Full text of Diaries of Charles S. Hamlin : Index-Digest of Charles S. Hamlin Diaries, Box 27, Volume 13, Reel 17, January 1-June 28, 1927

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THE PAPERS OF

CHARLES SUMNER F-AM IN
DIARIES

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P,

V. 13

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Federal Reserve Bank of St. Louis

"'7

V

DIARY

yoLumE

13.

1927.
January 1 - June 28.

Absence, Leave of
Federal Reserve Agent McGarrah told Board his health demanded
frequent trips abroad for rest and. hoped Board would =sent;
that he could arrange this with Gov. Strong without securing
prior approval of the Board.
All the members ap')roved but :Mier said it 7.as better not to have
any formal vote recorded as the Board might not wish to extend
this privilee to other F.R. banks.
Feb. 5, 1927. 49
C.S.H. fears above will prove embarrassing and that all banks should
Feb. 5, 1927. 50
be treated alike.
C.S.H. points out that record does not show the agreement to waive
approval of leaves of absence for McGarrah.
Miller at first claimed that Board had not waived approval.
Finally, however, the record vras recast in a very ambiguous manner,
C.S.H. stating his hope and belief that the Board will act in like
manner as to the other P.R. banks.
Feb. 7, 1927. 51
Abstract of essential dates
Chronological table. Wilson.
Feb. 25, 1927. 94
Se - Separate volume
Chronological table
Addresses
C.S.H. New England Bankers Association
:laplewood Club, White Mountains.
June 24, 1927.
Arthur J. Underhill, of Boston News Bureau, wanted to print part of
C.S.H.Is address as an interview. Called up C.S.H. at Mattapoisett.
C.S.H. said could not agree as rule of Board prohibited stL.tements
and interviews without express authority of Boa d.
June 28,1927. 197
Advisory Council, Reichebank
Board informally permits McGarrah to serve out term as.
March 9, 1927. 119, 120
See - McGarrah
March 10,1927. 121


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2.

4-vreement of Com2rom1.se
Executive Committee of Woman's Democratic Club votes to accent
nrs. PenliinF;ton's of -Ter of com:Tomise. 7hronologica1 table.
Feb. 28, 19 7. 103, 105
SA

- Se,
arate volume
ChronoloAcal tOole

Agriculture
See - HauLen bill
Albany, 7. Y.
E.P.E. leaves Washington

or liattL:.2oisett via Albany.
June 18, 1927. 191.

Leaves Albany for nP,tta.2oisett, via Boston.
June 23, 1927. 195
Alderman, Dr.
0.3.H. calls on, but found him ill in bed. Had talk o er te1e:211one
with him -t Charlottesville.
June 4, 1927. 180, 181.
Alexander, James
At Federal Advisory Council .;,:.i:7ovep nolicy of Board for cautio
us
buying of Govt. securities.
•

•

•

Favored Board's giving Federal Advisory Council reports of action
on recommentions of 02)en :larket Investment Corittee.
Said no more harm to let Council know of Board's nolicy than
to 1 t
directors of Fe,l-r"1 Reserve Bank, rer York, know of it.
Uay 20, 1927. 177.
Allied debts
Gov. 7orman tells 0.S.7.T. that the British Vht asreement )laced
a
grievous burden upon :;reat BritA.n.
Jan. 27, 1927. 29
A.:.en, Mrs.
C.S.H. meets :a's. k„e
New York

arion Cleveland) at Cleveland dinner in
nar. 18, 1927. 136

Amendment to Federal Reserve Act
C.S.H. tells Board :le is almost persuaded to favor an, separa
ting
the duties of Chairman and Federal Reserve Acent.
Jan. 11, 1927. 7
See - Chairman
Federal Reserve Aeent


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3.

American Bankors Associ.tion
s-Jeech at, attacicinp
Rumor that Cong. Wingo received $10,000 for
bill. Glass
ddn
:.cla
from
the reLioval c)-' Hull naendment
before
just
e
Senat
d
introduces resolution hich ,asse
adj.urnment.
Mar. 7, 1927. 11,
Anderson, Father
ion c rvice for H.P.H. and C.S.H. at
Holds a special comi...un
St., Wasirzton,n. C. (residence,
St. Agles Church, 46
103 Seaton Place) - in memory of Anna.
A-ril 26, 19-7, Tuesday. 155

Antiquities
See - Soc. of N.114 Antiquities.
Eustis, Gov.
Apneal to Federal Reserve Board. 48
See - McGarrah
Appleton, Sumner
to Society of
C.S.H. sends the Gov. Ylustis table and mirro
En -land :intic.uitier., in care of.
June 23, 1927. 195
Ar2raisal,.2 Raleigh Street
selected by
C.S.H meets Louis Goldschmidt, an ap7raiser
res, furniture,
fixtu
ric
'Charles Tyler who an ,raises elect
Very moderate.
$70.
for
etc. in 2 Raleigh St. sends bill
195
.
1927
23,
June
Attorney General of
, whether
Assistant Secretary :eney may ask o)inion from
-n
Agfmcy.
012))i
at
,t2Dt
be
unissued F.T. notes can
180
1927.
1,
June
June 7, 1927. 186
Auld Lang Syne
worth $10,000.
Curtiss sayr will look un value of. 0,-rtain1y
Mites later worth $100,000)
liar. 11, 1927. 127
Austin, Federal Reserve .103nt, Phila.
sinating Austin
Much dif erence of opinion in Board as to rede
for next ye. r, 1-ut no ::.ction taken.
May 16, 1927. 167, 168


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4.

-B-

Baker, Ray Stannard
on, prepared by him.
C.S.H. sends, a co .y of Life of Wils
Jan. 16, 1927. 14
of the best compilations he
Tells O.S.H. by letter that it is one
help to him in writing
has ever seen and will be of enormous
the Biography. 39.
See letter.
tells ;:rs. Harriman his firm is
Representative of Harper Brothers
7i1son an Baker selected Doubleday,
very sore becuse
on, althouch his firm
Pace & Co. to print biography of Wils
s.
had nublished =ny other Wilsln book
Feb. 9, 1927. 55
Banister, Miss
letter of Book Co..-ittee to
Calls up C.S.H. and reads proposed
ce for C.S.H.le oricinza
Mrs. Pennington, expressing preferen
sed to coi..,- ent on it sa;iing
chronolocical table. 3.S.H. refu
his work was finished.
See separ

- Chrono1ogicc.1 table.
Jan. 2', 1927. 16, 19

'Banister, Mrs.
t the chronological table
Tells C.S.H. she was much worried abou
on in unfortunate
for fear it might involve Mrs. W4ls
evtAive answer. She said
comnlications. H.P.H. gave :ler an
some eveninp with H.P.H.
she wanted to talk over the matter
Feb. 28, 1927. 106, 107.
table.“
See - Separate volume"Chronological
"Bane Sec. 4,Feseral Reerve Act
to banks in 7.S. and is not
Tyatt advises that reference is only
hsbank Advisory Council.
violated by McGarrahls sarvice on Reic
C.S.H. disagrees with this.

Mar. 9, 1927. 119

See - ::clarrah
Bank of Belgium
, New York, explained
Reyburn, director of Feeral Reserve Bank
aission on bills
corar
a
attitude of directors in charging
refunded up to the.
be
to
bout from, - which c0,3missim was
it, - on Which no
expirdt ion of the Bank ot England cred
coramissim was charged.,
a desire to help Bel-i.
'Allier said he op osed any co-a.ission from
Jan, 5, 1927. 2


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5.

Bank of Belgium (Cmtld.)
Jaaes said that a 06naission on :i?olish credit would be not
consistent wth Board's ex2ression of (Onion (but not a
condition) on the credit to Bank of Belgium.
June 6, 1927. 183
:land
Bank of Em,
says Millerfoucht the credit to.
Strong
Gov.
May 4, 1927. 157
See - Miller
Strome:, Coy.
was
James oposed collission on Polish credit, because none
charged. on Bank of Enrland credit.
June 6, 1927, 183
e
0.S.H. pointed out that 7-nk of Erkliand credit was in estenc
an
7uro-oe
other
of
y
ndentl
a sale of old., made indepe
the
central banks, while in the Belgian and Polis# credits,
banks,
l
centra
other
with
ction
ai-reealent was mae in conjun
and the co- dssion was a part of the joint Ecreement.
June 6, 1927. 184
100 million
The Bank of Prance -oaid off a war loan made by, against
l
of gold pledged as security, and later sold this to Federa
y
been
Reserve Bank of New York. Thirty millions had alread
York
shipped to U.S. when the Federal Reserve Bank of :Ter
d.
Englan
of
60 millions n-ith the Bank
earmarked the rezaaini
the
Later, the Federal Reserve Bank resold this 60 millions to
with
credit
ng
Bank of France, accel,tim.?- as payment a sterli
account
the Bank of Tsn:aand, Which is to pay interest on the
7ew York.
Bank,
e
Reserv
l
or invest it in sterling bills for Feera
192
June 22, 1927,
See - Bullock
Credit, Bank of Enland
Norman
Strong, Gov.
Beak of Prance
See - Bank o: Enpland
Bank of Poland
Harrison
Strong, Gov.
Bank of Italy
y Bank
Board considers application of, to consolidate with Libert
es.
branch
of
number
lpr,-e
very
Tvld
of America, 'which
Gov. CrissinEer, Platt, and Con-otroller, to *hon it had been


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6.

Bank o' Itcly (Cont'd.)
referred as a CaAAttee of Board, reported that this hal
been under advisement for over a year; that the State
Superintendent had aroved it; that there was no
injurius dhange in assets of the tro
Miller bitterly objected; said that the St,Tte SI.v)erintendent
was under the absolute control of the Balk of Italy; that
approval would be a violation of
we could not a., rove
Resulation H.
O.S.H. 2o:nted out that the only aplicable part of ReTalation H
was section IV (1), - th33hance in assets; that the rest of
Regulation H anjlied to the establishment of new branches,
whereas the branches o .. r the Liberty bank wore already
established.
Miller moved to lay on table a m -)tion to approve the coirg.ittee
re2ort.
C.S.H. said he iroulf1 vote Aye ..lerely to give :iille r tine to 100i(
into the mater more fully.
at more time but
did not
It soon became aperent
merger.
proposed
.e
t
really wanted to kill
Failed on tie vote.
Aye: :1;11er, OunninPlam, C.S.H.
No: Gov. CriBsinger, Platt, Coriptro_ler
Cunningham said he intended to move to postpone until a ocx., ,lete
e).amtnation h.d been mde by the Federal Reserve 4;ent, which would take months.
Adjourned until 2:30 p.m.
Miller stalked out of the room, stattng he would ndt come to the
afternoon ,aeetin, as W also Ounnincham.
They clearly were tryinj: to break a quorm.
I) ith Aim and ask Sec' Mellaito come
0 .1)troller asked. C.S. . to :
in and break the tie. The Secretnry, how,,ver, was out ()flown.
At 2:30 Gov. C., 36 .70109 Tlatt c.n.- the Comntroller were present ana
0unnini2ha,A, who had cooled off and seemed calm and even cheerful.
Miller did not apear.
' of the
The 0oilltroller said he had had a careful ex lAnation mad,


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7.

Bank of Italy (Contld.)
ben..;
Liberty Bank, in vier of its desire to becoe a national
satisfy
to
,
1
enou,-,
was
it
that While not a regular examination,
assets
him tl-..at the bank was in (:)od condition -).1 tiie chanGe of
n H,
Regulatio
under
on,
instituti
would not injure the consolidated
Section 4 (1).
Cunninelais motion to postpone IlenclinG ext:-..tion by Pederfl
Reserve AEent was then :rut and lost.
Aye: Ounnin ham
No: Ckiv. C., Platt, Cola:troller, 0..H.
e delay
The Comjtroller said that if Cunniniihan ranted a reacona7,)l
he nould vote to -,ostone action.
re2lied that ae wanted the f•,111 Board to pass u)._)n it, 1
Which ould have kaeant at least 30 days delay - until Ja.,.,e
return.
3.%H. exrlained his vote:
1.

The consolid.tion was lawful under California law, the
State Sui)erintend - nt having unc:ualfiedly approved it.

2.

No ciuestion of new 'cram...hes was involved, as all of the
Liberty Bank branr.hes hrul alr.- dy teen established.

3.

Only Se-tion IV (1) of ReTalati,-n H, was

4.

The Coin troller state& ti-..at he ras satified that
the dhane in 4-11sets was not injurious to the new
institution, and that Sec. IV (1) as not yioiatea.

on
ilatt..ovea to al),rove the concoli:,ation to take ef ect onl
a
for
agree
on
Corlort*
Bancitaly
the
t7-hzt
,n
of
255
Clan
more
hold
not
-,c)
:,eriod of 5 years' not
the sto.7:k of the Bank of Italy, nor of any independemt unit
bank in California.
Carried:
Aye: Gov. 0., Platt, Co. trDller, 3
No: CunninEham
.; that James
The Com_Aroller told C.S.H. after the meetint,
had told hi. he rould vote for the consolidation.
The majority felt it road be better to have the Liberty Bank
brouGht into the le.leral Rescrve S:-stei-a; that heretofore
it had ta',:en a nilmbr of banks out o^ the Federal Retve
Syste4.


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Balak of It..1y (Cont l a.)
that the consoli,7,,ted
The rik.jori* also distinctly understood
nal bank charter, _.nd
natio
a
for
institution would ap:)ly
situation in California.
felt this would hell) the branch bank
t made no recoi.l.andation but
In this case, the Federal Reserve Accen
petition to the Board. An exacainetion
simoly referred. the ,
majority felt that, would have taken several months and the
effect of the
on the only question before the Boz.rd, - the
troll r made such
change of assets, the ronort of the Co:Ip
es:ary and the Board
an examination of the Liberty bank tnnec
tion.
all kne7 the Bank of It.ly was in rood condi
Feb. 17, 1927. 71, 72, 73, 74, 75, 78
Bank of Poland
lookin: ir.to - Aan
Harrison tells Board his directors have :)een
h National Bank
for a loan to Poland and credits to the Polis
York might be
New
of
in vihich later the Federal Reserve Bank
asked to join.
such loan to be under the
Harrison said tile Polish did not rant any
had taken this
auspices of the L. of N„ as the L. of N.
uot, - which would
bankr
and
charge only for nations defea.ed
under consideration
ces
ausni
the
be a refltction on Poland; tlirt
Sulervision.
i.ovided for an International Co—dssion of
o over and talk the matter
Harrison said his directors wanted him to
he would not
over with Schacht, aov. Norman, et als; that
ve Board; that
Reser
L1
Feler
the
or
coin .it in any ra.- his bank
ion as that of
Ile would not ;resent the plan under considerat
y discuss it and reort.
the Federal Reser:e Bank but noUld merel
millions; that she was
Harrison said z'oland wanted only about 75
rhiCh he briefly
in good condition and had a stabili7c.tion plan
tive auld his directors
outlined; that both the Polish representa
might later be
felt that any line of credit in which they
with stabiliz. tion.
asked to particite should be in connection
rly representing Poland, had
Harrison said. that Dillon & Co., .7ore
banks, - including
been dismissed ana that a number of Yew York
for Poland,
g
the Guaranty Trust Comnany, - were now actin
all she wanted
d
but that Dillon & Co. were now offering Polan
without any condition for etabilt7..tion.
Gov. C., :flier, and. C.S.H. only were present.
going abroad in this
Harrison said Sec. :ellon strongly favored his
connection.
FtandinP that if
said he favored. Harrison's <oIng on the under
n, no definite
issio
Comai
nal
the L. of N. 0-oosed the Internatio


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9.

(Cont'd..)

Bank

agreement would be entered i-to, binAinE the Board or the
Federal Reserve Bank.
Harrison raid he r,greed to this; that all he would say to e.E.
,Icv. Norman that this plan had been sujfgested and that he saw
no objection to it if Gov. Norman (who originally favored L. of N.
control), an:, the others had no objection; that the principal
reason for his Eoin,cf over was that my plan adopted might
lead up to a request for come credit from the Federal Reserve
Bank,
The Board rent over this all the morn.nig and again all the afternoon,
Miler tciking continuously almat all day.
Gov. 7'. op osed Harrison's ,::oinE lest we might inject ourselves into
a delicEite internc.tional situation.
niller blew hot and cold and 0..H. t'Ains is op oced.
said stabilization of Polish currency will help our trade, that Poland buys a large amount of cotton from us.
Gov.

and .Aller insisted that Harrison write us 47. letter, to be
taken us Wednesday when James returns.

Later Harrison called uo C.S.H. at t'le Lee House and sLid Sec. nellon
!c.s much disturbed at the o. osition in the Board, and rould be
at the meeting on Wednesday.
Mar, 11, Frida:,
122, 123, 124.
Harrison ai,ain comes before Board and rent over Polish
James benefit.

tter for

3.S.H. laoved Board will interpose no objection. Lost.

No:

Platt
",ov. 1%, :iller, James

James insisted Board should arove or disapprove affiruatively.
Sec. ::ellon then came in and strongly approved Harrison's
iller su; ested that Board write a letter merely pointinc out the
difficulties in the minds of caae of the members.
0.S.H. asked if the f)roposed letter would be affirmEtive or necative.


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10.

Bank of

(Contld.)

Miller rellied - Neither
if he rould agree that the letter Should state
.
C.S.H. asked .1.11er
inter?osed no objection and then should point
Board
tAe
that
es in the minds of Rorie of the members.
difficulti
the
out
Miller would not a7ree to this.
• •.H. said - we have elven McGarrah power to act on Reichsbank
Advisory Council, includin,=. fixing of salary of Prelident of
Reichsbahk, control of note issues, etc., but we heSitate to
J.ve Harrison power to co-,Isult without actin6; - an absurd
▪Oition

Platt moved to ,a0v)rove, the proposed action of the Directors in
sending Harrison abroad, on the understandinc that he MEIM no
cauAitment.
Carried:
Aye: Sec. Mellon, Clrov. 0, O.S.H.
Platt, "filer.
No:

James

Sec. Llellon asked Jces why he objected and he Faid he feared tat,
WeF7t of the Ilississip2i River the fanaers woull criticise us
for helping to stabilize Poland currency while refusia: to
roJucts.
stabilize prices of their farm ,
O.S.H. pointed out that Poland buys large amounts of cotton from us
and that stabi1i7ation c)7 Polish currency will be a direct help
to every cotton producer.
3.S.H. believes Miler and Gov. O. really were strongly in opposition
but did not dare FO to vote.
Wed. ::ar. l, 1927. 130, 131
Harrison, returned 'ram abroad, comes before Board on Polish m:.tter.
He said Gov. Norman thought it excellent and raised no objection
because plan woad not be carried out through tL(' L. of N.;
that he thoilht it vitily iloortant for Poland to stabilize
now, at a tine she was 7:1111-1c to; that his only condition was
that the matter of extenaing the financial a:Arisers term beyond
the proposed 3 years be left to soe arbitrator and should be
settled apart from any -2olitical consideration.


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11.

Bank of tttly (Contld.)
France,
Harrison said he also talked with Gov. ::oreau of the Bank of
tions.
consider
l
who took the same vier, especially as to :)olitica
the
Harrison said he also talked with Schacht in Berlin, who took
that
and
sa-le vier, and said Germany exported much to Poland
stai1i7ation was vital; that he also said that ultimately the
Dantzig corridor must be chanf:ed.
he
Harrison said that, in corkliance rith the recast of c.11 of them,
Governor
as
Calais,
in
arranfed a conference at a little hotel
Norman did not rant to ,.() to Paris, nor Gov. :ioreau to London.
At thi.s conference Schacht and Gov. :loreau mot for the first time.
They all, except Harrison, agreed to Five credits to the Bank of
Poland if acked for.
Harrison said that Ginert in Berlin said Polish stnbiliztion was :ioet
desirable.
Harrison said he then consulted in London ith representatives of t
Bank of Poland, v'ho said the Polish Cabinet had initialled the
pro?osed plan, althou h the President held out for some time,
hesitatinr; to agree to stabilize beca:Lse he said he could Pet
ample credits in New York without any sta,bili7vtion apreement,
quotinz Dillon and Gov. Harding to this ef:ect; that it was
pointed out to him that his efforts failed 2 years bilo and that
another failure wo,ld injure France; t:1,:t finally he agreed upon
the terms.
Harrison said Poland 7o -ild hrin

tne matter up for ,ally soon.

Harrison said that one reas-11 for their distrust of the L. of 7. was
that they felt that the Finance Comiittee was dominated by Great
Britain.
Harrison said Poland wanted an American to be on the committee of
exports and hoped to get Dwi7ht ::orrow.
:nt that lemany could pay the
Harrison said Gilbert felt confid,
reparation amounts with same slight chan.:es in the acreement.
40v. C., C.S.H., James, Cunninham, and later, Miller, were present,
Monaay, April 25, 1927.
152, 154, 155
Harrison came before Board with a letter from the directors of the
Federal Reserve Bank, New York, outlininv a pro -)osed a.:.reement
to purchase, within 1 year, up to 10 millions, bills indorsed or
,:uaranteed by the Bank of Poland, other central banks having

t+,


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12.

Bank of1-44-y (Contld.)
agreed to take 15 million , - a total o

25 .aillions.

but
Nothih. was said in the lotter as to rates or couAssions,
agreement
the
approve
would
Board
hoped
he
Harrison told C.S.H.
leaving details to be worked out by the Federal Reserve Bank.
Present:
Sec. Mellon, Gov. C., Platt, James, lunninghaA, Comptroller
Harrison was not 1)resent at the meeting.
Miller was awa;! - a dentist apLmintment.
James asked as to Ccm..:iseions and "ov. O. said - 1/2 of 1% which rould
basely pay expense of Harrison's tri, cables, etc.
James said. a co,.1:l1esion ”ronla 'oe inconsistent with the attitude of
the Board on the Belgian credit. He also nointed out that the
Bank of England credit called for no comiaissii)n.
Sec. Mellon ap_lproved the comi ission.
C.S.H. pointed out that the Bank 0:7 England credit was really an
independmt sale of gold, while in the Belgian credit and this
credit it was an agreement entered into with other central banks.
C.S.H. moved to approve, all other Feder 1 Reserve banks to be allowed
to participate.
Carried unanimously.
Monday, June 3, 1927. 183, 184.
On reading records afabove meeting, Miller asked as to the rate and
Gov. O. said it ras 6% minimum, and that agreeiient was same as
Belgian credit as to exportatim of cold, etc.
Miller said nothing more and the records - ere aoproved.
Tuesday, June 7, 1927. 184

Bassell, Miss
We meet, at dinner at Lansings.
Sunday, 4.oril 13, 1927. 146
Bayard, Mrs.
Dines with

WI

t Woman's rational Lemocratic Club to meet Herman Gade.
Jan. 19, 1927. 14

lunches with, to ,.eet Rev. and Mrs. Rolr...a.1 Cotton Smith.
Anril 23, 1927. 131


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13.

Beleian credit
See - Bank of Belgium
Berkeley, California
See - ::ercantile Trust Co.
Berlin
See - Gine rt
Schaciit
Bethlehem Chal,e1
took cur
C.S.H. and H.P.H. nut palms on Wilson's tomb. The attencknt
cards and said he rould send them to Mrs.
Feb. 3, 19'27. 41
Mrs, raison never spoke to us about the palms. Probably she never
p:ot our cards.
Feb. 4, 1927, 48
Biggs, Gov. Federal Rererve Bank, St. Louis
Called on C.S.H.
JaLles said Gov. C. asked Aim to cane to 7!ashinton to induce Sen. Hares
to voe for the ::cFadden bill.
of
Jan. 24, 1927. 18
Bilis of exchange
See - Foreign bills
Bishop, Mr.
and. Gov. HardIng go by auto driven by, of Public
rork, to Bethlehei:, to attend meeting of N.E. Bankers
Association.
June 24, 1927. 196
Blair, Gist
We dine with :Ir. and Mrs.
April 1, 1927. 145
Blair, Woodbury
'Iorked hard for Tumulty :or :Ietro olitan Club.
1927. 146
Blake, Mrs. Arthur
.Sails June 25, 1927 for ,lotor tri: to Enr-lana. Refuses to ta::e
Aid rith her. To return early in A:J.,Tust.
June 17, 1927. 190
Blym
Ourtit-,F says Stockton ranted, one of his Vice 2resia nts as First
Governor of Federal Reserve Bank of 7ostnn.
Mar. 11, 1927. 127


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Federal Reserve Bank of St. Louis

14.

Board of Governors
Woman's National Democratic Club
H.P.H. to re?ort on PenninLton com.promie at next meetini-:.
Mar. 7, 1927. 116
Ratifies .ction of Executive Co1.1.4ttee in acce:dtin,g
Mrs. Pennington's conrprorni_ee
Mar. 9, 1927. 3.20, 128, 129.
See - Separate volume
"Chronoloplcal table."
Bolline, Bertha
,. Wilson very early one afternoon when H.P.H. was out.
Calls rith :r!
Jan. 28, 1927. 35, 40
H.r.H. told by :!I's. Wilson thpt, is t matinee; H.P.H. therefore,
Jan. 31, 1927. 37
diinot call.
We call on, at Porhatrn Hotel, for 1/2 hour.
Feb. 3, 1?27, 41
Invites E.P.H. to lunch vitl.

Wilson at Denocratic Club.
Feb. 12, 1927. 66

Elizabeth
Sk-s she rill look after Teusler children so :!re. Wilson can dine
Jan. 19, 1927. 15
rith us.
Taizen ill so can not.

Jan. 19, 1927. 15

Bolling, John Randolph
Tells :1.S.H. over telef)hone that Mrs. Wilson can not come to his
dinner to lade and thanks hin for the Wilson fticest.
Jan. 17, 1927. 1:
rs. Helm says Mrs. Wilson now knors of ;:rs. Pennington's offer
to, of 1/2 of the profits of the chrynoloEictl table but
thins, at once declined her offer.
Jan. 31, 1927. 36
Mrs. Helm intiraaed that Mrs. Wilson was angry rith ::re. Pen .inton
for writi
rs. Jones that, must hrve 1/2 of the profits.
Feb. 4, 1927. 44
1-Irs. Helm said :Iris. Wilson tol,f','-er she had seen a oo . y of a
letter from, to Mrs, Pen.lington declining to accept any share
of the .i.ofits, sayin.c: his won:- was a labor of love; that
she, .irs. Helm, believes lirs. Pemiington returned t".is letter
t'.:1s as heriry of
to, ho2in2 t make him reconsi:.-r;
foming,to act:e)t.


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Federal Reserve Bank of St. Louis

15.

So1lini7, John Randol

(Contld.)

Mrs. Helm tells H.P.H. she does not think, would dare to keep
anj letterr from Mrs. wilson.
Feb. 12, 1927, 66
Mrs. Harriman tells H.P.H. that Adcliral Grayson once tole her
that President Wilson said that, hela fotten on his nerves
and he wished he would keen him out of his room. This
when Mr. Wilson was ill on S Street,
1927. 68
Pe).
Mrs. Helm says serious embarrassment will result
the 1,rofits; that Mrs. 7ilson toll her that,
Penninton ref-aming to accept any share
Fe,. 13, 1927. 69,

if, tes any of
ad written
.
of the .irofit.
70.

O.S.H. and H.P.H. askAgimral and Mrs. Helm's advice as to his
asking Mrs. -iilson for an interview so as to tell her all of
the facts, which he bclieves, is concealind from her. They
both urcsed. C.S.H. to do this,
Feb. 24, 1.27. 91
See also:
Pages 21, 22, 34, 33, 37, 38, 39, 41, 45, 47, 48,
51, 52, 54, 56, 57, 58, 66, 67, 68, 69, 70,
91, 92,94, 95, 95, 104.
All the above are indexed in the seI:arate volume
"Chronological ta:ole.
Julian
H.P.H. _Joes to claltsi to give,' a paper nutter ::iven H.P.R. by
Harriet Rice, whinh he said he would like to co y,and met
Mrs. Wilson there.
Jan. 31, 19?7. 77
BollinE, Mrs. Rolfe, 15
Elizabeth Bolling, daugh*.er of
See su.ra - Bollin:, Elizzibeth
Bolling,
.vm
Operated on for double nastoiditis.
Jan. 19, 1927. lj
Book 0m,L.ittee, roman's National Democratic Club
Pae;es 15, 21, 23, 7.3, 54, 55, 71, 91, 94, 98, 99, 103, 105, 115, 129
All -bove are digested in se?arate volume "Chronological table."
Boston
See - Raleigh Street house


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Federal Reserve Bank of St. Louis

13.

Boston bankers
redesicnation.
CorsAroller says, are z.l1 friendly to Curtis
170
1927.
13,
May
Boston Nev:s Bureau
Underhill of, arranges quotations from C.S.H.IsMaplewood, N.H.
speech in form of an interview and calls up C.S.H. at
nattapoisett after sendin MIL a coy.
C.S.H. tells hi.1 it is a:,1r7t the rules of Board to pive our any
asks him to strie
statement not approved by Board. 1
11 which he agrees
News
Bureau,
Boston
the
to
stItement
a
"in
out
to do and does.
See sera, bodk.
June 28, 1927. 197
Boston Trant-cri2t
EcUtion or Feb. 5, 1927 speaks of a judGment for $10512 against
MargFret Woodrow Wilson, d.auL'hter of ?resident Wilson, on
4 ;. ?roi.lissory notes, dated Jai. 12, 1923.
Pe. 5, 1927. 50
See scr:_:. -) boo.
Branch, Charlottrokile.
See —

133

Branches
See — Bank of Italy
Federal Reserve branches
Bralches, Forei
Soy. Strong o, osed to, of m-ti-ml
nay 4, 1927.157
Brandeis, Judge
0.3.H, rrites, as to old controversy bet,7een Curtiss atd Wing
in which Brandeis's fina acted as Counsel for Curtiss.
Jan. 14, 1927. 11
See — Curtiss
Bratenahl, Dean
We eet, at (linnets with Sertrude Myer.
June 11, 1927, 167
and !Irs.
Brooke,
We talce tea with, to meet Sir Edwin Lutyens, architect for
British EMbassy and a very old friend of
11.-)ril 14, 1327. 149


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Federal Reserve Bank of St. Louis

17.

Bruce, Sem.tor
We dine with Sen. and hrs. Bruce at Democratic Club, at zress
j.ven by Richard Cleveland, Mrs. Wilson was at our
Feb. 19, 1927. L)
We lunch with Senator ancl :1rs. Bruce.
Sunday, Jan. 16, 1927. 13
Sunday, Feb. 20, 1927. 83
Bullock
lov. Norman and Deputy aov. Bullock of Bank of England cane to
Washinton. niller gave them a tea, which C.S.H. urPgretted."
Jan. 25, 1927. 12
The Board gave them a lunch at ::etroolitan Club.
Jan. 26, 1927. 19
Burgess, Assistant P.R. Agent, New York
Comtroller tells Sec. i:ellon that BurEess can get only 4 votes
for Chairman and Pef.eral Reserve Agent, andajvised him to
drop the matter, as he knew that James, :liner, Cunnin..-:lieuiL,
and, he thought, lov• C. had agreed to vote against him.
C.S.H. told :omptroller he t..ought lov. C. might vote for him, but
Platt would not.
Comptroller said idellon would drop the caLtter.
A letter to Burgess as to Snyder was read; it was directed to Bure s
as Assistant Federal Reserve Acent,
pointed oat that he was not ",!xtine Federal Reserve 41,..:ent."
;:illar and James objected to so addressing
Com,troller told 0..H. be believed the "bloc" were deterdlned to
"down" Secretary 1:ellon as to Bur,--,ess.
Jan. 4, 1927. 1, 2.
C.7- H. tells :lellon only 3 votes sure for Burgess - C.S.H.,
Comjroller, and Sec. Mellon; that :oossibly, we might get
C.; that this would mean a tie vote which would not
elect 'al_
Sec. Udion scid. that as the Ner York directors were agreeable to
McGarrah it would be better to drop Burgess.
He said friends of his

n Pittsbur,I; wool& gladly pay Burgess more


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Federal Reserve Bank of St. Louis

18.

Burgess, Assistant F.R. A„gent, Ne

York (Oontl d.)

than could. the Federal Reserve Bank but he did not like to
have this done in opposition to the bet interests of the
Federal Reserve bank.
C.S.H. said it vas 7 e1ici:us1y humorous to see Board ieinbers who
feared and hated Wall Street, pars over Burgess rho had no
a Wall Street magnatel
such affiliatioa and choose
Jan. 3, 1927. 3, 4
Board voted to ask .1cGarrah to re)ort on sa ested increase of salary
Feb. 5, 1927. 30
for Burgess.
0.S.H. spends day with Burgess at Fear.ral Reserve Bank, 7ew York.
Mar. 18, 1927. 133
Burleson, hrs.
Mrs. Cunninn tells H.P.H. no record was made of Mrs. Pennington's
of-Ter, as she was ill and, kept the records in a very incomplete
manner.
Feb. 22, 1927. 84
Burns, Robert
See - Auld Lang Syne
Butler, Nicholas Murray
7rites '3.5.7. that the Carnegie Enlorment -ill invite Z. . pease
. Toup of editors.
to pr.o abroad with the ,
May ;-;, 19°7. 157
Butler, Sen. Mass.
Gov. Cox tells C.S.H. that, kent his hands of:' as regards
reap ointment; that Butler ':as a F:rect failure as a pUblic
speake -; that the rank ani Me of the Republican Party did not
know him and were not ii:r2ressea with him.
Jan. 7, 1927. 5
By-laws
the
Federal Reserve Bank of New York makes a new by-law
Chairman, the Chain-en of the 11xe cut ivr, Cora, iittee, insteaf, of
the Gover- lnr, as hereto 'ore.
Feb. 3, 1927. 48
C

susgents to :Iclarrah =other by-law fixing who should
preside at Executive Committee nee:tin -s then the Chairman is
absent.
Feb, 5,1927. 50

Hoard approves above new by-law.
Feb. 7, 1927. 51


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Federal Reserve Bank of St. Louis

19.

Calais, France
See - Bank of Poland
CA.ifornia
See - Bank of Italy
Branch banks
California oil Cornorcetir.n.
See :liner
Strong, Gov.

159, 160

California Superintendint of Banks. 71
See - Bank of Italzr
California unit ban. 75
See - Bank of Italy
Carlton Hotel, Washin7ton, P. 3.
lunches at, with Tooley and Reyburn, Directors of F. . Bank,
New York.
Jan. 5, 19!27. 2
Carnec;ie Endowment
At C.S.H.Is reque:t appoints Z. 7. Pease on Lroup of Editors to
be se:A abroad.
May 3, 1927. 157
CLrrick, Federal Reserve Bank of Bo,ton
Boi-.rd increases salary of, Secret-ry and Assistant Counsel from
$7500 to $9000.

Gov. 3., Platt, ComptrolLer, James and C.S.E.
ro:
Cunninf,ham.
Feb. 3. 1927. 41
Case, Denuty Governor. 59
See - Discount rates
Castle, Assist:nt Secretary of State
Assistant Secretary Dewey says, said would be a very unfavorable
time to take up vith Cuba Gov. Str-)n Is sue-estion of a ?Ian in
place of the Cuban Al-ency; that the Pan American Financial
COnference vas to meet in Cuba in December, 1327; that the Cubans
would resent it; that it would cause trouble in our relations rith
South A-Lerica as well as Cuba; that neither he nor Mr. White seemed
to ap:rove the plan on its merits, but felt the regency should
contini
t least for the 2resent and perhans well into the future;
that in no event woald the State Department even consider it until
after the Pan Atheric-tn Conference.
June 7, 1927. 15, 186.


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Federal Reserve Bank of St. Louis

20.

Cathedral, Washington
See-- Bethlehem Cathedral
Central banks of urope. 122
See - Bank of Poland
Centralization of authority
Curtiss says the article in the Wall St. Journal that the Board
intends to centralize bankinc operations in Washington is causing
great excitement; that in appointing Ur. ..cGarrah the Board has
chosen one of J. P. MorgFinis "Office boys."
Mar. 11, 1927. 125
See - Federal Reserve Board
Wall Street Journal
Chain bankers
Rumor that, spent over $130,000 lobbying for Hull amendment and that
Cong. Wingo was paid $10,000 for attacking omission of Hal ametdment
from McFadden bill.
...
Glass resolution.
Mar. 7, 1927. 118

.

. .

Chairman of Board, Federal Reserve Bank, Ne York
McGarrah comes to Washington to discuss with Board the matter of
Federal Reserve Arent and, to Which Board wishes to appoint him.
Jan. 11, 1927. 6
See also:
Pages 7, 8, 9, 10, 11, 48, 49, 50, 51, 119, 121, 130
under heading "McGarrah"

See also:
Curtiss
Glass
Miller
McGarrah
Wall Street Journal
Charlotte, N.3. branch bank
Board authorizes Federal Reserve branch bank
Aye: Sec. Mellon, Gov. C., C.S.H., Comptroller, Platt

No:

Miller
Feb. 25, 1927. 101
See - Miller


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Federal Reserve Bank of St. Louis

21.

Charlotte, N.C. branch bank (Cont'd.)
he had voted
Miller cal led. ottention to newspaper clii;ping statin6
against Charlotte branch.
Demanded investigation whether any member had given out this
information to the press.
C.S.H. said he had given no information to press, but had had several
interviews with Sen. Simmons since the vote of the Board, and the
fact that only 1 vote was cast aiainst the branch was discussed.
C.3.H. believes Sen. Simmons obtained his informati, m about :illeris
vote from either lov. C. or Platt, and knew it when he talked
with him, but C.: .H. told Miller that if Gov. C. and Platt said
they did not tell Sen. SilLions of this, he - C.S.. - would
assume all responsibility for it. C.S.H. added that he explained
to Sen. Simmons that Miller admitted there were some good reasons
for the branch, but that he had consistently voted against further
branches and :elt obliged to vote against this one.
Miller savagely interrupted C.S.H. and K.id he did not core to hear
what he maid to Sen. Simmons.
The other members disclai,:led having given this information to Sen.
Simmons, in reply to a categorical question from Miller, so
C.S.H. said he would assume the responsibility, although his best
recollection was that ::Sen. Simmons had told him as to lAlleris
vote before the question was discussed.
Miller had had an old circular of the Board, which, however, applied
only to press communications, and had no application to this case.
Gov. C., Platt and C.S.H. said there was no impropriety in giving
this information to an interested Senator, as he could have his
committee call on the Board for its records at any time.
Miller was very ugly, making barely audible statements as to breach
of confidence, etc. etc.
O.S.H. then quietly brought un the Tall Street Journal article on
the centralization policy of the Board.
See - Wall Street Journal
This ended the matter.
The assurance of Millert He told the German Ambassador of the Board's
action as to AcGarrah remaining a member of the Reichsbank Advisory
Council and yet denied right of any member to discuss the Charlotte
branch wiLh an interested U.S. Senators
17, 1927. 133, 134, 135.


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Federal Reserve Bank of St. Louis

z.

Charlottesville, Va.
We visit, incluainontice11o,Ptc.
June 4, 1927. 180
Charter renewal, 11.7i. barl'-:s
Glass says he re6rets, if the attiti ac. of the Board as to
centralization of authority, as stated in Wall Street Jcyarna,
is correct.
Mar. 7, 1927, 118
See - Wall Street Journal
0.3.H. tells Board of above conversation and ss Glass is soon to
write Board about it.
Mar. 17, 1927. 135
Chevy Chase 3lub, 123
See - Curtiss
Chieso. 118
See - A.lerican Bankers :_ssociation
Glass
Wingo
China
Richard Cleveland delivers an a1:.1 ress on, before Woman's rational
Democratic Club.
Feb. 19, 19?7. 82
Chilton,
7e

and :!rs.
,with 112 Sir .1fred
tea with, of British Embassy brin-_-inc
and Lady Davies.
May 1, 1927. 133

Chronolo,sical table. 7i1son
See -2b,Res: 12, 17, 16, 17, 19, 20, 71, 22, 23, 24, 25
26, 27, 28, 34, 36, 37, 38, 39, 40, 42, 44,
45, 46, 47, 51 (comparison rith BollinE draft) 53, 54,
55, 58, 57, 58, 59, 86, 67, 88, 59, 70, 71, 76, 83, 84,
85, 86, 87, 88, 89, 90, 92, 97, 94, 95, C:7, 98, 99, 100,
101, 102, 103, 104, 105, 106, 107, 111, 112, 113, 114, 115,
116, 117, 128, 129, 147 (prospective) above are all
indexed in separate volume, - "chronological tble, 711son.11
.-diass 0 Director
49, 171, 172.
See - Federal Reserve A,
,
ent
Curtiss
McGarrah
J:Lustin
Heath
on


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Federal Reserve Bank of St. Louis

23.

Claes dinner, Harvard 1883.
between Gov. Strong
C.S.H. r:ives up, because of imi)ortant conference
and. FererA. Reserve Tioar.
June 2-, 1927. 192
Clephane, Walter
See pager 64, 85, 86, 87, 88, 89, 90, 100, 101, 102, 103, 104,
106, 107, 111, 112, 113, 114, 129, 147
Above all indexed in separate volume, "Chronological table, '"ilson."
Cleveland, Grover
C.S.H. leaves for New York to attend dinner in honor of 90th
birthday of, at Hotel ,,stor.
17, 1927. 135
attends dinner.
Dr. Finley prerided and C.S.H., Hoke Smith, Col. Putnam and others,
spoke. Richard Cleveland and ::arian Cleveland (Mrs. Amen)
were also present. 7.4)1. and :ire. Rice came down from Albany
to attend it. Geore P:.Lrker, Bayard Stockton and. many others
out 300 attended.
were :)resent.
Mar. 18, 1927. 136
C.S.H. elected an honorary member for life or Grover Cleveland
Mar. ' 5, 1927. 139
Association.
C.S.H. delivers ad,lres, on ;rover 31evelana at Toman's Yational
A)ril 11, 1927. 146
Democratic Club,
Mrs. Georee cCle11an, with 1.,hoL, we dined, was very bitter towrds
Presint Tilson because of his quarrel with President
Cleveland. She sail President Cleveland, hovvver, would have
been glad to have made up with Wilson before he died.
:8, 1927. 162
Mat
Cleveland, Richard
Delivers an admirable ad dress on China before roman's National
Democratic llub. 7e dined. with Sen. and ::rs.Bruce, and were
Cleveland.
at the table with
Feb. 19, 1927. 82
Richard Cleveland, and his sister Marian (Mrs. A..-,en) were at the
meLlorial ainlier to Cleveland in 7e7 York.
Ur, 18, 1927. 136
Collaborator
See - Compiler


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Federal Reserve Bank of St. Louis

•

•

•

Collier, NationA. Balk Eaminer
to be appointed
Platt sys Comptroller is playin,c: politics and wants,
:t
A.gent
Dallas.
Reserve
Federal
April 1, 1927. 145
Platt ?:,,ys the o:pOsition to
that, was a candilate for
for Fedora]. Reserve Agent
now wants to get into the

)ublican politics;
ri.ov. Talley is nure Re,
Governor when Talley was elected ::.nd
when Waldh was jointed, and. that he
7eeIa1 Re rye Bank.
April 3, 1927. 146

Comnission, Interstate Co._.merce
See - Interstate Co:amerce Col.tdssion
Coudissions.

2, 183, 184

See - Bank of Belgium
Bank of agland
Bank or Poland
Com.tittee on Rules. 109
See - FeThral Reserve -9ension bill.
Compiler, Chronolot2icca
56, 108, 109
See - Separate volume: "Chronological table, Wilson."
0:)mpramise, Chronolo.xical table
95, 100, 103, 106, 120
See - Separate volume "ChronoloEical t.ble,
ComAroller of Currency, LicIntosh
Tells %S.H. he told Se. Viellon Burgess could :et only 4 votes for
Chairman, Federal Rec,erve Ttank, 7er York, as a maxilaum, which
would fail as a tie; that while he would vote for Burgess as lone
as Sec. ::ellon was for him, he stronzly cjvised Sec. 1:ellon to
r_nc;
drop the matter as he knew that James, Cunningham,
against
vote
him.
to
he thoucht, .ov. C. had agreed
:ht vote for Burgess but Gov. Platt
C.S.H. said he thought Gov. C. mi.,
would not, and that 4 votes was Burgessis laLxiraura.
The Comptroller said 1.:el1on -ould no loner push Burgess.
The Com)troller said the "bloc" were eager to clown
1927. 1, 2.
Jan.
C.S.H. tells Sec. ::ellon that Burgess was sure of only 3 votes, Sec. 1:ellon, Comptroller and 0.-.H.
Jan. 6, 1927. 3
Votes to increase salary of Carrick, Assistant Counsel ana Secretry
of Federal Reserve Bank, Bosto,l, from $7000 to $9,000.
Feb. 3, 1927. 41


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Federal Reserve Bank of St. Louis

25.

3ou2tro11er,of Currency, McIntosh (Cont'd.)
take hold
Tells Cunningham that Vice President Dawes asi-ed him to
n bill.
McFadde
the
with
on
connecti
in
bill
Haucen
and help the
in the sittion.
Asked Cunningham to help but he refuse& to interfere
Feb. 11, 1927. 60
and
The Comptroller, .'or the Board Co.,-....ittee - Cora:troller, idiatt
the
of
Gov. C. - reported in favor of the consoltlation
in
Liberty Bank of America and the Bank of Italy, and. votes
favor. Lost on tie.
Feb. 17, 1927. 71, 72
him
Comptroller as;cs C.S.H. to :o with bin to Sec. Mellon and ask
of
out
town.
wns
he
found
to mae in and breActhe tie, but he
Feb. 17, 1927. 73
Bank,
Comptroller said he had had an examination made of the Liberty
while
that
System;
l
Nationa
the
in vier of its desire to join
not a complete examination it went far enouCh to catisfy hiin it
was in _'ood condition and that the change in assets - Rec. H.
Sec. 4 (1) - would not injure other bank or the consolidated
Feb. 17, 1927. 74
institution.
Votes against Cunningham's 1:Lotion to nostone 1)endiner a complete
Feb. 17, 1927. 74
examination.
he
Comptroller said if Cunninghau wanted only a fe7 days for inquiry
would have voted to ost_.ne.

Votes to

p,rove consolidation under Pert in conditions stated..
Feb. 17, 1927. 75

Tells 0..H. t.at Jaues, before leaving, said he rould vote to
Feb. 17, 1927. 75

2rove.

Board felt that o inion of Cou:Aroller, based on his ex:-4,1inction
it unnecessary further to consider the effct of the chance of
assets, - the only point before the Boa:d - unnecessary.
Feb. 17, '.927. 76
Votes to establish a Fe eral Reserve 'branch at
Feb. 23, 1927. 84

an Antonio, Texas.

Votes to establish a Federal Reserve branch at Charlottesville,
Feb. 5, 1927. 101
Votes &.-7Linst 0.S.F.Is motion to ap-)rove the table showing dhanpes in
Fed -.r:-.1 Reserve Act by the :cFadden bill, pre2ared by Federal
Reserve Bank of Boston.
Mar. 29, 1927. 139


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Federal Reserve Bank of St. Louis

26.

Comptroller of Currency, :IcIntosh (Contld.)
Agent Walsh
Votes against C.S.H. motion to authorize Federal Reserve
Reserve
Federal
the
of Dallas to s2eak on the credit nolicy of
bank, provided he did not coriait the Board in any way.
Mar. 29, 1927. 140
on
Com)troller talks with C.S.H., bitterly opdosing Talley's anolicati
Walsh's
7ent
,
4,,
Reserve
Feeral
ond
3f the policies laid f.own in his
report. He seemed to favor goinz to the limit to help weak banks,
Reserve
and 3.S.H. thinks he favors the old o1icy hich, Federal
over
bank
Reserve
Federal
the
cost
iointed out,
ent
2 millions in losses in 2 or Z, years.
strongly.
Be said President Coolidge and Sec. liellon favored the policy
failures
C.S.H. can not believtt this for such a policy roqld mean future
election.
of many banks at a time just ,rior to the next Presidential
(7n
The Comptroller is very close to Vice Presidcmt Dawes, and C.S.H.
just
see how Dawes and Lowden Might -,rofit from such a collapse
before the Presidential nominations!

C.S.H. fears the Comptroller is somewhat influenced by political
considerLtins not entirely friendly to Coolidge.
The Comptroller finally admitted that his criticism of Talley as
' based more ul)on the an-ilication of his - Talley's - theories rather
than udon the theories themselves, and said he would not oppose
Talley's ppeaking in defense of his application, without in any way
can-litting the Board, so that we could .Tet the reaction, if any.
Mar. 29, 1927. 142, 142
Votes afainst Platt's .3tion to approve 3 or 4 of the principals laid
down in Talley's rciort. O.S.H. also votes :To.
Aoril 1, 1927. 145
See - Talley
Platt tells C.S.H. the Comptroller is playing nolitics, - that he
wants Collier, one of his examiners, mad:: Federal Reserve A.-ent.
kpril 1, 1927. 145
Board votes to v:rite Fe;Te al Rerve A.7e..nt Talsh in res-3onse to his
letter asking if the Board a--;-,rovecl his credit policies. It was
an ambiguous, dodging letter really neit:ler in approval nor
lisapiroval.
It was also voted that if the ComL,troller, not present, objected,
the Board would reconsider. All voted for it excei;t lov. 3. who declined to vote.
It was nothing more than a compromise.

',•411110611K


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Federal Reserve Bank of St. Louis

27.

Comptroller of Currency, McIntosh (Cont'd.)
The CoL12troller later told C.S.H. that if present he would have
joined Gov. C. is not voting.
April 12, 1927. 147, 146
that Wing called on him today and spoke very pleasantly
Tells
of Curtiss, - said he was dl right for Chairman and Federal
Reserve AE:ent.
May Z, 1927. 157
Com2tro1ler and Platt favored 9
- ostoonement of Open Market
00.ittee's request to Increase snecial investment account
to 250 mirions, - until consultation with Federal Advisory
Council at its comin meting. C.S.H. objected.
May 12, 1927. 163
•

•

•

C.S.H. moved approval of Open Market Caa,ittee recommendation.
Miller moved in substitution postponement until another meet_ng to
be called by aov. 3. after consultation with Sec. Mellon.
The Comptroller voted. for

motion, whioh was passed.
Ma-e- 12, 1927. 164

Voted aaainct Miller's faotion disaprovin additional -purdhases
to 250 millions.
May 13, 1927. 165
Voted in c,7vor e Platt's m3tion of approval of purchases up to
250 millions.
May 13, 1927. 165
Asked to report, A.th Ounninham, of the Chico Coia,aittee as to
Federia Reserve lizent Heath's fitness for redesignation.
C.S.H. said if this Co.ittee re)orted
,
alversely, in absence of
chant:.ed conditions, he nould vote to suort the Committee's
recommenaations.
May 16, 1927. 168
Says Wing to13 hil he was not opposing Curtiss,him would be the easiest course.
May 16, 1927.173

that to redesicnate

Says he has just been in Boston and that the bemkers there were strongly
for Curtiss.
16, 19'7. 170
He alsoleferred to the rumor that Wing wanted C-Irtiss's place for
Gov. Cox, adding that many bankers severely criticised Cox.
May 16, 1927. 170


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Federal Reserve Bank of St. Louis

28.

Comptroller of Currency, ncIntosh (Oontift.)
C.S.H. believes Comi)troller would have voted for Curtiss haJ the
issue been squarely joined, but has some doubtes.
May 16, 1927. 174
Comptroller told

C.S.H.

he would not vote afainst Curtiss.
!lay 16, 1927. 175

tie on placing unissued Federal Reserve notes
The Board vote was
at Cuban Agency.
The Comptroller was called in and voted aye, thus carr ing the
motion.
May 23, 1927. 178
The Cotroller sated he voted aye because Wyatt advised him
he would incur no personal liability in so doing. Wyatt
was -'resent and reaffimed this.
May K., 1927. 178
Was ,)resent when Harrison comes before Board on Polish credit.
June 3, 1927. 183
Voted to a?prove Polish credit.
June 6, 1927. 184
Conditions
106, 111
See - Senarate volume "Chronolcwical table, Wilson."
Conference
Governors
May 9, 1927. 161
Contiguous territory. 30
Sec; - Mercantile Trust Co.
Cooke, State Departuent
Tells a, s,11. it would be proper to nut :Irs. Tilson on his riffat
ahead of Madame (lade, rife of Norwegian ::inister to Brazil.
Feb. 1, 1927. 38
Coolidge, President
C.S.H. attends New Year's rece-Dtion t White House,
Jan. 1, 1927. 1
Gov. Cox tells %,7.H. that one clar L-.st sprint Coolie asked him
if any one was being talked of In Boston for 3.S.H.Is place,
and that he said 7o; that Coolidge then said, "See that not:1hr
is started in that line; Mr. Railin is an old friend; I visite:
him :t liattanoisett some years ego."


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Federal Reserve Bank of St. Louis

29.
Coo;idge, president (Contld.)
Gov. Cox added, "To tell the trith, he did not dare to do other
than to anpoint youtH
Jan. 7, 1927. 5
Sir Laurice Lo, at lunch at Cosaos Club, was very critical of
Coolidcr, and C.S.H. defended in In.11,11Y•
Jan. 15, 1927. 12
C.S.H. reads to Board rhan - es desired by hiAci in nro2osed letter
to Gov. Talley as to a controversy between a Texas Trust Co.
and the Federal Reserve Bank of Dallas, includin letters of
Sen. Shepard and Presi,5_ -nt Cooliage.
Feb. 4, 1927. 4f,
The Coraptroller tells a.s.x. that Coolidge favors a liberal policy
towards weak banks on part of Federal Reserve Bank pf Dallas.
Mar. 20, 1927. 142
C.S.H. believes such a 2o1icy of extreme liberality will cause
future failures of banks which may have an Luportant bezIring
on the Presid,-,ntial eam-)aign; that Dawes and Lowden might
2rofit from this; that the Co .)troller may be influenced by
2o1itical considerations not friendly to Coolidge.
Mar. 30, 1927. 143
Corbia, Mrs. General
We dine with Mrs. Corbin,
Gen, Lassiter, Mr. Riddle, and Mary li.atten were there.
June 1, 1927. 179
Assistant Sec. Dewey says he :4et Ian. Crowder at lunch at
Mrs. Corbin's, yesterday.
June 20, 1927. 190, 191.
Gornini7, Parker
Charles Tyler has little hope of accom-dishin- anything in the
CorniiDat ter.
June 23, 1927. 197
Cosmos Club
C.S.H. moves to, frIm Lee .rollse.
June 22, 19:-)7. 19C0uncil
See - Federal Advisory Council
Reichsbank
Counsel of Federal Reserve banks
In discunsim,
: increase of salary of Garrick, Assistant Counsel
and Secretary of Federal Reserve Plank, CunninOlam said
Board had declared against any Secret:xy not taken from the
Federal Reserve ATent's sid - of t'Ae Federal Reserve Bank.


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Federal Reserve Bank of St. Louis

30,

Counsel of Federal Re:erve Banks (Contld.)
The Board circular was read and. it specifically ctLted
the Counsel was a proper man for Secret..ry.
Feb. 2, 1927. 42
3ovington, Judge and ::re. 22, 54
See - sei)ar:te voluue, "Chronolopical table, Wilson."
Cox, Gov. Charming
Calls on C.S.H.
3.S.H. met him in street and. he came up to office with him.
He said that one day last spring Coolidge asked him if any one
was being t...Iked of in Boe on for C.S.H.'s place; that he
said No; that Coolidge said "See that nothing is started in
that line; nr. Haulin is an old friend; I visited him at
nattapoisett some years
Jan. 7, 1927. 5
Tells C.S.H. "To tell the truth, they did not dare to do other
than to ap ,oint ,you."
Jan. 7, 1927. 5
. Tells 3..H. that Sen. Butlsr ke-2,t his hands off, as to :4'.3.H.;
til_t Butler was a great failure as a -rublic speaker; that the
rank and file of the Republican Party did not know him and
were not Impressed with hiu.
Se.:13 it was generally understood that if C.S.H. was not reappointed,
the vacancy would be filled out of Yew nEland.
Jan. 7, 1927. 3
Curtiss says Wing rants his place for Gov. Cox; that he was Vice
?resident of Win's bank; that Wing wanted to get rid of hi.a;
that Cox also .!:as discontented; that Cox -as a good Ilan and
one fit for his job if he should resign, but he felt the other
Boston banks wold object as Cox as so close to 7ing.
Mar. 11, 1927. 126
Charles '.76,shburn writes C.S.H. that rumor is that Wins rants Cox
for Curties's place and that this will he resented by the
Bor,ton banks.
Anril 15, 1927. 1.9
The Cam!Arollor said that he was lately in Boston v,here he heard
the rumor that Wing ranted lov. Cox for CurtissIs place and
that Inany 'bankers criticised Cox.
1147 16, 1927. 170


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Federal Reserve Bank of St. Louis

31.

Cox, Gov. Channing (Contid.)
C.S.H. told Board that Cox was a good wan and in case of a
vacancy he woald gladly s _•ort him.
idlAy 16, 1927. 170
Crawford notch
lov. Harding drive throurh, 7.
June 24, 1927. 190
'land
Credit, Bank o
Gov. Strone says Miller fought the.
May 4, 1927. 157
See - Crosby
:Mier
Strong, Gov.
Credit 2olicy
See - Walsh, Federal Reserve Azent
Credit, Sterling
See - Bank of Encland
Crissincnr,
Reyburn told Board he 1-z: t-iked with, nd Sec. Mellon, who
• ngreed to agoointment of neGarrah.
Jan.4, 1927. 1
Coia,:,troller says, has agreed to vote against Burgess for
7ederal Reserve .r-ent.
vote for Burgess.
0..H. told hiw he thought lov e O.
Jan. 4, 1927. 1
C.%H. tells nellon love C. tatz vote for Burgess.
Jan. 3, 1927. 3
also
lov. C. asks :iller to speak on the im2ortance of Chairman;
asks C.S.T. to s2eak.
Jan. 11, 1927. 6, 7.
Tells C.S.H. th:t Wing
Chairman.

told :flier

tat Curtiss was not fit for

Jan. 1L, 19`27. 11
James says Gov. C. aSked. Gov. BiErT to come to Washircton to
use his influence with Sen. Hawes, - the ne Senator from
St. Louis, in ehalf of the ::cradden bill.
Jan. 24, 1927. 13


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Federal Reserve Bank of St. Louis

32.

Crissinrer, Gov. (Contla.)
11, :)t present at Bo-rd lunch to lov. Norman, z-.s he was in
Marion, Ohio.
Jan. 27, 1927. 29
Board holds 1.11) application of Mercantile Trust Co. until
Gov. O ils return.
Jan. 28, 1927. 32
Voter: to increase ralary of Carrick, Secretary and ..,Lsistant
Counsel o.7 Federal Reserve Bank of Borton, from $7500 to $9,00',.
Feb. 5, 1927. 41

ao,.

C. reads to Board proposed reply, prepared by Tyatt, to Gov.
Talley as to a controversy between a Texas Trust Co. and
Federal Reser e- Bank.
this had not '.e.en referred to Law Cou.iittee by
Gov. Crisginger, and Board voted so to refer theca, C.E.H. to
report at afternoon meetin.

At 3:50 Wyatt c„(1 in and said lov. 3. had instructed hi la to send
nothing to Law CoL-Littee until he, - lov. C - had 0.K.la it,
of vote of Board but Wyatt said he felt
:att
3.7;41. told'
he should obey his instr-ctions.
C.S.H. let the :latter po until this a.la. When the file ra
and. .S.H. made many suestions as to ch:mges.

sent in

At the ile6ting C.S.H. Inforaea the Board as to lov. 0.1 s order to
Wyatt.
Gov. O. answered very evasively but nmctically denied plvinc such
an order, and C.S.H. let it :o at that, thin in Gov. C. has
learned a lesson.
He has done t' is iani tires before.
Feb. 4, 1927, 43, 44
Gov. C. says N. Y. directors rant a reduction in discount rrtes,
bat that he and Sec. Mellon were o'osd..
The Board was also o),osed Lnd Gov. C. said he 7:ou1d go to 7e7 York
en route to :larion, Ohio, and tell Case and the directors.
Feb. 9, 1927. 59
Reports, as a Ca.:,,jttee with Platt and Comntroller, in favor of
consolidation of /liberty National Bank and. Ban's. of Italy.
Feb. 17, 1927. 71


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Federal Reserve Bank of St. Louis

33.

Crissinter, Gov. (Contld.)
Voted.

ainst Miller's !aotion to postpone.
Feb. 17, 1927. 72

Voted aL.ainet Cunninrham's motion to lostpone.
Feb. 17, 1927. 74
Voted to a2 rove consoltlation on certAm conditionc.
Feb. 17, 1927. 75
Voted for San Antonio Federal ReN,rve branch.
Feb. 23, 1927. 84
Voted for Charlottesville, N.7!. P.R. branch.
Web. 25, 1927. 101
Gov. O. said that Sec. Mellon ravored allowinp Liclarrah to
serve out hin term of office as member of Reichsbank
Advisory Council.
Mar. 10, 1927. 121

says

Sec. Mellon favors Harrison L-oin abroad. on Polish credit
Mar. 11, 1927. 123

qp.josed Harrison's triL: for fear Board :light inject itself
into a delicate intern:Aional situation.
11, 1927. 122
Vo'es a3ainct approval of Harrison's virt as to Polish credit.
1927. 130
Votes in favor of statement that Board rill interpose no
objection proviLed no oommitmont be made.
Mar. 15, 1927. 131
to tell Sen. Si.a...ons how Boa - 1
Tells Board C.S.7. had
voted on Charlotte branch.
Mar. 17, 1927. 133
Voted against ap:roving ::cPadden bill sttement prepared by
lederal Reserve Ban::, Boston.
Mar. 29, 1927. 139.
Voted ae-,ainct permittin_ Federal Reserve Arent Walsh to speak
on credit policy of Federal Res,-1-ve Bank of Dallas,
provided he did not commit Board.
jar. 29, 1927. 140
Voted against approving 3 or 4 of the principles set out in
Gov. Talley's report.
k)ril 1, 1927. 145


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Federal Reserve Bank of St. Louis

34.

OriSSineer,

GOV. (Contld.)

Refused to vote on letter to Federal Reserve AE,ent Walsh
as to credit policies o - Fe eral Rererve Bank of Dallas.
A7.2ri1 I.?, 1927. 12.7
Votes to continue branch bank condition as to chancre of arrets.
Reg. R.
April 13, 1927. 148
Voter to continue condition that bank must manage business Tith
safety to its de-poritors.
A7,?ri1 13, 1927. 149
Gives notice of tz±ing Ill) question of redecicrnatilE Federal Re-orve
Agents.
kril 15, 1977. 149
Present rhen Harriso

ienorted as to his visit on Polish credit.
A„)ril 25, 1927. 155

Votes in favor of Miller's substitute Loticn that Open Llarket
Committee's request to buy securities 11. -, to 250 millions be
postponed until another meeting to be called by Gov. O. after
consolutetion with Sec.Mellon.
May 12,1927. 184
Vots in favor of Miller's substitute motion dicap2roving request
. to buy -11:: to 250 millions.
May 13, 192/. 165
Voter for Platt's motion of a)roval.
May 13, 1927. 165
Says 1?mrd has no right to designate a Federal Reserve ALsent and
Class C Director from year to year.
May 15, 1927. 172
Gov. C. would have voted for Virtiss on direct issue,
hi
i.....,ELL'cs
but fears he might not.
May 16, 1927. 27, 174.
Told :.q.H. he would not vote against aurtiss.
May 16, 1927. 175
Tells Pea ral Advirory ounci1 some of Board rill not agree to
eid Council re2ort on ,ct-n of Board on recomendation of
Open Mafcet Caa,Aittee.
nay 2, 1927. 177
Votes agElinst keeping unisc'oed Federal Reserve notes at Cuban
As-ency,
May 2:3, 1927. 178


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Federal Reserve Bank of St. Louis

35.

Orissinprer, Gov. (Contld.)
Votes to approve Polish cred.it.
June 5, 1927. 1N1
Tells Mier rate on Polish credit will be 6% minim, and that
credit afreement would o ntrAn clause as to exportation of
Fold similar to Belgian credit.
June 7, 1927. 134
Tells Board lov. Strong will come bofor- It tomorrow to explain
French Ipld transaction,
June 22, 1977. 192
Votes for C.S.R. motion that securities bought to offset reduced
member bank reserves 'oecase of irola movements are not to be
counted as nart of the 250 millions authorized in ::ay.
June 23, 1927. 195
Criticism of mem, of compromis,.

100

See - Sel)arL-te volune "Ohronoloical table, Wilsoi."
Crosby, Oscar
Bank of En:land
Gov. Strong said, published a letter attacking
must have
1:'1.1er
him
told
Mellon
Sec.
that
as
illegal;
credit
Mellon Sec.
him
called
Crosby
day
one
that
Crosby;
helped
::ellon
that
him;
with
talk
to
vmmted
he
said
and
telephone
on
said he was busy then but would see him tomorrow; that Crosby
said, "Why you are :oinJ7 to visit me at Warronton tonorrowl;
that Sec. el1n said - to Whom do :rou t'Ark you are talking?;
that Crosby said. "to Dr. Miller" and was much surprised to
learn he was taLd.nr, to Sec. Mellon; that Sec. Mallon I-,elieves
Dr. Miller was res2:11sib1e for Crosby's attack on the British
May ,',., 1927. 158, 159.
Corder, Gen.
Board asks Janes to consult with, as to a new building in Havana
for Cuban A.E,eacy.
Jan .28, 197. 37
As t. Sec. Dewey says he met, at lunch at Mrs. Corbin's and Is to
i.leet him tomorrow and Flo over Cuban A-ency matters.
June 20, 1927. 190, 191,
A few lays later, Dewey reported that Gen. Crowder i not favor
Gov.. Stron:Is plan . md C.S.H. so reported. to Board; also that
Der!ey saw no reason from Treasury point of vier/lily Board should
not send unissued notes to Cuba, it having een advised by Wyatt
that this was lawful.
' June 21, 1977.


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Federal Reserve Bank of St. Louis

36.
Cuba
Board authori7ed James and Eddy to o to Havana to start the new
Cuban Agency.
Jan. 28, 1927. 33
Cuban Ac -enc:
Board tenttively ap-vroved report of CI.S.7.and James for
broadening the functions of the Federal Reserve Bank of
Atlanta in connection with the.
Jan. 12, 1927. 11
Board a2jroves a Cuban Ai7ency resolution presented by C.S.R.
and Ja;Aes and authorizes James and. Eddy to 7o to Atlanta
and Havana to work it out. James was directed to consult with Sen. Crowdz-,r and Atlanta
Committee as to the choice of a ner bu1ld.in, - and it
was aEreea the Atlanta Committee should finally report to
Board for its al-)vroval.
James favored having Agency in same buildinc as the llmbassy.
Miller objected to this.
Jan. 28, 1927. 33
lov. Strong bit.erly attacks Cuban Agency in presence cy. Platt
and Cunnin. He said it as danerous to keen unissued
currency in a foreign country subject to revolutions, and
absolutely illeJral; that John 1. Johnson so advised the
New York diroctors; that it was wrong to put on New York
the burden of 1%rnishing funds for Cuban Aenc-,-.
Platt pointed out that even if there were no acency the Federal
Reserve Bank -f New York - oula have to furnish money for
Cuba When asked for ly its member banks.
Sov. S. finally said these branches should never have been
established in Cuba by the 7ational banks.
lov. S outlined a Idan under which t:Ie Cuban Treasury could Gather
u2 unfit A;lerican money and Give it to 4,77.e Peac,r21 Reserve
Bank of 17ew 7ork hich would Give the Cuban lovernment a
Gold credit for it, to be earmarked, sad cgainct this earcured dollar
sold Cuba could issue its own notes,
marked ,
for dollar by American
He said he v.ould send.O.S.R. a memorandum of this plan.
e Board. -cull carefully st 4.1.T it and as.
said
and State nertment to do the same.
C.S.R. ,?ointea out,
which limited
for dollar by
_roportion of

t17e Treasury

Low,ver, Vat Cuha ..Atht object to a Treat;
her riht to issue only cur-ency secured dollar
American cold, when the U.S. has no such
oU behind the greenbacks.


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Federal Reserve Bank of St. Louis

37.

Cuban Agency (Contld.)
Gov. S. said if a treaty could be m:-fewith .Cuba on the above
lines, the Federal Resrve Bank of New York would be willing
to take over the Ad-ency and run it pending the ratification
of the treary, - proviiin:: Atlanta would consent.
Gov. Strong agree1
terminaed at
must go on as
thouht couLl

that a status now existed which could not be
once 7ithout danger of a panic, and conditions
now until a treaty is concluded which, he
not possibly be done within a year.

He said Asst. Sec. Dewey had an o mien from the Solicitor of the
Treasury that unissued FelerA. Res?rve notes could not
lawfully be kept in Cuba.
C.S.H. said he would be willing to have the Attorney aeneral pass
on this; that even if unissued notes could not be carried in
Cuba, Atlanta could still carry on the A,Tency, though not as
easily.
He still harped on the illegality of havinr an Agency in Cuba and
3.S.H, reminded him that in 1915 Harrison, then Assistant
Counsel of Board, had given an o Anion that the Board clearly
had this power. He said Harrison would not be of that o-2inion
now.
Latei. Harrison told C.S.H. he had forgotten about that cOnon,
which was not his cOnion now, and that any o Anion :Liven in
the first two years of the Systm was subject to modifilation.
C.S.H. said that would ordinarily be true but that this o inion
was so strong and conclusive .- 'hat it would live forevert
3. .H. is about satisfied. that this is a controversy rally between
Gov. Strong and Mr. Mitchell of the National City Bank.
May 4, 1927. 157, 158
The Federal Advisory Co,.ncil considered the Cuban Agency; it had
before it a brief of U. A. Traylor in opposition and a reply
of ir. Mitchell of Natimal City Bank.
After long discussion the Council reported a resolution to the
ef±7ect that it did not suggest irauediately abolishing the agency,
but hoped the precedent would not be extended to other forrAgn
countries and tat the Board should try to devise some better
plan.
Wetmore added that the Council was unanimously o2 .osed to making
any member bank in Cuba a fiscal agent as it would be a
ditcrilnation aeainst the other banks then-.
Mk, 20, 1927. 176


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Federal Reserve Bank of St. Louis

Juban Apency (Contld.)
Board voted to permit rederal Reserve AEent of Atlanta to crry
ten millions of unissued Peaeral Reserve notes at Havana.
:‘t first lost on a tie.
Aye: C.S.H., Platt, James
Not

- tnham
er, Ii11or, Oun l
Gov. Cris-in,

Then the Comptroller was asked to coilo in and he voted A;le.
He FLted he so votPd because of Wyatt's o'Anion that he would
incur no personal liability because of such unissued notes.
Wyatt was present and confirmed this.
C.S.H. moved that the 3 national banks in Havana be 6.t once notified
of the Federal aavicory Council recommenaltions;
Passed unanimously.
3.3.R. told Bcard that on Saturday he told Durrell's office- 7ationa1
City Bank,
May 23, 1927, 178
Receied appre-iative letters from Ititchell and Durrell.
Hay 26, 1927. 179
Asst, Secretary Dw'rey confers with C.S.H. on Cuban Aeency. He
said he should submit Gov. Stronp7's plan to State Departaent,
but that the existiAlt status should meantime continue.
He said that possibly he m Hht feel it bett(!r to ask an opinion
from Attorney aeneral as to unissued notes. He agreed that,
if lawful, this would be the simplest, "ost pr:cticable ra;/,
and seemed to fLwof it.
C.S.H. said we could get along, in a pinch, without unissued notes
--ree to increase Atlanta's Govt.
proviaed the Treasury would :1,
any emergency. He said he would
of
case
deposits temporarily in
consier this.
June 1, 1927. 180
C.S.H. and James again confer with Dewey. He said he had cone over
Stronr's plan 7.ith Castle and White of State Department; that
they, at first blush, aia not seem at all enthusiastic about
StronEls plan; that they felt that in any event this would be
a very unpropitious time to take it up with Cuba; that the Cubans
)roba'nly would understand it and mieht resent it, and that it


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Federal Reserve Bank of St. Louis

3:.

Cuban Agency (Contld.)
might affect injuriously our relations with the South American
Republics; that they felt the Acency should continue as now
for the present at least; that in no event would they even
take the matter a, with Cuba until after the Pan American
Pinancial Conference which meet 14 Cuba in December.
We told Dewey we Should af -ise the Board to authorize Atlanta to
-)roceed with the vaults, as they would be needed in any event,
whether or not unissLed notes were authorized..
Dewey said he would ask Sec. :iellon to ask the State Department
formally as to its (Onion, but he said we now knew what it
would be, and he saw no reason why we should not proceed.
Dewey also said he would confer with the 7: national banks in Cuba as
to Gov. Stroncls plan and as to unissued Federal Reserve notes.
He also intimated that he miFht ask m opinion from Attorney
General but seemed to think it would be favorable.
At his recpest, 3
, .7.H. loaned him his coy of Tra:loris brief, the
reply of 7ational City Bank and C.S.H.Is analysis of Tralorts
brief.
June 7, 1927. 1%,5, 1E6
C.S.H. and Janes confer with Dewey at 4 p.m. Dewey said he met
Gen. Crowder at lunch with V.rs. Corbin and was to el) over the
Cuban Arency matter wl.th him tomorrow.
He said Gen. Crowder did not favor a Cuban bank of issue, as it would
be a step away from the Platt aftenaeat and mIght cause trouble.
Dewey said it would take a lone time ,to ,c-o over and consider the
Gov. Strong plan, and that Sec. :ellon and he were both soon
goinc abroad, and he sugested that we )ut off further conferences
ntil Aucust when he returned.
He said that, meantime, from the Treasury point of vier, he saw no
reazon why the existinE status '14ou1d. not continue, nor Why the
Board should not authorize the -anissued notes, if it deemed it
necessary, it having been [f..vised by Wyatt that it had leEal
power to do so.
June 20, 1927. 190, 191.


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Cunningham, Edward
:doal2tro11er says, has a,7-reed to vote :.jainst Bur,77ess for
Fedt.ral Resprve An.ent,New York.
1927. 1
Jan.
Prosent at Board's lunch to qov. Norman and Sir Charles Lubback,
at Iletro_oolitan Club.
Jan. 27, 1927. '9
Objects to ap2roval of ::ercantile Trust Co.'s petition to take
over as a branch a bank in Sancolito, Calif. acrm the bay
from San Francisco, on round that the :!cFaddcn bill,
near passage, ould prohibit such a branch, and that the
Board should not admit it on very eve of its passage.
Jan. 26, 1927. 30
Votes against ialler's motion that SEncolito be hela to be
contigmus territory.
Jan. -3, 1":7,7. 71
olic:-.tion be aproved.
Vat es against Platt motion that ap,
Jan. 26, 1927, 31.
Drum, of Mercantile Trust Co., asks for reasons for rejection.
aan tncham elkzests that Board tell hi:A frankly that it was because
of the near passage of t.le ::cFadden bill.
Jan. 26, 1927. 32
Votes against increasing salary of Carric, Aesit. Sec. of
Counsel of Federal Reserve Bau, Boston.
Feb. 3, 1927. 41
Cialus that Board once ruled that the Secretary of the Federal
Reserve Bank must be taken from Federal Reserve If;ents side
of the bank,
Board ,:ircular was read and it showed that Board specifically
suuested that the Counsel as a Droner man for secret.:ry.
Feb. 3, 1927. 42
Says he refused request of Vice Pre:-.ident Dares to help on the
Haugen bill, as he thou -ht it was a ;political bill to
curry favor rith farmers and embarrass President CoolidEe.
Feb. 11, 1927. 60
1:Lotion to lay on t.-ble aI)plication for
Votes to
consolidation of Liberty Bank of laerica with Bank of Italy.
Feb. 17, 1927. 72


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Federal Reserve Bank of St. Louis

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Cunnin,s'ham, Edward (Contld.)
Moves to postpone action pending an examination of both banks.
Feb. 17, 1927. in
Leaves meeting with Miller with evident purpose of breaking a
quorum. Returns in afternoon in more cheerful state of mind.
Motion to postpone voted on, - C. alone voting for it.
Feb. 17, 1927. 74
Votes against Platt motion to approve on certain expressed conditions.
Feb.17, 1927. 75
*

has been very ill for 4 or 5 days - continuous hiccoughing - which
is weakening him. He has had appendicitis and Dr. Mitchell
did not dare to operate; as a result, his ap,endix burst but
he see„,s to be pulling thro-ajTY

and Pertie called on hLi at 4:30 today
a for minutes. His vitality is wonderful.
?6, 1927

S.H. saw him for

Votes to answer Federal Reserve Ap:elt Walsh' inquiry rhether Board
approved. Fef..ral Reserve Bank of Dallas credit policy.
Anril 12., 1927. 147
Votes to reimnose condition as to chanEe of assets and running
banks with safety to depositors.
April 13, 127. 148349.
,
ency before C.SE.
7Vas present when Gov. Strong attacked Cuban A,
and Platt.
Iday 4, 1927. 157
action on recommendation
Votes for Alleris substiti;te motion .2ostponing
.
of Open :larket Comlittee to increase secial investment
account to 250 millions.
May 12, 11927. 164
Votes for
aproving the first recom,Aendation that no further
securities be sold zA present time but op)osinE the other
recoraaendation as to buying 1ln to 250 millions.
May 13, 1927. 165
Votes for Platt's ,aotion to approve the report of the Co .littee.
May 13, 1927. 165
3. asked leave to explain hic vote on the record if the vote was to
be recorded, but Fo:Vtzr said no roll call had been demanded and
record would Lierely show - 1)aseed 7 to 1, and C. withdrew his
request.
May 13, 1927. 135, 166


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Cunaiagham, Ildward. (Contid.)
Votes in favor of redesignLitinE Federal Recerve Agent ::artin at
end of year.
May 16, 1927. 167
C.S.H. says if the Chicago Committee - Cunningham f.:nd Coq2tro11er report aP:ainst Federal Reserve Agent Heath, he, unless
conditions chanced, would vote to suj ort their report.
May 16, 1927. 168
Platt sais C. asked hLa to sugTest to C..H. '1z:A the matter be
6 months before
dc,ferred as to all Federal Reserve ;..-ents
expiratipn of their 3 year term.
0.-.H. said this would look as if he ere trying to delay matters, but
that if C. ad the motion he would vote for it.
May 16, 1927. 171
After :lioving adjournwnt C. moved that Board should consider
question of redesiirnation six months before the expiration of
the 3 year term, but that this should not prevent the Committee
of any District from raising the question at any ti:de and brilvit before the Board for action.
C. arreed to ')at this in formal shape later.
nay 16, 1927. 172
C. told me he had a feelin that Miller was dominated by a personal
feeling against Curtiss.
na.:; 13, 1927. (from mem:ry)
Votes a6ainst motion to permit ibtlanta.to carry ten millions
unissued Federal Reserve notes in Cuba.
Mar 23,.1927. 178
0.was

esent when Harrison discussed the polish credit with Board.

3. votes to ap)rove pro:osed Federal Reserve credit to Bank of Poland.
June 6, 1927. 183
Objects to C.S.H. motion that furdhaser of sec,Irities to offset
reductim in bank reserves caused by gold movements rill not be
coanted an ')art of the authorized increase to 250 millions.
June 23, 1927. 193
Votes for nillerts substitute motion which in a very ramblirv,
unsatisfctory ray .1p:ht be construed as accepting 0.S.H.Is
motion.
June 23, 1927. 195
Votes c.1:inst C.S.H.Is
June 23, 1927. 195


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43.

Cunningham, lArs. Woman's 7ational Decratic nub.
16, 36, 55, 66, 83, 102, 128,
jibove indexed in separate volume, - “Chronolofical table, Wilson."
Curtiss, Frederic, Federal Rerve Agent Boston
that, was unfit for
aov. C..tells C.S.H. that .:!ing told
Federal Reserve Arent.
Jan. 14, 1927. 11
O.S.H. writes Judge Brandeis as to legal advice given to Ourtif.T
to resim from 1st :atl. Bank year a60.
Jan. 14, 1927. 11
(Judge Brandeis co-.1i not remember but rererred me to George Nutter.)
Sen. ::etcalf tells C.S.H. that C. was a most valuable man and deserved
A reap - ointment and would so write we.
Jan. 16, 1927. 13
osition and Sen. :letcalf
3..H. told Sen. 1:etcalf of Wing's oo:
said he would pay no attention to this; that once WinE had
arranged with Gov. :lorss to have a private telegraph wire
between his bank and the Federal Resc,rve bank; that he objected
unless the same facility were givm to every member bank;
1.S.R, thinks he said 0. also objected. He adaed that these
objetiOns killed the matter.
Jan. 13, 1927. 13
Curtiss calls on C.S.H. said he kner all about C.S.7.'s efforts - ith
the Boston Board in his behalf; that Washburn and Ripley
had shorn him their letters to 0.-.H.
said he had severe heart trouble and constantly had to take
medicine af,d had hrd to Five 112 _olf and riding.
trust caa2any subsequently
C. said he and Wing years ago were in
merged in the let Natl. Bank; that Wing as President and he
-as Cashier; that later the National Bank of Redemition 'as
mer„ljed with the 1st National and that this brought in Sydney
Winslow, a thoroughly croo_ce& man; that Winslow beca,e very
thick with Wing; that they enga,ed in some questionable banking
practices 'w -Lich he - Curtiss- could not aprove; that finally
Winslow told him he was too honest and sug_:ested his resi-mation
as Cashier; that he cnsalted leorge Nutter, Judge Brandeis's
partner; that Nutter finally advised him to resign; that Wine:
and Winslow both afreed to ,---2et him another rosition, stipulating
only that he should not go to the National Shawmut hank, and
said it ro,Ild be easy for them to llring this about; that they
broke faith with him and dicl all in their power to injure him


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Curtiss, Federal Reserve agent, Boston (Oentld.)
and even spread the rumor that he was insane; that he, Curtiss,
finady went out to Harvard. University md took some courses
in bankina receiving_ honors. Ourtt.5,s said Wins' wanted his place
for Gov. Cox, ,,ne of his Vice Frepi,:ents, whom he wished. to get
rid of; that aov. Cox also was discontented with his present
position in 7:int:'s bank; that Cox was a good man and fit for the
job but that the other Bo=ton banks :11:211t object to his appointment
1-ecailse of his close relati nr with -ingls bank.
Curtiss said that while at a dinner, he thinks at the Ohecy Chase Olub,
Gov. ::cDoup:al,
just after we entered the war, at which Dr.
: were
:
Federal Reerve Ap.ents Perrin, Wills, and. he thinks Japresent, Dr. Miller made a dic,loal remark which absolutely shocked
them; that he coule, not recall his exact words, but that it was
a statement expressinr sympathy for lermany and ag,inst the U.S. in short, a disloyal sttement.
Curtiss said that shortly afterwards a Secret Service Agent called on
him in Boston and inquired about it; that he made light of it,
must have heard of this,
as best he coul0; that he believed
aovt. agent, and that
scms
by
or perhaps have been interrogated
that he - Curtiss',7.elieve.
Hiller
he lfirmly is of ()Anion that
true; that he
not
was
course,
of
was the infonler; that this,
others did,
the
of
any
believe
he
does
never Mentioned it nor
there must
waiter
some
believes
he
that
shoced as they were;
it to
reported
r.ni
re.
'ark
the
overheard
have
have been a spy and.
Justice.
the Department of
Mar. 11, 1927. 125, 126, 127.
Curtiss told 0.5.H. that lov. Harding told him that if the Board
notified him that he would not be redesi,_Tnated next ;year, he lov. Harding - roule, at once resin.
Mar. 11, 1927. 127
Curtiss said the Wall St. Journal article as to the Board's desire to
centralize control at Wanhiciton as causing great excitement.
I:ar. 11, 1927. 127
Curtiss also said that many bankers were sayinr. that in appointing
McGarrah, the Board had in eVect appointed one of J. P. I:oran's
Ilar. 11, 1927. 127
office boys.
Curtiss said that after loekin: into the matter he was sure our coy of
Auld Lang S:rne was worth at least $10,000 but 7ou1d Inquire
further of exerts and let C.S.H. now.
Mar. 11,1927. 177


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45.

Curtiss, Federal Reserve Apent, Boston (Contld.)
Curtiss spoke of the efforts of Stockton of 01(1 Colony Trust
Co any to have one of his Vice Presidents - Blynn? - elected
first Governor of the Federal Reserve Bank of Boston, hich
Curtiss, as one of a nominating
not favor. This
explains why Stockton dislikes aurtiss, as Gov. Hardinr told
0.S.H414

Mar. 11, 1927. 127, 128.
.H. has co)ies made of letters from Heard, Federal Advisory Council
and from all the directors of the. Federal Reserve Bank of Boston
in favor of Curtiss and sends a coy to each member, Ind-ailing
Sec. Mellon.
April 15, 1927. 149
aharles Washburn writes C.S.H. that rumor is that Wine wants to 2ut
Curtiss oat in ordr to put Wing in, stating that this will be
resented by the member banks.
Aril 15, 1977. 149
Gov. Harding writes statin that Curtiss has independent means and
that there is no 2eason of :ivinp7 him any advance warnin and
advises C.S.H. to say this and let it go over until next 'Tinter.
April 15, 1927. 149, 150.
Comptroller tells C.S.H. that naps called on him today and spoke
very pleasantly about Curtiss, rayinr he was all right as
Chairman and Federal Reserve Arent.
May 5, 1 9:- 7. 157.
Board toes 40 matter of rederisllation or chairmen and Federl
Reserve Azents Curtiss, Austin, Feath, Hoxton and Martin.
The terms of Austin and 1:artin exrAre in December, 1927. The other
were reappointed as Class C Directors for 5 year terms last
December and desi:nated as Federal Reserve Agent for one year,
on the understz'aiding that the suestion of their redesirnation in
December, 1927, for another ;year would be taken 111") early in 1927,
so that if Board decided not to redesicnate them, or either of
them, they could have time to put their affairs in order.
Martin vas first considered, -there was no objection raised and it
was agree:, to redesir.nate him.
As to Heath there was lone dis3ussion and finally the Chicago
Committee, the ComAroller and Cunningham, was asked to report whether
or not he should he redesiAiated.
All of the members areed - apart from new conditions arising, - that


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46.

Curtiss, Federal Reserve Agent, Bost:m (Contld.)
they roull follow the Oaxaitteels renort, except Platt, who
declined so to :„.zree.
0.S.H. said he realized there was a doubt as to Heath's physical
condition, that he knew the Coramittee 7,ersonal1y felt most
kindly towards him, as did the whole Board, and that he
as at present advised would vote to sustain their rer)ort,
, onditions
although reservinp; the right to chancre his oDinion if l
chanzed.
Austin also was considered.
no action was taken.

There was much diversity of o:inion

Hoxton was then considered and Ja;:tes said he was not fit for his
job.
C, .H. said he had written Delano as to Hoxton.No action was taken.
In discussing Curtiss, Mier ilade a bitter attack, saying he
was absolutely unfit and showed signs of a mental breakdown.
orted for the Boston Com..ittee that Curtiss was
C.S.H. and Platt re:
work and should be redesignated.
dlass
doing first
C.S.H. referred to the letters from Gov. Harding, Heard, of Federal
Advisory Council, every member of tne Board of Directors,
:ue et als.
,
Sen. Metcalf, Prof. S-.2ra,
C.S.H. said the issue was as to 'Allier's o Liinion as against the
unanimous odnion of New England.
killer sneered at this and said any one could get letters for
anybody.
C.S.H. said he resented this attack on New 7,zinFland; that the bankers
Who sent these letters would never have done so had they not
believed what they said.
C.S.H. referred to Ripley, one of the ei,ners, as the Nestor of
Ne- 7Ingland bankers.
Miller sneeringly said, how about Wing?
C.S.H. said ring was most able banker, but Ripley was older and
stood at the
if his renlarks as to Curtissis mental
0.$.H. then asked
res
t or his own observation or the critidkm
condition was the
else.
of some one
s:.id it was the result of his own observation, .latin
the beginni% of the Federal Reserve Syste.,.

back to


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Federal Reserve Bank of St. Louis

et.
Oartiss, 7ederal Reserve Agent, Boston (Contid.)
Miller cited one remark of Ourtiss made at a Conference, to the
effect that the cause of business dapression was the increase
of unfilled orders of manufacturers - which Platt, who heard
it, said was merely a slip of the tongue, - that What Curtiss
meant was that purchasers were coutermandiag orders thus piling
up goods with the original manufacturer. This was Miller's sole
evidenoe of mental breakdown!
Curtiss told me later that he was ill at the time and had to call in
a Doctor While in Washington.
This reference of Dr. Miller, 0.6.R. believes, strongly points to
Wing, who, as stated before, years ago spread this rumor and
undoubtedly told this to Miller when he saw him in Washington and,
as Oov. C. told 0.S.R., attacked Curtiss.
May 16, 1927. 167, 188, 189. 170.
The Comptroller told the Board he had just returned from Boston and
found all the bankers strongly for Curtiss.
He also said the rumor was that Wing wanted the place for Oov. Cu,
and that mary of the bankers severely criticised Cox.
C.S.R. said Gov. Cox was a good man and if there was a vacancy he
would gladly support
May 16, 1927. 169, 170.
!be Comptroller also said that Wing told him he was not opposing
Curtiss and that the easiest way would to to redesignate him.
May 16, 1927. 170
The Comptroller, some days ago, said Wing said Curtiss was the right
man in the right place.
lity 16, 1927. 170
Miller moved that Curtiss, Austin and Reath be notified that they
would not be redesignated for next year.
C.S.H. objected to bunching them all together.
Miller then moved that Curtiss be so advised.
Adjourned for lunch.
After adjournment, Platt said Cunningham asked him to ask C.S.H.
to move that the matter be postponed as to all lideral Reserve
Agents for 6 months before the expiration of their 3 year terms
as Class C Director.
0.5.11. said, he did not with to asks this =Lon as it would look as if
he were trying to delay a vote on Curtiss, but that if Cunningham


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Federal Reserve Bank of St. Louis

4.•

Curtiss. Federal Reserve Agent, Boston (Contld.)
Should so move he would vote for it.
After lunch, O.S.H. moved that Miller's motion be laid on tdble,
without prejudice to the right of each member to vote
as he pleased in December whet the matter of redesignition
came up.
C.S.R. said no prior notice as to Curtiss was necessary, as he was
of independent means, and that he would be responsible for
the statement that no member would be criticised for his
vote in December because of lack of preliminary notice to
Ourtiss.
Miller reluctantly consented to this, and every amber concurred..
Cunningham then read a draft of a resolution that, 6 months before
the expiration of the 3 years term as Class 0 Director,
the Board should take up the question of redesignation
for the coming year, but that the District Committee of any
Federal Reserve Bank could at any time raise the question for
determination by the Board. Re agreed to put this in formal
Shape later.
Discussion then arose as to yearly designation.
C.S.R. said it was of recent origin and was not done at beginning of
the Federal Reserve System.
Coy. O. and Platt said the Board had no such power, and this was
the consensus of opinion.
C.S.R. pointed out that even if we refused to redesignate a person
as Chairman and Federal Reserve Agent he would still remain
as a Class 0 Director, and that the Board could fill the
vacancry in Federal Reserve Agent only by removing the man as
Class 0 Director also, and that such a removal would not be
for 'cause' under the Federal Reserve Act.
C.S.R. poinisd out that the Federal Reserve Agent must be of
"tested banking experience" and that while each year there
would be di vacancy in the Class 0 Director, the Board mold
not permit the old Federal Reserve Agent to continue as Class
0 Director, and put the new Class 0 Director in his place,
unless the Board appointed a tanker as Class 0 Director, thus
having two bankers as such Class 0 Directors which would be
contrary to the spirit of the Act, as Class A, directors
represented the banbors, Class 2 the agricultural and business
men, and Class 0 the public; that none of the Clams 0 directors
except the Federal Reserve Agent had ever been beakers.


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Federal Reserve Bank of St. Louis

Curtiss, Federal Reserve Agent, Boston (Contid
.)
C.S.S. said. annual designation meant the doom of the Federal Reserve
System as no first-class man would want to qualify as Chairma
n
and Federal Reserve Agent, selling all his bank stock, to
hold
office not for 3 years as the statute prescribes, but only
frost
year to year at the pleasure of the Board for the time
being,
subject to its annual vote.
Miller spoke of Perrin, saying he was the ablest man in the System,
but that he felt it his duty to advise him to resign because
there
was 1m:opposition to him in the Board.
Miller evidently feels that the moment a Fedmral Reserve Agent ceases
to have the unanimous support of the Board he should
resign!
Such a theory will wreck the System.
Miller objected, referring particularly to Curtiss, to the Board
asking advice of the Directors as to the appointment of federal
Reserve Agent.
C.S.H. replied that the Boston Committee reported unanimous/7 in favor
of Curtiss, and as Miller would not accept the recommendation, he
had told the Board the Committee would consult the directors and
others, to which there was no dissent.
C.S.H. asked if there was ever an executive awointment made, even by
the President, without consultation with others?
C.S.H. also reminded Miller that the Board asked Mr. Sproul and Mr.
Moore, two of the San Francisco directors, to find, and report a
good man for Federal Reserve Agebt; that they reported the name of
lewton: that the Board accepted their reoommendation and appointed
html
Miller showed great vindictiveness Against Curtiss.
C.S.H. believes he hates him because of the German statement referred
to before, and that this explains his hatred of Jay and McDougal
as well.
C.S.R. writes Gov. 11.., in confidence as to above meeting
.
C.S.H. believes if he had forced the issue there was a pat chance of
defeating Miller's motion outright, - that Gov. C., Comptroller
and. Platt would have voted for him, James probably against him, and
Cunningham in doubt.
The risk was great however, as C.S.H. fears Gov. C. and perhaps the
Comptroller might have hesitated.

41111111.


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50.

Ourtias, /federal Reserve Agent (Oontid.)
Moreover, Gov. I. advised C.S.H. strongly to take the mum he did,
and C.S.R. feels it was good advice, as it postponed matters
until Deoadber When C.S.H. believes Gov. C. and the Comptroller,
and perhaps Cunningham will be more certain of their vote.
Gov. C. and the Comptroller both told C.S.I. they would not vote
mainst, Curtiss, and later Cunningham said he felt that Miller
had a personal animus against Curtiss, - but C.S.R. felt it was
better at that time not to demand a decistve vote.
The Board voted to asks no formal record of the above discus
sion.
Iley 16, 1927.
167, 168, 169, 170, 171, 172, 173,
174, 175.

-DDantsig corridor. 153
See - Schacht.
Darlington bank. 166
See - Miller
Davies, Sir Alfred
Cade to Lee Rouse with letter from Mrs. Rice.
April 30, 1927. 156
C.S.I. gives, a lunch at Cosmos Club.
May I, 1927. 161
See - Brandeis, Aldo
Davis, Dr.
H.P.H. regrets invitation of Mrs. Wilson to drive with her to dinner
of Admiral Orerson, with.
lob. 25, 1927. 96
Davis, John W.
Gov. Strong says, once gave an opinion that Board could not fix
discount rates of its own vOlition unless a lederal Reserve bank
were recalcitrant.
C.S.E. never heard of such an opinion.
May 4, 1927. 160
Davis, Iorman
Mrs. Wilson said, =praise Roo* at L. of I. dinner, New
York, for


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51.

Davis, Borman (Conttd.)
his work for L. of N.; that he told her be had not intended
to do this and wanted to kick himself afterwards for it.
Jan. 7, 1927. 4
Dames Commission. 49
See - McGarrah
Dawes, Vice President
Asks Comptroller to ask Cunningham to help put through Hansen bill
but C. declines.
Jib. 11, 1927. 60
C.S.R. fears that Comptroller, in opposing Gov. Talley, is influenced
by friendship for, politically.
Mar. 29, 1927. 142
Daylight Saving law
c.s.a. writes Mrs. Pennington amplifying his entry in chronological
table as to repeal of act of March, 1918, ehidh repeal was
passed over veto of Wilson.
/O. 8, 1927. 53, 54
Debts, Allied
See - Allied debts
'Great Britain
Norman, Gov.

Delano, 7. A.
We dine with, to meet Col. and Mrs. Chewy.
Jan. 1, 1927. 1
We lunch with, to meet Catharine Grant.
May 8, 1927. 161
O.S.R. tells Board he has asked, to advise him as to Roxton,
federal Reserve Agent.
May 16, 1927. 168
Democrats
At H.R. Committee meeting on P.R. pension bill the Democratic
members left the room in a body, leaving only one to raise
question of no quorum. C.S.R. talk& with Cordell Hull about it.
Mar. 1, 1927. 109, 110.
See - federal Reserve pension bill
Roll, Cordell
Designation, Yearly. federal Reserve Agents and Chairmen. 172, 173
See - Curtiss
Dewey, Assistant Sec. of Treasury.
110, 158, 180, 185, 186, 190, 191.
See - Cubes Agency


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Dillon & 0. 123
Sae - Bank of Poland
Dimook, Mn.
We dine with, Admiral Stanton also present.
10. 6, 1927. 50
Dinners (See also lunches, teas)
With Delano, to meet Col. and Mrs. Cheney.
Jan, 1, 1927. 1
With Mrs. Wilson. Col. Rice present.
Jan. 7, 1927. 4
With Mn. Instils. Mrs. Wilson also there.
Jan, 13, 1927. 11
With Mrs. Warder. Alone.
Jan. 16, 1927. 13
We give a small dinner to Berman Gado at Womants Rational
Democratic Club. Presents Mr. and Mrs. Gads, Mrs. Bayard,
Mr. Charles Mot, 2nd, and Sir Maurice Low.
Jan, 19, 1927. 14
With Bishop and Mrs. Rhinelander. Also Miss Storer and Mr. Lugueer.
Jan. 27, 1927. 31
With Mn. Warder. Also the Miner Macomb.
Jan. MO, 1927. 36
With Cong. and Mrs. Louis Prothinghmm.
Also Mr. and Mrs. Rdward Reynolds.
Jan. 31, 1927. 37
With Mrs. Dimock
Also Admibil Stanton.
Pea. 6, 1927. 50
With Sen. and Mrs. Bruce at Woman's Natl. Democratic Club.
Also Mrs. Wilson, Mt. and Mrs. Richard Cleveland,
and Mrs. Ralkett.
bb. 19, 1927. 82
With Mrs. Relm at Woman's Democratic Club.
Pet. 23, 1927. 89
With Mrs. Chandler Rile
Also, Miss Zrnst and Helen, Hale.
Mar. 2, 1927. 114


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Federal Reserve Bank of St. Louis

Dinners (Contld.)
With Mrs. Cong. Rogers.
Mar. 5, 1927 116
With Mrs. Rustic.
Alone.

Mar. 6, 1927. 116

C.S.H. attends dinner, New Yolk, in honor of 90th birthday of
Grover Cleveland.
Mar. 18, 1927. 136
With Mr. and Mrs. Gist Blair
Also Mr. and Mrs. Harold. Peabody.
April 1, 1927. 145
With Miss Patten
Also Gin. Johnson and U.-Ambassador O'Brien.
April 2, 1927. 145
With Mrs. Warder
Also - Mrs. Schenck and Mr. and Mrs. Young.
April 3, 1927. 145
With Mr. Lansing
Also Miss Bassell
April 10, 1927. 146
With Judge and Mrs. Grant
At Mr. Delano's.
April 19, 1927. 151
With Mrs. Warder
Also Mess Gordon Onmming and Gertrude Myer.
April 27, 1927. 156
With Mr. and Mrs. George McClellan.
May 8, 1927. 161
With Gertrude Myer
May 9, 1927. 162
With Mrs. Corbin
Also Gen. Lassiter, Mr. Riddle and Mary Patten.
Jlms 1, 1927. 179
With Gertrude Myer
Also Doan Bratenahl.
JUse 11, 1927. 187
Direeters, Class 0
171, 172
See - Curtiss


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Directors, Federal Reserve Bank, Boston. 168
See - Curtiss
Directors, Federal Reserve Bank, New York
Proposed new by-law making the Chairman also Chairman of
Iheautive Committee suggesting further changes as to
division of powers between Governor and Chairman. Uprose
hope that future directors will not disturb this division,
at least without consent of Governor and Chairman.
Feb. 5, 1927. 48
'C.S.H. woggested passage of another by-law deciding who should
preside at Rxecutive Committee meetingp When the Chairman is
Fib. 5, 1927. 50
absent.
Goy. Case says the business directors want discount rates reduced,
but that he disagreed as did also Sec. Mellon.
The Board took same view as Case and Sec. Mellon.
Feb. 9, 1927. 59
Gov. Strong says John G. Johnson advised directors that
unissued notes at Cuban Agency would not be legal.
May 4, 1927. 157
Gov. Strong intimates thathis directors may initiate legal
proceedings to test the power to put in discount rates at
its own volition and. also to test legality of Odban Agency.
May 4, 1927. 160
Alexander says no worse for Federal Advisory Council to receive
reports from time to time of Board's action on recommendations
of Open Market Investment Committee, than for directors of
Federal Reserve Bank to receive them.
Hier 20, 1927. 177
i_f,44.64,4

See - McGarrah

Dodge, Robert
Ilas been negotiating with C.S.H. for purchase of our house, 2
weigh Street, Boston. He offered $56,000 and C.S.H. said
he wanted $65,000 but would =promise at $60,000. He stuck
to 05,000. Ned advised. me to accept as there was 20
commission to pay. C.S.H. finAly writes accepting the offer.
The above price represents a large decline. The $65,000 which we
paid for the house in 1899 would represent in purchasing
power what it would take at least 85 or $90,000 to duplicate
today. In other words, we should have received 85 or $95,000
to break even.
April 23, 1927. 151


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Federal Reserve Bank of St. Louis

Dodge, Robert (0ont1d4)
Dodge writes finally accepting 0.S.K.Is figure.
April 24,1927. 156
Dillon & 00. 154
See - Bank of Poland
Discount rates
Gov. Oase says the business men on his Board of Directors want a
reduction in.
Oase mid he thought this would be amistake; Gov. Orissinger said
that he had Wind with Sec. Mellon who felt the same.
The Board took same view and Gov. 0. said he would go to New York
en route to-Marion, and tell this to ease.
Platt said we ought even to sell some Govt. securities.
Miller said we Should have done this long ago to avoid possible
inflation.
Yob. 9, 1927. 59, 60.
Gov. Strong tells 0.5.11. that be had a legal opinion against power
of Board to fix, of its awn volition; that John W. Davis,
when Solicitor General, advised Board it had no each power
Aimless a federal leserve bank were recalcitrant.
M.S. said, be had never heard of any opinion except that of
Acting Attorney General Kind; who advised the Board it had such
Gov. Strong intimated that his directors night initiate legal
proceedings to test this.
4, 1927. 160
4,441,
17
y 14.4444.444,t 3May (74
See - Bank of Poland
3a* of Belgium
Disloyalty Charge. 126
See - Curtiss
Doubleday, Page & Co. 55
,Chronological table, Wilson."
See - Separate volume'
Drum, John 29
See - Mercantile Trust Co.
Dupont, William
We visit Madison House near Orange, Va., now owned by. fho
house was not open to visitors but the caretaker to*
us into the garden, whi6h was really wonderfully, the finest display of Box we had ever seen.
June 5, 1927. 181, 182.


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N.

Durrell, Tice President, National City Bank, New York
181, 182.
Agency
See - Cuban
Earmarks& gold. 192
See - Gold
Eddy, Secretary Federal Reserve Board
James and, authorised to go to Atlanta to start new Cuban Agency.
Jan. 28, 1927.33
Wells C.S.R. he had a talk with Sargent, Who wrote the Wall Street
Journal article as to Board's desire to centralize its power;
that Sargent would not say who inspired the article but said,
"I think you can guesst;" he said he had great difficulty in
writing it but admitted he had help from some quarter. This
points to Miller.
Mar. 21, 1927. 138
Edge Act
Board takes up matter of regulations of foreign corporations
operating under Edge Act.
A. New York Corporation aeked for approval of its plan to issue
secured notes. Platt and C.S.N., under existing regulations
felt that approval should be granted.
Gov. Strong was consulted and said Board should not 'approves
anything and that existing regulations should be changed.
Board voted that Wyatt should consult Albert Bathbone, in New York.
Wyatt presents new draft of regulations prepared by Raithbone himself
striking out all reference to 'approval.*
Platt and Miller objected to statement in regulation that Board
would not approve such issues, as too cold and unnecessari:
also the part requiring that the amount received from sale of
such notes or debentures must be disclosed to Board few the
information of the public.
Watt said Rathbone regarded latter as very necessary.
Matter went over until tomorrow.
June?, 1927. 184, 185.
d
(These regulations were later approved, Vidi Board merely reserve
t
interes
public
r
wheneve
public
d
receive
right to make amount
so demanded.
ral
Board also stipulated that these Should always be held 110% collate
le.
advisab
although Rathbone felt this was not


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Federal Reserve Bank of St. Louis

Idgs Lot (Oontl d.)
Subject to above, Board permitted. exohamge of collateral.
Later, MoGarrah said he thought above was wise.)
Mot, Charles, 2nd.
Dines with us at Woman's National Democratic Club to meet Herman Gade.
Jan. 19,1927. 14
simployee. Sec. 4, Federal Reserve Ant
Wyatt advised us that word "Bank" in Sec. 4 meant only banks in U.S.
and that MoGarrah, by virtue of his position on Reichtbank
Advisory Council would not be an employee of Beichibadk within
Section 4.
C.S.H. does not agree.
Mar. 9, 1927. 119
Finglish banks. 9
Soo - Molliarrah
linglish credit. 2
Bee - Bank of lengland credit
Zrast, Helen
We meet, at dinner at Mrs. Chandler Bali1 a.
Mar. 2, 1927. 114
Europe
Bee

Central banks of.

Rustic, Gov.
WA. gives to society of New lingland antiquities a oheval glass
and Louis XVI table, once owned by, to be put in Shirley-Eustis
house, Rotburf.
June 23, 1927. 193
instils, Mrs. William
We dine with. Mrs. Wilson also was there.
Jan. 13, 1927. 11
We dine alone with.

Mar. 6, 1927.116

We visit with, at Leesburg, Va., She drove us back to Washington
on Decoration Day, May 30.
May 29, 1927. 179
Ixamination of state banks
See - State bank examinations


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Executive Committoo, Federal Reserve Bank, New York.
Jew by.law makes Chairman also Chairman of Executive Committee.
Alb. 5, 1927. 48
See - Federal Reserve Bank, New York
McGarrah
O.S.H. suggests another br-law fixing who shall preside at meetings
of Executive Committee when the Chairman is absent.
Peb. 5, 1927. 50
Board approves above by-law.
MD. 7, 1927. 51
Executive Committee, ?Moral Reserve Board
Miller wants to give power to, to pass on all open market questions
during the summer to defeat motion to give the Open Market Investment
Committee discretionary power.
C.S.N. potato out that under the bylaws the Committee must be =aniline.,
in order to act.
Defeated.
June 23, 1927. 194
Executive Committee, Woman's National Democratic Club.
84, 102, 103, 104, 106, 106, 116, 128
Indexed in separate volume - 'Chronological table, Wilson."

Pederal Advisor: Council
Platt and Comptroller favor postponing question of additional
discretionary power to Open Market Investment Committee in order
to consult the Pederal Advisor: Co-ancil Which we already have
asked to advise us as to open market policies.
C.S.R. objected swing Moan% had asked, only for a general review of
our open market policy since the beginning of the System; that
it would be a bad precedent to postpone in order to consult the
council: that the council once objected because we had not
consulted it before we established the Cuban Agency, but that
after discussion, it had abandoned any such claim of right.
Jo action taken.
May 12, 1927. 163, 164.


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Federal Advisory Council (Contido)
Board discusses Above matter again.
•

Sec. Mellon said the Council were all bankers and it would be of
doubtful expediency to take them in advance into our
confidence as to further purchases of Goverment securities.
Matter was dropped.
May 13, 1927. 164, 166.
C.S.R. points out that Heard, member of, from Boston district
strongly favors redesignation of Curtiss for Federal Reserve
Agent.
May 16, 1927. 168
Board meets Council at supper at Dr. Miller's house.
Mar 19, 1927. 176
Council passes a resolution on Cuban Agency, stating that it did
not advise its discontinuance, but hoped the precedent would
not be extended to other countries outside of the continental
U.S., and that the Board should give careful stuAy to devise
ems better plan.
Wetmore said the Council was unanimously opposed to designating any
member bank in Cuba as foreign agent as it would be a
discrimination against other American banks there.
The Council approved the Open maitst policy of the Board as basei
upon the recent report of the Open Market Investment Committee.
Alexander strongly favored the cautious buying of Government
securities at present time.
A long discussion followed as to the duties and rights, respectively,
of the Council.
Wetmore said the Council ',lilted to have all action of Board on
reports of Open Market Committee sent to it from time to time:
Gov. C. said there would be a division in the Board as to this, that often the policy determined on would be a continuous one,
which it would be hardly expedient to give in advance to the
12 bankers on the Council.
Alexander said it would be no more inexpedient than to give ova
information to the directors of the /Federal Reslrve Bank of
New York.
C.S.H. said be felt the Council was entitled to this information and


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Federal Reserve Bank of St. Louis

SO.
Federal Advisory Council (Contld.)
told how the Council was originally created, as explained in
Senator Glass's book, - being a compromise against the demand
that the Council should have some members appointed by the
member banks.
Ss Council unanimously took the position that it was a useless body
unless it were given current information as to the practical
workings of the Federal Reserve System.
May tO, 1927. 176, 177.
C.S.H. tells Board he had intorno& Durrell, Vice President of National
City Bank of the Cuban Agency resolution of the Federal Advisory
Council, and moved that the 3 member banks in Cuba be notified of
it. Passed unanimously.
May 23, 1927. 178
Federal Reserve Act
C.S.H. tells Board he is almost persuaded that, should be amended so
as to separate Federal Reserve Agent from Chairman; that when Act
was drawn the Federal Reserve Agent was considered of great
importance, passing as he did, on issue of Federal Reserve notes;
that the Act is silent ms to duties and powers of the Chairman;
that the fact that the public, through the banks, really determine
the amount of Federal Reserve notes outstanding, has minimised
the importance of the Federal Reserve Agent.
Jan. 11, 1927. 7, 8.
C.SZ. points out to Cordell Hull that for the first time since
passage of Federal Reserve Act has there been a political
discussion in a Congressional Committee over an amendment to the
Act, such as recently occurred When the Democrats as a body left
the Committee room to break up a gnome on the Federal Reserve
pension bill.
Mar. 1, 1927. 109, 110.
Wyatt gives opinion that word "employee" under Section 4 of Federal
Reserve Lot applies only to banks in U.S. and that Mcearrol,
by virtue of his office on the Reidhsbank Advisory Committee,
was not an employee of a bank under Section 4.
C.S.R. does not agree to this.

Mar. 9, 1927. 119

Board informs MaGarra of above ruling.
Mar. 10, 1927. 121
Federal Reserve Agent
Miller *aye work of Federal Reserve Agent is of less importance than
that of Chairman and should be separated from duties of Chairmen;
that the Chairman was the ranking officer and that Board felt
that, - or at least certain members-henceforth only the ablest
bankers or the country ehoule be made Chairmen. He woks of
Sproulls article on Chairmen with full approval.


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Federal Reserve Bank of St. Louis

Federal Reserve Agent (Oontld.)
C.S.R. fears he created the impression on McGarrah's mind that the
Chairman should dominate the Governor on all matters, at least,
of higher policy, which C.S.R. fears is not warranted under
Federal Reserve Act.
C.S.R. pointed out inconsistencies in positions of Pederal Reserve
Agent and Chairman, and said. he was almost persuaded to favor
an amendment of Federal Reserve Act to take from Chairman the
duties of Federal Reserve Agent.
C.S.R. further pointed out that, When the Act was framed, the
position of Federal Reserve Agent, passing upon Federal Reserve
note issues, was considered of very great importance; that
Congress paid more attention to his duties than to those of the
Chairman, upon which the Act is absolutely silent; that it has
developed that the rederal Reserve Agent does not decide as to
issue of !Liana Reserve notes but that the demand of the public
for small change really determines their issue, eo that this
minimises the principle function of the Federal Reserve Agent.
Jan. 11, 1927. 6, 7, 8.
McGarrah says the feeling in New York is that Jay was too busily
engrossed in the technical details of his office as Federal
Reserve Agent to give proper attention to his duties as Chairman.
Jan. 11, 1927. 8.
Ounninghsa claimed that Board had declared that the Secretary of
Board of Directors of Federal Reserve banks should be taken from
Federal Reserve Agents side of the Federal Reserve Bank. The
decision of Board was read and it appeared it had said that the
Counsel was a proper man for Secretary.
Feb. 3, 1927. 42
McGarrih's salary as Federal Reserve Agent and Chairman fixed at
$50,000 and he was appointed Class C Director and designated for
a year as Federal Reserve Agent.
Feb. 5, 1927. 49
McGarrah &eked to report on application of Federal Reserve Bank,
New York, for another Assistant Federal Reserve Agent and for
increase of Burgess's salary.
Fob. 5, 1927. 50
In application for approval of consolidation of Bank of Italy and
Liberty Rational Bank, the Federal Reserve Agent gave no
recommendation but simply referred it to Board.
Feb. 17, 1927. 75, 76.


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Federal Reserve Agent (Contid.)
C.S.H. believes it to be against public policy for McGarrah to
be Federal Reserve Agent and also a member of Reichsbank
Advisory Council, for the Federal Reserve Agent is an officer
of the U.S. - his bond running to the Govt. - and in case e.g.
of an offer to sell to Federal Reserve bank German trade bills,
he would in effect be representing both sides.
Mar. 9, 1927. 120, 119.
Board advisee MoGarrah he can continue as a member of Reichsbank
Advisory Council and as Federal Reserve Agent and Chairman until
his term on Council expires, and that Board would advise him if
at any time it reached conclusion that the two offices were not
compatible.
Mar. 10, 1927. 121
C.S.H. spends day at Federal Reserve Bank, New York, with Burgess,
Assistant Federal Reserve Agent and others.
Mar. 18, 1927. 136
Gov. Harding said Miller asked Warburg if he would like to be
appointed Federal Reserve Agent at New York and that Warburg
replied - not for a million dollars if Miller was to be his boss.
Mar. 21, 1927. 138
Board authorises Federal Reserve Agent Walsh to speak on McFadden bill.
Mar. 25, 1927. 140
Platt tells C.S.H. that Comptroller is playing politics - that he wants
one of his examiners to be made Federal Reserve Agent.
April 1, 1927. 145
Platt says that Collier, the National Bank Wxsainer wants to become
Governor or Federal Reserve Agent.
April 5, 1927. 146
Board votes to submit draft of new regulations to Governors, Federal
Advisory Council and Federal Reserve Agents.
April 13, 1927. 149
Board discusses redesignation of Federal Reserve Agents.
Mly 16, 1927. 167 to 175.
See - Curtiss
See also - Burgess
Curtiss
Miller
MoGarrah
Austin
Heath
Hoxton
Martin


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Federal Reserve Bank, Atlanta. 11, 33, 180.
See - Cuban Agency
Federal BVSOVIS Bank, Boston
Senator Metcalf says Wing of lit National Bank had arranged
for a private telegraph wire between his bank and, but
that he and Federal Reserve Agent Curtiss objected.
Jan. 16, 1927. 13
Board votes to increase salary of Carrick, Secretary and
Assistant Counsel from $7500 to $9,000.
Feb. 3, 1927. 41
Curtiss says Stockton, of Old Colony Trust Company wanted :Urn,
one of his Vice Presidents, elected Governor of.
Mar. 11, 1927. 127
See also - Curtiss
Washburn, Charles
Moral Reserve Bank, Dallas
Board gives hearing on matter of Federal Reserve branch for
San Antonio, Texas.
Cong. Garner and Mr. Prost apreared for directors and
petitioning bankers.
Feb. 19, 1927. 83
Soo also - Talley, Gov.
Walsh, Federal Reserve Agent
Federal Reserve Bank, New York
ReYburn and Wooley give lunch to Board and explain cammissiaa
Charged on Belgian bills purchased, saying bank would
refund it until after expiration of Dank of lngland
credit, on which no commission was charged.
Jan. 5, 1927. 2
James said he did not go often to the, because he could not
forget the feeling throughout the country that the Demi
was dominated by,
Jan. 5, 1927. 2
They both said the directors of, would welcome the allpointmmmt
of McGarrah as Chairman and Federal Reserve Agent.
Jan. 5, 1927. 2
C.S.N. tells Sec. Mellon as to James statement above. Re via
greatly disturbed.
Jan. 6, 1927. 3


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lideral Reserve Bank, New York (Contid.)
James says there is a strong feeling that the New York directors
manage the, more in the interest of the member bank
stockholders than of the public and he welcomed the change
which would be brought about by the appointment of McSarrah.
James seems to feel that hereafter the Board will operate the
hderal Reserve benkt
Jan. 11, 1927. 10
low by-law of, providing that the Chairman, instead of the Governor,
as heretofore shall be also Chairman of Ixecutive Committee.
Feb. 5, 1927. 48
The Directors made further suggestions as to changes in power of
Chairman and Governor, subject to approval of Board, and passed
a resolution expressing their hope that future Boards of
Directors will not disturb this division of powers which they
intend to bring about without the consent of both the Chairman
and Governor.
Jib. 5, 1927. 48, 49.
C.S.K. suggests passage of another by-lair to fix who shall preside
at meetings of the executive committee in absence of the Chairman.
Neb. 5, 1927. 50
Board approves by-law as to chairman being Chairmen of Bescutive
bob. 7, 1927. 81
00mmittee.
0.8.16 spends day at, with Burgess et ale.
Mar. 18, 1927. 136
Gev. Strong says John G. Johnson advised directors of, that Cuban
Agency was Mega.
May 4, 1927. 157
Gov. Strong tells C.S.R. that he will govern the Federal Reserve
Bank as long os he is Governor and that McGarr& had agreed to this.
May 4, 1927. 160
Gov. Strong said his directors had a legel opinion against power if
Board to put in discount rates of its own volition.
May 4, 1927. 160
Gov. Strong intimates to C.S.R. that his directors may initiate legal
proceedings to test power of Board to establish the Cuban Agency
and to initiate discount rates.
May 4, 1927. 160


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Federal Reserve Bank of St. Louis

se.

Federal Reserve Beak, New York (Contid).
Federal Reserve Bank of Wow York buys from Bank of France about
60 millions of gold out of 90 millions pledged by Bank of
France with Bank of lagland for a war loan which lank of France
has just paid off. The Bank of France would have shipped all
of this to U.S. for its account and about 30 millions had been
so shipped. The Federal Reserve Bank of New York paid for this
by exchange of Government securities thus reducing System
holdings to about 100 millions. This gold was earmarked in
Bank of lngland for Federal Reserve Bank of New York.
May 12, 1927. 162
See - Open Market Investment Committee.
Alexander says it is no worse to inform Federal Advisory Council of
all action of the Board on reports of Open Market Committee, than
to inform the directors of the Federal Reserve Bank of New York.
May 20, 1927. 177
The Federal Reserve Bank of New York sensabove 60 millions of gold
back to Bank of France, accepting in return a sterling credit in
Bank of /Ingland, on which interest is to be paid and reinvested
from time to time in sterling bills.
Ants 22, 1927. 192
Federal Reserve Bank of New York buys 100 million Goverment securities
to offset depletion of reserves of New York *saber banks growing
out of the drawing on its correspondents in New York by Bank of
France of 100 millions for deposit to its credit in Yederal BOSOM,
Bank of New York.
June 23, 1927. 193
See - Open Market Investment Comnittee.'
See also - Bank of Poland
Burgess
Discount rates
Warr&
Open Market Investment Committee
Strong* GOT.
Federal Reserve Bark of St. Louis. 18
See - Biggs, Gov.
Federal Reserve banks
Miller objected to referring on records to the Board's agreement
with McGarrah as to its waiving approval of leaves of absence,
because Board might not wish to extend similar privileges to
other Feaeral Reserve banks.
Feb. 5, 1927. 49
C.S.R. says all the Federal Reserve banks should have similar privileges.
Feb. 5, 1927. 50


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!Sclera Reserve banks (Contl d.)
C.S.H. said he consented to this waiver of approval in the hope and
belief that the other Yederal Reserve banks will be given
similar. privileges.
Fob. 7, 1927. 51
Glass tells C.S.H. that if the Wall Street Journal article as to the
desire of the Board to centralise powers in Washington represents
the attitude of the Board, he regrets that the charters of the
Yederal Reserve banks were extended, and that he will write Board
formally as to this.
Mar. 7, 1927. 118
C.S.H. tells Board. of this.
Mar. 17, 1927. 135
Gov. Harding tells C.S.H. that Glass in his book is in error in saying
that a majority of the Board favored reducing the number of
Federal Reserve banks in 1915; that he, Governor Harding and Miller,
would have voted against such reduction.
C.S.H. feels Gov. Harding's memory is defective on this.
As a matter of fact, Miller wrote the report for the Board Committee Delano, Warburg, and Harding - and for some time vigorously favored
a reduction; later, however, under pressure from Sec. Lane, he
somewhat weakened and showed a disposition to go back on his
associates. During the debate Delano tepeatedly said that a majority
of the Board favored this, and Miller raised no objection. This
could only have meant that he had secretly pledged himself in
favor of it.
Mar. 21, 1927. 138
lederal Reserve Board
Comptroller says the Moe in Board is eager to down Sec. Mellon am to
Burgess.
Jan. 4, 1927. 1
James said the reason for his not going oftener to Federal Reserve Bank
of Jew York was because of the feeling throughout the country
that it dominated. the Federal Reserve Board.
Jan. 5, 1927. 2
Board consults with MoGarrah.
Feb. 5, 1927. 48
Soo - McGarrah
Board agrees to waive approval of leaves of absence for Ho:terra:h.
PO. 5, 1927. 49


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67.

Federal Reserve Board (Cod ld.)
Board appoints McGarr& Class C Director and Federal Reserve Agent
and fixes salary at 850,000.
lob. 5. 1927. 49
See also Burgess
Curtiss
Bank of Poland
Discount rates
Federal Reserve Agent
Federal Reserve Bank, New York
Federal Reserve Banks
Moral Reserve branches
MoGarrah
Mellon
Open Market Committee
Salter
Wall Street Journal
itl'h
Talley
Strong
Federal Reserve branches
Rearing, San Antonio branch
Cong. Garner and Mr. Prost appear.
Feb. 19, 1927. 83
Board votes to establish branch at San Antonio
Arc Gov. C., Platt, O.S.R., Comptroller
Nos Miller
Feb. 23, 1927. 84
Board votes to authorise branch bank at Charlotte, 1.0.
Are: Sec. Mellon, Oov. C., C.S.R., Comptroller, Platt
No: Miller
Miller said he recognised merit in the application but to be
consistent with his past record he had to vote No.
Feb. 25, 1927. 101
Miller ommplains at statement in press that he voted against
Charlotte branch.
Max. 17, 1927. 133
See - Miller


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Federal Reserve credits
Be. - Bank of Belgium
Beak of Sagland
Bank of Poland
Federal Reserve notes
C.S.H. points out that Federal Reserve Agent, when Lot was
framed was considered the most important officer in the
Federal Reserve System because he issued Federal Reserve
notes, but that experience has shown that the amount
outstanding is largely fixed by desire of public for
small Change.
Jan. 11, 1927. 7, S.
Gov. Strong claims it illegal to carry unissued Federal Reserve
notes at Cuban Agenny, and says that Asst. Secretary Dewey
has an opinion from Solicitor of Treasury that unissued
currency can not be kept in a foreign country.
May 4, 1927. 158
Board votes to permit Federal Reserve Bank of Atlanta to carry
10 millions of unissued Federal Reserve notes at Cuban Agency.
At first the motion failed because of a ties
Aye: 0.1414, Platt, James
Not Gov. C., Miller, Cunningham

'

Then the Comptroller was called in before the vote was declared
and he voted. Aye, thus carrying the motion.
TWelhaltroller said he voted Aye on the opinion of Wyatt that he
could incur no personal liability because of such vote.
Wyatt, present, affirmed this.
May 23, 1927. 178
Assistant Secretary Dewey says he may decide to ask opinion of
Attorney General as to power to keep unissued Federal Reserve
notes at Cuban Agency.
June 1, 1927. 180
Dewey seemed to favor the unissued Federal Reserve notes as the
simplest plan, if legal.
C.S.K. said we could get along without unissued Federal Reserve
notes if the Treasury would agree to increase Atlanta's
Government deposits temporarily, whenever necessary.
June 1, 1927. 180

sows that from the Treasury point of view he sees no reason
why unissued lideral Reserve notes ihould not be carried at

Dewey

Glib= Alency, !sr the present, at least, the Board have been
advised Iv Wyatt that such procedure is legal.
June 20, 1927. 191


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Federal Reserve pension bill
C.S.H. talks with Co. Cordell Hull and protests against action of
Democratic members of H.R. Committee in leaving Committee in
a body to break a quorum; says that it is the first time there
has ever been apolitical division over a proposed amendment to
Federal Reserve Act; that the bill represented a collective
bargaining between employer and employees, among whom were a
large number of women at salaries averaging about $1200 per
annum; that the Democratic party would have to apologise for this
record in the future; that the Treasury favored the bill and the
Senate had passed it, and the H.R. Committee had reported it; that
he should induce some democrats on the Committee Who had voted
against the bill to tell the Rules Committee they did not object
to a rule.
Cong. Hull agreed with C.S.H. and said he would do his best to get a
rule.
Mar. 1, 1927. 109, 110.
Federal Reserve System
See - Wall Street Journal
rendall,Mrs.
Mrs. Wilson returns a book H.P.H. loaned her and said. she could loan
to Mrs. rendall.
J ms 16, 1927. 188
Filibuster, Senate. 117
See - Glass
Finley, DT.
Presides at Grover Cleveland dinner, New York.
Mar. 18, 1927. 136
first Rational Bank, Boston. 125, 126
See - Curtiss
Foreign bills
Board discusses its power and duty to frame regulations as to
purchase of foreign bills abroad.
June 22, 1927. 192
POreign trade corporations
See - Bdge Act
Franconia notch, N. H.
C.S.R. rides through, with Gov. Harding.
June 24, 1927. 196
France
See - Bank of France
Banks Poland
Calais


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70.

!ranch gold. 161, 162.
See.Federal Reserve bank, New To*
Prothinghma, Cong.
We dine with, to meet Dr. and Mrsaidward Reynolds.
Jan. 31, 1927. 37

Gads, Herman
We give a small dinner to, at Woman's National Democratic Club.
Present, Mr. and Mrs. Gado, Norweigan Minister to Brazil, Mrs. Bayard,
Charles lliot, 2nd, and Sir Maurice Low.
Jan. 19, 1927. 14
C.S.R. tells Mrs. Wilson he wants to confer upon Gate the greatest
honor, - the privilege of meeting her at dinner.
Jan. 19, 1927. 15
Mrs. Wilson can not be present.
Jan. 19, 1927. 38
Galt, Mrs.
K.P.H. meets, at Gait's jewelry shop.
Jan. 31, 1927. 37
We pass 1111. Wilson and Mrs. Galt in motor.
lib. 3, 1927. 41
Garner, Cong.
Addresses Board in behalf of San Antonio branch.
Feb. 19, 1927. 83
Gavit, Mrs.
We receive a letter from, dated Jan. 27, 1927, Hotel de la. Paix,
Geneva. After referring to &book test given by her son, who
said Anna was present, - a not very satisfactory test•
Mrs. Gavit wrote:
'This morning I have had a quiet tine by myself and I &Wad
if Anna would. come and send a message to you. She was here,
I au sure, and the message that dame directed. my hands
over the pages very fast, just as it did the day on the
terrace. It may mean something to you, so I an sending it
on to you on another sheet of paper. / will also send you
the original copy which is pretty blind as I had to write
so fast the tis are not crossed nor the i's dotted.


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71.

Gavit, Mrs. (Contld.)
Copy of message:"Joe:
Mother, Anna is here now.
Mrs. G.
Yes, I am here, Anna.
Anna:
Tell lather and mother / am very near them most of the
time. I an working hard on some of the things I was most
interested in on earth. They will know what I mean.
They might talk to me out loud once in a While. Tell that
to say "Anna", to speak to me, and if they listen I will speak
to them in their kinds, - they will learn to known*, voice Just
as you do. They are not able to write for various good reasons,they are so anxious and too tense - but it may come.
Mother I do love you so much more than / could ever tell
you on earth. I see all you did forme, I feel your love about
ma still, and I realise how often I fell far short of your ideals
for me,but now you would be better satisfied for I am working so
hard to make up some of the things I failed on earth.
I am picking up some of my dropped stitches, and you know I
never liked to rip up and do over, - but now I am doing it with
a smile,.you can believe it, mother dear! I am interested in
all you have done. There is nothing you have left undone that
I would with you to do forma, and as for you and Father, you
will be so far ahead of me when you come over that I will have to
gallop and Jump hurdles to keep up with you.
Somehow, your early training made you terribly conscientious
and more careful than my generation. You were a little more
serious about life. We were happy and free, seeking fun and a
good time, so now I am working hard to develop part of me that I
only let come to the surface now and then. What do you think I
said When one of the Big Ones over here asked me, "Young woman, what can you do in this place? What is your
greatest interest which you would wish to work on through all
eternity?" Myt I was scared, Fathert I could only gasp, "I must
think! Let ma thiaki"
I tried to think of the things I loved most to do, of all,
and every one of them was down on earth to stay. I could not have
any horse or automobile, or lots of other things I loved to play
with on earth, to work on over hers.
Then I thought again hard, to have an answer ready before he
returned.
I remembered the real thing from which I got the biggest
thrill, that seemed to make me grow better and whiter inside, it was my work with those whalers so young and suffering, - the
poor little children I helped, the sick soldiers and others that
I did try* bring some comfort to, although not as often as I
should. So I had an answer: "Put me to work with children or
some one Who needs me. I can help here, - show me what to do."


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72.

Gerrit, Mts. (Contld.)
Message (Contld.)
So I am busy trying to make little Children over here happy.
They oome over without their mothers, they need love and
mothering, - they need me to play with them.
Anyhow, dear, there is where my play instinct comes in. I can
ply; with them and tell them all the many stories you used to tell
me, - so you see you did prepare MA for this life, too, and how /
do thank you for all the enrichment of life you gave to me.
Often I sit by you with my arms about some poor, little girl, you can not see her, but the is there, gathering love frog your
abundance, Mother dsar, for so many have no mother to love them, you do not know how many.
I could go on and talk to you forever, but I must not take more
time. This is Annat Do not doubt itt I am trying to get to you
something else to make you very sure, but it is I, your only daughter,
who loves you and blesses you every day, because my work for all
eternity will be for you both who can help me with my work because
you loved me and helped me as a girl.
leb. 9, 1927.
61, 62, 63, 64, 65.
German Ambassador
Miller tells Board that he told the, a few days ago of Boardls
action in permitting MoGarrah to remain on Reichsbank Advisory
Council and told him he mas anxious to know how the Reichsbanit
would regard this, and whether under German law he could retain
this position; that the Ambassador said he would find out at
once; that Miller said the inquiry must be considered informal;
that the Ambassador assured him it would be kept so; that a few
days later a member of the staff of the German Mdbassy Showed him
cables to effect that the ReiChsbank officials were delighted to
have McGarrih, as representing the lederal Reserve System, continue
to serve on the Reichsbank Advisory Council.
Miller said nothing as to any answer to his question as to the German
law.
Mar. 16, 1927. 132
C.S.R. feels Miller showed great assurance in objecting to letting
Sen. Simmons know about his vote on the Charlotte brawl, and yet
telling the German Ambassador as above.
Mar. 17, 1927. 135
Gorman Mlbassy staff. 132
See
German Ambassador


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73.

Germany
Harrison said Gilbert feels confident that Germany can pay the
reparations with some slight changes in Dawes agreement.
April 25, 1927. 155
See also

McGarrah
Miller
leidhsbank
Schacht

Gilbert, S. Parker
Tells Harrison that stabilization of Polish currency is most
April 25, 1927. 154
desirable.
Tells Harrison Germany can pay all reparations, with some Changes
April 25, 1927. 155
in Dawes plan.
Gilbert, Supervisor of State bank examinations
See - State bank examinations
Glass, Carter
Harry St. George Tucker tells C.S.H. that tome years ago there was a
contest in Virginia over the nomination for U.. Senator; that he,
Glass, and another held a conference to determine who should make
the run against Swanson; that Glass said he would cheerfully give
up his life to prevent that crook, Swanson, from being elected;
that Glass made the fight but was beaten by Swanson.
Jan. 23, 1927. 17, 18.
C.S.H. believes Mrs. Wilson should permit the Democratic Club to
publish the chronological table making such condensations as it
may desire but the final form to be approved by some one representing
Mrs. Pennington, - say Carter Glass or Judge Covington.
Jan. 25, 1927. 22
Calls on O.S.H. Says that Sen. Pepper told him he believed that
Wilson had been elected Senator in Pennsylvania but had been
defrauded.
Glass also said that Tare lived at his hotel, - the Raleigh, and
that one day he came over to his - Glees - table after dinner and
insisted on talking about his campaign. He said Taro said that
never since the Civil War had a Senator from Penna. been elected
who represented the people; that the Pennsylvania H.R., the steel
trust and the Standard Oil crowd had always had their representative
elected; that he named 10 Senators, including Sen. Pepper, who
represented these interests.
GLassaili Tare had absolutely no Chance of getting his seat, and that
while a majority of the Senate opposed Tare, there was absolutely
no sympathy for Pepper.
Glass said. he would press for a vigorous investigation of the rumor


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Glass, Carter (Contld.)
that the chain bankers of Chicago had spent over $130,000
to lobby for the Hull amendment to the McFadden bill,
and that Cong. lingo had been paid $10,000 for his speech
at the American Bankers Association Convention, attacking
the McFadden bill. He said his resolution for an investigation passed the Senate just before adjournment.
Glass was very much disturbed at the article in the Wall Street
Journal charging that the Board, - now that the Federal Reserve
bank darters had been made perpetual, - intended to centralize
control over the Federal Reserve System in Washington. Ho
said if such was the purpose of the Board, it would have been
far better not to have extended the charters, and that he
intended to write Sec. Mellon, formally, on the matter.
Glass said he was satisfied the article was inspired by some member
of the Board and that he suspects Miller.
Mar. 7, 1927. 117,118.
C.S.H. tells Board of Glass's feeling as above, except as to his
Mar. 17, 1927. 135
suspicion.
Gov. Harding says Glass was in error in his book in stating that
a Majority of the Board favored a reduction in the number of
Federal Reserve banks in 1915; that he and Miller would have
voted against it.
C.S.H. feels Gov. Harding's memory is defective.
Mar. 21, 1927. 138
See - Federal Reserve banks
C.S.H. gives Federal Advisory Council a history of the compromise
resulting in the formatian of the Council, - from Glass's
history of Federal Restirve Act.
May 20, 1927. 177
Calls on C.S.H. and wants to see a copy of a cablegram sent by
Sen. Owenle secretary to gusher, advising him to sell his
holdings of Italian exchange. This cable was intercepted
during the war, and a copy furnished to Board.
and
C.SA.said he thought it would be better not to dignify Owen
book,
his
ing
regard
Untermyer with any further controversy
and Glass seemed to concur.
June 22, 1927. 191


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vs.
Glass, Mrs. Carter
H.P.H. lunbhes with Mrs. Glass and meets Mrs. Wilson and Mrs. Grayson.
Feb. 25, 1927.96
Gold
Iron& gold in Bank of Ragland. 161, 162, 192
See - Federal Reserve Bank, New York
Goldenweiser
Opposes reduction in discount rates at New York.
1415. 9, 1927, 59
Goldeahnidt, Louis
Appraises furniture, mirrors, etc. at 2 Raleigh St.
JUne 23, 1927, 195
Gordon4umning, Mrs.
We meet,at dinner at Mrs. Warder's.
April 27, 1927. 156
We lunch, at Woman's Democratic Club, with Gertrude Myer and
May 21, 1927. 177
Governor, Bank of Rngland
See - Norman
Governor, Rank of France
Harrison confers with Gov. Moreau in Paris. Re favored Polish
stabilization.
Harrison confers with Roman, Sdhacht and Moreau, at a little hotel
in Calais, Prance, on the Polish question.
April 25, 1927. 153, 154
See - Bank of Poland
Governor, Federal Reserve Bank of New York
See - MoGarrah
Strong
Government securities
See - Open Market Investment Committee
Governors Conference
May 9, 1927. 161
Graef, Olive
Sent le flowers on second anniversary of Anna's death.
April 26, 1927. 155
Grant, Judas Robert
We dine with, and Mrs., at Mr. Delanols Who was &W.
April 19, 1927. 151
Grant, Catharine
We lunch with Mr. Delano to meet.
May 8, 1927. 161


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GrAyson, Admiral
Mrs. Hirrtmsn tells H.P.H. that, once told her that Mr. Wilson,
during his illness at 8 Street, once told him that Randolph
Bolling had. gotten an his nerves and., said he hoped he would
keep him out of his roam.
leb. 14, 19276 68
Mr. Young tells C.S.H., at dinner at Mrs. Warder's that, and
Woodbury Blair did all they could to get Tumulty in the
Metropolitan Club.
April 3, 1927. 145
Grayson, Mrs.
H.P.S. meets, at lunch with Mrs. Glass. She asked C.S.H. and H.P.H.
to dine with her to meet Mrs. Wilson's guest, Dr. Davis of
Philadelphia. H.P.H.declined.
Alb. 25, 1927. 96
See - Wilson, Mrs.
Great Britain
Gov. Iorman tells C.S.H. that the debt settlement placed a grievous
burden on.
Jan. 27, 1927. 29
Harrison says the Poles did not want to have the L. of N. supervise
the suggested Polish credit because they felt that, daminated
the League of Nations !inane() Committee.
April 25, 1927. 154, 155
Griffin, Hancock
We go up to Boston with, and put him on train for Albany.
July 1, 1927. 198
Guaranty Trust Co. 123
See - Bank of Poland

Rile, Mrs. Chandler
Calls on us, and talks of Gertrude Myer.
Jan. 9, 1927. 6
We dine with.
Helen Zrnst and Mist Hale also were there.
Mar. 2, 1927. 114
Hackett, Mts.
We sit at table with Sen. and Mrs. Bruce, Mr. and Mrs. Richard
Cleveland, Mr. and Mrs. Bonsai and, at Woman's National
Democratic Club.
Jib. 19, 1927. 82


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77.

Hamlin, Anna
C.S.H. tells Sir Maurice Low as to Anna's experience with
Gov. Norman in London.
Jan. 15, 1927.12
C.S.H. declines Miller's invitation to tea to meet Gov. Norman
as he did not want to meet him socially in view of his
treatment of Anna in London.
Jan. 25, 1927. 18, 19.
Mrs. Gavit sends us an automatic message from Anna.
Feb. 9, 1927. 61 to 65
See - Gavit, Mrs.
Mrs. Wreidt gives us &message from Anna.
Feb. 17, 1927. 77 to 81
See - Wreidt, Mrs.
On 2nd anniversary of Anna's death we went, at 9:45 a.m. to
St. Agnes Church, 46 q St., Washington, to a simple memorial
communion service by Father Anderson (103 Seaton Place,
Washington). It seems as if Anna was with us, joining in it.
In the afternoon Mrs. Wilson sent some daisies, and flowers were
sent by Mrs. and Miss Olive Graaf, Mrs. Pell (Alice Harding)
Mr. •Harrington of Mattapoisett (now in Washington), and several
others sent us telegrams.
April 26, 1927. 155
We finally agree to seel 2 Raleigh St. to R. G. Dodge, a partner of
Moorfield Storey. While we have the deepest attachment for it
and it is filled with beautiful sentiments, we feel that,
without Anna, we never could live there again.
April 26, 1927. 156
We call on Mr. and Mts. Louis Monteagle in Washington. She spoke
of her gift to a San Francisco hospital in memory of Anna, and
said we could feel that the fund would be there forever, doing
its good work.
May 9, 1927. 161, 162.
C.S.H. took on train with him to Monticello a book, "A Short history
of ingland" and on front page was the following in Anna's
handwritings
"Where e'er this book Should chance to roam,
Please use it well and send it home,
To
Anna Hamlin,
1575 Mass. Ave„ Washington, D.C."
June 5, 1927. 182


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7S.

Hamlin. C. S.
Welcomes MoGarrah as one of the best equipped bankers of the
country.
Speaks of inconsistenoy of office of Chairman and Federal Reserve
Agent. The former is the highest officer in the bank, While
the once important function of the latter, - the issue of
Federal Reserve notes has dwindled in importance, although
when the act was framed the Federal Reserve Agent was considered
far more important than the Chairman.
Says that experience has shown that the amount of Federal Reserve
notes outstanding is largely fixed by the amount of small change
desired by the public; that the amount ebbs and flows with the
public demand; that this fact has left the Federal Reserve Agent
almost a ministerial officer; that he is almost psrsuaded to
favor an amendment taking ass, the duties of Aideral Reserve
Agent from the Chairman.
Jan.11, 1927. 7, 8.
C.S.R. fears the Chairman can not be made &azimut over the Governor
under existing law.
Jan. 11, 1927. 7

C.S.R. believes

McGarrah will not accept unless he has an understanding
with Gov. Strong that he and ndt Gov. Strong is to dominate and
that Strong will never give such a promise or if he did that he
would very shortly resign.
Jan. 11, 1927. 10

C.S.R. votes that Sansolito be held to be contiguous territory.
Jan. 26, 1927. 31
C.S.H. votes to approve application of Mercantile Trdst Co. to
take over a branch at SansDlito, Calif.
Jan. 26, 1927. 31.
C.S.R. agreed with Platt that, the Board having voted that Sansolito
was in contiguous territory, it would be absurd to give as reason
farreftsal of application the near approach of passage of
McFadden bill under Which the branch could not be taken over.
Jan. 26, 1927. 32
Votes to increase salary of Carrick, of Federal Reserve Bank of
Boston from $7500 to $9000.
Feb. 3, 1927. 41


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'

To.

Hamlin. 0.8.(Contld.)
Votes to postpone action on merger of Bank of Italy and Liberty
National Bank for a few days.
74b. 17, 1927. 72
Votes against postponement until a complete examimtion is made.
Peb, 17, 1927. 74
Votes to approve merger.

Feb. 17, 1927. 75

Votes for Federal Reserve branch at San Antonio.
Feb. 23, 1927. 84
Votes for Federal Reserve branch at Charlotte, North Carolina.
Feb. 25, 1927. 101
Moves Board will interpose no objection to Polish credit.
Mar. 16, 1927. 131
Asks whether any Board member was responsible, directly or indirectly,
for Wall Street Journal article.
Mar. 17, 1927. 134
Moves to approve replacing 25 millions of Government securities which
had knn off.
Mar. 21, 1927. 137
Moves to approve buying 50 millions to replace 50 millions taken from
nmatmt by turning than into acceptances taken from portfolio
of Federal Reserve banks.
Mar. 21, 1927.137
'ICUs against Miller's substitute motion.
Mar. 21, 1927. 137
floated honorary member for life of Grover Cleveland Association.
Mar. 25, 1927. 139
Addresses Harvard Club, Washington, D. C.
Mar. 26, 1927. 139
Votes to permit Federal Reserve Bank of Boston to publish analysis of
McFadden bill.
Mar. 29, 1927. 139
Moves to authorise Federal Resorts Agent Walsh to speak on credit
policy of Federal Reserve Bank of Dallas provided he does not
commit Federal Reserve Board.
Mar. 29, 1927. 143
Votes against permitting Walsh to speak on McFadden bill because of
refusal of Board to permit Federal Reserve Bank of Boston to
publish analysis of Wadden bill.
Mar. 29, 1927. 140
...••••••••••••••••••••••••••••••••MEM...

044


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Federal Reserve Bank of St. Louis

N.
Hamlin, C. S. (Contld.)
Criticises report of Walsh and Talley.
April 1, 1927. 144
Totes against letter to Walsh indorsing certain principles of credit
policy set out in his report.
April 1, 1927. 145
Speaks on Cleveland at lunch at Woman's Democratic Club, Washington.
April 11, 1927. 146
Votes to send a compromise letter to federal Reserve Agent Walsh feebly
approving some of credit policies of Pederal Reserve Bank of Dallas.
April 12, 1927. 147
Votes against keeping in proposed new regulations a clause that state
banks must manage their business so as to give safety to their
customers.
April 13, 1927. 149
Objects to referring to federal Advisory Council question of approving
further purchases of Government securities.
May 12, 1927. 163
Totes against Miller's substitute disapproving reoommendatiome if
Open Market Committee.
May 12, 1927. 164
May 13, 1927. 165
Votes for Platt's motion approving the recommendations of Open Market
Committee.
May 13, 1927. 165
Votes to redesignate militia as federal Reserve Agent, St. Louis
May 16, 1927. 167
Agrees to abide by decision of Chicago Committee as to Federal Reserve
Agent, Reath.
May 16, 1927. 166
Defends Federal Reserve Agent Curtiss.
May 16, 1927. 166
Objects to Miller's attempt to bunch Curtiss, Austin and Reath in one
motion to refuse to redesignate.
May 16, 1927. 171
C.S.R. moves that Miller's motion to refuse to redesignate Curtiss be
laid on table without prejudice to right of any amber to vote as
he pleases next fall.
Board accepted this informally.
May 16, 1927. 171, 172.


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el.

Hamlin, C. S. (COMIC)
C.S.H. favors request of Tederal Advisory Council to be informe
d,
from time to time, ef all Board action on reports of Open
Msrket
Committee.
May 20, 1927. 177
Totes to permit Atlanta to carry 10 millions of unissued Moral
Reserve notes at Cuban Agency.
May 23, 1927. 178
Totes to approve Polish credit.
June 6, 1927. 184
Moves that purchase of Government securities to offset depletion of
member bank reserves caused by International gold movements
shall not be oaunted against the 250 millions which Open Market
Committee has been authorized to buy.
June 23, 1927. 193
Totes for his motion. Carried.
June 23, 1927. 195
Delivors address at Maplewood Club, N. H.
lew Ragland Bankers Association.
June 24, 1927. 196
Wolin, Alward
Advises O.S.H. to sell Raleigh Street house.
April 23, 1927. 152
lbalia, H. P.
Mrs. Belling asks, to lunch at Woman's Democratie Club, with
Mrs. Wilson and Miss Jones,
Jib. 12, 1927. 66
Lunches with Mrs. Glass at Woman's Democratic Club and meets
Mrs. Wilson and Mrs. Grayson
lob. 25, 1927. 96
Leaves Washington for Albany and Mattapoisett.
June 18, 1927. 190
Takes Hanoodk Griffin to Boston en route to Albany.
July 1, 1927. 198
See - Okronological table, Wilson. Separate volume
Harrison
Helm
Wilson, Mrs.


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Harding, Gov.
Curtiss says, told him that if Board voted not to redesignate
he,.Gov. H. - would at once resign.
Mar. 11, 1927. 127
!bid 0.S.H. that Stockton, of Old Colony Trust Company disliked Curtiss.
Mar. 11, 1927. 128
Says Glass is wrong in statement in his boo* that a majority of
lidera Reserve Board were opposed to reducing number of
Federal Reserve banks in 1915; that he and Miller would have
voted against it.
C.S.H. thinks Gov. Hardingls memory is at fault.
Mar. 21, 1927. 138
See

lederal Reserve banks

Says Warburg told Miller he would not be Moral Reserve Agent at
New York for 1 million dollars salary if Miller wail to be
his boss!
Mar. 21, 1927. 138
Board votes not to permit, to print and send out a comparison between
Federal Reserve Ant and Meadden bill.
Mar. 29, 1927. 139
Writes letter to Board in favor of Curtiss. Says Curtiss has independent
means and therefore no notice now is necessary if Board should not
vote to redesignate him in December.
April 15, 1927. 149
The President of Poland gusto., to effect that Poland can get all the
credits she needs without any agreement to stabilize.
April 25, 1927. 154
Points out that Open Market Committee can boy Government securities
without inflation, as the effect of gold *ports psychological];
would be grater than a cautious buying by Committee.
May 12, 1927. 163
C.S.R. cites Governor Hardinglo praise of Curtiss.
May 16, 1927. 168
0.8.H. writes Governor Harding as to result of Board discussion as
to Curtiss.
May 16, 1927. 174
C.S.H. goes by auto with Governor Harding from Boston to Bethlehem, 140.,
Maplewood Club, through Pranconia notch to address 1.2. Bankers
Association. Returns through Crawford notch via Portsmouth, N.H.
June 24, 1927. 196


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Harper Brothers. 54, 55.
See separate volume *Chronological table, Wilso
n."
Harriman, Mrs. J. Borden
Tells H.P.X. at Club that Admiral Grayson once told her
that
President Wilson, one day While ill at 8 Street, told
him
that Randolph Bolling had gotten on his nerves and that
he
asked him to keep him out of his room.
?ob. 15, 1927. 68
See also • pps, 22, 54, 55, 59, 68, 91, 94, 100,
101, 102,
103, 104, 106, 115, 116, 117, 120.
All above indexed in separate volume, "Chronolog
ical table, Wilson!
Harrington, George, Mattspoisett
Sends us flowers on anniversary of Anna's
death.
April 26, 1927. 155
Harrison, George, Deputy Governor, Pederal Reserve
lank, liew York
Attends lune& given by Board to Governor Nommen
and Sir Charles Lubbook.
Jan. 27, 1927. 29
See also - 122, 123, 124, 130, 131, 153, 154, 183
Indexed winder Hank of Poland
Harvard Club, Washington
C.S.H. attends lunch of, and speaks.
Mar. 26, 1927. 139
Harvard University
Curtiss once took banking coursesat.
Mar. 11, 1927. 126
Hamm farm bill. 60
See • Cunningham
Hawes, Sen. 18
See Biggs, Gov.
Heard
Mr. Heard of Moral Advisory Council indorses Curti
ss.
May 16, 1927. 168
Heath, Federal Reserve Agent, Curtiss
Chicago Committee, Comptroller and Cunningham reqiested
by Board to
report as to rodesignation of. All members, inoludiagO
.S.H.,
and excepting only Platt, say they will accep
t report of Committee.
May 16, 1927. 167, 168, 171


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Helm, With (Admiral Helm also)
at Club that Mrs. Wilson knows that Mrs. Pennington
Tells
had written the Woman** Democratic Club that it must divide the
profits from the sale of the Wilson chronology with Bolling, but
believed that Bolling had at once declined to accept; that
what Mrs. Pennington told C.S.H.,Mrs. Wilson does not knew,
that Bolling accepted by letter during the summer of 1926 While
Mts. Wilson was abroad, nor that Mrs. Pennington definitely told
Mrs. Jones, the President, that Bolling had accepted; nor that
Mrs. Pennington returned to him his letter of acceptance, as
she - Mrs. Pennington - told C.S.H. She said the believed Bolling
had concealed this from Mrs. Wilson.
Jan. 31, 1927. 36, 37.
Expresses regret to H.P.H. about the book.
Said she was sorry Mrs. Wilson was blaming the Club.
H.P.H. said Mrs. Wilson must be very angry with Mrs. Pennington for
writing the letter to the Club demanding 1i2 of the profits for
Bolling, and she said very significantly "Perhaps she is1"
lob. 4, 1927. 44, 45.
She said that Mrs. Wilson has a copy of the letter Bolling sent
Mrs. Psonington declining her offer and stating that his work was
a labor of love; that she (Mts. Helm) believed that this was the
letter Mrs. Pennington returned to Bolling in her effort to induce
him to reconsider; that Mrs. Pennington's letter to Mrs. Jones
was her way of trying to force Bolling to accept.
PO. 4, 1927. 44, 45.
She said She had told Mrs. Wilson what H.P.H. had said about
Mts. Penningtonis unbalanced, hysterical condition, and of
Mr. Pennington's insisting ember carrying a paper with her
address on it when she called one night on H.P.H.; that Mrs. Wilson
was very such interested and surprised.
Iteb. 4, 1927. 45
Tells H.P.H. she has heard nothing more from Mrs. Wilson. She added
that Mrs. Wilson was very easily influenced.
lob. 9, 1927. 56
She says O.S.H. Should surely send a copy of his letter to Mrs. Pennington
to Mts. Wilson.
N.J.H. told her some days ago about the letter and had Bilked her
if Bolling night not intercept it and not allow Mrs. Wilson to
see it. She said the did not think he would dare to do this.
Feb. 12, 1927. 66


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Federal Reserve Bank of St. Louis

Helm, With (Admiral Helm also)
She tells HP.11 the would very much like to see a copy of the
letter 0.8.11. wrote to Mrs. Pennington.
leb. 14, 1927. 68
0.5.1. calls up Mrs. Hells and says he has same letters to Mrs.
Pennington and that if she desired, to see them he would read
them to her, but she must understand he did not War, to do this.
She said she wanted very much to hear them and is to call tomorrow
at 5 p.m.
She said the *hole affair was one of the most ridiculous she had
Over known.
!ob. 15, 1927. 69
She called at 5 p.m.
C.S.R. goes over the whole matter with her.
She said if Mrs. Wilson or Dolling took an; of the profits they
would surely be embarrassed in the future.
She said that Mrs. Penningtonls statement that 'certain things had
- talk
happened! undoubtedly referred. to her - Mrs.
with'Mrs. Wilson.
She said she had told Mrs. Wilson that Mrs. Pennington told Mrs. Jones
that she - Mrs. Wilson - would ultimately get the benefit of any
profits paid to Dalin& and that this shocked her.
lob. 16, 1927. 69, 70.
She said again that Mrs. Wilson told her that Dolling had written
Mts. Pennington a letter declining to accept any part of the
profits.
She seemed to think, as we do, that Mrs. Pennington is not in a normal
condition, and that it may turn out that Bolling is telling the
truth and that Mrs. Pennington is lying.
lob. 16, 1927. 69, 70.
C.S.R. tolls her be believes Mrs. Pennington
course, absolutely false, to Mrs. Wilson
against him. She said the believed Mrs.
statsnent adverse to me as coming from a
Nob. 16,

has said something, of
whidh has influenced her
Wilson irould treat any
lunatic.
1927. 70


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Federal Reserve Bank of St. Louis

Helm, With (Contld.)
C.S.R. goes to dinner at Woman's Democratic Club as the guest of
Feb. 23, 1927, 89
Mrs. Helm.
We call on Admiral and Mrs. Helm in evening.
We discussed whether C.S.H. should not ask Mrs. Wilson for an
interview and tell her all the facts, many of which C.S.R.
believes Bolling has onncealed from her.
Mrs. Helm and K.P.H. strongly urged C.S.R. to do this.
C.S.H. expressed the fear that Mrs. Wilson would be angry and refuse
to see me. They both laughed at C.S.H. and he finally decided
to do it.
Feb. 24, 1927. 91
C.S.H. calls up Admiral and Mrs. Helm and told than briefly about
Mrs. Wilson's letter declining to talk about the bock.
Mrs. Eels was almost speechless.
They called at 8130 p.m.
C.S.H. read his letter to Mr*. Wilson and her reply.
Mrs. Helm said it was a cruel and unjust letter.
They both felt that Mrs. Wilson did not intend to impute disloyalty
to C.S.H„ as O.S.H. inferred, but C.S.R. feels that this was
a fair construction of the letter.
C.S.H. read a proposed letter in replying beginning steer Mrs. Wilson"
but Mrs. Eels and R.:P.R.. begged me to substitute sDear ldith"
and "Affectionately yours,s as this was our invariable custom,
and she used the same in her letter to C.S.R.
They also advised making the letter very short and dignified, showing
no resentment except in a very dignified way.
ton's
They also advised C.S.R. to tell the Sook Committee of Mrs. Penning
nt*.
accepta
its
nd
latest offer and recomme
Admiral Helm said it was C.S.R.'s duty to protect the Club, and
that it was far better for the Club to have half a loaf rather
than no bread, that to precipitate a crisis, however justifiably,
which sight result in the Club getting nothing at least without
possible legal proceedings, and if the Club got nothing, it
would be playing Mrs. Pennington's game. C.S.R. felt this was
good advice.
lob. 25, 1927. 97, 98.


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Federal Reserve Bank of St. Louis

t..

S.

Helm, 7.dith (Oontid.)
Admiral and Mrs. Helm called at 5 p.m.
C.S.H.read them his proposed reply to Mrs. Wilson, and his letters
to Mrs. Harriman and Clephane.
They both said they were fine.
We went over the Whole matter and Mrs. Eel; said that if Mrs. Wilson
should ask C.S.H. to dine or call, to be sure to accept on the
assumption that this indicated a wish to rehabilitate herself by
we/ of apology or otherwise.
C.S.H. said he would think this over but he believed the chances were
only one in a million that this would happen.
Web. 27, 1927. 102, 103
Mrs. Helm reads a resolution at meeting of lxecutive Committee of
Democratic Club accepting Mrs. Pennington's offer of compromise,
Which was duly voted.
!Ob. 28, 1927. 104, 105
C.S.H. calls up Admiral and Mrs. Helm.
They both called at 5 p.m.
C.S.H. read Mrs. Wilson's letter and a proposed reply.
Admiral Helm advised against replying to it, but to leave the
matter as it stands.
Mar. 2, 1927. 113.
We decide to follow Admiral Helm's advice and mike no further answon
C.S.H. called up Mrs. Helm in the evening and so advised her.
Mar. 3, 1927. 113.
Mrs. HOLm told C.S.H. that Mrs. Wilson had gone to Philadelphia
and that was why she was not at the Democratic Club to hear
C.S.H.'s address on Cleveland.
April 11, 1927. 146
writes Mrs. Wilson that she telephoned Admiral Helm last
night and that he was very much depressed about Mrs. Helm's
June 16, 1927. 187, 188
condition.
C.S.H. calls on Admiral Helm who says Mrs. Helm is slowly improving.
June 19, 1927. 190


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St

History, Chronological table
Brief resume of essential facts.
38, 39, 40, 94.
All indexed in separate volume "Chronologioal table, Wilson.*
.. .

Honorary life member
C.S.H. elected an, in Grover Cleveland Association.
Mar, 25, 1927. 139
Honorary President, Woman's Democratic Club. 92, 93, 94
See - Wilson, Mrs.

. ..

Hoover, Sec. 159
See - Miller
Strong, Gov.
I. R. Committee
See - Federal Reserve Pension bill
Hbxton, Federal Reserve Agent
Board discusses redesignation of.
&AMOS strongly opposes.
C.S.H. said he has asked Delano to write him fully.
May 16, 1927. 168
Htghes, Sec.
Sir MaUxice Low contrasts management of State Department under
Iellogg and.
Jan. 15, 1927. 12
•

Hull amendment. 118
See - Glass
Null, Cong. Cordell. 109, 110
See - Federal Reserve pension bill
Hunneman, Mr.
Calls on C.S.H. at Lee Rouse
Stays for 1-1/2 hours
Asked if C.S.H. was still a Democrat and said he had some
secrets to tell me.
He said he would call again and tell me.
He is here opposing present duty on scoured wool.
May 8, 1927. 166

Income tam. 104
See.Separate value, 'Chronological table, Wilson.'

--ennmommr=V


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N.

Index-Digest, Chronological table, Wilson.
14, 15, 38, 39, 48, 70
See separate vole "Chronological table, Wilson."
International Commission. 122, 123
See - Bank of Poland
Interview
Arthur J. Underhill of Boston News Bureau, sent me excerpts from
sqf address at Maplewood.Olub, - New Bngland Bankers Association in form of any interview. C.S.H. wrote him that it milli not
be published as an interview.
June 28, 1927. 197
Italian exdhange. 191
Si.• Glass
Owen
Masher

James, George R.
Comptroller says James has agreed to vote against Burgess for
Federal Reserve Agent.
Jan. 4, 1927. 1
Objects to addressing a letter to Burgess as 'Acting Pectoral
Jan. 4, 1927. 2
Reserve Agent.'
Bays he would like to visit lederal Reserve Bank of New York
oftener, but can not forg4t the feeling throughout the
country that it dominates the Pederal Resarle Board.
Jam. 5, 1927. 2
C.S.K. tells Secretary Mellon of above and it shooks him.
C.S.R. says it is grotesquely humorous for James and other
members, who feared and hated Wall Street, to turn down
Burgess, Who had no Wall Street affiliations, and appoint
MoOarrah, a Wall Street magnate'
Jan, 6, 1927. 3, 4.
directors
James tells Board there is a strong feeling that the
more
bank
the
manage
of Pederal Reserve Bank of New York
and
public,
the
of
than
in the interest of its stookholders
would
ment
appoint
hls
he welcomed the dhange Which MoUrra
Jan. 11, 1927. 9, 10.
bring about.


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Federal Reserve Bank of St. Louis

so.

James, George R. (Cont'd..)
James seems to feel that henceforth the Board will operate the
7ederal Reserve Bank of New York through McGarrah.
Jan. 11, 1927. 10
James says Governor Orissinger told him he had summond Gov. Biggs
to Iathington to have him use his influence with Hawes, the new
Senator from Missouri in favor of the Wadden bill.
Jan. 24, 1927. 18
k.
Attends lunch given by Board to Governor Norman and Sir Charles Lubboc
Jan. 27, 1927. 29
Opposes application of Mercantile Trust Co. to take over a Sansolito
bank as a branch because of near passage of McFadden bill which
Jan. 26, 1927. 30
would forbid it.
Votes against declaring Sansolito to be contiguous territory.
Jan. 26, 1927. 31
Votes against approval of application.
Jam. 26, 1927. 31
and C.S.H.
Board approves Cuban Agency resolution reported by James
to start Us
Cuba
and
a
Atlant
to
and authorizes James ani Eddy to go
new Agency.
a
Agreed. that James should. consult Ambassador Crowder and Atlant
ng.
buildi
Committee as to site for a new
building as
James favored and Miller objected to having Agency in same
33
1927.
28,
Jan.
U. S. lmbassy.
ant Counsel
Votes to increase salary of Carrick, Secretary and Assist
of lederal Reserve Bank of Boston, from $7500 to $9000.
70. 3, 1927. 41
Tederal Reserve
Moves to appoint MoGarrah as Class C Director and
Agent for unexpired term of Jay.
7eb. 5, 1927. 49
Moves to fix salary of MoGarrah at $50,000.
70. 5, 1927. 49
consolidation of
Comptroller says James told him he would vote for
t.
presen
if
Bank of Italy and Liberty National Bonk
75
1927.
70. 17,
on going abroad
Votes against C.S.H. motion, - no objection to Harris
on Bank of Poland credit.
Mar. 16, 1927. 130


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Federal Reserve Bank of St. Louis

James, George R. (Cont l d.)
Says we Should affirmatively approve or disapprove it.
Mar. 16, 1927. 130
Votes against approval of wish of directors to send Harrison
abroad in Bank of Poland matter.
Mar. 16, 1927. 131
Sec. Mellon asked James Why be voted No, and he said that the
farmers west of the Mississippi river would criticise Board
for helping to stabilise Polish currency, *hil refusing
to stabilize prices of farm products.
Mar. 16, 1927. 131
Votes against permitting Federal Reserve Beak of Boston to
publish statement showing Changes in Federal Reserve Act made
by McFadden bill.
Mar. 29, 1927. 139
Votes to permit Federal Reserveent
l
Walsh to speak on credit
policy of Federal Reserve
-1r of Dallas provided be does not
commit the Federal Reserve Board.
Man 29, 1927. 140
Seconds Platt's motion to approve credit policy laid down in report
of Gov. Talley and Federal Reserve Agent Walsh.
April 1, 1927. 144
Votes to approve some of principles in Talley and Walsh credit
report, in Platt's motion.
April 1, 1927. 145
Votes to send an ambiguous letter to Federal Reserve Agent Walsh
faintly approving some of his credit policies.
April 12, 1927. 147
Present when Harrison discusses Polish credit.
April 25, 1927. 155
Votes for Miller's motion to postpone consideration of Open aftet
Comnittee report until another meeting, to be called by
Governor Crissinger after consultation with Sec. Mellon.
May 12, 1927. 164
Votes against Miller's substitute motion disapproving recommendation
of Open Market Committee to buy Government securities up to
250 millions.
May 13, 1927. 165
Votes for Platt's motion of qpproval of Committee recommendation.
May 13, 1927. 166


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Federal Reserve Bank of St. Louis

ts.

James, George R. (Contld.)
Votes in favor of permitting Atlanta to carry 10 millions of
unissued Federal Reserve notes at Cuban Agency.
May 23, 1927. 178
Present at conference with Harrison as to Polish credit.
Asks Governor Crissinger and he says there is a commission called
for of 1/2 of 1% which will barely pay expense of Harrison's
trip abroad, cables, etc.
Points out that a commission charge would be inconsistent with
expression of Board in the Belgian credit, and that the Bank
of Ragland credit provided for no omnmission.
Sec. Mellon and C.S.H. defend the commission.
Votes to approve Polish credit.
Unanimous.
June 6, 1927. 183, 184.
Has conference with Assistant Secretary Dewey and C.S.H. over
Cuban Agency.
June 7, 1927. 185
June 20,1927. 190, 191
See - Cuban Agency
Votes for C.S.H. motion that purchases of Government securities
to offset lowering of member bank reserves through investments
of geld internationally are not to be counted as part of the
250 millions limit imposed on Open Market Committee.
June 23, 1927. 195
Jay, Federal Reserve Agent, New York
Board discusses appointment of a successor to.
Jan. 11, 1927. 6
McGarrah says he has a high opinion of Jay and recognised his
ability, but felt bound to say that the feeling in New York
was that Jay was too deeply engrossed in the technical
details of his offtee as Tederal Reserve Agent, to be able
to give the attention to his duties as Chairman which that
office demanded.
Jan. 11, 1927. 8
McGarrah added that Gov. Strong had largely dropped the operative
details of the Governorship and had engrossed himself in the
functions properly appertaining to Jay's office- Chairman of
the Board of Directors; that Gov. Strong dominated Jay, in


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Federal Reserve Bank of St. Louis

Jay, Federal Reserve Agent, New York (Oottld.)
the opinion of New York bankers, and was the real chairman.
Jan. 11, 1927, 9
McGarr& appointed Class 0 Directors and Federal Reserve Agent for
unexpired term of Jay.
Feb. 5, 1927. 49
Johnson, John G.
Gov. Strang says, advised his directors that unissued Federal
Reserve notes could not legally be kept at Cuban Agency
.
May 4, 1927, 157
Jones, Mrs. Andreas, President, Woman's National Democr
atic Club.
12, 21, 45, 46, 70, 99, 100, 104, 105, 136, 137.
Above all indexed in separate volume, - "ChronolOgical table,
Wilson."
Judgment, 50, 82
Bee - Wilson, Margaret

Kellogg, Sec.
Sir Maurice Low said the "boys" in the State Department were
responsible for the Nicaragua muddle; that "Nervous Nene
Kellogg did not manage the State Department as did Hughes
and really did not know how he was being led.
Jan. 15, 1927. 12
Xing, Acting Attorney General
C.S.H. tolls Gov. Strong he never had heard that John W.
DOVIDI
Ala rendered an opinion on the power of the Board
to fix
discount rates of its own volition; that the only opinion
he know tout was that of.
May 4, 1927. 160

Langdon, John
C.S.H. drives Gov. Harding by the house of, in Portsm
outh, N.H.
June 24, 1927. 196


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Langdon, Woodbury
C.S.H. shows Gov. Harding the old dining roam of, in the Rodkindham
Hotel. Portsmouth, N. H.
June 24, 1927. 196, 197
Lansing, Robert
We dine with, Mrs. Lansing being away. Miss Bassell was also there.
April 10, 1927. 146
Lassiter, Gen.
We meet, at dinner at Mrs. Corbin's.
June 1, 1927. 179
Lay, Miss
We dine with.

May 26, 1927. 179

League of Nations
Norman Davis praised Sec. Root for his work for, at New York dinner.
Jan. 7, 1927. 4
Poland objected to a credit under management of, as it felt it would
be a reflection on the nation, as League of Nations took control
only of defeated and bankrupt nations.
Mar. 11, 1927. 122
C.S.H. stipulated that Harrison should make no commitment abroad as
to Polish credit, especially should the League of Nations object
to an International GammiSSion in its place.
Mar. 11, 1927. 123
Harrison said Gov. Norman raised no objection to League of Nations
not having charge of Polish credit.
April 25, 1927. 153
Harrison said Poland objected to League of Nations as it felt that
Great Britain dominated its !inane. Commission.
April 25, 1927. 155
Leave of absence. 49, 50, 51
See - McGarr&
Ledyardt, Mrs.
Arranges a meeting in her roam with Mts. Wreidt.
Peb. 17, 1927. 77 to 81.
See - Wreidt, Mts.
Lee House
We move from.

June 18, 1927. 190

Leesburg, Virginia
We visit Mrs. William Eustis a*.
May 28, 1927. 179


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Liberty Bank of America
See - Bank of Italy
Lindbergh, Col.
We witness parade in honor of. from Treasury portico.
Great parade of troops.
June 11, 1927. 187
Lodge, Henry Cabot
Some days ago Mrs. George Cabot Lodge, a friend of H.P.H.
was calling on us and in talking about music C.S.H.
told her how he appreciated the Greek Play music of John
Lodge, and I spoke to her about my exchange of letters
with Sen. Lodge about it. She asked if she could have a
copy of Sen. Lodge's letter and accordingly I sent her
a copy, saying it Should appear in Sen. Lodge's biography,
if one were written.
The copy is as follows:
U. S. Senate
Commission on Philippines.
H.L. Lodge, Chairman.
June 23, 1906.
Perrsonal.
My dear Mt. Hamlin:
Thank you for your most kind note of the 22nd.
Nothing has pleased me more than your appreciation of
ay son's work. I am not musician ertou# myself to form
an opinion in regard to it of any value, and, therefore,
the approval of a person like yourself (one who knows)
gratifies me immensely. I am glad we have found a
platform on which we can stand together, even if we have
to go back twenty five hundred years to discover it in
the Greek stage.
Sincerely yours,
R. C. Lodge.
Hon. Charles S. Hamlin.
April 17, 1927. 150, 151.
Lodge, John. 150, 151
See - Lodge, Henry Cabot
Lodge, Mrs. George Cabot
See - Lodge, Henry Cabot
Low, Sir Maurice
Lunches with C.S.H. at Cosmos Club. He was very critical and
cynical about President Coolidge.


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Federal Reserve Bank of St. Louis

96.

Low, Sir Maurice
He said the "boys* in the State Departmert were responable for
the Mexican and Nicaragua muddle; that "Nervous Nellie" Kellogg
did not manage tfie State Department as Soo. Hughes did, and
really did not know how he was being led.
He was enthusiastic over Gov. Al Smith, but feared the Democratic
Party was too foolish to appreciate What an asset he was; that
if he were nominated, almost every Northern state would become
doubtful.
C.S.H. told him, in confidence, about, Annals experience in London with
Gov. Norman in her desire to see the Bank of ltagland. He could
not understand it.
Jan. 15, 1927. 12
Dines with vs at Woman's National Democratic Club to meet Herman Gade.
Jan. 19, 1927. 14
Said he had tea with Mrs. Wilson this afternoon and that she expressed
regret that the could nct dine with us, giving as a reason the
Tousle? children.
Jai. 19, 1927. 16
LWeden, Governor
C.S.H. feels that, will profit more than President Coolidge from
the policy of excessive liberality to weak banks, formerly
practised by the 7ederal Reserve Bank of Dallas, and which the
Comptroller own President Coolidge wishes renewed, for such a
policy means future failures which may come in pending the
Presidential campaign.
Mar. 29, 1927. 142
Lubbock, Sir Charles
Board gives luncheon to Gov. Norman and.
Jan. 27, 1927. 29
Lunches (See also, Dinners, teas)
With Mrs. MoCagg.

Jan, 2, 1927. 1

With Col. and Mrs. Rodgers.

Jan. 9, 1927. 6

With Sen. and Mrs. Bruce

Jan. 16, 1927. 13

With Sen. and Mrs. Bruce.

Jan. 20, 1927. 83

With Mr. an. Mrs. Charles Warren
Mar.27, 1927.139
C.S.H. lunches with Mrs. Bayard.
April 23, 1927. 151


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Federal Reserve Bank of St. Louis

97.

Lunches (See also Dinners, teas)
With Col. and Mrs. Rodgers.
May 1, 1927. 156
C.S.H. gives Sir Alfred Davies a lunch at Cosmos Club.
May 7, 1927. 161
With Mr. Delano

May 8, 1927. 161

Is give lunch at Democratic Club to Mrs. Gordon Cummings and
Gertrude Myer.

May 21, 1927. 177

Luqueer, Mr.
We meet, at dinner at Bishop Rhinelander's.
Jan. 27, 1927. 31
lintyens, Sir Rdwin
We took tea with Mr. & Mrs. Brooke to meet, architect of the new
British 1Wbassy, - an old friend of H.P.H.
April 14, 1927. 149

Macomb, The Misses
We meet, at dinner at Mrs. Warder's.
Jan. 29, 1927. 36
Madison, President
We visit home of, near Orange, Va.
JOns 5, 1927. 181
Maplewood Club, N. N.
C.S.R. addresses N.P. Bankers Association at.
June 24, 1927. 196
Massey, Mrs.
We visit home of President Monroe at Charlotesville, now
owned by.
June 5, 1927. 181
Mattapoisett
K.P.H. leaves Washington for, via Albany.
June 18,1927. 190
C.S.R. leaves for, via Boston.
June 23, 1927. 195
Arrives at Maltapoisett.

June 26, 1927. 197


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N.

McAdoo, Sally
Calls on C.S.R. at office with Mr. McAdoo.
April 12,1927. 148
McAdoo, W. G.
Galls on C.S.R. at office with Sally.
April 12, 1927. 148
McCagg, Mrs.
We lunch with.

J. 2, 1927. 1

McClellan, Mr. & Mks. George
We dine with.

May 8, 1927. 161

Mrs. McClellan was rather bitter against President Wilson. She
said he treated Sen. Jim Smith thamefully; that it was
on his shoulders that he climbed to the Governorship of
New Jersey; that he was wrong in his quarrel with Grover
Cleveland, who, she said, would have been glad to have made
up-tth him before he died.
May 8, 1927. 162
McDougal, Gov. 126
See — Miller
McFadden bill .
James says Gov. C. told him that he summoned Gov. Biggs to
Washington to have him use his influence with Sen. Hawes
of Missouri in behalf of.
Jan. 24, 1927, 18
Platt objects to rejecting a petition for a branch bank, lawful
at present time, because, is near passage.
Jan. 26, 1927. 30, 32
Comptroller tells Cunningham that Vice President Dawes wants him
to help Raugen farm bill in connectionAth his work for.
C. refuses.
76b. 11, 1927. SO
Glass puts through a resolution to investigate charge that the
chain bankers of Chicago spent $130,000 in lobby for Hull
amendment to, and gave Cong. Jingo $10,000 to attack,
before American Bankers Association.
Mar. 7, 1927. 117, 118
Board declines to permit Federal Reserve Bank of Boston to
publish article Showing changes in Federal Reserve Act caused
Mar. 29, 1927. 139
by.


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McFadden bill (Coated.)
Board permits Federal Reserve Agent Walsh to speak on. C.S.H. voted
No because of refusal to Federal Reserve Bank, Boston.
Mar. 29, 1927. 140
Board takes up new regulations necessitated by.
April 13, 1927. 148
McLenahan, Dr. J. T.
C.S.H. appointments, Dentist.
166, 175, 178, 179, 180, 186, 187.
McGarrah, Gates
Wooley tells Board he saw Sec. Mellon who agreed to appointment of,
as Chairman and Federal Reserve Agent of Federal Reserve Bank
of New 'fork.
Jan. 4, 1927. 1
Wooley and Rayburn tell Board that the New York directors would weloom,
the appointment of.
Jan. 5, 1927. 2, S.
Sec. Mellon tells C.S.H.that, as the New York directors are agreeable
to, it will be better to drop all opposition.
Jan. 6, 1927. 3
C.S.R. tells Sec. Mellon it was almost grotesque to see Board members,
who so feared the influence of Wall Street, turn down Burgess, who
had. no Wall Street affiliation, and appoint McGarrah, - a Wall
Street magnatel
Jan. 6, 1927. 3, 4.
C.S.R. expressed fear that Gov. Strong and, would not get along
together
Sec. Mellon said that if Gov. Strong kept his health, he would dominate
liaGarrsh.
Jan, 6, 1927. 4
McGarrah comes before Beard to discuss his possible appointment.
Jan. 11, 1927. 6
Miller praises McGarrah as did also C.S.H.
C.S.R. says McGarrah is one of best equipped bankers in
country.
Jan. 11, 1927. 7.
McGarrah said he appreciated the honor of such an appointment but
before deciding, he wished to have a frank talk with the Board:
that he had a high opinion of Jay and recognised his ability,
but felt bound to say that the feeling in New 'fork was that Jay
had been so busily engrossed in the technical details of his office


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Federal Reserve Bank of St. Louis

100.

McGarrth, Gates (Cont l d.)
as rederal Reserve Agent that he bad not been able to give
proper attention to his duties as Chairman; that he had a very
high opinion of Gov. Strong but felt that he had dropped the
operating details of the Governorship and had taken over the
functions of the Chairman; that it was the general feeling in
New York that Gov. Strong dominated Jay and was the real ahairmal
of the Board.
McGarrah intimated very clearly that if he accepted, the Board must
publicly define his duties so that there would be no room for
doubt but that his was the highest office in the Bank and that
the Governor was subordinate to the Chairman.
He spoke of the custom in British banks to have amanager and also a
Chairman, the latter being the highest ranking officer. Re said
the office of Chairman was better understood in lngland than in
the U.S. although bankers in the U.S. now were generally in agreement that the Chairman was the ranking office. Sec. Mellon
then came in.
James said there was a strong feeling that the New York directors
managed the bank more in the interest of the stockholders than
of the public, and he welcomed the change which would be brought
About by the appointment of McGarrah.
James seems to feel that hereafter the bank will be operated by the
Federal Reserve Board through MoGarrah.
McGarrah was given a week to give his decision.
C.S.H. fears McGarrih will not accept without having a definite
understanding with Gov. Strong that he, McGarrah, is to be the
dominant factor, and that Governor Strong will never agree, or if
he Should, that he would very soon resign.
Jan. 11, 1927. 8, 9, 10.
McGarrah confers with Board.
He presented a, proposed new by-law of lederal Reserve Bank of New York
making, - subject to approval of Board, - the Chairman Chairman also
of the Bxecutive Committee in place of the Governor, as heretofore.
He also Suggested other changes contemplated in the respective powers of
the Chairman and Governor, in analogy with the practice in other
banks and business corporations.
He also read a resolution of the Board of Directors expressing its
earnest hope that future boards of directors would not disturb the
proposed division of powers without the consent both of the
Chairman and Governor.
741). 5, 1927. 48, 49.


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Federal Reserve Bank of St. Louis

McGarrah, Gates (Contld.)
McGarrah said his health demanded frequent trips for rest and that
he hoped the Board would consent to the Chairman and Governor
arranging for such leaves of absence between themselves, without
requiring prior approval of the Board.
The Board members all approved this but Miller said it would be better
not to record this formally in the records as the Board might be
unwilling to extend a similar privilege to other Federal Reserve
banks.
Molaarrah, on motion of James, was then appointed Class C Director
and Federal Reserve Agent to fill Jay's unexpired term and his
salary fixed at $50,000.
Feb. 5, 1927. 49
McGarrah formally accepted on understanding that he would not take
office until May 1, 1927, so that he could go over to Germany
to resign from his position on the Reichsbank Advisory Council.
The Board unanimously agreed to this.
McGarrah was then requested *report informally on the application of
the Federal Reserve Balk of New York for another Assistant
Federal Reserve Agent and for increase in the salaries of Assistant
Federal Reserve Agent Burgess and of Philbin, Assistant Counsel.
C.S.R. fears the agreement of the Board to waive approval of leaves of
absence will cause trouble in other Federal Reserve banks. HA
believes all Should be treated alike.
C.S.H. suggested another bylaw to McGarrah, to fix who should preside
at meetings of the Xxecutive Committee in the absence of the
Chairman.
Feb. 5,1927. 49, 50.
Board approves minutes of last meeting.
C.S.R. pointed out that the record lid not refer to the approval of the
proposed by—law that the Chairman Should also be Chairman of the
fteoutive Committee and this was added.
C.S.R. also pointed out that the minutes contained no reference to the
agreement of the Board to waive Approval of leaves of absence for
Governor Strong and McGarrah.
Miller claimed, at first, that the Board did agl, waive approval; finally
the matter was mentioned in a very ambiguous way, O.S.H. saying
he would not consent to this only in the hope and belief that a
similar privilege will be extended to the other Federal Reserve banks.
Feb. 7, 1927. 51


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102
.

MaGarrah, Gates (Oontid.)
Board tikes up question whether McGarrah can keep his position on
Raidhsbank Advisory Council. Originally, MoGarrah contemplated
resigning, but now he would like to continue if he can legally.
Wyatt advised us that under Sec. 4, Federal Reserve Act, forbidding a
Class 0 Director from being an offioer, director, employer or
stockholder of any bank, the word "banWI is limited to domestic
banks.
C.S.R. can hardly agree as to this.
We called in Mr. Nadel, of our Statistical Bureau, who said that the
Adtisory Council was created under the German bank bill; that
McGarrah received $5000 per year for his services on the Advisory
Council' that the Council was, in effect, a 2nd gropp of directors;
that the lit group operated the bank; that the 2nd group - the
Council - was advieowy but also had other specific powers over
note issues and reserves and fixed the salary of the President;
that the German bank law provided that no one could serve on the
Advisory Council who was an officer of, or received compensation
from any State or Government.
C.S.R. feels that the Federal Reserve Agent is an officer of the
U.S.;
his bond runs to U.S.;wholly apart from the law, C.S.H. believes
it against public policy for McGarr& to hold both positions.
For example, suppose the Federal Reserve Bank was considering the
purchase of German trade bills indorsed by the Reichibank, as it
has in the past, McGarrkk would be representing both sides in
the transaction.
The Board had no quorum and finally decided to write McGarrah that
those present were divided in opinion as to the policy, although
its Counsel said it was not illegal under Sec. 4, Federal Reserve
Act. C.S.R. inated that Sec. Mellon be consulted before
MY
such letter was sent, as he might with to consult the State
Department. C.S.R. fears it might be embarrassing to U.S. to
have Matarrah hold, both offices.
Mar. 9, 1927. 119, 120.
Board took up matter again and it was finally agreed to write McGarrah
that no qmorom was present, but that those present were inclined
to the feeling that, as this involved no new appointment but
merely the continuation of his present term as the Advisory Council
,
expiring in 1928, he could for the present, at least, continue
in the office, and that the Board would promptly inform him should
it decide, When a quorum was present, that holding this office
might put him in a position of conflict of
interest.


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Federal Reserve Bank of St. Louis

MoGarrah, Gates (Contid.)
Gov. C. said Sec. Mellon, and also Owen Young, of the New York
directors, felt he should be allowed to remain on the Advisory
Council.
Mar. 10, 1927. 121
Curtiss tells O.S.H. that many bankers are saying that in appointing
McGarrah the Board had appointed one of J. P. Morgants office boys.
Mar. 11, 1927 127
C.. H. complains of hesitancy of Board in matter of permitting
Harrison to go abroad on the matter of the Polish credit, saying
the Board gave Molarrah the power to JEI on the Advisory Council,
while it hesitates giving power to Harrison either to id or labjk
on the Polish credit.
Mar. 16, 1927. 130, 131
While discussing above, Miller casually informed the Board that be had.
met the German Ambassador a few days ago and bad told him of the
action of the Board in permitting McGarrah to remain on the
Reichsbank Advisory Council, and that be said to him he was very
anxious to know bow the Reidhsbank would regard this action of the
Board; that the Ambassador quickly replied that be would find out
at once; that he, Miller, replied that his request should be
considered an informal ones that the Ambassador assured him it would
so be considered; that a day or two later, a member of the imbassy
staff called on him and showed him a cable to the effect that the
Reidhibank officials were much pleased that McGarrah, as representing
the Federal Reserve System, was to continue to serve on the Advisory
Council.
MA. does not remember whether Miller said anything about the Unman
bank law.
Mar. 16, 1927. 132
C.S.H. is astounded at the assurance of Miller in objecting to a member
of the Board discussing the action of the Board and its vote on the
Oharlotte branch, and yet telling the Gorman Ambassador as to the
informal and confidential letter to McGarrah permitting him to
remain on the Reichsbank Advisory Council and even asking him to
ascertain how it was regarded by the Reichsbank, - an inquiry which
should have been made of the State Department.
Mar. 17, 1927. 135
Gov.
toStrong tells C.S.H. that he should govern the Federal Reserve bank
as long as he remained as Governor and that McGarrah fully agreed.
May 4, 1927. 160


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3041.

McIntosh, Comptroller of Currency
See - Comptroller
Mugs, Mrs.
106, 106, 128, 129.
See separate volume 'Chronology of Wason.11
Mellon, Sec.
Wooley says, agrees to appointment of MoGarrah, as Federal Reserve
Agent, New York.
Jan. 4, 1927. 1
Comptroller says he advised, to drop Burgess, as he could not
possibly resolve more than 4 votes; that, would no longer
push Burgess.
Jan. 4, 1927. 2
Comptroller says the Nblocs is eager to down Mellon.
JSM6 4, 1927. 2
C.S.H. tells, Burgess was only sure of 3 Totes, - his own, the
Comptroller, and C.S.N.
Re said, as the Directors were agreeable to McGarrih it would be
better to drop all opposition and let him be elected; that
friends of his in Pittsburg would gladly pay Burgess more
than could the Federal Resent, Bank of New York, but he
did. not feel like favoring this at the expense of the latter.
Jan. 6, 1927. 3
C.S.H. tells Sec. Mellen James's reason for not going oftener
to
the Federal Reserve Bank of New York, because the public
thought it was dominated by Will Street and that the Federal
Reserve Board was dominated by the Federal Reserve Bank of
Nye York.
Sec. Mellon smiled at this.
Jan. 6, 1927. 3
CAM. points out the humor in the feet of Will Street by certain
members of the Board and yet the passing over of Burgess, who
had no Rill Street connections, and the appointment by that
same members of MoGarrah, a Will Street mapatet
Jan. 6, 1927. 3, 4.
C.S.R. told Mellon be feared that Gov. Strong and McGarrah
might not
pull together.
Sec. Mellon said that Gov. Strong, if he kept his health,
would dominate
McGarrah.
Jan. 6, 1927. 4


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311.

Mellon, Sec. (Contld.)
Sec. Mellon comes into Board meeting during its conference with
McGarrah.
J.11, 1927. 9
Attends Ian& of Board to Gov. Norman and Sir Charles Lubbock.
Jen. 27, 1927. 29
Gov. C. says Sec. Mellon is against any decrease of discount rates
at New York at present time.
lob. 9, 1927. 59
Comptroller asks C.SA. to go with him to Sec. Mellon and a& him
to come into meeting to treak the tie on the Bank:of Italy
consolidation with the Liberty Bank of America, but he found he
was out of town.
Feb. 17, 1927. 73
Totes for Charlotte branch.

lob. 25, 1927. 101

Glass says he will write a formal letter to Sec. Mellon about the
Wall Street Journal article.
Mar. 7, 1927. 118
C.S.H. objects to deciding whether McGarrah may continue to serve
on.Reichsbank Advisory Committee until Sec. Mellon is consulted,
as he may wish to consult State Department.
Mar. 9, 1927. 120
Gov. O. says Sec. Mellon hopes McGarr& may be allowed to continue on
Reichsbank Advisory Committee.
Mar. 10, 1927. 121
Harrison says Sec. Mellon strongly favors Harrison going abroad on
Polish credit.
Mar. 11, 1927. 123.
Harrison tells C.S.H. that Secretary Mellon is munh disturbed at the
Board opposition to his going abroad on the Polish credit and
will be at the meeting tomorrow.
Mar. 11, 1927. 124
Sec. Mellon strong favors Harrison going abroad.
Totes to approve action of Directors in proposing to send him abroad.
Mar. 16, 1927. 130, 131.
Comptroller says Sec. Mellon favors a policy of liberal aid to
weakened banks by Pecieral Reserve Bank of Dallas, contrary
to its present policy.
C.S.H. somewhat doubts this as it may bean bank failures in the not far
future.
Mar. 29, 1927. 142


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106.

Mellon, Sec. (Contld.)
Gov. Strong says Secretary Mellon told him that he knew that
Miller must have given Oscar Crosby the information on
which Crosby based his letter attacking the legality of the
British credit; that one day Crosby called him - Mellon - on
telephone and said he wanted to see him; that Mellon said he
was engaged all that day but would see him tomorrow; Vat Crosby
said, "But you are going with me to Warrenton tocnorr2w; that
Mellon said -"To whom do you think you are speaking; that Crosby
said, "To Dr. Miller."; that Crosby was very much surprised when
he learned he had been talking to Sec. Mellon; that Sec. Mellon
believes Miller was responsible for Crosby's attack on the Federal
Reserve credit for Bank of England.
May 4, 1927. 158, 159.
GOV• Strong said that Miller once accused. him at a Baird meeting at
which Secretary Mellon was present, of catering to the stock
market.
C.S.H. remembers this; that Miller once said at a Board meeting that
he had it on the highest authority that the demand for easier
money conditions in New York grew out of a desire (C.S.H. thinks
Miller said - of Gov. Strong's desire) to help a New York
syndicate which could not place in the market securities it had
underwritten; that Gov. C. asked Miller as to the source of his
authority but Miller declined to reveal it. (See Vol. XI Diaries,
page 152.)
Gov. Strong said Hoover was the source and that Hoover got the
information from Winston; that a California Oil Corporation was
trying to sell out to an Eastern Oil Company in which Sec. Mellon
was interested, which offer Sec. Mellon turned down; that a Mew
York banking firm agreed to tabs and place the stook and that
the rumor was it could not make good; that a large amount was
involved and that Gov. Strong felt it his duty to investigate,
which he did, but found that the stock had been placed and the
money raised for it; that he reported all of this to Sec. Mellon;
that while Miller was making the charge in the Board meeting,
Sec. Mellon was present and knew all the facts; that Miller's
charge was absolutely false.
May 4, 1927. 159, 160
Gov. Strong said that to offset the French gold caning to U.S. he
favored purchasing Government 2% bonds thus contracting
outstanding national bank notes, and also retiring national bank
notes at the maximum amount permitted each month; that Secretary
Mellon was now incurs d. to favor this, although he opposed it in
1924.
lay 4, 1927. 161


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Federal Reserve Bank of St. Louis

Mellon, Sec. (Contld.)
Votes against Miller's substitute motion to postpone action on
report of Open Market Committee until a later meeting of Board.
C.S.H. and James voted with him but 5 votes were in favor and
motion was passed.
May 12, 1927. 164
Sec. Mellon objected to Miller's desire to consult Federal Advisory
Council as to report of Open Market Committee, saying they were all
active bankers and that it would be of doubtful propriety to tell
them in advance of proposed Board open market policies.
May 13, 1927. 165
Votes against Miller's motion to disapprove recommendation of Open
Marlet Committee to increase Government security purchases to
250 millions.
May 13, 1927. 165
Votes for Platt's motion to approve the reommmendation of Open Market
Committee.
May 13, 1927. 165
Board takes up Bank of Poland credit.
Sec. Mellon defends the proposed commission of 1/2 to 1%.
Votes to approve credit.
June 6, 1927. 183, 184e
Assistant Secretary Dewey, appointed as a Committee on Cuban Agency
by Secretary Mellon, tells C.S.H. and Janes that from the Treasury
point of view, there is no reason why the Cuban Agency status
ihould not continue as in the past, and that there is no reason
Why the Board should not permit Atlanta to carry unissued notes in
Cuba, its Counsel having advised that this was lawful, for the
present, at least, until ONMO better plan could be devised.
June 20, 1927. 191
Sec. Mellon tells Miller the Board ought to be willing to trust the
Open Market Committee to marry out in detail general policies
laid down by Board, during the summer, at least, When often there
would be no quorum.
Sec. Mellon, for the first time, showed some signs of irritation against
Miller.
June 23, 1927. 194
Votes for C.S.K. motion that purchase of Government securities to
offset depletion of member bank reserves caused.by international
movements of gold shall not be counted as part of the 250 millions
the Open Market Committee was authorized to purchase last May.
June 23, 1927. 195


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Memorandma of Compromise. 100
See separate volume "Chronological table, Wilson."
Mercantile Trust Co.
Board considers application of Drum to permit, to take over as a
branch a bank in Sansolito, Cal., across the bay from San
Francisco.
The bank was in good condition and the taking over was approved Irr
the State Superintendent of Banking, and the Federal Reserve
Bea* of San Francisco approved the application.
All agreed that the taring over would make no injurious Change in
the assets of either bank, under Regulation H.
Objection was raised on ground that Sansolito was not in 'contiguous
territory' under Regulation R.
The Board had once ruled that Berkeley a municipality similarly
situated across the bay was in "contiguous territory."
Platt olained that Santolito was a "municipality' just as was
Berkeley and therefore emne directly within the regulation.
James and Cunningham said that under the McFadden bill, very near
its passage, branches in'contiguous territory' would not be
lawful, and that the Board should not approve such a branch
just prior to the passage of the McFadden bill.
Platt said the Mercantile Trust Co. had complied literally with the
existing regulations, that no member questioned the propriety
of admission on the merits and that Board was bound to admit it.
C.S.R. pointed out that there was some doubt as to whether Sansolito
was in 'contiguous territory" notwithstanding the fact that
the Board had ruled that Berkeley, similarly situated, had been
held to be in 'contiguous territory,' and that, therefore, it
could hardly be said that the Mercantile Trust Company had an
absolute yiAbt to have its application approved.
Miller then moved that Sansolito be considered as within "oolitic:SW
territory' under Regulation R.
Carried.
Aye: C.SA„ Platt, Miller
No: James, Cunningham
Platt than moved approval of the application.
Lost:
Aye: Platt, C.S.H.
Miller, James, Cunningham.
No


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Federal Reserve Bank of St. Louis

Mercantile Trust Co. (Contld.)
C.S.H. supposed Miller made his motion in order to be able to
vote to admit, and is amazed at his inconsistency.
Jan. 26, 1927. 29, 30, 31.
Board receives a protest from Drum, of Mercantile Trust Co.
The Board yesterday had sent him a telegram saying:
1. Sansolito is ruled to be in'
,contiguous territory"
under Regulation H.
2. Board has denied application.
Drum asked Board to give the grounds for its refusal.
C.S.H. suggested that Miller reply to Drum, but Milk said. he
did not know what answer to make.
Cunningham suggested telling Drum that Board declined application
because of near passage of McFadden bill; that but for this,
would have granted the application.
Platt said McFadden bill was not in effect yet and that it would be
absurd to base a refusal upon such a ground, - that a writ
of mandamus would surely lay, as there was no discretion left
with Board.
C.S.H. concurred in this.
Finally agreed to hold matter until Gov. C. returned, Miller very
faintly intimating that Board ought to reconsider.
Jan. 28, 1927. 31, 32, 33.
(Later the Board reconsidered and granted the application.)
Metcalf, Sen.
C.S.H. meets, at lunch with Sen. and Mrs. Bruce. He said Curtiss was
a most valuable man and should be redesignated and that he
would write C.S.H. to this effect.
C.S.H. told him of rumor of Wing's opposition.
He said he would pay no attention to this; that once, while he was
a director, Wing had arranged with Gov. Morse for a private
telegraph wire between his bank and the Federal Reserve Bank;
that he and Curtiss both objected and this killed the matter.
Jan. 16, 1927. 13


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110.

Metropolitan Club. 29, 145.
See- Norman, Gov.
Tumulty
Metropolitan Storage Warehouse Co.
C.S.H. and H.P.B. go over our things in, and Ship many to
Mattapoisett.
July 1, 1927. 198
Mexico
Sir Maurice Low says the "boys" in the State Department are
responsible for the Mexican muddle.
Jan. 15, 1927. 12
Militate. 101, 111.
See separate volume 'Chronological table, Wilson."
Miller, Dr. Adolph
Comptroller says, has agreed to vote against Burgess for
Federal Reserve Agent, N. Y.
Jan. 4, 1927. 1
Objects to addressing a letter to Burgess as 'Acting Federal
Reserve Agent.'
Jan. 4, 1927. 2
Comptroiler says Miller, as one of the 'bloc' is eager to down
Sec. Mellon.
Jan. 4, 1927. 2
Says he opposed Charging a commission on Belgian bills because
of a desire to help Belgium.
Jan. 5, 1927.2
At conference with McGarr& Miller said the duties of the Federal
Reserve Agent should be separated from those of the Chairman;
that the Chairman was the ranking officer; that the Board, or
certain member, felt that henceforth.only the most able
bankers should be appointed Chairman
Be spoke of Mr. Sproulls memorandum on duties and rights of Chaimmma
with full approval.
C.S.B. feels that Miller created the impression in McGarrahis mind
that the Board intended so to define the duties of the
Chairman as to leave no doubt as to his being the dominant
officer of the Federal Reserve Bank, and over the Governor.
C.S.B. feels this can not be done under existing law.
Jan. 11, 1927. 6, 7.
Gov. C. says that Wing, during his recent call on Miller, criticised
Curtiss as unfit for office of Chairman and Federal Reserve
Agent.
Jan. 14, 1927. 11


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Miller, DT. Adolph (Contid.)
Miller invites C.S.H. to tea to meet Gov. Norman and Sir Charles
Bullock. C.S.H.regrets.
Jan. 25, 1927. 18
See - Norman.
Moves that Sansolito, Calif. be oonsilered "contiguous territory."
Jan. 26, 1927. 31
Votes against Platt's motion to approve application of Mercantile
Trust Co.
Jan. 26, 1927. 31
C.S.H. assumed Miller made above motion in order to vote for Platt's
motion and is amazed at Miller's inconsistency.
Jan. 26, 1927. 31
Is present at lunch given by Board to Gov. Norman and Sir Charles
Lubbock, at Metropolitan Club.
Jan. 27, 1927. 29
O.S.H. suggests that Miller reply to Drum's request for reason thy
Board rejected application of Mercantile Trust Co.
Miller says he does not know what to say.
Jan. 28, 1927. 32
Opposes having Cuban Agency in same building as U.S. Embassy.
Jan. 28,1927. 33
Votes against increasing salary of Carrick, Secretary and Assistant
Counsel of Federal Reserve Bank, Boston, from $7500 to $9000.
Feb. 3, 1927. 41
Miller says Board ought not to put in minutes its agreement to
waive Approval of leaves of absence for MoGarrih and Gov. Strong,
as Board may not wish to extend a similar privilege to other
Itideral Reslrve banks.
7eb. 5, 1927. 49
Votes for appointment of McGarrah and to fix salary at $50,000.
74b. 5, 1927. 49
On going over minutes of Last meeting, Miller at first claimed that
Board did not waive Approval of leaves of absence for McGarrah
and Gov. Strong.
Peb. 7, 1927. 51
Miller s-tys Board long ago should have ordered sale of Government
securities.
Alb. 9, 1927. 60


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112.

Miller, Dr. Adolph (Contid.)
Miller bitterly criticises approval of State Superintendent of
merger of Bank of Italy and Liberty National Bank, saying
that State Superintendent is absolutely under control of
Bank of Italy.
Says Board cannot approve without violating Regulation H.
C.S.H. says only Sec. 4 (1) of Regulation H is applicable, Change of assets; that the rest of Regulation H has to do
only with establishment of aembranches, and that the brandies
of the Liberty Bank were established long ago.
Miller denies this and moved to table.
C.S.R. said he would vote to table solely to give Miller a few days
to look into the matter.
Miller's motion failed on a tie vote.
lob. 17, 1927. 72
Board adjourned until afternoon.
Miller stalked out of the room with a lowering look on his face and
said he would not come back to the afternoon meeting.
Miller clearly hopes to break a quorum by staying away.
Miller did not appear at afternoon meeting.
Feb. 17, 1927. 73
Miller votes against San Antonio branch.
Feb. 23, 1927. 84
Miller votes against Charlotte, North Carolina branch.
70. 25, 1927. 101
Miller said he admitted there was merit in the application, but
to be consistent with his record, be felt bound to vote No.
/4b.25, 1927. 101
Glass says he suspects that Miller is behind the Wall Street Journal
article.
Mar. 7, 1927. 118
Is present when Board confers with Harrison on Polish credit.
Mar. 11, 1927. 123


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113.

Miller, Dr. Adolph (Contid.)
Miller blows hot and cold over question of Harrison going abroad on
Polish credit, taking aimlessly nearly all day.
Mar. 11, 1927. 124
Curtiss tells C.S.H. of Miller's disloyal remarks at a dinner at
Chevy Chase Club just after U.S. entered the war.
Mar. 11, 1927. 126
See.Curtiss
Votes against C.S.H.'s motion that Board will interpose no objection
to Harrison going abroad on Polish credit.
Mar. 16, 1927. 130
Miller suggests merely writing a letter setting out the difficulties
felt by some of the members.
C.S.H. asked if such a letter would be affirmative or negative.
Miller said - Neither.
C.S.H. asked Miller if he would agree to Board's saying it would
interpose no objection, but adding a statement as to the
difficulties felt by same of the members.
Miller refused to agree to this.
Mar. 10, 1927. 130
Miller finally votes for Platt's motion that Board approves action of
directors in sending Harrison abroad, on the understanding that
no commitment be made.
Mar. 10, 1927. 131
On further discussion of the Board's informal decision to allow
McGarr& to remain on the Reichsbank Advisory Committee, Miller
casually told Board that a few days ago he met the German
Ambassador and told him of the decision of the Board and that he
was very anxious to know how the Reichsbank would regard this;
and whether it was prohibited by the German bank law: that the
Ambassador said quickly that he would ascertain at once; that
he - Miller- said his request must be considered informal;
that the Ambassador assured him it would be so considered; that
a day or two later, a member of the German Smbassy staff called
at his office and Showed him a cable stating that the Reichsbank
officials were delighted that McGarrah, as representing the
Federal Reserve System was to continue to serve on the Advisory
Committee.
C.S.H. does not remember that Miller said anything as to whether the
German bank law permitted this.
Mar. 16, 1927. 132, 133


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114.

Miller, Dr. Adolph (Contid.)
Miller calls attention to newspaper clippings stating that he
had voted against the Charlotte branch, and with great
indignation demanded an investigation whether any member had
disclosed his vote to any newspaper representative.
He then asked each member to answer whether, directly or indirectly,
he had given out this information.
C.S.H. replied that he had never spoken to a newspaper representative,
directly or indirectly, but that he had had several interviews
with Senator Simmons on the Charlotte branch matter; that his
best recollection was that Simmons had told him about Miller's
vote; that be had a vague recollection that Simmons said he got
the information from either Governor Crissinger or Platt, but that
if they denied this he would take entire responsibility for having
told Simmons; that, in fact, in talking over the matter, he had.
explained to Simmons that Miller had said there was disttnot merit
in the application, but that he had to vote No because of his
record on all branch applications, and that he offered no opposition
to a speedy vote.
At this point, Miller savagely and most discourteously interrupted
C.S.H. and said he did not care to hear What he had said.
Miller then demanded that an old Board circular be read, which was
done, and it was found that it related only to giving out
information to the press, and had no application to this case,
Gov. O. and Platt said there was no impropriety In discussin the
matter fully with Sen. Simmons, as he was not only an interested
part, byt could at any time obtain an order through his Senate
Cdmmittee for the production of the records of the Board.
Miller was still very ugly, making some almost inaudible mutterings
about breach of confidence, etc.
Mar. 17, 1927. 133, 134.
At this stage C.S.H. very quietly said that as Miller appeared to be
so keenly interested in the conduct of its members in giving out
information, he desired at this time to call the attention of the
Board formally to the article in the Wall Street Journal stating
that the Board intended to centralize the operation of the Pederal
Reserve System in Washington through new Chairmen to be appointed,
and put to each member the same question Miller put on the Charlotte
branch matter, - whether any member, directly or indirectly, knew
of or was responsible for this article or gave out any information
on Which it could have been based, and asked for a categorical
answer.


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115.

Miller, Dr. Adolph (Contld.)
Fa& member, in turn gave an unqualified denial until it came
Miller's tarn.
Miller looked very much worried, and, Platt later told C.S.H.
turned ashen pale, and replied, “Nonsense, I have not seen
Sargent (the writer of the article) for months.'
Miller did not, however, categorically deny the charge, as did all
the other members.
The assurance af Miller! To deny the right of a member to talk
with Senator Simmons, and yet to tell the German Ambassador
about the confidential decision of the Board as to McGarrahls
remaining on the Reichsbank Advisory Committee.
It was really wonderful how Miller cooled down after this. He
said nothing more about the Charlotte branch mattert
Mar. 17, 1927. 134, 135.
Totes to Approve replacing 25 millions of Govt. securities which
had run off.
Mar. 21, 1927. 137
Moves substitute against replacing 50 millions taken from market
by turning rederal Reserve bank investments for foreign
'banks into acceptances taken from portfolio of Federal Reserve
banks. Passed, C.S.H. alone voting No.
Mar. 21, 1927. 137
Gov. Harding says that Warburg, Gm being asked by Miller whether he
would accept position of Federal Reserve Agent, told Miller
he would not accept at a salary of 1 million a year if Miller
was to be his boast
Mar. 21, 1927. 138
Governor Harding says Miller would have voted against reducing the
number of reaeral Reserve banks in 1915, had a vote been
taken.
Mar. 21., 1927. 138
As a matter of fact, Miller wrote the report in favor of reduction
and urged it constantly. He did, however, show signs of
weakening and of betraying his associates.
Delano said constantly during the debate that a majority of the Board
favored the reduction and Miller kept silent.
Mar. 21, 1927. 138
May says that Sargent, Who wrote the Wall Street Journal article,
said that he would not say who inspired the article, but that
he thought lddy could guess. He said he had great difficulty
in writing it but admitted he had NhelpN from some quarter.
This points to Miller.
Mar. 21, 1927. 138


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116.

Miller, Dr. Adolph (Contl d.)
Votes against permitting Federal Reserve Bank of Boston to
publish a statement showing effect of McFadden bill on
Federal Reserve Act.
Mar. 29, 1927. 139
Votes against C.S.H's motion that Federal Reserve Agent Walsh
be permitted to speak on the credit policy of the Federal
Reserve Bank of Boston provided he does not eengtlt
Board.
Mar. 29, 1927. 140
Votes to permit Federal Reserve Agent Walsh to speak on McFadden
bill.
Mar. 29, 1927. 140
Totes against Platt's motion to approve certain parts of Walsh's
and Gov. Talley's credit report.
April 1, 1927. 145
Votes to send Walla a very equivocal letter as to Whether Board
approved of his credit policies.
April 12, 1927. 147
Miller, reversing his former position, took view that the Board
should not itself examine state bank members.
April 14, 1927. 148
Votes to continue in regulations the condition that state
member banks must conduct business so as to give safety to
their customers.
April 13, 1927. 149
Is present at conference with Harrison as to Polish credit.
April 25, 1927. 155
Gov. Strong talks with C.S.H. as to Miller.
He is very bitter towards him. He said that Miller fought the
Bank of lngland credit, and charged him with having deceived
the Board first by inducing it to consent to the purchase
of foreign bills.
Gov. Strong said that Oscar Crosby published a letter claiming
that the Bank of lngland credit was illegal; that Sec. Mellon
told him he knew Miller must have given Crosby the facts on
Which his letter was based; that Mellon said that one day
Oscar Crosby asked over the telephone for an interview; that
he told Crosby he could not see him that day but would see
him wtomorrow0 that Crosby mated, “Why, you are going with
me to Warrenton, Va. tomorrowl; that Mellon asked Crosby with


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117.

Miller, Dr. Adolph (Cont l it.)
whom he thought he was speaking, and he replied "To Dr. Miller's'
that Crosby was much surprised to find that he had been talking
to Sec. Mellon; that Sec. Mellon firmly believes Miller inspired
Crosby in his attack.
May 4, 1927. 158, 159.
Gov. Strong told C.S.H. that Miller once, before the Board, charged
him with a desire of catering to the stock market, because of
his wish to buy 50 millions of Govt. securiries, ih the
presence of Sec. Mellon; that this was just before C.S.H.
called at his rooms at R Street at his request; that he told
C.S.H. of Miller's attack and said he intended to attack Miller
that morning before the H.R. Committee before which he was giving
testimony; that C.S.H. begged him not to do this and he finally
yielded.
C.S.H. remembers several occasions when Miller has implied that
Gov. Strong was influenced by the stock market and particularly
one occasion when Miller said that Gov. Strong's desire for
easier money conditions, as he was informed on the highest
authority, grew out of his desire to help out a Nev York
syndicate which could not place securities it had underwritten.
Gov. C. asked Miller what his source of information was but
Miller declined to reveal it. Gov. C. then said he should place
no credence in such credit information.
(See Vol. XI, Diaries, p. 152)
Gov. Strong said that Hoover was the one Who told Miller, and that
Hoover got it from Winston, Who was apt to "leidd
Gov. Strong said that a California Oil Co. was trying to sell out
to
and Eastern Oil Company in Which Sec. Mellon was interested; that
Sec. Mellon refused to buy; that a firm of bankers in New York
finally agreed to take the stock and place it, but rumor had it
that it could not carry out its undertaking; that a very large
amount was involved and that he felt it his duty to investigate.
which he did; that he found that the firm had placed the stock,
and that the amount of money had been duly raised, all of which
he had reported to Sec. Mellon prior to Miller's charge; that
while Miller was making this charge before the Board, See.
Mellon was present and knew all the facts;that Miller's charge
was absolutely and totally false.
May 4, 1927. 159, 160.
Miller objects to enlarging system account to 250 millions
of Govt.
securities, as buying now would have some inflationary effect
as would the French gold now in or coming in.
May 12, 1927. 163


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118.

Miller, Dr. Adolph (Contld.)
Miller said he favored adding to the special account but that this
was not the time to do it.
Miller moved to postpone until some future meeting. Passed over
negative vote of Sec. Mellon, C.S.H., and James.
May 12, 1927. 164
:iller moves to approve replacement of 25 millinns of Govt. secatities
which had run off, but to disapprove the recommendation of Open
Market Committee to increase the system account to 250 millions.
Miller claimed the latter would help the stock market; that there
was
no necessity for further purchases now, While by waiting until
later we might stimulate business in the fall.
Sec. Mellon answered Miller's suggestion to ask advice of the
Federal
Advisory Council by saying that they were all active bankers and
that it would be of doubtful propriety to let them know in advance
of the future actinn of the Open Market Committee and of the
Board.
Miller's substitute motion was defeated.
May 13, 1927. 165
Miller alone voted against Platt's motion of approval.
May 13, 1927. 165
Board took up question of reconsidering its action in refusi
ng to
permit the reorganized Darlington bank to eater the system
. Finally
the Board voted to reconsider and admit it. Miller as busy
reading a letter and did not vote. On being asked to vote, he
asked if his vote was necessary to carry approval. On being
told No, he asked that his vote be recorded against admissi
on,.
May 16, 1927. 166
Miller makes a bitter attack on Federal Reserve Agent Curtis
s; he
said he was absolutely unfit and shoved evidences of mental
deterioration.
C.S.H. and Platt - the Boston Committee- reported that Curtis
s was
a first-class man and ihould be redesignated.
C.S.H. referred to the letters from the Board of Direct
ors, Governor
Harding, Heard, of the Federal Reserve Council, and the high
opinion& Mr. Sprague.
C.S.H. said the issue was Miller against a united New Englan
d.
Miller sneeringly said that anyone could get letters signed
for any
puxposet
C.S.H. said he resented Miller's attack on Mew England; that the


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119.

Miller, Dr. Adolph (Contld.)
New England. bankers Who had written for Curt
iss were men who
would sign nothing they did not believe in.
C.S.H. quoted Ripley of the Merchants National
Bank, Boston, as
the Nestor of New Zngland bankers.
Miller sneeringly replied, - How about
Wing?
C.S.H. said Wing was undoubtedly a most Able
banker, but that
Ripley was older and stood at the head
.
C.S.H. then asked Miller if his remarks abou
t CurtissIs mental
condition were the result of his own obse
rvation or the
criticism of some one else.
Miller replied it was his own observation
and cited a remark of
Curtiss at some conference that the cause of
business depression
was the increase of unfilled orders of
manufacturers, - a slip
of the tongue which Platt remembers, sayi
ng that Curtiss meant
that purchasers were countermanding thei
r orders, thus piling
up goods with the original manufacturer
s.
C.S.H. believes Miller made a false stat
ement when he spoke of
OurtissIs mental degeneracy from his own
observation; that
he was really quoting Wing who had made
that charge years ago,
and that Wing probably repeated it to Mill
er when he called on
him, and, as Governor C. told C.S.H.
- attacked Curtiss.
May 16, 1927. 168, 169, 170.
Miller made a motion that Curtiss, Aust
in and Heath be notified
that they will not be redesignated next Dece
mber.
C.S.H. objected to putting all three
in one motion.
Miller then made a separate motion that
Curtiss be so notified.
Board then adjourned for lunch.
After lunch C.S.H. moved that Miller's
motion be laid on the table,
without prejudice to the right of any
member to vote as he
pleases when the matter comes up in December
, without
criticism for not sooner notifying Curt
iss. C.S.H. explained
that Curtiss had ample means, and no such
notice was necessary.
Miller finally reluctantly consented
to this and each medber concurred.
May 16, 1927. 171, 172.


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Federal Reserve Bank of St. Louis

Miller, Dr. Adolph (Contid.)
Federal Reserve
Miller said Perrin was the ablest Chairman in the
n because
System, yet he felt it his duty to advise him to resig
.
ve
Board
there was opposition to him in the Federal Reser
the unanimous
Miller undoubtedly feels that if Curtiss does not have
support of the Board he should resignl
May 16, 1927. 173
ss from
Miller objected to C.S.E. getting information about Curti
the Board
said
He
ion.
bankers as to his fitness for redesignat
s and
Agent
ve
Reser
al
Feder
other
knew all about Curtiss and the
did not need their advice.
it apparently
C.S.H. said that he originally told the Board that as
Committee as to
n
Bosto
the
of
t
repor
was not ready to accept the
ng bankers, the
leadi
lt
consu
to
have
Ourtiss,the Committee would
raised any
directors and others, and that no one on the Board
dure.
objection to this proce
s. Sproul and
C.S.H. also reminded Miller that the Board asked Messr
for Perrin's
Moore of the San Francisco directors, to find a man
than, without
by
place and that the Board O.K.'d Newton, presented
a murmuri
At this, Miller ceased..
st Curtiss and
Miller showed throughout bitter vindictiveness again
ent related by
incid
C.S.H. believes it grows out of the German
174
173,
May 16,1927.
Curtiss.
Federal Advisory
The Board takes supper at Miner's house to meet the
176
1927.
May 19,
Council.
ons of
Miller votes against permitting Atlanta to carry 10 milli
y.
unissued Federal Reserve notes at Cuban Agenc
May 23, 1927. 178
h
t.
Miller was at the dentists When Board took up the Polis credi
183
1927
6,
June
for the Polish
On reading the minutes Miller asked what the rate was
of
rate
an
0.
mininn
a
credit and Gov. C. said it was
said the
In reply to another question of Miller, Gov. Crissinger
nty,
guara
to
as
t
credi
an
Belgi
agreement was similar to the
export of gold, etc.
Miller said nothing more and the minutes were approved.
June 7, 1927. 184

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Miller, Dr. Adolph (Con!d.)
Board took Ap question of regulations for Zdgo Act corporations.
Miller thought statement that Board would not approve issues was too
cold and unnecessary.
Miller also objected to requirement that all amounts received from
sale of debentures must be disclosed to Board for the benefit of
the public.
June 7, 1927. 184, 186.
Miller opposes C.S.H. motion that Government security purchases to
offset depletion of bank reserves caused by movements of gold
internationally shall not be counted as part of the 250 millions
the Open Market Committee could buy.
June 23, 1927. 193
Miller claimed that authority of the Open Market Committee was
exhausted and a new meeting must be called if further purchases
were to be made prior to August 1.
C.S.H. reminded Miller a quorum might not be present during the summsr.
Miller replied that he had cancelled his proposed western trip so he
could be on hand.
Miller suggested giving power to the Executive Committee to act.
C.S.H. said that under the regulations the Executive Committee must be
unanimous in order to act, and that even when it acted its actions
must later be ratified by the Whole Board.
Miller said he would agree to give power to a majority of the
Executive Committee to act.
C.S.H. said this would require a change in the by-laws, and 10 days
notice,- when we in all probability would not have a quorum.
C.z.H. pointed out that even if this could be accomplished it would
give to two members of the Board the power to make a decision
which might not represent the wishes of a majovtty of the Board,
Who later would have to ratify it.
Sec. Mellon said the Board should have some confidence in its Open
Market Committee.
Sec. Mellon, for the first time publicly, allowed considerable irritation
at Miller.
June 23, 1927. 193, 194.


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Federal Reserve Bank of St. Louis

Miller, Dr. Adolph (Conted.)
Miller finally offered a long, dreary resolution which practically
gave discretion to the Open Market Committee but it was so
long drawn out that it was almost Impossible to grasp just
what he was driving at.
Miller did not press it,however, and Sec. Mellon put C.S.H.I
s
motion slightly changed at suggestion of Gov. Strong.
Miller and Cunningham alone voted No.
Miller said he would file a memorandum explaining his
vote.
Sec. Mellon again Showed signs of irritation with
Miller.
June 23, 1927. 194, 195.
Mitchell, Dr. James
Refuses to operate on Mr. Cunningham for appendicitis.
Feb. 26, 1927. 102
Mitchell, Charles, National City Bank, New York.
158, 179
See - Cuban Agency
Monroe, President
We visit home of, near Monticello.
June 5, 1927. 181
Moore
Board asked Sproul and, San Francisco directors, to find a good
Federal Reserve Agent and they picked out Newton whom
Board appointed.
May 16, 1927. 174
Monticello
We visit the home of Jefferson.
June 4, 1927. 180
Martin, Federal Reserve Agent, St. Louis
Board agrees to redesignate, next December.
May16, 1927. 167
Monteagle, Mr. and Mrs. Louis
We call on, at Hotel Dresden, Washington.
Mrs. Monteagle spoke of their gift to lndoument fund of
a Sim
Francisco hospital in memory of Anna, saying that we
could feel that the fund would forever be there, doing its
good work.
May 9, 1927. 162.
Moreau, Deputy Governor, Bank of France
Harrison has conference with. In a little hotel in Calais, France,
with Gov. Norman and Schacht, over the Polish credit.
April 25, 1927. 153. 154

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123.

Morrow, Dwight
Harrison said it was hoped that, would go on the Polish credit
financial commission.
April 25, 1927. 154
Morse, Gov.
Sen. Metcalf says Wing arranged with, to have a private telegraph
line between Federal Reserve Bank and his bank but that heSen. Metcalf - and Curtiss objected and killed it.
Jan 16, 1927. 13
Morgan, J. P.
Curtiss says bankers are saying that the Board in appoinzing
McGarrah really appointed an office boy of.
Mar. 11, 1927. 125
Mortgage, Raleigh Street
C.S.H. extends, for 3 years, to Mar. 16, 1930.
Mar. 16, 1927. 131
Masher, Pompeian Oil Co.
Glass asks to see a copy, from Board's files, of a cablegram
intercepted during the war, from the Secretary of Sen. Owen,
to Muiher, advising him at once to sell Italian exchange.
C.S.H. advises Glass to drop the matter.
June 22,, 1927. 191.
Myer, Gertrude
Mrs. Chandler Hale calls on us and we had a good talk about.
Jan. 9, 1927. 6
We meet, at Mrs. Warder's at dinner.
April 27, 1927. 156
We dine with.

May 8, 1927. 162

We give lunch to, at Democratic Club.
May 21,1927. 177
We dine with.

June 11, 1927. 187


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Nadel, Mr. 119
See - Mmaarrah
Name as compiler. 47, 56, 76, 108, 109, 111, 114.
See - Separate volume "Chronological table, Wilson."
National bank. 73, 75
See - Bank of Italy
Liberty National Bank
National BaAk Examiner Collier, 146
See - Comptroller
National bank notes
Gov. Strong favors offsetting Trench gold coming into U.S. .by
purchasing Government 4 bonds, thus eventually contracting.
Also favors retirement of, at maximum per month permitted by law.
Says Sec. Mellon now inclined to favor this, although he opposed
it in 1924.
May 4, 1927. 161
National Bank of Poland
See - Bank of Poland
National Bank d' Redemption. 125
See - Curtiss
National City Bank. 157, 176, 178, 179, 186.
See - Cuban Agency
National Shammut Barik. 125
See - Curtiss
Ned Bedford Mercury. 157
See - Pease, Z. W.
New England
Gov. Cox tells C.S.H. that if he had not been reappointed the
vacancy would have been filled from outside.
Jan. 7, 1927. 5
Nev- England antiquities, Society of
See - Society, etc.
New England Bankers Association
C.S.R.speaks at dinner of, at Maplewood Club, N. H.
June 24, 1927. 196


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New Year's reception
C.S.H. calls at White House.
Jan. 1, 1927. 1
New York Times
W. G. Rice quotes letter of Wilson to Mrs. Barlow in New York
Times. A boom for Gov. Smith.
Jan. 7, 1927. 5
We meet Mr. Oulahan of, at dinner at Mrs. McClellan's.
May 8, 1927. 161
Newton, Federal Reserve Agent, San Francisco
Board asked Sproul and Moore to select a Federal Reserve Agent.
They selected Newton, and Board appointed him.
May 16, 1927. 173, 174
Nicaragua
Sir Maurice Low says the 'boys* in the State Department are
responsible for Nicaragua muddle.
Jan. 15, 1927. 12
Norman, Gov. Bank of England
C.S.H. tells Sir Maurice Low, in confidence, About, failute to
call on H.P.H. and Anna in London.
J. 15, 1927. 12
Miller invites C.S.H. to tea to meet.
C.S.H. regrets as he wishes his relations with, to be purely official,
because of the London episode.
Jan. 25, 1927. 18, 19.
Calls on C.S.H. Has been south for a week with Gov. Strong.
He said the British debt settlement had placed a grievous burden on
Great Britain.
•
C.S.H. drives with him and Sec. Mellon to Metnpolitan Club where
Board gave a lunch to him and Sir Charles Lubbock, Deputy Governor.
Present: Governor Norman, Sir Charles Lubbock, Sec. Mellon, Platt,
Miller, James and Cunningham.
Governor Crissinger was in Ohio.
Jan. 27, 1927. 29
Harrison discusses with Board a trip to Europe to see Gov. Norman
et als as to the Faith credit.


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Federal Reserve Bank of St. Louis

Norman, Gov. Bank of lngland (Coutsd.)
C.S.H. said he had no objection to having a commission other than
League of Nations to supervise the credit, if Governor Norman
was favorable to it.
Mar. 11, 1927. 122, 123.
Harrison tells Board that Gov. Norman approved of the Polish credit
plan, and raised no objection to having it done apart from the
League of Nations; that he thought it wise for Poland to stabilise
now when she was willing to; that his only condition was that the
matter of extending the term of the financial advisers beyond
3 years be settled by some arbitrator, wholly apart from any
political considerations.
Xpril 25, 1927. 153
Harrison conferred with Gov. Norman, Gov. Moreau, ani Schacht at a
little hotel in Calais, Prance.
April 25, 1927. 154
Nutter, George. 125
See.Curtiss

Officer of U.S.
The Federal Reserve Agent is an, and his bond runs to U.S.
Mar. 9, 1927. 119
Old Colony Trust Co. 127
See - Curtiss
Stockton
Omissions from Chronological table, Wilson. 51, 52
See separate volume "Chronological table, Wilson."
Open Market Investment Committee
Meeting of Board with.
Committee recommended:
1. Replacing 25 m illions of Government securities which
had run off, leaving system account at only 200
millions.
2. Buying 50 millions to replace 50 million' taken from market
by turning 50 millions invested by Federal Reserve
Bank for foreign banks into acceptances taken from
portfolio of Federal Reserve banks.


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Federal Reserve Bank of St. Louis

12.

Open Market Investment Committee (Contld.)
C.S.H. moved to approve 1.
Passed unanimously.
C.S.H. moved to approve 2, but Miller moved in substitution to
postpone, the Board being willing to meet the Committee at
short notice, or it would meet the directors of the rederal
Reserve Bank of New York should the Committee authorise them
to speak for it.
This was carried, C.S.H. alone voting NO.
Mar. 21, 1927. 137
Board holds meeting with Committee just prior to Governors Conference.
May 9, 1927. 161
Board meets with Committee.
Federal Reserve Bank of New York had disposed of about 90 millions of
Government securities to offset 60 millions of gold bought fres
Bank of Prance, held in Bank of lIngland and about 30 millions
sent to U.S. by Bank of Prance, thus reducing System account to
about 100 millions.
Committee recommended replacing above 90 millions and also gradually
increasing the System account to 250 millions.
Gov. Strang said there was grave danger of further gold imports and
that the System account dhould be enlarged.
Miller objected to buying more now as it would be equivalent to letting
the gold now in or coming in, have free sway in froducing inflation.
Gov. Harding said that we could buy cautiously without any inflationary
effect as the psychological effect of gold imports would be much
greater than the cautious buying of Government securities.
The Comptroller, Miller, and Platt favored. postponement in order to
consult the Federal Advisory Council, soon to convene, saying the
Board had already, in effect, referred the matter to the Council
for report.
C.S.H. said that we had referred to the Council only a general review
of past open market operations since beginning of the System, that it would be a bad precedent to postpone in order to consult
with the Council; that the Council once objected because Board
had not consulted it before establishing the Cuban Agency, but,
after discussion, it Abandoned this position.
Miller said he favored increasing the special account on principle but
that this was not the time to do it.

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128.

open Market Investment Committee (Contld.)
C.S.H. moved approval of the recommendation to in:rease special account
up to 253 millione.
Miller moved to postpone until another meeting to be called by Governor
Crissinger after consultation with Sec. Mellon.
Passed:
Aye! Gov, C., Miller, Comptroller, Platt, Cunningham
No: Sec. Mellon, C.S.H., James
May 12, 1927. 162, 163, 164
Spedial meeting, Sec. Mellon presiding.
C.S.H. moves approval of Committee recommendation to increase special
account of 250 millions.
Long discussion.
Miller wants advice of Federal Advisory Council.
Platt moved approval, but that purchaser Should proceed slowly with a
view to the possibility that it may not be advisable to purchase
the full amount within the time fixed, — August 1, 1927.
Sec. Mellon said he did not object to this, and C.S.H. withdrew his
motion.
Miller then moved in substitution:
1. Approves statement in report that no further securities
be sold at present time.
2. Disapproves further purchases up to 250 millions.
Miller claimed that farther purchases would merely help stockmarket
speculation: that there was no present necessity for further
purchases; that if we waited until later we might stimulate
business in the fall.
Sec. Mellon answered Miller's plea for consulting Federal Advisory
Council by saving that they were all active bankers and that it
would be of doubtful propriety to tell them in advance as to
further purchases of securities.
Miller
'
, substitute motion was lost.
Ayes Gov. C., Miller, Cunningham
Not Secretary Mellon, Comptroller, C.S.H., Platt, James
Platt's motion of approval was then carried.
Aye: Sec. Mellon, C.S.H., Platt, Comptroller, James, Gov. C.
Cunningham.
No: Miller


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Open Market Investment Committee (Oontid.)

•

Cunningham asked leave to explain his vote on the record if the
votes are to be recorded.
Eddy said no roll call had been demanded, so that the record would
merely say - Passed, 7 to 1.
Cunningham then withdrew his request.
May 13, 1927. 164, 165, 166.
Board conferred with Gov. Strong.
The Bank of Trance drew on 10 New York correspondents for 100
millions of gold to be deposited to its credit in lederal Reserve
Bank, New York. This drew down the reserves of the New YvX
banks, and might have necessitated putting discount ratee4l*hiah
all agreed would be inadvisable. To avoid this the Committee
bought IDO millions of Government securities;
The question arose whether the authority given on May 13th to
increase the special account to 250 millions was exhausted by
this purchase which would increase the account to 250 millions,
or whether the Committee could disregard this purchase and buy
another 100 millions.
C.S.H. moved that purchases to offset the international movement of
gold which depleted the New York Beak reserves wiano, be counted
as a part of the 250 millions.
Miller Lnd Cunningham objected.
Miller said that while he approved of the 100 millions purchase, it
had exhausted the authority of the Committee, and that if it
was desired to buy any more up to August 1st, a new meeting must
be called.
C.S.H.lpointed out that the Board might lack a quoroa during the summer.
Miller said he had cancelled his western trip in order to be hers
during the summer.
C.S.E. said that if only the Nxecutive Committee were present When
such a question arose, its action, under the bylaws, must be
unanimous, and its action must be ratified later by the Board.
Miller said he nos willing to give authority to a majority of the
ftecutive Committee to act.
C.S.E. said this would require a change in the by-laws, requiring
10 days notice, and that it would hardly be possible to secure
a quorum to make such a change.


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130.

Open Market Investment ComLittee (Oontid.)
C.S.E. said if such a change were made it would give 2 members the
power to make decisions for Which a majority would never agree.
Sec. Mellon said we should trust the Open Market Committee and Showed
same irritation, for the first time publicly, at Miller's attitude.
Miller finally made long motion pracIically giving discretion to the
Open Market Committee, but it wai"long and involved that it was not
easy to comprehend just *hat he intended. He did not press it to
a vote, however.
Sec. Mellon then put C.S.H.'s motion, slightly chang4on suggestion of
Governor Strong and it was passed.
Aye: Sec. Mellon, C.S.H., Gov. C„ James
No: Miller, Cunningham
Miller said he would file a memorandum explaining his vote.
This again irritated Sec.Mellon.
June 23, 1927. 192, 193, 194, 195
Federal Advisory Council approves the open market policies of the
Board' in general, based on recommendations of Open Market Committee.
May 20, 1927, 176
Mr. Wetmore said the Council desired information, from time to time, of
all action of Board on recommendations of Open Market Committee.
Gov. Crissinger said there would
that it would not be right to
all active bankers, - of what
that many decisions laid down
report on which the Board had

be a division of the Board on this;
inform the members of the Council, the Board intended to do in the future;
a continuous policy, as did the present
recently acted.

Alexander said such disclosure would be no more than giving the
information to the directors of the Federal Reserve Bank of New York,
which, he understood, was done.
C.S.H. spoke in favor of the Council's request and ihowed,referring to
Glass's book on the Federal Reserve Act, that originally Glass
favored having the bankers designate 3 members of the Board, - to which
President Wilson would not agree, and that finally as a compromise,
the Federal Advisory Council was created; that he felt that the
intention was to give them all information, as if they were members
of the Board.
The members of the Council all took the view that unless they were kept
in touch with the current work of the Board their boiy was a useless
one. No decision was reached.
May 20, 1927. 176, 177.


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Operate
James seems to feel the Board will operate the lederal Reserve
System from Washington under the new Chairmen to be
appointed.
Jai. 11, 1927. 10
Oolahan, Mr.
We meet, of New York Times, at dinner at Mr. and Mrs. George B.
McClellan's.
May 8, 1927. 161
Owen, Sen.
Glass asks to see copies of intercepted Gables between limber
of the Pompeian Oil Company 2nd the private secretary of, in
which the latter advised MUSher to sell Italian exchange.
June 22, 1927. 191

•P•
Palms. 41, 48
See- Wilson, Mrs.
Pan American Pinancial Conforalce
State Department tells Assistant Secretary Dewey it will not take
up George Strong's plan for Cuban Agency until after meeting
of, in January, 1928.
June 7, 1927. 185, 186
See - Cuban Agency
Partisan references
Mts. Pennington's additions to chronological table of Wilson
were so filled with, that C.S.H. insisted on their omission.
Mar. 4, 1927. 115
See separate volume "Chronological table,"Wilson"
Patten, The Misses
We dine with.
Gen. Johnson and Ex-Ambassador O'Brien were there.
April 2, 1927. 145
We meet Mary Patten at dinner with Mrs. Corbin.
June 1, 1927. 179
Peabody, Mr. and Mrs. Harold.
We meet, at dinner at Mr. and Mrs. Gist Blair.
April 1, 1927. 145

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Pease, Z. W.
Carnegie ladowmant, at O.S.H.Is suggestion, invites, to go
abroad with a group of editors.
May 3, 1927. 157
Pell, Mrs.
Sends us flowers on anniversary of Anna's death (Miss Harding).
April 26, 1927. 155
Pennington, Mrs.
12, 16, 17, 19, 20,
46, 47, 51, 52, 53,
82, 83, 94, 92, 93,
105, 107, 112, 113,

21, 22, 23, 34, 35, 36, 37, 39, 40, 42, 44, 45,
54, 56, 57, 58, 59, 66, 67, 68, 69, 70, 71, 76,
94, 95, 97, 98, 99, 100, 101, 102, 103, 104,
114, 115, 116, 128, 129, 136, 137, 147.

All above indexed in separate volume - 'Chronological table,
Pennsylvania Railroad
Tare tells Glass there has not been a Senator from Pa. except himself,
not really appointed by, and other interests.
Mar.?, 1927. 117
Pepper, Sen.
Glass says, told him he believed that Wilson had defeated Tare
for the Senate but had. been defrauded.
Mar. 7, 1927.
Glass said there was absolutely no ',apathy for, in the Senate.
Mar. 7, 1927. 117
Perrin, Federal Reserve Agent, San Francisco
Curtiss says, was present at dinner at Chevy Chase Club when Miller
made a disloyal utterance.
Mar. 11, 1927. 126
See - Curtiss
Miller said that Perrin was the Ablest Chairman and Federal Reserve
Agent in the System, yet he felt it his duty to advise his
to resign bemuse there was p.m opposition to him in the Board!
May 16, 1927. 173
Philbin
MoGarrah asked to report on proposed increase in salary of,
Assistant Counsa.
Feb. 5, 1927. 50
Platt, idaund
G.S.H. tells Comptroller, will not vote for Burgess for niers'
Jan. 4, 1927. 1
Reserve Agent, New York.
Attends lunch given by.Board to Governor Norman.
Jan. 27, 1927. 29


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133.

Platt, Mound (Contld.)
Contends that Sansolito is a municipality and comes within
Regulation H, and that, no one questioning the propriety on
the merits, we are bound to grant application of Mercantile
Trust Company to take over and operate as & branch a bank in
Sansolito, as being in "contiguous territory."
Votes for Miller's motion that Sansolito be considered within
contiguous territory under Regulation H.
Jan. 26, 1927. 30, 31.
Votes in favor of granting above application.
Jan. 26, 1927. 31
Points out absurdity of resting Board's adverse vote on fact that
McFadden bill is soon to become law; says that mandamus would
lay, as Board has no discretion.
Jan. 26, 1927. 32
Votes to increase salary of Carrick, Secretary and Asst. Counsel of
Federal Reserve Bank of Boston, from 87000 to 89000.
Feb. 3, 1927. 41
Thinks We ought to sell Govt. securities.
Feb. 9, 1927. 60
Reports, with Comptroller, in favor of amalgamation of Bank of Italy
and Liberty National Bank.
Feb. 17, 1927. 71
Votes against Miller's motion to lay it on table.
Feb. 17, 1927. 72
Votes against Cunningham's motion to postpone, pending thorough
examination of Liberty National Bank.
Feb. 17, 1927. 74
Moves approval, on certain conditions.
Passed.
Feb. 17, 1927. 75
Votes for San Antonio branch.
Feb. 25, 1927. 84
Votes for Charlotte, N.C. branch.
Feb. 25, 1927. 101
Says H.R. Committee on Rules does not want to issue a rule on
Federal Reserve pension bill because the Democrats on the
Committee were a unit to opposition to the bill.
Mar. 1, 1927.109


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114.

platt, ldmund (Contid.)
Votes in favor of luropean trip of Harrison on Polish credit.
Mar. 16, 1927. 130, 131.
Says there was no impropriety in discussing the vote of Board on
Mar. 17, 1927. 133
the Charlotte branch.
Speaks on McFadden bill at lunch at Harvard Club, Washington.
Mar. 26, 1927. 139
Totes to permit Federal Reserve Bank of Boston to publish a statement
Mar. 29, 1927. 139
on McFadden bill.
Votes to permit lederal Reserve Agent Walsh to speak on credit
policy of Federal Reserve Bank of Dallas, provided he does not
commit the Federal Reserve Board.
Mar. 29, 1927. 140.
Moves approval of report on credit policy of Governor Talley and
Federal Reserve Agent Walsh. Objected to by C.S.H.
April 1, 1927. 144
Moves to approve certain principles laid down in above reports.
General objection. Motion lost.
April 1, 1927. 145
Tells C.S.R. the Comptroller is playing politics, and wants
Collier, National Bank fteminer, to be Federal Reserve Agent.
April 1, 1927. 145.
Tells C.S.H. the opposition to Gov. Talley is purely political;
that Collier, National Bank lb:miner, was a candidate for
Governor When Talley was appointed and now wants to be
Federal Reserve Agent, or to get into the Federal Reserve Bank.
April 5, 1927. 146
Attends lunch of Woman's National Democratic Club to hear C.S.R.
April 11, 1927. 146
speak on Cleveland.
Votes to send a none.cemmital letter to Walsh in reply to Walthis
inquiry whether Board approved his credit policy.
April 12,1927. 147
Votes against continuing, in the coming regulations, the old
condition that state member bank must manage its business
so as to give safety to its customers.
April 13, 1927. 149.
Gov. Strong attacks Cuban Agency before C.S.H., Cunninghss and Platt.

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Federal Reserve Bank of St. Louis

3,111.
Platt, Zdmund (Contsd.)
have
Platt pointed out that Federal Reserve Bank of New York would
to provide its member banks having branches isCuba even if
there were no Cuban Agency.
May 4, 1927. 157
Lundhes with C.S.E. to meet Sir Alfred Davies.
May 7, 1927. 161
Wants to postpone decision as to Open Market purchases in order to
consult Federal Advisory Council.
May 12, 1927. 163
Votes for Miller's motion to postpone action until another meeting
to be called by Governor Crissinger after consultation with
May 12, 1927. 164
Secretary Mellon.
Moves that Board approve recommendation of Open Market Committee
with the feeling that the securities be purchased slowly,
as it may not be advisable to purchase full anount before
August 1, Passed.
May 13, 1927. 164, 165
Votes against Miller's substitute motion.
May 13, 1927. 165
Declines to agree to accept the report of Chicago Committee as to
the redesignation of Federal Reserve Agent Heath.
May 16, 1927. 167
Reports with C.S.E.- Boston Committee - that Federal Reserve Agent
Curtiss should be redesignated.
May 16, 1927. 168
ftplains error of Curtiss, alluded to by Miller, as merely a slip
May 16, 1927. 169
of the tongue.
See - Curtiss
Miller
Tells C.S.E. that, just after adjournment, Cunningham asked him
to ask C.S.R. to move that the redesignation of all Federal
Reserve Agents be deferred until 6 months prior to their
respective terms as Class C Director.
May 16, 1927. 171
Says Board has no right to designate a Chairman and Federal
Reserve Agent, from time to time, for one year.
May 16, 1927. 172

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136.

Platt, Edmund (Contid.)
Votes to permit Atlanta to carry 10 millions of unissued
Federal Reserve notes at Cuban Agency.
May 23,1927. 178
Votes to approve Polish credit.

June 6, 1927. 184

Objects to statement in proposed regulations for Edge Act
corporation that Board will not approve their debenture
issues as too cold and unnecessary.
June 7, 1927. 184, 165
Platt amendment
Assistant Secretary Dewey tells C.S.H. and James that Ambassador
Crowder does not favor having Cuba issue her own currency, that it would be a seep away from.
June 20, 1927. 190, 191.
Poland, Bank of . Credit.
122,/23, 124, 130, 131, 153, 154, 155.
See - Bank of Poland
Policy, Credit
See Walsh, Federal Reserve Agent
Politics
C.S.H. complains to Congressman Hull because the Democrats in
H. R. Committee played politics on Federal Reserve pension
Mar. 1, 1927. 109
bill.
See - Federal Reserve pension bill
C.S.H. fears Comptroller is playing politics in opposing present
conservative redit policy of Governor Talley. If his
policy is reversed C.S.H. fears further failures which will
redound more to credit of Vice President Dawes and Lowden
than to President Coolidge.
Mar. 30, 1927. 142, 143.
Platt tolls C.S.H. that the Comptroller is playing politics in
opposing Talley and Federal Reserve Agent Walsh.
April 1, 1927. 145
April 5, 1927. 146
Portamough, N. H.
C.S.H. shows Gov. Harding the Laagon dining roam in the Rockingham
Betel.
June 24, 1927. 196
President of English banks. 9
See- McGarrih


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President of Poland
Hesitates to agree to stabili7ation plan for Poland, quoting
Dillon & Co. and Gov. Harding that Poland could get all the
credit it needed without any agreement to stabilise.
It was pointed out to him that his efforts of 2 years ago failed,
and that another failure would injure France.
Finally he agreed to the plan.
April 25, 1927. 154
See - Bank of Poland
Profits
53, 55, 56, 57, 58, 59, 67, 70, 71, 83, 84, 95, 99.
See separate volume - "Chronological table, Wilson."
Pruyn, Erving
We ship lamps, furniture, etc. to, from Warehouse in Cambridge.
July 1, 1927. 198

;moron
Miller .leaves meeting in order to break a.
Feb. 17, 1927. 73
No quorum present when Baird advises McGarrah he may for the present
retain office as member of Reichsbank Advisory Committee.
Mar. 10, 1927. 121
C.S.R. points out difficulty of obtatning a quorum during summer as
another good reason for giving discretion to Open Market Committee.
June 23, 1927. 194

Raleigh Street house, Boston.
O.S.R. extends mortgage to Mar. 16, 1930.
Mar. 16, 1927. 131
For past two weeks, H. G. Dodge, lisq.( a partner of Moorfield Storey)
has been negotiating with us for the purchase of 2 Raleigh Street;
after long discussion, we asked $65,000 and he stuck at 05,000.
We offered to split the difference but to no avail.
Ned called me up from Boston and said he had had a long talk with
Dodge (at C.S.R.Is request) and that his maximum was $55,000,
but that we would have to pay no comaissions. Ned advised us
to accept this.


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Federal Reserve Bank of St. Louis

138.

Raleigh Street house, Boston (Contld.)
After consulting H.P.H. C.S.H. wrote Dodge accepting the offer,
suggesting July let for passing the title, he to assume payment
of the mortgage of $20,000 and to pay $35,000 in oath, interest
on mortgage and taxes to be adjusted.
Nothing was said as to What fixtures were to pass with the house.
April 23, 1927. 151, 162
Dodge writes accepting as above.
We both have the deepest sentiments
out the house, but feel, now
that Anna has gone, that we could not live there again.
April 26, 1927. 156
C.S.H. meets Louis Goldsdhmidt, an appraiser suggested by Charles Tyler
and he appraises the furniture, mirrors, etc. in the house which
we decided to s-11 if Dodge wants to buy them, as he indicated
a with to do. His appraisal seemed to us ridiculously low.
June 23, 1927. 195
C.S.H. sends from the house to Sumner Appleton for the Society of
N.E. Antiquities and ultimately for the Shirley-Eustis house,
a dheval glass, valued at $200 by appraiser, and a Louis XVI
table, valued at $150.
June 23, 1927. 195
We gp to the house and decide as to ihipping things to the Cambridge
warehouse, to Mattapoisett, and to Erving Prgrn. We then
bade farewell to the house. It was a hard thing to do, but
we believed it was best.
July 1, 1927. 198
Rathbone, Albert
Board considers Edge Act regulations drawn up by Wyatt and, as Special
Counsel.
Rathbone strongly urged requiring a statement showing amount received
from sales of debentures for information of the public.
June 7, 1927. 184, 185
See -Regulations
Reappointment, C.S.H. 5
See - Cox, Gov.
Redfield, Ex-Secretary
Calls up C.S.H. from New York.
Says his banking firm is interested in a large mmbination of
American, German, and other foreign manufacturer!' who were
considering Asst. Secretary Dewey to represent them and


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18.

Redfield, lx-Secretary (Contld.)
asked C.S.H. about him. C.S.H. said he did not know him intimately
but had a high opinion of his ability and standing.
Mar. 1, 1927. 110, 111.
Regulation H.
Miller claims that Board can not permit the consolidation of Bank of
Italy and Liberty Bank of America without violating.
C.S.H. points out that the only applicable part of Regulation H. is
Sec. 4 (1) as to effect of change of assets; that the rest has to
do only with the establishment of Rembranches; that the branches
of the Liberty National Bank had all been long ago established.
Feb. 17, 1927. 71, 72, 74
Comptroller and Platt reported that the change in the assets was
not injurious to either cor2oration.
Feb. 17, 1927. 74
Board takes up question as to which of the 9 conditions under Sec. 4
should be contained in new regulations.
Board voted tentatively to continue condition as to change of assets.
C.S.H. and Platt voted No.
Board voted to continue condition that the bank must so manage its
business as to give safely to its customer.
C.S.H. and Platt voted No.
Board finally voted to prepare a tentative draft of new regulations,
to be sUbmitted to the Governors and Federal Reserve Agents,
April 13, 1927. 148, 149.
Regulations, Edge Act
See - Edge Act
Rathbone
Regulations
Purchase of foreign bills.
Board has discussion over.
This grew out of the sale by Federal Reserve Bank of New York to
Bank of France of 60 millions of gold earmarked in Bank of
England, Which had been previously bought of Bank of France by
Federal Reserve Bank of New York. The Federal Reserve bank
accepted in payment of this sale sterling credits On Bank of
England which were, from time to time, to be invested in sterling
bills for account of Federal Reserve Bank of New York.
June 22, 1927. 191, 192.


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Regulat. one (Contid.)
Board considers matters with Gov. Strong.
Miller contended that under Sec. 13 the Board could frame regulations,
putting on such limitations and restrictions as it saw fit.
Gov. Strong claimed that Sec. 13 applied only to domestic purchases
of bills drawn in foreign currency. He said very large amoUnts
of these bills, even before acceptance, were bought in New York.
C.S.H. said this reconciled the provisionsof Sec. 13 and 14, - the
latter referring to bills purchased at home or abroad but drawn
on foreigners in foreign currency.
C.S.H. pointed out that, *holly apart from Sec. 13, Sec. 14 gives the
right of regulation to the Board and that this would carry the
right to place reasonable restrictions.
Whether, in fact, the Board ought to frame restrictive regulations,
or require its approval before purchasing any foreign bills,
C.S.H. said was another question to be decided later.
C.S.H. said. that as yet no such regulations had been framed by the
Board so that the Federal Reserve bank had the right to purchase
such bills, until, at least, regulations had been enacted.
June 23, 1927. 192, 193.
Reidhsbank
Board decides informally to permit McGarrah to serve out his term on
the Advisory Council.
Mar. 9, 1927. 119, 120.
See - McGarrah
C.S.H. says Board gave McGarrah the right to at on question of service
on Advisory Council, but hesitates to allow Harrison even to Lomat
on. Polish credit.
Mar. 16, 1927. 130, 131.
Reparations
Gilb rt tells Harrison he feels confident that Germany den pay, with
some slight changes in the Dawes plan.
April 25, 1927. 155
Republican Party
Gov. Cox says rank and file of, did not know Sen. Butler and were
not impressed with his speeches.
Jan. 7, 1927. 5
C.S.H. tells Cong. Mill that the, will gain by attitude of H.R. democrats
in breaking a quorum in Committee on Federal Reserve pension bill.
Mar. 1, 1927. 109, 110.
See - Politics.

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Resignation
C.S.H. feels Governor Strong will resign if McGarr& dominates.
Jan. 11, 1927. 10
Ourtiss resigned as Cashier of Wing's bank years ago on advice of
his attorney, George Nutter.
Jan. 14, 1927. 11
Mrs. Wilson writes C.S.H. she would deem it a great loss to the
Democratic Club.
Feb. 25, 1927. 93
Miller said Perrin was the best Federal Reserve Agent the System
ever had but that he felt it his duty to advise him to
resign because there was some opposition to him in the Board.
May 16, 1927. 173
Resolutions
Federal Reserve Bank of New York passes a, expressing the hope that
future boards of directors will not disturb the division of
power as between the Governor and Chairman, now adjusted, at
least without the consent of both.
Feb. 5, 1927. 48, 49.
Of Executive Committee of Woman's National Democratic Club accepting
Mn. Pennington's offer of compromise.
Feb. 28, 1927. 105
See - "Chronological table, Wilson."
Of Executive Committee thanking C.S.H. for his intelligent and
untiring efforts.
Feb. 28, 1927. 106
Glass succeeds in having passed a Senate, to investigate use of money
by chain bankers of Chicago to defeat move to repeal Hull amend..
mant to McFadden bill.
Mar. 7, 1927. 118
Of Board of Governors of Woman's Democratic Club ratifying action of
Executive Committee in accepting Mrs. Pennington's offer of
compromise.
Mar. 9, 1927. 128
Rayburn, Mr.
C.S.H. lunches with, director of Federal Reserve Bank of New York.
Taplakins attitude of his directors towards coommisSion charged on
Belgian credit.
Says his directors would welcome appointment of McGarrah.
Jan. 5, 1927. 2


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142.

Reynolds, Dr. Rdward
We met Dr. and Mrs., at dinner at Mr. and Mrs. Louis Frothingham's.
Jan. 31, 1927. 37
Rhinelander, Bishop
We dine with. Present, Miss Storer of Cambridge and Mr. Luquser.
Jan. 27, 1927. 31
Mrs. Wilson is present at morning lecture given by.
Mar. 15, 1927. 129
See - Wilson, Mrs.
Rice, W. G.
In Washington. We dine with Mrs. Wilson.
C.S.H. asks if he got Mrs. Wilson's permission to read President
Wilson's letter to Mrs. Barlow praising Gov. Al Smith. At first
he said No but later said he had mentioned it to her.
He did not, however, say he asked her permission to quote this letter
in his letter to New York Times and N. Y. World booming Gov. Smith.
He turned the Albany meeting, AliCh Mrs. Wilson attended, into a boom
for Gov. Smith.
Jan. 7, 1927. 4, 5.
In Washington. Dines with us.
May 7, 1927. 161
Mrs. Wilson, in letter to Bertie, silts to be warmly remembered to
Mr. and Mts.
June 17, 1927. 189
Riddle, Mr.
We meet, former Ambassador of Argentina, at dinner at Mrs. Corbin's.
June 1, 1927. 179
Ripley, Alfred
Curtiss tells C.S.H. he knolls of letter by, praising him as
Federal Reserve Agent.
Mar. 11, 1927. 125
C.S.R. tells Miller that, is the Nestor of bankers in Boston.
May 16, 1927. 169
Rockingham Hotel, Portsmouth
C.S.R. dines with Gov. Harding at, en routs from Bethlehem, N. H.
Shows Gov. H. the old Langdon dining roan.
June 24, 1927. 196
Rodgers, Col.
We lunch with Col. and Mrs.
Jan. 9, 1927. 6
1. 1927. 156
May


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Rogers, Mrs. Congressman
We dine with.
Mar. 5, 1927. 116
Root, Zlibm
Mrs. Wilson said Norman Davis praised, for his work for League
of Nations at Wilson memorial dinner; that Davis said. he had
not intended to, and wanted to kick himself afterward, for it.
Mrs. Wilson said Root's speech was disappointing to her, especially
his references to President Wilson, - Neven if in errors etc.
She said Root told Davis What he intended to say, but he did
not say it, or all of it.
Jan. 7, 1927, 4
Rules Committee, H.R.
Platt says that, is unwilling to fix a rule on the Federal Reserve
pension bill, as the Democrats on the H.R. Corsaittee were
unanimously opposing the bill.
Mar. 1, 1927. 109
C.S.H. asks Cong. Hull Wiry to induce some of the Democrats on the
H.R. Committee Who were opposing the Federal Reserve pension
bill to ask for a rule.
Mar. 1, 1927. 110
See - Federal Reserve pension bill
Hull, Cong.

-8San Antonio branch
Board holds hearing on.
Feb. 19, 1927, 83
Board votes to establish a Federal Reserve branch at.
Feb. 23, 1927. 84
All vote for it except Miller
• Feb. 23, 1927. 84
Sansolito, Calif.
See - Mercantile Trust Co.
Sargent
Miller, in reply to C.S.H.Is question whether any member of Board
had inspired or given any information to Sargent On which he
based his Wall Street Journal article, said in a somewhat
abashed manner, that he had not seen Sargent for months.
May 17, 1927. 134

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Sargent (Contld.)
?Addy says Sargent would not tell him who inspired his Wall Street
Journal article, but said, "I think you can guess:"
He said he had great difficulty in writing it and aimitted he had help
from some quarter.
Mar. 21, 1927. 138
Sayre, Mrs.
Mrs. Wilson has been visiting, in Cambridge.
May 16, 1927. 175
Schacht, Reichsbank
Harrison wishes to go abroad to consult, and others on Bank of Poland
credit.
Mar. 11, 1927. 122
Harrison saw Schacht in Berlin and he favored stabilisation of Polish
currency.
He said Germany exported much to Poland and he felt stabilization was
vital.
Re also said that ultimately the Dantsig corridor must be changed.
April 25, 1927. 153
Harrison confers with Schacht, Norman and Moreau in a little hotel
in Calais, France. Schacht met Gov. Norman for the first time.
April 25,1927. 153, 154.
Schenck, Miss
We meet, at dinner at Mrs. Warder's.
April 3, 1927. 145
Secret service, 126, 127
See - Curtiss
Miller
Secretary of Board of Directors, Federal Reserve banks
Cunningham claimed Board had ruled that the, must be taken from the
Federal Reserve Agents side of the bank. The Board's circular
was read and it showed that the Board had specificilly approved
Counsel acting as.
Feb. 3, 1927. 41, 42.
Section 4, Federal Reserve Act. 119, 121
See - McGarrah
Securities, Govt.
See - Open Market Investment Committee.
Senate, U.S. 117, 118
See - Glass
Resolutions.


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145.

Sheppard, Sen. 43
See - Talley
•

Shirley-lnatis home, Roxbury
We send to Sumner Appleton of Society of NZ. Antiquities two
pieces once owned by Gov. lust's - 1. Cheval glass. 2 Louis XVI
table, both to be held for.
June 23, 1927. 195
Simmons, Sen.
Miller has controversy because some member of Board told, how he
voted on Charlotte branch.
Mar. 17, 1927. 133, 134, 135.
See - Miller
Simpson, Dr.
Burns out with electric needle two irritated spots in C.S.H.'s mouth.
May 25, 1927. 179
Slocum, Col. and Mrs. Henry.
We meet, at lunch at Col. Rodgers.
Jan. 9, 1927. 6
Smith, Gov., New York
W. G. Rice reads letter of President Wilson to Mrs. Barlow praising,
at a dinner at his home prior to a Wilson league address
' at Which Mrs. Wilson was present.
At first he told. C.S.H. he had not got the consent of Mrs. Wilson,
but later said he had mentioned it to her.
He also wrote letters to N. Y. Timm and N. Y. World, booming Gov.
Smith and referring to the Wilson letter.
He did not tell C.S.H. he had obtained Mrs. Wilson's consent as to
these letters.
C.S.H. feels he turned the Wilson League address and dinner into a
Smith boom.
Jan. 7, 1927. 4, 5.
Sir Maurice Low is enthusiastic about Smith's nomination but fears the
Democratic Party will not rise up to its opportunity.
Jan. 15, 1927. 12
Smith, Sen. James, New Jersey
Mrs. McClellan says Wilson treated, shamefully as it was on his
shoulders that he cliMbed to the Presidency.
May 8, 1927. 162
Smith, Hoke
Delivers a fine address at New York dinner in honor of Grover
Mar. 18, 1927. 136
'Cleveland.


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144.

Smith, Bev. Boland Cotton
C.S.H. attends a lunch to, at Mrs. Bayard's.
April 23, 1927. 151
Snell, Mrs. 105
See - "Chronological table, Wilson."
Snyder, Carl
Board votes that Gov. C. shall inform Federal Resene Bank, New York
that it has decided to drop, from the rolls.
C.S.H. voted No and said Board had no authority to prevent the New
TO& bank employing a statistician.
Miller admitted Snyder's ability but claimed that his work along lines
of prediction, bad no place in Board's work. He further said
Snyder's articles were more widely read than any from our
Statistical Bureau.
Jan. 4, 1927. 1, 2.
Society of New England Antiquities. 195
See - Shirley -Eustis house.
Spalding, Gov., N.H.
C.S.H. meets, at dinner of New England Bankers At Bethlehem, N.34
June 24, 1927. 196
Special System account
See- Open Market Investment Committee
Speech, C.S.H.
N.E. Bankers Association, Bethlehem, N. H.
June 24, 1927. 196
Sprague, Prof. 0.W.W.
Speaks most highly of Curtiss.
May 16, 1927. 168
Sproule, Mr.
Miller praises letter of, on proper powers of Chairman.
Jan. 11, 1927. 6
C.S.H. reminds Miller that Board asked Moore and, to pick out a
Chairman for San Francisco bank.
May 16, 1927, 173
St. Agnes Church. 155
See - Hamlin, Anna
Stabilization of Polish currency
122, 123, 124, 131.
See.Bank of Poland


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Standard Oil Trust. 117
See - Glass
Pepper
Tare
Stanton, Admiral
We meet, at dinner at Mrs. El/modes
Feb. 6, 1927. 50
State bank exaninations
Board takes up report of Gilbert.
Voted that examinations should continuo, as now, under Charge of
Pederal Reserve Agent, and should not be made directly by Board.
Appointed Gilbert, Supervisor, to assist Federal Reserve Agents.
April 14, 1927, 148
State Department
Sir Maurice Low says the "boys" in the, are responsible for the
Nicaragua and Mexican muddle and that "Nervous Nellie" does not
realize how he is being led.
Jan. 15, 1927. 12
Cooke, of State Department, tells C.S.H. it would be proper to give
Mrs. Wilson precedence over Madame Gade, wife of Norweigian
Minister,to Brazil, at a dinner to Oade.
Jan. 31, 1927. 38
See also.Cuban Agency. 180, 185, 186
Steel trust. 117
See - Glass
Pepper
Tare
Sterling credit
See - Bank of lngland
Open Market Committee
Stock market. 159
See - Miller
Strong, Gov.
Stockholders, Federal Reserve Bank, New York
JAMS says feeling is that New York directors manage the bank
more in the interest of, than of the public.
Jan. 11, 1927. 9, 10.


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•

Stockton, Philip
Gov. Harding says, does not like Curtiss.
Mir.11, 1927. 127, 128.
C.S.H. thinks, opposes Curtiss because he - Curtiss - did not
favor Biynn as first Governor of Federal Reserve Bank.
Mar.11, 1927. 127, 128.
Stokes.
47, 54, 56, 147
See -"Chronological table, Wilson."
Storer, Miss
We meet, at dinner at Bishop Rhinelander's.
Jan. 27, 1927. 31
Strong, Gov.
C.S.H. told Sec. Mellon he feared McGarrah and, would not pull
together.
Sec. Mellon said that if Gov. Strong's health kept up, he would
dominate McGarrah.
Jan. 6, 1927. 4
McGarr& said he had a high opinion of,but that he felt he had
largely dropped the operating details of the Governorship
and had taken over the functions properly appertaining to the
office of Chairman; that it was the general feeling in New York
that Gov. Strong dominated JAY.
He intimated very clearly that if he took the office of Chairman
be Should expect the Board to define his dutues so that there
would be no doubt but that he was the ranking officer and
that Gov. Strong was subordinate to him.
Jan. 11, 1927. 8, 9.
C.S.H. believes McGarrah will not accept without having a clear
understanding with Gov. Strong that he is to be the dominating
fastor in the bank, and that Gov. Strong will never agree to
this, or that if he should, he will resign within a short time.
Jan. 11, 1927. 10
Gov. Norman visits Gov. Strong in the south for 8 days.
Jan. 27, 1927. 29
Board waives approval of leaves of absence for McGarr& and.
Feb. 5, 1927. 49
Board approves by-law that Chairman is to preside at meetings of
Zxecutive Committee, Federal Reserve Bank, New York, in place
of the Govermor, ai heretofore.
Feb. 7, 1927. 51


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Strong, Gov. (Contld.)

•

Gov. Strong bitterly attacks Cuban Agency, in presence of C.S.H.,
Platt and Cunningham.
He said it was dangerous to carry unissued Federal Reserve notes in
a foreign country, subject to vicissitudes of revolutions, etc.;
that John G. Johnson advised his directors that the Cuban Agency
was illegal; that, further, it was wrong to pl.ce the burden on
New York of furnishing money for the Cuban Agency.
Platt pointed out that New York would have to furnish money to its
member banks having branches in Cuba, even if there were no
agency there.
Gov. Strong said national banks should not have been allowed under
Sec. 25 of Federal Reserve Act, to establish branches in foreign
countries. Gov. S. said he had a plan which called for a treaty
with Cuba, permitting her to establish a bank of issue, but
providing that all notes issued must be secured dollar for dollar,
or at least 75%, by gold earmarked in Federal Reserve Bank of
New York; that for this purpose Cuba could gather together our
money and ship it to New l'ork, receiving a gold credit therefor.
He said it would take at least a yalr to secure such a treaty, bnd
that the Agency must continue meanwhile, as abolishing it now
Tould cause panic in Cuba.
He said if his plans were accepted by the Treasury, Federal Reserve
Board, and State Department, the Federal Reserve Bank of New York with Atlanta's consent, - would be willing to take over the
agency and run it pending the adoption of his plan.
He said it was illegal to carry unissued Federal Reserve notes in Cuba
and that Assistant Secretary Dewey had an opinion to this effect
from the Solicitor of the Treasury.
C.S.H. is about satisfied that behind all there looms an antagonism
between Gov. Strong and Mitchell of the National City Bank, New York.
May 4, 1927. 157, 158.
Gov. Strong was very bitter towards Miller.
He said Miller fought the Bank of England credit, and had charged
that he - Gov. Strong - had deceived the Board by first inducing it
to consent to the buying of foreign bills, as a preliminary to such
credit.
He also said that Oscar Crosby, in a public letter, attacked the Bank
of England credit; that Sec. Mellon told him he was satisfied that
Miller had given Crosby the information on which the latterls
attack was based; that Sec. Ilellon told him that one Jay Crosby


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150.

Strong, Gov. (Contld.)
called him on the telephone and asked if he could see him
that day; that Mellon said he had Tpointdents for the whole
day but would see him the next day; that Crosby said, "Why you
are going with me to Warrenton tomorrowl"; that Mellon said
there must be some mistake, - to wham do you think you are
speaking?; that Crosby replied, "To Dr. Miller"; that Crosby
seemed very much disturbed to learn that he was tar.c.ing to
Secretary Mellon.
May 4, 1927. 158, 159.
Gov. Strong said that Miller, at a Board meeting at which Sec. Mellon
was present, once charged that he - Governor Strong - was more
interested in oaring for the New York stock market needs than
for those of commerce andegriculture, - at a time when he asked
Board to permit the Open Market Committee to increase purchases
of Government securities by 50 millions.
C.S.H. remembers that Miller on that occasion told the Board that he
had it on the highest authority that this wish to purchase
more Government securities was really based on a desire to help
a New York syndicate which had made underwriting commitments it
would not carry out, and make doney easier in order to help it
out; that Gov. C. asked Miller the source of his authority; that
Miller declined to reveal it; that Governor Crissinger said he
'should place no credit in such undisclosed authority.
(See Vol. XI, Diaries, p. 152)
Governor Strong reminded C.S.H. that just after the charge had been
made by Miller, he - Governor Strong - asked C.S.H. to stop at
his roam on H Street on his way to the Board; that he told
C.S.H. he was going to denounce :.tiller before the H.R. Committee
on the Strong bill, - before which he was testifying; that C.S.H.
dissuaded him from doing this.
Governor Strong said the history of that matter was that Millet got
this from Hoover, who got it from Winston, who had a tendency to
"leak's; that the real facts were that a California Oil Corporation
was trying to sell out to an eastern oil corporation in which
Sec. Mellon was interested; that Sec. Mellon turned down the offer;
that a New York firm of bankers agreed to underwrite the sale of
the stock; that it was rumored in the street that it could not
make good; that the undertaking involved a large amount of money;
that he, - Governor Strong - felt it his duty to investigate
the rumor; that his investigation revealed that the underwriting
firm had placed the stock successfully, - all of which he had reported
to Sec. Mellon before Miller's charge and that While Miller was
making the charge, Sec. Mellon was there in aDmplete knowledge of .


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151.

Strong, Governor (Contld..)
all the facts; that Miller's charge was absolutely false.
May 4, 1927. 158,159, 160.
Gov. Strong mid he would govern the Feleral Reserve Bank of
New York as long as he held the office of Governor and that
McGarrah had fully agreed to this.
May 4, 1927. 160
Governor Strong denied that the Board had the power to put in
discount rates of its own volition; that he had a legal opinion
to this effect; that John W. Davis once advised the Board that
no such power existed unless a Federal Reserve bank was recalcitrant
C.S.H. said he knew of no opinion other than that of acting Attorney
General King, to the effect that the Board had this power.
May 4, 1927. 160
Governor Strong intimated to C.S.H. that his directors may initiate
proceedings to test this power, also the power to establish the
May 4, 1927. 160
Cuban Agency.
Governor Strong spoke of the French gold coming to the U.S. and
strongly favored, as an offset, the purchase of U.S. Government
2% bonds, thus contracting the circulation of National bank notes,
and the retirement of national bank notes at the maximum rate
permitted each month.
He said Sec. Mellon was now inclined to favor this, although he
opposed it in 1924.
May 4, 1927. 161
Governor Strong, at meeting with Open Market Committee said there was
grave danger of future gold imports, and that the System account
should be enlarged.
May 12, 1927. 163
See - Open Market Investment Committee
Assistant Secretary Dewey telli C.S.H. and James he will submit
Gov. Strong's plan for a substitute for the Cuban Agency to the
State Department.
June 1, 1927. 180
Assistant Secretary Dewey tells C.S.H. and James that he has talked
over Gov. Strong's plan for a Cuban treaty, with Assistant Secretary
Castle and White, of State Department; that they did not seem
impressed with it;that they said that the present wail an
unpropitious time to bring it to the attention of Cuba, as the
Pan American Financial Congress was to meet in Cuba in January, 1927;


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152.

Strong, Govennor (Contl d.)
that they feared the Cubans might not understand the plan and
might resebt it, and that it might seriously affect our
relations not only with Cuba, but, as well, with the other
South American countries; that in no event would they undertake
to bring it up until after the Financial Congress had adjourned;
that meantime they believed the existing status should continue.
June 7, 1927. 185, 186
Assistant Secretary Dewey tells C.S.H. and James that it will take a
long time to examine and consider Gov. Strongis plan, even if it
were finally accepted, which he very much doubted, and suggested
that the Whole matter be deferred until Sec. Mellon and he
returned from abroad; that, from the Treasury point of view, he
saw no reason Why the existing status should not continue,
including the carrying of unissued Federal Reserve notes, if the
Board deemed the latter advisable, it having been informed by
Wyatt that this was legal.
June 20, 1927. 191
Gov. Strong criticises existing regulations concerning Edge Act
corporations, saying the Board should never approve any specific
issues.
Board voted to retain Albert Rathbone and that Wyatt and Rathbone should
confer with Gov. Strong in New York and prepare a new draft.
June 23, 1927. 192
Gov. Strong spends day with Board discussing whether purchases of
securities to offset the French gold must be counted as part of
the 250 millions the Open Market Committee was authorized to hold
as a maxiMma prior to August 1.
June 4, 1927, 192, 193
See - Open Market Investment Committee
Gov. Strong suggests some changes in C.S.R.Is motion that such
purchases shall not be counted in above quota.
June 23, 1927. 195
Superintendent of Banking, California
See - Bank of Italy
Miller
Supervisor of State Bank ftaminations
See - Gilbert
State bank examinations
gwanson, son. 17, 18
See - Glass
Tucker, H. St. George.


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Talley, Gov., Federal &mere Bank of Dallas.
C.S.H. suggests changes in a proposed letter to, as to a controversy
between a Texan Trust Company and Talley, it not having first been
referred to the Law Committee. The controversy also eMbraced
letters to President Coolidge and to Sen. Sheppard.
Feb. 4, 1927. 43
See - Crissinger, Gov.
Board confers as to credit policy of Talley and Federal Reserve Agent
Walsh.
Mar. 29, 1927. 140, 141, 142, 143
See- Walsh, Federal Reserve Agent
Platt says Comptroller is playing politics in his opposition to policies
of.
April 1, 1927. 146
Teylor, Col.
We meet, at lunch at Mrs. Rodgers.
May 1, 1927. 156
Teas
We take tea with Mr. and Mrs. Brooks to meet Sir dwin Lutyens.
April 14, 1927. 149
Teusler. 14, 15, 38
See - Wilson, Mrs.
Trust
See - Standard Oil Trust
Steel Trust
Trustee for Woman's National Democratic Club.
56, 95, 99, 100, 186.
See- "Chronological table, Wilson."
Tucker, Harry St. George. 17, 18
See - Glass
Tumulty, Joseph
Mr. Young, at dinner at Mrs. Warder's, tells C.S.H. that was
proposed for the Metropolitan Club but that his name had to be
withdrawn because of the opposition; that Admiral Grayson and
Woodbury Blair worked for him.
April 3, 1927. 145, 146
Tyler, Charles
Selects Mr. GoldsChmidt to appraise furniture, mirrors, etc. at
2 Raleigh Street.
June 23, 1927. 195


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Tyler, Charles (Contld.)
C.S.H. lunches with, at Union Club.
HO said he had little hope of success in the Corning matter.
June 23, 1927. 197

-UUnderhill, Arthur J.
Tries to induce C.S.H. to permit him to pubiLW in Boston News
Bureau extracts from C.S.H. speech before N.Y. Bankers
Association as an alleged interview. C.S.H. said this would
violate rule of Board that no members should give out an
interview or statement without direct authority of Board.
He agreed to say "Mr. Hamlin says, etc." to which C.S.H. agreed
and he kept his word.
June 28, 1927. 197
Unit bank, California 75
See - Bank of Italy
United States
Federal Reserve Agents are officers of. Their bond runs to U.S.
Mar. 9, 1927. 119
U. S. labassy
Miller opposes and James favors having Oa& Agency office in same
building as.
Jan. 28, 1927. 33
Miller makes an unpatriotic reference to, after our entrance into
the war.
Mar. 11, 1927. 126
See - Curtiss
Miller
U. S. Securities
See - Open Market Investment Committee
University of Virginia
C.S.R. and H.P.H. visit
Call on Dr. Alderman but he is ill. He telephoned us he was
just recovering from a carbuncle.
June 4, 1927. 180, 181.


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155.

Untermyer. 191
See - Glass
-V-

Votes, Federal Reserve Board
Governor Orissinger to tell Nev York that Snyder must be dropped
from rolls.
C.S.H. No.
Jan. 4, 1927. 1
That Berkeley be held to be "contiguous territory". Carried.
Aye: C.S.H., Platt, Miller
No: Jones, Cunningham
Jan. 26, 1927. 31
That application of Mercantile Trust Co. to take over a bank in
Berkeley as a branch be approved. Lost.
Aye: C.S.H., Platt
No: Miller, James, Cunningham.
Jan. 26, 1927. 31
That salary of Carrick, Secretary and Assistant Counsel of
Federal Reserve Bank of Boston be increased from $7500 to
Feb. 3,1927. 41
$9000.
That McGarr& be appointed Class 0 Director and Federal Reserve
Agent, New York.
Passed. Uhesimous.
Feb. 5, 1927. 49
That McGarrahls salary be fixed at $50,000 per annum. Passed
Feb.5, 1927. 49
unanimously.
That Board waive approval of leaves of absences for McGarrah and
Gov. Strong. Passed unanimously.
Feb. 5, 1927. 49
To postpone action on consolidation of Bank of Italy and Liberty
Bank of America. Failed. Tie vote.
Aye: C.S.H., Miller, Cunningham
No: Governor C., Platt, Comptroller.
Feb. 17, 1927. 72
To postpone pending an examination. Failed.
Aye: Cunningham
No: C.S.H., 1ov. C., Platt, Comptroller.


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156.

Votes, Federal Resene Board (Contld.)
To approve consolidation. Carried.
Aye: C.S.H., Gov. C., Platt, Comptroller
No: Cunningham
Feb. 17, 1927. 75
To establish San Antonio branch. Carried.
Aye: C.S.H., Gov. C., Platt, Comptroller
No: Miller.
Feb. 23, 1927. 84
To establish Charlotte, North Carolina branch.

Carried.

Aye: Sec. Mellon, C.S.H„ Gov. C., Platt, Comptroller
No: Miller
Feb. 25, 1927.101
ftecutive Committee, Woman's National Democratic Club
To approve compromise offered by Mrs. Pennington.
Feb. 28, 1927. 105
Thanking C.S.H. for his services in Pennington matter.
Feb. 28, 1927. 106
To discharge the Book Committee, Woman's Democratic Club.
Feb. 28, 1927. 106
Sen. Pepper tells Glass that Wilson had defeated Vare but had been
Mar. 7, 1927. 117
defrauded.
Motion that Board will entertain no objection to Harrison's going
abroad on Polish credit. Lost.
INE

liaffrinvotior,

Aye: C.S.H., Platt
No: Gov. C. Miller, James
Mar. 16, 1927. 130
Motion to approve Harrison's trip abroad.
Aye: Sec. Mellon, Gov. C., C.S.H., Platt, Miller
Not James
Mar. 16, 1927. 130
Miller angry because members discussed with Sen. Simmons his vote
on Charlotte branch.
Mar. 17, 1927. 133


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157.

Votes, Federal Reserve Board (Contld.)
of
Substitute motion to postpone action on recommendation
. Passed.
ities
secur
Open Market Committee to buy further Govt.
C.S.H. No.
Mar. 21, 1927. 137
ng effect
To authorize Gov. Harding to publish a statement showi
Act.
Lost.
ve
of McFadden bill on Federal Reser
417e: C.S.H„ Platt
No: Gov. C., 'IMMO, Miller, Comptroller
Mar. 29, 1927. 139
t policy
To authorize Federal Reserve Agent Walsh to speak on credi
tting the
of Federal Reserve Bank of Dallas, but without commi
Federal Reserve Board.
Lost: Tie.vote
Aye: C.S.H., Platt, James
No: Gov. C., Miller, Comptroller
Mar. 29, 1927. 140
McFadden bill
To authorize Federal Reserve Agent Walsh to speak on
Carried.
No: C.S.H.
Mar. 29, 1927. 140
Walsh's report
To approve certain parts of Federal Reserve Agent
on credit policy.
Lost:
Aye: Platt, Jaws
No: C.8A„ Gov. C., Comptroller, Miller
April 1, 1927. 145
very equivocal
On motion to send Federal Reserve Agent Walsh a
credit report.
his
of
parts
letter faintly indorsing certain
Carried.
Aye: C.S.H., Miller, Platt, James, Cunningham
---Not voting: Gov. C.
have also been
The Comptroller later said that if present he would
recorded as not voting.
April 12, 1927. 147
Motion to continue the condition that a state member bank Shall
make no injurious change in its assets. Carried.
No: C.S.H. and Platt.
April 13, 1927. 148


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158.

Votes, Federal Reserve Board (Oontid.)
Motion to continue the condition that a state member bank must
manage its business with safety to its depositors.
Carried.
Aye: Gov. C., James, Miller, Cunningham
No: C.S.H., Platt.
April 13, 1927. 149
To submit tentative draft of new regulations to Governors and
Feleral Reserve Agents for comment.
Carried unanimously.

April 13, 1927. 149

Motion to postpone action on recommendation of Open Market Committee
for increase in purchases of Government securities up to total
system holding of 200 millions.
Passed.
Aye: Gov, C., Miller,Comptroller, Platt, Cunningham
No: Sec. Mellon, C.S.H., James.
May 12, 1927. 164
Motion to approve recommendation that no more securities be sold at
present time, and that no more be bought. Lost.
Ayes Miller, Gov. C., Cunningham
No: Sec. Mellon, C.S.H., Platt, Comptroller, James
May 13, 1927. 165
On Platt's motion of Ipproval with expression of Board that the
secunties be purchased slowly with a view to the possibility
that it may not be advisable to purchase the full amount before
August 1st. Carried.
Aye: Sec. Mellon, C.S.H., Platt, Comptroller James,
Gov. Crissinger, Cunningham
No:

Miller
May 13, 1927. 165

Motion to permit Atlanta to carry 10 millions of unissued Federal
Reserve Notes at Cuban Agency; at first, lost on tie.
Lye: C.S.H., Platt, James
No: Gov. C., Miller, Cunningham
Then Comptroller was called in and he voted Aye, on understanding
that Wyatt bad adtised him he could incur no legal liability
in so voting.
This carried the motion.
May 23, 1927. 178


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159.

Votes, Federal Reserve Board (Contide)
Motion to advise the 3 member banks in Cuba of action of
Federal Advisory Council as to Cuban Agency.
Carried unanimously.
May 24, 1927. 178
Motion to approve Polish credit.
Carried unanimously.
June 6, 1927. 184
Motion that purchases of securities by Open Market ComAttee
to offset international movement of gold depleting N. Y.
bank reserves shall not be counted as part of the maxmium
of 200 millions authorized on May 13, 1927. Carried.
Aye: Sec. Mellon, Gov. C., C.S.R., James
No: Miller, Cunningham
June 23, 1927. 195

Waiver
See"- Leave of absence
McGarrah
Wall Street
C.S.R. points out to Sec. Mellon the absurdity of certain
members of the Board who fear, in voting against
Burgess who has no, oonnections with, and voting for
MoGarreih, - a magnate.
Jan. 6, 1927. 3, 4.
See - MoGarrah
Miller
Morgan, J. P.
Speculation
Strong, GOV•
Wall Street Journal
Glass is much disturbed at an article in, stating that now the
charters of the Federal Reserve banks have been made
perpetual, the Board intends to centralize authority
over the Federal Reserve System in Washington through its
control over new Chairmen it expects to appoint.
Mar. 7, 1927. 118
Curtiss says above stateaent is causing great excitement
throughout the country.
Mar. 11, 1927. 125


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160.

Wall Street Journal (Contld.)
C.S.H. calls attention of Board officially to above statement
and asks each member to state whether, directly or indirectly,
he has given any information or assistance upon which such
article was based.
All answered no except Miller who said he had not seen Sargent,
Who wrote the article, for months.
Whether this answer was intended as affirmative or negative C.S.H.
does not know, but Platt said Miller turned green when C.S.H.
put the question.
Mar. 17, 1927. 134, 135.
G.S.H. yells Board that Glass said that if the article in fact
represented the views of the Board he regretted the Charters
had been extended and that he Should write Sec. Mellon as
Chairman a formal letter as to it.
Mar. 17, 1927. 135
Jiddy says that Sargent would not tell him who inspired the article
but admitted he had had help from some quarter, Which he
thought Eddy could guess.

Glass and C.S.E. think Miller was the source.
Mar. 21, 1927. 138
WW1, Federal Reserve Agent, Dallas.
Writes Board asking authority to 'peak on the credit policy of
the Federal Reserve Bank of Dallas, and sends Board a long
report referring also to a report of Governor Talley on the
same subject.

He asked, in the alternative, to be allowed to speak on the
McFadden bill.
C.S.R. moved that he be given authority to speak on credit policy
provided he did not commit the Board.
Lost on tie vote.
Aye: C.S.H., Janes, Platt
No: Gov. C., Miller, Comptroller
Finally it was voted that he could speak on McFadden bill,
C.S.H. voting No because of Board's vote not to permit
Federal Reserve Bank of Boston to publish an article on
the McFadden bill.
C.S.H. moved to consider Walshis credit report on Friday. Passed.
Mar. 29, 1927. 140


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Walsh, Federal Reserve Agent, Dallas (Contld.)
C.S.H. carefully studies Walshis credit report and also Gov. Talley's
referred to in it.
It lays down some good principles some of which, however, are
councils of perfection and could hardly be at once put into
effect at this stage.
His report and also Gov. Talley's said that credit is not really
helpful to a bank whose internal condition and management is bad,
C.S.H. believes this is absolutely sound.
The reports also lay down the principle that banks loaning to tenant
farmers on their crops should keep their loans on such crops
within the limit of their normal deposits, which latter represent
the capital savings of depositors, and any excess of deposits
over this is apt to be withdrawn before the loans on future crops
can be liquidated.
C.S.H. believes this also sound but a counsel of perfection which could
hardly be laid dowh as a rigid rule at this stage, and would be
almost revolutionary.
Moreover, every question is one of fact and the Board can not know
the facts.
C.S.H., however, would like to give Gov. Talley and Walsh a chance to
explain their application of the principles in their reports,
without committing the Board, and see what the reaction is.
The Comptroller is very bitter against Talley's policies
against his application of than. Ha seems to think
Tederal Reserve bank should go the limit in helping
but Walsh, in his report, pointed out, bad met the
2 millions of losses during the Last 2 or 3 years.

or at least,
the
weak banks,
Bank over

The Comptroller admits that his criticism of Walsh and Talley lies
more against their application of their policies than the
policies themselves, and he finally said he was willing to have
them explain their application of their policies, without
committing the Board, so we could get the reaction.
Mar. 30, 1927. 139, 140, 141, 142
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Weigh, Federal Reserve Agent, Dallas (Cont'd.)
Platt moves to approve Talley and Walsh reports and James seconds.
C.S.H. objected, saying that reports were able, - readily a history
of credits since Civil War - a counsel of perfection, very
useful as an ideal.
3,S.11. said 3 principles were laid down;-..
1. Banks should not loan on future crops for tenant farmers
more than the minimum normal demand deposits.
2. Banks should insist on indorsement of the landlord on such loans.
3. Loans based on prospective crops are in effect subsidies.
C.S.H. feels that it would have been fortunate if 1 and 2 had been in
force, but we must face the fact that they have not been.
C.S.H. can not agree as to 3. lb strike out the sprospectivel element
from loans, whether agricultural or non-agricultural would be
in effect to refuse all loans.
Walsh set forth 7 or 8 typical cases involving the application of
above principles and asked Board to approve or disapprove.
Platt withdrew above motion and moved approval of certain prineiples
set out in the report.
C.S.H. objected that this could not be done without inferential
approval of other principles in said reports.
Miller and Gov. C. also objected.
Motion failed.
Aye: Platt, James
Not Gov. C., C.S.R., Miller, Comptroller.
April 1, 1927. 144, 145.
Platt tells C.S.H. the Comptroller is playing politics; that be wants
Collier, - one of his examiners, made Federal Reserve Agent.
April 1, 1927. 145
Platt says the opposition to Talley and Walsh is purely Republican
politics; that Collier was a candidate for Talleyls place
when Talley was elected, and for Federal Reserve Agent When
Walsh was appointed.
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Walsh, Federal Reserve Agent (Contld.)
Board votes to answer Walsh's request to know whether the Boat&
approves his policies.
It was a very cautious letter, neither in approval nor in denial,
but was voted for as a matter of compromise.
Aye: Miller, Platt, C.S.H., James, Cunningham
Not voting: Gov. Crissinger
The Comptroller was to be shown this letter, and if he objected,
the Board agreed to reconsider.
Later, the Comptroller told C.S.H. that, if present, he would have
recorded himself as not voting.
April 12, 1927.147, 148.
Warburg, Paul
Governor Harding said Miller asked, if he would like to be Federal
Reserve Agent at New York and that, replied "Not for a salary
of 1 million dollars, if you (miller) were to be my boost
Mar. 21, 1927. 138
Warder, Mrs.
We dine alone with.
Jan. 16, 1927. 13
We dine with. Present: The Misses Malcombe.
Jan. 29, 1927. 36
We dine with. Present: Miss Schenck, Mr. & Mrs. Young.
April 3, 1927. 145
We dine with.
She was ill and could not come in to dinner.
Present: Mrs. Gordon•Cumming and Gertrude Myer.
April 27, 1927. 156
Warren, Mr. and Mrs. Charles
We lunch with, to meet Winslow and Margaret Warren
Mar. 27, 1927. 139
Lunches with C.S.H. at Cosmos Club to meet Sir Alfred Davies.
May 7, 1927. 161
We dine with

June 14, 1927. 187

Warre#,Margaret
We meet, at lundhat Charles Warren's.
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Warren, Winslow
We meet, at lunch at Charles Warren's.
Mar. 27, 1927. 139
Washburn, Charles
Curtiss says he has seen copy of letter of, indorsing him for
redesignation as Yederal Reserve Agent.
Mar. 11, 1927. 125
Sends C.S.H. a letter that there is a rumor that Wing wants to put
Curtiss out in order to put Gov. Cox in; that this will be
resented by Boston bankers.
April 15, 1927. 149
Wedding day anniversary
We go to Monticello etc.
June 4, 1927. 180
Wetmore, Mr. 176, 177
See - Pederal Advisory Council
Wetmore, Mrs.
We call on, in Charlottesville, Va.
June 4, 1927. 180
White, Mr., State Department. 185, 186
See. - Crean Agency
White House
C.S.R. attends New Year's reception.
Jan. 1, 1927. 1
White Mountains
C.S.H. goes with Gov. Harding by auto to Bethlehem, N.H.
N.B. Bankers Association.
June 24, 1927. 196
Wilson, Margaret
Boston Transcript of Peb. 5, 1927, states that judgment for
$10,512 has been rendered against, in suit of Rose litchel,
on four promissory notes dated Jan. 12, 1926. (See scrap book)
Yob. 5, 1927. 50
Mrs. Wilson tells C.S.H. it was a business venture in which
Margaret had acted very foolishly, and had declined to receive
help from Mr. Barwoh and other friends.
Feb. 19, 1927. 82
Wilson, Mrs. Woodrow (Also President Wilson)
His a bad cold. We send her some violets and she thanks us over
telephone.
Jan. 3, 1927. 3
We, also Col. Rice dine with.
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Wilson, Mrs. Woodrow (Also President Wilson)
She said Norman Davis, at the Wilson Foundation dinner in New York,
praised Root for his work for L. of N.; that he told
her he had not intended to and wanted to kick himself for
having done so.
She also said she was disappointed at Root's speech, - especially nis
reference to President Wilson, "even if in error's etc.
She said Root outlined to Davis what he intended to say, but he omitted
at least part of it.
Jan. 7, 1927. 4
C.S.H. asked Rice if he got Mrs. Wilson's consent to his reading,
at the dinner in his house, before the Albany Wilson meeting;
Wilson's letter to Mrs. Barlow praising Gov. Al Smith.
At first Bice said No but later said he had mentioned it to her.
Rice also quoted this letter in a letter to New York Times and
New York World favoring Gov. Smith. He made no mention as to
having asked Mrs. Wilson's consent to this. He used Mrs. Wilson
in a boom for Al Smith, to C.S.H.'s disgust, although personally
be is for Smith.
Jan. 7, 1927. 4, 5.
14 meet, at dinner at Mrs. William Eustis's, and she drove us home
after dinner. C.S.H. told her ebout his dinner on January 19
to Herman Gade and we said we hoped she would come. She did
not give us any positive answer, but said the feared she could
not come as the Tausler girls were to be with her, and she
feared she would not be Al-le to leave tham, but would let us
know later.
Thursday, Jan. 13, 1927. 11, 14.
We heard nothing from her, Friday, Saturday or Sunday.
On Monday C.S.H. called her up and seh said she did not see how
she could come. She gave several reasons: - 1. The Teusler
girls. 2. An apesation on Mrs. Wilmer Bolling for double
mastoidities. 3. Randolph was just recovering from a severe
cold and might be taken ill again.
C.S.H. felt that she did not want to come and begged her not to
thinkrof the matter again.
C.S.H. said he had hoped to confer on Gade the greatest honor any
man could have, - the privilege of meeting her at dinner.
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Wilson, Mts. Woodrow (Contld.)
That Monday afternoon, H.P.H. met Mrs. Wilson after luncheon at
the Woman's National Democratic Club. She expressed regret
to her, but said she could not leave the Teusler children.
Her niece, daughter of Rolfe Bolling, Who was with her, at once
said she would come over and take care of the Teusler children.
H.P.H. said that now she had no excuse and told her who were coming
and and told her also all about Herman Gado.
She asked what time dinner was, and H.P.R. told. her adding *DO let
me know if you change your mind, as Mr. Gads is crazy to meet you."
Monday, Jan. 17, 1927. 14, 15.
C.S.H. sends Mrs. Wilson, with a personal note, a bound copy of an
Index-digest he had just finished after a year's work, of the
principal events in Wilson's administrations, telling her she
could lend it to Prof. Dodd, as she had previously expressed a
desire to do.
C.S.H. inscribed his name on the fly leaf, and also sent a dopy to
Ray Stannard Bakst.
Tuesday, Jan. 18,1927. 14
Randolph Bolling calls up H.P.H.
Re said Mrs. Wilson had gone to Mrs. TOwnsend's musicale and had
asked hit to telephone her that the had waited until the
last moment but that she could not come as her niece had. a
heavy cold and could not come in to take care of the Teusler
Children.
K.P.H. told Bolling how disappointed we were.
Bolling said. perhaps we can get together some other time, but H.P.H.
said No, as he was just going to a hospital for a minor operation.
Bolling also said Mts. Wilson had asked him to thank C.S.H. for
bds Wilson digest.
This was the otLy acknowledgment C.S.H. ever received for this book
from Mrs. Wilson, although Ray Stannard Baker wrote C.S.H.
that it was a really marvellous piece of work.
Wednesday, Jan. 19, 1927. 14, 15.
We give our dinner to Herman and Madame Gado. Sir Maurice Low was
present and he told K.P.H. he had tea with Mrs. Wilson, and that
she had expressed regret at not being able to attend the dinner,
giving the Teusler children as the reason.
Wednesday, Jan. 19, 1927. 16


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Wilson, Mrs. Woodrow (Cont l a.)
Mrs. Pennington discusses with C.S.E. the reply of the Book Committee
expressing preference for the original chronological table,
prepared by C.S.H. She implied that Mrs. Wilson wanted her to
publish it in her own name.
C.S.H. said he could talk with her only if Mrs. Wilson had turned the
whole matter over to her with authority to do as the pleased.
At first she said she had, but later it appeared they were still
discussing it together, and C.S.H. told her that as the matter
apparently was still in Mrs. Wilson's hands, he could not
discuss it unless Mrs. Wilson asked him for his opinion.
Jan. 25, 1927. 20
Mrs. Pennington said Mrs. Wilson was much distressed because a member
of the Club, not Mrs. Harrington, had told her she was being
criticised because Bolling was to have 1/2 of the profits, and
because, as Honorary President, she would not allow the Club to
publish it in its present form. (It later transpired that Mrs. Helm
was the member who told this to Mrs. Wilson.)
Jam. 25, 1927, 20
Mrs. Pennington said Mts. Wilson told her that if she published the
book in her own name (Mrs. Pennington's) she would not object
to a word in the book.
Mrs. Pennington said the would consult with Mrs. Wilson and felt sure
she would want O.S.H. to talk it over with her. Mrs. Pennington
said Mrs. Wilson wanted her to publish it in her own name.
Jan. 25, 1927. 21
Mrs. Pennington said Mrs. Wilson told her that Mrs. Harriman told her
she did not know the was Chairman of the Book Committee of the Club.
Jan. 25, 1927. 22
C.S.H. feels Mrs. Wilson needs advice; that Mrs. Pennington has put
her in a very embarrassing position by telling the Club in writing
that as a condition of publishing the book, Bolling must have
1/2 of the profits; that the, Mrs. Wilson, has made it worse by
withdrawing the book, for the reason that malevolent critics,
heating that the Club did not with to Share the profits with
Bolling, may claim that because of this objection she had withdrawn
the book.
C.S.E. believes her only course, wholly apart from Bolling's share in
the profits, should be to withdraw her objection to the Club's
publishing the book, but to stipulate that any changes in the
book must be submitted to some outside person such as Sen. Glass
or Mr. Covington representing Mrs. Pennington and herself.
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Wilson, Mrs. Woodrow (Contid.)
C.S.H. sets out principal facts in the book controversy as to
Mrs. Wilson, etc.
Jan. 25, 1927. 24 to 26
Mrs. Pennington writes that after a consultation with Mrs. Wilson,
she had decided to adhere to her decision to keep the manuscript
from the Club.
Jan. 28, 1927. 34
Mrs. Wilson and Miss Bolling call on H.P.H. very early in the
afternoon. H.P.H. was out walking with C.S.R.
Jan. 28, 1927. 35
Mrs. Helm tells H.P.R. at the Democratic Club that Mrs. Wilson knew
that Mrs. Pennington had written the Club imposing the
condition that it must share the profits from the book with
Bolling, but that she supposed that Bolling at once declined to
accept any Share in the profits.
Mrs. Helm believes that Bolling has concealed from Mrs. Wilson the
fact that he wrote Mrs. Pennington in the sumnmsr, while Mrs. Wilson
was abroad, accepting her offer.
Jan. 31, 1927. 36
H.P.R. went to Gait's to lend Julian Bolling a paper cutter he wished
to copy and found Mrs. Wilson and Mrs. Galt there. Mrs. Wilson
seemed overjoyed to see her, asking where we had been all the time
and sending her best love to C.S.H.
H.P.R. said she was about to call on Miss Bolling at the Poithatan
Hotel, but Mrs. Wilson said she had just left her at the matinee.
K.P.H. left the store and had walked as far as 14th when Mrs. Wilson
overtook her in ker car and got out and insisted on taking her to
the Treasury where she was going to see C.S.H.
lab. 1, 1927. 37
C.S.H. gives a review of the chronological table matter, the Gads
dinner, the failure to acknowledge the Index Digest of Wilson,
the calling on us early when Mrs. Wilson must have known we would
be out, etc. etc.
All of the above saddens us. We fear that it points to the "end of
the chapter' - as the Prayer book says.
Peb. 1, 1927. 38, 39.
We go to the Cathedral and place some palms on the grille at Bethlehem
Chapel, in memory of Wilson, this being the anniversary of his death.
We left our cards with the verger who said he would send them to
Mrs. Wilson. He.said she had been there twice today but there had
•been no special services.
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Wilson, Mrs. Woodrow (Contld.)
•

We then drove back and called. on Mrs. Wilson at S Street, but
the was out. In the old days Bolling would have come out and
asked us to come in and wait, but this time there was no
response.
Driving over 8 Street we passed Mrs. Wilson's machine carrying
Mrs. Galt and Mts. Wilson, but they did not see us, we thought.
Then we drove to the Polihatan and had a half hour's call with
Miss Bolling.
Neb. 3, 1927. 41
H.P.H. meets Mrs. Helm at Woman's Democratic Club. She tells
Mrs. Helm that Mrs. Pennington told her that She - Mrs. Pennington,.
was not Wholly to blame for the book complications, meaning that
Mrs. Wilson was responsible. H.P.H. said she was sorry if
Mrs. Wilson blamed the Club. Mrs. Helm said, "I don't think she
does."
H.P.H. said she thought Mrs. Wilson must be very angry with
Mrs. Pennington for writing the Club that it must share the profits
wtth Bolling.
Mrs. Helm replied very significantly, - "Perhaps she is."
Mrs. Helm said that Mrs. Wilson told her that Bolling had a copy of
a letter he had written to Mrs. Pennington refusing to accept
any part of the profits and stating that his work on the book
had been a labor of love.
Feb. 4, 1927.44, 45.
Mrs. Helm said she told Mrs. Wilson what H.P.H. had said, - that
Mr. Pennington insisted on her carrying a card giving her name,
address and telephone number, When the called on us, and our
further opinion that Mrs.Pennington was in an hysterical,
unbalanced condition; that Mts. Wilson seemed very much surprised
and interested.
Neb. 4, 1927. 45
Mrs. Helm also told H.P.H. that Mrs. Jones, the President of the
Woman's Democratic Club said to her one day,
NI did not know
Mts. Wilson needed this money from the book; I supposed she was
a,
rich woman; that the at once said to her - "Not a cent of it
will go to Mrs. Wilson."
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Wilson, Mrs. Woodrow (Coated.)
We dine with Mrs. Pennington.
Mrs. Wilson told Mrs. Pennington the would not come to dinner,
as it was so near the anniversary of President Wilson's
death, and she wanted to be all to herself, but she would
come over after dinner.
Mrs. Wilson and Bolling came over in their small electric machine
at 8:45 p.m.
5
We discussed letters from Stoker, the publisher, who seemed to be
inclined to accept the book for publication, and we also
discussed thd title.
C.S.H. said he did not ears to have his name mentioned as one of
the oompilers but Mrs. Wilson begged him to consent, as did
also H.P.H. who said it would be the greatest honor to have
his name thus associated with President Wilson, and at this
Mrs. Wilson took H.P.H.'s hand and pressed it warmly.
C.S.H. told Mrs. Wilson he would o3nsider it.
Not a word was said about Bolling receiving any there of the profits,
We felt very depressed all through the evening, but Mrs. Wilson and
Bolling were very Cheerful and., apparently, lighthearted.
Bolling addressed C.S.H. as "Uncle Charlie* when he entered
the room. lvidently they believed that the very annoying
incident as to the division of the profits had been *happily*
settled.
Mrs. Wilson told H.P.N. the was very sorry that the was out when
the called yesterday, but said. nothing as to C.S.H. who also
called with H.P.H.
Mrs. Wilson did not refer to C.S.H.'s index digest which he had.
sent her, nor to the wreath we laid on Wilson's tomb.
About 10 pat. Mrs. Wilson and Bolling left and we followed shortly
in a taxicab.
leb. 4, 1927. 47, 48.
C.S.H. sends Mrs. Pennington a letter amplifying his entry, in the
Chronological table for August 19, 1920, on Wilson's veto of
the bill to repeal the Dtylight Saving Act of March 1918, which
repeal bill was passed over Wilson's veto.
70. 8, 1927. 53, 54.
Mrs. Harriman tells Book Committee she has not yet been able to see
Mrs. Wilson about the Chronological table but would do so
in time for the meeting set for tomorrow.
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Wilson, Mrs. Woodrow (Contid..)
Mrs. Helm tells H.P.H. she has heard nothing from Mrs. Wilson further
as to the book.
She also said that Mrs. Wilson was Nvery easily influenced."
Neb. 9, 1927. 55
Mrs. Harriman tells the Book Committe she has talked with Mrs. Wilson
about the book, but was very reticent saying nothing as to what
her talk had been, and made no recommendation.
Feb. 10, 1927. 55
Mrs. Pennington tells C.S.H. that Bolling had. told her he did his
wotk for Mrs. Wilson and not for the Democratic Club.
Job. 10, 1927. 57.
Mrs. Pennington says she w4nts to have C.S.H., Mrs. Wilson, and
Bolling at dinner Sunday night and C.S.R. said he would hold it
open until She could hear from Mrs. Wilson.
Feb. 10, 1927. 58
Mrs. Cunningham calls up H.P.R. and said Miss Bolling had called her
up asking if N.P.E. was then in the Club and, if not, where she
' could find her as she wanted H.P.R. to lunch with her, Mrs. Wilson,
and her guest, Mrs. Jones. H.P.H. said the would come and did.
H.P.R. thought Mrs. Wilson looked very tired and quiet, but affectionate
,Charlie an& sent her
to her, kissing her. She inquired after'
love to him.

•

•

•

K.P.H. told her C.S.R. was not well but was worried and could not slog,
.
She said perhaps C.S.H. does not get enough fresh air.
Nothing was said about the book.
1Peb. 12,1927. 66
Mrs. Reba met R.P.H. just after the lunch, and the said C.S.H. ought
surely to send a copy of the letter he was preparing to send
Mrs. Pennington, to Mrs. Wilson. She said, in response to a
question from H.P.H., that she did not think:Bolling would dare
to keep it from Mrs. Wilson.
Feb. 12,1927. 66, 67.
Mrs. Pennington calls up C.S.H. and asks us to take supper with her
tonight absolutely alone. She said nothing as to Mrs. Wilson also
coming.


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Wilson, Mrs. Woodrow (Oontld.)
C.S.R. wrote her a letter saying he had set aside the evening far
a talk with her and Mrs. Wilson; that evidently she was not
to be there, and finalli ending by withdrawing from all
connection with the book. JHe left the letter by hand.
Suniay, rob. 13, 1927. 67
Early that evening Mrs. Pennington replied that Mrs. Wilson and
Mr. Bolling were not willing to have a conference as they bad
turned the matter entirely over to her to do as she pleased.
Feb. 13, 1927. 67
Mrs. Helm tells R.P.R. she would like very much to see a copy of
the letter C.S.R. wrote to Mrs. Penn'Lngton in connection with
her letter saying that Mrs. Wilson refused a conference.
Feb. 14, 1927. 68
Mrs. Harriman tells H.P.H. that Admiral Grayson once told her
that President Wilson, when ill at S Street, once told him
that Randolph Bolling had gotten on his nerves, and had asked
him to try to keep him out of his roam.
lob. 14, 1927. 68
C.S.R. calls up Mrs. Helm saying that he had some copies of his
letters to Mrs. Pennington as to Mrs. Wilson's relation to
the book, etc., End that if she desired he would be glad to
road them to her, but he said he did. not offer to do so.
She said the wanted very much to hear them read and said she
would call tomorrow at 5 p.m.
She aided that the whole affair was the most ridiculous she had
ever known.
Feb. 15, 1927. 69
Mrs. Helm calls at 5 p.n. and C.S.R. read the letters to her.
She said future embarrasnment would surely result to Mrs. Wilson
and Bolling if either took any part of the profits.
She said that Mts. Pennington's reference to 'certain things
happenine *hi& prevented Mrs. Wilson resubmitting the book
to the Club undoubtedly had reference lb her - Mrs. Helm's talks with Mrs. Wilson.
Mrs. 1141a said that She had told Mrs. Wilson, that Mrs. Penningkon
told Mrs. Jones that she - Mrs. Wilson - would ultimately get
the benefit of the profits paid to Dolling, and that Mrs. Wilson
seemed Shocked at this.


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Wilson, Mrs. Woodrow (Contld.)
She also said that Mrs. Wilson told her that Bolling had written
Mrs. Pennington refusing to accept any share of the profits.
She seemed to feel that Mrs. Pennington is almost out of her mind,
as we also do, and that it is barely possible that she may be
falsifying and Bolling telling the truth.
Feb. 16, 1927. 69, 70.
C.S.H. tells Mrs. Helm that be believes Mrs. Pennington has said
something to Mrs. Wilson - of course absolutely false, which
may have influenced her against him, - citing her failure to
acknowledge the Wilson index-digest etc. etc.
Mrs. Helm said She believed Mrs. Wilson wauld treat any statement
hostile to C.S.H. as coming from a lunatic.
Feb. 16, 1927. 70
K.P.H. tells C.S.H. the has just learned that Mrs. Wilson is to dine
with Senator and Mrs. Bruce at the Woman's Democratic Club
this evening, to bear Richard Cleveland speak on China.
At the dinner we sat at Sen. and Mrs. Bruce's table, at which also
were Mrs. Wilson, Mr. and Mrs. Cleveland, Mrs. Haiket and
Mr. and Mrs. Bonsai.
C.S.H. sat next to Mrs. Wilson. She was very polite and courteous
outwardly but C.S.H. felt instinctively that she felt out
of touch with him because of the book matter.
When the dinner and speaking was over She Shook hands without a word.
She replied to a question of C.S.H. as to the judgment against
Margaret Wilson, saying it was a business adventure in which
Margaret had acted very foolishly.
She called C.S.H. "Charlie" several times but C.S.H. felt there was
something beneath the surface which troubled her.
Before going into the dinner Mrs. Cunningham showed C.S.H. his place
at the table, and the cards put him beside Mrs. Wilson.
When the dinner began, C.S.H. took his seat beside Mrs. Wilson but
soon discovered that the cards had been Changed and that he
was sitting in Mr. Bonsallos seat. Mrs. Bruce later told him
that an extra couple had been put at the table necessitating
a change in the seating. It was too late then to change.
He told Mrs. Wilson about this, saying if be changed now
everyone would think there was some trouble between them. She
smiled and said C.S.H. was entitled to sit by Mrs. Bruce, as
the highest in rank.

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Wilson, Mrs. Woodrow (Contld.)
C.S.H. later apologized to Mr. Bonsai'.
At first, C.S.H. feared hat Mrs. Wilson may have asbeti Mrs. Bruce
to change the cards, but he hardly thinks this could have been
possible, however Mrs. Wilson may have felt towardi him, as it
would have been so foolish.
Feb. 19, 1927. 82
C.S.H. tells Clephane that it will be very embarrassing in the future
to Mrs. Wilson and Bolling if any share of the profits goes to
him; that he, C.S.H., however, has not raised this question,
however he might feel about it, but had confined himself to
combating Mrs. PenninLtonis determination to give none of the
profits to the Club.
Feb. 23, 1927. 88
C.S.H. and Clephane agreed that, whatever the legal status, legal
proceedings would injure the memory of Wilson and that some
compromise ummt be reached.
Feb. 23, 1927. 88
C.S.H. dines at Woman's Democratic Club as guest of Admiral and Mrs. Helm.
Mrs. Wilson was also there - at another table, and seamed very
cordial. She kissed Bertie after the dinner. C.S.H. went out with
her to his automobile.
Feb. 24 1927. 89
C.S.H. tells Clephane that before agreeing to advise the Club to accept
Mrs. Pennington's offer of compromise he must be sure that
Mrs. Wilson approves of it.
Clephane said Mr. and Mrs. Pennington had called on him in the morning
and said they had consulted. Mrs. Wilson and that it was agreeable
to her. Later, he somewhat qualfied this statement, but he
certainly said it.
Feb. 24, 1927. 90
C.S.H. again told Clephane that he felt it would be very embarrassing
to Mrs. Wilson and Bolling in the future if any part of the
profits went to Bolling, but that if Mrs. Wilson aporoved of the
compromise, and if H.P.H. also was agreeable, he would do his best
to put it through, provided Mrs. Harriman also approved it, as
she had great influence with the Book Committee.
Feb. 24, 1927. 90, 91.
We called that evening on Admiral and Mrs. Helm.
C.S.H. wished their advice as to Whether he should ask Mrs. Wilson for
an interview and tell her all of the facts, many of which he
believes Bolling has concealed from her.


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Wilson, Mrs. Woodrow (Contld.)
Mrs. Helm and H.P.H. strongly urged C.S.H. to do this.
C.S.H. said he feared Mrs

Wilson would be angry and refuse to see him.

They both laughed at such a suggestion and C.S.H. finally agreed to do it.
?Ob. 24, 1927. 91
C.S.H. writes Mrs. Wilson a letter, as follows:
Lee House,
Teb. 25, 1927.
Dear With:
Matters regarding the book: have progressed so far that
I :shall have to have a talk with the Book Committee of the Club
within a very few days. I want very much to have a word with you
alone before this takes place, not, of course, with the idea of
quoting you, - which I hever-have done and shall not do, directly or
indirectly, under any circumstances, - but in order that I may
clarify certain matters in my own mind so that I may be helped
rather than the reverse when I see the Committee.
Bertie suggests that perhaps you would be willing to come
to the Lee House, where I have all the papers, some afternoon,
where we would be free from any interruption. I think the whole matter
could be covered within ten minutes.
I shall be at a Board meeting this morning, but will be free
any time this afternoon or any afternoon after 2:30.
You may be sure I would not make this request of you unless I
felt that the matter was one of very great importance to us both.
If you will kindly drop me a line or telephone me - at the
Lee House - I will be at your disposal at any time.
Affectionately yours,
Charlie.
After lunch C.S.H. found a note from Mrs. Wilson waiting at the
Lee House, as follows:


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Wilson,Mrs. Woodrow (Contid.)
Dear Charlie:
Your note of this morning has just come, and I am sure you
know how glad I always am to Confer with you at any time. But as
I have stood apart from everything connected with the book, I feel
it would be unwise - to quote you - to have a word with you alone,
regarding the matter.
Mrs. Pennington has been so fine in everything connected with
the book that Randolph and I put everything in her hands, as he,
like you, did the work for her.
Of course this excepts the first unfortunate complication
regarding the eulogistic part of the book being sponsored by the
Club when I was Honorary President. I need not rehearse this, as
you already know it.
When Mrs. Pennington withdrew the manuscript from the Club,
Randolph and I told her it was absolutely hers to do with as she
pleased. I am sure you will realize, therefore, that any conference
between you and ma "alone" would be out of character.
Peeling that I could confidently count on YOU for any service
regarding Mr._ Wilson, it was at my suggestion that Mrs. Pennington
sought your help: and I can not express the edbarrasmnent and
disappointment I feel that she has been subjected to so much delay
and misunderstanding.
As Honorary President of the Club, let me say I feel that your
attitude in its behalf is alienating one of the very best friends
it has ever had: and 'Could she fit to resign from the Club, I should
count it a great loss.
I welcome the opportunity your note gives me to tell you of
my reactions in regard to the Whole subject.
Affectionately yours,
Edith.
Feb. 25, 1927. 92, 93.
C.S.H. feels that this is one of tie most extraordinary, uncalled for
letters ever written by one friend to another, revealing, in a
most grotesque way, her total misunderstanding of the real facts
of the ease and showing conclusively that she has been deceived
by Mrs. Pennington and Bolling or both.


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Wilson, Mrs. Woodrow (Contld.)
1. The "embarrassment and delay" to which she refers was caused by
her own emotional and almost hysterical act - prompted by
Mrs. Harriman's uncalled for interference - in withdrawing
the manuscrirt from the Book Committee, without any
consultation with C.S.H., Who had as vital an interest in
the book as did either the or Mrs. Pennington.
2. The truth is that, long before the manuscript was submitted to the
Club, both she and Bolling agreed with C.S.H. that Mrs. Penningtonls
additions were 'slushy" and injured rather than helped the book:
that the reason for not telling Mrs. Pennington the truth at
the time, before Mrs. Wilson went abroad, was that we did not
want to buuther feelings, and that we felt certain that no
publisher would consent to publishing her additions and that we
preferred that the publisher should raise the question rather
than ourselves.
3. The point that the eulogistic character of Mrs. Pennington's
aiditions made it improper for her as Honorary President to
sponsor the book was never raised between us. We all felt
that her additions merely injured the book, and their effect
on Mrs. Wilson as Honorary President was never thought of until
Mrs. Harriman made the suggestion. In fact, as Mrs. Pennington
said in a letter to 3.S.H., Mrs. Wilson fully approved the
book When Mrs. Pennington sent it to the Book Comm1ttee.
C.S.H. feels that this reference to her position as Honorary
President was merely seised upon by Mrs. Wilson as an easy way
of killing off Mrs. Pennington's additions.
4. The statement that Mrs. Pennington sought OSH's help at her Mrs. Wilson's - suggestion is not true. Mrs. Pennington told
the Club that if AI, would prepare the chronological table
she would pay the cost of printing it. The Club offered the
private secretary of Senator Glass as a good man to do the
work but Mrs. Wilson objected to him. The Club then begged
C.S.H. to do it, but he was not well, and felt he could not
undertake it. Finally one night at Mrs° Wilson's house, we
took up the matter and Mrs. Wilson asked C.S.H. as a personal
favor to do the work, - Which C.S.H. said he oould not refuse,
and later H.P.H. so advised the Club. It was agreed between us
that C.S.H. was to do the work for the Club, in place of
Senator Glass's secretary, and that the Club was to have all
the profits, and Mrs. Pennington later told C.S.H. she was
willing to pay any sum up to $15,000 to print it if no
publisher could be found to print it at his own risk.


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Wilson, Mrs. Woodrow (Cont'd.)
5. Her claim that she placed the whole matter in Mrs. Pennington's
hands to do with it as she pleased, When she withdrew the
book from the Club, and therefore could not now properly
confer with C.S.H. about it "alone," is simply grotesque,
as Mrs. Pennington's letters show that Mrs. Wilson was
constantly discussing the matter with Mrs. Pennington although refusing to do so with C.S.H. - and Clephane said
she approved of Mrs. Pennington's offer of compromise.
6. Mrs. Wilson's statement, made in the letter to C.S.H., that as
Honorary. President she feels that his attitude in behalf of the
Club is "alienating one of the very best friends it has ever
had", is so absurd as to be almost humorous. This "best friend
the Club ever bad" was determined to deprive the Club of every
cent of the profits from the sale of the book which had been
prepared for the Club, largely by C.S.H., as a gift to the Club.
Furthermore, Mrs. Wilson, as Honorary President, stood to gain
at least 1/2 of the profits. through Boiling, by virtue of
Mrs. Pennington's attempt.
An unfriendly critic might draw the conclusion that Mrs. Wilson
was deliberately holding up the book in order to secure a
division of the profits, at least on a 50-50 basis, for herself.
C.S.H. prefers to believe, however, that she takes this attitude
in total ignorance of the real, facts, and that she has been cruelly
deceived by Mrs. Pennington and Bolling.
7. Her further imputation that C.S.H. has been faithless to her and
to the memory of Mr. Wilson, As so grotesquely wild and absurd,
as scarcely to deserve any comment - but it rankles deeply,
nevertheless.
Feb. 25, 1927. 94, 95, 96.
0.S.H., however, is satisfied that neither Mrs. Wilson nor Bolling will
dare to accept any share of the profits, When they go over
the whole matter, but he also believes that Bolling will never
forgive C.S.H. for depriving his "itching palm" of the chance
to man some money, and that this break will never be healed.
C.S.H' feels, however, that he would have been faithless to Mrs. Wilson
and to the memory of President Wilson had he permitted this
thing to go through without his earnest protest.
Hew Mrs. Wilson, even with her imperfect knowledge of the facts, could
take such a position and write such a cruel letter to C.S.H.,
is a mystery which C.S.H. can never hope to solve.
Feb. 25, 1927. 96


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Wilson, Mrs. Woodrow (ContId.)
On the very day the above note from Mrs. Wilson was received,
R.P.R. lunched with Mrs. Glass at the Mayflower Hotel.
Mrs. Wilson and Mrs. Grayson were also there.
Although Mrs Wilson had just left the cruel note at the Lee House
for C.S.R., she was most cordial, sweet, and smiling to H.P.H.
,
just as if nothing untoward had happened.
Just as H.P.H. was leaving, Mrs. Grayson asked her and
C.S.H. to
dine with her that evening to meet Dr. Davis, of Philad
elphia,
who was staying with Mrs. Wilson, and Mrs. Wilson begged
her to
accept, saying she would call for us at the Lee House and
drive us out. R.P.H. said she would consult C.S.H. and
Mrs. Wilson said she would call up later and find whether we
could go with her.
Mrs. Wilson then insisted on drivingH.P.R. to the Woman'
s Democratic
Club.
H.P.H. then returned to the Lee House and C.S.H. told her &lout
the
letter.
Later that afternoon, Mrs. Wilson ealled us up. Tortunstely,
H.P.R.
answered the telephone. Mrs. Wilson asked sweetly whether
we
would drive out with her to Mrs. Grayson's in the
evening.
H.P.R. very quietly said that it would not be possib
le, and she told
C.S.H. that Mrs. Wilson seamed rather disturbed at the
refusal.
How Mrs. Wilson could have called us up An person, with such
a
message, knowing there was more than an even chance that
C.S.H.
would answer the call, after sending C.S.H. such a letter,
is
utterly beyond C.S.H.'s comprehension to understand, and. it will
remain an unsolvable prOblemt
Feb. 25, 1927. 96, 97.
We called up Mrs. Helm after this and she called with Admira
l Helm
at SOO p.m.
C.S.R. told Mrs. Hal* what had happened and she was so shocked
that
for a long time she could say nothing. She merely kept saying
'Yes, I am listening. I don't know what to sayt It is too
awful to comprehend:"
When they called C.S.H. read copies of his letter to Mrs.
Wilson
and of her reply.
Mrs. Rolm said it was a most unjust and cruel letter, and. she
was so
dudbfounded she could scarcely express her feelings. She said
it Showed a lack of Character in Mrs. Wilson, which greatl
y
shocked her. She seemed tafeel that she was responsible becaus
e


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Wilson, Mrs. Woodrow (Cont'd.)
she had so strongly urged C.S.H. to ask the interview.
C.S.H. told her not to think of such a thing as he did it of
his own mature judgment. It evidently, however, weighed heavily
on her mind, and C.S.H. will always believe that this was one of
the exciting causes for her later breakdown, - the feeling that
her advice had injured her friend. She kept saying, "how could
any one treat such a dear, sweet Character as C.S.H. in such
a shameless wall It is like ill treating an innooent child10
C.S.H. then toad a proposed reply, beinning "MY dear Mrs. Wilson".
Both Mrs. Helm and LPV.begged C.S.H. to substitute "Dear Edith"
as we always did in our letters and to end the letter
"affectionately".
O.S.H. demurred, but Mrs. Helm said Mrs. Wilson's ending "Affectionately"
was not sarcastic as C.S.H. felt, but that women were so peculiar
they generally said the most outrageous things in letters signed
"Affectionately.*
Mrs. Holm said she could not believe that Mrs. Wilson deliberately
intended to impute disloyalty to C.S.H. as regards herself or
Mr. Wilson.
They both advised C.S.H. to make his reply short and dignified and
.
to betray no anger, although anger was certainly warranted.
They also advised O.S.H. to tell the Book Committee of Mrs. Pennington's
compromise offer and even to recommend acceptance.
Admiral Helm said never to forget that C.S.H. was working for the
Club and that from the point of view of the Club, a half loaf
was much better than no bread; that a bitter controversy ending
perhaps in a law suit, might result in the Club's getting nothing,
Which would be playing Mrs. Pennington's game.
C.S.H. believes this is sound advice.
Feb. 25, 1927. 97, 98.
!WU this morning H.P.H. suggested a form of reply to Hrs. Wilson
and after discussion and some changes, H.Pli typewrote it and
C.S.H. sent it.
It was as follows:


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181.

Wiison, Mrs. Woodrow (Contld.)
My dear latla
Your letter has cut me to the heart. I have always been
your true and loyal friend, and it is very evident that I have been
grossly misrepresented to you.
Had you not refused my request for an interview I feel confident
I could have satisfied you that I have been helpful rather than otherwise in trying to adjust all differences.
If you will read my last three letters to Mrs. Pennington
you will see that our differences grew out of her insistence on my
accepting her suggestion that I should accept one-half of the proceeds of the
book for my own use. Can you blame MA for declining this? She has now
offered to give one-half of the proceeds to me in trust for the Club.
This is a very different proposition which I shall at once submit to the
Club for the consideration of the Book Committee, and I hope it will be
accepted. It was on this subject that I wished to consult you, so that
I would be sure that you understood it.
Affectionately yours,

Ii

Charlie.
C.S.H. did not undertake to argue the matter further in his letter as
• he felt it would only make her more angry. Mrs. Jones delivered
the letter to 8 Street as H.P.H. happened to meet her and,
saying she was going to leave a latter at Mrs. Wilson's, Mrs. Jones
said she was going by there and would leave it for H.P.H.
Feb. 26, 1927. 98, 99, 100.
Admiral and Mrs. Helm called at 5 p.m. C.S.H. read his reply to
Mrs. Wilson's letter, also his letter to Clephane and to Mrs.
Harriman. They both thought they were fine.
We discussed the whole question and Mrs. Helm said if Mrs. Wilson should
ask C.S.H. to call or dine with her, to be sure to accept on the
assumption that it meant a desire to rehabilitate herself by way
of apology or otherwise. C.S.H. said. he would consider this but he
believed there was not one chance in a million that this would
happen.
Feb. 27, 1927. 102, 103.
Mrs. Banister tells H.P.H. the book dispute had worried her greatly lest
some unfortunate complication might involve Mrs. Wilson.
Feb. 28, 1927. 107
Mrs. Wilson replied to C.S.H.'s letter as follows:
!I


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182.

Wilson, Mrs. Woodrow (Contld.)
1st March, 1927.
My dear Charlie:
I am sorry if my letter of February 25th hurt you, for
nothing was further from my thought, and I felt that our
friendship rested upon so firm a foundation that it could
stand frankness.
You asked me to read your last three letters to Mrs.
Pennington, saying you must have been 'grossly misinterpreted."
It was after reading these three letters that I wrote you as
I did; so you will see that what I said was based entirely on
your own testimony.
Mrs. Pennington has just telephoned me that the matter
has been closed between you and. her lawyer, so we need not
reopen it.
This is only to say again how distressed I am that so
much unnecessary heartache and misunderstanding has resulted in
what primarily was undertaken as a labor of lore among old friends.
Faithfully yours,
Edith Bolling Wilson.
C.S.H. feels that the above letter leaves the matter in a deeper
mystery than ever. The three letters of C.S.H. to which
:Ars. Wilson referred, showed clearly that C.S.H. was resisting
Mrs. Pennington's refusal to allow the Club to have Agy, part
of the profits, and refusing her plea to C.S.H. to take 1/2 for
his own personal use, which would be a betrayal of the Club, for
which C.S.H. prepared the chronological table.
Yet Mrs. Wilson says O.S.H. alienated the best friend the Club ever
had in opposing Mrs. Pennington's desire to prevent the Club from
having any share of the profits, and in coo:batting her desire to
have C.S.H. commit a breach of trust in putting into his own
pocket money which belonged to the Club1
C.S.H. believes Mrs. Wilson must be bereft of her senses!
Mar. 2, 1927. 112, 113.
We called up Mrs. Helm and she cams to 1211, with the Admiral, at 5 p.m.
C.S.H. read the draft of a letter in reply to Mrs. Wilson, but
they both strongly urged C.S.H. to leave the matter as it now
stood and make no further reply.
They felt certain that time would bring Mrs. Wilson to her senses and
a realization of her gross unfairness and nothing else would
else would avail.


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Wilson, Mrs. Woodrow (Conttd.)
They also said they believed Mrs. Wilson, sooner or later, would
write C.S.H. to come and see her or, perhaps, invite him to
dinner, and that if she did, he ought to accept as such a
request would necessarily imply regret for her extraordinar
y
conduct towards C.S.H., and he should not refuse her an opportunity
for explanaion.
Mar. 2, 1927. 112, 113.
In the evening C.S.H. called up Mrs. Helm and told her he had decide
d
to take their advice and not answer the letter. He added
that
he should never call on Mrs. Wilson again unless and until
she
asked him to do so, but that if he met her anywhere he should be
perfectly courteous and gentlemanly.
Mrs. Helm said Mrs. Wilson 1Nould in all probability never apolog
ize
or admit directly that she was wrong, but she felt sure the time
would dame when the would try indirectly to repair the wrong
she
had committed.
Mar. 3, 1927. 113
H.P.H. meets Mrs. Wilson at a lecture of Bishop Rhinelander
at
Mrs,. Eustis's; H.P.H. kept away from her which was not diffic
ult
as they re in different parts of the room, but Mrs. Wilson
waved
most affectionately her hand to her. After the lecture
went up and talked to Bishop Rhinelandc_ for some time, H.P.H.
hoping
thus to avoid meeting Mrs. Wilson, but she followed her and
waited until she had finished speaking to the Bishop, when she
greeted her in a most affectionate manner, asking immediately,
"How is Charlie?"
H.P.H. replied that C S.H. was not at all well and was
not sleeping
well. She said "B:e does not get air enough."
She then insisted on driving H.P.H. back to the Lee
House.
H.P.H. feels she was most apprehensive lest she might
refuse to speak
with her, and that she was immensely relieved at H.P.H.
treating
her pleasantly; that her whole manner, showing
constraint and
excitement, revealed this.
Mar. 15, 1927.129
Mrs. Wilson did not appear at the Democratic Club when
C.S.H. spoke
on Grover Cleveland, but Mrs. Helm told C.S.H. later that
Mrs.
Wilson had gone to Philadelphia, And it appeared in the
papers
that she was the guest of the Woman's Democratic Club there.
C.S.E. feels convinced, although E.P.E. does not agree
with him, that
Mrs. Wilson went out of town to avoid going to hear
C.S.H.
April 11, 1927. 146


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Wilson, Urs. Woodrow (Contid.)
Mrs. Wilson sends H.P.H. some daisies on the anniversary of Annals
death. She wrote H.P.H.Is name on the card in her own hand,
but made no mention of C.S.H. nor did she put any message on
the card..
6AA"
To my Mind it was perfunctory and had efeeling.
April 26, 1927. 155
Mrs. McClellan was very bitter towards Mr. Wilson at dinner at her
house which we attended. She said he treated Sen. James Smith
shamefully; that it was on Smith's shoulders that he climbed to
the Governorship of New Jersey.
She was also bitter because of his quarrel with Grover Cleveland, who,
she said, would have been glad to maks up with Wilson before he
died.
May 8, 1927. 162
H.P.H. meets Mrs. Wilson at the Democratic Club. Mrs. Wilson kissed
her and seemed overjoyed to see her. She said she had just
returned from Cambridge,visiting Mrs. Sayre; that person after
person inquired for us, i.e., for H.P.H. and "Charlie". She did
not otherwise mention C.S.H.
May 16, 1927. 175
H.P.H. decided to write Mrs. Wilson before leaving Washington, and
wrote her a nice letter, saying she was just leaving Washington
and could not go Without wishing her good-bye and the happiest
kind of a summer. She added that she had heard that she was
sailing in July and hoped her trip would be as successful as the
one last year. She added a word about Edith Helm's illness.
She made no mention of C.S.H.
June 16, 1927. 187
Mrs. Wilson replied next day as follows:
June 17, 1927.
My dear Bertie:
Thank you for your little good-bye note which I find
in my mail this morning. I am so glad you and Charlie are
going back to the peace and quiet of your own lovely home and
hope with all my heart you will have a restful, refreshing
summer. I have been f:etting the house in summer trim and found
your book (which you said I could lend to Mrs. Pendall) had been
returned here last September and put away until I returned from
Europe. I am returning it with my most hunble apologies for
overlooking it so long.
This also supgests the possibility that Charlie may want
his "favorite cue" to take with you to Mattapoisett, so I am


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Wilson, Mrs. Woodrow (ContId.)
sending that, too. But tell him there is always a place
for it in my rack when he brings it back.
I have no plans for sailing in July, and if Wadhington
stays cool, I may stay right here until August and then
take short trips.
Please remember ma warmly to the Rice's, an.; with
renewed happy wishes for the summer, believe me
Affectionately,
Sdith Bolling Wilson.
June 17, 1927.188,189.
E.P.H. replies to above note, stating among other things that
Charlie wants her to thank yoafor the cue. She then
explained as to the rumor that Mrs. Wilson was going abroad
again and closed as foaows:
"I hope you will surely include us in your August
trip of visits, - our house, as you know, always is
'yours to command,' though now it is all so changed that
it is just heart breaking to listen to the silence."
H.P.H. also spoke of Mrs. Blake goinr abroad. She signed the
letter "Affectionately."
June 17, 1927. 189, 190.
C.S.H. calls on Admiral Helm. He spoke of the book controversy
and said he felt rare Mrs. Wilson knew she was wrong but could
not bring herself to admitting it openly; that in his opinion
time would. bring her around all right.
June 19, 1927. 190.
C.S.H. and H.P.H., on reflectiyn, feel that the whole matter is
a profound mystery, that there must be something behind
Mrs. Wilson's conduct which we do not know, perhaps some
falsehood told her by Mrs. Pennington or by Bolling, which
has influenced her against C.S.H.
We are inclined to think that she knows she is wrong but is
trying to shield Bolling in his sordid attempt to get money,
not necessarily approving his course, but feeling that it
is easier to break with C.S.H. than with her own brother.


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Wilson, Mrs. Woodrow (Contld.)
If this is not correct the only remaining inference is that she
is sordid and deliberately tried to hold up the Club for her
own gain, - and that, too, when she was its Honorary President.
The latter is quite unbelievable, but, in any event, our original
conception of her character has quite changed. We had both
put her on a pedestal as a woman of rare character, level
headed, and of keen judgment. We must now most reluctantly
change that opinion. She is certainly charming in looks and
manner and made a fine record in the White House, but she has
an infirmity in her character, - taking the most charitable
view of this unfortunate incident, - in that she is so easily
influenced against friends, even old, dear friends, by idle
gossip and even by clear falsehood, and in that she reverses
her judgment without even affording to the friends who are
maligned the op,ortunity they ask for and have a right to demand,
to recoup themselves in her friendship.
It has been a sad experience for us, - perhaps the saddest in our
lives, - outside of the great tragedy in the loss of our child,
Anna. 314 we can have no regret for what we have done. We
acted as we did to protect her and to protect the memory of
Woodrow Wilson and it is our hope that some time the realization
.of this may come to her. Until then, let her live in the sun
light of false friends who tell her only what they think will
please her, but the time may come When she will realize that
one's real friends are those who do not fear to sell the truth,
no matter What the consequences to themselves.
Mealtime, no more friendships for us. They bring too muell- heartburning and really are not worth the effort.
"Thus endeth the lesson."
Wilson, William B.
Sen. Glass says Sen. Pepper told him that he believed, was elected
Senatvr from Pennsylvania over Tare but had been defrauded.
Mar. 7, 1927.117
Wing, Pirst National, Boston
C.S.H. tells Metcalf of rumored opposition of, to Curtiss.
Metcalf says, arranged with Gov. Mom for a private telegraph
wire between his bank and the lederal Reserve Bank, but that
Curtiss and he objected; that he would not attach much importance
to Wing's opposition.
Jan. 16, 1927. 13


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187.

Wing, First National, Boston (Contld.)
Curtiss tells C.S.H. of his early experiences with.
Jan. 14, 1927. 11
Mar. 11, 1927. 125, 126
Gov. Crissinger tells C.S.H. that Wing had attacked Curtiss as
unfit to Miller when he called on htm.
Jan. 14, 1927. 11
Charles Washburn writes C.S.H. of rumor that Wing is op -)osing Curtiss
rs will
to get his place for Gov. Cox, and says the bank,
149
1927.
15,
April
resent this.
Comptroller tells C.S.H. that Wing called an him today and spoke
very pleasaatly of Curtiss, saying that he was a proper man
for Chairman and Federal Reserve Agent,
May 3, 1927. 157
C.S.H., in speaking of the letters favoring Curtiss, spoke of Ripley
as the Nestor of N.E. Rankers, and Miller sneeringly said
"How about Wing?"
C.S.H. said Wing was a very able banker but Ripley was older and
stood at the head.
May 16, 1927. 169
C.S.H. believes niller's statement as to Curtiss's mental condition
cams from Wing.
May 16, 1927. 169, 170
The Comptroller said he had Just returned from Boston; that the
bankers were stronglylbr Curtiss; that he heard there of the
rumor that Wing wanted Gov. Cox for the place and many bankers
severely criticised Cox.
May 16, 1927. 170
The Comptroller said Wing told him he was not opposing Curtiss
and that the easiest way would be to redesignate him.
Some days ago he told C.S.H. that Wing said Curtiss was the right
man for the place.
May 16, 1927. 170
4Wimp, Cong.
$10,000 for his address at
paid
was
that,
rumor
of
Glass speaks
of Hull amendment to
in
behalf
Convention
Bankers
American
McFadden bill, and that he had had a resolution adopted by
Senate to investigate this.
May 7, 1927. 118

4 4C 44.14.4. L41.4.4

Winslow, Sydney. 125, 126
See - Curtiss

v.,

40e 401114
.
/ /
/ 440
. 44. tit , Aft.41, 4L4L4.
A04Ird


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Federal Reserve Bank of St. Louis

188.

Winston, Under Secretary
Gov. Strong says Hoover told Miller about the New York syndi
ate
alleged to be unable to place its underwriting commi
tment
of oil stock, and that Hoover got it from Winston who was
prone
to "leak."
May 4, 1927. 159
Woman's National Democratic Club
We give dinner to Herman Gade at.
Jan. 19, 1927. 14
We dine with Sen. and Mrs. Bruce at.
Feb. 19, 1927. 82
C.S.H. dines as guest of Admiral and Mrs. Helm
at.
Feb. 23, 1927, 89
Executive Committee votes to accept Mrs. Pennington's
offer of
compromise.
Feb. 28, 1927. 105
Executive Committee thanks C.S.H. for his intelligent
and untiring
efforts, etc. etc.
Feb. 28, 1927. 106
Board of Governors ratifies above action of Executive Commi
ttee
• and thanks C.S.H.
Mar. 9, 1927. 120, 128
C.S.H. speaks at lunch at, on Grover Cleveland.
April 11, 1927. 146
C.S.H. lunches at, with H.P.H., Mrs. Gordon Cumming, and
Gertrude Meer.
May 21, 1927. 177
(ill other references are indexed in separate volume,
UChronological
table, Wilson.")
Wooley, Federal Reserve Bank, New York
Comes down from New York.
Says Mellon agrees to appointment of McGarrah.
Jan. 4, 1927. 1
Gives lunch, with Rayburn, to Board membe
rs.
Says Ne. York directors would relcome McGarrah's
appointment.
Jan. 5, 1927. 2


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189.

Wrei&t, Mrs.
Mrs. Ladyard arranges a meeting in her rooms at Lee House with a
Mrs. Wreidt, a famous Detroit medium. She was a very quiet
looking woman of about 65 years of age and of a not unrefined
face - quite a benevolent looking woman.
We went with Mrs. Ledyard into her bedroom and all lights were
put out.
Soon the voice of an oldish man, said to be a Scotchman, rather
thick and husky, began to speak. He said Anna was there and
wanted to speak to us.
Then we heard a very low voice, at first only a Whisper, but gradually
becoming quite clear and distinct, saying "This is Anna."
The voice was not at all that of Anna, but rather of a young western
girl, sounding her Ws in a typical western style.
The medium said this often happened, the spirit taking other means
of
communicating than its voice when on earth.
The voice said it was Anna; that she was very happy, and was near us
all the time, especially in the morning and evening; that the
other evening She pulled C.S.H.Is pillow but could not rouse him.
She said she had one favor only to ask of us, - that we cease
worrying
about her.
She advised us not to work on the Ouiga board, - it took so long,
but to try automatic writing, placing a glass of water on the
table.
Bartle asked her if she saw anything of Margaret Harding and she said
Yes, that i:argaret loved Bertie very much.
C.S.H. asked Anna as to his mother and She said she was on the bed
hovering near him.
Anna said tie Doctors could do notl-ing for her in Bermuda,
- that
her time had come, that the was born with a weakness bound to
culminate in her death when her time came. C.S.H. asked her if
she could not give him some sign, and she said she would pull
his pillows at night.
ThelC.S.H.Is brother Fred appeared and spoke a few words, and then
Helen Hamlin.
Then Frank Hamlin spoke and, incidentally mentioned Addison Hamlin.
Then John Skelton Williams voice was heard, - addressing C.S.H. as
"Governor." C.S.H. did not hear the word "Governor " but Bertie
says she did distinctly.


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190.

Wreidt, Mrs. (Contld.)
Then Anna spoke again and said she tried so hard to keep alive at
Bermuda until we arrived.
C.S.H. in order to test her, spoke casually of her third operation,
and she quickly and somewhat Impatiently said, "Not two
operations. Not three:"
To C.S.H. this was the most significant phenomenon of the seance.
After the seance was over - it was about 200 p.m. - C.S.H. went
into Mrs. Ledyard's parlor, in the full sunlight, with
Mrs. Wreidt, who carried the trumpet with her. C.S.H. said
he would like to place the trumpet to his ear. Mrs. Wreidt
sat across the roam, fifteen feet away, holding a magazine.
C.S.H. put the trumpet up to his ear, the end of the trumpet
turned away from Mrs. Wreidt, and heard, perfectly distinctly
a whispered voice saying -"It is Anna, Father dearl" He also
heardly distinctly knockings in aaother part of the roam,
away from Mrs. Wreidt.
Bertie then came in, put the trumpet up to her ear, sitting about
6 feet from C.S.H., and heard the same Whisper, as did also
C.S.H.
While this of course, may have been a mental illusion, C.S.H.
regards it as a wonderful experience.
The thought of ventriloquism was in his mind and he watched
Mrs. Wreidt closely across the room but could see no sign of
any ventriloquism.
C.S.H. can not explain this.
C.S.H. further doubts Whether Mrs. Wreidt, with her thin, feminine
voice, could have imitated tie voice of Dr. Sharpe, the Scotchman.
Unless there was some one else concealed in the room, C.S.H. is
absolutely at a loss to explain these phenomena.
C.S.H. is inclined to believe that some of the voices may have been
suggested by Bertie, Who would hear a voice and not recognize it,
and then say - can this be e.g. Frank? and the voice would say
Yes. Bertie, however, does not agree with this.
Feb. 17, 1927. 77, 78.
We have another meeting at 1• P
_ •M•
Dr. Sharp first spoke 9raising C.S.H. as a man of conscience who had
a splendid record; that a justice of the U.S. Supreme Court,


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191.

Wreidt, Mrs. (Cont'd.)
whose name he could !la then recall, had told him of C.S.H.'s
fine record.
Dr. Sharp said C.S.H. had done some fine work this very day, possibly referring to C.S.H.'s controversy with Mrs. Pennington
over the book matter.
Hi also warmly attacked Mexico and said the Catholics would ruin the
U.S. unless controlled.
AMIM then spoke and replied to Bertie's questions about Tracey Brewster,
saying that Sidney killed Tracey first, after charging her with
all sorts of things, - that she was in lave with another man, etc.,
and that Sidney beat her.
Then a new voice was heard at first not recognizable, but which finally
said it was the voice of Bayard Van Rensellaer, of Albany. He
spoke only in very general phrases.
Anna then spoke again.
Bertie asked her if the saw anything of Mr. DeLong.
he was not in her sphere.

Anna said, No,

Bertie then asked if she was interested to know about Sir Aukland
Geddes and Niluffy" Tennant (both still living.)
Anna said they were rever particular friends of hers on earth, - an
answer which surprised us greatly, as they were dear friends of
Anna's and she of them.
Anna said she appreciated all we had done for her and told Bertie
the had left nothing undone for her during her life time which
could possibly have averted her passing away, - that her time
had come.
C.S.H. told Anna his one regret was that he had not told her how proud
he was of her while the was with us, but Anna replied that the knew
that perfectly.
C.S.H. asked. Anna if the ever thought of the body she had on earth, and
she said, "No, not in the slightest degree."
The meeting then closed.
C.S.H. again tried the trumpet in Mrs. Ledyard's parlor, in the
sun light, but this time pot no response.
C.S.H. analyzes the meetings as follows:


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Federal Reserve Bank of St. Louis

192.

Wreidt, Mrs. (Contld.)
•
••

•

1.

The voice, with its rolling R's, was clearly not Anna's.

2.

C.S.H. doubts Whether Mrs. Wreidt could have imitated and
projected DP. Sharp's voice, with her thin, squeaking
natural voice, - that of an old woman.

3.

The remarks of Anna, in some particulars- especially as
to DeLong and Geddes and Fluffy Tennant - were absolutely
incorrect.

4. The calling of 1.S.H. as "Governor' by John Skelton Williams
was certainly startling and unexplainable.
5. Anna's impatient reply as to her third operation is also
startling and unexplainable.
6.

So also was the whisper through the trumpet in the sun lighted
room.

The seance, undoubtedly, was in the above resp,
cts wonderful,
.
although C.S.H. still has an open mind in the matter.
Feb. 18, 1927. 79
Wyatt, Walter, Counsel
Prepares a letter to Gov. Talley on a controversy between Talley and
a Texas Trust Company which Governor C. ordered, and which
Gov. C. read to the meeting, without having referred it to
Law Committee.
On C.S.H.Is motion it was referred back to Law Committee.
Wyatt tells C.S.H. that Governor Crissinger ha& directed him never to
send anything to Law Comuittee until he had seen it and O.K.'d
it.
C.S.H. told Wyatt of the Board's reference to him but he said he felt
he Should obey Gov. Vs instructions.
C.S.H. informs Board of the matter.
Gov. C. answered evasively practically denying he had given Wyatt any
such initructions.
C.S.H. thinks Gov. Crissinger has learned a lesson from this.
Feb. 4, 1927. 43, 44.


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193. 1

Wyatt, Walter, Counsel (Contld.)
Advises Board McGarrah can continue to remain on Reichsbank
Advisory Committee without violating Sec. 4, Federal Reserve Act.
Mar. 9, 1927. 119
Approves statement of Federal Reserve Bank of Boston on McFadden bill,
but Board declines to permit its publication.
Mar. 29, 1927. 139
Advises Comptroller that he will incur no personal liability by the
carrying of unissued Federal Reserve notes at Cuban Agency.
May 23, 1927. 178
Presents draft of new regulations for Edge Act corporations, drawn by
Rathbone and himself.
June 7, 1927. 184, 185
See - Regulations

-YYearly designation, Federal Reserve Agents. 172, 173
See - Curtiss
Young, Mr.
Tells C.S.H. at dinner at Mrs. Warder's, that Tumulty was
proposed for membership in Metropolitan Club but that
his name was withdrawn because of the apcsition; that
Admiral Grayson and Woodbury Blair worked hard for him.
April 3, 1927. 145, 146.
Young, Owen
Strongly favors McGarrah continuing in office of member of Reichsbank
Advisory Committee.
Mar. 10, 1927. 121

(End of Volume).


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Federal Reserve Bank of St. Louis

Wyatt, Walter, Counsel (Contld.)
to remain on Reichsbadk
Advises Board McGarrah can continue
ating Sec. 4, Federal Reserve Act.
Advisory Committee without viol
Mar. 9, 1927. 119
a

4•

Bank of Boston on McFadden bill,
Approves statement of Federal Reserve
ication.
but Board declines to permit its publ
1927. 139
29,
Liar.
r no personal liability by the
Advises Comptroller that he will incu
notes at Cuban Agency.
carrying of unissued Federal Reserve
1927. 178
23,
May

•

•

Edge Act corporations, drawn ay
Presents draft of new regulations for
Rathbone and himself.
June 7, 1927. 184, 185
See - Regulations

ts. 172, 173
Yearly designation, Federal Reserve Agen
See - Curtiss
Young, Mr.
, that Tumulty was
Tells C.S.H. at dinner at Mrs. Warder's
but that
proposed for membership in Metropolitan Club
ion; that
osit
his name was withdrawn because of the op
for him.
hard
ed
Adm;_ral Grayson and Woodbury Blair work
145,
148.
April 3, 1927.
Young, Owen
ce of member of Reichsbadk
Strongly favors McGarrah continuing in offi
Advisory Com..attee.
Mar. 10, 1927. 121

(End of Volume).