.. Code used O. K. File Clerk (COPY) TEE LONDON CITY AND MIDLAND BANK, LIMITED 5, Threadneedle Street, London, E. C. My dear Mr. Jay: I have received your letter of June 29th. I was greatly shocked to hear that Mr. Strong, for wham I have great admiration and the warmest regard, was so ill as to necessitate his absence from the Bank for several months. I an afraid his boundless enthu- siasm for his work has led him to lay too heavy a toll upon his strength and, like many more of us in these awful times, he has not allowed himself sufficient rest and recreation. I sincerely hope his progress towards complete recovery, though it cannot be rapid, will be steady -Ind satisfactory, and if not troubling you too much, I should esteem it a great fnvor if one of your officials could advise me in a little time or Mr. Strong's condition. Should you be communicatiiv. with Mr. Strong, I beg you to kindly send him my sincere regards. Believe me, Yours very truly, (Signed) Pierre Jay, Esq., Chairman, Federal Reserve Bank of N. Y., New York. E. H. Holden. 1Lstes Park, Colo., July 19, 1916. Sir Edward H. Holden, Bart., London City & Eidland Bank, Ltd., 5 Threadneedle St., E. C., London, England. dear Sir Edward: office has just forwarded to me a copy of your kind cable of July 8th and I hasten to tel you how grateful your good wishes. I am for your expression of sympathy and f It lookdias though I had a rather bad knoo lout for a while back at the ofbut the Doctors are confident that fice after a rest and I am now plaAnIng-to_, S end the winter s are just what in Colorado, where the climate )1ndlurround ' i8 needed. or: shortly after reshe fact is I was taen i , you have not heard from turning home and that expld me long before this. Please Jc-ept this vel belated acsaes extended to me while knowledgment of your-Trial:7 cou ost grateful. It is a a. I was in London, 'b,-laa rdered out here into exile tremenduous disappointment\ just when I felt " hat impo t nt matters were to be dealt I shall have a little of'ork. with between Lone and Ile r an e closely in touch with my fice out here, at keen as I am to make progress essociatesi-iho art4 in developing the inlerhatiOnal features of the new Federal reserve! System. If the spitit should move you to write me sometime, a lette`,415;t_thisaddress will always reach 40 and will afford me a grew -deaf of pleasure. With every kind wish, I am, sincerely yours, Form 2903 WEST UNION CLASS OF SERVICE DESIRED Full Rote 7 16 75 NI F"""T' COMPAGNIE FRANCAISE DES CABLES TILEGRAPHIQUES NEW YORK. PARIS. 15 BOULEVARD MONTMARTRE. 63 RUE VIVIEN ST., (ALW1/0 OPEN) TELEPHONE, 461 462 8404. 26 B PULIT R BUILDING. PARR WOW. TELEPHONE, 2089 LONDON. . TELEPHONE. 1238 Srwinc. 3 MERCER STREET. 24 ROYAL EXCHANGE, E. C. 2 MINCING LANE. TELEPHONE 304 FRANIcLIN. 1 WORTH STREET, NEW RIDGE STREET, E. C. BALTIC MERCANTILE AND . TELEPHONE. 1238 SWUNG. 581 BROADWAY, 24 SOUTHWARK ST , S. E. SHIRRING EXCHANGE, E. C. 36 VICTORIA STREET, WESTMINSTER. 65 FIFTH AVENUE, . 57,79E3PN, TELEPHONE, 1004 , 8138,80N SO. HAVRE: BREST: ANTWERP. ST. P EET, SIGE:is received via 40 R U. ATEAU. VENUS. 3 FRENCH TELEGRAPH CABLE, subject to the tonna and conditions printed on the back hereof, which are ratified a - ILA 15a LONDON 35 ST RONG- CA RE NEVIYORti FEDE RAL E ARE PELIGHTED TO bvEtCUIviE t'0/ AND AFL OUP A ALLIES I Oi.N GBEAT FIGHT 1013 THE VI :72I CAT / SIB EPWABD HO LDE:', C HAI KA sir To reduce the risk of errors or delays, please file any answer to t pany's own offices.Messengers may be summoned by Telephone for C Form 1217 IliAS OF SERVICE DESIRED est Day Message Day Letter WESTE47Asm UNION ere. WESTERN UNION Night Message %wet..., Night Letter Potions should mark an X opposite the class of service desired; OTHERWISE THE TELEGRAM WILL BE TRANSMITTED AS A FAST DAY MESSAGE. do Receiver's No. Check AM Time Filed NEWCOMB CARLTON. PRESIDENT Send the following telegram, subject to the terms on back hereof, which are hereby agreod to Denver, Colorado, April 9, 1917. Sir Edward Holden, 5 Threadneedle St., London, England. are all deli,;hted to be with you and now assured. Benjamin Strong. Chg. Benj. Strong, 4100 Montview Blv. outcome is N., Deaver, Colorado, April 1.9, l:717. r 'Award: was most jratifyin,; to me to resolve. your cable and 1 know ust realize -dhat a great satisfaction it has beu to me to see and ry finally taking -part in this groat straaale to protect o English made inctitutions, All tho.aaht of half hearted par- n in the war has disapneared over here and our people era com- h gre._Itor onthveics-11 oven than I had hoped to en tribute every financial, econo:Lia and military - in aid of a successful and onclusion of the war. have felt during tho first twe'yors of tho war that you and kin,; friends of mine in island were foolin.; very keenly what to be an agressivo cam-oaign ou.the part of.Pmerican bankers to the Enalish bankin system. Lay I not remind you and others don friends of What I said at tho dinner Which the London Clearing orlittoo were 600d enouji to aivo r:4-i When I was in London: It be that one inevitable consoquonce of the war will be a. lo:s by treet of some part of its financial suprelAacy, not indeed because rs are sookina to ta'Ke tho busIne.;s away, but because the financial the war, t!lo interruption of co:amerco, he ti boina, inovitable. co=unication, etc., rakes Surely it is better that assistareo country in all linos should be freely =tended, rather thaq that uauization. of'coorcial ban1,:cin,; credits nould result as a. con- of the conditions. 2. To - Sir id7ard ?;olden. April 19, 1917. Our Government is now coiuitted to v. policy of financial assistance to the cause of the allies Which, in my opinion, will render all uncasiness or concern upon that score quite unfounded. Let us, thlirefore, bond our energies to the groat tao'k of keepini; thins goins, reLprdinis the facilities of New York and London as a cos funa, with only one object in mind End that it success. o :' You will bo interested to knoJ that ny oldest boy, 1:0D, who is a Sophomore at Princeton, has been mustered into the regular army and he, with about a score of his comrados, is just now.ens-,ged in guarclin about 300 German sailors taken From interned merchant vessles. 1 have no doubt he will be one of the first to cross the ocean wit any expeditionary force. I would go myself if health permitted, but I: ,could liko to have you and ng other friends in London apnrociste thct this is the only contribution rake in our common that I can cause and it is a very great ono. It gives no great satisfaction to,writo you this letter and to ea:prone the hone that from now on the new partnership hetwoen 1;n;land and the United States kill promote the development of our common institutions and closer boilds of friendship and kinship. With viriAost re arks, y. EJ:1, truly yol;s, Sir chard H. Holden, Dart., London City n ilidland 5 Threadneedle St., London, Enland. BS/CC Bank, Ltd., C. 7- THE LONDON CITY AND MIDLAND DANK LIMITED. p t -117 7 THE LONDON CITY AND MIDLAND HANK LIMITED. Urd ig17. (2) all of us who have sons at the War have to face. You do net tell me how your health is at I hope it is mainly re-established, because 1 take it that your entry into the War 7111 create many difficult problems, the solution of which will involve all ray banking friends on your side in long and anxious deliberations. the present tiftle. With warmest regards and best wishes for your personal welfare, BF:lieve me, Very sincerely yours, Benjamin Strong, Esq., e")., ://THE LONDON CITY AND MIDLAND BANK LIMITED. 5, Threadneedle Street) London, E. C. 2. ft Eay, 1917. c/ &/, Personal. Ey dear 11r. Strom; I have received your letter of the 10th fay enclosinz copy of an introduction to me which you have given to your eldest son vTho is going to France on Ambulance service. If he has an opportunity of presenting this letter, I need not say that I shall be delighted to see him and to do everything I possibly can to stay here pleasant ard agree.7.tble. With warmest rer'ards Yours very sincerely, C7 74, Benjamin Strong) .Federal Reserve BarJ: of 1. ew York, NEJ YORK :3ITY. his June 10ih, 1917. ry dear Sir Edward: :'any thanks for your kind letters of :ay 23rd -nd !;-,y 29th, the latter reaching no to-dtty. I vould have re- plied to yours of the 23rd some dpysago were it not for the pressure of vork during the placing of the Liberty Loan. ilv:t you say about my boy is very deeply appreciated. He is now in Frqnce, probably in Paris getting his fi- nal instructions before proceeding to the front. He certain- ly would have called at the bank 11:1d it not been that the steaner he was on landed at Bordeaux. Possibly, he will pre- sent the letter of introduction later when his work is finished. I am hoping in a few days to :rite you an account of the cork of selling ,'2,000,000,n0 of bonds. It as interest- ing and inspiring but greatest of all :In overwhel2ing success. Vith many thans for your kind letter and your interest in the boy, I an, Faithfully yours, Sir Edward H. Holden, 5, Threadneedle Street, bon:len, E. C., 2, England. BS VC" -2- 7o Eir Edvard Holden. 6/29/17. of the small allot:ients that to give up bonds even out country if there proved to be I would not be surprised they received. subscribers to the Loan. - -1 THE LONDON CITY AND MIDLAND BANK LIMITED. F, Threadneedle Street, London, C. (1,. 30th July, 1917. Ky dear Kr. Stron,:: Your latter of the 29th June came to hand, and while I am very sorry your son could not call upon me on his way to France, I look forward to the pleasure of having hi/til visit me when he returns. I quite a ee that your boys in going to France will serve t bring home to your people a To us deeper renlisation of what the War means. in this Country, t e sight of wounded men in the streets and elsewls.re has unfortunately long been familiar, and the/sound of the guns in Flanders - nt times distinctly,audible here - torrether with the occasional dropp ng of bombs on the City and the firing of anti-rircraft guns, brings the whole terrible business very ear indeed. I congratulate you all on the wonderful It speaks volumes for success of y r first Loan. the efficie cy of your arrangements and organisation. ith kindest regards, Very sincerely yours, 71 .11.141.-,14,14 r4.00..24. B. Strong, Esq., Federal Reserve Bank of Yew York, NM YORK. lb.1640. LONDON JOINT CITY r AND M I D LANC3,131111,NK LIMITED. F3 1 T1) Threadneedle Street, London, 7.1. 6).. L'41th. February 1P1P. M y dear E r. ST7DrEolnktsLIIRESE" 131. III Your letter of the 31st. Decent and the rublication referred to therWa, have come safely to hand, and I am greatly obliged to you for I sh'll read the book with thinking of re. particular interest as the subject is one in which, as you knc,i, T take el very special interest. I hope sincerely that your health kweps sati-,-fictory and I should very much like to hear that you intend 'Ve have shortly to make a visit to this side. already had the pleasure aril r-ivilece of receiving many of your distinguished countrymen here, an' should keenly enjoy a long tall, with you on the financial cuilook and other topics. With warn personal regards, Believe me, Very sincerely yours, 1210.01;',..CuAr=, w.v....0.044,,dtear.4444 Benjamin Strong 77.:sr,_., Governor Federal Reserve Bank N87 Ycrk. I send you here.,with a copy of an address recently 1elivered b.,y me at our Annual lleetinr of Sharehol'.'.ers. 9/24 1"ter! nor.r. , ci i 5 1) Lake George, 1%. Y., FEDERAL RESERVE BANK Tabruary '7, 1919. ry dear Sir Edward: I am very glad to have your kind note of the fifth inst ing of your great bank, ahich I would like to havo it, but hree months' rest up here in rk and help in placing the fully launched, there is a red trip to London. Had it year, but my health and the d to make it imooseible, am, rs, LONDON JOINT CITY AND MIDLAND BANK LIMITED. LonJon,'7.C. 17th. 1^1.- MAY 12 l'ersonal. Ly dear Li-. Strong, th. Fel,ruary, I received your letter of tie which you dtted from Lake George, and the repo give me of your health concerns me very much. I ir Afraid you Are now suffering the results of a long period of over vork ind Although -e are always reldy to -Tarn one another against corriting this flul-,1 yet we have all sinned deeply in this respect (lurinrr How could we help it the past four awful years. Let me Tirrre -7hile the great struggle 1/ As going on you as strongly 19 T can to now slacken off and t2.1:1 You have been shouldering 1 big ,burden more rest. during the War, And now is the time to unlrd a portion If I ray sly so, your of it on to A less tired man. services to tie F.R.B. are far too valu0,1e for you to nothing corld -ive me he handicapped by bad health. so much pleasure as the prospect of seeing you in '411d I do hope you will come over this year, London. will you Advise me in good time. ":ith warm personal re-trds, And sincerely wishing you a speedy return to good health, B-qieve me, Very truly Yours, LIBRARY MAY 13 1919 BANK FTTER:11U:,SEFNE May 12, 1919. P 21331,AI: My dear Sir Sdward: It was most kind of you to write mesu.7,h a friendly and sympathetic letter as that i;ust received under date of ATTU 17th, and I hasten to lot you know how greatly i appreciate it. 2heso last two 'ears hvo been hard ones, as you say, but it seems az thou6h the worst of it was now behind us, and after this I am hoping to take it easier. We have plenty to do, but I am glad to say that our organization is ib ekcellsnt shape. if it is possible for we to ger, to Europe this summer I shall hope then to have a nine visit with you. With kindest 1-egards, I am, Sincerely yours, Sir alwarci h. holden, London Joint Jity and ..:inland Bank, Ltd., 5 Threadneedle Street, London, J. 2, Sagl and. B3/MsB I.M016 JU L 191 \fiy .019 -ED ER IA. pear'Ar Eduard: I had exneotod to aril for Livorpool an the Baltic the 1st of July, but the schedule of the 'Mite Star Lino has become lomeat deranged on account of labor trouble at that port, so that my departure hoe boon postponod to the 12th Instant. V;ith kindest regards and looking forward rith pleanure to see Lug you [J.13E:An soon, I am, Sinoerely yours, .rt., Sir Edward H. Holden, London Joint City -nd 77idlfnd Bank, Ltd., 5 Threadneodle streot, London, England. U.4.41, tekr) 44414 Z-44-AtCf // / er s LONDON JOINT CITY AND MIDLAND BANK LIMITED. 5, ThreadneeIle Street, Lorion, E.C.2. 6th 19%1. Learn'. Governor, I ,.,ve received your leiAfr or 21st Tune enclostns a note of introductionie 7r. Pierre Jay. /' It will stye me very great pleasur/to see 7Lb. Jay if he is so mod as to call upon me ancy/I shall he only too har,:r,y to do anything in my po)ier to sive !VIII; a ooAlial welcome to London. rith kindest regards and best sis:aes, /Yours 'Benjamin Strong Esq. Governor, The Federal Reserv.? Bank of Yew York, '77 YORK, U.S.A. tti&V,Z1 June 21, 1921. Dear Sir Richard: This letter will be presented to you by my friend and associate, Mr. Robert H. Treman, concerning whose visit to London I am -ariting by separate letter. I feel very sure that you will find pleasure in hiking a chat with Mr. Treman, and he is looking for.iard to the pleasure of meeting you (luring his stay in Eng1L.nd. I have not hesitated to assure him that he gill receive a cordial welcome from my friends in London. Assuring you in anticipation of sty appredt,tion of any courtesy. you may show Mr. Treman, I beg to remain, Faithfully ymurs, Sir. R. V. Vassar-Smith, Lloyds Sank Limited, 71 Lombard Street, London, England. June 21, 1921. Dear Sir Richard: I beg to enclose copy of a note of introduction which I an giving to my friend and associate, Mr. Robert H. Treman, who is sailing for Europe on the Celtic on Saturday of this .veek. As you are coubtless aware, Ir. Treman is one of the members of the Board of Directors of this Bank, and was, until recently, one of its officers. Mile his trip to Europe is primarily for pleasure, he aill, I hope, take the opportunity, if time affords, to call upon you. You sill, I am sure, appreciate the opportunity of having a chat sith Mr. Treman, and I will greatly appreciate anything you are able to do to make his visit an agreeable and profitable one. Iith kindest regards and best iishes, I beg to remain, Faithfully yours, Sir R. V. Vassar-Smith, Lloyde Bank Limited, 71 Lombard Street, London, England.