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Collection Tixtia
THE PAPERS OF
CHARLES SUMN R H MLIN
DIARIES
Series and/or Container
Shelf/Accession No.
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1947. Ivo 1. - Auswit 1. /928.
Abbott, Dr.
We meet, the new Secretary of Smithsonian Institutio
n at dinner
at Mr. Delano's.
Jan. 19, 1928. 112
Acceptances
Kensle asks more liberal interpretation of regul
ations eo as not to
bar renewals. Said we are losing business by
our strict
regulations.
C.S.R. pointed out that Acceptance Bulletin said
we were securing
much business formerly financed in London,
through our lower
rates.
Kenzie also complained that the British were
cutting commissions on
acceptances.
C.S.E. quoted London linancial lbws which quote
d Acceptance Bulletin to
effect that American banks started this
practice.
Oct. 13, 1927. 69
(Bills discounted and acceptances
See -(Open market operations.
Affirmative votes, live
See = )y-laks
Albany, I. Y.
CAA. leaves for. Pew dedication.
Sept. 17, 1927. 49
Pew dedication and carillons.
Sept. 18, 1927. SO
E.P.H. leaves Washington for.
June 18, 1928. 182
K.P.H. leaves for, to attend funeral of
Amass J. Parker, Jr.
July 18, 1928. 192
Aldrich Monetary Commission Act
Glass says it was the uniform rate provi
sion, as much as anything
else, which killed the.
Sept. 7, 1927. 33
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Alexander
Givee C.S,H# the opinione of White and Case and John G. Johnson
on the power of the Board to Initiate rates« C.S.H« gives
them to Sec« Mellon«
Sept« 16, 1927« 45
Talks with C«S«H, as to Chicago rate case« Has Interview with
Sec« Mellon«
Sept« 16, 1927« 47
Amendments, Tederal Beserve Act
Glass says he will prepare, this simmer and will go over them
with Board«
May 27, 1928« 172
American Academy of Political Science
Reference to article of Burgs ss as to responsibility of federal
tøserve System for helping gold standard in Nurope«
Vol« XII, No« 3, July 1927. 7
American Committee, Geneva
See - Carnegie Endowment
American fiabassy, Great Britain
Houghton says it takes nearly $100,000 per year to maintain«
Nov. 7, 1927. 80
Ames, Sir Herbert
C.S.H« gives, a lunch at Cosmos Club«
Present)
Mr« Bonsai, Prof. Young, Gov« Harding
Gov. Norris and Platt«
May 2, 1928« 160
H.P.H. drives Sir Herbert about Washington«
May 2, 1928. 161
Woman's National Democratic Club gives dinner to.
Address on L« of N«
C.S.H. presides«
C«S«H« and H«P«H« invited to dinners - Mr. and Mrs« Lansing,
Admiral Stanton, Miss Biddle, Mrs. Senator Bruce,
Sir Maurice Low, Gov« and Mrs.Young and Mr. Delano«
May 2, 1928. 161
Delano forgets to attend dinner, but does not tell Catherine
Grant about İt«
July 3, 1928« 189
See - Poem
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Anderson, Bev. lather
Conducts memorial service in mmmory of Anna, St. Agnes Church,
Washington.
April 26, 1928. 158
Appendicitis
3dward Hamlin operated on for. Feb. 20, 1928. 126
Appreciation of gold
Governor Norman tells C.S.R. he believes present declining prices
are caused by.
.17.7 „rev
.csel ont
Amory, lalter
Brings us the miniature of Anna given us by Catherine Grant.
Dec. 24, 1927. 99
,redsik
Gov.Strong repeated above to C.S.R. as to Gov. Woman
Gov. Strong thinks falling prices may be due both to appreciation
of gold and depreciation of commodities.
July 7, 1927. 2, 3
See - Gold
Ashley, 0.8. & Co.
0.8.1. asks, to get from the bank the insurance policies on
Mattapoisett property.
July 19, 1927. 11
Ashley, Clifford
Catherine Grant drives C.S.R. to Fairhaven to see some pictures by
Oct. 25, 1927. 74
Ashley, Mayor
We go, as guests of Mayor Ashley, to clmmbake of Dartmouth's
historical society, at Which Z. W. Pease speaks.
Oct. 8, 1927. 64
Ashley, Mr.
Telephonos 0.8.1. that Auld Lang Syne has been returned to Library
of Congress.
Jan. 28, 1928. 122
Atlanta Constitution
Clark Rowell, of, indorses Hopkins for reappointment as Class
0
Director, Atlanta.
Dec. 6, 1927. 88
Attorney General of U.S.
C.S.R. reminds Glass of his letter to, in 1919, expressing
opinion that Board has right to initiate discount rates.
Sept. 7, 1927. 31, 32
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4
.
Attorney General of U.S. (Contld.)
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Glass said the opinion grew out of war exigencies and should not
stand in times of peace.
Sept. 7, 1927. 32
Glass says the power should be taken aver or strictly limited; that
under In& slower the /Ward could put in one uniform discount
rate all over the U.S. Sept. 7, 1927. 33
Glass said his approval of illiott's opinion in his letter to the
Attorney General showed the futility of doing a bad thing for
good purposes.
opt. 7, 1927. 34
Glass, in letter to Daltinore Sun tacitly assumes Board had right
to follow opinion of Attorney General but Should exercise the power
only in grave emergencies.
Sept. 12, 1927. 37
,
bew.)14 8 *IA
See. Mellon tolls 0.8.8. that Moral Deserve Dank of Chicago has
imbed hie to secure another opinion from, and that he had asked
Watt to prepare a letter, but had not yet sent it.
Sept. 15, 1927. 41
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C.S.N. said if Attorney General reversed former opinion of Acting
Attorney General King it would bring matter into politics, to
inquiry of Yederal Deserve System.
Sept. 15, 1927. 41
0.8.14 suggested he would, of his own volition, ask Glass to join him
in a request for another opinion.
Sept. 15, 1927. 41
,taler_
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C.S.H. asked Sec. Mellon not to send request to Attorney General
for afew dArs, to whidh Mellon agrood.
Sept. 15, 1927. 41
savirt rt ta9117 anile
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C.S.R. said he believed Attorney General would not overrule King's
opinion, to ski& Mellon agreed.
Sept. 15, 1927. 42
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CAA. said Gov. Sardines letter Should also be sent to Attorney
General.
Sept. 45 1927. 42
Glass tolls 0.5.11. he is going to write Sec. Mellon approving request
of Chicago bankers for an opinion from, and authorises C.S.N.
to tell Sec. Mellon, in his name, that this Should to done.
Sept. 16, 1927. 44
M.D. writes Mellon accordingly.
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Attorney General (Cont'd.)
0.8.N. explains to Mellon that if a Republican Attorney General
reverses King's opinion it would bring matter into politics,
but if Glass and 0.8.8. Join in request it would remove that
danger. Soc. Mellon said he saw the point and approved.
Sept. 16, 1927. 46
0.8.11. hopes Mellon will send to Attorney General the letter of
Governor Harding if he as for an opinion.
Sept. 21, 1927. 53
Ogden Mills tells 0.8.N. he believes Attorney General if asked for
opinion, will sustain sing.
Sept. 26, 1927. 54
an
Mills said Ohicago.bankers would withdraw request for an opinion
from Attorney General, if Roard would enact a by-law requiring
five affirmative votes for initiating a discount rate.
Sept. 26, 1927. 55
See Board practically grows to ask opinion of Attorney General MA to
power of a state member bank to establish a foreign branch.
Dec. 6, 1927. 67
Atwood, Bishop
meets, at lunch with Charles Warren.
April 29, 1928. 159
Auld Lang Syne
Curtiss sirs he oonsulted Kr. Winship of the Widener Library at
Harvard and others and that they valued Auld Lang Syne at
400000.
July 6, 1927. 5
At Ourtissis suggestion 0.8.N. gives him coplei of, Which he said
• he woild give to Winship, who had previously valued it at
$100,000. Curtiss said he would quietly ascertain as to getting
a purchaser for it; that no ommmission would be involved;
that if Winship could not place it, it would bewail to give it
to Goodspeed, - a umber of his bock club, to see what be could
do.
Oct. 16, 1927. 71
Al 0.1.11.4 direction the Library of Oongrese ships Auld Time Syne
by express to II.0.11co for exhibition at Albany
as Club,
value of $6000 placed on it. Insured for $5000 against every
risk by Rogers illowes, Boston.
Jan. 17, 1928. 112
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Asad Ling Syne (Clontod.)
Curtiss called.
Said he saw Mies Green, Mr. Morganis Librarian yesterday
at 900; that he showed her the photostat copy and
that she seemed very strongly interested; that she
excused herself for a few minutes and returned with
Mr. Morgan who also seemed strongly interested; that
they compared it with the Thompson letter, owned
by
Mr. Morgan; that they got out the Pickering edition
of Duras and it tallied exactly with our Dunlop
version.
Curtiss said he told htm that 14P.N. owned it and might
possibly be tadmed to sell it, and he asked as to
the best wart that they both suggested the Anderson
Galleries; that he told Sham U.P.H. had had ODOM
oommmaloatica with Soseibaoh sbou* it, whereupon they
both said losenbach thought he had a good Burns collection,
but that it could not campers with his - Morgan's;
that
Moron said to put it up at ovation if you want a 'kick
book' - intimating that he would be glad to fight
lbeenbach
for it.
(Per eamplete copy of interview see package of Auld
Lang
'One papers.)
Curtiss gave C.S.M. name of William N. Smith, of
Anderson
galleries, put Mo.. and 59th St., Sew York, on whom
he
called, without giving his name. Curtiss said Mr.
Smith
said they were to has a sale in the spring at
Which the
original of Pilgrinse progress and other famous
nanuscripte
were to be sold; that he seemed very much
interested and
tried hard to get Curtiss name.
,
Jan . 25, 1228. 119
Mk. Ashley of Library of Congress telephoned
C.S.R. that the manuscript
is eafe/y beck from Altair.
Jha. 28, 1928. 122
Curtiss writes C.S.N. full particulars as to
his talk with Mr. Morgan
and nu Stanton.
Mb. 1, 1928.122
•
In answer to letter of &P.!. to Anderson
Galleries the following
reply was receivedi
Anderson Galleries
Past:Ave. and 59th St., S.Y.
Pfib. 22, 1228.
Mrs. Charles S. Hamlin,
Lee House,.
15th & L Ste.,
Washington, D. C.
Dear Mrs. Healint
Please pardon rag delay in replying to your letter of
7
.
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Auld Ling Syne (Oontsd.)
Jammmy 31st. I put it aside for further consideration and it
use mislaid.
We are naturally very much interested to hear that you own
an original manuscript of Auld Lane Syne. In addition to the copy
in the Pierpont Morgan Library I ma informed VD1r. Bosenbach that
there is a copy
dribbellos collection in Philadelohia, which
Dr. Mosenbach sold him some years ago with other Burn's manuscripts
for $8600.
Times have changed, and prices are much higher, but / think
your suggestion that your manuscript is worth $100,000 is out of all
proportion to what it would sell for. 117 own idea would be from
$16,000 to $20,000. We should not care to Offer it with a reserve
Maher than 00,000, Which would have to be announced in the
catalogue.
If this interests you at all we Shall be pleased to go further
into details.
Yours very truly,
,
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127, 128
Mr. Gribbell writes M.N. dbou* his manuscript at Auld
Lang Or's*.
8ee he thinks it was written in 1789 but can not
prove it.
Said also that Burns at the top of the page wrote, *there is a set
of this song I like better.'
0.8.1. believes this is a reference to the DUalop letter,
Which we
ow*, dated Dec. 17, 1778.
This seems to prove that ours is the original.
Later, Mr. Gribbell sent me a photostat copy.
(Ss' package of papers.)
Mar. 6, 1928. 131
Curtiss tells 0.8.1. that Mr. Winship had lately
dined with Miss
Thurston, Mr. Morgan's Librarian, and that she told him
that
Mr. Morgan was very anxious to Um, Clo.L141
manuscript, but
preferred to bid at an epee sempstition.
Curtiss said he believed H.P.H. could get frau
00,000 to $75,00)for it.
June 4, 1928. .178
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Federal Reserve Bank of St. Louis
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Baker, Newton D.
Sec. Mellon wants opinion of, as to legality of
proposed by-law
as to Board initiation of discount rates.
Sept. 26, 1927. 55
0.8.H. moves that opinion of, be asked for.
Postponed.
Sept. 27, 1927. 56
See -
Ay-law
Wanes of power
Houghton says the Great Powers are fixing, on League of
Nations
as a base.
Nov. 7, 1927. 79, 80
C.S.H. says question of Roumanian credit really
a question of,
between Ragland and France.
April 2, 1928. 141
rsov sixer
61.=.4 It St .4110.114a41 old
evmc Son amo &sad _ST1 vi
Balloy, Gov.
Speaks at dinner to Board ay Governors ana Federal Reserve
Agents.
Metropolitan Club. Nov. 4, 1927. 79
2.6:
Bank of Rngland
Dr. Miller said that if the reason for the Federal
Reserve Bank,
New York, selling 69 millions of gold now held
for it by,
to France mad accepting a Bank of lrgland
sterling credit,
was to stabilise the gold standard in Great
Britain, -we
should get into an awful mess.
July 13, 1927. 7
GovArissinger says Gov. Norman, at the New York
Conference
between Federal Reserve Bark, New York,
Schacht, Rist, etc.
unbosom' himself and told them the Bank of
lagland was in
a very critical position as regards
gold; that it met increase
its discount rate, to the injury of
British commerce and
industry unless the Federal Reserve Bank, Yew
York, reduced its
rate.
July 25, 1927. 12, 13
G.S.H., at meeting of Board to take action
on Chicago rate said
the underlying reason in the minds of
the Board and open market
committee *en they favored a reduction to 316
was an international
one, - the desire of lederal Reserve
Bank, N. Y. to reduce to
protect the loak of lndiand maintain the
gold standard, as otherwise the Bank of Indiana must
increase its rate to save its gold.
Sept. 6, 1927. 27
.00
9.
lank of England (Contod.)
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Federal Reserve Bank of St. Louis
C.S.H. said the Board Should not put in a rate solely
to help
Dank of England, and he doubted its power to put
in a
uniform rate in all districts to help Federal Deserve
Bank,
Mew York to help the Bank of England. 0.8.1.
said that at
the Open Market Committee meeting he stated this
and said he
believed the rate should be redu:ed for local
reasons.
Sept. 6, 1927. 27, 28
C.S.H. explains to Sec. Mellon Leffingwelles charge
that Oov.8trong
promised the Dank of England that he would increas
e the rate
of Federal Reserve Bank, low York, and when he
found he could
not make good he tried to put In a higher rate
on paper
secured by a certain issue of Treasury certifi
cates in order to
wreck the sale.
Sept. 15, 1927. 42, 43
Sir Otto Rawer admits to 0.8.1. that a holder
of a Bank of England
note for 15 could not as a matter of law
have it redeemed in
gold coin but would have to take currency
notes.
Jan. 30, 1928. 122
Will join Roumanian credit only if Pederal
Reserve Bank, New York,
would guarantee, with the Bank of Prance,
a satisfactory
stabilisation plan - which the /federal Reserve
Bank, New York,
declined to give.
April 2, 1928. 141
0.8.1. points out dispute between Bank of
England with Bank of
France; that the Bank of England wanted the
League of Nations
to supervise the stabilisation plan;
that the question seemed
one of balance of power.
April 2,1928. 142
Harrison dentis any dispute between Bank
of England and Bank of
Prance as to Roumanian stabilisation
plan; that their relations
were most cordial; that the Bank of England
had not declined
to join the Roumanian syndicate, but,
on the contrary, had
agreed to Join on condition that inderal
Reserve Bank, New York,
became responsible for a satisfactory
stabilisation plan, which
the Pederal Reserve Bank, N. Y.
refused; that he thought the
Dank of inglandultimately would come
in.
April 3, 1928. 144
C.S.H. feared Board by accepting
without conditions, might be put
in apparent position of siding
with the Bank of France against
the Bank of England. 0.8.1. said
he accepted garrison's
statement that there was no controversy
but merely a present
disinclination of.Bmak of England to
join unless the Pederal
Reserve Bank, New York, would
accept responsibility for a
satisfactory stibilisalbn plan.
C.S.H. said that for the Board
10.
or
Bank of Ingland (Contod.)
bats of
tLuodA !smog ecl blot
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Federal Reserve Bank of St. Louis
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to impose a condition that it would join only if the Bank
of ingland would be tantamount to a statement that the Board
would follow the Bank of Ragland and allow its policy to be
guided by it, which would expose the Board to censure.
April 3, 1928. 144, 145
Bank of France
Board gives lunch to Governor Rist of, and to Governor Norman,
8dhacht, etc.
July 7, 1927. 2
Bommanian credit
dee supra- lank of ingland
Dr. Miller objected to Roumenian credit agreement on ground that
the YWderal Reserve Bonk, Wes York, would be bound by the
decision of the Dank of Prance both as to the stabilisation
loan and the syndicate agreement.
O.S.H. then read two questions, both of which Harrison answered in
the affirmatives-
1. Gould the P.R. bank after entering the arrangement,
decline to go on for reason that syndicate plan was
not satisfactory?
2. Because the stabilisation agreement Which the Bank of Prance
worked out was not satisfactory to it?
Board than voted to approve the negotiations between P.R. Bank,
N.Y.
and Bank of Trance.
April 4, 1928. 147
Miller and James voted NO.
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Dr. Miller filed a statement explaining his vote, stating that
Board had practically assumed responsibility for a
satisfactory
stabilisation agreement and bad abdicated to the Bank of France.
April 6, 1928. 147
MA, replied in the records that the /edema
Reserve Bank, N.Y.
expressly refused responsibiliby for stabilisation plan, and
that it reserved the night to withdrew from the syndicate
agreement. (a) if it does not approve stabilisation plan as
finally adopted, 01 if it does not approve details of
eradicate
agreement.
April 6, 1928. 147, 148
11.
bam.271n2 lo 2?.fleZ
Bonk of NOberlands °milt
Board voted to approve ten millions
credit.
Cunningham alone voted No.
t.12,1927. 70
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lerudh, Mr. and Mrs.
Mks. Wilson is guest of, at
Saratoga Springs.
Sept, 4, 1127, 28
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Federal Reserve Bank of St. Louis
Bargain for votes. 138, 183
See - Gompty'llsr.
Jams
Taller, Coy.
farliotib
loCP.olua *cr.
.t)V betOW
414:i$
.*
sA/ „:11;00
.c.1 neelope sa it
Referred back to Banking and Currency
Committee.
Jan. 22, 1928. 114
See - H.R. Banking and Currency
Committee
Senate Banking and Currency Committee
ilemAnt 'To/ no ov,
alaw
t$1 c:
• 41.
asap ow$ !Amn a14$
-tevIleam1116
.4ra
Baking and Currency .0ammittee
Nomination of Gov. Young referred by
mistake to Sonata Finance
Committee instead of to Senate Balking
and Currency Committee.
Jan. 22, 1928. 114
Settle of Marne
Naughton says Winston Churchill is
right in taking from
General Joffre credit for, but that
Churchill went too far.
Nov. 7, 1928. 80
Belgium
.
SO,. Prank, of Naftonal Bank of
Belgium, told C.S.H. at
Dr. Miller's Lindh that although
he could not say it was a
fixed custom to Charge
COMMISSJOUS for such credits as the
Belgian credit, yet that Belgium
was very willing to par It.
Oct. 1, 1927. 62
Sao - National Balk of Belgium
Biddle, Miss
IS took Christmas lunch
with. Dec. 25, 1927. 101
Is our guest at dinner to
Sir Norbort hoes.
May 2, 1926. 161
Biggs, Gov.
Present at Open Market Committee
Conference to discuss discount
rates.
July 27, 1927. 13
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12.
S
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Birthday
Oatherine Grant gives C.S.R. her photograph on his 66th birthday.
Aug. 30,192?. 22
te!-:4zil4 oasoL40 1444.timm4..voims-41g; Oak 2.aiYinZ
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Bills secured
Board adheres to regulations forbidding P.R. banks to buy,
by warehouse receipts where owner of elevator owns the
warehoused grain.
Oct. 13,192'?, 68
.ecel
IS lynch with Catherine Grant to celebrate her birthday.
Nov. 25, 1927. 84
We dine with Oharlas Warren on his birthday.
May 8, 1228. 137
*AMU
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Just
VA •SCel
•r'
See - Warren, Winslow
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elapse
.a4o1v 701 LL.zaE
nel
.vellotcpswe
,08
Black. Cong.
jams says, started attack vs. Gov. Talley because he would not
advanoe money to his brother's bank.
Mar. 22, 1928. 138
510svar
k•
,V114.Lre
Blair, Mrs. lbaily Newe11
We dine with Mrs. Melo to meet.
Mar. 24, 1928. 139
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Dolling, J. landelph
0.8.11. meets, at dinner given by George Foster Peabody.
HO
addressed 0.11.8. as *Charlie.
Oct. 1, 1927. 61
OSZ
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Belling, Bertha
Mrs. Wilson gives Woman's National Democratic Club a check
for
$1000 from an unmentiomd oontributen tos be used for a life
membirship for.
April 2, 1928. 142
fl4
ol
• 1 mitt;
lo
-I
.no,
James said he wanted to act now on Chicago rate matter because
he knew that John Mitchell, one of the Directors of P.R.
Dank
Chicago, imbed, a St. Louis Director, Mot to reduce St. Louis
rates as it would cut down the profits of the malber
Sept. 6, 1927. 26
41,1m o cit,4i8
fole
Not at funeral of Admiral Ban.
Oct. 31, 1927. 75
Mrs. Harriman referred to, in a very
oontemptuons way as a man
devoid of good taste.
Dec. 27, 1927. 103
13,
..Pt
oftrule allit
64.710,1d10' erAto1471.61 et eiftorta ftace
-t0
-/ seglecot eemodotot
.01A1% Vetpd4s48w
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01 4
elaa
elA ao ditlestAotodg as .H.e.0 .ts'L
• .TSVI
..smi
iai
Mrs. Jones was vehement in her opposition to; hawing any share
in the profits of the Wilson chronology, and yet she
asked
Mrs. Pennington to become a life member of the Club.
imillfct00
110. 13, 1928. 125
I4J 4t..ime#o 0: twrit en1iedta4i ASA. *mil el
• .Tg81
.yox
Mrs. MUston Thompson asked &P.N. if, had any share in
the profits
of the Wilson Ohronology. N.P.N. said Mrs. Penningten
had 1/3 and the Club 1 3 and that she sopposed Mrs.
/
Pennington
gmve this to Bolling.
.NWAti!cf sin mu rontbr zAb1141,JD 'Wm *alb sf
T.1 .8q81 .8 TAK
woiatra
Li_rw
pn
es,,Ated
eel
(This was an error. Mrs. Pennington had 1/2 and
O.S.R. 1/
2
for the 010. We ail- think she gave this 1
/2 to Bolling.)
.vot
Aparits hs4ists emus
.iand elveri$074 Ltd
Tigow,a eenevbe
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.4.6410
.seM
Mrs. Sickles asked the same question.
June 4, 1928. 177
Bonsai Mr.
We meet Mr. and Mrs. Unseal at Lunch. with Judge and
Mrs. Covington.
Dec. 11, 1927. 93
ileweff %Plea
mat* .e1M Allw salt 44
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,•
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Federal Reserve Bank of St. Louis
sb.4. strei .0: 11%0A
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Bolling, J. 'Nadel* (Coat e d.)
LuilchessUMO C.S.H. to meet Sir Henry Ames.
Msy 2, 1928. 160
Boston
We make calls in, on way to Washington;called
on George, led,
Mrs. Horatio Ourtis and Bishop Lawrenoe.
Also visited Forest Hills.
Nov. 27,1927. 86
Governor Case said he could identify 93 millio
ns sent from, for call
loans in New York.
April 18, 1928. 153
Bradley, Mts.
Narriet Nadia sends in a note from,
with a, writing signed 'Anna!
with her exact signature. It was not,
believer, responsive of
Anna, /t used the expression in, people
s and referred to
meetings on the other side with *With
.°
Is know of no friend of Anna's of
that mmme.
Sept. 4, 1927.23
Branches, Pederal Reserve
See - Charlotte branch
San Antonio branch
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
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Branches, Foreign
Wyatt rules that under Moladden Act a state member bank can not
establish a foreign branch although the. Moladdea Act
specifically
permits a national bank to do so.
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Brandeis, Justice
Charles Warren says the reason 'by, refused to hear the Sacco
Vanzetti petition was that Mrs. Brandeis, one summer loaned
their house to Mrs. Glendower livens, one of Sacco and
Vanzetti's
strongest supporters and a very fine woman; that Mrs. Ivens
invited Mts. Sacco to spend the summer with her and she
accepted
and moved into the house; that Justice and Mrsilrandele
strongly
objected and so wrote Mrs. Wane, whereupon Mts. Sacco left
the house.
Aug. 23, 1927. 22
M.N. dines with.
BO says the Snglish reviews severely criticised the
Lowell report
on Sacco Vansetti.
Oct. 12, 1927. 68
nozt eiC
Jog
14 all disagreed as to this and decided not to inform the applicant
bank, the Old Oolony Trust Company, until at least we had
secured an opinion from the Attorney General.
Dec. 6, 1927.87, 88
We dine with Mx. and Mn.
Present: Mr. Dickinson, a Professor at Princeton, Judge and
Mrs. Pits and a Dutch girl.
Dec. 16, 1927. 97
Bribe
Cong. Jingo accepted $2000 from Obicagp bankers
to fight for Hull
amendment; Congressman Bull accepted his expenses.
Jingo was in Conference Committee.
Feb. 26, 1928. 129
Brokers Loans
Gov. Young says President Coolidge has just
given out a statement
to the effect that he had inquiredof the Treasury
and was
satisfied there was nothing alarmilg in the speculative
situation
on the law York Stock lIchange; that Sec.
Mellon told him he
could not remember any talk with Coolidge on
this matter.
Gov. Young fears that when the statement is
published tomorrow
it will cause another wave of
speculation.
Jan. 6, 1928. 105
See - Miller, Dr.
lb.
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Brokers loans (Contld.)
Goldenweiser addresses Board on.
Said it was grave but was not interfering with agricUltuntor industry.
Sec. Mellon asked if anaterial portion of the brokers loans did
not consist of securities Which promoters were trying to
place.
Goldenweiser said undoubtedly but could not say how much.
Goldenweiser said there was no speculation in commodities.
Jan. 9, 1928. 107
The Board decided to go to New York for a meeting of Open Market
Committee and directors of Yederal Reserve Bank of New York,
but McGarrah advised against this as there was dynamite in
the situation and the Board's going on might precipitate
matters.
In view of Coolidge's statement and MoGarrah's feeling, the Board
agreed to silk McGarrah, Woolley and Reyburn to come to
Washington Wednesday and to have an Open Market investment
• Committee meeting on Thursday. Miller said be had an engagement in New York and would go on &Amy.
Jan. 9, 1928. 107, 108
lee - Discount rates
Miller
GiVernor Young said reporter said N.Y. stock oanhange would
oltl: issus a warning in matter of. This will be a blow at
m,
t
Jan. 10, 1928. 108
Governor Young and C.S.I. discuss. with Glass at his hotel.
Kass suggested notifying some of the big N.Y. banks that they
mast take steps to control the situation.
Glass said Board was never intended ay Congress to act as regulator
of the New York Stock Itschange: that we had no power or duty
to do so unless agriculture and business were being injured or
were in danger of injury.
Rven then, Glass said he had some doubts as to power of Board.
It
*
Glass thought a slight increase in discount rates would not injure
business nor would it affect brokers loan*.
Jan. 22, Sunday, 1228.
113 • 114
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
16.
Brokers loans (Cont'a.)
•
totaLl.WollA azie
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Ltie
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;
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bias ntewne
Board considered brokers loans.
Dr. Miller favored increase in discount rates, A week ago he
opposed am increase.
Miller said Federal Reserve lank, New Yoek, were carrying out
policy of selling securities very tremulously and had no control
over the situation.
0.6a. asked Miller asts-flassis suggestion of calling in the Presidents
of the largest ILY. tanks.
OC
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11
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itrima u.ra
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J$01411celuz:Oxli,
Antolx setiteck ant LA* rolballe
:nsmiel-'
welly Al
0* eavo o; astmeoll Lnp elloo,
**A o: tIt*T4a
SneetReval twhat eetit rs ',le c bnf.lAbasftbit
,
• svoaalLiiT or wa's-- W:tricin0
Miller replied that the Presidents were alive to the situation but
could do nothing as the money came from outside of N.Y.
Jan. 23, 1926. 116
In discussion of Chicago rate increase 0.8.R. points out that our
sales of Govt. securities apparently has made little impresskon
on brokers loans in IT.Y.
Jan. 24, 1926. 116, 117
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Cunningham introduces resolution ordering P.R. tanks to report on
banks rediscounting which had call loans on 1111 Street.
Board adopted Platt's substitute notioncalling on Gov. Young for
report as to best procedure.
ht. 2, 1926. 173
C.S.R.. with Board's permission, got Prof. Sprague to come to
1Mahington to get his views on brokers loan situation before he,
CALE., testified before !Waste Banking and Currency Committee.
Prof. Sprague came to Ilthington and told C.SA. he was not alarmed
at the brokers loan situation: that business and agriculture
was not bring imjured: that there was no commodity speculation:
that the reason ift interior banks sent money to Wall Street was
that there was no demand for credit at hand: that sending 'limey
to lill Street was less dangerous than putting it into doubtful
Loans at home: that the board's polio, of Slow constant pressure
was souad: that he had no suggestions to make other than what
the Board was already doing,
At C.S.Lis suggestion, Glass got his Committee to invite Sprague
before it, not however as representing the board.
Mar. 7, 1926. 133
Sprague testified before Senate Nanking and Currency Committee, as
above in his talk with C.S.R.
Mar. 7, 1926. 133
/ 17.
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2. They are will collatoraled and are safe fros a banking
standpoint.
4. As
a
a
fact I
lls loans to brOkers are less today than in 1922.
5. The increase today is practically wholly loans on call by
corporations other than banks.
6. Of the bank loans,,out of town banks have increased, but
N.Y. banks have decreased.
7. TOdey practically no oontinuous borrowers have large
amounts of call loans. The few that have are gradually
reducing their call loans.
6. The Federal Reserve banks haws admonished all continuous
borrowers, Just as they did in 1225.
10. lb now legislation necessary as Psderallbtaerve banks can
cop, with the situation uoder present lam.
,
ot,tv& sicalasaN oln am* em-41
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,
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fpuilfoF %basil's paw PIMA sez
:E
1. Oan not tell whether brokers loans ate or are not
exoessive.
9. hderal Deserve discounts are not today being generally
used to obtain nowt for call loans.
nolesialmoq
.tolq *ô
al•Noird no maw *Li $4..Aout
.203 "E.
wl2zna81 op 4A eloltbe IA1111
. Lt.
Governor Young also testified as follows:-
3. They are not depriving agricalture or commerce of
dollar of credit.
/0
,
aebtiorit 4111 L1á ttiolitrrx mf# ALLA
eel out eV la in/Pr I:
antl.tcri oh Uri**
.
igloo meArl oamir xsnow 00 so
.Y.7 to
...1st •
411 .80i1
.volD
Stokers loans (Oonted.)
11. Should brokers loans increase so as to affect business
and agriculture, the lOderal Reserve banks can sell
Government securities and put up discount rates.
Governor Young put recent sales of Goverment securities and
increase of discount rates largely on goldwrents rather
than control of brokers loans.
Mar. 7, 1928. 134, 136
$41.
See - Discount rates
C.S.N. told Oommitteo he agreed with Governor Young but was
ready to answer any questions; the hour was late and no
questions were put him.
Mar. 7, 1928. 138
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
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Cunningham read a statement to the Conaitteo. not Justifying
brokers loans, but stating they were not interfering
with agriculture and commerce.
Mar. 7, 1928. 136
C.8.8. would approve increase of dieoount rates and sale of
Government securities to oontrol brokers loans only when
they
threaten business and agriculture: and he would even
then be
loath to interfere if the great crops were being
moved.
Mar. 7, 1928. 136, 137
A few weeks later Prof. Sprague in an article in the
Annalist
completely changed his position, said that brokers
loans were
threatening business and must be curbed and criticise
d P.R.
Board for not selling large amount of Government
securities
suddenly and suddenly increasing discount rates up to
6% or
higher, in early part of Marsh t
A. most extraordinary volts faost
See scrap books
Anted xaboz *on e14 1$ )0.>3L ftrieser. Leleb01 .1
ms• toes
sol rbaot.; stac
$negerict
Brokers loans (Contld.)
Sprague also testified to same effect before
Senate Banking and
Currency Committee, absolutely contradictory of his
testimony
of Marsh V, 1928.
Dr. Miller also, in his testimony before
8.8. Smaking and Currency
Committee, put the responsibility for the great
brokers loans on the Board, because of Cheap increase in
money inflation
caused by lowering discount rate in July,
1927.
Dr. Miller told the Governors that open maiteet
operations had
eased inflation and resulting speculation in
brokers leans.
Se demanded warning of banks.
Mmy 1, 1928. 159, 169
Ise• Miller
DrAiller attadks Board for inflation
through open market operations
thus encouraging brokers loans.
Mmy 1, 8, 9. 167, 188, 169
0.1.14 answers Dr. Miller in his
testimony before 8.R. Banking and
Omrrency Committee.
May 23, 1928. 164, 170
Gov. lounge Platt and 0.8.1. confer
with Glass, as to brokers loans.
May 27, 1928. 171.
Os.-' Glass
19.
.81
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Federal Reserve Bank of St. Louis
plc:KAN aeqc
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tcl bloc( =beta
oetwel rmiold totiammoore
IA ,ftitsiar
.71 .811191,
had arranged with Comptrollor to have this information
put into the call -reports, but that it was too late for
the July call but would be in October call.
Ounningham was very indignant and Dr. Miller basked his up.
said the delay would do no hams as the Board could
not have received a reply frost Fedoral Reserve banks in
time to ask for any legislation from Congress.
be. Young
board then approved Governor Young's report.
Ounninghmm voted No.
Miller voted
May 28, 1928. 173
Gov. Case told by. Young that Dr. Miller attended meeting of
directors of Federal Weserwe Bank, New York lsmt Thursday;
that it appeared that the Wow York bank, were finding it
incroasingly difficult to keep in thevosition of not
being continuous borrowers, as in the past; that several
could now fairly be said to be continuous borrowers; that
the Directors considered the advisability of calling them
in and warning them; that to the surprise of everyone
Dr. Miller vigorously opposed this although it was just
*hat he demanded of governor Oase on May 1, 1928 (p.
169)
June 9, 1928. 180
be -Osli loots
Miller
Direct pressurs
James
Drown, Bush,
is meet, at dinner- Air. Delano's.
Jan. 19, 1928. 112
IlivISSOn, Admiral
Attsmds femoral of Admdmal
.1 loz
NeNg1-..e:a.tir
Nut *ri/adar
CL ,161 AGes
t/A10/d
sea
Governor Young reported on Onnninghsm resolution of
February 2, 1928, said he had conferred with !head and
wimaam .H. .
.e):/mmic0 xosoliroC
;AR tea% 4ntioY .voe
Oct. 31, 1927. 75
legoe, Senator
arc Bruce is our guest at dinner of Ihmanis National
Democratic
Club to Sir liorbert Ames.
May 2, 1928. 161
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Gb'SnoC, anaol
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,
Motion of 0.8.N. to approve $3000 increase in salary recommended
by New York failed by tie vote.
AY** Oev. Young, Platt, C.S.R.
Ms Diller, Cunningham, Comptroller.
Jan. 26, 1928. 117
Board approved increase in Burgesses *slaty.
Burns Club, Albamy
112
See - Auld Long Syne
Burns manuscript
See - Auld Lang 91U0
,
Burns, Robert
lee -,Auld Lang 8yne
Burton, Cong.
Delano proposes and C.S.H. seconds name of, as trustee of Carnegie
BOundation. Nt. Fos moved to postpone election of a trustee
to nest meeting.
Tie vote, 7 to 7.
Bugloss
See - Recession
smolt
isal *
4019ansf.902 **TM
.8Ski. egi *fat.
Is at meeting of Baird with open market investment Committee.
July 27, 1927. 13
Dr. Butler then voted Aye and the motiam to postpone carried.
Noy 10, 1928. 163
easel Ale0 •eel
Tell*
aryasim..; $5 -11C
,
$osast
$as
Burgess. Assistant F.R. Agent, New York
Deference to article in American Academy of Political Science,
Vol. 12, No. 3, July 1927, on responsibility of P.R. System
in helping world back to gold standard.
July 13, 1927. 7.
Butler, Nicholas Murray
Trustees dine with. Dec. 1, 1927. 86
Casts deciding vote to postpone election of a trustee, thus
defeating Cong. Buxton.
May 10, 1928. 163
By-law, Federal Reserve Board
CAA. tells 800. Mellon he intends to offer•by-law requiring
5 affimmative votes to initiate a discount rate.
Sept. 15, 1927. 42
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
21.
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Mills tells 0.8.R. that Gov. Strong has suggested a by-law as above.
Sept.26, 1927. 55
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C.S.H. agreed with Mills to offer such a. by-lam and Mills said
Sec. Mellon would like Vestal Baker's opinion as to the
power of the Board to enact such a by-law.
Sept. 26, 1927. 55
WeeL4
ISA basil bhul -
lv-xt
C.S.R. tells Mills he, C.S.R„ stated to Federal Advisory Council
that he would move such a by-law.
Sept. 26, 1927. 56
Mills said the Chicago bankers had told Sec. Mellon that if such a
by-law were adopted they would withdraw their request for
an opinion of Attorney General.
Sept. 26, 1927. 56
03.a.o olalt „Awe! .,e0 teIA
.telloy$qace osaftnIgnue milt*
,44S .114
Io eets0ro *e
aol:44
Ar-lars. Meld Reserve Board (Coated.)
•
6.0:728
0.8.8. at Board meeting gives foams/ notice of by-law.
Sept. 27, 1927. 56
0.8.R. tells Baird that Wyatt some days adp said the Board had power
to enact such a by-law but that this a.n. he had shown
C.S.N. an old opinion of Wu:eel's office to effect that
Board had no power to require a certain amber of affirmative
votes for any motion.
Sept. 27, 1927. 56
C.S.R. moved that Baker's opinion be obtained.
James objected, saying he felt bound by lyatt's opinion unless
and matil reversed by Attorney General.
A;,Z
,
it *II 24.
4e
Dr. Miller skid we might unanimously agree on such a by-law.
James said there never would be such a unanimous agreement.
.1$
50 Tss
o$ e$ov
..yoftuff .vms, An
b se sirei
James inttmated he might agree to ask Dakar provided it was agreed
that later the opinion of Attorney General should be asked falr.
t:4L elitesC
oh
0.8.5. doubted eratt's opinion and so did Sec. Mellon.
Miller discussed question with Secretary Mello*.
insor o..11,tak
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,1
a
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a
Miller did not object to 6 affirmative votes where Board initiated
a rate when tbere was nothing before it from a Federal Deserve
Beak.' but he claimed that *here the Pectoral Reserve bank had
established one rate the Board could disapprove it and put
in a different rate by a majority vote.
„IC
22
Dy-law, Federal Reserve Board (Coned.)
inso5 1,11%96eig isi1
1111,
bo:s 4Nor saa 'peva .vo0 tadJ .m,a,D 111•4 611111
,,f71
said his by-law providedt
Initiation of rate. 5 affirmative votes.
clpatiftA i114 04 .64,4*Se „E.Z. .06 elL[111 st44so:
ove1.101
4-1Drit aver4IM
$isit$
• .\L
.*qi4
2. Approval or disapproval of a Federal Reserve rate
established. Majority vote.
a Ansa. 11 3444 ac-114114 04R Llo$ Laf wvelsof oviso/ACedf bleq
,
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ettA41. bigot Igo& bscigoLs 070W eat-vi
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oral-te
dwas :csiAr oz tr..sot
lc, tom/
3. Putting in a rate different from that established by
/*demi Reserve bank. 5 affirmative votes.
James rather favored a gentlemen's agreement along C.S.H.'s lines.
•w
k ,e .721 .z-c! olea
James opposition to by-law seems to kill it, for assuming Board
could pees it by unanimous vote, it clearly could not by a
majority vote.
Sept. 27, 1927. 58
lo toolitos Jsanol *wick, Aslistroft tritsol
ac .T%1
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bride od Moods Lasease NpavottA to welatco eda tesAl
,
.001.41 041 btil or ham mcIalue s'J$411, teJduao
Agreed CAA. should draw up such a gentlemen's agreement to be
submitted at next week's meeting when Gov. Young qualifies.
Sept. 27, 1927. 57
e.0
C.S.IT explains situation to Watt who drew up a form of a
gentleman's agreement, shidh, however, C.O.S. does not
like. Watt in sending the draft wrote that he seriously
doubted advisability of such an agreement and strongly urged
a request to Congress to amend the law along lines of
0.8.11.'s by-law.
Sept. 27, 1927. 58
Comptroller urges Gov. Young not to bring up Gentlemen's
agreement today as James was inclined to be ugly.
Gov. Young suggested holding it up for a while. C.O.S. conferred
with Soo. Mellon about it.
Oct. 4, 1927. 63
C.O.S. told Board at meeting - Sec. Mellon being present,that
he Should like a little more time in Which to prepare the
gentlemen's agreement, - this in acootdance with understanding
between C.S.I. amd Sec. Mellon.
Oct. 4, 1927. 63
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,
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http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
C.S.S• finds Comptroller will try to stave off any new by-law or
gentlemen's agreement as either would reflect upon himself
as he voted to put in the Chicago -rat*.
Oct. 5, 1927. 63
0
23.
Pederal Reserve Board (Contld.)
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Glass feelsthe only way to avoid having the Chicago rate matter being
brought up in Congress is:
1. Publish °ensure of Board's action by Tederal Advisory Council.
2. By-law - 5 or even 6 affirmative votes.
Oct. 4, 1927. 63, 64
Gay. Young said his had suggestod a by-law to Cumainghaa providing
for 10 days notice to Federal Reserve bank and a hearing,
before initiating a rate; that Ounninghma seamed friendly tothis.
Oct.. 10, 1927. 66
Sew. Young says neither Cunningham nor James will agree ona by-law
or even a gentleman's agreement, as thy are jotting support from
agricultural papers in west and north west.
Oct. 10, 1927. 66
CAA. told Gov. Young his chief reason for wanting a by-law was to
Imp the matter out of Congress.
Gov. Young said to letter matter rest (While and he would try to
persuade than.
Later he said Sec. Mellon thought it would be wise to lot the matter
rest mail*.
Oct. 10, 1927. 65
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http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
C.S.H. feels that, although without a by-law a majority of the Board
Is now opposed to precipitate rate action, the matter may come
up again in the future in Congress.
Oct. 5, 1927. 63
itt4.7 al tug L'; bs4ov s:
-0Call loans, 1111 Street
00T. Toone tells
that Gov. Tilley told him not long ago
that he opt a 111.Y. banimr on a train - he would not give his nom,and that he told him that his bank was loaning on call in New York
for Dr. Miller over 000,0001
Young said that Dr. Miller who mentlased this to Mat a few
days ago and that he (Gov. Young)told Oft. Strong about it in ILT.:
that Gov. Strong was horrified and said that if this booms known
Miller would be summarily driven from office.
00V.
W
The public feels that the Poderal Reserve Board should do something
to chodk the wave of speculation in Now York, and What would be its
reaction if it discovered that ammmber of a Board ()hangs& with
.s&
24.
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http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Oall loans, Wall Street (Oont'd..)
a public duty, as it belleved,of controlling this made
speculation in brokers loans, was feeding this speculation,
to his own profit by landing $300,000 on t.he call loan markett
If Gov. Young does not inform Soc. Mellon of this, I may feel
boundto do so myself.
Jan. 6, 1928. 105, 106
Jams told the loard yesterday that his oompagy was still loaning
its surplus funds in call loans an Sall Street. Some time ago
he said it was loaning thus over a million dollars.
MAW 20, 1928. 175
See - Dr sot prism's
&wade.
Se* - Massey
Carillons
We listen to the opening of the carillons at City Hall, Albany.
Down, the 3elgian Oarillonoer gave a concert.
Sept. 18, 1927. 50
C.S.S. has talk with filoc. Mellon about carillons. He was vegan& interested, and said he Should seriously oonsider giving
one to a chunk in Pittsburg he erected in memory of his
Father and Mother.
Dec. 19, 1927. 97
0.5.14 lends Sec. Mellon a °op, of 'ices bock on carillons.
Dec. 20, 1927. 98
Carnegie Founiation
Attend meting in New York with Dame.
Miami Weans and Sherman reported on trip to the Sditors sent
abroad by the Foundation.
In evening dined with Dr. Bailor.
After dinner *vans told me the editors trip was hardly the
success we hoped for; that 5 of the editors were
drunkards and 5 were offensive probibitionmts, While
the balance were well behaved. Se spoke particularly of
Clarence Hamlin of Denver who was beastly intoxicated most
of the time.
Doc. 1, 1927. 88, 86
26.
Carnegie Foundation (Contid.)
sham s1A$
lo a bevItls,f
exi
idiot/
oul*,41utscs sld: A/Wool tow one
774,;(:16 al efol3zIeL 442
41.11,Am nsoi 114r, WV DO VCti,'Are4 101;:r#1ft :no' awo sv. 0:
lestgJaisI ofnl
no:.1 , k
o
molla ?o aoL nsgiT .1cdo
.1194mm os a t.."Tited
,d01
••te
,
Meeting of Board in Ilshington apprapriaed $8000 for the Amerioan
Committee at Geneva.
v.taasof ;If*s saw lawpsoo 814 PinJ 400eIX LI.A04ed klo4 -';
mpat; omoe
liar nr *pact Lim: di share wigwam **I
,
At actilla a /tem sad: arlinsol saw $1 List en
0'1 .' 'el ,QC lom
• eating *
vssitaid
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0114ono0 a evwt tetscolitvIC a:fltisa e,
od
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441
Delano tried to have Cong. Burton elected as a trustee and I
seconded him. There was considerable opposition and finally
Mr. /ex moved to postpone any election until the next meeting.
The vote on this mottos was a tie, - 7 to 7. Finally Dr. Bu,tlar,
in the chair, voted Ale and the motion was carried and
Mr. Burtotis election defeated. 14 all lunched with Mr. Parker.
May 10, 1928. 164
Case, Governor
Tells Platt he is selling Considerable amount of Govt. securities.
lopes Federal Bosom Bank, Boston, will put up its rate.
April 16, 1928. 148
Miller says Governor Case has Just told him over telephone that
Governor Oase was disoouraged over result of sale of
Government securities; that the situation was getting out
of hand; that money was passing into 11.T. for speculative
uses; that he could identify 50 millions as coming from Boston.
April 18, 1928. 153
Miller says he would never have voted to approve increase in Boston
rates had not Governor Ones told him that open market operations
mere not suceeeding in IT.
April 18, 1928. 170
Miller demands that Governor Game wars the I. T. banks as to
Webers loans.
MO, 1, 1928. 169
Governor Case presents report of Open Market Investment Committee.
May 25, 1928. 166
o*
Aeltur .Tor
sax
AS
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becod so s
is e bps simsdautb
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xltweed tax oes 7evase to nilmei seaman
oat, ses* lo
be 08 ,V***.f,
.noe
tfe ed3
snol*ladol
nI
Governor *we tolls Clow. Yong that Miller vehemently opposed warning
the New York bode as to brokers loans, at a meeting of the
directors of Federal isserve Bank, New bode, latch Miller
attended, although on May 1, he insisted that Gov. Case should
give thtiesraing. (lee p. 159)
June 9, 1928. 180
James attacks, for not using direct pressure.
July 18, 1928. 192, 193
Soo - Direct pressnre.
.•
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
26.
A
Cathedral, Washington
We drive out to, and leave a bunch of laurel on W8lson's tomb.
Jab. 3, 1828. 123
ac/J4batiCe
,
lol 0008t betilicfge acht7oldas, at blame IQ va;twft
*eta sioC'
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,,itteN an stol:a01e at:Ae- r-01$1.tut.i talporvvvoc
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evIJIiitnc-oli 70 .T.2 Nal NaMsaq saw leans 1tall4 ,Ibmpt;':, lc
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lalaal ad ./ logii to (m1o4fix Jabs's***
^ea° .vol) ja
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http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
opcmar!q
*swat
a*t.
Glass asks C.O.& for a copy of the 'earl's eulogistic reference to
Segarrah at the time of his appointment as Federal Reserve
Agent, Mew York. SO thon4ht it oontained a dinect statement
Sept. 16, 1927. 47
gizituvrLoqc Vtaelmedev teilIM MAJ bawl .vot 811141 Iowa .:o.syrrovoe
06.4
101 4
Glass says the Board's action in putting in the Chicago discount rate
was to him an evidence of a desire on the part of some
members for.
Sept. 7, 1927. 33
so oonstrned it.
•
onnict.4! gae-tt. Arles tea
.ssc,
,gt
%;
Osstralisation of authority
0.11.8. said No, that the Well Street Journal and other papers simply
,
aI ... bee -. c1.voe :40t 0nm/eh le11.3;
„V
egamot rzelitrztf
.SCEI .! vaL
0
4!f4W 11,m10 taatasella
.9CE1
s
We were greatly Chocked and could only attribute it to Mts. larder'
weakened condition.
Jab. 5, 1928. 125
that the laird 'Jibed to °entrails* authority.
or (ke wog
rt eaas:sel svostop o$ hetov evALL t*.vba
aLikef *eh%
lihrtsfaiao ar,7 sari, biot sage 7C rrevot
.Y.2 al salkecsaus !OZ 0701
111c4,1
.osel
ce ea
Genial Cup
Warder
Bertie, on Jan. 31st, tow* over our Oellini cup te show Mrs.
2 or 3 days. To our
and a* her request left it with her for
amassment this morning's Washington Post contains a desoription
of the cup, greatly distorted, with Sortie named as the owner.
From what Miss Reed, Mrs. larder's ocmpanian, told Dertie,
Mrs. Warder called in a young woman reporter in whom she was
interested and permitted her to write aid publish a description
of it.
Certificates
See -U.S. Treasury oertificates
Chamberlain, Aosta
Aibasemder Naughton says, is a clever but not a deep man; he evidently
has no high opinion at bin.
Nov. 7, 1927 93
fassrlotte. N.C. Federal Reserve branch
0.8.8. and Delano attend opening.
0.8.8. address
We dine with Mr. Lassiter
Dec. 9, 1927. 89, 90
27.
.be
Aottoldadi „lathed:4
f no Iowa' lo damn: a ovaol L'34 .0: aLO wwZrb Olt
niaaalf
gni .asel .& .d04
quO taiiiit
. ,
0qm Ora w ! c qm 10111100 Imo wive low Ova „sat tio
14 ,
tw $2 *lel litsupan lob 34 MA
Imo e .nab a /0C
1
IJKA* 04Wt lialiaisoo a1
gae as7oirra stAr:Asamsmama
1
%1$6,111 „qui) 111:4 to
nAto nett as boantip ettl!ag al,
.1,
,
.6.10$ otilzaqmpo alEmblaW .1m .21 611( sea *act* Aim%
nt vallaa
ora
42 tionopel
*45 wie
41*
Aitqfloa, . A itoliter;rr to*, stliw o 17,d bes$/mmett has b0$s!?.111$D1
tet
AudJtglk xlno timo
beabrJolis igktimma olfom 4
;nol$Ittno boa's:Alms
Charlotte, CC. federal Deserve branch (Oont'cl.)
Charlotte
James tells Board that Comptroller agreed to vote for the
branch and made other promises in return for votes for the
Wadden bill.
Mar. 22, 1228. 138
June 19,1928 183
Chicago bankers
contained
Gov. MdDougal admits that present attitude of, is as was
Mar 1907, - that if
in Federal Advisory Council resolution of
business recession continued discount rates should not be
further reduced but should be left as an irreducible minimum,
and that Government securities should be sold to bring this
July 27, 1927. 15
.,about.
aRI oeSel ,d .d41
VItorisus 141 goi*aiti_37:460
limia
notisa elbrunoE
al Naltvtr.ultibb oNsolAC
NM
off: clo 401280 1 'Ao oetobkro ac.c24
mos lo :lag
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tatiOcius siblacff ad/ lo vroo a sot •E.P.L Cita suit
,vIessff ',label MP $neawalacqp abi to Nr1J ad/ $e4. nerulOnit
.56a14aat SI Mama, 1,14 AkeveP,,A0NA
tatAAI.813 *own
okheaus totilamtnao o: halal* bossoF 9114 teat
,)$
‘1,Tadt, IrTzle7BC: loetebsia £ariot, $114M:11 11411 444 11.i.pi 01 &tag
beart$ woo Ca
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il
,
27 •
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Federal Reserve Bank of St. Louis
I:1441I74 c
4
sadeak eatallodmaa
Tevelt a el ,a1041 zotawa uhiseee401
ic stotako 41.:11 ci,; sad
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Disoouat rates; Chicago
Federal Reserve bank, Chicago
141 amendment
Chisago, Federal Reserve Bonk of
See - Discount rates
Child, Marion. Also Hrs. Inntloy Child
Telephones from-baton can not come to Mattapoisett. Said James
wrote to Gov. Harding to introduce her to Hollanders.
trustee
C.S.N. told her that Curtiss, Federal Reserve Agent, was a
the President
of lellesley and that he knew ldward Farnham Greene,
and he would see that they looked after Marion Child.
Her address is, His. Huntley Child (bailie James) 229 Ienilsworth Plass,
phis, Tenn.
Sept. 20, 1927, 51, 52
Curtiss telephoned he could not bring Harlon Child to lunch from
Ilellesley as she had another engagement; that She had visited
him and he had introduced her to the young people and she was
having a very good time.
Oct. 13, 1927. 69, 70
Curtiss and wife lunch with us. Said Marion Child was very mush liked;
that he had had her at his house frequently and had introduced her
to many Boston people living near Deventhat the boys were all
falling in love with her at first sight.
Oot. 16, 1927. 71
Chilton, lillian
We meet, at lunch at Sir Maurice Low's.
Dec, 20, 1927. 98
,
28.
sys
:4
4
1
/,b11 -kA40) riono.
44'
0.tt011.A4Z 11:
ilisoo
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ftata boa :fttlAll
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70 =Om di seittilovy
Ohreaelor, of Wilson
ow.
P.A. Stokes 0o. send 0.8.8. a copy of, Which cases' out tomorr
53
Sept. 21, 1927.
4 .8%1 ,SS
ments of
F. A. Stokes Co. send CAA. 4 copies of, with compli
1927. 54
Sept. 24,
Mrs. Pennington.
ArelinadoY
lebuoCOM
ta iredo-q *Adt
uentm$r " agg"' ea II ,se *hrtit
Lprietet
- ,rset pL s) noltuloes1 LftaLor xteelvbA
/
tt bauctSuo noteesor: eeentaud
64 IVO kIJOAO town tmucoe
14detv
,ansiola eldluaormi am sm $1404 ed bàSiOflI Zoe beembem
&ft
Janafti*voe
of
cl
at:
6:mluda
154 .TFTI
,
WID1110 :41 414547 Ins000sA
aparildt oinad wirmee0 imobit
tnemitneta. 14A
CALI. writes thanking them and asking them to thank Mrs. Ponnington.
Sept. 25, 1927. 54
royalties;
Mrs. Pennington sends me check for 02.50 being one-balf of
Sept. 30, 1927. 64
trust**.
Club
0.8.11. indorses check as trustee to Woman's National Democratic
to Mrs. Cunningham, Secretary.
and sends it
Oct. 3,1927. 64
e*6
to 3ina1 ertettell
ee*aq tnucosIC
,casolu,
4044
0oAii
4
Mrs. Andrieus Jews tells UM.* she called on Mrs. Pennington to
her to omaegraph several copies of.
bb. 13, 1928. 124
bA44
(.7010.4 ,Imer.sN InIsbat 0444tIn0
$mia bass loissilei lc
wing
oparie iliwarun ftawkii
aildo actuU 1641A baNcci loql/ tadt ees blown ad .bna
A SAW
,
3
4
r-collesX OS, (*emit ellimE) 1311.4 Ic44 L:=11
We lunch with Mrs. Nola and tell her the complete story of, since her
Mar. 4, 1928. 131
illness.
001- sefet 7
1
,
4 no9 „elikspeli
Mrs. Pennington sends C.8.8.. Trustee, a check for $45.30 being 1/2 of
royalties - $90.60, with account from Stokes Co.
May 29, 1928. 175
Sd at .v..e; ooc
qvist
:meal ot faigt davit Rated Son bine') edbnrc
:aezolhaase ler4class bae vio ea xeleelieW
lAd *04 Sad;
ed Zas aid
faro++; saciox ishl et 'led feoukoltol Lad
.aolt becl rev 0 lativad
'too
,TSF:
OV
C.S.N. aoknowledges Mrs. Pennington's letter.
June 1, 1928. 175
0.8.11. indorses check as trustee and *ends it to Mrs. P. N. Snell,
Chainman of Nxecutive Committee of Veman's National Democratic
June 1, 1928. 176
Club.
Ott bem welzmot)
ioeu &it"
rPv ear iZti rotTa Zb
,
th4114
Lag tAd eg
lea
toti bet...Am/DI bad bnr viarmuml seism II.; $11
vi.. OICVSc ffrItOe vtam o+
trod ed, Sasilmoroa t&On
' Liz slew
1
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,
./41441 tettil t.e. Ned Aztlit 9, 41 al 4422;1A
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Federal Reserve Bank of St. Louis
019w01 aDinra:4
.1C
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rial.w7f e
;owil- 44
c
0.8.11. tells Mrs. Harriman about the controversy with Mrs. Pennington.
Dec. 27, 1927.102, 103
See - MIrriman
Wilson, Mrs.
.
bild0 teitouR orli cola. .voittO!
oqa$3411 ot %mon ton ailn go:sot mil eenadq4eleT
511:08
.r1lba4;10K ot veri eqbLestol ot nbta3.voC ot atoll"
40.,2augui
Christ:um present
See - Grant, (*Merino
The account rendered by Stoles Co. is as follows:
11d0
$215.60
By royalty, Chronoloc, of Woodrow Wilson
125.
22. To advance
Sept.
90.60
Balance due, Jan. 1, 1928
la. Stokes Co.
To Mary V. Pennington
Mrs. Pennington's check was dated May 29, 1928, to C.S.H.
trust**, -onliationnl Newark is Bssex Banking Co.
176
29.
.44i414,:,
410
,
4 11
•
Atcoo A .E.L..
tvo Immo
;
E:z .r.141
.C4
.$4.4
avoloo t
,
.44: 004
et*:
-od
gaal*1640/ to 1,144."-‘.
tsalnoltioF
1
bras .o;. **Molt
.flo3Aato4K orTM
Club will
14 trust and hope that the *lacer* thanks of our
of *hat must have been your
be of same little amelioration
disappointment as to the outcome of that original plan.
roal 74atioaa as:41,
sa -NO:p
- 4c04
1
*Maa01
42.-4 le
.6
4 .vsei .ot ,Sq.
Tolle':
Thank you again.
•stcsa
sligtiosiaaoi
.fyloaun$
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•
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Federal Reserve Bank of St. Louis
.ileCNCI-
.217V a
7:
.
Wel ei 13 „
34t et Lines Las' seSsifisS aa 3i,G,S1e
,
Ito aiaartisit
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esp.! ni. 11gair
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Churehill, Winston
General Joffre the
Ambassador Nou4hton said, was right in taking from
ps went too far.
credit for the battle of the Marne, but perha
Nov. 7, 1927. 80
- apparently
Ambassador Houghton said that Churchill hated us,
he was leglith and wipe
believing such hatred neoessary to show
out his half Americanias.
Nov. 7, 1927. 80
aA
bedlao acts ftitIme e!lis/ neap% aueka
Lelsime Ave:2104r1 01 ied
.10 selizoo
1
.vel .54 .44
vois etf4qms0 00$ Ted II*:
ICI
Sinoerely yours,
Isaballf Cromwell Snell,
Chairman Nmecutive Committes.i
•I
aims.* 0: 901.01$ as Abetto sewtobc1
,
liva
,
ectatstoeS imaavailavO .ftnt 0: :1 eft *
..t
r, -Tina ssiu ai t
Amq .4ITM d$1w %elevotiese *64 ftroda
,g01,M4 or:1 ..714C
Ecl
ts check and addss
Mrs. Snell acknowledges receipt of Mrs. Pennington
for all
*Please believe that our Club is deeply grateful
of all the work you
out this book. Ws know
you have done
your
have done in the matter of research. We know *hat
ve of that first plan.
original plan was, and ye still appro
.
velv
Chrono1og7 of Wilson (Oont'd.)
Clark, Mrs. John M.
Lady Arthur Willert and, lusch with us at Mattapoisett.
Sept. 2, 1927. 23
Class 0 Directors
Hopkins
GAL", joined James in reporting name of Harris in place of
for Cl... 0 Director, Atlanta.
ftemeadous pressure for Napkins.
Dec. 6, 1927. 88
.
Soo 1100kias
James
lee also - Federal Resorve
Federal Reserve
Federal Reserve
Federal laser.*
hderal Reserve
Federal Reserve
Mcgarrah
Adenis
Bank, Atlanta
Rank, lost=
Balk, Ohidsge
/lank, Richmond
Tank, New Yak
30.
708111
3 fZe-.t
'101
Ig 4L
ikJt.4.è
.f
—
te •ink
.
ta:f owielled ittiokar*
..ilco.tirrt %1(11040, 41 dug;
.
ila lot 4
'E'4 awcal avaA ist,v
10 ituri .41 .loodItLt
vox 1/qv tlf`i
04: di en4.;.r,
to te4st.
4ora ef .A,soese%
looN:
Iiits we Lai otaw mak 1ma11
vO'Xqqs
8! $4oV to
4111
.
Ice In mi41441 quotas ea .eris eccei bAs
isholo to tottatolismo .14,11 00e4 14
alwr
4
/
.
Sea to emote* re6: o: sai 4,40111 11Ailttlig
/14:*
740t,
.4110104 It
11440t
orlse%
liege ..",..votoPaC siteda431
*
ffrvi:i.oexa nagottaAZ
nasal)
dia7, AI1NA7 nt $131/ saw .blee isoitArlIJoid If4Allaw=m4
edc 10 &Med eld4 Tol Slioruz
,q,1 00: :awe sco,imec sud
ib ami
.vor
'Ow ht
Clayton Anti-Trust Act
N.R. passes amending bill without a roll call.
Fob. 1, 1908. 123
47.0havisidat
eau bean ill4tudr tacq ti*!
hum vire/lad
allAsset ear eft soda o! rzaveoso tw,111141
oeitmoiLkieet ILA:f. rid tee
Be. - N.A. Banking and Currency Committee
Cleveland, Grover
C.S.N. gives licsanis National Democratic Club a photograph of
Grover Cleveland enlarged by Sure= of Ingravingind Printing
from one Mr. Cleveland gave bin; also an enlarged copy of a
letter of Mr. Cleveland to 0.8.1. telling his that he thought
it one of the best he had ever had taken.
Feb. 23, 1928. 127
Cleveland, Mrs. Grover (Preston)
C.S.N. writes, telling her of his gift of a photograph and letter
of Mr. Cleveland to Woman's National Democratic Club, saying ha
hopes she will approve.
Mar. 2, 1928. 131
(Later Mrs.Preston wrote 0.8.1. a very friendly letter fully
approving.)
-•
Clubs
George Moulin, Jr. was elected in the second group of the D.R.E. and
Nasty Pudding Club, Harvard.
Nov. 27, 1927. SS
George /ksalin, Jr. elected a amber of the gage" Club, Harvard.
Nov. 27, 1927. 85
,TnT/
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Federal Reserve Bank of St. Louis
‘,4) 40 Lc at e
:g. ut•
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la/
O
11 A
a miot
* -14 :I Fiat, 1.1.44Ta,
beido
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OlialkoM 101 0%4441101(1 auoliemexT
Soo - National Pleas Club
Woman's 'otiose' Democratic Club
Coal operators. 130
See - Glass
Interstate Commerce Commission
Godson, Martha. 184
See - Myer, Gertrude
t; •
ealAgeE
eessit,
letebet
„aloof' !wawa isishst
noteoit aSzner WmTz144g La7ebet
swot& ace: tIV"- aa iir!*4
lezebeir
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wia oinat op-ft.:04 iftei.
Plartarhii
a srepsi SY741446
ASitag.;.$L
eel
osbi oeit
Collateral notes, Member teak 16 day.
Gov. Harding says his directors are opposed to increasing rates on.
April 16, 1928. 148
Glass suggests putting in a higher rate on, than on commeroiai
pOer discounts.
31.
Collateral notes. Meatb r bank 15
-day (Cont'd.)
tor% taterT-Ltrial citx410
$1,4141w 1L4NNElnemi SOSOAR A.!!
•
r‘
.
•
.
•
• el
C.S.R. pointed out that Federal Reserve Act originally did not provide
for, but did authorise discount of paper used for trading in
%ea
11.1v0 bn•41.
,
'Cd'a •
Jet/
U.S. bonds.
newqtt
morr/3
to Agsn3o/ldc ft '-1D :I: 'TtossoG.Lcroftia
1/* r.1 01 Lasm-!vorang !o usftwe xf tSgt1lln0 hndiavoln 21401t
a lo %coo ber11z4:s ns pile path; avaa bnAi'velt
,
os tra.i•tv.10
slisuorft ffte Seel
alsott.: .4141 qv, bell e,
A411( .sa/ To 00c JI
Glass said at passage of Act only 800 millions of Government bonds
were outstanding, and framers never dreamed of the war issues.
May 27, 1928. 171
Collier, Rational Bank Rkmminer
Judge Hough says,was detemained to let no national bank fail even
if Federal Reserve bank had to give it money.
Mar. 21, 1928. 138
SA
, .0sel
.emM
If4tel bnz A4170moliq A lo flZ elm lc nsti stn./111ø ,ss41.Li
olSeroomma Ilint2tAW lOnsula ot bassloY,IC .1L to
4afxsa
.0votrkls lily sds vcf
ILI sa7e1 • ./Au
‘4101 7Att•I vunwell rev
b4,44
-.1 sci4
See -Glass
Colombia
Is entertain Mr. and Mrs. Maya. Minister of, at dinner at
Mattapoisett. They he a home at Marion.
July 23, 192e. 12
etomw notssTS4M4S
4011.avtgqa
SI
ontLiv.. dr t 11:N.
a
0 queora bnoeiss 4d: fa Woof.* amw
4
Orgiona .d,u10 a4pi4.1 timAN
.volt
Ocsoissions on accntances. 69
See - Acceptances
dwal Bowel loop/tat - eeS
olociosil Lomita! senawc1
.slo.tar:Aqo iso0
ee.sAC- Noe
no/ssim6o0
.cambc^
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
s'I21taarvud
E4.1
owns IsleJ5110
exot tiL'714-ami irS
n4 t-etf, 'o 'IA onolb el: woo 14.11bla . 04 •
1,
atqA
1-1,nommor no nmail .rc $4.,7
Commercial Rational Bank. 90
Ise - Donaldson
Reynolds
Commissions 62
See - Rolex's
.fraria,F .d1:10 NAM 'di '0 lvdmft:
,
a . 2Fi
.vOE
.no
Glass inclined to think that discounts of, might be responsible
for present speculation.
a/
ce4004JsiisL
tedir
Camnodity rates
C.S.R. has in nind a, of 3% on paper secured by warehouse
receipts covering readily marketable staples.
Sept. 6, 1927. 26, 27
Ommodity speculation
Geldenweiser says there is no, at present time.
Jan. 9, 1927. 107
Comptroller of Ourrenoy
•
0.8.R. heard, tell Gov. Strong he would be at the Conference in
New York with Gov. Norman, Schadht, etc. tomorrow.
July?, 1927. 4
Gov. Crissinger telephones that he, Mr. James and Comptroller
want to put in a 30 rate at Chicago.
Aug. 4, 1927. 18
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Governor Orissinger wanted to initiate a 30 rate at Chicago but
0.5.1. Platt and Comptroller objected and matter went over.
Aug. 12, 1927. 19
Ltweek the Comptroller joined Governor Crissinger, James. and
Cennindbmm.acting as ixecuttve Committoe, and disapproved
decision of federal **serve lank of Chicago to keep in the
4% rat*.
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Carried.
Sept. 6, 1927. 25
Totes against C.S.R. motion, - in substitution for Ounningheals initiation of 310 rate - that 4% be held the lawful rate
until Friday, Sept. 9, the date of Chicago directors meeting.
Sept. 6, 1927. 25
Totes against C.S.R. motion to postpone until after Chicago
directors mooting friday, Sept 9.
Sept. 6, 1927. 26
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Sept. 6, 1927. 29
Acoepted invitation to dine with Federal Advisory Council but did
not appear.
Sept. 15, 1927. 39
Glass .as he will write Coolidge and advise removal of Camptrollor
for bisection in Chloage rate case.
Sept. 17, 1927. 49
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lank of Weis.
Sept. 29, 1927. 60
Vries Gov. Young not to bring up dontlememos agreemont as to
discount rates today as James is inclined to be ugly.
Oct. 4, 1927. 62, 63
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•
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Sept. 21, 1927. 53
w
nem
•
MA. believes Comptrollor will do all he can to stave off the
Gontlements agreement sr anew bparaw as either would
refloat on himself as he voted to put in the Ohicadp rate.
Got. 4, 1927. 63
33.
'art
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Tells Gov. Young if he had known that Sec. Mellon was to return
the nest morning - Wednesday - be would not have voted to
put in Chicago rate.
Oct. 10, 1927. 66
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Federal Reserve Bank of St. Louis
C.S.R. remeibers thht Comptroller was not in the roam when Platt
spoke of the Secretary's sandbag back shortly.
Got. 10, 1927. 85
Points out that officers of the Pacific Southwest Trust and
Sewing. Donk were now under indictment in the California state
court and that if new Federal indlotments were secured for
practically the same officers it would bring the salter into
public notice again and would =rely injure the new national
tank,
Oct. 11, 1927. 66
Tells Dowd he has conferred with the Chicago directors amd they
all want lederal Reserve Agent Reath reappoined; that Reynolds
says he can get Heath's resignation whenover the Soled wants it.
low. 15, 1927.81
Votes to approve increase in Chicago rate from 31 to 4%.
Jan. 24, 1928. 117
Votes ageinst increasing Assistant P.R. Agent Burgess salary by
Jan. 25, 1928. 117
woo.
ed 8%4- 414--4-it
It*Licm*coo0 lo lavomew eetvhs kieibilooe eills
omeao mint ogistlai al acates Old la
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Oomptroller of the Currency (Cont'd.)
Law .1s1..4,1$(2410 oftriklleC .
JIA
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yea a *to $,Iemmeor
- 417)v od as tleeter now t1:-*Ileft
.k .4,C
Votes approval of increase in discount rate of P.R. Dank, Richmond.
Jam. 26, 1928. 121
Judge Baugh at F.R. Sank, Texas, any. Lens told him he bad oonsulted
with Comptrolleriast sommer about Gov. Talley, and that he
belleves Comptroller influenced him slant Gov. Talley.
Mar. 21, 1928. 137
Janes says that the Comptroller, Lens, and Williams, at a conferenee
last summer, agreed to 'fie Gov. Talley; that the Comptroller
or his representatives agreed to have Gov. iley removed, and
to vote for 116 trandhes at San Antonio and Charlotte, I.C.,
in return for votes for the McFadden Act; that the Comptroller
was playing politicos.
Mar. 22, 1928. 138
OS0 infra - June 19, 1928.
183
34.
ALI "1c 1,q1,91.34aire:
Watt tells 0.8.1. undoubtedly bargains and deals were made to
got the MoYndden bill passed and that the Comptroller's
aft°, was soared to death lest Glass and his investigating
Committee should get wind of it.
Mar. 22, 1928. 139
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Totes to approve credit arrangement between P.R. Bank of Vow York
and Bank of France for Bonk of Roumania.
April 4, 1928. 147
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Federal Reserve Bank of St. Louis
Is on a flaking trip in Florida with Governor Young.
April 10, 1928. 149
Will put questions as to summate loaned on call by discounting banks
in the October call.
May 28, 1928. 173
Glass tells C.8.3. be doss not agree with Dr. Miller that Secretary
of the ?resew mad Comptroller should be removed from
Federal Deserve Saari as en•offioio nadbers.
May 29. 1925. 175
de0,01"
.Lamdoll
laaline/;oo
Comptroller of the Currency (Contld.)
A M stAtiallj,
.8SCI ,e1 env% - 411AL oee
;el
Js awls °hazes that the Comptroller, at a conference in Texas,
made &bargain with Lass and Williams molder which, in return
for votes for the Wadden Lat, Gov. Talley ass to be removed
and Federal laserve branches at San Antonio* Texas, and
Charlotte. N.C., were to be granted. James said he knew this
to be true.
June 19, 1928. 183
See supra - Mar. 22, 1928. 138
Conditions in %rope
Gov. Strong describes.
July 27,1927. 13
Conferences
New York
GOV. Norman it as with directors of Federal Reserve Bank,
New York, et ale'
July 1927. 12
See- Crissinger, Gov.
Open Market Committee
Paris statistical
Board voted 3 to 2 to amaptinvitation of League of Nation*.
Mills and Outninghem opposed.
Feb. 14, 1928. 124
See - Miller, DT.
35.
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Federal Reserve Bank of St. Louis
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Conferences(Conted.)
0.8.N. said approval of State Department should be secured
as
the invitation came from the League of Nations
and
not from a central bank, and 0.8.R. 'apposed this
was
agreed to.
Later, Ids:1y told 0.6.11. the League of Nations had
been notified
of our acceptance.
CAM. asked GOY. Young to write to the State Departm
ent and
explain; he also told Prof. Young, loonomic Adviser
, of the
State Department,about it.
Dr. Young said the League of Nations should have
addressed the State
Department to *hi&
egreed,but said through some error,
our acceptance had been sent.
Gov. Young wrote the State Department and said if
it did not approve
the Board would reconsider its vote.
The State Department answered it would consult
President Coolidge and
if he approved would so advise us, adding that
if any future
notes should came from League of Nations we should
advise it
before answering.
Mar. 7, 1926. 132, 133
See - Governors Conference
Confirmation
Platt confirmed for new 10 year tars.
Mir 24, 1926. 164, 166
Congressional Library
See- Auld Lang Syne
Continuous borrowers
Gov. Young and Miller said there were today few
if any, who were
carrying large call loans.
Jan, 26, 1928. 120
Gov. Gass tells Young there were now some Large
N. Y. banks who
could fairly be classed as: that his directors
considered
admonishing them but that Miller, wipo ems present
at the
meeting, vehemently opposed this.
June 9, 1926. 180
36.
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Federal Reserve Bank of St. Louis
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Control of credit
Miller, returning from Wow York, opposed increase of Pectoral Reserve
Bank, Yew York, rates to control speculation.
Jan. 11, 1926. 170
Miller says he never will approval oontrol.of stock speculation
ay increase in discount rates.
April 18, 1926. 152
Miller tells Governors that discount rates only should be used
for.
May 1, 1926. 159, 170
OwWigs, President
Glass says he will write, that only a man of the highest calibre
should be appointed on federal Reserve Board, and that all
of those who voted to put in the Chicago rate should be
removed.
Sept. 16, 1927. 48
Glass sere he will write, advising the removal of the Comptroller,
James, and Cunningham.
Sept. 17, 1927. 49
Billie tells CAA. that he knew from reliable information that
Coolidge had reached the conclusion that Oov. Orissinger
should leave the Federal Reserve Board and had asked
Reynolds of the Commercial National Bank - very came to the
Smith Os. - to arrange for Gov.Crissingerts speedy appointment
to Smith Company and retirement from the Federal Reserve
Board,
Dec. 10, 1927. 90, 91
Willis also complained bitterly at Coolidge's claim for
benefit of
low discount rates in campsigg of 1924.
Dec. 10, 1927. 91
0.6.8. told his Coolidge never, directly or indirectly, had
sought
to influence Board policies.
Dec. 10, 1927, 91
Gov. Young says Coolidge has given to the press a statement
to
effect that he had enquired of the Treasury and was satisfied
there was nothing alarming in the speculative Oltuation
an
the low Toes Stook Ischasgo as regerds brokers loans.
Governor
Young fears that this, when published, will start another wave
of speculation. Gov. Young said Sec. Mellon told him
he
could not remmiber ever talking on this matter with
Coolidge.
Jan. 6, 1928. 103
•
37.
411
ilbn/m lc
684 01"Cr
1.! t
:
• 4* e war ZIOVI
=V
In view of Coolidgees statement and MeGarrshes advios, the Board
decided not to go to New York to hold an open market meeting.
Jan. 9, 1928. 107
tali/310qt 1 SA' 0$ 1/#1:-.1 •*7\?,
LAI Ogel .11 .3104
.d evses
A,st.111 74100$111 '60 LOISZf'Pl 141cl,q* 11.g
tnuot4elf cl *
.sesor
sal .ssel ,3I ;1/0
sire bow ad lamed: inc m*tel samewl: sartur.
,
Orl .eal 0-11 .1
Sew. Young says a reporter told him there is a ronor that the
New York Stock Ixahange will shortly issue a warming as to
brokers loans.
Jam. 10, 1928. 108
f-.vrC (Li*: Telit$.
,
ta-444 11
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64 .TU.L .,6i .S0.6
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ba.3 ,Lemst
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0.6.1. feels such a warning will be a blow at Coolidge and can not
understand how Coolidge could have made such an extraordinary
statement. Ps must have been deceived by some stock manipulator.
Jan. LO, 1928. 108
CALS. feels that nothing short of a rate increase will oope with
the situation caused ay Coolidge's statement.
Jan. 10, 1926. 109
Baba= of Fa. Bank of New York, said that Coolidge's statement
would deoeive professional operators but would encourage small
investors to hold or increase their investments, - that the
statement Ives most unfortunate.
Jan. 14 1928. 110
Oars
says he heard Senator Seed (Pm.) SO, that Coolidge had promised
to give the next vacana on the Interstate Oommeroe Commission
to Pennsylvania if deadlock were confirmed.
lab. 26, 1928. 130
•
witio aespilooD- ss tLi74Asv- Aftl000 miaa *lilt!
lO splaclat at 04,4‘1
.ol .Dec
IQ
State Department will ask Coolidge if he approves having ;federal
Reserve Board represented at Paris Statistical Ceaference.
Mar. 7, 1928. 132
To vuzerli otivto egbilcsoL add LIG:
SOO. Melia tells Coolidge the Ibumaniaa agreement is all right.
April 3, 1928. 143
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Federal Reserve Bank of St. Louis
Coolidge, President (Coated.)
PO
Coolidge reeppoints Platt on Federal Reserve Board.
Mer 14, 1928. 163
See - loover
Nouihton
Corbin, Mrs.
Dines with us at Woman's National Democratic Club to meet
Mr. and Mdme Van SehruyleMburoh.
Mar. 21, 1928. 139
Ifs dins with.
June 13, 1928. 181
as.
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Cosmos Club
Moved pictures to, from Lee House
Thursday, June 14, 1928. 181
*V
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Priday, June 15, 1928.
Moved into.
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Sat. June 16, 1928.
Cotton. 13
See - Purchasing power
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Cram, Ralph
C.S.H. arranges with, to drum a design for a head stone for Annals
grave.
July 18, 1928. 10
Credit
Coy. Young points out that a Change in discount rates does not
change the ,imantitr, of credit, while open market operations do.
Jan. 11, 1928.110
See - Belgium
Romanian credit
Credit control
See - Control of credit
Credit leakage, P.R. funds
Soo - Speculation
Credit, Sterling. 7
See - Rank of Ingland
Credit rationing.193
See - Open Market Investment Committee
/*vocal n'4"/Assia
tsfk=
Pails of reappointment on Interstate Commerce Commission.
Sib. 26, 1928. 130
oink 0
tic,Le01 tat;(al.tell ,
mama 4,11 au Oftw
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Crisis of 1893
oompares, with that of 1920 and the present recession of
business. July 27, 1927. 16
See - Discount rates
•
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-
Crisis of 1920
See supra - Crisis of 1893.
41'
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
39.
Crissinger, Gov.
Schadht spent most of the morning with. He did not invite M.S.
July 7, 1927. 3
•
Gov. Orissinger geve Mormon, lAst and Schacht a lunch. HA invited
Ogden Mills, anothAr-Assistant Secretary of Treasury and
others.
•ir
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Votes in favor of rescinding earlier action of Board and to make no
ohmage in reporting foreign bills in weekly statement.
July 13, 1927. 7
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giving a list of guests omitted all ambers of Pederal
Reserve Board.
July 7, 1927. 4
itvizsaiajS.,441: Svc et
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CA.L.PrIel ,11 •Nit.
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Governor Orissinger tells C.S.R. there was a conference in
Mew York the day following the visit of Roman, Schacht, et
ale to Washington, - PridAy, July 8, 1927.
Governor Orissinor said the members of the Open Market Investment
Comaittee and other Governors were presentt that he did not
blow there was to be a fommal conference until he got there;
that 00V. 'Orman utbosomed himself and described the critical
position the Bank of Ragland was in as regards gold; that
unless the Nderal Reserve Beak,New York, reduced its discount
rate the Bank of Ragland would have to raise its rate, to
the injury of its business and commerce.
July 25, 1927. 12, 13
1011ncD :Lb._
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Governor Orissinger calls up O.S.R. at Mattapoisett and says that
the Wall Street Journal has printed a statement that the
Pederal Reserve Bank of Chicago will defy the Pederal Reserve
Board and 'ill not reduce its rate; that be wired Heath
demanding an explanation; that Heath denied that the statement
emanated from the Pederal Reserve Bank.
Governor Orissinger said he,th, Oomptroller, and James want to put
in a 30 rate; that he has wired Cunningham.
Gov. Orissinger asks C.S.R. if be will join.
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Aug. 4, 1927. 18
Governor Orissinger wished to put in a 30 rate at Chicago.
C.S•H•, Platt ad Comptroller objected and matter went over.
Lug. 12, 1927. 19
ao.
Orissinger, Gov. (Oontsd.)
0.8.11. tells Governor Orissinger that in his letters and telegrams
to Governor MoDougall he has made the issue an international
one and not a local one.
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Governor Orissingsr denied this and a letter of his was read in
which he said was purely international and national - meaning
by the latter the interest of the Treasury.
Governor Orissinger clearly excluded all local oonditions.
Sept. 6, 1927. 30
Glass tells 0.3.R. he is preparing a letter of protest to
Governor Orissinger over the Ohicago rate water.
Sept. 7, 1927. 31
Governor Strong tells 0.14H. at Cosmos tank that he °ailed up
Governor Orissinger Tnesday morning Sept. 6th; that Governor
Orissinger said Board would put in a 3if rate that morning;
that he begged him not to do it: that he told Gov. Orissinger
he was to meet Secretary Mellon, just returned from abroad,
that morning and that he would talk with Secretary Mellon
about the disoount rate: that be saw Secretary Mellon who was
very nu& surprised and asked his to telephone Governor Orissin
ger
and say he - Secrets* Mellon - would like to be heard on this
tomorrow, Wednesday morning; that he called up Governor
Orissinger about noon and gave this messed, but Governor Orissin
ger
said the vote had already been taken.
Governor Orissinger never mentioned this conversation to the
Board,
but Just after the vote was taken, Platt said he understood
that
Secretary Mellon would soon be in Washington, to Which Governor
Orissinger replied that be would be in Washington tomorrow
morning.
Governor Orissinger must have acquired this knowledge from Governo
r
Strones telephone message.
NM OJAI. and Platt known before the vote was taken that Secreta
ry
Mellon would be in Washington the next morning, we would have
insisted on waiting for Secretary Mellonlheore voting.
CA.!. and Pla,t believe that Governor Orissinger, knowing
that in
all probability Secretary Mahlon would have voted against
putting in the 30 rate, deliberately eftealedltrom the Hoard
its knowledge that Secretary Mellon would be in Washing
ton the
next day, and that he was aisloyal both to the Board
and Secretary
Mellon in keeping tack this information.
Sept. 9, 1927. 36, 36
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Federal Reserve Bank of St. Louis
.e
Crissinger, Gov. (Oontld.)
Platt is told by a newspaperman of a rumor that Governor eriesinger
is Soon to resign.
At 5 p.m. S.C. Mellon officially announced Governor Orissinger's
resignation.
Later Governor Orissinger came into Mar.'s office and said he had
resigned;that he had been contemplating this for some time as
ha was to enter the Investment Company of Smith.
Sept. 15, 1927. 38
0 5.H. asked Governor Orissinger whether Sec. Mellon had he been
present, would have voted against putting in the 30 rats.
He would not answer directly but admitted that Sec. Mellon did say
that if present he could have flied matters up.
Sept. 15, 1927. 38
Governor Orissingsr also referred to Governor Strong's telephone
massage, just as Governor Strong told C.S.H., swing that later
Governor Strong again called him up, but that he told him the
vote had already been taken, and that the matter was settled.
Sept. 15, 1927. 38
q.8.14
believes Sec. Mellon must have called for Governor Orissinger's
resignation and that he out to have done so for Governor
Orissinger was already disloyal in concealing from the Board
Governor Strones Message and in telling Governor Strong the
Board had already acted.
As a fact the telegram announcing the Board's decision was not sent
until the afternoon session or at least after we adjourned from
the morning session.
Sept. 15, 1927. 32
Governor Orissinger was not at the dinner given the Board by the
Federal Advisory Council because of his resignation.
Sept. 15,1927. 39
Heard told C.S.H. that the federal Advisory Council, in view of
Governor Orissinger's resignation, would soft pedal its
condemnation of the Chicago rate decision for fear of injury
to the Federal Reserve System.
Sept. 15, 1927. 39
O.S.H. tells Sec. Mellon that Governor Crissipler telegraphed Heath
that 3 of the Board wished to put La a 30 rate.
Sept. 15, 1927. 40
The telegram, sent in face of Heath's denials, Showed clearly the
desire of Governor Crissinger and the others to punish some one.
Sept. 15, 1927. 40
-
42.
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Sec. Mellon confirmed to C.S.H. all that Governor Strang said as
to his talk with Governor Orissinger o'er telephone.
Sept. 15, 1927. 40
Icniteral !me
IS
GOV.
;--
:.';
•
C.S.H. Mks Alexander to find out from Gov. Strong the exact time
of hisitelephone message with Gov. Orissinger.
Sept. 15, 1927. 47
C.S.R. feels Gov. Orissinger was cowardly in resigning when
be did,. assuaing he was not kicked out - leaving James aid
Cunningham to defend alone Board's action before Federal
Advisory Council; Governor Orissinger was the ringleader, the others were mere satellites.
Sept. 15, 1927. 49
111447 writes C.S.N. that Governor Orissingeris telegram to
Federal Reserve Bank, Chicago, putting in the 30 rate was
filed with Board's telegraph office at 12823 pal. (N.Y. Time
1,23) and put on the Chicago wire at 12.44 p.m. (N.Y.T1molt44 p.a.)
Sept. 19, 1927. 51
Governor Strong Galls up 0.8. • from New York and says that his second
1
1
and final talk over the telephone with Gov. Orissimger requesting
postponement in name of Sec. Mellon was held 1EL= 1121 p,.n.
. (I.T. time) at thioh ttme (12,23 p.m. 114hington time) the Boards
telegram to Chicago was filed with our telegraph office.
Sept. 20, 1927. 51
This seems to prove conclusively that Governor Orissinger deliberately
conosalei from Roard his telephone talks with Governor Strong,
in order to jam through the Chicago decision and that he was
disloyal both to Sec. Mellon and the Board.
Sept. 20, 1927. 51
Governor larding in letter to Governor Orissinger, Platt and Norris,
gives new construction of'
,
established! which appeals to C.S.H.
Sept. 21, 1227. 53
•
Ogden Mills tells C.S.I. he is satisfied that Governor Orissinger
was disloyal to Sec. Mellon and the Board in the Ohtmagp rate
case; that Governor Orissinger should have reported to Board
Governor Strong's first telephone message that he was to see
Secretary Mellon that morning, as also his second message asking
on behalf of Sec. Mellon, postponement until next W.
Sept. 26, 1927. 54
Platt tells C.S.N. he distinctly remembers that Governor Orissinger was
called out of our meeting to answer a New York call balm the
Board finally sent the Chicago telegram.
This, to C.S.R.Is mind, convicts Governor Orissinger of disloyalty.
Sept. 26, 1927. 55
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that President Coolidge had decided that Governor Crissinger
must get off the federal Reserve Board and had asked
Reynolds, of the Commercial National Bank, and very close
to the Smith Co., to arrange for Governor Orissingeres
appointment and retirement from the Nederal Reserve Board.
Dec. 10, 1927. 90 , 91
ageS .
Crosier, General
We meet General and Mrs. Crozier at dinner at Charles *men's.
Jan. 8, 1928. 107
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Federal Reserve Bank of St. Louis
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C.S.R. and James have conference as to Cuban Agency with Under.
Secretary Mills. 0.8.R. loaned Mills Troylorle brief, and
reply Of National City Dank and C.8.R.Is analysis of
Traylorle brief. Mills said he would studythe matter.
July 6, 1927. 3
Board writes the State Department of tax levied by Otba on Federal
Reserve Bank, Atlanta, for excess of exports over imports of
mossy at Cohan Agency. The tax was about $65,000.
The Federal Deserve lank of Atlanta prepared a brief in opposition
to be filed with Cuban Treasury. Assistant Secretary 'kite
of State Department through diplomatic channels secured a
temporary stay of the tax. RO asked Board to write him a
general letter and asked that laderal Reserve bank postpone
filing its brief until we heard from him again.
July 13, 1927. 5
Federal Reserve Agent Newton wires that Cuban government has
decreed
that tax must be paid within 10 days.
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great mistake in joinkng the Smith Company; that some of
their officers narrowly escaped indictment some years ago
and that the record of the Company was not savory.
Sept. 30, 1927. 60
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It was originally agreed by CO= Government that this tax did
not
apply to Cuban Agency but the Government has changed its
position.
!he tax will exceed $50.000 for 1925 and will be even larger
for
1926.
44
,
Crissinger, Gov. (Contld.)
The Cuban Agency makes about $25,000 per year, but, deducting
the cost of printing Federal Reserve notes,- about $20,000 its profits are merely normal.
,
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Governor Young was away and C.S.H.saw Sec. Mellon who said we
could
not oontinve the Cuban Agency if we had to pay this
tax.
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Agency might cause another run on the 3 American banks there
and might also break Otba financially.
Sec. Mellon said he would taboo it up with the State
Department.
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C.S.H. thought the American banks could get the decree revers
ed, but
Secretagr Mellon doubted this, saying the Cuban Government
had sold sugar belonging to these banks.
C.S.H. called up Asst. Sec. White Who said he would get
in touch
with the 3 American banks, or at least with the
National City
lank.
See. Mellon said a new Ambassador would be appointed within
a few
days.
'Before leaving for Mattapoisett, C.S.H. wrote Secretary
Mellon and
James giving the opinion that the Federal Reserve bank
should
be directed to pay the tax under protest and take an
appeal, which
would give us ttme to consider our future course.
Talked this over with Governor Young and Iddy at Cosmos
Club before
leaving for Mattepoisett.
Oct. 21, 1927. 72, 73
Governor Young tells C.S.H. in Roston that the Presid
ent of Cuba
had extended the time of payment for 30
days.
Oct. 26, 1927. 74
Rddy tolls C.S.R. that the Cuban Ambassador
had called on Secretary
Kellogg to inform him that the tax would be
waived.
Nov. 2, 1927. 79
Cuban Agency
See.. Cuba
Cunntnghan, Idward
Claims that 'detailed statement' required by Federa
l Reserve Act
requires Board in weekly statement to distinguish
between
purchases ctdomestic and foreign bills.
Votes againOtrecession of earlier vote and not
to change present method
July 13, 1927. 6, 7.
45.
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directors on Friday, Sept. 9.
Sept. 6, 1927. 25
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rate decision.
Sept. 16, 1927. 43
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and James to defend Chicago rate action.
Sept. 1), 1927. 49
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after directors meeting, Friday, Sept. 9.
Sept. 6, 1927. 26
Totes for his motion to put in 30 rate at Chicago
Sept. 6, 1927. 29
vid flucir sobileas4rt r
•!.:424
At Board nesting votes to ratify above. ,
Sept. 6, 1927. 25
Moves to put in rate of 3i at Chicago.
Sept. 6, 1927. 24
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At meeting of Rxecutive Comaittee votes to disapprove Chicago's
action in not changing existing discount rate.
Sept. - 1927. 24
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Governor Young goys Janes and, will not agree to a by-law requiring
5 affirmative votes, as they are getting support from
agricultural papers in west and northwest.
Oct. 10, 1927. 65
Governor Young says Cunningham seamed to think favorably of a
by-law requiring 10 days notice to the Federal Reserve Bank
and a hearing before the Board could initiate a rate.
Oct. 10, 1927. 65
Toted spinet granting a credit tir Federal Reserve Bank, New York,
to Netherlands Beak.
Oct. 12, 1927. 70
Votes in favor of having an official stenographer at every meeting
of Board with the Federal Advisory Council and Open Market
Investment Committee.
Nov. 1, 1927. 76
46.
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Votes in favor of Miller's motion that any use of gold or exchange
made by Open Market Committee to offset gold imports shall
be subject to special authorisation by the Board in each case.
Nov. 2, 1927. 78
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Voted against C.S.R. motion that there be put in the state bank
regulations the simple statement that Board will impose
regulations 'pursuant to Federal Reserve Act.'
Dec. 6, 1927.87
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Tells Board that Chicago directors all want Heath reappointed Chairman
and Federal Reserve Agent; that Reynolds said he sould get
Heath's resignation at any time Board might want it.
Nov. 15, 1927. 81
fe‘l
Yates for regulation forbidding purchase by state banks of stock in
other companies without consent of Board.
Dec. 6, 1927. 87
Voted against Board interposing no objection to payment by Federal
Reserve Bank of Cleveland of Federal Reserve Agent Willis
salary for two months after his death.
Dec. 19, 1927. 97
Present at conference between Board and MoGarrah, Raeburn and Woolley
to discuss discount rates.
Jan. 11, 1928.110
Present at meeting of Board to discuss application of Chicago to
increase from 3i to 4%.
Jan. 24, 1928. 115
Voted alone against increase.
Said he would file sismorandura giving his reasons.
Jan. 24, 1928.117
Voted al=t increasing salary of Assistant F.R. Agent Burgess by
as recommended by MoGarrah.
Jan. 25, 1928. 117
Reads, at Board meeting, and files in minutes, his reasons for
voting against Chicago increase* No reason advanced by Chicago except desire to stop speculation
on Wall Street until Reathis"inspirmPtelegram that
customers retailer* out of line.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
47.
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Olantaillas. ?Award (Contid.)
10 claimed that Board, in approving the increase, had gone on
record as trying to regulate Wall Street spectlation by
increasing discount rates at a time When busts was not
injured by the speculation and when there was no business
reason for a rate increase.
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rediscounts used for speculative purposes which the resolution
declared illegal.
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Sec. Mellon came in and a long discussion followed.
Gov. Young and Miller mildly opposed the resolution pointing out that
there were-few if any banks having largo amounts loaned on
lall Street, Who could be called continuous borrowers; that they
rediscounted mostly for temporary purposes day in and day out.
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It was finally agreed under Platt motion, to take up this resolution
next week or some day to be fixed by Governor Young after
consultation with Sec. Mellon. Gov. Young to report.
Jan. 26, 1928. 121
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Miller gave the impression that he favored putting an end
speculative use of P.R. funds by rate increase.
Jan. 26, 1928. 120, 121
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were it not for heath's telegram that P.R. rates were out
of line - almost 1% below - ca tamers rates.
Jan. 25, 1928. 118
-
Votes against increase in discount rates for P.R. Rank, Richmond.
Jan. 26, 1928.121
Voted against aocepting invitation of League of Nations to join
in Paris statistical conference.
Jib. 14, 1928. 124
Voted to approve recommendation of Open Market Oommittee for further
sales of Government securities.
Mar. 26, 1928. 140
Joined, however, in q,8.R. memorandum that a change in earning
assets for Government securities to discounts (earned by
selling Govt. securities) would enable P.R. System better to
control the credit situation now and in immediate future
without recourse to increased discount rates, thus penalising
aericulture and commerce.
Cunningham has been ill for the pant 2 or 3 weeks.
April 16, 1928. 149
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Board takes up Cunningham resolution of Jim. 26,1928.
Gov. Young reported that he had studied the' matter with Smead
and that they had arranged with Comptroller to secure the
information through the call reports, but that it was too
late to put the questions in the July cd1, but they would
in the October call.
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Federal Reserve Bank of St. Louis
Cunningham, Edward (Conted.)
.
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During the discussion Cunningham entered, - he has been ill for a
number of weeks, and was very indignant at the delay, and Miller
baoked him up.
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Gov. Young said the delay was neoessary and could do no harm as under
no circumstances could a reply have been received from the
P.R. banks in time for legislation by Congress.
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Miller and Cunningham denied this - Miller said a few days could have
procured the necessary information.
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Board finally approved Gov. Young's report. Cunningham voted No.
Mly 26, 1928. 173
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Cunningham, Henry V.
Calls on C.S.H.in Washington to thank him for securing from Comptroller
a transfer from Phila. to Boston of his son, an Assistant National
Bait Examiner. C.S.H. told him about his mother. He said he
would look into the matter, and let 0.8.H. know.
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(See letter from him dated Sept. 1928.)
June 8, 1928. 180
lie dine with Mr. and Mrs. H. V. Cunningham at Hotel Mayflower.
June 9, 1928. 180
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Woman's National Democratic Club,
June 9, 1928. 130
Cunningham, Mrs. Minnie
C.S.H. sends, check for royalties on chronology of Wilson.
Oct. 8, 1927. 64
See - Chronology
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Peb. 9, 1928. 123
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See - Cuba
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C.S.H. says, whether or not on gold standard, helps foreign
purchasing power thus aiding our agricultural exports.
July 13, 1927:
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Curtiss, P.R. Agent, Boston
Tells C.S.R. of death of Gov. Mores.
Said Prof. Young of Harvard told him that Dr. Miller spoke to
him- very disparagingly about Pierre Jay - many times of
contempt.
July 5.1927. 5
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Tells C.S.R. in Boston of a rumor that Dr. Miller was responsible
for the statements in the Chicago papers that the Pederal
Reserve Bank of Chicago would defy the Pectoral Reser*
Board as to the Chicago rate.
Sept. 19, 1927. 50
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Federal Reserve Bank of St. Louis
C.S.H. tells Mts. Huntley Child that, is a trustee of Wellesly
College.
Sept. 19, 1927. 52
Tells C.S.H. he and Mrs. Curtiss will lunch with us at
Mattapoisett on Sunday.
Oct. 13, 1927.69
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her to young people and that she is having a very good
time.
Oct. 13, 1927. 70
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Mr. and Mrs. Curtiss lunch with us at Mattapoisett. Said
Marion Child was very much liked:that they had had her
frequent/7 at their house; that they had introduced her
to may Boston people living near Dover; that the boys
fell in love with her at first sight.
Oct. 16, 1927. 71
Gov. Harding says Governor Young told him Curtiss would be
redesignated.
Oct. 26, 1927. 74
....111•11111111111111.1111110.
,
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
50.
.Lafilmf ,
Curtiss, P.R. Agent, Boston (Oonted.)
1.444seL t C1 19,
See - Auld Lang Syne
.'tct .-:(2.1a2t;'4.44ie
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Board took up for discussion the redesignation of P.R. Agents.
No action.
Nov. 15, 1927. 81, 82
440 .4
/
7
Curtis, Mrs. Horatio
We call on, in Boston.
veromq 701asiir-wq
Nov. 27, 1927. 86
.
voisoff
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Heath says P.R. rates are out of line with.
Jan. 24, 1928. 116
04't
See - Out of lino
Xakkfr
$111
Customers rates
Goy. Norris says Philadelphia bankers object to lowering P.R.
discount rates because it would involve lower.
Aug. 12, 1927. 19
so b‘rufvF.
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Federal Reserve Bank of St. Louis
51.
George Hamlin, Jr. elected in second group of.
NOT. 77, 1927. 85
est.
,
,
Dangerfiold, Pathan
Mien Leonard suggests, to go abroad with Gertrude Myer as
secretary.
June 27, 1928. 187
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We hear Z. U. Pease address on trip of Bditors abroad at
amm
bake, as guests of Mayor and Miss Ashley.
Oct. 8,1927. 64
•" 7 *:44
Davis, Mrs. Armistead
Dines with us at Woman's National Democratic Club.
Mar. 21, 1928. 139
.rsl.
11111••••••••100.01
.
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Deals 138, 183
See - Comptroller
Ammer
Talley, GOV.
Deaths
Gov. Mores. July 5, 1927. 5
Miss Sweet, nurse of John Grant. April 17, 1928. 151
Mrs. Warder, May 14, 1928. 163
Washburn, Charles. May 25, 1928. 167
Parker, Analw.J., Jr.
July 15, 1928. 192
Decker
C.S.H. tells Mellon, would be first class man for Governor
of
ftderal Reserve Board,
Sept. 16, 1927. 46
Dedication of pew. St. Peters, Albany
We attended
Clergyman paid tribute to Mt. and Mrs. J. V. L.
Prin.
Sept. 18, 1927. 50
DeLong, Mrs.
Mrs. Wilson inquires for.
Jan. 13, 1928. 111
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http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
52.
Deflation
. Dr. Miller said he hated inflation, but he hated deflation still
more.
A4400,A.4e.
,
Says Board should regard present prices as a mintmum and do what
it can to prevent further recesi!ion or even help
to bring about some increase.
July 7, 1927. 2
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Intimates Richmond may want to increase rates as it is not paying
expenses.
Oct. 4, 1927. 64
owl.
44,4411mr,;064
460
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C.S.R. dines with
BO agrees to serve another term as Class C Director, Richmond.
Iferv. 17, 1927. 83
Male /A haWldil
(.7% OS9.1
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We lunch with Catherine. Her 38th birthday as one of the children
said, and she later told. se.
Nov. 25, 1927. 84
taken with ptomaine poisoning. Can not lunch with us.
Nov. 26, 1927. 84
Isoksit
eft$4‹
.awroM .z40.0
.*?? •
Comes in from Washington to birthday celebration of Catherine Grant.
iptnaist nr.rT. lc eviut ,111,0, talk
• C.S.R. and, go to New York to attend Carnegie lndowment meeting.
Nov. 30, 1927. 85
Lunch with, at Harvard Club, N. Y.
Dec. 1, 1927. 86
,Rce; x lot own-lt .1 1
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141
C.S.R. and, dine with Dr. Butler.
We drive LaContesse de Milan to Hotel Rite.
Dec. 1, 1927. 86
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Calls on us at Lee House
Shows us miniature of Catherine grant which she gave him.
Jan. 7, 1928. 106
.visti . cr..1.1.
0
We dine with
Present; Mr. and Mrs. Bush Brown; Mrs. Wolcott, and
Dr. Abbot, new Secretary of Smithsonian Institute.
Jan. 19,1928. 112
./m 0: 0,
•
0.S.11. and Delano, go to Charlotte, N.C. - opening of P.R. branch,
Dec. 9, 1927. 89
L1
,7ZittpC
.r•f4:
R.P.R. lunches with
Catherine Grant there.
Leath of Miss Sweet, Nurse
We see Catherine off in evening.
April 18, 1928. 164
53.
Delano. l.A. (Cont'd.)
Illzr
i141tritoe ,
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av
—
aolsetotra ovirizil tmolve•fq
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We dine with, and Catherine Grant.
Then go to movies showing hunting in Africa.
April 28, 1928. 158
it
Delano forgets to attend our dinner to Bir,lisrber Ames.
May 2, 1928. 161
v.
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We compose a poem and send it to Delano.
May 8, 1928. 162
Delano tries to have Cong. Burton elected as Trustee of Carnegie
!adamant.
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We vote, 7 to 7, Then Dr. Butler voted to postpone, defeating Burton.
May 10, 1928. 163
fillw dnip
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Mrs. Delano has left the sanitarium and is now with Dr. Delano
at their house on Hudson river. July 6, 1928. 190
-4,a1 atom;q
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Delano writes apologizing for forgetting dinner.
May 10, 1928. 163
We meet Delano at dinner at Charles Warren's. June 4, 1928. 178
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C.S.N. dines with, at Metropolitan Club. July 31, 1928. 197
Democratic National Convention
C.S.H. listens to, on radio. Cosmos Club,
June 26, 1928. 186
11!-.
isR47 el rri
Catherine Grant said, never spoke of forgetting the Ames dinner
nor of our poem.
July 3, 1928. 189
s,
or:0$44/4a. in air "yr
Democrat
See - Miller
Denyn
We listen to oarillon concert at Albany, by.
Sept. 18, 1928. 50
See - Carillons
!f7
TWO''
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Dexter, Mrs. Wirt
Buys of us 2 lamps for $150.
2 tapestry seated chairs $100
1 Dutch chest.
$350
;1.
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Federal Reserve Bank of St. Louis
54.
I
•
Dickman, Prof.
We meet, at dinner with Judge Brandeis.
Dec. 16, 1927. 97
sall%,
•
.!4 on
Dinner (See also lunches, suppers)
With Gertrude Myer
Present, Col. Grant, Mrs. Grant, Col. Taylor.
July 27, 1927. 17
e
Cong. and Mrs. Louis Prothinglama dine with us at Mattapoisett.
Sept. 13, 1927. 37
0/41a
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With Mr. and Mrs. Rice, Albany.
Sept. 18, 1927. 50
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C.S.R. with Sec. Hoover
To meet Governor of National 5ink of Belgium.
Set. 30, 1927. 60
yt-4
i
C.S.R. with George Foster Peabody
To meet adopted daughter.
sad 04A:
mut4t1av ori4
,
nostel str. eamr 11.:407
Oct. 1, 1927. 61
*I:
1,4-44) *a miiTh tt, oarfsC
. . .
Nov. 17, 1927. 83
With Harriet Aamlin, Marion,
east-
Nov. 4, 1927. 79
C.S.H. with Mr. Delano .
tvit .
Oct. 12, 1927. 68
Wtth Y.R. Agent and Governors
Metropolitan Club.
v14-10
.aqlurt 'to lott
,
With Justice and Mrs. Brandeis.
Nov. 24, 1927. 84
C.S.H. with Mr. Lassiter, Charlotte, N.C.
Dec. 9, 1927. 90
With Justice and Mrs. Brandeis.
With Mrs3orden Harriman
:To
Dec. 29, 1927. 103
With Mrs. Warder
Dec. 30, 1927. 103
With Charles Warren
.
Dec. 27, 1927. 102
With Mc-Senator and Mrs. lhomas.
cxt Mol
Dec. 16, 1927. 97
Jan. 8, 1928
With Mrs. Bustin
Jan. 13, 1928. 111
With Mr. Delano
Jan. 19, 1928. 112
With Jeannie Riggs
Jan. 27, 1928. 121
At Womanss Democratic Club.
/*b. 9, 1928. 123
107
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http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
55.
Dinner (See also lunches, suppers ) Contid.
With Miss Moorman.
'ob. 16, 1928. 125
Z
With Mr. and Mrs. George McClellan
Feb. 18, 1928. 125
.54VtT
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With Charles Warren. Mar. 8, 1928. 137
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With Mr. and Mrs. Lansing Mar. 18, 1928. 137
Tr; .”-"; I,
Dinner to Madame Schuyleaburch
Woman's Democratic Club. Mar. 21, 1928. 139
•
With Gertrude Myer. Mar. 22, 1928. 139
.
5
With Mrs. Warder.
With Mr. and Mrs. Mei61. Mar. 24, 1928. 139
Ocemeo... c!_AIPut trAtnAor
be:gobs ftmL.::*
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With Jeannie Riggs.
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To Rachel Hale and Gertrudg Myer
Woman's National Democratic Club
May 3, 1928.
162
May 22, 1928.
.
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With Charles Warren
164
Juno 4, 1928.
178
With Mr. and Mrs. Henry Cunningham
Hotel Mipflower.
June 10, 1928. 180
4
.
With lertrude Myer
June 12,1928. 181
With Jeannie Ritmo
.111
:;
161
With Mrs. Gordon-Cunning
lebla .8-. 11rti
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April 15, 1928. 148
To Sir Norbert As
Woman's National Democratic Club.
May 2, 1928.
rLaii
soltaut rOxi.v
•
April 3, 1928. 145
With Mrs. Warder.
•cito0
tattol • •
.0'46/0 c alioever,018
Mar. 29, 1928. 141
With Mrs. Wooden
To meet Mrs. Helm.
or...X &AR
Mar. 26, 1928. 141
With Mrs. McCagg
p
•
Mar. 23, 1928. 139
June 14, 1928. 181
C.S.H. with Gertrude Myer June 20, 1928. 184
C.S.H. with Gertrude Myer June 23, 1928. 185
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
•
56
Dinners etc. (Contld.)
C.S.H. with Gertrude Myer. June 27, 1928. 116
A
•
See - Lunches
Suppers
$
(,
1
Direct pressure
Glass favored, during war.
• tali •Z.
Sept. 7, 1927. 32
.11!g :
Iwittn4r: or,
-
•lait
C.S.H. favors direct action to discourage speculation.
Sept. 27, 1927. 17
emm4L-41
.4143 et:esoomet 'same:
Miller favors increase in discount rttes as, was not controlling
the credit situation.
Jan. 23, 1928. 115
.144 ..7eW ,,hul.rter
James said, at New York, was succeeding and driving borrowers from
New York to Boston. April 17, 1928. 151
.elk beta .*ail
477. .1131.!
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411
funk
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Miller says op -n market operations are working well in N.Y.
April 18, 1928. 152
Miller demands that Gov. Case use, on N. Y. banks.
Mly 1, 1928. 159
Piteei
-Miller, at meeting of directors of F.R. Bank, New York, vehemently
objects to.
June 9, 1928. 180
.
11s,itat .11
Miller tries to explain.
sem
red7e0
;-11441. f01,
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Harrison says, should be continued at New York.
July 7, 1928. 190
ALA
of#ID ol:sloosea
.8-P: „E
Still opposed to.
July 18, 1928. 193
e
James attacks Gov. Gas* for not using.
July 18, 1928. 192
.3 Vis ,4-..artut
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oirf
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Directors, F.R. Bank, New York
Board decides to meet with. but gives it up on McGarrahls advice.
Three directors - McGarrah, Woolley and
eburn confer with Board
in Washington.
Jan. 9, 1928. 107
Jan. 11,1928. 109
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See - Federal Reserve Agents
Federal Reserve Baak, Richmond
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Miller, leaving for West, leaves memor
andum to effect that any
desire to make conditions easier should
bq carried out by lowering
discount rates tather than by purdhasing Gover
nment securities;
that he saw no reason for easing the situa
tion Le cause agriculture
would have a greatly increased purchasing
power - a billion dollars
more - for its products.
July 13, 1927. 8
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.
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Gov. Crissinger said that at the N.Y. Conference
Gov. Norman said
that if the 7.R. "lank, New York, did not reduc
e its rates, the Bank
of England must incr,ase its rates to the injur
y of its business,
commerce, purchasing power, etc.
July 25, 1927.
12
Miller wires from Lake Louise:
July 26, 1927. Your telegram received. Assum
ing purpose of
meeting td the (be) open market or rate actio
n, impressions and
information gained since leaving Washington
, and subsequent
reflection, have confirmbd me in opinion previ
ously stated.
Convinced situation not yet sufficiently clari
fied for wise
action. With indications of firming commodity
prices and of
active trade following augmented returns from
crops this autumn,
. cheapened money might give unhealthy stimu
lus. Policy therefore
should be to await further developments befor
e acting.
Gov. Strong says Great Eritain can't keep her
gold unless (a) she raises
her rates, (b) we lower our rates; that
same condition exists in
other European countries; that by lowering our
rate we could finance
for Great Britain our exports, Which would
be most advantageous
for U.S.
pfs.
.7or
Discount rates
00V. Norman thinks we should not have kept
up the 4% rate.
July 7, 1927. 2
Gov. Strong pointed out that discounts had falle
n off materially at
P.R. banks, and that, from the domestic point
of view it would be
desirable to lower the N. Y. rate, and the
rates at other P.R. banks
should also be reduced, and that it should be
done now, - before
the crop movement is financed; that if we did
not act now, European
central banks must put up their rates with conse
quent injury to
our exports.
July 27, 1927. 13, 14.
Harding said the farmers had attacked us for lower
ing rates after
the crops had gone into the hands of the specu
lators, while we
increased rates in the autumn when the farme
r was buying- after the
crop movement; that the present was a good time
to reverse the
process.
July 27, 1927. 14
00/.
1
-01111.111•.41111.0
58.
Discount rates (Oont'd.)
Most of those representing other P.R. banks said that although
there was no apparent demand in their districts for lower
rates, they would advise their directors to join in making
.
it a system matter and they felt they would agree.
27,.1927. 14
Gov. McDougal said his directors saw no need for a rate decrease
and intimated they would not reduce.
Sep4.. 27, 1927. 14
1-skt
O.S.N. then read the recommendations of the Federal Advisory Council
of May 1927 to effect that in case of further business recession
rates should not be reduced (its purpose, drawn by Traylor,
being to keep the then existing rates as an irreducible minumum),
but that Government securities should be sold to maintain the
then existing rates.
C.S.R. asked Gov. McDougal if this expression of the Federal Advisory
Council represented the present views of the Chicago bankers
and after some hesitation he admitted it did.
. Sept; 27, 1927. 14, 15
Gov. Strong said this was a purely selfish view; that none of the
Chicago bankers wanted rates reduced.
Sept. Z/. 1927. 15
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Federal Reserve Bank of St. Louis
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C.S.N. said he concurred in the recommendation of the Open Market
Committee, - 1. Reduction at N.Y. to 30. 2. Sale of say 50
millions of Govermsent securities to make this rate effective.
C.S.N. said he was much puzzled by the decline in prices in last 5 yeare,
they now being below the lowest point of the 1920 crisis; that he
fancied he could see a faint, perhaps very faint analogy between
1672 - 1893 and 1922 - 1927. In earlier period pricesdeclined
as in the later period, and wages remained constant or increased
in both periods; that finally came the crisis of 1893; that be
did not look for any such result now for there were other causes
at work in the earlier period, such as claimed appreciation of gold
etc; that he felt one potent cause of the price decline was
improved industrial processes, inventions, elimination of waste,
greater efficiency of labor, etc; that similar industrial
improvements, inventions, B.R. and SA. development were undoubtedly
one of the causes for lower prices in the earlier period; that
as compared with the crisis of 1893 we now have the Businrearecessism
of 1927.
C.S.N. further asked whether appreciation of gold at the present time
was &factor in reducing prices? Ne said some economists predicted
an appreciation of gold, if not now, in the near future.
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Federal Reserve Bank of St. Louis
0.6.3. asked if the existing rate of 40, coupled with the fear of
gold appreciation, could not be somewhat constricting
business, and thus account for declining prices?
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C.S.R. added that while there is ground for believing that the
existing reoession in business is but temporary, yet no one
cam be absolutely certain *hat the future may reveal; that if
further, perhaps severe, recession should come, he would
prefer to have the discount rates, when it should come, at as
low a figure as would be consistent with safety, so that it
could not be claimed as it was in 1919 and 1920 that recession
was caused by too high discount rates.
0.8.3. futither pointed out that F.R. discounts were falling off;
that the F.R. banks were practicehly out of touch with the
market; that he believed the P.R. banks should always be in
market or in effective touch with; that for three reasons he
and a cautious buying of Government
favored a reduction to
securities to make and continue this rate effective.
July 27, 1927. 15, 16
410
The question of effect On the stock market of this easier money
policy was not overlooked but was given careful consideration.
It was generaLly agreed that the possible psychological effect on
the stock market should not be allowed to act as a bar from
doing What was best for agriculture and commerce; that if
necessary, direct action should be used to control speculation.
July 27, 1927. 16, 17
0.8.R. said that, while he rested his opinion primarily on domestic
grounds as heretofore explained, he agreed with Gov. Strong
as to the gain to our agricultural exports from assisting
Bump' in stabilising its purchasing power.
C.S.R. moved that it was the opinion of the Board that the P.R.
banks should reduce discount rates.
Gov. Strong and Gov. Norris thought it inadvisable to send out What
the P.R. banks might construe as a. order to reduce. (Gov.Strong
denies that the Board has my such power.)
After lunch Gov. Strong reported a draft of minutes of the meeting
with a declaration that they represented the sentiment of the
Board, and omitting every statement which could be construed
as a direction or order.
It was moved and passed unanimously.
July 27, 1927. 16
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Federal Reserve Bank of St. Louis
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Discount rates (Oontld.)
C.84. moved Committee be authorised to purchase ui to 50 millions
Passed unanimously.
July 27, 1927. 16
0.8.11. Op/maga that he based his desire for lower rates primarily
on domestic grounds, although he fully agreed with what Gov. Stra2g
said as
the international grounds.
July 27, 1927. 17
Board approves decrease at Kansas City to 414.
July 28, 1927. 18
Bostbn, Cleveland, and New York reduce to SO.
Aup;. 1 - 4, 1927. 18
Gov.
C. calls C.S.R.up at Mattapoisett
QUotes VS11 It. Journal -1,1. Bank. Chicago, will defy Board and
will not lower its rates.
Wires Heath demanding explanation.
Heath denies emanated from T.R. bank.
James want to put in a 30 rate.
Says he, Comptroller, and
Has wired Cunningham.
Asks C.S.H. for opinion
C.S.H. wait until Monday
C.S.H. talks with Platt
Platt objects to initiating a rate.
Said it was ixecutive Committee which declined to lower the rate,
but that directors had not mat.
Aug. 4, 1927. 18
Platt writes C.S.H. as above.
Aug. 5, 1927. 18
lxecutive Committee of Chicago bank votes for no Change in
rate.
Aug. 26, 1927. 22
Gov. C. wants to initiate rate of 30 at Chicago.
C.8.11., Platt and Comptroller object.
Motion seat over
C.S.H. and Platt opposed as Board has not asked any bank
to reduce
but merely sent each bank the minutes of the Boardls meeti
ng
with Open Market Committee in which the feeling was expre
ssed I
that rates should be reduced.
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Philadelphia had a meeting before N. Y. reduced and decided
not to reduce for the present, at least.
Gov. Norris told C.S.H. that Wayne objected for the reason,
Gov. Norris believes, that a reduction would necessitate
lower customers rates.
Richmond also refused to reduce, but agreed to wire its directors
if 2 more banks reduced.
Atlanta reduced today and Dallas yesterday.
Aug. 12, 1927. 19, 20
4
Richmond reduces to 30.
Aug. 15, 1927. 20
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All P.R. Banks have reduced except ahicago. Phila. and Minn.
and San Prancisco.
Aug. 16, 1927. 20
Board met to consider Chicago rate question.
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Last week Heath wrote that the Zxecutive Committee at its meeting
at which 3 were present, although pertona14 inclined to
reduce, yet did not reduce because of absence of 3 members
known to be opposed.
Governor Crissinger, James, Cunningham and Comptroller replied,
acting as ftecutive Committee, that the Board did not approve
action in keeping rate as it was.
Heath replied that the directors would meet on Priday, Sept. 9th,
and he was confident they would reduce, as reply to Heath was
first official intimation that the Board wished a reduction.
•
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Heath also said Simpson, one of his directors, hiLd said he would
vote to reduce if the Board wished it.
•
question first arose on motion to ratify the minutes of the above
laecutive Coaaittee action of the Board.
•
Platt objected, as Zxecutive Committee was given no authority to
disapprove any rate: - its authority was specifically limited
to approve any proposed reduction to 34% if at the time no
quorum of Board was present.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Discount rates (Contld.)
C.S.H. agreed with Platt.
The motion to ratify was passed.
Ayes Gov. Criseinger, Comptroller, James, Cunningham
No: Platt, Miller, C.S.H.
Cunningham moved to initiate and put in a 3% rate at Chicago.
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C.S.H. moved as a substitute that the existing 4% rate
(disapproved by our Executive Comittee) be held to be
the lawful rate until the close of business on Friday,
Sept. 9th. (the date of the directors meeting)
.
4
•
Miller objected to C.S.H. substitute motion as it might be
construed by Chicago as a willingness of the Board not to
change the 4% rate if the directors on Sept. 9th should to
vote.
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Miller said, however, that he sympathized with C.S.H.Is motion.
C.S.H. said he offered the motion for fear there might not be
any lawful rate after the disapproval by Executive Committee
of Board.
C.S.H.Is substitute motion was defeated.
Are: Platt,
C.S.H.
No: Gov. C., Comptroller, James, Cunningham
Not voting: Miller
Friday, Sept. 6, 1927.
24, 25, 26
then moved as a substitute that the matter be postponed
until after the Chicago directors, Friday, Sept. 9, 1927.
eoxt'*-4.*
C.S.H. said evident that Chicago directors will reduce on Friday,
as stated by Reath; extraordinary to take such precipitate
action now when by waiting until Friday action would come of
itself.
Jaws insisted on settling the question now and not waiting, that
a good reason for acting now was that John Mitchell, one of
the Chicago directors, had asked Boehm., a St. Louis director,
not to reduce the St. Louis rates as such action would cut
down the profits of the member banks.
C.S.N.Is substitute motion was lost.
Ayes Platt, Miller, C.S.H
..
No: Gov. C., Comptroller, James, Cunlingham.
Sept. 6, 1927. 26
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Federal Reserve Bank of St. Louis
63.
Discount rates (Contid.)
Cunninghamis motion to initiate a 3i% rate was then debated.
C.S.H. said the Board had the power to put in a rate, the Attorney
General having so advised us in 1919, but that the exercise of
this admitted power at the present time would be extraordinary
and unnecessary, as we knew from Heath that Chicago would
reduce on Friday, only 3 days distant.
CSH said he personally believed rates should be reduced, and if he
had been a director of the Chicago bank he probably, from his
present knowledge mould have voted for a reduction, but that he
should sustain the recommendation of P.R. bank directors unless
it was clear that their judgment was wrong as they were the
best judges of b,,nking conditions in their district.
C.S.H. said he had in mind offering a resolution that Board would
favorably entertain an application for a commodity rate of
34% on paper secured by warehouse receipts covering readily
marketable avicultural staples where the customers rate did
not excited kb.
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C.S.R. said that the fundamental reason of =std the Board and of
.
the Open Market Oommittee for favoring a reduction of rates was
an International one, ..the desire of New York to help Great
Britain maintain its gold standard, which would be imperilled
if the Bank of Angland increased its rate in order to prevent
further gold Imports from U.S. - which it would have to do if
New York did not reduce its rate, as the spread between the
Bank of lagland rate (40) and the New York rate (4%) was not
enough to prevent gold moving to U.S.
C.S.H. said there were good reasons for reducing the New 'To* rate
on stabilisation of the gold standard in Great Britain and
Nurope would help its purchasing power for our agriculture and
other exports.
C.S.H. said he did not believe the Board had lawful power to initiate
a rate at adcago for international reasons; nor to put in a
uniform rate to help New York stabilize Nuropean currencies.
fp:
Sept. 6, 1927.
C.S.H. said he had stated at Open Market Conference that he believed
rates should be reduced for local reasons, - a desire to help
farmers move their crops; that While as a fact most of them
might receive no such benefit, yet it made it possible for the •
member banks to give them lower rates.
1.•
64.
Discount rates (Contld.)
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Most of those at the Conference believed the farmers would receive
no benefit.
Sept. 6,1927. 27, 28
?
•
C.S.N. also said the power to initiate a rate should be exercised
only under extraordinary conditions; that it would be the height
of absurdity to put in this rate now when we knew that within
3 •days the directors would put it in; that there was absolutely
no emergency justifying action now.
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Platt claimed the Board had no power to put in a rate except in
connection with the establishment of some new rate asked for
approval of Board; that a mere statement, "No change" was not
such a request by the P.R. bank; that the Board never had so
considered it, but merely NNotedw such cases.
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Sept. 7, 1927. 28
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C.S.H. disputed this pointing out that in the circulars of 1915
and
1918, - still in force, specifically defined such a notice as
an gpplication, and that the records in this case referred to
the communication as a request for the establishment of a 4% rate.
Sept. 6, 1927. 29
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Cunningham motion to put in the 30 rate was then passed.
Aye: Gov. C., Comptroller, James, Cunningham
Not Platt, Miller, CM.
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Federal Reserve Bank of St. Louis
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Miller asked that the notioei should state it was carried by a
majority vote.
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C.S.H. objected as it was a decision.of the Board.
C.S.N. said, however, he should feel at liberty to state to any one
exactly how the vote was east, - especially to Senator Glass.
. .
All agreed to this.
.
Sent. 6, 1927. 29
After the vote had been taken, Platt said Sec. Mellon would be back
shortly and should be given an opportunity to be heard.
It was objected that the vote had been taken and must be announced
to Chicago today.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
65.
Discount rates (Contid.)
C.S.H. did hot know that Sec. Mellon would be back tomorrow.
If he had he would have insitted on having the matter held
up
We adjourned until afternoon and then met Again.
•
Mealtime Gov. C. had talked with Chicago, and Gov. McDougal asked
' that our notice should read that the rate was fixed for
Chicago instead of at Chicago, to Which all agreed.
A telegram was then approved announcing the decision.
Sept. 6, 1927. 29, 30
C.S.H
during the discussion, sa:d that by, Crissinger in his let ers
and telegrams to Chicago, had made the issue an international
and not a local one.
Gov. Crissinger denied this and had read one of his letters saying
that the issue was international arid national. The contest,
however, clearly showed that by “National" he meant the inter.st
of the Treasury; it clearly exclud.d all local consiierations as
to rates.
Sept. 6, 1927. 30
j
,
,•
,
Glass calls up C.S.R.
Was furious at decision.
•
Is preparing letter of protest to Governor Crissinger.
Board has no right to put in a rate at its own volition.
C.S.H. asks to see him before he sends the letter.
C.S.H. reminds Glass of his letter to Attorney General in 1919
and the opinion of Acting Attorney General King that the Board
had such power.
Glass asks C.S.X. for a copy of his letteromarked to show any place
in it in which he had advocated any such power.
LI 4'T
,
Glass then called on C.S.R.
LA
C.S.H. reads Glass his letter to Attorney General based on
Elliott's
opinion Which Glatt; had enclosed.
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Federal Reserve Bank of St. Louis
66
Discount rates (Conted.)
C.S.H. pointed out that Glass wrote Attorney General that he
agreed with every word in Elliott's opinion and that it
could have been expressed much stronger.
1.
•
This staggered Glass who said hisreason for asking the opinion was
that Governor Strong wanted to increase certain rates in
New York which Leffingwell and he believed would injure
Treasury operations, and that direct action should be used to
control credit.
C.S.H. said the controversy with Governor Strong was no reason for
asking the opinion of the Attorney General, for it was clear
that Tederal Reserve banks could not fix rates without
approval of the Board.
Glass finally said he had had a violent dispute with Governor Strong
and that he probably wanted to Show him that the Board
had full powor.
•
•
. .
74:
I
Glass also said that his request for an opinion grew out of war
exigencies and the opinion should not govern in peace times.
C.S.H. said Glass would hardly want to announce this to the public
and here ,replied "Decidedly No."
Sept. 7, 1927, 31, 32
-„
• C.S.H. told Glass he believed this power was absolutely essential
but should be exercised only in grave emergencies; that he
could not strongly enough condemn the particular exercise
of the power; that he felt Congress should amend the Act to
require at least 5 affirmative votes to exercise it.
P
-
wIass said Congress must take this up and he would give it careful
consideration.
Glass said it was an evidence of the desire of certain members
to
centralise authority in the Board.
...
C.S.H. agreed to this in this instance but not as to the power
itself.
Glass said under such a power the Board could put in one uniform
rate in the 12 districts, which Congress never intended; that
it was the uniform rate as much as anything else which killed
the Aldrich bill.
.. .
C.S.H. agreed there should be some limitation of the power.
Glass said if the Board has it it is unlimited; that the Board
could
fix rates so as to draw all the money of the country into
N.Y. or vice versa.
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Federal Reserve Bank of St. Louis
6'?.
Discount rates (Contld.)
O.S.H. agreed the power was subject to abuse and he would agree
to any reasonable limitation of it.
C.S.H. said suppose all the P.R. banks but, one had a3% rate but
that one, e.g. Chicago, insisted on keeping in a 5% rate, or
suppose all the P.R. banks kept in an absurdly high rate and
refused to Change. To protect the interest ef the public the
Board should have power to put in a proper rate.
Glass said this was an extreme case.
C.S.H. replied you must test the matter by quoting extreme cases.
Glass said Congress never intended to grant such a power.
C.S.H. agreed Congress may not have had this specific power in
mind but said this would not prevent a court from ruling that
it had the power.
•
•
.1 .
•
Glass finally said his action in approving Blliott's opinion in his
letter to the Attorney General showed the futility of doing a
bad thing for good purposes.
C.S.H. said - we are in a fix - you must help us out of it!
Glass replied, I agree but it is I who am in the fix'
Sept. 7, 1927. 31, 32, 33, 34, 35
Wanly this a.m. C.S.H. told Mills of the Board action.
indignant.
Sept. 7, 1927. 35
He was very
Gov. Strong lunches with C.S.R. at Cosmos Club. He said he called
up Governor Crissinger Tuesday a.m. Sept. 6th; that Gov. C.
said toe Board would put in the 30 rate that morning; that he
protested against said action; that he told Gov. Orissinger he
was to meet Sec. Mellon - just returned from abroad, - later in
the morning and would discuss the situation with him; that
later in the morning he had. a conference with Sec. Mellon who
was greatly disturbed and requested him to call up Gov. C. and
tell him be would like to be heard on this matter tomorrow Wednesday- morning when he would be back at his office. Gov.
Strong said he called up Governor Crissinger about noon and
delivered Sec. Mellon's message but that Gov. C. told him the
vote had already been taken.
Sept. 9, 1927. 36
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Federal Reserve Bank of St. Louis
68.
Discount rates (Cont d.)
Governor Crissinger never mentioned this to the Board, , after
'
lit
the vote had been taken when Platt suggested that Sec. Mellon
would soon be back in Washington, Governor Crissinger merely
said that Sec. Mellon would be back tqmorrow morning.
He
evidently learned this from his talk with Gov. Strong, but he
never told the Board that Sec. Mellon tad requested a postponement
.
If Governor Crissinger had given us Sec. Mellon's message, Platt and
C.S.H. would have insisted on a reconsideration and postponement
until the next day.
C.S.H. is satisfied that Governor Crissinger concealed Sec. Mellon
's
request for postponement from the Board knowing that Sec. Mellon
would oppose putting in the rate, and that he was disloyal both
to Sec. Mellon and the Board.
Sept. 9, 1927, 35, 36
0.11.11. sees in Boston Herald a telegram from Glass to the
Baltimore Sun
attadking the action of the Board, and claiming at first
that
the Board's power was limited to extraordinary emergencies,
but
later denying any such power in the Board except where a P.R.:Sa
nk
has filed an araication for a new rate.
C.S.H. can not see how Gloss can reconcile this with his letter
to
Attorney General in 1919.
•
Miss Laning telephones C.S.H. in Mattapoisett and says She
is
forwarding a letter from Glass.
Sept. 10, 1927. 36
•
• -
•
J
Received Glass's letter enclosing an interview from Baltimore
Sun. /n
it Glass assumes Board had the power but that it should be
exercised only under grave emergencies; that this was not such
an emergency and that the exmalseof the power in the case
satisfied him that the Wall Street Journal article gas correc
t
and that a majority of the Board was trying to arrogate the
functions of a central bank. At last Glass is on solid
ground.
Sept. 12, 1927. 37
Platt told C.S.H. that a meeting today nothing was said about
the
Chicago rate case.
Gov. C. tells C.S.H. he has resigned.
C.S.1. asked Governor C. how Sec. Mellon would have voted
on Chicago
rate ease had he been present.
Gov. C. did not answer directly but said Sec. Mellon told him
he
could have fixed up mattere had he been there.
1
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Federal Reserve Bank of St. Louis
69.
Discount rates (Oontld.)
Governor Orissinger referred to Governor
Strong's talk with him
over the telephone from N.Y. on Tuesday
- exactly as
Gov. Strong told C.S.H.
Governor Crissinger later said Governor
Strong reported to him
his talk with Mellon but he told him the
Board had already
settled the matter.
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C.S.H. believes Governor Crissinger clea
rly disloyal in not telling
the Board of Sec. Mellon's request for
postponement.
Sept. 15, 1927. 38, 39
At dinner given by Federal Advisory Coun
cil Mr. Heard told C.S.R.
that, in view of Governor Orissingeres
resignation, the Council
would soft pedal its censure of the Chic
ago matter for fear of
injury to P.R. System, altho it consider
ed the Board's
action arbitrary and unjustifiable, esne
cialy in view of
Heath's letter.
Sept. 15, 1927. 39
After the dinner C.S.H. had a talk
with Sec. Mellon, who was present.
Sec. Mellon said it was incomprehensible
to him how the majority
could have acted so foolishly and aske
d me what their
reasons were.
C.S.H. said he believed it was anger and
vindictiveness because of
the Wall Street Journal article stat
ing that t'IP Board
had asked Chicago to reduce but that
it had positively or
would positively decline; that Gove
rnor C. wired Heath that,
in connecti)n with the newspaper stat
ements, three of the
Board wished to put in a 30 rate at once
.
C.S.R. said Reath denied that these pres
s stltements were inspired
by or given by the P.R. bank officers
, aad yet Governor C.
sent this telegram; that the desire
to punish some one was
thus clearly shown on the record; that the
exciting cause could
not have been to put in the rte, as
Heath's telegram clearly
_showed that the Directors would put in
the 3l f4 rate on Friday
l
when they were to meet, - only 3 days
later.
Sec. Mellon confirmed what Gov. Strong
told C.S.H. as to his talk
with him and his message through Gove
rnor Strong to Irov. Crissinger
to hold up the sailer until the next lay
hen he would be in
Washington. He added that he could
not go to Washington on
Tuesday because of imperative engageme
nt,but felt that one
day's delay would wan nothing.
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Federal Reserve Bank of St. Louis
70.
Discount rates (Contld.)
Sec. Mellon told C.S.H. he had asked Wyatt to prepare a
letter to the Attorney General asking his opinion;
that Ghicado haA asi:ed him to do this.
C.S.H. said if the Attorney General should reverse Acting
Attorney General King's opinion of 1919 it would inject
politics into the situation to the injury of the P.R.
System; that to avoid this Glass night write him asking
for such an opinion, thus keepirig politics out.
t .
er-JP.
4
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$14100000
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t*P41,
Sec. Mellon said he comli hardly ask Glass to
do this as he
was not an officer of the P.t'. Syst
em.
C.S.H. said he intended On his own responsi
bility to ask
Glass to do this; that Sec. Mellon would know
nothing
of it unless and until such a letter came
.
.,z
G.S.H. asked Sec. Mellon to hold 11.) his pronosed
letter to the
Attorney General for a few days, which he
agreed to do.
C.'5.H. said he did not believe the Attorney
General would
reverse King's opinion, an Sec. Mellon agre
ed with him
saying the Board had the power but should
exercise it
only in extraordinary emergencies which the
present case
was clearly not one.
•
,
0..H. said he should shortly sugzest a
new by-law providing for
5 affirmative votes, Which pleased Mellon.
.%S.R. said Gov. Harding's letter should
be attached to any
request for an opinion.
3.S.H. explained Glass's - views.
C.S.H. said that the statement that Glee
s said Gov. Strong
once made to him that the P.R. bank had, the
right to
establish a rate wholly apart fram the Boar
d, probably
meant that Gov. Strong had the same view
s as Gov. Harding
now had, and that Glass and Leffingwell
wanted to show
Gov. Stroftg that the Board could do as it plea
sed in any
rate matter.
C.S.H. also explained to Sec. Mellon that Leff
ingrell once
charged that Gov. Strong had promised the
3ank of England
to increase P.R. Bank of' New York rates,
and when he
found he could not make good generally,
he tried to put in
a higher rate on an issue of Treasury certi
ficates than
the certificates were to carry, intendin
g thereby, out of
a feeling of vindictiveness, to
wreck thel issue.
Sept. 13, 39, 41, 42, 43
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Federal Reserve Bank of St. Louis
71.
4+444 *, iwtatewitmi
,
Discount rates (Contid.)
The Federal Advisory Council at its meeting with
the Board
discussed the Chicago rate question at great
length.
Cunningham and Janes were put on the rack
and asked to explain
what emereency there was which would not
admit of
waiting fronTuasday to Friday.
Their replies were unsatisfactory aid almo
st trotesque.
Heath's letter to the Board was read, as
also C.S.H.Is two motions
based on the letter.
Dr. Miller said that although he did not beli
eve the order should
have been issued and so voted, yet that if
the Diroctors
at the meeting had refused to reduce, he woul
d then have
voted to put in the rate, had such a motion
been made.
This greatly surprises C.S.H. for he believed
Miller was opposed
to any reduction and when he went West he
stopped over at
Chicago and Minneapolis and later attendod
a directors
meeting at San Francisco, - all of which bank
s at first
refused to reduce rates.
1_
News came to C.S.H. also that Miller in disc
ussizethe matter with
bankers, on his trip, oplosed reduction.
Sept. 16, 1927. 43, 44
After the conference with the Federal Advi
sory Council, the Board
withdrew and an hour later it as*d the
Board to come
back, whereupon Mr. Wetmore read a reso
lution condemning
the action of the Board, but in very temp
erate language,
Wetmore said the resolution wouldnot be put
in the general
files of the Council and, consequently
,would not be
published as a part of its proceedi
ngs.
Sept. 16, 1927. 44
Zar4 this a.m., before the Coullcil meet
ing, C.S.H. called up
Glass at Lynchburg, Va., and said he was
going to ask
Sec. Mellon to request an opinion from
the Attorney General
and milted Glass if he would authorize
C.S.H. to tell
Sec. Mellon he wouldlike to have this done.
Glass authorised C.S.H. to say this to
Mellon.
C.S.H. then wrote Mellon and suggested send
ing Gover. Hardines
letter also.
C.S.H. also told Mellon he would obtain
from Gov. Harrison the
opinion of John G. Johnson which shou
ld also be attached.
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Federal Reserve Bank of St. Louis
72.
Discount rates (Contld.)
C.S.H. called up darrison who said he would
obtain authority from
Gov. 6trong to send C.S.H. the Johnson opini
on and also Dne
from White and Case, given to the N.Y.
directors.
Harrison later called up C.S.H. and said
that Alexand-r, the N.Y.
member of the Council, had with him both opin
'ons, and asked
C.S.H. totell him to deliver both to Sec. Mellon.
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In the afternoon, C.S.R. had a talk with Sec.
Mellon to tell him how
matters were going, and while with him Alexa
nd(er called and gave
C.S.H. the ()Anions which 3.S.H. at once turne
d over to Mellon.
C.S.H.t&I Mellon the usual procedure was
to have Wyatt draft a
letter for the Secretary to sign, and that
the above o)intons
should be attached to it.
C.S.H. again explained to Sec. Mellon that
Glass's request that an
opinion be obtained would remove the quest
ion freapolitics in
ease King's opinion should be reversed, as Sec.
Mellon could
say that to Democrats, - Glass and C.S.
H. joined in the Chicago
request.
-.not ap ILA.)
(
Sec. Mellon said he saw the point and seemed
much pleased.
Sept. 16, 1927. 45, 46
C.S.H. has a good talk with Alexander as
to the Chicago rate case.
•
C.S.R. asked Alexander to find out from Gov. Stro
ng the exact time of
his second talk with Gov.Crissinger on Tues
day, Sept. 6th.
Sept. 16, 1927. 47
bTer"
4.
100100!
- •
X10Y
.0kEvtlit
•
At 5:30 Glass called up
and asked as to what action the
lederal Advisory Council had taken as to the
Chicago rate case.
C.S.H.said it had passed a resolution condmning the Board but would
not publish it.
Glass was indignant and said it must be publ
ished.
C.S.H. later wrote Glass to regard his stat
ement an confidential.
•
About 10:30 p.m. Platt called up saying Glass
had called him u) and
was very angry because the Council was not
to publish its
resolution and said he would write Wetmore
and would regard
his knowledge of the Council resolution
as confidential.
C.S.H. gave Platt Wetmorels address to give to
Glass.
Sept. 1*), 1927. 48
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Federal Reserve Bank of St. Louis
Discount rates (Cont'd.)
Glass calls up G.S.H. and asks fof Wetmore's addre
ss. Said he
would demand that Council resolution be made
public; that he
would write rresident Coolidge and advise him
to remove the
Comptroller, James and Cunningham.
Sept. 17, 1927; 49
Curtiss tells C.S.H.
responsible for
federal Reserve
majority to put
in Boston he had heard that Dr. Miller was
the statements in the Chicago papers that the
bank would defy the Board, which caused the
in the 30 rate.
Sept. 19, 1927. 50
Eddy wires C.S.H. that the telegram to Chica
go bank putting in the
30 rate was filed with the Board's teleg
raph office at 12:23 1 .
34
1
(N.Y. time 1:23 p.m.) and put a Chicago wire at
12:44 p.m.
(N.Y. time 1144 p.m.).
Sept. 19, 1927. 50, 51
3ov. Strong calls up C.S.H. from New York and
said that his telephone
message to Governor Crissinrger tqat Sec. Mello
n,
isked postponement
until the next day,was delivered by him to
Gov. C. before
12:23 p.m. (N.Y. 1:23 p.m.) when the Board
's wire to Chicago
was sent.
Gov. C. never mentioned this massage to the
Board, but deliberately
withheld it, as C.S.H. believes conclusively
proved, in order to
jamthrough the Chicago rate. He was disloyal
both to Secretary
Mellon and to the Board.
Sept. 20, 1927. 51
Gov. Harding, in a letter to Gov. O., Platt and
Gov. Norris suggested
a construction of “established" which appea
ls to
and
which he hopes Sec. Mellon will attach
to his letter to Attorney
General.
(See scrap books)
Sept. 21, 1927. 53
Ogden Mills tells C.S.H. he is satisfied
Goverror C. was disloyal
in Chicago rate case.
Sept. 26, 1927. 54
Mills said he believed Attorney General would
sustain King's opinion
and this would stiffen up the major
ity.
Mills said Gov. Strong had suggested a by-la
w nroviding for 5 affirmative
votPs.
C.S.H. said he had already told the Feder
al Advisory Council he would
prepare such a by-law.
74
Discount rates (Oonted.)
•
Mills said the Chicago bank would drop its reque
st for an o2inion
if such a by-law were adopted.
..4414',.,4.00 •
_
Mille and C.S.H agreed that C.S.H. should offer
.
such a by-la';
and said Sec. Mellon would like Newton Baker
's opinion on
its legality.
Seut. 26, 1927. 54, 55
1,4AI4'1,14e ^07 trOtA ,
,•".
Platt tells C.S.H. he distinctly remembers
that Gov. C. was called
out of the Board meeting to answer a N.Y. telep
hone call,
before the Board sent the Chicago telegram.
"4.14.1 :t
.4 •
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
This clinches Governor C's disloyalty
.
Sent. 26, 1927, 55
chsvc'amp woo
'
,
' 1
IA /0.4•41 ( dem,*44104
A
:
•
,
•
Board met
present:
Sec. Mellon, Platt, Miller, Jamer., C.S.H
.
•
itt
cal IOU, tmltostt .
!rt.rft tato bete AO •
C.S.H. gave formal notice of a new by-law, 5 affirmative
votes.
•
•• •
,r
James objected saying he felt bouni by Wyatt
's opinion until
reversed by Courts.
Miller suggeted =animus agreement.
James said he never would agree.
•••'
Jame said he might agree to ask Baker's opini
on if the
opinion of the Alttorney 1.eneral .11.so should
be asked for.
•
Ott
,
• #144.!*
C.S.H. said he doubted the correctness of
lyatt's adverse
opinion and Sec. Mellon agreed with
C.S.H.
trAirt
Miller said he agreed as to necessity for
5 -ffirmative
votes when no application for a rate had been
mde by a
bank, but he thought a majority could subst
itute a rate
other than that established by a P.R.
bank.
rp skr4a:
said his by-law would provide:
•
Initiation of a rate, - 5 affirmative
votes.
'Change in rate suggested for apl)roval, 5 affir
mative votes.
•
•
•
James said he would favor a gentleman'
s agreement covering
C.S.H.Is by-law.
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Federal Reserve Bank of St. Louis
75.
Discount rites(Co nt 1 d.)
Agreed that C.S.H. should draw up a gent
leman's agreement to be
submitted at next meeting when Gov. Youn
g qualifies.
James refusal to agree to a unanimous vote for
the new by-law kills
it, for
clearly tho Board could not pass such a by-l
aw by a
majority vote.
Wyatt at C.S.H.'s request draws up a gent
leman's agreement which
C.S.H. did not like. Wyatt doubted its
advisability and begged
us to go to Congress for relief.
Sept. 27, 1927. 58
C.S..H. draws up gentleman's agreement
and shows it to Sec. Mellon.
He approved it except the clause "pending
the determination
of the matter" Which rather bound Board
to ask opinion of
Attorney General.
Sept. 29, 1927. 59
Comptroller urges Gov. Strong not to pres
s the Gentlemen's agreement
now as Jaaes is inclined to be ugly.
Gov. Young suggested holding it up for a few
lays.
Oct. 4, 1927. 62
Glass called and said matter will come up
in Congress unless
federal Adviory Council publishes its
reeolution and Board
passes tlts by-law.
Oct. A, 1927 64
Delano tells c.s.x. Richmond would sonn
)'it up its
was not earning its expenses.
as it
Oct. 4, 1927. 64
After a talk with Sec. Mellon C.S.H. aske
d for more time on gentleman's
agreement.
Agreed to.
Oct. 5, 1927. 63
C.S.R. feels Comptroller will try to stav
e of the qentlemen's
agreement as it reflects on himself, haVi
ng voted to out in
the Chicago rate.
C.S.H. feels a majority of present Boar
d is opposed to precipitate
initiation of a rate, but that it shou
ld past the by-law to keep
the matter out of Congress.
Oct. 5, 1927. 63
Gov. Young tells C.S.H. that Cunningham and
James will not agree to
any by-law or even a gentlemen's agreemen
t as they are getting
support from agricultural papers in
west and northwest.
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Federal Reserve Bank of St. Louis
73.
Discou4t rates (Contld.)
Gov. Young suggested holdinr: it up and he wolld try to persuLde them.
C.S.H. saw Sec. Mellon Who favored letting mbtter rert for
present.
Oct.10, 1927. 68
Gov. YcYlng said Comptroller told him he did not know Secretary
laellon was coming back ,)n next day; if he hal known he would
not
have voted to put in the Chicago rate on
rday.
C.S.H. remembers that Comptroller was not in the meeting
when Platt
spoke of the Secret .ryls return shortly.
Oct. 10, 1927. 65
Gov. Young says he aas suggested a by-law that before putting in
a
rate, ten days notice should be given to the Federal Reserve
bank and a he(ring should be held.
Gov. Young said Cunningham seemed to favor this.
Oct. 10, 19`37.65
Gov.Young said Gov. Strong told him he had just had a talk with
Glass as to their rzte controversy in 1919, and showed him a
memorandm which Alexander had 0.411 and that all their
differences had bden removed.
Oct. 12, 1927. 68
rederal Advisory Council give Boari a co,:y of its resolut
ion of
Sept. 15, criticising Board's action in Chicago rate
zise.
Nov. 18, 1927. 83
Willis cam9lains'to C.S.11. of President Coolidge's claim
as to low
discount rates maie in campaign of 1924.
Dec. 10, 1927. 91
comAains of Sec. Yiellon's frequent interviews as to discoun
t
rates; also as to his statement that Gov. Thing's Tpoint
ment
would not af'ect P.R. discount policy.
C.S.H. said this did not mean that Gov. Young :as pledge
d to any
di.:count rate policy.
3.S.H. said Sec. Mellon had never tried to dominat
e either as to
discount rates or anythin, else.
::
C.S.H.saii the Treasury had never dominated the Board
except daring
the war when by putting in low r:.tes on Treasury
certicicates it
necessarily forced the P.R. Board and banks to give corresp
ondingly
rateo on ,paper secured by the certifichte%
Dec. 10, 1927. 91
1
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Federal Reserve Bank of St. Louis
77
Discount rates (Contid.)
t•03
Dr. Miller says exisiting speculation on Wall Street was aause(5. by
low discount rates, etc. causing cheap money.
)4jr 72
., 7
wv4 ..• • •
He forgets that under the existing 4% rate gold was corning into
U.S. and would continue to come unles,, P.R. bank, New 'fork,
reduced its tate or Bank of ngland and other central banks
increased their rates, which would injure our agricultural
and other exports.
C.S.H. said lower dibcount rates helped the small manufacturered in
the competition with the large manufacturer.
co,
:e
Miller denied this, claiming that easy money helped the big manufacturers crush the smaller ones.
Gov. Young asked Uiller if he believed tight money helped the small
manufacturer?
Miller did not reply.
Jan. 9, 1928, 108
Gov. Young said securities should be sold first and pointed out
that higher rates change only the cost and not neces_arily the
quadlty of credit while sales of securities changes the quantity
at once, and that this was the bear course.
Jan. 9, 1928. 108
00v. Young says he thought N.Y. directors wanted to increase dincount
rates, and that Hoxton said Richmond wanted to increase; that
he advised Hoxton to wait until after Open Market Committee
meeting.
Jan. 10, 1928. 109
The Board feels that before putting up rates we should sell securities
and authorized Committee to sell from 50 to 75 millions, as
requested by Committee.
Jan. 10, 1928. 109
McGarrah, Wooley, and Raeburn came down to discuss discount rates.
MoGarrah thought time was near for increase, altho he agreed to
policy of selling securities first.
Woolley feared a rate increase might retard business which
showing slight improvement.
as
'Sebum thought rates should be increased and that it would not hurt
business.
All agreed securities should be sold first.
Jan. 11, 1928, 109, 110
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Federal Reserve Bank of St. Louis
78.
Discount rate's (Contld.)
Returning from New York after a consultation with Alexander,
Miller vehemently opposed increasin discount rates to
,
control the cr-dit situation but favored tontinuance of
sale of Govt. securities.
Jan. 11, 1928. 111, 170
Glass says Board has no power to put up discount rates to control
stock speculation unless agriculture and business are being
injured and even then he had some doubts as to Board's power.
Jan. 27, 1928. 11;4
Glass thought a slight increase in discount rates would neither
hurt business nor control stock speculation.
Jan. 22, 1928. 114
Board discussed brokers loans.
Miller, who a week ago opposed any increase in di count rates
shifted his ground and favored an increase.
Miller said New York was selling securities timorously and had no
control over the situation.
C.S.H. asked Miller as to Glass's suggestion that bank Presidents
be called together and admonished.
Miller said the bank:Presidents were alive to the situation and
could do nothing as the money came from outside N.Y.
Jan. 23, 1928. 115
Board considers Chicago application to increase rates to 0.
Present: Sec. Mellon, Gov. Young, Miller, Comptroller, Cunningham
and C.S.H.
James sent a letter favoring the increase.
Platt moved to approve.
Most of Board seemed to favor the increase.
C.S.H. said this was not an application for a uniform increase at
all barks but simply from the F.R. Bank of Chicago; that if
he had been a director of the Chicago bank he would, from
his present-knowledge, have voted against an in:rease, on the
ground that he saw no reason from local conditions but merely
a desire to reduce brokers loans in N.Y.; that agriculture '
and commerce were not affected by this xpeculatioa that he
did not want to dill the slight improvement in business;
but
1
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Federal Reserve Bank of St. Louis
79.
Discount rates (Oontld.)
That Heath's telegram gave reasons base
d on local conditions, - that
7.R* rates were out of line with customer
s rates, - 3i% to 44%;
that if our Board overruled the judg
ment of the P.R. bank
directors as to local conditions,
it was a responsibility which
should not be assumed unless we were
certain the P.R. bank
directors were in error; that our effo
rt to control conditions
in N.Y. thru sales of Govt securiti
es had not given us control
of the situation as to brokers loan
s; that he could not feel
certain that the judgment of the Chic
ago directors was wrong;
that, to be sure somewhat regretfu
lly, he had determined to vote
to approve the increase.
•
box:1)404
ref
er-
•
•
The other members, except Cunningham,
expressed similar views.
Cunningham could see no reason for
increasing the rate.
Board voted all in favor, except Cunn
ingham. who voted No and said
would place on file his masons.
Jan. 24, 1928. 115, 116, 117
4.•
Cunningham filed his reasons for voti
ng No.
He said Chicago had advanced no reas
on for increase except to curb
stock speculation until Heath sent
his *inspired' statement
that P.R. rates were out of
line.
1PAC
!
obiSei
fjt
He finally struck out *inspired.*
utamt:
He claimed that by approving the
increas the Board had in effect
recorded itself as favoring control
of stock specul,
Ition through
rate increase, altho business
was not being injured and no
increase was needed for agricult
ural or business reasons.
C.S.H. believes there would be more
force in Cunningham's reasoning,
if Reath had not vent the telegram
.
Jan. 25, 1928. 118
•
Board considers Richmoni k appl
ication to increas- to 4%.
Cunningham introduced a resoluti
on calling for a report by P.R.bank
s
as to use of rediscounts for spec
ulative purposes,whidh he
claimed to be illegal under the
terms of the 7.R. Act.
•
(Miller also 83 claimed in his
Boston speech of Nov. 17, 1925)
Sec. Mellon came in art a long
discussion followed.
..M.111100
.
?er-
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Federal Reserve Bank of St. Louis
80.
Discount rates (Contid.)
Governor Young and Hiller mildly crit
icised the resolution,
pointing out that there were few, if
any member banks who
were continuous borrowers rho were
loaning any great amounts
on call in New York; that the banks maki
ng large call loans
were borrowing from the P.R. banks
only temporarily from day
to day.
Miller favored an increase in dincount
rates for reason that the
higher rate would make them less like
ly to loan on call.
Miller gave the distinct impression that
he favored control of
speculative loans through discount
rates rather than through
direct control.
C.S.H. recommended Miller that in his
Moston speech on Nov. 17, 1925,
that it was illegal for 7.R. banks
to discount for banks
carrying sneculative loans.
Miller gave an equivocal reply and
said his proposed letter to
/ederal Advisory Council, Which the
Board finally tabled,
stated his attitude more plai
nly.
It was finally agreed that the reso
lution should be taken up next
week,at a meeting to be fixed by
the Governor in consultation
with Sec. Aellon.
o#
Board voted to approve Richmond
incrlase.
Aye: Sec. Mellon, lov. Young, Platt,
Comptroller, C.S.H.
Not Cunningham.
Jan. 26, 1928. 120, 121
New York increases discount rate
s to 4%.
!Ob. 3, 1928. 123
Gov. Young tells Senate Committee on
Banking and Currency that if
brokers loans shou
ld increase so as to react on general
business so as to encourage business
Tmoulation, the F.R.
banks will increase rates and sell
securities.
Gov. Young put the recent increase
in discount rates as caused by
gold movements and not for purp
ose of restrainingspeculation.
Mar. 7, 1928. 135
C.S.H. and Cunningham did not apnr
ove recent rate increase for
purpose of restraining stock spec
ulation.
-..11111111111116.1.1..11.0.-
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Federal Reserve Bank of St. Louis
81.
Discount rates (Contld.)
C.S.H. felt the reduction to 30 per
cent did not help borrowers
generally, except in large cities
to large borrowers, and
left P.R. rates out of line with cust
omers rates, especially
at ahieago and Richmond; that goin
g bade to 4%, therefore,
would not increase the vast majo
rity of customers rtes, but
would merely permit P.R. banks to
"feel the mouthN of the
money horse, so to speak.
Nor did C.S.H. approve the reductio
n to 34% as a means of encouraging
stock speculation.
Nor did C.S.H. base his approval of
a 34% rate primarily on the
international situation; as did the
N.Y. directors.
C.S.H.Is views were expressed at
the Open Market Committee meeting
on July 27, 1927 (See p. 100. 101, 102,
103)
C.S.H.
will approve an increase in rates
to control speculation
only when business and agriculture
is threatened.
Zven then C.S.H. would regret putt
ing up agricultural and business
rates to stop stock gambling, espe
cially when crops were moving.
Mar. 7, 1928. 135, 136, 137
Meeting with Open Market Committee
Gov. Strong presented report favo
ring working for firmer
money conditions but said this did
not mean an increase
in discount rates.
The Board voted to authorize furt
her sales of Goverment
securities but indicated its feel
ing that this did not
in any way authorize an increase
in discount rates.
C.S.H. said he believed a change
in earning assets from Govt.
securities to discounts would enab
le the P.R. banks better
to handle the credit situation,
without penalyzing
agriculture and commerce by incr
easing discount rates.
Cunningham voted to give authorit
y to continua sales but
concurred in C.S.H.Is explanation
of his vote.
Aye: Gov. Young, Platt, James, Cunn
ingham, and C.S.H.
No: Miller
Mar. 26, 1928. 139, 140
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Federal Reserve Bank of St. Louis
-1
82.
Discount rates (Cont 1 4)
Miller filed a memorandum
explaining his vote. He favore
d doing
nothing as further sales wou
ld necessarily brim about
an increase in discount
rates.
Miller attacked the whole
policy of purchase and sales
of Govt.
securities and said he had
always on?osed it.
.Ls a fact Miller was origin
ally one of its most enthus
iastic supporters
especially in 1924 and since
then has blown hot and cold
on the matter.
Mar. 26, 1928. 139, 140
1.
Gov. Harding writes Board opp
osing putting a differential
rate on
15
-day collateral notes. Say
s his Executiv, Coramittee may
vote to increase rates, but
because ofany local condition
s,
but merely to help the gen
eral situation; that while there
is no necessity for increasin
g rates, the reserve ratio is
low enougn to justify it.
He asked what action Board
will take if they anply for
an increase.
April 16, 1928. 148
Platt called up Gov. Case who
said he was selling a considera
ble
amount of securities; that
he hoped Boston would increa
se its
rats,
Sec. Mellon did not object
to increase and said it might
slow up the
speculative market but would
cause no disastrous break.
Miller came into C.S.H. roo
m in p.m. Said had just been
talking with
Gov. Harding. Miller said
Gov. Harding laid discounts wer
e
incr-asing greatly and he sus
pected the proceeds were bei
ng
used in the stock market and
he felt the discount rate Sho
uld
be increased. (This seems
totally inconsistent with his
letter to C.S.H.)
Miller at first told Platt
and C.S.H. we ought to have a
meeting at
once this afternoon and adv
ise Harding the Board would app
rove.
t4-44 el
"‘M
Later Miller vsomall-axound
and said we ought to ask Govern
or Harding
to wait until his directors
meeting before acting. - tha
t putting
up rates might Chill bus
iness.
linally we agreed to ask
Gov. Harding not to take action
at the
Executive Committee meeting
but to w qit at least until his
Board meeting on Thursd
ay.
April 16, 1928. 148, 149
Board received Application
from Boston to increase to 4.
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Federal Reserve Bank of St. Louis
83.
Discount rates (Contld.)
No quorum presents only Platt, Mill
er, James and C.S.H.
Curtiss called up C.S.H. and said
his directors were unanimous;
that their decision was based
on local conditions entirely;
that their earning assets had incr
eased 40 millions since
Saturday; that their reserve perc
entage was down to6%; that
they feared further trouble and
hoped 'Board would decide the
matter at once.
C.S.H. reported this to the Boar
d and read Gov. Hardingls—letter
to him of Saturday April 14, and
said evidently conditions had
changed and a rate increase was
necessary purely from local
conditions.
C.S.H. said that to refuse this
request on ground that N.Y. shou
ld
take care of the situation by
sales of Government securities
would be equivalent to saying
that New 'Cork was the central
bank of the U.S.
Miller, who on Monday afternoo
n wanted at first to approve the
proposed increase, now said that
ap2roval would be equivalent
to a declaration that the Boar
d favored control of stock
speculation through the discount
rate, which he seemed to
think indefensible.
C.S.H. replied that Curtiss and
Governor Harding said the proceeds
of the rediscounts were being
used in speculative loans; that
theoretically, atlesst, the
7.R' bank might have a right
to refuse rediscounts, such a
course was not practicable, as
practically all the Boston bank
s were involved and it would be
equivalent to shutting up the
7.1. bank; that if the P.R. bank
had the right to refuse disc
ounts altogether, it surely had the
right to grant them, but at
higher rates, to discourage such
rediscounts.
Miller said it would be a grea
t stroke if the Boston bank wsuld
refuse to rediscount, and Jame
s agreed with him.
C.S.I. said Boston could not sell
Govt, securities in amounts equal
to New York and tnat rate increase was
its only practicable
remedy; that it would be monstrous
to say to Boston that
because New York can not control
the situation by selling
securities, Boston can not try to cont
rol it by increasing
discount rates.
James said he thought the N.Y. pressure
was producing results in
that it was driving borrowers from
N.Y. to Boston.
O.S.H. said then it would be absu
rd to refuse to permit Boston to
protect itself by increasing its
rates.
April 17, Tuesday, 1928. 150
84
Discount rates (Contld.)
•
Board discussed Boston rate.
A vote was taken on motion
to approve.
Lost by tie.
Aye: Platt, C.S.H.
No: Miller, James
Sec. Mellon came in and dis
cussion continued.
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Federal Reserve Bank of St. Louis
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Mi1lertall..4.1most incess
antly from 10 to 12.) He Parnes
tly
op_.osed approval and tried
to have the matter postponed
for
a full Board meeting or unt
il Monday. He said he was
satis'Aed New York was put
ting sati*Cactory pressure on
the ma,ket which might settle
the question before Friday
if Boston would wait. go
said he should novPr vote
• stock
to control
spPculation throueh an increa
se in discount rd es.
J.S.H. reminded Miller that
in the fall of 1925 he ear
nestly
favored an increase in the
N.Y. rate to control speculation,
although new York said it
had the situation well in han
d
through direct pressure;
that he even voted for Cunnin
gham's
motion to initiate a 4%
rate at New York over the hea
ds of
its directors.
C.3.H. said Miller's argume
nts would have some force if
the 7.1.
System we
a central bank at Washingto
n ofwhich Boston was
a branch; that Boston is
an autonomous bant;that its
directors asked for an inc
rease of rates because of gro
wing
rediscounts and falling
reserves;that its reserve per
centage,
57%, was the lowest in the
System; that he woli nPvPr hes
itate
to approve rate increases
when spoculation
interfering
or thre.ttening to interf
ere with agriculture or com
merce;
that he felt this condition
was now at hand.
Board recessed until 2:3
0 p.m.
Miller said he had talked
with 3ov. Case ovPr the tel
ephone during
the reces-; that Case was
discouraged L..nd said the sit
uation
was getting out of hand;
that money was pouring int
o N.Y. for
speculative purposes and
that he could identify 50
millions
as coming from 7oston.
•
.
. .
Sec. Mellon, who had been
listening 41 lay to Miller
's a.rffnents,
and answering them, said
he felt the Board could not
overrAle
the judgment of the Bos
ton directors who expressly
based
their application on loc
al conditir,ns, and }1 P called
for a
vote.
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Federal Reserve Bank of St. Louis
85.
Discount rates (Contid.)
Miller then said he felt impelled, in view of What Gov. Case
had just told him, to change his morning vote and to vote to
approve.
The vote was then taken and the proposed mte approved.
Aye: Sec. Mellon, Platt, C.S.H., Hiller
No: James
April 18, 1928. 152, 153
lederal Reserve Bank, Chicago, wired application for rate increase,
saying letter by fast mail.
C.s.H. and Sec. Mellon favored waiting until letter received.
Miller, Platt and James wanted it settled at once.
Platt telephoned Gov. McDougal and he read a copy of the letter
which based request on local conditions, increased redircounts,
customers rates out of line, etc.
C.S.H. moved to approve. Carried
Aye: Sec. Mellon, Platt, Miller, C.S.H.
No: James
Apri119, 1928. 154, 155
Board voted to approve increase in St. Louis rates.
April 20, 1928. 155
Board voted to approve increase in Richmond rates.
James voted Ayebecause Richmond had ordered sold all its holdings
of Govt. securities.
April 23, 1928. 155
Miller tells Governors that open market operations in Government
securities should be done away with and that discount
rates should be used to control speculative credit.
May 1, 1928. 159, 170
See - Open Uarket Ommuittee
We consider with the lederal Advisory Council the possible
effect of an increase at P.R. Bank, New York, to 5%.
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Federal Reserve Bank of St. Louis
86.
Discount rates (Cont'd.)
livery member said it would have no effect in their respective
districts except Goebel of Kansas City, who thought it would be
criticised, altho he did not question the possible necessity
for doing it. He thought finally all P.R. banks would follow
New York Bank.
May 18, 1928. 164
0 5.H. testifies before H.R. Banking and Currency Committee on the
.
Strong bill to stabilize prices through open market operations
and disbount rates.
May 23, 1928. 164
See - Prices
Strong bill
Glass suggests a higher discount rate on member bank 15-day collateral
notes as compared with commercial paper.
May 27, 1928. 171
lov. Young tells Glass that the other P.R. banks could not
permanently maintain discount rates lower than P.R. Bank,
New York, because it would encourage banks to borrow and invest
proceeds in N.Y. call loans at a higher rate caused by N.Y.
discount rate.
Gov Young said if N.Y. increases to $% to curb speculation the
.
.
other P.R. banks must follow.
Gov. Young did not much discuss with Glass whether the other
7.3. banks could maintain a higher discount rate than rew York.
May 27, 1928. 172
Platt writes C.S.H.that Chicago on 7riday, June 30, increased its
rate from 4i to 5%.
Platt told Heath he could not act on this before July 10.
July 3, 1928. 189
Harrison tells C.S.H. he sees no objection to Chicago increasing
its discount rate*.
July 7, 1928. 190
The papers criticised the Board for holding up the Chicago application
for eleven days and charged that this was done to enable
Sec. Mellon to get out his new bond issue at l'ates more favorable
than if the Chicago increase was known.
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Federal Reserve Bank of St. Louis
87.
Discount rates (Contld.)
Platt's letter shows that Sec. Mellon did not ask postonement
for any such reason, althouel Ogden Mills pointed out that
if the Chicago increase were known the Treasury would have
to give better terms.
Sec. Mellon took the position that the rate should either be
approved at once or we should await the result of the July 1st
movement of funds.
While it is true a quorum could not be obtained whnn the rate anplication was received - June 29 - C.S.H. believes that had a
quorum been present the Board would have voted to tae no
action until the effect of the July settlements were known.
Chicago's action in putting up rates before the results of the July
settlements were known - was an indication of 000r banking
judgment and -vas severely criticised by the New York lxecutive
Committee which C.S.H. attended.
July 7, 1928. 191
0.3.H. attends meeting of Zxecutive Committee of P.R. Bank, N.Y.
Gov. Case ranted rate increase at once. Some talk of a 1%
increase to 55/.
July 9, 1928. 191
••
N.T. increases to 5%.
Reynolds only voted against it.
July 12, 1928. 192
Gov, Case says Reynolds alone voted against increase.
July 18, 1928. 194
Board discusses Chicago application.
On vote it was approved.
Aye; Sec.Hellon, Platt, Miller, C.S.H.
Not Comptroller, James
Chicago rested its application on local conditions, - increase of
rediscounts, increase of customers rates putting 7.R. rates
out of line.
July 10, 1928. 191
Board had session with Open Market Committee. They urivised keeping
up the 5% rate, leaving the investment account about as it
was - 75 millions.
Board agreed to this unanimously.
Miller said we had lost 500 millions of gold; that we had the
situati)n in hand thru the discount rate of 5%, and that
if we bought any more Govt. securities now or in the near
future, we should and ought to be hauled over the coals by
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Federal Reserve Bank of St. Louis
88.
Discount rates (Cont'd.)
Ooncress and would stultify ourselves.
July 18, 1928. 192, 193, 194
Boston increase
to 5.
July 18, 1928. 194
See alsot
,
By lan
Cormaddity rates
Customers rates
Glass
Open Market Investment Coranittee
Disloyalty.
39, 51
See - Crissinger, lov.
Dodge, Robitrt, O.
35,000, over mortgage, on our Raleigh Street house,
Pays H.P.H. 4
and
9.72 for rebate on insurance policies.
H.P.H. to pay proportional share of taxes levied for 1927, also
interest on mortgage - 4 months, on Seot. 10, 1927.
Pays
H.P.H. $1625 for following:
325
----$325
2 mirros
1 chandelier. Breakfast roam. $150
300
1 Mantle mirror. Dining room
50
1 hanging lantern.
300
Mantle mirror. Music room
100
Convex mirror. "
2 hanging chandeliers.
250
Music room
150
3 gilt sconces. Uusic room
625
105
Cornices in dining room
-W755
Price of above cornices agreed upon by letter.
July 15, 1927. 8, 9
C.S.H. writes Dodge offering to pay interlst on Raleigh Street
mortgage now; also taxes based on 1926 valuation -$408.10
to be finally adjusted when 1927 tax bill ts sent in.
July 17, 1927. 10
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Federal Reserve Bank of St. Louis
89.
Dodge, R. G. (Contld.)
Dodge sends C.S.H. check for $105 for cornices in dining room.
C.S.H. wrote him that he would send him ht v check 'or pronortional
share of interest on the mortgage for Mar., 16 to July 15 ($400)
and also the proportionate Share of this year's taxes for 3i
months based on last year's assessment, $1399.20, adjusting the
difference, more or leos, when this year's 'axes are fixed.
•
t.'-.
Dodoe writes he does not wish C.S.H. to do tilts but will send a
memorandum of C.S.H.'s share when the tax bill comes in next
fall.
July 19, 1927. 11
•
C.S.H. sends Dodge check for $400 being his share of interest on
the mortgage prom Mar. 16 th July 15, 1927.
This winds the matter up.
July 20, 1927. 12
•
•
Domination of P.R. Board
H.P. Willis complains of Sec. Mellon, saying that one of the Governors
of a 7.1. bank told him that Sec. Mellon had written him
asking him to appoint more Republicans on the bank staff;
that the Governor called on Mellon and told him his bank never
. inquired into the political ap9lications of its employees,
whereupon Mellon told him to forget that he had ever written
him.
Dec. 10, 1327. 91
Willis also complained of the st-itements of President Cooll'ge in
the campaign of 1924, claiming credit for low interest rates,
also Mellon's frequent interviews as to diRolmt rates.
He also complained of Mellon's statement that the appointment of
Governor Young would have no effect on F.R6 discount policy.
Dec. 10, 1927. 91
C.S.H. told lints that President Coolidge never, directly or
indirectly, had sought to influence toe Board's policies;
that Sec. Mellon's statement as to Gov. Young did not mean
that Gov. Young had come onto the Board pledged as to any
discount policy.
•
C.S.H. added that Mellon had never tried in any way to dominate the
Board; tnat the Board was never as independent of the Treasury
influence as now; that it had never been influenced by the
Treasury except during the war and immediately ,
after when by
fixing low rates on security issues the Board was compelled
to give correspondingly low rates on paper secured by such
issues.
Dec. 10, 1927..
91, 92
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Federal Reserve Bank of St. Louis
90.
Domination of Federal Reserve Board (Contld.)
Miller says that under the Open Mk;rket Committee the Federal
Reserve Bank of New York dominater.
April 24, 1928. 156
When the Chicago increase was before the Board, Ogden Mills pointed
out that to increase the Chicago rate on July 29th would force
Treasury to offer letter terms for its bond issue, about to be
announced, but Sec. Mellon thought this no reason for disapproving
the _Chicago rte, saying that it should either be approved at once
or the Board should wait until the effect was known of the July
first settlements, which latter course the Board adopted, but not
because of the effect of the hiher rate on the Treasury bond
offer.
See letter, Platt to C.S.H. (Scrap book).
July 3, 1928. 169
Donaldson
C.S.H. inquires of, of Come .
cial National Bank, as to a nurse
formerly employed by him for his wife, - in behalf of Gertrude
Myer.
June 27, 1928. 187
1 77 nd of "D")
:
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
91.
-F,-
Naming assets. 140
See -Open Market Committee
Economic Conference. 124
See - League of Nations
Robinson
Eddy. 5, 73, 79
See - Cuba
Edge, Sen. 128
See - Glass
"Edith" 23
See - Hamlin, Anna
.
44- 0044 .
Editors trip.
Carnegie Endowment, 86
Elevator. 68
See - Bills, secured
10+
3liot, Charles
Dines with us to meet Madame Van Schuylenbarch, at Woman's
National Democratic Club.
Mar. 21, 1928. 139
Elliott, Milton C. 31, 32, 34
See - Glass
"Established" Discount rates
Gov. Harding gives new definition of word, which appeals to
C.S.H. Sept. 21, 1927. 53
lurope on central banks. 14
See - Open Market CoAmittee
European conditions. 13, 17
See - Open Market CoLuaittee
Eustis, Mrs. W. C.
14 dine with.
Jan. 13, 1928. 111
H.P.H. lunches with. Jan. 26, 1928. 121
Gertrude Myer trios to engage former naid of - Kate Torney.
June 27, 1928. 187
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Federal Reserve Bank of St. Louis
92
Co. John
Gives C.S.H. two plans of headstone for Anna, one for $371 and one
for $428.
July 18, 1927. 10
VariB, &
See - Cram, Ralph
Hamlin, Anna
*vane, Mrs. Glendower. 22
See - Brandeis
Evans, Mr. 86
See - Carnegie Endowment
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Executive Committee
See - Federal Reserv , Bank, New York
Executive Committee, Federal Reserve Board
Board ratified action of, in disapproving actionof ahicago in
refusal to change discount rates, over protest of Platt
who pointed out that, had been given authority to
approving any proposed reduction to 3%.
*erg/ 01 II ;"/":1 MLA<
I
,
Ex-officio member, Federal Reserve Board
Glass says he does not agree with Dr. Miller that Sec. of
Treasury and Comptroller of Currency should cease to be.
Maly 29, 1928. 175
•
106
,
Vet Gov. C., Comptroller, James, Cunningham
No.: Platt,Miller, C.S.H.
Sept. 6, 1927. 24, 25
-1
' 14VT ;4
.Toe
See - Discount rates
•
St.:1
; ••
Board considered and fixed power to be granted to, during
June 6, 1928. 179
vacation.
July 19, 1928. 194
Exports. 7, 13, 14
See - Open Market Committee
(End of "1
11)
•
,
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
93
-P-
rancher, Gov.
Tells C.S.H. his counsel is preparing a letter to Board asking
opinion of Attorney General as to legality of payment of
salary to P.R. Agent Willis widow.
July 27,.1927, 13
See - Wills, D.C.
tiq,40k. 't:'
.D7,4.11E
teeThe tot:
ix spatter-4;M lo 'cellos/ Soma) MA ruf
.9C: "' '
Partners
Miller says, will have an increased purchasing power as they will
receive 1 billion more for their crops.
July 13, 1927. 8
GOV. Strong favors lowrr discount rates before mmement of croos.
July 27, 1927. 14
Gov. Harding says Board has been attacked for reducing discount
rates after the crops had gone out of farmers hands into the
hands of speculators and for increasing rates in autilmn when
farmers are buying; that now was a good opportunity of
reversing the process.
July 27, 1927. 14
James agrees with C.S.R. that one reason for lower rates in
summer of 1927 was to help farmers move their crops.
Sept. 6, 1927. 28
lederal Advisory Council
C.S.H. reads two recommendations of, made in May, 19271 - that if
business recession continues discount rates should not be
reduced but that open market investments should be sold, the
purpose beint. (drawn by Traylor) that existing rates should
be minimum, -and asks Gov. McDiougal if these resolutions
represent the views of Chicago bankers. After some hesitation,
Gov. M. admitted they did.
July 27, 1927. 14, 15
Board dines with, at Mayflower Hotel.
Sept. 15, 1927. 39
Heard tells
his Council is unanimour in condemning the Chicago
rate action of Board, but that in View of resignation of
Governor Crissinger art for fear of injury to 7.73 . System,
.
it will soft pedal.
Sept. 15, 192?. 39
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Federal Reserve Bank of St. Louis
94.
Federal Advisory Council (Contld.)
Board meets with Council
•
•
•
The members mercilessly criticised James and Cunningham whose
answers were unsatisfactory and alLlost grotesque.
,
Dr. Miller said that althou ;h he fought the Board's order, yet
that if Chicago had refused to redfte on Friday following,
rate, had such a motion
he would have voted to put in the
been vade.
.
Sept. 16, 1927 43
This amazes C.S.H. for Miller was opposed to any rate reduction
and when he went west he stopped at Chicago, MinnPa7)olis
and San Francisco, - all of which banks refused at first to
reduce rates.
Word came to us from various sources that Miller strongly opnosed
reduction in his talks with bankers.
Sept. 1.3, 1927. 44
The Board withdrew and later were asked to come back and Mr. Wetmore
read a resolution condemning the Board's action but couched
in temperate language. Mr. letmore said it would not be ?lit in
general files of Council and would not be published.
Sept. 16, 1927. 44
!ollw se91114
..
Glass insists that resolution be published. Will so demand of
Wetmore.
Sept. 16, 1927. 48
C.S.H. gives Platt Wetmorels addreesto give Glass.
Sept. 16, 1927. 48
C.S.R. tells Mille he promised Federal Advisory Council to
prepare draft of by-law calling for 5 affirmative votes for
initiation of a discount rate.
Sept. 26, 1927. 55
Glass says only way to keep Chicago rate question out of Congress
is to adopt by-law requiring 5 affirmative votes and to
publish resolution of Federal Advisory Council condemining
Board's action.
Oct. 4, 1927. 64, 65
James moves to have an official stenographer at every meeting of
Board with Council.
Defeated:
Aye: Miller, James, OunnIngham
No: Gov. Young, Platt, C.S.H.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
95.
Federal Advisory Council (Contld.)
C.S.H. explained vote because of Miller's statement that the
records were now well kept.
Nov. 1, 1927. 76
Council at mPPting with Board gives Board a copy of its revolution
condemning the Chicago rate action.
Nov. 18, 1927. 83
Miller says his letter to Council,tabled by Board, presents his
views as to preventing Federal Reserve funds seeoing into
speculative market better than did his Boston speech.
Jan. 26, 1928. 121
At meeting with Council each member was asked as to effect on his
district of an increas( to 5% by Fedpral Reserve Bank, New York.
•••
,Every member, except Goebel, said it would have no injurious effect.
Goebel said it would be criticised but did not question the oossible
necessity of such action.
All members, including Goebel, said the other 7.R. banks would
probably have to follow N.Y.
May 18, 1928. 164
Feaeral Reserve Act
Willis says Warburg is writing a book to prove his authorship of.
Dec. 10, 1927. 92
See - Warburg
Willis
Willis said fowler was entitled to more credit than Morowitz for.
Dec. 10, 1927. 93
Miller in Boston speech claimed that 7.i. Act in terms forbad
discounting for member banks carrying speculative loans.
Jan. 26, 1928. 121
See - Glass
C.S.H. Aopes James has complied with, and is no longer engaged in
business.
May 29, 192P. 175
See -Open Market powers
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
96.
Federal Reserve Agents
Governors and, give Board a dinner at Metrololitan Club.
Present: Sec. Mellon, , lagene Meyer, Pel,!ral ReEerve Agent Perrin,
et ale.
Speakers:
McGarrah, 7.1. Agent Walsh, Gov. Talley 4 Gov. Bailey,
Perrin, Meyer, and C.S.H.
14. 4, 1927. 79
Board discussed redasignation of.
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Comptroller and Cunningham said the Chicago directors all wanted
Heath reappointed as Class 0 Director and redesignated,
saying Reynolds said he could get his resignation any
time the Board might want it.
C.S.H. said there were 2 questions: 1.
Reappointment of Heath and Martin whose terms as
Class C director were expiring.
2.
Redesignation of Curtiss, Haxton, et als.
4% PK,r414
4
41
'
C.S.H. said designation from year to year as Federal Reserve Agent,
even if legal, was a poor policy. Failure to redesignate
a P.R. Agent left him still a Class C Director, and to
accomplish anytqing the Board would have also to remove
him as Class 0 Director, and such a removal would not be
for NcauseN under the F.R. Act.
,
4
q
1,1Wdt
C.S.H. said the P.R. Agent is the only banker ap7ointed as Class 0
director and he has to be a banker with tested banking
experience; that the bankers on each Board are in Class A;
the business men and agriculturalists are in Clas 3; that
those representing the public interest are in Class 0;
that if a P.R. Agent whose term as Class 0 Director is
not expiring, there would be no other banker in the Glass C
Directors who could be appointed, and conseqlently the
F.R. Agent must also be removed as a Class A director.
Miller said a vacancy occurs each year in each group and the Board
could a?ooint as the new Class 0 Director a banker and make
him P.R. Agent, leaving the one !Ailing to be redesignated
itndisturbed as a Class 0 Director.
C.S.H. said in such an
directors and
represent the
spirit of the
event the bankers would have all 3 of the Class A
2 of the Class 0 directors, supposed to
public interest which would be counter to the
P.R. Act. Adjourned without action.
Nov. 15, 1927. 81, 82
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Federal Reserve Bank of St. Louis
97.
Federal Reserve Agents (Contid.)
James joined C.S.H. in reporting that Hoxton should be
redesignated. Dec. 6, 1927. 88
Board voted to reappoint Heath and Martin and to redesignate
all P.R. Agents whose terms as Class C directors were
not expiring.
Unanimous, excel) t that Miller asked to be recorded as "not voting"
and said he would file a memorandum of his reasons later.
Dec. 8, 1927. 89
See - Class 0 Directors
Federal Reserve Bank, Atlanta
Reduces discount rate to 30.
Aug. 13, 1927. 20
C.S.H. joins with James in reporting name of Mr. Harris for Class C
director to fill vacancy caused by expiration of term of
Hopkins.
Great pressure brought to bear for Hopkins.
He himself asked C.S.H. to favor his reappointment. This fact
?
alone shows his unfitness. He begged reap, ointment as a
Republican. C.S.H. believes Harris is a Republican.
Dec. 6, 1927. 88
See - Cuba
Federal Reserve Bank, Boston
Reduces discount rates to 30. Aug. 5, 1927. 18
Gov. Young and C.S.H. attend meeting of directors.
Oct. 26, 1927. 74
C.S.H. and Ogden Mills address stockholders meeting.
Nov. 11, 1927. 81
See - Curtiss, P.R. Agent
Discount rates
Harding, Gov.
•
Federal Reserve Bank, Chicago
See - Discount rates
Heath, p.a. Agent
McDougal, Gov.
98.
Federal Reserve Bank, Cleveland
Reduces to 30.
Aug. 6, 1927. 18
Board voted to interpose no objection to payment to widow
of P.R. Agent Wills, two months salary iafter death
on advice of /yatt that it was probably lawful.
10.411114. 0.40011iirt *J4satems****/*44.
Aye: Gov. Young, Platt, James, C.S.H.
No: Miller, Cunningham.
Dec. 19, 1927. 97
•
1.1**115,
Federal Reserve Bank Dallas
Reduced to 30.
Aug. 12, 1927. 20
See - Rough, Judge
San Antonio branch
Talley, Sov.
Federal Reserve Bank, Kansas City
Reduced to 3h4.
July 29, 1927. 19
a
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
See - Bailey, Gov.
Goebel, Mr.
*let .Snesett
s
?:zec:io(„.q- sel bcvS.
,
,
Federal Reserve Bank
Reduces to
Minneapolis
Sept. 13, 1927. 20
t
•10,
1440.titti
FeC.eral Reserve Bank, New York
Board takes up question of reporting foreign bills in greater
ady
detail, not later than July 13, as Board had alr,
voted to do.
The New York bank thought no change necessary but Miller and
Cunningham insisted as a se rate item, "Foreign bills"
in the weekly statement.
Miller claimed words "detailed statement" in P.. Act required
Board to distinguish between domestic and foreign
purchases. C.S.H. did not agree.
Miller and Cunningham predicted dire things, a charge of
deception, etc.
C.S.H. pointed out that Gov. Strong said that to publish these
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
99.
Fedc.ral Reserve Bank, New York (Contld.)
ge
in detail would only aid speculators in foreign exchan
Britain's hold on the
and might thus even imperil Great
gold standard.
make no change. Passed.
James finally moved to rescind earlier vote and to
Aye: Gov. Crissinger, James, C.S.H.
No: Miller, Cunningham.
July 13, 1927. 6, 7
See - Foreign bills
Reduces to 3i%
Aug. 5, 1927.
18
at, but on
Board votes to attend Open Market Caalittee meeting
advice of L1cGarrah decides not to.
Jan. 9, 1928. 107
Increases rates to 4%.
Nb. 2, 1928. 123
Open :,:arket
Miller says Federal Reserve Bank, New York, dominates
1928. 15(.5
April 24,
Committee and Board.
a possible
Boa..d.considers with Federal Advisory Council ef'ect of
increase to 5%.
ous effect in
All agreed, exce.A Goebel, it would have no injuri
their districts.
deny possible
Goebel thought it would be criticised, but did not
would follow
necessity. All said the other Federal Reserve banks
ultimately.
May 18, 1928. 164
C.S.H. attends meeting of lxecutive Committee of.
July 9, 1928. 191
See - Case, by.
Direct action
Discount rates
Harrison
Open Airket Investment Committee
Raeburn
Roumanian credit
Strong, Gov.
Woolley
a
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
100.
7ederal Reserve Bank, PhiladelLihia
Philadelphia had a meeting before N.Y. reduced and decided not
to reduce for the present. Gov. Norris told C.S.H. that
Wayne objected for the reason, Gov. Norris believes, t.'at a
reduction would necessitate lower rates to customers.
Aug. 12, 1927. 19
Sept. 8, 1927. 20
Reduces to 14.
lederal Reserve Bank, Richmond
Voted not to reduce to 30 but agreed to wire its directors if 2
more banks should reduce.
Aug. 12, 1927. 19, 20
Aug. 16, 1927. 18
Reduces to 3N%
Delano says, will soon increase as it is not earning its expenses.
Oct. 44 1927.64
Delano agrees to serve again as Class 0 Director.
Nov. 17, 1927. 83
Hoxton says, wants to increase rates.
Gov. Young advises him to wait until after meeting of Open Market Comm.
Jan. 10, 1928. 109
Board approves rate increase to 4%.
Jan. 26, 1928. 121
Board approves increase to 4. April 23, 1928. 155
See - Charlotte, N.C.
Delano
Discount rates
Graham
Hoxton
Lassiter
Open Market Committee
Seay, Gov.
Zederal Recerve Bank, San Francisco
Reduces to 30. Sept. 10, 1927.
Increases to
reb. 3, 1928. 123
rederal Reerve Bank, St. Louis
Reduces to 4%. Aug. 4, 1927. 18
Increases to O. April 20, 1928. 155
•
See - Boehme
James
Mitchell
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
100.
Federal Reserve Bank,
Philadelphia had a meeting before N.Y. reduced and decided not
to reduce for the present. Gov. Norris told C.S.H. that
Wayne objected for the reason, Gov. 'orris believes, t.lat a
reduction would necessitate lower rates to customers.
Aug. 12, 1927. 19
Reduces to 34%.
Sept. 8, 1927. 20
Federal Reserve Bank, Richmond
Voted not to reduce to 30 but agreed to wire its directors if 2
more banks should reduce.
Aug. 12, 1927. 19, 20
Reduces to 30.
Aug. 16, 1927. 18
Delano says, will soon increase as it is not earning its expenses.
Oct. 4, 1927.64
Delano agrees to serve again as Class 0 Director.
Nov. 17, 1927. 63
Hoxton says, wants to increase r:Aes.
lov. Young advises him.to wait until after meeting of Open ::arket Comm.
Jan. 10, 1928. 109
Board an?roves rate increase to 4%.
Jan. 26, 1928. 121
Board ap)roves increase to 40. April 23, 1928. 155
See - Charlotte, N.C.
Delano
Discount rates
Graham
Hoxton
Lassiter
Open Market Committee
Seay, Gov.
Federal Reserve Bank, San Francisco
Reduces to 30. Sept. 10, 1927.
0
4
Increases to 4 . Feb. 3, 1928. 123
Federal Reerve Bank, St. Louis
Reduces to 4%. Aug. 4, 1927. 18
Increases to 4;4. April 20, 1928. 155
See - Boehme
James
Mitchell
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
101.
Federal Reserve banks
Rate changes
1927.
3N14
July 29.
Aug. 4
Aug. 4
5
6
12
13
16
Sept.?
8
10
13
1928.
Kansas City
New York
St. Louis
Boston
Clevoland
Dallas
Atlanta
Richmond.
Chicago
Philadelihia
San Francisco
Prom 34 to 0:
Jan. 25
27
lob. 3
4
7
8
8
10
11
16
21
Chicago
Richmold
New York
San Yrancisco
Minnea9olis
'Roston
Dallas
Kansas City
Atlanta
?hilellaia
St. Louis
1928. Prom 4 to 4N4
Apr. 20
20
23
24
25
7
Way
17
18
,5
9
26
June 2
7
Boston
Chicago
St. Louis
Richmond
Uinnea,,olis
Dallas
Phila.
New York
Cleveland
Atlanta
San Franct co
Kansas City
1928, Prom 4h to 5f;
July 11 Chicago
12 New Yorlc
18 1Boston
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
102.
•
e
2ftoT
Federal Reserve Board
See - Subtitles
Discount rates
,ittee
Open market investment com
Brokers loans, etc. etc.
Federal Reserve branches
See - Charlotte
San Antonio
7
Federal Reserve credit
ore H.'. Banking and Currency
1927
C.S.H. puts in a table, bef
m Oct. 31, 1924 to Oct. 31.
Committee, showing that, - fro
erve credit
- Federal Res
and father to April 1, 1928,
period
ing 3 years, - during which
increased only dur
during 2 rare Federal
, while
Government securities decreased
s
eased but Government securitie
Reserve credit dcr
increased. (See scrap books).
May 26, 1928. 170
•
nt
Federal Reserve dicount policy
saying Gov. Young's appointme
Willis complains of Mellon for
Dec. 10, 1927. 91
will not change.
ve use
Federal Reserve funds. S:keulati
, 153, 173, 193
120, 121, 151
Se - Cunningham
Miller
Federal Reserve notes. 72
See - Cuba
Fed.ral Reserve pension bill
Currency Comraittee
Testimony before H.R. Banking&
GOV. Young, Platt, C.S.H.
bill with slight amendments:
CoLlaittee said it would report
of member banks joining.
1. Striking out privilege
2.
imum in computing benefits.
Making $15,000 salary the max
Jan. 27, 1928. 121
out
e with instractions to strike
H.R. refers bill back to Comraiee
enacting clause.
a roll call!
McFadden did not even demand
103.
d.)
Federal Reserve pension bill (Contl
to the $15,000 maximum salary.
The chief objection raised was as
removed most of the objections.
C.S.H. thinks $5000 might have
lay in the Texas opnosition to
C.S.H. believes the real trouble
to vote against anything
Governor Talley which caused many
the Board wanted.
Feb. 1, 1928. 123
J'Eseral Reserve System
ilize gold standard.
Duty to help Great Britain stab
July 13, 1927. 7
I
;OC
ness.
to help move crops, and help busi
Desirability of lowering rates
July 27, 1927. 14, 16
efAl;
i
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1:,94,%=-1--vor
e
hsej,t4r
,:.., $11110-7
,
••••
See - Glass
7enelon, lime. La Oontesse de
at Dr. Butler's in New York.
C.S.H. and Delano meet, at dinner
Dec. 1, 1927. 86
Finance Co:.imittee, Senate
See - Glass
Young, Gov.
Fisher, Mr. and Mrs. Estee
the Rices. Carillon concert.
We meet, at dinner in Albany with
Sept. 18, 1927. 50
Fiske, Baby
Visits us at Mattapoiseit.
Aug. 26, 1927. 22
lit!, Judge
is.
We meet, at dinner with Justice Brande
3,
. 1, 1927. 97
Dec
Foreign bills
purchases of foreign bills
Miller introduces resolution that
were subject to approval of Board.
each specific purchase must
0.S.H. said this seemed to ithply that
be apr)roved before making it.
a source of authority to Sec. 13
C.S.H. persuaded Miller to refer as
as well as Sec. 14.
Sec. 13, as Gov. Strong once
C.S.H. said he was in doubt, whether
hases.
claimed, was not lilaited to domestic purc
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
104.
Foreign bills (Contid.)
re "approval" and stated
C.S.H. also had "regulations' inserted befo
the understanding
that he voted for Miller's motion only on
s which might
that "approval" refers to future regulation
ing such
specifically require approval, and that, pend
regulations, no approval of Board was necessary.
July 6, 1927. 1, 2.
See - PedPral Reserve Bank, New 'fork
..i,oAtomiroL
.
Foreign branches
could not establish
Wyatt ruled that Old Colony Trust Company
ral Reserve System; that
a foreign branch and remain in Fedm
ifically provided
a Rational bank could, as licladden bill spec
place of parent bank should
theitthe limitation of branches to
banks, Ale it gave
not apply to foreign branches of national
er banks.
no such exemption to state memb
interpretation and it
C.SX., Platt and Miller objected to this
ion of Attorney General
was practically agreed to ask opin
t Co. should
and to take no action. - if Old Colony Trus
(In Canada) until opinion obtained.
establish a foreign branch
.
The Old Colony Trust Co. finally abandon the plan
Dec. 6, 1927. 87, 88
Foreign Zxdhange speculators
t details of "foreign
Gov. Strong says to publish in weekly statemen
bills' will merely help.
July 13, 1927. 6
1:tv xn
J
Foreign loan policy
annual report claimed
C.S.R. dhows Harrison that Sec. Mellon in
placed in U.S.
the right to disapprove foreign private loans
where national debt to U.S. not funded.
April 3, 1928. 143, 144
Forest Rills
C.S.H. goes to, to see Anna's headstone.
Oct. 26, 1927. 74
We go to, to see Anna's headstone.
Nov. 27, 1927. 85
See - Cram, Ralph
Hamlin, Anna
Fowler
ral Reserve Act
Willis says, entitled to more credit as to Fede
Dec. 10, 1927. 93
than Morowite.
105.
(.110tao) ifffte
ri
France
See - Bank of Prance
Conference, Washington
fam NIAvoigNesit:iled
!evellialtigior* bad °slit
L4v :! Pnevakm lto nc
0.1.8.112U
Lelov ad hull
enoldalossi tow.
o:t
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.1 .vrel
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f,
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Prank, Gov.
See - National Bank of Belgium
Prager, Mrs.
We lunch with.
Jan. 15, 1928. 112
.tvoe
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Puller, Governor
See - Sacco-Vansetti
furniture, Raleigh Street
We move, to Cambridge and Mattapoisett.
July 5, 1927. 1
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Federal Reserve Bank of St. Louis
See - Dodge, R. G.
Dexter, Mrs.
Hamlin, !Award
Hamlin, George
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07
Galbraith, Mrs.
Is meet, at lunch with Mrs. 'raster.
Jan. 15, 1928. 112
Gaston, W. A.
Death. July 16, 1927. 9
Gentleman's agreement
57, 58, 59, 62, 63, 65
sea
By-law
5
fitio7
A:tat, ,:42..IANIg
Lvfallo*F
Prothingham, Cong. and Mrs.
Dine with us at Mattapoisett.
Sept. 13, 1927. 37
b-Jr,f1zle ,56e 01111T
aiLd4
)
Glass, Senator (See also Discount rates
situation with,
reserves right to discuss Chicago rate
C.S.H.
agreed to. Sept. 6, 1927. 29
Street Journal article . C.S.H.
Calls up C.S.H. and asks about IOU
it or knowing of
said -each member had denied inspiring
Associated Press who wrote
it; asked him to ask Sargent of
information.
it and might reveal the source of his
17, 1927. 49
Sept.
Peabody's dinner, about Glass.
C.S.H. talks with Mrs. Wilson, at Mr.
'Oct. 1, 1927. 61
106.
Glass, Senator (Cont'd.)
a book written to Show his
Willis says Warburg is hating
erve Act and attacking Glass.
authorship of the Federal Res
Dec. 10, 1927. 92
lo
i'tnrif.#7:4141,t7,0
.
vor,
-
*se
'4( 71 4ag
.
:1
,TN*4474
•
dam
him as to
wants to have a talk with
Galls on C.S.H. and says he
tem in Congress.
threatened attacks on 7.R. Sys
21, 1928. 113
Jan.
south will
ted for President the whole
Says if Gov. Smith is nomina
turn against him.
Jan.21, 1928. 113
edinfr.
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Federal Reserve Bank of St. Louis
•
ose) todadmee
•
tr
Itjza Lemmiot $ee5 IL.W guodis risia
tt linivtoold bein,h behe vidolOr:1.okao
•
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enlace ed4£ev,i 4,u4
OA .-Pr •'r
a
-
el.
erview with Glass at Raleigh Hot he
C.S.H. and Gov. Young have int
h the Board OD
p in touch wit
Glass said he wanted to kee
ticise it
rt notice if attacked, or cri banks
could defend it at sho
large New York
ning the
if necessary. He favored war
p the brokers loans situation.
that they must hel
should
,er
ed that Federal Rer ve System
He said Congress never intend
ge, and that we had no
exchan
act as a regulator of the stock
ce were impeded
unless agriculture and commer
power to do so
power
t he had doubt as to our
or in danger of injury and tha
rates
increase in discount
even then. He thought a slight
affect the stock situation.
would neither hurt business nor
with duty
the N.Y. banks were charged
He agreed that the directors of
accept their
t the Board should
of operating the banks and tha
it was clearing wrong.
judgmentiunless it believed
Jan. 22, 1928. 113, 114
was before his Committee
bedk thought Gov. Young's name
g
Glass said Nor
nfirmation, and he was holdin
Banking and Currency, awaitimco
beck be was not
that he told Nor
it until Myer was confirmed;
the Finance
by error it had been sent to
ding it at all; that
bol
favorably and that it was now
Committee which had reported it
on the calendar.
it referred
Norbeck's approval, to have
Glass said he had moved, with
ch was voted. He
mittge, whi
back to Banking and Currency Com
never have
ot Who admitted it should
said he spoke to Smo
he would try to
tee, and
been referred to Finance Commit
count rate
mation, which was vita if dis
secure prompt confir
rd.
questions were coming before the boa
consent but could not defeat
He said Heflin objected to unanimous
his confirmation.
Jan. 22, 1928. 113, 114, 115
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Glass tol
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money spent by Ohichgo ban
Sadket and he were on
ator Rdge,
amendment. He said that Sen
ss to examine
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found
m on their return; that he
into it and to report to the
y rich
that Cong. Hull, - a ver
that $65,000 had been spent;
an
d for a trip to the Americ
man, had had his expenses pai
$2000 for
they had paid Cong. Wingo
Bankers Association; that
Committee
go was on the Conference
the same purpose; that Win
him
be; that a nuMber came to
and that it was really a bri
would kill
and that the exposure
saying Ringo was a dying man
who said
Ruffin, Wines physician
him; that he consulted Dr.
s effect on
ly would have a seriou
the exposure might and probab
ns; that
disease and many dizzy tur
his health, as he had heart
always
especially as he had
he did not want to kill Wingo,
(
he finally consulted his
t
fought and despised him; tha
drop the matter
they agreed to
colleagues on their return and
in view of Wimp's health.
Nob. 23, 1928. 128, 129
for
d up Woodlockls nomination
Glass said Sen. Reed (Pa.) hel
e of getting same
the avowed purpos
Interstate Comm. Comm. with
e a
reverse its decision ard giv
one on the Commission to
coal operators
bituminous
larger subsidy to the Pittsburg
tes; that he
ginia and other souther sta
against those in Vir
as
sident Coolidge had promised
heard Senator Reed say that Pre
Pennsylvania if Woodlock was
to give the next vacancy to
Glass
hdrew his oppositilm, altho
confirmed; that Sen. Reed wit
t
confirmed in any event; tha
said Woodlock would have been
ed bu Cyrus Wood of
reappoint
later, Gox, a good man, was not
ey for the
that Wood was a former Attorn
Pennsylvania was;
ndalous appointment
was a sca
Pittsburgh operators; that it
Commission reversed
rejected him that later the
and the Senate
its
different grounds; that it in
itself basing its reversal on
the
sideration the fact that
new decision it took into con
ia
union wages while West Virgin
Pittsburgh operators had to pay
es; that Pittsburgh had
had an open shop with lower wag
t Virgitia it was modern;
antiquated machinery While in les
on not based on any railroad
that it was a scandalous decisi
the
ads showed theycould meet
reason, for the Virginia railro
t Each
and make a profit; tha
Pittsburgh rates to Lake ports
cal pressure, as he believed,
changed his vote through politi
t.
altho perhaps unconscious on his par
before
for Prof. Sprague to appear
C.S.H. arranges, through Glass,
ns.
mittee on brokers loa
Senate Banking and Currency Com
. 7, 1928. 133
Mar
Glass, Senator (Contld.)
1- •
•
I
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Wyatt says the Comptroller's office is seared to death lest
of Dallas
Glass and his Committee investigating the P.R. Bank
deals to get
should discover that the Comptroller's office made
votes for McFadden bill. - to remove Governor Talley, to give
San Antonio a branch, as also Charlotte, S.C.
Mar. 22, 1928. 138
C.S.H., Gov. Young and Platt confer with Glass as to discount
rates, brokers loans, etc.
May 27, 1928.171
=,
.elq
Spoke with contempt about Miller and his performances before
H.R. Banking and Currency Committee when he attacked his
associates.
C.S.H. gave Glass an abstract of *hat Miller said.
May 27, 1928. 172
of
Told C.S.H. he did not agree with Dr. liller that the Secretary
r should not be ex,officio members of
Treasury and Comptrolle
May 29, 1928. 175
P.R. Board.
See - Discount rates
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June 1, 1928. 175
Goebel, P.W.
The only member of Federal Advisory Council who feels that an
increase in rates by Pederal Reserve Bank, New York, will be
seriously felt in his district.
He said it would be criticised but did not deny possible necessity
and believes other P.R. banks would ultimately have to follow.
May 18, 1928. 164
Gold, Gold standard
are
Norman tells C.S.H. he believes that the present falling prices
due to an appreciation of gold.
July 7, 1927. 2
Gov. Strong says that to publish in detail in weekly statements
transactions in foreign bills would encourage speculators in
foreign exchange and might even imperil Gre3t Britain's hold
July 13, 1927. 6
on the gold standard.
109.
Gold. Gold standard (Cont'd.)
Miller says that if it became known that the Federal Reserve
Dank, New York, sold the 69 millions of gold held for it by
13arik of England to the Bank of France and took for it a
sterling credit in the Bank of England, - in ordr'r to help
the gold standard in Great Britain, we should get into an
awful mess.
mowes
C.S.H. said that our helping Great Britain or any other country
to stabilize its currency, whether or not on gold standard,
would greatly benefit our exports especially agricultural
exports as it maintained the foreign purchasing power for our
exports.
July 13, 1927. 7
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by. Strong at Open Market Committee meeting said same as Governor
Norman above and adds that an increase in rates of Bank of
ingland will injure her business and will interfere with her
power to buy liberally of our cotton, wheat, etc; that the
same would apply to other European countries.
July 27, 1927. 13
Iftrfic ao/volifter
r:
:
Gov. Orissinger says at a conference at F.R. Bank, New York, Gov.
Norman told *hat a criticial position the Sank of England
was in as regards gold; that to hold its gold the Federal
Reserve Bank, New York, must reduce its rate or the Bank of
England increase its rate.
July 25, 1927. 12, 13
CA.& asks if present falling prices mean an appreciation of gold.
July 27, 1927. 16
,
11;6 ;;0,4111r.111.7t Od
9TC7:10
See article of Burgess in Political Science Quarterly.Vol. 12, No.3
July 1927, taking the position that the P.R. System has a
responsibility for helping the world back to the gold
standard and that Gov. Strong conceived this great idea.
July 13, 1927. 7
• ,-
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C.S.H. says underlying reasons in minds of Open Market Committee and
of Board for favoring lower rntes was to help Great Britain
stabilize the gold standard; that the spread between the
F.R. Bank, New York rate - 4% and the Bank of England rate - was not great enough to prevent gold exports from
Great Britain to U.S.; that a stabilized gold standard in
Great Britain would help British purchasing power for our
exports.
Sept. 6, 1927. 27
110.
;
Gold, Gold standard (Cont'd.)
Miller forgets that unlees we reduced our rates in summer of 1927
gold would have flowed to us from abroad.
Jan. 9, 1928. 108
. .
7-
ac
• ,J
Sir Otto Niemyer tells C.S.H. that if a holder'of a 5I.Bank of Znfland
note should demand gold for it at Bank of England, hecould
not legally have any right to hold for it but would be paid
in currency notes.
• • .t
f7.3^ 71'
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-
C.S.R. feels thiz shows that Grent Britain is not on a pure gold
standard, as legally you can get only a certain amount of bullion.
Jan. 30, 1928. 122
. '421.
*
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May 22, 1928. 164
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Federal Reserve Bank of St. Louis
w,
Returning from New York after consultation with Alexander, Miller
Opposed increase of discount rates and favored continuance of
sale of Govt. securities.
•
Jan. 11, 1928. 111, 170
C.S.H. believes control of credit situation can best be secured by a
sale of, thus changing earning assets from Gaernment securities
to discounts, wit tout recourse to penalising agriculture and
commerce by putting u) discount rates. Cunningham agrees with
C.S.R.
Mar.
1928. 140
P171"- ..
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Gov. Young points out that dealings on, chance the anount of credit
outstanding.
Jan. 11, 1928. 110
1.11 1179091(1 lift a
11
10 .1c ?4,1nfrilcia aA ?UAW 14t7/
o hl
Government securities
C.S.H. said during war the Treasury by fixing a low rate on, practically
forced the F.11* banks to give a correspondingly low rate on
paper secured by.
Dec. 10, 1927. 92
•:1 91.! 0.;
,
1
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.;
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Miller claims sale of Government securities will inevitably )ring a)lout
,
higher discount rates.
Mar. 26, 1928. 140
Richmond ordered sale of all,etc. in System account.
April 24, 1928. 155
Miller op?oses recommendation of Open Market Committee that the
policy of further sales of, be continued.
May 1, 1928. 159
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1U.
Government securities (Contld.)
z,tion
0.S.H. iAlts in a table in his testimony on Strong stalili
the 4 years ending Oct. 31, 1927
bill sllowing that in
and further to April l, 1928, the holdins of Government
securities plus acceptances increased in only 2 of these
years while in these same years the total Federal Reserve
credit decreased; that in the other yeats, while total
Federal Reserve credit lagspased, govt. securities and
acceptances decreased.
'13—;
/./
;
This show, that taicing a year as a unit, Government security
purchases have not contributed bo incrased bank re3erves
upon which the expansion of brokers loans and, in fact, all
loans rest.
May 26, 1928. 170
.1/
4ar1cet Inve$Ament Oammittee.
See - Open ,
Goldthwait, Dr.
C.S.H. visits, Boston.
.
Aug. 1, 1927. 18
Goldenweiser, Dr.
Addresses Board on brokers loans.
•
•
Said the speculation was grave but was not interfering with
ariculture or comliverce; that a material portion of
the call loans represented securities w-qich promoters could
not place, but he coAd not say how much; tnat there was
no speculation in commodities.
Jan. 9, 1928.107
Tells J.S.H.that Miller feels very bad at the testimony he gave 17.efore
the Banking and Currency Comaittee and tqat in correcting
his testimony he struck out part relating to his attacx on
Committee insisted it must not
Gov. Strong, but that the
be stricken out.
May 26, 1928. 171
.
•
•
Governor, Frank
See- National Bank of Belgium
Governor of a Federal Reserve bank.
See - Mellon, Sec.
91
Governors Conference
See - Open Market Investment Cori..1ttee
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
112.
Governors Conference, New York
With lov. Norman et als.
July 25, 1927. 12
See - Gold
Norman, Gov.
t
Governors dinner to Yederal Reserve Board
Federal Reperve Agents and.
Nov.4, 1927. 79
•••• •
Graef, Mrs. .nd Olyve
Olyve Graef wants name of artist who mad P Anna's miniature.
Dec. 25, 1927. 101
We dine with Mr. and Mr'. and Olyve.
Met there Ballard Moore o' Chicago who used to viait Anna at
Mattapoiett.
. ..
Driving home C.S.H. asked I.P.H. if he was attentive to Olyve,
adding tlat he liked him and hoped he would succeed.
Sunday. June 10, 1928. 180
Mrs. Graef writes Bartle a note saying Olyve and Ballard Moore
were married at 3 p.m.; that they tried to teleohone Bertie
but could not reach her.
We at once wrote congratulatory notes.
Monday, June 11, 1928.181
We meet Ur, and Mrs.Graef at dinner at Mrs. Corbin's. She
told
me that when we lined with them Sunday neither Olyve nor
Ballard had any idea of getting maried; that Monday morning
Ballard said he was going away and would nevar see Olyve
again, whereupon she said she wluld marry him and did.
June 13, 1928.
181
Graham, Mr.
C.S.H. goes to opening of Charlotte branch with, and Delano.
Graham is a director of Yederal Reserve Banli, Richmond.
Dec. 9, 1927. 89
Grain, Warehoused. 68
See - Bills, Secured.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
113
Grant, Catherine
Sends C.S.H. a photograph of herself as a birthday present.
,&
"with love and beFt wishes for many, riaja happy returns
of the day. irom
Catherine.
Aug. 30, 1927. 22
Takes C.S.H. to lairhaven and back to Clifford Ashleyls studio
to see his pictures.
Oct. 25, 1927. 74
C.S.H. writes, a letter of sympathy on death of Patrick
()rant.
Oct. 28, 1927. 74
We take supper with, at lairhaven.
Later she sent me over in her auto to Providence to catch the
rederal Express for Washington.
Nov. 13, 1927. 81
C.S.H. writes, a bread and butter letter and sends her one of
his
songs, "in the Lane."
Nov. 14, Illy?. 81
Comes over to Mattapoicettand listened to Bertie reading her
reminiscences for an hour.
Invites to lunch on :Friday, - her birthday, - 38 years.
C.S.R. gives her a corn cob pipe to smoke in her play.
She asiced C.S.H. for some oictures of Anna, saying she wanted to
have a miniature made to give to Bertie for a Christmas
present.
Nov. 22, 1927. 83
•..
We lunched with Catherine to celebrate her 38th birthday.
Mr. nelano
came on from Washington.
_
After lunch C.S.R. tried her voice, - a low contralto, played over
his songs and left her his bound volune of songs.
C.S.H. gave her sevoral pictures of ,Inna for the miniatu
re.
She exhibited C.S.H.Is corn cob pipe as one of her
presents.
We also gave her a orint with a figure very much like her
daughter Anne,
Nov. 25, 1927. 84
Catherine and Mr. Delano were to lunch with us but Mr. Nblano
had a
aught touch of ptomaine poisoning and they coult not come.
Nov. 26, 1927. 84
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
114.
Grant, Catherine (Cont'd.)
Writes C.S.H. a letter describing the theatricals in which she
smoked the corn cob pipe with tobacco from which the
nicotine had been extracted, loaned to her by C.S.H. She
said she had ordered the miniature of Anna.
Dec. 10, 19P7. 93
C.S.H. answers Catherine's letter. Long letter describing C.S.H.
and Hr. Delano's trips together.
Dec. 12, 1927. 93
Returns to C.S.H. his tobacco, from which the nicotine had been
extracted.
Dec. 14, 1927. 94
Harriet Hamlin writes C.S.H. that Catherine called on her the other
day and returned the nictures of Anna and showed her, in
confidence, the miniature; that Catherine also gave her a
beautiful plant which pleased her very much.
Dec. 23, 1927.98
Catherine sends us Annals miniature through Walter Amory who brought
it to Washington. Her card read: "With a great deal of love
and hopes that you will find this a little satisfying of
dear Anna. If you don't care for it, just put it away and
forget it. I shall understand. Love from
Catherine.
Dec. 24, 1927. 99
It was most sweet and kind of Catherine.
I like it very much, as does also nertie.
Dirtis thinks the red color is slightly exaggerated, but we both feel
that time will soften this.
In the eveniqg / sent a letter to Catherine as follows:
Dec. 34, 1927.
Christmas Eve.
My
dear Catherine:
The sun has set but I can not let it rise again before
trying to tell you how deeply your gift has touched me. Returni
ng
from a long walk this afternoon, we found it awaiting us,
delivered
through the courtesy of Mr. Amory.
I confells my hands fairly trembled as I undid the package, but
when I saw the beautiful miniature I can only say that the tears
rose
to my heart and sathered in my eyes as I tholleit of the "days
that
are no more."
115.
Grant, Catherine (Cont'd.)
...
•
•
As I gazed I felt that dear Anna was hovering over me
with a smile of pleasure on her face. She was, as you know, the
idol of our lives, and What
.holds um up and keeos 118 from utter
despair is the deep feeling and conviction that she has not
really left us, but that we merely lack some sense or power of
seeing her, and that she is constantly by our sile.
•
;1641 enttoin
'tabE
These are the feelings the miniature bring to me. It is
well done and we shall always look upon it as one of our most
priceless possessions.
Pr 1
,
.(1
As for your sweet tlought of us, I can only say it has
deeply touched us and that you, hold us in a bond of sympathy and
affection which time never can efface.
SkAt
yr;) .te:1 no 118:1..)
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Dec.24, 1927. 100
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Bertie sends Catherine a present of a sofa cushion in the shape
of a whale.
Dec. 24,1927.
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°Your letter and Mr. Hamlin's (of Dec. 24th) have been the
greatest joy and relief. for I realized / was doing a dangero
us
thing .... Mr. Hamlin's wonderfll epistle to me in reply to
my news about the play, has been a joy forever, and has been
the delight of all hearers.
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Bertie writes a very sweet letter of thanks to Catherine of Which
she kept no co7y. She told Catherine how Nelly Hunt praised
it and also Olyve Graef, and said Olyve wanted to know the
name ad address of the artist as she had a friend who, she
thotcht, might like to order on.
Dec. 25, 1927. 101
"It merits so wonderful response that / keep postponing its
composition until genius really burns, - but will it ever?
CA
"In any case, please share this note with him and tell him,
VP
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Federal Reserve Bank of St. Louis
116.
Grant, Catherine (Conted.)
cryptically for me, to keep his eyes on Pythias, who it
seems, to me, is rather on the loose. Tell him that any
time but at Christmas his letter would have had a more
prompt reply.
t
Thanks again for remembering us, for your dear letter
and his too.
Aver affectionately yours,
Catherine.
Dec. 30, 1927. 103, 10 1
Mr. Delano called and showed us a miniature of Catherine she had given
him as a Christmas present. It was on the whole good,
but the mouth was not very satisfactory.
Jan. 7, 1928. 106
We dine with Mr. Delano who said he was going to New York to meet
Catherine Who had had him buy theatre tickets for every night
next wek.
Jan. 19, 1928. 112
Miss Sweet nurse of John Grant, calls on us with John, at the
Lee Rouse.
Apr. 4, 1928. 147
Miss Sweet suddenly dies of pneumonia.
•
April 17, 1928. 151
Catherine arrives from 7airhaven.
Bertie lunches with her at Ur. Delanoes.
Va.1
In the evening C.S.H. and R.P.H. go to see Catherine off on the
rederal Zxpress carrying back Miss Sweet's body.
We placed a wreath on the casket in the bag.0:age car.
Catherine seemed completely used up, but was very glad to see
12.
Just as the trn was starting she kissed Bertie and then suddenly threw
her arms Ltround C.S.R.es neck and kissed him.
April 18, 1928. 154
We dined with Mr. Delano and Catherine.
Afterwards wentto Polies to see a movie showing hunting in Africa.
Catherine lost a diamond ear ring, hut later ,by advertisement,
she found it.
April 28, 1928. 158
117.
Grant, Catherine (Contld.)
We take Catherine and John to drive to see the cherry blossoms.
We then took tea at our rooms in Lee House, and then C.S.H.
drove them back to Mr. Delano's,
April 29, 1928. 159
Catherine lunched with us, bringing over some songs, and returning
the bound volume of my songs I loaned her last fall. Later
she went bathing with the children and stayed to tea with us.
She said she had advertised for her earring lost in Washington and
had recovered it.
She said Mr. Delano never told her he had forgotten to attend our
dinner to Sir Herbert Ames, We then read to her the ooem
we wrote about it and gave her a copy.
July 3, 1928. 189
Comes over to us in evening with young Alexander and we watched the
fireworks from our dock. She told me she was 38 years old.
July 4,1928.190
Goes to New York with John and his nurse to visit her father and
mother on the Hudson.
She said krs.Delano has practicaly recovered and has joined Mr. Delano
at their place on the Hudson.
July 6, 1928. 190
Comes over and takes Imdaks of 0.S.R.. H.P.R. and herself.
July 25, 1928. 195
3rings over the Kodaks.
J7.11y 29, 1928. 196
C.S.R. takes supper with.
She sends me in her auto to take ltderal Express at Providence,
but we missed the train. July 29, 1928. 196
C.S.H. writes Catherine that he reached Washington in time.
July 30, 1928. 196
Grant, Col. and Mrs.
C.S.H. meets, at dinner with Gertrude Myer.
July 27, 1927. 17
Grant, John
See - Grant, Catherine
.1
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Federal Reserve Bank of St. Louis
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
118.
Grant, Judge Robert
C.S.R. writes, of the Sacco-Vanzetti Comraittee suggesting that
the Governor ask the Legislature to restore the old lay that
three judges must sit in capital cases, and, meantime, comilute
Sacco and Vanzetti, for the reason that the judgment of one
judge is more fallible than that of three.
Aug. 23, 1927. 20, 21
See - Sacoo-Vanzetti
Grant, Patrick
Commits suicide in Phila.
Oct. 28, 1927. 74
Gray, Mrs. John C.
We meet, at Chilton Club and R.P.R. dines with her in evening.
Nov. 27, 1927. 85
Grayson, Admiral
We meet Admiral and Mrs. Grayson at dinner with Mrs. Zustis.
Jan. 13, 1928. 111
Mrs. Wilson has, as guest at the dinner to Sir Herbert Ames, riven
by the Woman's Democratic Club.
May 2, 1928. 161
•
"atti-
Great Britain
Houghton says Labor vote is gaining in Great Britain, and conserva.
tives hope to retail power until this Parliament expires.
Nov. 7, 1927. 80
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See - Gold standard
Boughton
Niemyer
Open Market Investment Committee
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See - Auld Lang Sync
Green, Theodore Francis
Calls on us at Lee House.
4,1
April 25, 1928. 157
Greene, ldwin Farnham. 52
See- Child, Mrs. Huntley
41C ,
Greene, Jerome
Tells C.S.R. that the Matsukata family has been ruined in the
Japanese panic; - that Prince Matsukata has had to sell even
his home and that Otohiko has been cleaned out.
Oct. 31, 1927. 75, 76
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Federal Reserve Bank of St. Louis
119.
Gribell,.Mr.131
See - Auld Lang Syne
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We take, and Gertrude Myer to a performance of the new movie, "Wings", first having dinner at the Woman's National Democratic
Club. Mrs. Hale takes us in her automobile.
May 3, 1928. 162
••••
We call on.
We meet, at dinner at Charles Warren's. She drove us home, and on the
way asked Bertie to call her Rachel. C.S.H. suggested that
she drop the "MR." in his name. She said he might consider
that as settled. On leaving the auto, C.S.H. asked if he
might henceforth call her Rachel and she at once replied Yes.
June 4, 1928. 178
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C.S.H. calls, by anoointment on.
We discussed the question whether it would be prooer for
Gertrude gyer to take abroad with her Mr. Rodgers.
We both agreed that if she employed him as her orivate
secretary, considering also the disparity of their ages,
there would probably be no scandal, but we hot 1 agreed it
,
might make Gertrude an object of ridicule among her friends,
and we both feared that he might 4
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Gertrude and that she might be so foolish as to marry him,
which we felt would result in no happiness for either,
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We sooks again of the foolishness of our addressing one
another as "Mr." and "Mrs." She sail she always thought of
me and snoks of me as "Charles" behind my back and saw
no reason for not doing so to one another.
C.S.H. said he would keep in touch with Gertrude and would
write her as to her plans if she so desired. She said she
wished I would.
June 15, 1928. 181 , 182
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Federal Reserve Bank of St. Louis
12
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Hale, Mrs. Chandler (Contid.)
C.S.H. asked Gertrude Myer while dining with her how Rachel Hale
felt about her taking Mr. Rodgers abroad with her. She said
Rachel told her to be guided by What Ellen Leonard said.
She later practically admitted that Rachel did not approve. She
said that Rachel with all her cares might well look on a foreign
trip alone as a relief while to her it was almost unthinkaHe.
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Rachel told C.S.H. that Gertrude said she would pay Miss Lay's expenses
if she went with her, but that she could share her bathroom.
June 17, 1928. 182, 183
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C.S.H. writes Rachel Hale, beginning the latter "Dear Rachel"
,28. 185
June 19 1-2
June 28, 1928. 188
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July 1, 1928. 189
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July 11, 1928. 191
July 19, 1928. 194
July 26, 1928. 195
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Jtly 28, 1928. 196
Hamlin, Anna
C.S.H. asks Ralph Cram to prepare a design for a headstone for A--;na.
July 18, 1927. 10
Harriet Hamlin gives us a letter from Miss Bradley with a written
communication she said Caine from Anna. The signature was
exactly like that of Anna, but the text was not natural. It
spoke of wmw people" and referred to meetings on the other side
with "With." We know of no friend of Anna named Edith.
Sept. 4, 1927. 23
C.S.H. goes to /forest Hills to see the headstone.
Oct. 26, 1927. 74
C.Z.H. promises Catherine Grant some pictures of Anna from which to
make a miniature.
Nov. 23, 1927. 83
C.S.H. gives the pictures to Catherire Grant.
Nov. 25, 1927. 86
';;e drive to Forest Hills to see the headstone.
Nov. 27, 1927. 85
_
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Federal Reserve Bank of St. Louis
121.
Hamlin, Anna (Cont'd.)
Catherine Grant writas C.S.H. she has ordr red, the miniature.
Dec. 10, 1927. 93
•
•
•
Catherine Grant returns the pictures to Harriet 'Tomlin and shows
her the miniature.. Dec. 23, 1927. 98
Catherine Grant sends us the miniatures.
Dec. 24, 1927. 99
We have a special service at St. Aga. s church, CZ Street, Rev. Father
Anderson,in memory of Anna.
Apr. 26, 1928. 158
Hamlin, C. S.
Gov. Young and C.S.H. attend directors meeting of Federal Reserve
Bank, Boston.
Oct. 26, 1927. 74
Speaks at dinner given by governors and P.R. itents to Federal
Reserve Board, Metropolitan Club.
Nov. 4, 1927. 79
•
•
•
S
C.S.H. addresses stockholders meeting of 7.R. Bank, Boston.
Nov. 11, 1927. 81
Speaks at luncheon at Charlotte, N.C.
Dec. 9, 1927. 89
Presiies at dinner to Sir Herbert Ames at Woman's Natl. Democratic
May 2, 1928. 161
Club.
Gives lunch to Sir Herbert Amps at Cosmos Club.
May 2, 1928, 160
See - Vario-ls headings
Discount rates
0.0en Market Committee
etc. etc.
Hamlin, Clarence
Beastly intoxicated most of the time on editors trip abroad.
Dec. 1, 1927. 86
See- Carnegie Foundation
Hamlin, Hdward
Buys furniture from us, - tortoise Shell cabinet, Venetian mirror,
and two cupid sconces.
J -Aly 15, 1927. 9
We call on, at his apartment, Boston.
Nov. 27,
1927. 85
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Federal Reserve Bank of St. Louis
Lea
Hamlin, idward (Contid.)
Harriet telephones from Marion to Washington that, has appendicitis
and is to be operated on Monday.
Over a week ago C.S.H. had a feeling that somewhat was wrong with
Ned and when we returned to Lee House that eveni%g and
found a call 'rom Harriet, BertiP feared that something was
wrong at Mattapoisett, but C.S.H. said he was sure it was
Ned, as it turned out to be.
Yeb. 18, 1928. 125, 126
Harriet sends telephone message through Gov. Harding that the
operation was most successful - no complications.
leb. 20, 1928. 126
Ned writes that Becker I Co. has bought control of Metropolitan Coal
Company and have agreed to pay George and himself $65
per share for their cornon stock, which they carried on their
books at about #35 per share - no par value; that Becker
had atranged with a distributing comnany for management
of the company for ten years; that Patterson, representing
Becker and the Distributina. Comnagy wanted them both to
continue in their present positions; that he said he did not
wish to continue as President; that Patterson said he could
be made Chairman of the Board and act in an advisory capacity,
if he declined to continue as President; that he told him
that as the new management would do all the buyina it would
be embarrassing for him to continue as Preeid,
Int, but he
would . onsider as to being Chairman of the Board.
:
•
He said he and George were well satisfied at the price they gct
on their common Stock.
April 25, 1928. 157, 158
Ned comes over and says Patterson, the new President of
Metropolitan Coal Co. evidently wants to get them, or at least
George, out of the country; that he insists their total
salaries be cut down to $20,000: that the Treasurer should be
a working official; that when he promised to pay their salaries
till April 1, 1929, he had not realized that George, at least,
was doing no active clerical work.
This of course is in plain violation of the contract.
IS discussed what to say to him and Ned wrote asking an interview.
July 75, 1928. 195
Ned comes over.
Has made appointment with Patterson for next Tuesday in Boston.
July 28, 1928. 196
Ned and George come over.
July 29, 1928. 196
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Federal Reserve Bank of St. Louis
123.
Hamlin, Rlisabeth
We attend graduating exercises of, at Glencoe, Ltd.
June 1, 1928. 175
Hamlin, George and Mary
Buy a large red sofa from Raleigh Street for
$25.
July 15, 1927. 9
Mary tells C.S.H. she met Marion Child at
Wellesley.
Oct. 15, 1927. 70
We call on, in Boston.
Nov. 27, 1927. 85
Hamlin, George, Jr.
'Elected into D.K.E. and Hasty Pudding Club in second
groula.
Also elected into Spee Club.
Cf.
Nov. 27, 1927. 85
Hamlin, Harriet and Jane
Sends us a note from Miss Bradley.
Sept. 4, 1927. 23
See - Hamlin, Anna
We take Thanksgiving dinner with.
Nov. 24, 1927. 84
Mrs.' Wilson inquires for.
Jan. 13, 1928. 111
See - Grant, Catherine
Hamlin, H. P.
Replies to note from Mrs. Wilson and reneirs an invitation
to her
(but no mention made of Bolling) to visit us this
summer.
July 5, 1927. 1
Gov.Norman inquires most sympathetically for
Bertie.
July 7, 1927. 2
Receives letter from Mrs. Wilson who says she has
to put her
vacation trips on ice, but does not explain
why.
Aug.5, 1927. 19
Wires C.S.H. of death of Alice Riggs.
Sept. 6, 1927. 31
_
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•
Calls on various people in 3oFton
Visits Annals grave
Dines with 4rs. John C. Gray.
Nov. 27, 1927. 85
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Federal Reserve Bank of St. Louis
124.
Hamlin, H. P. (Cont1 1.)
Arrives at Lee House, Washington, from Albany.
Dec. 3, 1927. 87
•
•
•
Reads her reminiscences to Mr. and. Mrs. Lansing.
Dec. 18, 1927. 97
Meets Mrs. Wilson at Woman's National Democratic Club. Very
cordial.
Asks for "Charnel'. Offers to drive Bertie home.
Jan. 19, 1928. 112
Lunches with Mrs. lustis
We dine with Jeannie Riggs.
Jan. 26, 1928. 121
Shows Gellini cup to Mrs. Warder and leaves it with her for several
days. Mrs. Warder calls in a woman reporter in whom she
is interested and she publishes an account of it in Washington
Post.
Feb. 5, 1928. 125
Dines with Mrs. Hegerman.
70. 16, 1928. 125
Dines with Mr. and Mrs. McClellan.
741b. 18, 1928. 125
We lunch with Charlie and Grace McLane.
'Ob. 19, 1928. 125
Takes Rachel Hale and Gertrude Myer to movie - "Wings."
Gives thendinner at
Woman's Democratic Club.
May 3, 1928. 162
Driving home from dinner at Charlie Warren's, Mrs. Hale asks Bertie
to call her "Rachel"
June 4, 1928. 178
Goes to Albany to funeral of Amasa J. Parker, Jr.
July 16, 1928. 192
See - Auld Lang Syne
Grant, Catherine
Jones, Mrs. Andrieus
Pennington, Mrs.
etc. etc.
4011rusl
Harding, Governor
Says the P.R. System has been criticised by the farmers because
in the past it has reduced rates after the crops have
left
the farmers hands and gone into the hands of the speculators,
while it has increased rates in the autumn when the farmers
are
buying; that the present was a fine opportunity to revarse
this process.
July 27, 1927. 14
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Federal Reserve Bank of St. Louis
125.
Harding, Governor (Contld.)
Spends night with us at Matapoisett.
Aug. 31, 1927. 23
C.S.H. thinks Gov. Strong, in his dispute with Sec. Glass in
1919 over discount rates, had in mind a construction of
the word "established" similar to that of 1ov. Harding.
Sept. 15, 1927. 42
C.S.H. asks Sec. Mellon to attach to letters asking aoinion of
Attorney General the letter of Gov. Harding as to discount
rates.
Sept. 13, 1927. 44, 45
C.S.H. spenis two hours with, ,t P.R. Bank, Boston.
Sept. 19, 1927. 50
-a
James writes Governor Harding to speak to Hollenden as to a
credit
for Mr-. Child.
Sept. 20, 1927. 52
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Gov. Harding in letter to Gov. Crissinger, Platt and Gov. Norris,
suggests a new construction of word Hestablishedm as to
discount rtes. It appeals to C.S.H.
Sept. 21, 1927. 53
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C.S.H. tells Governor Harding of the tax imposed by Cuba
on export
of American currency. He thought we should at once close
the agency but C.S.H. pointed out the difficulties.
Oct. 2, 1927. 73, 74
91
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Gov. Harding says Gov. Young told him Curtiss would surely be redesignated.
Oct. 26, 1927. 74
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Telephones C.S.H. that Ned has gone through his operation
most
successfully.
isb. 20, 1928. 126
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Lunches with C.S.H. to meet Sir Herbert Ames.
May 2, 1928. 18D
Objects to selling 25 millions of Government securities
to Morgan,
saying itwas poor policy to sell in small anounts and too
frequently.
May 25, 1928. 165
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Cambridge. Heart,
liver, lungs and kidneys in bad condition. Blood
pressure 212.
July 29, 1928. 188
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
126.
Harding, Governor (Oontld.)
C.S.H. calls on Governor Harding at Algonquin Club. /n much
bstter condition. Blood pressure normal. Has lost 40 lbs.
and 8 inches in girth.
July 16, 1928. 192
Tells C.S.H. that Dr. Miller came to see him at hospital and said
he was an independent with Democratic proclivities, but that,
out of friendship, he should vote for Hoover.
July 15, 1928. 192
See also - Discount rates
Harriman, Mrs. Borden
Tells Bertie she has at last persuaded lirs. McAdoo to become
a non-resident member of the Woman's National Democratic Club.
Bertie asked if it was not lack of money which prevened her
joining before.
Mrs. Harriman said they have plenty of money now; that Mrs. McAdoo
has gone back to California with her two children; that she
seemed very discontented. Mrs. Harriman tnen mimicked
Mrs. MeAdools lisp. She said Mrs. McAdoo said to her, HI wish
you would get ao a flirtatio$ with Mac; he is bored with me. If
I take him to a dance he stands around gloomily in the doorway.
He comes home cross and irritable and then tells me I am cross
with hiJa."
Mrs. Harriman said she told her that she and Mac were old friends
but that when Mrs. McAdoo married him s-le would not let her
speak to him; that it was too late now.
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She save Sortie distinctly to understand they were tired of one
another.
She.also said she saw Mrs. McAdoo lately in New York and told
her what lovely clothes Princess Oblensky had for sale; that
Mrs. UcAdoo said she had bought her clothes and did not need
any more; that later she met Pricess Oblensky Who thanked her
for sending Mrs. McAdoo to her, saying that she had bought
four dresses; that they must have cost at least $150 mill.
Mrs. Harriman said the McAdoo children had never liked her, except
Sallie; that Ribb5to1d her Mks. McAdoo had even sent him his
laundry bill While he was staying with her.
Dec. 14, 1927. 94, 95
We meet, at lunch at Sir Maurice Low's.
Dec. 2), 1927. 98
127.
Harriman, Mrs. Borden (Contld.)
We dine with Mrs. Harriman.
Mr. and Mrs. Madre, his sister-in-law, were there.
Mrs. Harriman spoke of the criticism of the Wilion Chronology in
the N. Y. Times.
C.S.H. told her of his efforts, partly successful, to strike -ut
from Mrs. Pennington's contribution to the book excessive
adulation, gross errors and extreme partisanship. Mrs. Harriman
spoke of the quarrel between the Book Committee and Mrs. Pennington
and C.S.H. told her 'Mrs. Pennington took the position that the
Club should not have any share of the profits, while he insisted
it should; that finally Mrs Penniqgton retained a lawyer and
that C.S.H. had little difficulty in reaching a compromise.
C.S.H. frankly told Mrs. Harriman that Mrs. Pennington was very angry
with her and seemed to hate her because of her talk with Mrs.
Wilson; that while he agreed in the main with what she told
Mrs. Wilson, he was nevertheless sorry she went to Mrs. Wilson
at that time.
She said the Committee knew she was eloing, but she is mistaicen as
to this.
Sne said :!rs. Wilson had told her that Mrs. Pennington had given
harmony-hours of anxiety and worry during the summer of 1926.
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Mrs. Harriman also referred to
a man absolutely devoid of good taste.
Dec. 27, 1927. 102, 103
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Federal Reserve Bank of St. Louis
Bertie tells Mrs. Harriman about the check sent for royalties on
the chronoligical book and said C.S.H. thought it meant that
only about 600 copies had been sold. Mrs. Harriman said "It is
too bad1 Mrs. Wilson has alwajs been so level-headed that I
can not understand it."
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All the above makes it more inexplicable how Mrs. Wilson could have
written such a note to C.S.H.!
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said!"
June 4, 1928. 177
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Federal Reserve Bank of St. Louis
128.
Harriman, Mrs. Borden (Contid.)
One of the Executive Committee of the Woman's National Democratic
Club asked Bertie why Mrs. Penlington took away or wanted
to take away from the Club what belonged to it.
Bertie said Mrs. Pennington was very angry with Mrs. Harriman
for going to Mrs. Wilson.
June 4, 1928. 1?7
Harris, Mr.
C.S.H. joins James in reporting in favor of, as Claes C Director,
rederal Reserve Bank, Atlanta, in place of Hopkins.
Dec. 6, 1927. 88
Mr. Lassiter of Charlotte, North Carolina, tells C.S.H. that Harris'
Appointment is ideal; that he is a far better man than Hopkins.
Dec. 9, 1927. 90
C.S.H. tells James what Lassiter said and added that Harris was a
Republican in national politics.
Dec. 10, 1927. 90
Harrison, George
Attends Open Market meeting with Board.
July 27, 1927. 13
Sends C.S.H. o)inion of Ur. Johnson and White and Case on power of
Board to initiate rates.
Sept. 15, 1927. 45
Board disoulmes proposed increase in salary from 00,000 to $40,000.
Sec. Mellon approves it. 7inaliy agreed that Gov. Young should
take matter upwith UcGarrah and try to get a less increase.
Jan. 25, 1928. 117, 118
Comes to Washington Nith Sir Otoo Niemyer, a director of the Bank
of ftgland.
Jan. 30, 1928. 122
Explains Roumanian credit.
141, 142, 143, 144, 145, 146, 147
See - Roumania
Does not approve of buying more Government securities now; feels
direct pressure has not yet Wholly accomnlished its purpose.
Sawa, personally, he sees no objection to Chicago raisiting its
discount rate.
July 7, 1928. 190
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
129
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See - Discount rates
Federal Advisory Council
See - Discount rates
Federal Reserve Agents
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Heflin, Senator
Glass says, opposed immediate consideration of confirmation of
Gov. Young butoan not defeat it.
Jan. 22, 1928. 114, 115
•
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Headstone 10
See - Hamlin, Anna
Heath, federal Reserve Agent, Chicago
18, 24, 26, 39, 40, 43, 81, 89, 116, 118, 189
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George Hamlin, Jr. elected in second group.
Nov. 27, 1927. 85
Herrman, Miss
We dine with.
Helm, Admiral and lath
Admiral Helm dies in Washington
Zdith is still in Sanitarium, has been there since laEt spring.
Oct. 29, 1927. 75
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Feb. 16, 1928. 125
4
Attend funeral at undertakers.
About 50 people there
Admiral and Urs. lmownson, 2rs. Hunt, 11,.s. Andrius Jones, Neither
Mrs. Wilson nor Randolph were there. Nor was Admiral Grayson.
Dr. Morse said lath was to be brought in after service.
Oct. 31, 1927. 75.
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We go out to Sanitarium to visit With.
Dec. 7, 1927. 88
Dec. 23, 1927 99
Jan. 17, 1928 112
C.S.H. speaks to Mrs. Wilson about With.
Dec. 20, 1927. 98
We lunch with With at Mrs. Weeden's.
We tell her about the Wilson Chronology.
Mar. 4, 1928. 131
orr
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Federal Reserve Bank of St. Louis
130.
s
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Helm, Admiral and Mrs. (Contld.)
We dins with Edith at Mrs. Weedenis.
April 3, 1928. 145
Edith tells 1113 shortly after that Bolling spoke to her about the
Wilson Chronology saying that it was not a success, that
it was a long story to tell, but he would tell her some time.
April - 1928.
Hervey
66, 67
See - Pacific South West Savings and Trust Co.
Heiser, Miss Elizabeth
C.S.H. tells Ogden Mills about
She tried to interview C.S.H. but he declined.
She charged Mellon with dominating 'gourd, and charged Board with
desire to put up rates now in order to reduce them before
election. She seemed to be rabidly partisan and C.S.H. felt
almost out of her head.
•
C.S.H. said if she desired any figures the Board. would furnish
them.
Later she wrote a letter to partisan that C.S.H. got Mies Laning
to tell her her letter called for no infonuation but was simply
an invitation to enter into a partisan debate, which he must
decline. Later the Treasury looked her up.
May 29, 1928. 174
Hitchcock, Senator
We meet Senator and Mrs. Hitchcock at lunch with Judge and Mrs.
Covington
Dec. 11, 1927. 93
Holland
See- Open market Corlraittee
Hollanders Store 52
See - Child, Mrs.
Holmes, Juvtice O. W.
Charges Warren expressed surprise that Judge Holmes did not issue
a writ of supersedeas in the Sacco-Vanzetti case, on the ground
that the alleged prejudice of the judge in passing on motion
for a new trial raised the question of "clue process
."
Aug. 23, 1927. 21, 22
131.
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Hoover, Sec.
C.S.H. dines with, to meet Mr. Frank, Governor of National Bank
of Belgilm.
Sept. 30, 1927. 63
The Whaley-Raton Service has an article on Dr. liller and.
(See scrap books.)
June 19, 1928. 183
Dr. Miller tells Gov. Harding he is going to vote for Hoover
for Pre.ident.
July 13, 1928. 192
Houghton evidently thinks, a weak candidate.
attacks on him not yet made.
July 15, 1928. 192
',7!4tvl*
Knows of many
Hopkins, Ur.
0 S.H. joins James in recommending ap:)ointment of Hr. Harris for
Class C. Director of Atlanta.
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Great p .essure was brought for Ho)kins who begged C.S.H. to favor
him on ground, among others, that he as a Republican.
Clark Howell, of Atlanta Constitution, strongly favored
Hopkins.
Dec. 6, 1927. 88
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.
Mr: Lassiter, of Charlotte, N.C. tells C.S.H. that Harris is a
much better man than Hollkins.
Dec. 9, 1927. 90
Hough, Judge. 137
See - Talley, Gov.
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Passes Clayton Act amendment without a roll call.
leb. 1, 1928. 122
Refers Wideral Reserve pension bill buck to Committee with
instructions to strike out enacting clause.
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Wadden lest his head and did not demand even a roll call.
The chief objection raised was the figure $15,000 as maximum salary
for computation of pensions.
Wanted a much lower maximum.
Feb. 1, 1928. 123
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
132.
H. R. Isinking z..nd Currency CoNulittee
C.S.H., Gov. Young and Platt went before, in behalf of amendments
to Clayton Act and Federal Reserve pension bill.
Committee said it would report Clayton amendments and also Federal
Reserve pension bill striking out nrivilege to member
banks to join and making $15,000 the maximum salary in
computing pensions.
June 27, 1929. 121
Miller threatens to tell, of attitude of Board as to its lack
of
power over open market operations.
April 24, 1928. 157
Miller, testifying before, on Strong stabilization bill, attacks
attitude of certain memberu of Board.
May 3, 1928. 162, 165
See- Miller
C.S.H. testifies before, on Strong stabilization bill.
May 23 and 24, 1928. 164
See -3en Market Committee
AbsttL.ct of Miller's attack on Board policy and on members.
lis - 26, 1928. 167, 168, 169
k
See - Miller
C.S.H. puts before Committee table showing open market operations
not resnonsible for brokers loans.
May 26, 1928. 170
Miller tried to cut out Dart of his testimony, escocially his attack
on Governor Strong, but Collaiittee insisted it should be printed
.
May 26, 1928. 171
Glass 'leaks in contempt of Miller's testtmoney before.
May 27, 1928. 172
Mills criticises Miller's testimony before.
mor 29, 1928. 174
Houghton, Ambassador
Calls on us at Hattapoisett
Said the great 2owers were fixing the balance of power using
League of Nations as a base;that we should cooperation with
League of Nations, but Should not join it. He said
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
133.
Houghton, Ambassador (Cont'd.)
Winston Churchill was right in denying to Gen. Joffre
credit for battle of the Marne, but that he went, perhaps,
too far; that Churchill hated the U.S., apAarently believing
the hatred necessary to show he was English and wipe out the
half Ameriaan strain.
He said the Labor vote was gaining in Great Britain but that the
conservati es believed they could keep in power until the
expiration of Parliamont, but would ordor a new election any
time they desired.
He spoke disparagingly of Austen Chamberlain, - a clever but not
a deep man.
He said it cost him neL.rly $100,000 per year to run the Embassy.
C.S.H. told him he might be drafted for President, but he said there
was n3thing in it and jokingly asked C.S.H. if he would accept
the office of Secretary of the Treasury if he became President.
Nov. 7, 1927. 79, 80
Ambassador and Mrs. Houghton call on us at Mattapoisett.
He seemed somewhat chagrined at the failure of his boom for VicePresident. Said that the Hoover men felt that in view of
the ch-rees against Hoover as being pro-English it would not
be wise to nominate the British Ambassador for Vice President.
He said most of the delegates really did not want Hoover nominated
but wanted Coolidge.
He said that if Secretary lellon had not surrendered to Hoover after
Vare's laming out for him, Coolidge even then would be nominated.
,T.tt itz :Se** 2/4t.);„.
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He seemed to t'lihk Hower a very weak candidate and Gov. Smith a
very strong one.
He said he knew of many other attacks on Hoover which w3ul4 probably
be made.
He said he wanted to talk with C.S.H. later about fixing the
German indemnity.
July 15, 1928. 192
Howell, Clark
Editor of Atlanta Constitution supports Hopkint for Class C
reappointment, rederal Reserve Bank, Atlanta.
Dec. 6, 1927. 88
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Federal Reserve Bank of St. Louis
I
134.
Hoxton, lederal Reserve Agent
81, 88, 109
See - Discount rates
Nderal Reserve Agents
Hull amendment. 128, 129
See - Glass
Hull, Congressman. 129
See - Glass
Hunt, Nelly
Praises Anna's miniature.
Dec. 25, 1927. 101
Inconsistencies
Miller's testimony, H.R. Banking th Currency Committee.
169, 170
See - laller
Independent
See - Miller
Inflation
Miller says he hates inflation when it can be prevented, but he
hates deflation more.
July 7, 1927. 2
Miller says Federal Reserve System, for international reasons, has
brought about cheap money which had caused inflation in U.S.
Jam. 9, 1928. 106
Gov. Sesq. at Open Uarket Committee meeting, attRcked vigorously the
rederal Reserve System policy which he said was one of inflation.
C.S.H. asked Gov. Seay if his remarks applied to 1926 and he said Yes.
May 2, 1928. 160
C.S.H. then reads Gov. Seay's protest of Aug. 17, 1926 against further
sales of 3ovt. securities - to Gov, Seay's great confusion.
May 2, 1928. 160
Miller attacks open market policy as having caused inflation.
May 26, 1928. 169
See - Miller
135.
2
Initiate rates. Power to
32, 33, 34, 37
See - Discount rates
Glass
Interstate Commerce Commission.
See - Glass
129, 130
-IT..
James, George R.
Holds conference with C.S.H. and Ogden Mills as to Cuban
Agency. July 6, 1927. 3
Peels that present clause - bills bought in open market
sufficiently covers foreign bills and moves Board
rescind its earlier vote and make no change in weekly
statement.
•
Passed.
Aye: Gov. C., James, C.S.H.
No: Miller, Cunningham
July 13, 1927. 6, 7
Wants to initiate 30 rate at Chicago.
Aug. 4, 1927. 18
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Federal Reserve Bank of St. Louis
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:JP
ova -1911,:.
Votes, as one of Executive Committee, disapprovinr Chiagols
notice of no change in discount rates.
Sept. 6, 1927. 24
Votes for ratification of above by Board.
Carried:
Aye: Gov. C.. Comptroller, James, Cunningham
No: C.S.H., Laller, Platt.
Sept. 6, 1927. 25
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Votes against C.S.H. motion that present rate at Chicago
be deemed to be lawful rate until close of business on
iriday - the date of the directors meeting.
•
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Aye: G.S.H. , Platt
No:
Gov. C., Comptroller, James, Cunnilgham
Not voting: Miller
Sept. 6, 1927. 25
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Federal Reserve Bank of St. Louis
136.
James, George R. (Contsd.)
Votes against C.S.7
4.10 substitute motion that consideration
of Chicago rate be postponed until after the directors
meeting on Friday.
Aye: C.S.H., Miller, Platt
No: Gov. C., James, ComotrolLer, Cunningham
Sept. 6, 1927. 26
James agrees with C.S.H. that lower discount rates will give
farmers some help in moving their crops, and with C.S.R.Is
belief that lower rates are justified by local as well as
by international reasons.
Set. 6, 1927. 28
Says his reason for putting in Chicago rate now is that John
Mitchell, a Chicago director, asked Boehme, a St. Louis director,
not to reduce rates as it would reduce the profits of the member
banks.
Sept. 6, 1927. 26
Votes to put in 3i% rate at Chicago.
Aye: Gov. C., ComptrIller, James, Cunningham
Nos C.S.H., Platt, Miller
Sept. 6, 1927. 29
Is vigorously cross examined by Federal Advisory Council for
action on Chicago rtes.
Sept. 16, 1927. 43
C.S.R. feels Gov. 0. cowardly (if he was not ordered to resign) in
resigning and leaving to Cunningham and James the burden of
defending the Chicago rate action before FedPral Advisory Council.
Sept. 16, 1927. 49
Glass says he will write President Coolidge and ask him to remove
the Comptroller, Cunningham and James.
Sept. 17, 1927. 49
Writes Gov. Harding to help in opening a credit for his daughter,
Mrs. HUntley Child at Rollaniers Store, Boston.
Sept. 20, 1927. 52
Objects to asking o-pinion of Newton Baker as to validity of by-law
proposed by C.S.H.
Said he would never agree on adopting by-law by unanimous consent.
Said he might agree to asking Baker's opinion if we agreed to id.ek
oainion of Attorney -General later.
Sept. 27, 1927. 56, 57
See - By law
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Federal Reserve Bank of St. Louis
137.
James, George R. (Contld.)
James agreed to frame a gentleman's agreement covering
C.S.H.'s proposed by-law as to initiation' discount rates.
Sept. 27, 1927. 57
See - By-law
James actionia refusing a unanimous agreement 14robably kills any
by-law.
Sept. 27, 1927. 56
Attends dinner of Sec. Hoover to Governor of Yational T3ank of
Belgium.
Sept. 30, 1927. 60
Consideration of gentleman's agreement postponed as Governor
Young says Janes is inclined to be ugly.
Oct. 4, 1927. 63
Gov. Young says James and Cunnin, ham will not agree to any by-law
,
or agreement as they were now getting sun-oort from agricultural
papers in west and northwest in their Chicago rate action
Oct. 10, 1977. 65
•
•
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James said we could not pemit Federal Reserve banks to buy bil1,
3
secured by grain in bonde warehouses where borrower owned
the warehouse unless we gave similar privilege to cotton,
and other stable -productions.
Oct. 13, 1927. 68, 69
C.S.H. writes James that Federal Reserve Bank of Atlanta should
pay the Cuban tax on exported currency under protest,and
take an appeal.
Oct. 21, 1927. 73
James moved to have an official stenographer at every meting of
Board with open Uarket Con:Attee and Federal Advisory Council.
Lost on tie vote
Aye: Miller, James, Cunningham
No: Gov, Young, Platt, :;.S.H.
Nov. 1, 1927, 76
Votes against Uiller's motion that Government secirity operations
shall be conducted only after consultation with the Goverior
of the Board.
Nov. 2, 1927. 79
Votes against
motion that the Board will i13-Jose state
bank regulations pursuant to Fedral Rosorve Act.
Dec. 6, 1927. 87
IT
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
138.
Janes, George R. (Contld.)
JeLles joins C.S.H. in favor of appointing Harris
Director, Federal Reserve Bank, Atlanta.
Dec. 3, 1927. 88
as Class
C
James joins C.S.H. in reporting in f-vor of redesignation of
Hoxton as Federal Reserve Agent.
Dec. 6, 1927. 88'
C.S.H. told James of Lassiter's praise o4 Harris.
"
Dec. 10, 1927. 90
Votes in favor of interposing no objection to Federal Reserve Bank,
Cleveland, paying widow of Federal Res-q.ve Agent Wills
two months salary after his de-th.
Dec. 19, 1927. 9/
Writes letter favori
31,- to 4; .
4
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increase in Chilago discount nites from
Jan. 24, 1928. 115
James says the Couptroller, Lenz, and Williams at a conference
in Texas last summer made a dval, by rhich it was L:,greed
that Gov. Talley should be removed..
Mar. 22, 1928. 138
See - Com.)troller
Talley, Gov.
James says the attack on Talley is scandalous :_nd was started by
Gong. Black because Talley would not advance money to his
brother's bank.
Liar. 22, 1928. 138
Votes in f-vor of further sales of Govt. securitt's.
Mar. 26, 1928. 140
Votes against particioation in Roumanian credit.
April 4, 1928. 147
James says the New York pressure is producing good results and
was forcing N. Y. borrowers to borrow from 7,oston. C.S.H.
said if this were so, it would be absurd to ,revent Boston
protecting itself by increasing its discount rates.
Aril 17, 1928. 151
Votes against increase in Boston rate from 4 to 40.
April 18, 1928.
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Federal Reserve Bank of St. Louis
139.
James, George R. (Contld.)
Wants to decide Chicago application to increase at once.
April 19, 1928. 155
Votes against the increase.
April 19, 1928 155
Votes to approve Richmond increase because Richmond ordered
sold all of its system holdings of Govt. securities.
Aril 23, 1928. 155
Open Marzet Committee reoort was somewhat modified to suit
James and Miller.
James votes to continue sales of Govt. securities.
May 25, 1928. 166
James says his corporation is still loaning its surplus funds
on call in New York. C.S.H. hoves he has severed .Active
connection with this corporation as required by F. R. Act.
May 29, 1928. 175
James says he knows that the Coma:troller, at a meeting in Texas
last summer with Lenz and Williams, entered into a deal
'under which in return for votes for the McFadden bill, Gov. Talley
was to be drop,
led from the Federal Reserve Bank of Dallas, eta.
June 19, 1928. 183
James, at Open Market Committee meeting, criticised Gov. Case for
not coiling the N.Y. banks to a conference and telling them taat
speculative loans must be reduced.
Jul; 18, 1928. 19V, 193
Jardine, Sec.
Tells 2.8.H. he voted for Wilson in 1912.
Sept. 30, 1928. 60
Jay, Mrs. Peter
Presfnt at our dinner to Madame Van Schuylenburch at Woman's
National Democratic Club.
Liar. 21, 1928. 139
Joy, Pierre
Curtiss tells C.S.H. that Prof.Young of Harvard told him that
Miller spoke to him very disparagingly of Jay, - almost in
terms of contempt which stirred him lit deeply.
)
Jul/ 5, 1927. 5
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
140.
Joffre, Gen.
Ambassador Houghton nays Winston Churchill was right in refusing to,
credit for battle of Marne, although he went too far in his
criticism.
Nov.'?, 1927. 80 ,
Johnson, Dr. and Mrs.
C.S.H. meets, victor of St.Johns, at dinner with Geo. F. PPabody
.
Oct. 1, 1927. 61
Johnson, John G.
Harrison sends C.S.H., to give to Sec. Mellon, copy of crAnion of,
on right of the Federal Reserve Board to initiate discount rates.
Sept. 16, 1927. 45
Johnson, Hr.
Palen Leonard suggests, as a secretary to go abroad with Gertrude
'Ayer.
June 27, 1928. 187
Jones, Mrs. Andrieus
Attends funeral of Admiral Helm.
Oct. 31, 1927. 75
Tells Bertie she called on Mrs. Pennington to ask her to autograph
sew-ral coaies of the Wilson chronology and that, while therP,
.asked her to become a life member of the Wamans National
Democratic Club; that Mrs. Pennington said she was not a club
woman but would consider the matter.
Feb. 13, 1928. 124
We are amazed at this action of ars. Jones, as she has been most
vehement in her criticism of :Ars, Pennington and B.olling in
their wish to deny any share of the profits from the book of
tae Club.
Feb. 13, 1928. 124, 125
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141.
Kell, Mr.
See - Milan, Ur.
Kellogg, Sec.
See - Secretary of State
State Department
Kennerley, U.
See - Anderson galaries
Auld Lang Syne
•
'ouzel
Asks Board to liberalize its acceptance regulations, so as not
to bar renewal adceptances. Said we are losing much
business because of the rigidity of our regulations.
C.S.H. pointed out that the American Acceptance Bulletin said
we were doing wonderfully and were securing much business,
thnugh our lower rates, formerly enjoyed by London.
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Kenzel also complained of the British cutting comAssions an
acceptances. C.S.H. quoted London financial News, quoting
from Acceptance Bulletin to effect that American bankers
started this practice.
Oct. 13, 1927. 69
King, Acting Attorney General. 41, 42
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Discount rates
Labor vote, Great Britain. BO
See - Houghton
Lady Arthur Willert
Lunches with us at Mattapoisett.
Sept. 2, 1927. 23
Lansing, Aunt Kitty
Bertie reads to Lansings about, from her reminiscences.
Dec. 18, 1927. 97
Lansing, Robert, Ur. and Mrs.
We tAke supper with.
Bertie reads from her reminiscences.
le(, 1927. 97
We dine with.
Mar. 8, 1928. 137
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
142.
Lansing, Robert, Mr. And Mrs. (Contld.)
Dine with us at Womans National Democratic Club.
Address of Sir Herbert Ames.
May 2, 1928. 161
Lassiter, Mr.
C.S.H. and Delano dine with, at Charlotte, N.C. He says Harris's
apl)intment as Class C Director, Atlanta, is a splendid one,
far better than reappointment of Hopkins.
Dec. 9, 1927. 90
C.S.H. tells James of above.
Dec. 10, 1927. 90
Lawrence, Bishop
We call on, in Boston
Nov. 27, 1927. 85
Lay, Fannie. 183
See - Myer. Gertrude
League of Nations
Houghton says the great Powers were fixing balance of power on,
for a base.
Nov. 7, 1927. 79, SO
Mr. Clem Shaver opposes, as an issue.
Dec.14, 1927. 95
Invites Board to send representatives to a statistical conference of
Surapean central banks at Paris under auspices of.
Miller bitterly Atacked League of Nations
He denied C.S.H. statement that policy of administration was to
cooperate with L. of N.
He even denied C.S.H. statement that the administration had
officially participated in several conferences.
He even denied that the administration had participated in the
recent economic conference.
Board voted to accept the invitation
Aye: Gov. (oung, Platt. C.S.H.
No: Miller, Cunningham
Feb. 14, 1928. 124
:11
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Federal Reserve Bank of St. Louis
143.
League of Nations (Cont'd.)
At above meeting C.S.H. said the State Department sRould be
consulted before we formally sent out notice of acceptance
and this was agreed to. By some error, however, Eddy notified
the League of Nations of our acceptance. G.S.H. at once asked
Gov. Young to write the State Department and explain the error.
C.S.H. also met 2rof. Young, economic adviser of State Deoartment,
at lunch and explained matter to him.
Prof. Young said League of Nations should not have addressed Board
directly but should have done it through the State Department.
C.S.H. agreed, as the League of Nations was not a bank but more like
a state.
Gov. Young wrote _State Department.
The State Deoartment replied it would confer with Presideant Coolidge
and advise us, adding that any further communications from
the League of Nations should be rferred to State Department.
C.S.H. believes a European bank could communicate directly with our
Board but that a foreign state, or the League of Nations, should
.not.
Mar. 7, 1928.132
See - Roumanian credit. 141
Lee, Higginson & Co.
See -Greene, Jerome
Lee House, Washirwton
We move into.
Dec. 3, 1927. 87
Governor Young takes a roam at. Jan. 6, 1928. 105
Some one rings fire alarm in Lee House at 3:30 a.m. as a jest.
Jan. 12, 1928. 111
C.S.H. moves clothes and furniture to.
June 15, 1928. 181
C.S.H. moves from, to Cosmos Club.
June 16, 1928. 182
Leffingwell, R.
Opposed Gov. Strong's wish to put up discount rater; at New York
in 1919.
Sept. 7, 1927. 32
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Federal Reserve Bank of St. Louis
144.
Leffingwell, R. (Cont'd.)
C.S.H. believes request for opinion of Attorney General in 1919
as to poser to initiate rates was asked for because Glass
and Leffingwell wished to demonstrate to Goy. Strong that
the Board had supreme liower over rates.
Sent. 15, 1927. 42
Lens. 137, 138
See - Talley, Gov.
Leonard, Ellen. 182, 180, 185
See- Myer, Gertrude
Letter of Grover Cleveland. 127, 131
See - Cleveland, Grover
Library, Morgan
See - kuld Lang Syne
Morgan Library
Library of Congress
See - Auld Lang Syne
Loans, Speculative.
194
See -Frokers loans
Miller
Yew York Stock lxchange
Open Market Co-daittee
London
See - Open Market
ittee
Low, Sir Maurice
We lunch with, to meet Mr. and ::rs.Masse,, the Canadian Minister.
Present: Mr. L,nd Mrs. Massey, Mrs. Mlson, Mrs. Harriman,
Mr. and Mrs. Chilton. Mr. and Mrs. Charles Warren,
Senator Walsh.
Dec. 0, 1927. 98
We meet, at dinner with Edith Eustis.
Jan. 13, 1928. 111
Dines with us at Woman's National Democratic Club to meet
Sir Herbert Ames.
Upr
1928. 161
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Federal Reserve Bank of St. Louis
145.
Lowell, A. Lawrence. 20, 68
See- Sacco-Vanretti
Lunches (See also, Dinners, suppers)
Board gives lunch to Governor Norman, Schacht, Risi, et ale.
July 7, 1927. 2
Lady Willert and Urs. Clark lunch with us at Mattapoisett.
Sept. 2, 1927. 23
C.S.H. lunches with Miller to meet Governor Frank of National Bank
of Belgium.
Oct. 1, 1927. 60
N. lunch with Catherine Grant to celebrate her 38th birthday.
Nov. 25, 1927. 84
C.S.H. lunches with Directors of Federal Reserve branch bank at
Charlotte, N.C.
Dec. 9, 1927. 89
We lunch with Judge and Mrs. Covington.
Present: Sen. and Mrs. Hitchcock, Mr. and Hrs. Bonsall.
Oct. 11, 1927. 93
Lunched with Sir Maurice Low to me-t Mr. and Mrs. Massey, the
Canadian Minister.
Present: Mrs. Wilson, Mrs. Harri an, lr. and Mrs. Chilton,
Mr. and Mrs. Warren, Sen. Walsh (Montana).
Dec. 20, 1927. 98
We lunch with Miss Biddle.
Dec. 25, 1927. 101
We lunch with Mrs. Frazier
Jan. 15, 1928. 112
H.P.H. lunches with Edith Eustis.
Jan. 23, 1928. 121
Board givec lunch at Metropolitan Club to Sir Otoo Nienyer.
Jan. 30, 1928. 122
We lunch with Charlie .;.nd Grace UdLane at their place near
Feb. 19, 1928. 125
Baltimore.
We lunch with Ur. and Mrs. Charles Warren,
Aril 1, 1928. 141
H.P.H. lunches with Catherine Grant and Mr. Delano.
April 18, 1928. 154
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Federal Reserve Bank of St. Louis
Lunches (Contld.)
We lunch with Mrs. Titur-McClennan.
April 22, 1928. 155
We lunch with Mr. and Mrs. Charles 7;cArren to meet Bishod At
mod.
April 29, 1928. 159
C.3.H. gives Sir Herbert Ames a lunch at Cosmos Club.
Present; Mr. Bonsall, Prof. Young of State Department,
Governor larding, Governor Norris, Platt.
May 2, 1928. 160
Mairs, Mr. and. Mrs.
We meet, at dinner at Ire. Harrimans.
Dec. 27, 1927. 102
Battleof
Ambassador Houghton agrees with Winston Churchill's critic
ism of
General Joffre and, but thinks he went too far.
Nov. 7, 1927. 80
Martin, Federal Reserve .•gent
Present at Open Market Co,littee meeting.
July 27, 1927. 13
Board consilers redesignation of.
Nov. 15, 1927. 81
Redesignated.
Dec. 8, 1927. c29
Massachusetts, Supreme Judicial Court of. 21
See - Sacco-Vanzetti
•tdassey, Mr. and Mrs.
We lunch with Sir Maurice Low to wet, Canadian Minist
er.
Dec. 20, 1927. 98
attends musicale given by.
Feb. 1, 1928. 122
takes -ea with, acco=anied by Sir Herbert ^ones.
Hrs. Massey tele)honed her.
Hay 2, 1928. 161
MatsUkata
Jerome Greene tells C.S.H. that the Matsukata family
ras wiped
out by Japanese panic; that prince HatsUkata had to
sell
his house and that Otohiko was ruined.
.
Oct. 31, 1927. 75, 76
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Federal Reserve Bank of St. Louis
14?.
Mattapoisett
H.P.H. invites Mrs. Wilson to visit.
Jaly 5, 1927. 1
Leave, for Washington.
July5 , 1927. 1
Leave Washington for.
July 14, 1927. 8
C.S.H. discharges Mattapoisett mortgage.
tray 19, 1977. 11
Leave, for Washington.
July 24, 1927.
Leave Washington for
July 23, 1927. 16
12
Leave Mattapoisett for Washington.
Aug. 7, 1927. 19
Leave Mattapoisett for Washington
Aug. 21, 1977. 20
Leave Washington for Mattanoisett
Aug. 26, 1927. 22
Leave Matta)oisett for Wa31ington.
Se)t. 5 1927. 23
Leave Washington for Mattapoisett
Sent. 9, 1927. 3i3
Le-ve Matta..)oisett for Washington.
Sept. 14, 1927. 37
Leave Mattapoisett for Washington
,
Sept. 25, 1'427. 54
Leave Washington for :latta)oisett.
Oct. 5, 1927. 64
Leave aattaooisett for Washington
Oct. 9, 1927. 65
Le.ve Washington for nattaooisett
Oct. 13, 1927. 69
Leave Washington for Mattapoise7t
Oct. 21.1927. 73
Leave MatSooisett for Washington
Oct. 30, 1927
75
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Federal Reserve Bank of St. Louis
148.
Mattapoisett(Contld.)
Leave Washington for MattapoisPtt.
Nov. 5, 1927. 79
Leave Wasnington for Mattaooisett.
Nov. 19, 1927, 83
Leave Mattapoisett for Washinto)
Nov. 27, 1927. 85
During 1927 took about 2 months leve in all LA Mattapoisett,
but many of these visits we -e in connection with business
visits to Federal Reserve Bank of Boston.
Leave Washinrton for Matapoisett
June 28, 19,28. 188
Leave Mattapoisett for Washington
July 8, 1928. 191
Leave Washington for Mattapoisett
July 12, 1928. 191
Leave Mattapoiset for Washilgton.
July 16, 1928. 192
Leave Washin'tonfor Mattapoisett
Jul! 19, 1928. 194
Leave Mattapoisett for Washington
July 29, 1328. 195
So far in 1928 have taken 21 d4ys leave but in each case had
official basinesr at Federal Resorve Bank, 9oston
McAdoo, W. G., Yir. and Mrs.
Lunches with C.S.H. at Cosmos Club
Comes up to room after lunch.
Almost frantic in bitterness towards Gov. Smith
Said SmAh could not be nomil.lted.
Said 'le was absolutely independ-nt and sho:ald vote as he saw
fit for President, - meaning against lov. Snith if noLlinated.
Sept. 30, 1927. 59
We meet, at dinner to Sir Herbert Ames at Womans National Democratic
Club.
May 2, 1328. 161
See -Harriman, *Ire.
,J •
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Federal Reserve Bank of St. Louis
...loCagg, Mrs.
We lunch with.
Dec. 4, 1927. 87
A*
f
We dine with. Mar. 29, 1928. 141
4
*VIM
McClellan, Mr. and Lire. George
We dine with.
Feb. 18, 1928. 125
McClennan, Mrs. Tytus
We lundnItth.
'TY
ni
4,7!,
ellutv e.
.1.1a.totAtt.sU
01 not tita'
r
ttiv,a4W '10
3:qe
0
:
4
April 22, 1928. 155
McCoy, Judge
C.S.H.dines with, at Cosmos Club
A. 23, 1927. 21
McDougal, Gov.
Said his directors would probably not agree to reduce rates.
July 27, 1927. 14
Admits that Chic..To bankers regard 4% as a minimum discount
rate.
July 27, 19:1. 15
See - Discount rates
McFadden Act
Board votes down C.S.H. motion that we ann:)unce that reg„:.lations
governing state tlanks will be imoosed onLy pursuant
to the Federal Reserve Act as amended.
lee. 6, 1927.87
Wyatt rules that undPr, state memiDer banks can not eFltablish
foreign branches altho, specifically reserve right of
national banks to lo so.
Dec. 6, 1927. 87, 88
Janes says Comptroller made d..al that in exchange for votes for,
he would secure removal of Gov. Talley and would grant
Federal Resrve branc:- s for Charlotte, I.C. aad for
.e
San Antonio.
Mar. 22, 1928. 138
June 19, 1928. 183
See -Glass
.Hull a-2eld;.ent
McFadden, L.
Miserably miemanaged Fell' pension bill. Did not even demand a
roll call on motion to recoulit it with instructions to
strike out enacting clause, which passed q.R.
Feb. 1, 1928. 123
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Federal Reserve Bank of St. Louis
150.
McGarrah, Gates
The preL: has made no mention of name of, in co, Hection with the
Ne%. York Conference hQtween Federal Res 'rive Bank of New York
and Governor Norman. Schacht, and Rist.
July 7, 1927. 4
Glass asks C.S.H. for copy of Board's eulogistic publicatio
n
about, when appointed Federal Resere Agent.
Sept. 16, 1927. 47
Is present at dinner to Board given by the Chairmen and
P.R. Agents.
Nov. 4, 1927. 79
writes Board asking reversal of its vote to 3811 for
resignation of
Snyder. Board reconsidered its :Iction.
Dec. 6, 1927. 88
Advises Board not to meet in New York with 0-oen-Markc. ComLli
t
ttee
as it mil.ht precipitate trouble in the credit situa
tion.
Jan. 9, 1928. 107
Confers with Board in Washinton together with Wooll
ey rind Reyburn.
Says time is approachilg to increase rates, althoughhe
agreed tqat
first we should sell some more Government
securities.
Ja4. A, 1928. 109
Board asks Governor Young to communicate with, and
try to comproise
on proposed increase in Harrison's salary.
Jan. 25, 1926. 116
McIntosh
See — Comptroller
:IcLane, Charles
We lunch with Mr. and Mrs. McLane at their place near
Baltimore.
Feb. 19, 1928. 125
McMullen, Liss
Tells C.S.H. of deiAth of Alice Riggs.
Sept. 6, 1927. 31
Meigs, Mrs.
We dine with, to meet !Ire. Blair.
Mar. 7,4, 1928. 139
Writes letter to grs. Pennington asking her to
found a life
membershio in Woman's lational Democratic Club
in memory
of Wilson, which she politely declined to do.
Aaril ", 1928. 142, 143
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Federal Reserve Bank of St. Louis
151.
Mallon, Sec.
29, 30, 35, 38, 39, 40, 41, 42, 44, 45, 51, 53, 54, 57, 59,
62, 63, 65, 77, 151, 153, 155
See - By-law
Discount rtes
Ooen market Committee
Officially announces resignation of Governor Crissinr;er.
Sept. 14, 1927. 38
Tells C.S.H. he has two in mind for Governor Crissingerls vacancy,
Gov.Young and Decker or Minneapolis. Said he wished to
designate the avnointee as 4overnor.
Said both were splendid men. C.S.H. urged Mellon to
designate Plat as Governor for the balance of his term.
Mellon feared that Platt might want to continue as Governor if
reappointed.
C.S.H. cited his own case and said there would be no trouble about
this.
.
Mellon said possibly Gov. Young would not accept unless designated
as Governor.
C.R. suggests that Mellon confer with Alexander of New York who
was in Washington as to both (ov. Young and Deicer.
C.S.=1. asked if there wed any Pittsburgh man available and Mellon
said No.
Mellon agreed with C.S.H. that the new appointee should be a banker.
Later Mellon asked C.S.H. to send Alexander into his office.
Sept. 16, 1927. 46, 47
Se )t. 21, 1927. 53
Dines *ith Secretary Hoover to met Governor of National 13ank of
Belgium.
Sept. 30, 1927. iO
. ..
Will take up Cuban tax on exoorts of money with State Department.
Oct. 21, 1927. 72
C.S.H. "rites Mellon advising that above tax be paid and apoeal
taken.
Oct. 21, 1927. 73
Attends dinner to Board given by Chairmen and Governors at
Metropolitan Club.
Nov. 14, 1927. 79
Willis says one of the Governors of the Federal Reserve banks told
him that Secretary Mellon had written him to aploint more
Republicans on the roll of his bank; that the Governor
bitterly resented this and later called on Mellon and told
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
152.
Mellon, Sec. (Contld.)
him his bank never inquired into the politics of its
app:Antees; that Sec. Mellon then asked him to forget
that the letter had ever Ileen written.
Dec. 10, 1927. 91
H.P. Willis objects to frequent interview of Sec. Mellon regarding
discount rates and of his statement that Governor Young's
ap,ointment would not interfere with Fe4eral Reserve discount
policy.
Dec. 10, 1927. 91
C.S.H. told Willis that Sec. Mellon's
;hat Governor Young had come onto
discount policy.
Dec.
:tatement did not mean
,
the Board pledged to any
10, 1927. 91
C.S.H. tells Willis that Secretary Mellon mver had tried to
dominate the Board,which was never as independent of the
Treasury as now.
Dec. 10, 1927. 92
C.S.H. tells, how well Gov. Young is doing and it )leased him very
much.
Dec. 19, 1927. 97
C.S.H. explains the Carillons to Secretary Mellon. He said he
should seriously consider putting one in a church in Pittsburgh
which he had built in memory of his Father and Mother.
Dec. 19, 1927.97
Loaned Secretary Mellon W.G. Ri.7e's book on Carillons.
Dec. -0, 1927. 98
President Coolidge gives out a statement stating that he has made
,
inquires of the Treasury and is satisfied there is notnin
alarming in the N.Y. speculative situation.
Jan. 6, 1928. 105
Secretary Mellon tells Gov. Young he dose not rerqeml.er ever having
had any talk with President Coolidge on this matter.
Jan. 6, 1928. 105
Dr. Goldenweiser tells Secretary Mellon that a material part of
brokers loans represented mnplaced securities, but he could not
say how much.
Jan. 9, 1928. 107
Present at Open Market Committee meeting.
Jan. 11, 1928. 110
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Federal Reserve Bank of St. Louis
153.
Mellon, Sec. (Contld.)
Present at meeting to discuss proposed increase in Chic<ro rates.
Jan. 24, 1928.115
Votes to approve increase. Jan. 24, 1928. 117
.4.
Says he will vote to ap-,)rova all salaries recommended by F.'"4.. Bank,
New York.
Jan. 25, 1928. 117, 118
•
1
'7,
.. .
Votes for increase in Richmond rate.
Jan. 26, 19°,8. 120, 121
Tells Harrison he approves of Roumanian agreement and that he had
so advised President Coolidge.
April 3. 1928. 143
Harrison €ays Secretary aellon told him the State Department had
never interfered with foreign loans placed in U.S. except
Government loans.
C.S.H. showed Harrison his digest
his annual report claimed
private loans when the la
Aril
c 740(-0
(
which showed that Sec. :tenon in
the right to pass on foreign
t. debt had not been funded.
3.1928. 143, 144
Does not object to increase in Boston rate, sdid it would not cause
any bad break in stock mallet but might slow it up.
April 16, 1928. 149
Is very indignant at Miller's attack on F.R. Board and its policies
in hit testimony before H.R. Banking and Currency Coli:ittee.
,
:
Said "how could we have reap:rinted him? We never would
have had we r!alized that was to hapoen. I, of course, knew
of his long speeches in Board but thoueht he would Improve."
May 25, 1928. 166
Secretary Mellon was very indignant at Hiller's testtriony that the
Federal Reserve Act should be amended so that te Secretary
should no loner be an ex-officio member of the Federal
Reserve Board.
He slowed C.S.H. a clipping from N.Y. Journal of Commerce dated
May 25, 1928, quidang C.S.H.'s testImony against above contention
of Miller. It was entitled, "Hardin lauds Hellon."
May 25, 1928. 166, 167
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Federal Reserve Bank of St. Louis
154.
Mellon, Sec. (Cont'd.)
C.S.H. told llellon it was a splendid record for Coolidge and
himself to have reappointed Miller, Platt ;ind C.S.H.. - z.J.11
originally alylointees of Pre-ident Wilson.
May 25, 19284. 167
When
left, Sec. Ilellon took him by the hand and thanked
him for the confidence C.S.H. had shown in him, - referring
specially to 0..H.Is testimony that hehad ellven more
personal att^ntion to Board matters and had attended more
meetings than any °her Secretary of the Tr,
-asury.
May 25, 1928. 167
C.S.H. tells Ogden Mills about Miss Heiviris nolitical attacks on
the Board and Sec. Mellon.
May 29, 1928. 174
See - By-law
Discount rates
Open Market Committee
;IC
•
.
Member bank collateral notes
See - Collateral notes
•f %.N
44
. ";
r.;.
7 t,
-tr
•C. ir
,
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. 474 '- A
fl,
7
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C
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Memorial service. 158
See - Hamlin, Anna
d
-
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;
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1 '7,
v,r "
T tfL94 2L ILA ;..zI1.4
.14
:
air ;k;„..4-,
c-
.c-
Lunch to Sir Otto Niargyer.
i 14.
June 30, 1920. 122
e
,
,1!";.
"
Metropolitan Club
Dinner to Board given by Chairmen an P.n. :idrnte.
Nov. 4, 1927. 79
ect
I
Metropolitan Coal Co.
Ned writes that firm of Chicago bankers (Becker) have bought
control of common stock, paying him and George 65 per share
(book value $35), they to remain in their present 1)Ositions
at least until Aril, 1929.
1928. 157, 158
April
See - Hamlin, Edliard
Neyer,Eugene
At Miller lunch to Governor of National Bank of Belgium.
Oct. 1, 1927. 60
At dinner given to Board
Governors.
Metro)olitan Club by Chairmen and
Nov. 4, 1927. 79
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Federal Reserve Bank of St. Louis
155.
Meyer, Eugene (Contld.)
Sen. Norbeck will hold up Gov. Young's ratifi.,tion until
Meyer is ratified.
Jan.. 22, 1928. 114
Milano
Proposed for Claus B Director, Atlanta, by Williams the head of
opdosition to Governor Talley and elected; later voted to
reappoint Gov. Talley.
Mar. 21, 1928. 137, 138
Miller, Dr. A. C.
1.
Moves that purchase of foreign bills are subject to approval
of lederal Reserve Board, under Sec. 13, 7.R. Act.
C.S.H. suggested inserting Sec. 14 also, as he Was in doubt
whether Sec. 13 was not limited to thnestid bills.
C.S.H. also eot him to add "regulations" also.
C.S.H. voted for motion as understanding that "approval' refers
,
to future regulations, and that, Jending such regulations,
no aporoval was necessilry.
July 6, 1927. 1, 2
2. At lunch to Governor Norman, Schacht, et ale, Miller I2oke saying
among other things that while he hated inflation, if it could
be Drevented, he hated deflation more.
July, 1927. 2, 3
3.
Miller s:iid he felt Board should regard present prices as a
minimum and should do what it could to prevent further
recession or even help to bring about some increase in
prices.
July 6, 1927. 3
4. Prof. Young of Harvard tells Curtiss that Miller spoKe to him
most disparagino;ly of Pierre Jay, in really contemptible
terms, which shocked Prof. Young greatly.
July 5, 1927. 5
5.
Miller and Cunningham insist that weekly eta-ement shall sIcify
holdings of foreign bills in greater detail as Board
some lays ago voted to do, beginning July 13. They claimed
the F.R. Act required this. lov. Strong said it would
merely help speculators.
James moved to rescind earlier vote and not change statement.
Passed, Miller voting No.
July 13, 1927. 6, 7
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Federal Reserve Bank of St. Louis
156.
Miller, Dr. A. C. (Contld.)
6.
Ailler said Norman, Rist and Schacht, in a talk he had with,
after the lunch, were evasive and etidently did not want
to discuss matters with him; that if it was for the purpose
of helning the gold staactard in Great Britain that we sold
to Baak of Trance the 69 millions of gold held by us in
the Bank of lngland, taAng in its place a sterling credit,
we should get into an awful mess.
July 13, 1927. 7
7. Miller leaves today for a two months trip to California.
BO left Board a memorandum that any needed ease of conditions
should be brought about by lowering discount -ates and not
by purChase of Govt. securities; he said that agriculture
would have a billion dollars more of purchasing power
from the sale of its products and he saw no present reason
for easing conditions.
July 13, 1927. 8
8.
While in the, West Miller wired the Board suggesting no nsiuction
of discount rates.
_See — Discount rates.
9.* Votes against ratifying action of ftecutive Committee in
disapnroving Chicago notice of no change in discount rates.
Sept. 6, 1927. 25
10. Objects to C.S.R. motion that existing 4% rate be held to be the
lawful Chicago rate until meeting of directors on Yriday.
He said it might be construed by ahica.qo as a willingness to
keep in the 4% rate if Chicago so voted on Friday; that
apart from this he sympathised with O.S.H. motion.
On motion being put, Miller asked to be recorded as Not voting,
although he said he sympathized with the motim.
Sept. 6, 1927. 25
11.
Voted for ,C.S.H. motion to postpone until Priday.
Sept. 6, 1927. 28
Weed with C.S.H. that it was extraordinary to put in the 30
rate Tuesday when tne directors had practically agreed to
nut it in on Fridely.
Sept. 6, 1977. 28
12.
Voted against putting in the 30 rate.
Sept. 6, 1927. 29
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Federal Reserve Bank of St. Louis
157.
Miller, Dr. A. C. (Conttd.)
13.
Miller sugested that the Board announce it was a
majority decision. C.S.H. objected.
Sept. 6, 1927. 29,
14.
Miller tells Federal Advisory Council that while he did
not believe the 3i% rate should have been initiated,
and so voted, yet that if Chicago had not nut in this
rate on Friday (the Board postponing its action of
Sept. 6) he would have then ,,oted to put in the 30
rate had such a motion been offered.
This amazes C.S.H. for Miller was opnosed to any rate
reduction and when he went west Ae stopped over at
Chicago and Minneapolis both of which banks refused to
reduce, and the San Francisco bank also.
Sept. 16, 1927. 43, 44
15.
Curtiss says he heard a rumor that Miller was responsible
for the statements in the Chicago papers which angered
the majority of the Board and made it put in the *rate.
Sent. 19, 1927. 50
16.
Miller suggests unanimous adoption of a gentleman's agreement
as to future initiation of rail's, -that such action shall
require 5 affirmative votes.
Sept. 27, 1927. 56
17.
Miller opposed having requirement of 5 affirmative votes
when the Federal Reserve Bank established a rate and
the Board desired to put in a different rate.
Sept. 27, 1927. 57
18.
Miller and C.S.U. meet Governor of National Bank of Belgium
ih Platt's office.
Sept. 29, 1927. 59
19.
Attends dinner of Sec. Hoover to Governor Frank, of
National Bank of Belgium.
Sept. 30, 1927. 60
20.
Gives lunch to Governor of National Bank of Belgium.
Oct. 1, 1927. 60
21.
Votes for an official stenograuher at every meeting of Board
with open market committee, altho he said the
present records were well kept.
Nov. 1, 1927. 76
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Federal Reserve Bank of St. Louis
158.
Miller, Dr.
22.
. C. (Contld.)
Open Market Committee submitted a plant
1.
Continuation of offsetting gold movements by
purchase and s,Lle of Government.securities.
2.
Seasonal rate advances towards end of year to be met
if necessary, by teraporory purchase of securities.
3.
During return flow of currency in January, aovPrnment
securities should be sold to retire the seasonal
issue and pr vent its being added to member bank
reserves.
4.
In event of renewal of gold im,)orts, (a) Gold may be
purchased in London, liolland, or Switzerland
(b) Ex:hange on those countries may be purchased
Imo to a limit of 100 millions, such purchases to be
offset the same as gold movements. (c) Gold or
exchange purchased may be invested in bills or put out
at interest the same as in case of Bank of 'gland
balances.
On C.S.H.Is motion of approval, Miler moved to
substitute:
1.
Any use of gold or exchange under 4 shall
be subject to special authorization of Board
in each case.
2.
Any purchases of securities under Onen ::.arket
Investment Account under 2 and 3 shall be made
only after consultation with Governor of Board.
1 was lost
Aye: Miller, Platt, Cunningham
Not Sec. Mellon, Gov. Youn, Jaraes, C.S.R.
g,
Miller then withdrew 2.
C.S.H.Is motion of approval was then passed without a
dissenting vote. No roll call was demanded.
Miller offered no objection to offsetting mold movements
or providing for seasonal increase of rtes. All
he sought was approval of Board in each instance,
which in any emergency would be plainly impossible.
Nov. 2, 1927. 77, 78, 79
.
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Federal Reserve Bank of St. Louis
159.
Miller, Dr. A. C. (Contld.)
22. Open Market Committee submitted a plan (Contld.)
Miller says if the Board does not rant to redesignate
a Federal Reserve Agent, as a vacancy occurs each year
in the Class C Directors, it could fill the new
apoointment with the man it wanted to make F.R. Agent
and leave as a Class C Director the 7.1. Agent it
failed to red signate.
0.S.H., however, pointed out that the F.. Agent must be of
tested banking experience and that to carry out Miller's
suggestion the Board would have to alroint another
banker as Class C Director, thus giving two bankers
such positions; that this would be contra to the spirit
of the Federal Reserve Act, which ,
,aces care of bankers
in Class A, of business in in Class B and of the public
in Class C; that the only pr]cticable way would be to
remove as a Class C Director the F.R. Agent who failed
to be redesignated, which would not be a removal for
"cause" under the Federal Reserve ;Lot.
Nov. 15, 1927. 82
23.. Votes against C.S.H.'s motion that Board issue no specific
regulations on state banks co.iing in with branches but
merely announce that it will imnose suitable regulations on
entry "pursuant to Federal Reserve Act."
Dec. 6, 1927. 87
24.
Opposes Wyatt's ruling that a state member bank can not
establisil a foreign branch under l!cladd-n Act, although
a national bank can.
Dec. L3, 1927. 87
25.
Votes against reversion of Board's vote that Snyder should be
called on to resign from F.. Bank, New York.
Dec. 6, 1927. 88
26.
Board votes to redesignate all F.I. Agents.
Miller asked to be recorded as not voting and said he would
file a memorandum with his reasons later.
Dec. 8, 1977. 89
27.
Voted against motion to offer no objection to payment of
two months' salary to widow of Y.. Agent Wills, after
his death.
Dec. 19, 1927. 97
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Federal Reserve Bank of St. Louis
160.
Miller, Dr.
A. C.
(Cont'd.)
28.
Gov. Young tells C.S.H. that Gov. Talley told him not long aeo
that he met a Nev: York banker on a Railroad train - he
would not give his name - who said that his bank was
loaning on call in New York over 1300,000 for Dr. Uiller!
Gov. Young said that MilleT had disclosed this to him a
few days ago, and that he, Governor Young, later told
this to Gov. Strong in New York, and that Gov. Strong
was horrified and said that if this became known Miller
would be summarily driven out of office.
Jan. 6, 1928. 105
29.
What woul4 be the reaction of the public if it discovered that
a member of the Board charged with the protection and
development of business through discount rates, was feeding
stock exchange speculation which was east becoming a menace
to business, by loaning on the soeculative manost $300,00)
to his own private ,:aint C.S.H. feels it Gov. Young's
2
duty to reoort this to Sec. Mellon.
Jan. 6, 1928. 106
30.
Board postooned 0-oen Maret Committee meeting in New York at
urgent request of :11cGarrah who said that for the Board to
go to New York might cause uncertainty and trouble, - that
the situation was fuel of krnamite.
Miller, however, said he had an enfr,agement in Nev. 'fork and wodd
go there any way. C.S.H. feels it may well be that he
has a orivate engagement and tnat he thus has Board pay
his expenses!
Jan. 9, 1928.107, 108
31.
Mille' tells Board that we, for International reasons, had
made money .111.3ap and that this policy had caused inflation
in U.S.
C.S.H. feel Miller forgets th...t if we had not reduced rates in
August 192? gold woUd have poured into U.3. with an almost
necessary inflation.
Miller denied 0.S.H. statement thatl)wered r.Ites helped the
small manufacturer in his comoetition with big manufacturers
. and said ;hat easy money helped the big manufacturers crush
the smaller ones.
Gov. Young asked Miller whether he thought tighter money muld
have Aeloed the small manufacturer, but .4i11er did not rely.
Jan. 9, 192-. 108
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Federal Reserve Bank of St. Louis
161.
Miller, Dr. A• C. (Contld.)
Returning frau New York, :4il1er vigorously opmsed increasing
N. Y. rates and favored continued sale o+' Got. s curities.
,
Jan. 11, 1928. mia
32.
Miller, who a week ago, opoosed any rate advance to check
brokers loans now reversed himself and favored a rate
advance, saying. Govt. security sales were being made
timorously and were exercising no control over the situation.
Jan. 23, 1928. 115
33.
0.S.H. asked Miller's views as to calling in the New York bankers
and admonish them. T.is was qlassi s sup.estion but O.S.H.
did not mention him.
Miller said the - ew York bank Pr'sidents were alive to. the
J
situation and would do nothing as the money came from outside
New York.
Jan. 23, 1928. 115
34.
Votes in favor of increasing Chicago rate from 34 to
Jan. 24, 1928. 117
35.
Votes against increasing Asst. led ral Reserve Agent Bur8-ess's
salary by $3000.
Jan. 25, 1928. 117
36.
Criticises Cunningham's resolution for reoort from F.R. banks
as to rediscounts used by speculative purposes, oot)ting out,
ascid also Gov. Young, that tiere were few if any continuous
borrowers rediscounting to any extent, exceot from day to lay
for temoarary purposes.
Jan. 26, 1928. 120
37.
Miller favored an increase in rates for the reason that member
banks would get higner rates from their customers and would
be less likely to loan on call.
Miller gave C.S.H. the imnresslon that he preferred an increase
in rates to the resolution of Cunningham for an inquiry.
Jan. 26,028. 120, 121
38.
C.S.H. reminded Miller that on
he delivered an address
in Boston in which he claimed that rediscounts for banks
carryina speculative loans were forbidden by the very terms
of the P.R. Act.
Miller :
-eolied very equivocally and said his oro)osed letter to
Federal Advisory Council, tabled by the Board,stated his
attitude more plainly.
Jan. 26, 1928. 121
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Federal Reserve Bank of St. Louis
Miller, Dr. A. C. (Contld.)
39.
Votes to apT)rove increane in Richmond rate.
Jan. 26, 1928. 121
40.
Votes against accenting invitation of League of :lations to
Board to send representative to statistical conference
of 7iuropean central banki3 et Paris.
Feb. 14, 1928. 124
See - League of Nations
41.
Miller bitterly attacked League of Nations.
have anything to do with it.
Did not want to
C.S.H. said the policy of the administration was to cooperate
with the League of Nations, - which Miler denied.
C.S.H. Pointed out that our Government had been officially
represented at many League o' Nations conferences, citing,
among others, the Zconomic Conference.
Miller denied even this, altno he at the time urged t.-1 Board
,
to 7iolate the law and send Assistant F.R. Agent
to help
his friend Robinson, who 11;-,d been officially designated, with
others, by President Coolidge to attend this conference.
Feb. 14, 1928. 124
42.
Votes against permitting the Open Market Committee to make further
sales of Government securities.
Mar. 26, 1928. 139, 140
43.
Allier explained his vote in a memorandum.) He favored no further
purchases as they would necessitate higher discount rates.
Mar.26, 1928. 140
44.
Miller attacked the open market policy of Board, as to purchase
and sale of Government securities, saying he had always
op)osed it.
As a fact he was practically is Father, especially in 1924 when
he strongly advocated purc:lases of Govt. securities and
said it would not cause inflation.
liar. 2'?, 1928. 141
45.
Miller objects to Rolimanian credit claiming that
Bank of
New York would be bound by the decision of the lank of France
both as to the syndicate agreement and t-ie r,ta'rllization plan.
a
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Federal Reserve Bank of St. Louis
163.
A4ercovu
te",-11).4
Miller, Dr. At. C. (Contid.)
/71'11 /6444A a`
3". 7
'"
:e
45. (Cont'd.)
C.S.H. asked Harrison who said the P.R. Bank could at any ti
withdraw because not satisfied with -he syndicate ?lan
or stabilization plan.
Uiller voted against
motion to aporove.
A'aril 4, 1928. 147
46. Inner files a memorandum stating that Board has oractically
assumed res-oonsibility for the stabilization olan and has
abdicated to the 2ank o France.
C.S.H. places on record his reason for approval of agreement,
in answer to
memorandum;
1. federal Reserve Bank, New York, expressly refused
any responsibility for stabilization plan.
2.
Reserved right to withdraw from syndicate agreement.
A,)ril 6, 1928. 147
47.
Miller at first strogly favored approving increaxe in '-'oston
discount rate; said he had just talked over telenhone
with Governor larding who said discounts had greatly
increased and that there was evidPnce that the oroceeds
were being used in the New York call loan m.YArt.
Later he veered around and said we ought to tell 3overnor Harding
to wait until his di'ectors me,
?tinP; on Thursday, — that
?utting up rates would chill business.
Aloril 16, 1978. 149
48.
Uiller strongly objects to increasing Boston rate, saying that
approval would be tantamount to a declaration that the
Board favored control of soeculation through discount nttes.
Aprill7, 1944. 150
49, i4il1er said if tle federal Reserve lank of Boston should
absolutely refuse to rediscount for member banks carrying
speculative loans, it would be a great stroke.
Aril 17, 1928. 151
50. .1iller talks almost incessantly from 10 to 12 oeoosing aooroval
of Boston increase. Says he is satisfied that'N.Y.
pressure was working satisfactorily; that the rat ter would
be settled if Boston would wait until Friday.
April 18, 1928. 152
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Federal Reserve Bank of St. Louis
164.
Miller, Dr. A. C. (Contl d.)
51.
,
nev r vote
Miller said, over and over again, that he would
for ourp *se of controlling
to increase discount rates
N. Y. Stock exchange soecalation.
Aril 18, 1928. 152
52.
53.
54.
of 1925 he earnestly
C.S.H. pointed out to Miller that in the fall
speculation,
favored an advance in N.Y. rate to control
the situation
although N.Y. said t the time that it had
voted for
well 'in hand througA direct action; that he even
New York.
at
Ounninghamosmotion to initiate a 4% rate
April 18, 1928. 152
er force if we had
C.S.H. said Miller's arguments might have great
h wtBoston,
a central bank at Washington with a branc
ing to protect
but that Boston was an autonomous bank desir
iling
counts and
itself against unduly increasing redis
lowest in the F.H.
reserves which were now only 57% - the
System.
April 18, 1928. 152
motion to aporove
Finally on vote, - Sec. Mellon not voting, - the
g No.
failed by a tie vote, Miller votin
Board adjourned until 2 p.m.
55.
56.
57.
April 18, 1928. 152
153
listened to
After adjournment, Sec. Mellon, who had patiently
he did not feel that the Board
Miller's objections, said
n directors
could properly overrule the judgaent of the Bosto
on local conditions.
who based their judgment
April 18, 1928. 153
the teleohone
Miller then said he had talked with Gov. Case over
uraged
during the recess; that Gov. Case was very much disco
that money
and said the situation was getting out of hand;
millions
was pouring into N.Y.; that he could identify 50
as coming from Boston.
April 18, 1928. 153
Sec. Mellon then called for a vote.
Case, he felt
Miller said that in view of his talk withOnv.
to approve.
impelled to change his morning vote and vote
Miller then voted to approve.
April 18, 1928. 153
58. Board took up increase in Chicaap rate.
's letter
Sec. Mellon and C.S.H. favored waiting until Heath
arrived explaining masons.
Miller, Platt and James wanted an immediate vote.
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Federal Reserve Bank of St. Louis
165.
Miller, Dr. L. C. (Contld.)
58 (Contld.)
McDougal read letters over telephone.
Miller voted to approve.
April 19, 1928.
184, 155
59.
ond.
Miller voted to approve increase at St. Louis and Richm
23, 1928. 155
April
its holdings of
W. Board considered order of Richmond to sell
in System account.
Government securities
if it wished
Miller claimed Board had complete power and could
forbid such sale.
regulation could
C.S.H. said that under Section 14 the Board by
regulate but not forbid.
under
Miller denied this and said the N.Y. banks dominated
existing arrangements.
to operate
Miller said Board had power to order each F.R. bank
Open Market
in Government sPcurities only through the
Committee.
agreement, C.S.H. said such an order - apart from a voluntary
tmnortant
took away from a P.R. bank one of its most
P.R. banks
functions and vest it in a Commitee of all of the
Sysem in effect one
or in the Board itself - making the
central bank operating from Washinpton.
Board could take
C.S.H. also said that if Miller was corre7t the
right to establish rates and
away from the 7.11. banks the
%ant
vest it in a Committee of the P.R. banks or in the
itself.
April 24, 1928. 156, 157
61.
62.
the attitudP
Miller then threatened to tell the H.R. Committee of
relied he could if he cleired.
of J.S.H. and
April 24, 1928. 157
t Coraaittee
Miller tells the Governors, in discussing the Onen Marke
an end to
report - that open market operations Fhould be put
and discount rates only should be used to cort rol speculation.
Miller said this had always been his attitude:
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Federal Reserve Bank of St. Louis
166
Miller, Dr. A. C. (Contld.)
62. (Cont'd.)
tee
Miller said that, while disposed not to vote at all on Commit
for continuance of policy of sale of Government
recommendation
the rope
securities, yet he might decide to vote to give them "all
they wanted."
Miller's claim is preposterous.
See - C.S.H. memorandum.
63.
64.
Scrap books.
May 1, 1928. 159
the
Miller demandek. of Gov. Case that he call the ?residents of
them that speculation
large N.Y. banks together and admonish
must be controlled, and while Gov. Cass began to answer him,
he almost shouted - "And what will they say to you when you
call them int They will say you are responsible for the
condition of things because of Ihe cheap money nolicAll
May 1, 1928. 159
ies
C.S.H. prepared a meuorandum snowing up Miller's inconsistenc
, as he was determined not to let
as to open market policy
always
Miller "get by" with his preposterous clirn that he had
ions.
oos)osed Open market orlerat
See - Scran books.
May 1, 1928. 160
65.
tee
Board approved general policy outlined in Open Market Commit
reJort but defined just what the policy was.
on
C.S.H. was prepared to point out to Miller his inconsistent oositi
cheap money
as to Open Market operations and his claim that
had caused inflation, when suddenly Gov. Seay made a similar
attack, Whereunon C.S.H. read his (Gov. Seay's) telegram to
°nen Market Committee, Aug. 17, 1926, strongly protesting
against further tightening of the money market,thich seemed to
confound lov. Seay.
Miller, seeing C.S.H. notes in his hand, kept quiet ana said
nothing.
May 2, 1928. 160
66.
-/
Miller has been testifying for some days before H.R. Banking and
Currency Committee on the Strong stApiliz,ition bill. He
specially attacked open market operations as the cause of
inflation and gave Committe to understand that he had
always apiosed them,
, for
C.S.H. will prepare a memorandum showing up Miller's record
future use.
May 3, 1328. 162
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Federal Reserve Bank of St. Louis
167.
Miller, Dr. A. C.(Cont'd.)
67.
68.
Miller continues his testimony.
May 7 and 8. 1928. 162
ncy Committee on
ig
C.S.H. testifies before H.. Bankir ail Curre
red a list of
Strong stabiliv.tion bill. C.S.H. prepa
McFadden
questions for cross examination and gave it to
mentioning
who duly put the questions. Without
ts view on
name, ,;.S.H. took a position adverse to nller
and other matters.
effect of open market operations
May 23, 1928
May 24, 1928
164
69.
70.
71.
Banking
Miller made a distinctly unfavorable imnression on the H.R.
gave him
and Currency Committee, as told me, the Committee
and were much amazed at his egotism and
all the ro-oehe wanted
vanity.
May 24, 1928. 165
erdation for
Miller votes to approve Open Market Committee recomm
policy of further sales of Clovt. securities.
May 25, 1928. 165, 166
members of
C..H. tells Sec. Mellon of Miller's criticism of
nant and
Board and Board policy. Sec. Mellon was very indig
never would have
said, "How coUd we have reappointed himt We
course of
,
had we ri lized how he was going to actt I knew, of
, but hoped he
his long windedness and his inconsistencies
would improve after reappointment.
May 25, 1928. 163
going out of his
72. Secretary Mellon was also indignant at Miller for
tae Treasury should no
way to suggest that the Secretary of
longer be (In Board as ex-officio member and chairman.
Journal of
Secretary !Iellon showed C.S.H. a clipoing from N.Y.
d "Hamlin lauds Mellon."
Commerce dated May 25, 1928 heade
See -Mellon
73.
May 25, 1928. 4.66, 167
! Miller
The folLowing is a brief abstract of some of the thing
ttee:
said before the H.R. Caani
1. Board should be reduced in number.
May 2, 1928.
2.
Board too sensitively attuned to foreign view points.
May 2. 1928.
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Federal Reserve Bank of St. Louis
Miller, Dr.A. C. (Contl d.)
73. (Contld.)
3.
Men of imagination and aound judgment are very r..re.
May 2, 1928.
4. Putting men in high Federal lositions with high sounding
titles may paralyze any native ability they may have.
May 2, 192R.
5.
Says his function on the Board has been to maintain an
lttituie of relative calm where ,inconscious hysteria
is dweloping.
May 2, 1928.
6.
The conversations with Gov. Norman, Hist, and Schacht
should have been a matter of Board record.
May 8, 1928.
7.
The Board is innocent of Zurapean psychology.
May 8, 1928.
8.
Gov. Strong is an able man, but on this particular
subject (Strong stabilization bill), - he does not
know what he is talicing about.
May 8, 1928.
9. Gov. Strong is an able man, but --- a programme of
esmomic statesmanship such as this contemplAes, calls
for exercise of faculties, experience, training, etc.
that is very unusual in any group of men.
May 8, 1928.
10. Says he is embarrassed - because of loyalty to his
colleagues, - by questions nut by the Committe
May 9, 1928.
to him.
11. You have got to put into the Board and F.. banks men of
the mental stature who can take un these things and
state the reasons for them.
May 9, 1928.
12. Says he did not approve sending a representative to
Statistical Conference in Paris on April 28, 1928,
APent Burgess.
attended by Dr. Goldniweiser and Asst.
Uav 9, 1928.
13. !Oars thri Statistical Conference LLI:f have had some ulterior
purpose behind it.
:lay 9, 1928.
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Federal Reserve Bank of St. Louis
169.
Miller, Dr.
A.
C. (Cont d.)
73. (Contid.)
14.
Says we have had much of "Innocents Abroad."
Nlhen we go abroad I want to see the 1.S. represented by
men who know their wav around and whose heads are
balanced definitely between their shoulders."
May 9, 1928.
15. "I am a man of years, - I have had a great variety of
human contacts, - an enormous variety of experience."
Ma,: 9, 1928.
16.
Miller also vigorously attacked t e Open Mancet policy of
buying and selling Government securities saying it was
mischievous and responsible for infl,tion.
Yet On Jan. 11, 1928, he vigorously o7)osf'd increasing
the 7.Y. rotes to control speculation; on April 13, 1928,
he said, in iiscussinv pr000sed increase of Boston rate,
that he never would vote to increase rtes to control
speculation; on May 1 he told the Governors ot Open Market
Comaittee meeting, that open market operations should be
put an end to and discount rates should be used to check
speculation; on :Jlay 9, 1928, he told the 1.7. Comaittee
that open market operations were the very heart of the
7.R. policy.
May 26, 1928.
169, 170
C.S.H. answered Miller's contention that the purchase of
,curities caused inflation by nutting into his
Govt. sr
testimony before tne H.R. Owimittee a table prepared by
Smead showing that from Oct. 31, 1924 to Oct. 31, 1927,
and later to April 1, 1928, open market o?erations (Govt.
securities and acceptances) increased only in 2 of the
years while during the same 2 years the total P.R. credit
actually decre,ised; that in 3 of these yaars while total
P.R. credit increased, open market operations •ictually
decreased.
May 26, 1928. 170
74.
Goldenweiser tells C.S.H. that Miller felt very bad over the
breaksin his tbstimony and in correcting the first draft tried
to strike out certain portions, - esp, cially the attack on
Gov. Strong, but that the Ommaittee insisted on its remaining.
May 26, 1928. 171
75.
pniformance before the H.R. Banking and
Glass speaks of
Couraittee with contempt. C.S.H. gave him a short
Currency
abstract of some of the things Miller said.
May 27, 1928. 172
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Federal Reserve Bank of St. Louis
170.
•
Miller, Dr. A. C. (Cont'd.)
76.
slow progress
Millr backs up Cunningham in his indimation at
as to
of his resolution calling on F.- banks to report
st
speculative use of F.. discounts, and voted again
accepting Gov. Young's reeort.
May 28, 1928. 173
77.
78.
st
Miss Heiser, a re)orter full of hitter criticism, ag,Lin
r. The other members
Sec. Mellon, has a long talk with Mille
refused to see her.
May 23, 1928. 174
Miller's
Ogden lills asks O.S.H. for a coy of his abstract of
gives him one.
remarks before H.R. Committee and
up Miller;
Mills said he thought the Comuittee had about sized
him.
he was very bitter towards
14 29, 1928. 174
79.
that the
Glass tells C.S.H. he disagrees with Miter's view
of Treasury should not be ex-officio
Comptroller and Sec.
members of tii Board.
May 29, 1928. 175
for by him to
80. .Mier did not appear at meeting specially asked
itte during
agree upon power to be given to lxecutive Cola..i
the saamer so Board post )oned action.
June 6, 1928. 179
81.
82.
83.
84.
lin Roosevelt.
Mrs. Miller told Bertie they were vin to visit Frank
June 6, 1328. 179
ng of the
Gov. Case tells lov. Young that Miller attende a meeti
banks were fast
N.Y. directors last Thursday; that the N.Y.
r,eriously
becoming c‘mtinuous borrowers; that the directors
together and
considered calling the bank Presidents
r
admonishinq. them; that to the surprise of all, Mille
vigorously ooposed thist
June 9, 1928. 180
The Whaley-Zaton service has an article on Sec. Hoover's
relations with Miller.
(See scran books)
June 13,1928. 183
ago
Gov. Harding tells C.S.H. that Miller called on him a week
Indendent with Democratic
and told him that he was an
should vote
leanings, but that, on acCount of friendship he
for Hoover.
July 16, 1928. 192
171.
•
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Federal Reserve Bank of St. Louis
Killer, Dr. A. C. (Contld.)
85.
ed
At meeting with Open Market Committee James severely criticis
Gov. Case for not calling the N.Y. bank Presidents together
and admonishing them.
Gov. Case said, among other things,that Miller had vigorously
o?posed such action at a meeting of the N. Y. directors
which he attended, v' 'tile James now favored it.
Miller then went into a very long drawn-out and elaborate
explanation of his oppositing, faintly intimating that
conditions now had changed.
•
•
C.S.H., to test Miller, asked if he would now favor doing this,
pointing out that it would prIctically amount to an order to
ration credit.
•
Miller said No, as it was too great a resoonsibility for the
Board to undertake.
July 18, 1928. 192, 193
•
86.
Miller says a practicable way can be found to prevent leakage
of Federal Reserve credit into the speculative market.
C.S.H. asked Miller to explain how.
Miller said we should study individual banks and that where a
bank had gone beyond its normal percentage of call loans we
could admonish it.
July 18, 1928. 193
87.
C.S.H. asked Miller whether we shouldnot make a st4ilar inquiry
as to other kinds of speculative loans, e.g. real estate,
etc., but Miller said No, we should try to regulate call loans
July 18, 1928. 193
first.
88.
Miller said if we bought any more lovernment securities we should
be and ought to be hauled over the coals by 3ongress; that
we should use the discount rate to oontrol speculation; that
with gold going out, we had the situation in hand and that
it would be folly to change our policy.
July 18, 1928. 194
See - Discount rates
Chen Uarxet Coilmittee
Mills, Ogden, Uncersecretary
C.S.H. and James have conference with, as to Cuban Agency. C.S.H.
loans him Traylor's brief and C.S.H.Is analysis, also brief
of National City Bank.
July 6, 1927. 3
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Federal Reserve Bank of St. Louis
172.
Mills, Ogden, Undersecretary (Cont'd.)
rate case.
C.S.H. tells, of action of Board in Chicago
very indignant about it.
Sept. 7, 1927. 35
He was
singer had been disloyal
Tells C.S.H. he is satisfied that Gov Cris
have reported lov.
,
in the Chicago /%.te case; that he should
Strong's talks with him to the Board.
Sept. 26, 1927. 54
ral, if asked, would sustain
Mills said he felt sure the Attorney Gene
that tie Board had power
Acting Attorney General King's oninion
would be embarrassing
to initiate rates and that such an opinion
bly future similar
and would stiffen u) the majority of - ossi
action.
Sept. 26, 1927. 54, 55
d a by-law reqiiring 5
Mills said Governor Strong had suggeste
rate.
affirmative votes to initiate a
sal Advisory Council and
C.S.H. said he had suggested this to Feder
had promised to draw one.
to seek an opinion from Attorney
Mills said the Chicago bank agreed not
General ifsuch a by-law were voted.
said Sec. Mellon
aw and
C.S.H. promised Mills to draw un the by-l
its legality.
would like Newton D. Baker's opinon as to
Sept. 26, 1927. 55
of National Bank of Belgium.
Attends dinner of Sec. ioover to lovernor
Governor Smith is a
Tells C.S.H. after dinner tAat he admits that
ikes him keenly personally.
most remarkable personality, altho he disl
Sept, 30, 1927. 60
ders meetin4. of P.R. Bank
Delivers address, with C.S.H., at stockhol
Nov. 11, 1927. 81
of Boston.
Banking and
y before
C.S.H. tells Mills of Miller's testimon
est gave !!ills his abstract of
Currency Committee, and at his requ
certain of his remarks.
said the Committee had sized
Mills was very bitter towards Miller and
May 29, 1928. 174
him 1.17:3.
Miniature
Grant, Catherine
Catherine which she had
Delano called and showed us a miniatureof
fairly satisfactory
given him for a Christmas present. It was
but the mouth was 1)oor.
Jan. 7, 1928. 106
173.
.
wt
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Federal Reserve Bank of St. Louis
Miniature (Cont'd.)
Hamlin, Anna.
104
83, 84, 93, 98, 99, 100, 101, 103,
See - Grant, Catherine
.
Haalin, ;‘11 la
Mitchell, John
James gives as his reason
the Chicago rate the
dtrector of the
St. Louis rate as it
banks.
7)ut in
for insisting on voting now to
11r. Boehme, a
'act that, had asked
ce the
Bank of St. Louis, not to redu
profits of the member
would cut down the
Sept. 6, 1927. 26
Money, Cheap
ation by malcing, for
Miller says P.R. System has caused infl
international reasons.
Jan. 9, 1928. 108
Money, Cuban tax 72, 73
See - Cuba
Moore, Ballard
Marries Olyve Graef.
June 11, 1928. 181
Morgan, J. P.
119, 122, 165, 178
See - Auld Lang Syne
•
•
•
Morowitz, Victor
greater credit than, in his
Willis says Fowler is entitled to
that, waa asked to ap2ear
plan for a regional reserve system;
declined on ground of
before the H.R. CoLuaittee but surlily
pressure of business.
Dec. 10, 1927. 93
Morse, Dr.
At funeral of admiral Helm.
the sanitarium to the
Said Edith Helm was to be brought from
r. Said later she did not
undertakers establishment afte
sed to leave the auto.
comprehend what had happened and refu
Oct. 31, 1927. 75
Morse, Gov. P.R. Bank, Boston
Death of.
July 5, 1927. 5
174.
Mortgage
nrincipal and
0.S.H.pays off Mattapoisett mortgage - $8000
$133.33 interest.
July 19, 1927. 11
the mortr7age.
C.S.H. sells Raleigh Street house subject to
19, 1927. 11, 12
July
See - Dodge
Myer, Gertrude
t.
C.S.H. dines with, to meet :Ire. Grant ant Col. Gran
July 27, 1927. 17
Writes Bertie of death of Alice Ri13.
Sept. 6, 1927. 31
We dine with.
Mar. 22, 1928. 139
tion o" 117inrr,su
We take, and Rachel Hale to see first presenta
cratic
first giving them dinner at Woman's National Demo
162
MOy 3, 1928.
Club.
We dine with.
June 12, 1928. 181
ude going abro-a with
C.S.H. has telk with Rachel Hale as to Gertr
a Mr. Rodgers as secretary.
June 16, 1928. 181
See - Hale, Rachel
;.S.H. dines with, and discusses European tri.).
June 17, 1928. 182, 183
June 20, 1928. 184, 185
June 23, 1928. 185
June 27, 1928.186
July 10, 1928. 191
July 18, 1928. 194
alo to act for her.
Asks C.S.H. to get name of a good lawyer in Buff
June 25, 1928. 186
Bank as to a maid for.
C.S.H. asks ;.1r. Donaldson of Ommercial National
187, 188
Jane 28, 1928.
Writes C.S.H. that Dr. Ruffin advised her not to go abroad.
July 26, 1928. 195
;
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Federal Reserve Bank of St. Louis
See - ..S.H. letter to H.P.H.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
-N-
National Bank of Belgium
nor Frank of.
C.S.H. dines with Sec. Hoover to meet Gover
Sept. 30, 1927. 60
C.i.H. lunches with Miller to meet.
Oct. 1, 1927. 60
not say it as a fixed
Gov. Prank tells C.S.H. that while he could
credits such
custom to charge commissions for central bank
ion, yet that his bank was
as that given, to help stabilizat
most willing to nay the commission.
Oct. 1, 1927. 62
National City Bank, New York
on Cuban lwency.
C.S.H. gives Mills reply of, to Traylor brief
6, 1927. 3
July
with, as to
7.
Asst. Sec. White tells 0.. H. he will get in touch
of money.
Cuban tax on ex-Jorts
Oct. 21, 1927. 73
National ?ress Club
"7ings" we take
Gives C.S.H. tickets for private performance of
Rachel Hale and Gertrude 1.trer to it.
May 3, 1928. 162
New Bedford Institution for Savings
C.S.H. discharges Mattapoisett mortgage.
July 19, 1927. 11
New York
Bank, New York.
C.S.H. confers with Executive Caa,lttec of F.R.
July 9, 1928. 191
New York Stock Exchange
Goldenweiser addresses Board on brokers loans.
Jan. 9, 1928. 107
m for international
Miller says cheap money brought about by YR. Syste
speculation on.
reasons is resnonsible for
Jan. 9, 1928. 108
warning them to
Glass favors calling big N.Y. banks together and
control speculation on.
Jan. 22, 1928. 113
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Federal Reserve Bank of St. Louis
176.
'New York Stock Exchange (Contld4
C.S.H. says he does not want to increase discount rates to
control speculation on, unless agriculture and commerce
is being injured or in imminent danp;er of injury.
Jan. 24, 1928. 116
Mar. 7, 1928. 136
Miller says to approve increased rate at Boston would be tantamount
,
to a d !claration that the Board favored control of
speculation on, through discount rates.
April 17, 1928. 150
Miller says :le will never vote to ,Ipprove increase of discount
rates to control speculation on.
Aril 18, 1928.152
Miller reluctantly changes his mind and votes to aoorove Boston
increased rate in order to 2ontro1 speculative use of
'April 18, 1928. 153
rediscounts on.
Gov. Young says New York may have to increase to 5% to curb
May 27, 1928. 171
speculation on.
See - Miller
Speculation
Newton, Federal Reserve ..„ssnt, Atlanta
66, 67
See - Cuba
Newton,Federal Reserve Agent, Sun Francisco. 72
See - Robinson
newer, Sir Otto
Board gives, a lunch at Metro)olitan Club.
He admitted to C.S.H. that a holder of a 5 L bank note could
not of right demand gold for it at Bank of England but
that it would be redeemed in currency notes.
This shows that England is not on a real unqualified gold
Jan. 30, 1928. 122
standard.
Norbeck, Sen. 114
See - Glass
Gov. Young
Norman, Gov. Bank of England
Spends nearly an hour with C.S.H.
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Federal Reserve Bank of St. Louis
177.
Norman, Governor, Bank of England (Contld.)
iation of gold.
-ailing prices are due to apprec
He believes present nly as we had ample credit.
C.S.H. said not in U.S. certai
0.
not have kept our rates IL) to 4
He seemed to feel we should
be
aboat 3ertie and asked to
He inquired most sympathetically
remembered to her.
very
by by, Crissinger but only in
He spoke at the lunch given
general terms.
. Norman believed that gold
Later Governor Strong said lov
g prices, and not depreciation
appreciation was causing fallin
of commodities.
July 7, 1927. 2, 3
but
had no meeting with the Board
by. Norman, Schacht and Rist
dual members.
merely called separtely on indivi
July 7, 1927. 3
the
others did not want to take
C.S.H. feels boy. Norman and the
Board into their confidence.
July 7, 1924. 4
with boy. Norman, Rist an'A
Miller told Board he had a talk
y were very reticent and
Schacht after the lunch, but the
to discuss matters with him.
aloof and evidently did not want
July 13, 1327. 7
t there was a conference in N.Y.
Gov. Crissingeriells C.S.H. tha
and the officers of the
between Norman, Rist and Schacht,
er with the Onen Liarket
F.R. Bank of New York, togeth
ectors the day after they
Committee, and the F.R. bank dir
with them but did not
left Washington; that he went to N.Y.
o:ot there. He said boy. Norman
know of the confer,mce until he
Bank of EndTland was in as
told what a critical position the
its rdtes,to the injury of
regards gold; that it must put wo
Bank of New Yor .
business and comerce, unless the
reduced its rate.
July 25, 1927. 12
Norris, Gov.
anks of its desire to have
Feels Board should not advise -P.R.b
to an order.
lower rates in such form as to amount
27, 1927. 17
July
la reducing its rate because
Tells C.S.H. Wayne objects to Phi
force a reduction in customers
Gov. Norris believes, it would
Aug. 12, 1927. 19
rates.
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Federal Reserve Bank of St. Louis
178.
Norris, Gov. (Contld.)
ng a new construction of word
Governor Harding writes, suggesti
"established."
Se)t. 21, 1927.§3
.
Attends lunch of C.S.H. to Sir Herbert Ames
2, 1927. 160
May
"Not voting"
on C.S.H. motion that 4%
Miller records himself as "not voting"
at Chicago until
rate be considered to be the lawful rate
of directors meeting,
close of business on Friday - the day
altho he said he sympathized with it.
Sent. 6, 1927. 25
-0Maya
with us at Vaittapoisett.
Mr. and Mrs., Anister of Golunlia dine
July 23, 1927. 12
Oblensky, Princess
See - McAdoo, Mrs.
Old Color,'
Trust Co.
87, 88
See - Foreign branches
. . .
Oldfield School, Glencoe, Md.
We visit, - Elizabeth Hamlin's graduation.
June 1, 1928.175
Olds, Under Secretary
Raises no objection to Roumanian credit.
April 2, 1927. 142
April 3, 1927. 143
Open marUet 6
See - Foreign bills
Open Market Investment Committee
.;ith 1ov. Norman, Rist
Members of, attend Conference in N.Y.
July 8, 1927. 12
and Schacht.
1I
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Federal Reserve Bank of St. Louis
179.
Open Market Investment Committee (Cont'd.)
Board meets with
Also present: Gov.Young, Gov. Biggs, F. • Agent Martin,
Harrison and Burgess.
Gov. Strong spoke of conditions in Europe, stating that Great
Britain will lose her gold unless she raises her r..4
or F.R. Bank, New York, lowers its rate; that if
Great Britain raises her rate it will be an injiry to her
manufact,rers and people and will decrease her ability b
buy our cotton, wheat, etc.; that if she increases her rite
other Euxooean countries will follow with the sme result;
that by lowering our rates we could finance our exports
to Great Britain Which would be of great advantage to us.
He said discounts had fallen off greatly at the F..banks;
that from the domestic point of view it was certainly
advisable to lower the rte of F.R. Bank of New York; that
he thought it should be made a System matter and that all
rates Should be reduced; that it should be done now before
the crap movement is financed; that if not done 'European
central banks must increase their rates to the injlry to
American exports.
Gov. Harding said the F.h. System had been attacked by the
agricultural interests because in the past we had lowered
rates only after the croos had ft the farmers hands and
had gone into the hands of the speculators, while we had
put up rates in the autumn when farmers were buzjnig; that
we now had a fine Chance to reverse the -)rocess.
Most of those °resent said that while there was no imiaediate
damand for lowering rates, they felt their iirectorF would
join in making the matter a System matter and that they would
advise their directors to do this.
Gov. McDougal said his dictors saw no need of any rate
reduction and intimated they wouldnot be willing to join.
C.S.H. then read the resolution of the lederal Advisory Council
at the meeting in May, 1927, to the effect that rates
should not be reduced, but, if necessary, open market
investments should be sold to keep rates u* to the then
present level, - meaning that 4% should be the irrevocable
minimum.
C.S.H. then asked.lov. :1cDougal if the above resolution expressed
the present attitude of the Chicago F.R. bank directors,
and after some hesitation he admitted that it (116.
Gov. Strong said this was a purely selfish bankessview, -that
none of the large Chicago banks wanted rates :educed.
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Federal Reserve Bank of St. Louis
180.
Open Market Investment Committee (Contld.)
Board meets with (Contld.)
recommendation of the
,S.H. said he concurred in the
2. Purchase of say
Committee, - 1. Reduction to aN.
make the rate
50 millions of government securities to
the decline in prices
effective; that he was much )11.7.21ed at
slightly under
during the past 5 years; that they were now
of 1920; that he
the lowest pint reached after the crisis
perhaps a faint
saw a parallel between 1872 - 1893 and now,
although wages
parallel; from 1872 to 1893 prices fell
contrary,
measured in gold did not fall but, on the
was anoreciating,
increased; that some claimed that gold
processes,
while others stressed imoroved industrial
, railroads, elimination
inwnitions, develoAsent of steamshios
of 1893; that ne
of work, etc.;that at last- came the crisis
now for other forces
did not look for any such crisis
System,
were at work, - sound financial laws, the F.a.
sses, labor saving devices,
etc., improved industrial proce
in the
etc. ; that he could see n o an )reciation of gold
on of commodities measured in
U.S. but rather a depreciati
there was an
gold; that many economists, however, felt
ent danger oftuch in Europe.
appreciation or an tuain
marked business recession
C.S.H. added that there was undoubtedly
and that he put himself the ouestion
today over the U.S.
existing 44
whether it might not be conceivable that the
business
rate may be acting as a slight restriction 9n
ved the
and agricultural credits; that while he belie
one could
existing recession was only temporary, yet no
or even
say with confidence that it might not continue
ase should come
increase in the fall; that if such an incre
claimed,
he wanted our rates so low that it could not be
ht about by
as it was in 1920, that the recession was broug
high F.R. rites.
at tne F.R. banks,
C.S.H. added that discounts were falling off
m was
that money was very easy and that the F.'1. Syste
,
t; that h felt
practically out of touch with the marke
that these
It snould always be in touch with the market;
.
were his reasons for lowering 7.2. rates
the only reason for not
All agreed that, - except Gov. McDougal, it might encourage
lowering rates was the fear that
Exchange
speculation in collodities and on the N. Y. Stock
that this fear should not be
but the feeling was general
ulture and
allowed to militate against need-d help to agric
t action should be used to prevent
commerce and that direc
increase in speculative loans.
that rates should
C.S.H. moved that the Board suggest to the banks
he reduced.
1
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Federal Reserve Bank of St. Louis
181.
Open Market Investment Committee (Contld.)
Board meets *ith (Contld.)
Gov. Strong and Gov. Norris said the Board should be careful
not to have its communicatioi put in such shape that it
could possibly be construed as an order, Which all agreed
it was not and which Gov. Strong had always contenciea was
beyond the power of the Board.
After lunch, 3ov. Strong relaorted a drift of the minutes of the
meeting, declaring that they expressed the sentimentt of the
Board, but carefully omitting anything which could be
construed as an orde'.
It was moved and voted that each member report these m'nutes to
his directors.
C.S.H. said his °Anion in favor of rate reduction was based
primarily on domestic grounds but that he was fully in accord
with what Gov. Strong said as to the propriety of lowering
rates to help stabilize the purchasing power of Europe and thus
help our export trade.
C.S.H.then moved ap)roval of policy of continuing purchase of
Govt. securiies u4 to 50 millions. Passed unanimously.
July 27, 1927. 13, 14, 15, 17
Gov. Crissinger wants to initiate a 34% rate for Chicago.
C.S.H., Platt, and Comptroller objected as the Board has not asked
any F.A. bank to reduce rates, - it merely sent each F.A.
bank the minutes of the open market meeting which simoly
expressed the feeling that rates should be reduced.
Aug. 12, 1927. 19
See - Discount rates
3.S.H. says he feels the underlying reason in the minds of most
of the members of the Board and of the Open Market CmAttee
was to prevent further gold imports and to stabilize the
European purchasing power, thus helping our exports, altho
Gov. Strong also put his recommendation on the domestic
Situation, - falling off of rediscounts, etc.
Sept. 6, 1927. 27
C.S.H. said it was also in the minds of the Board and Corariittee
that under existing relation of rates gold would continue to
move to the U.S.
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Federal Reserve Bank of St. Louis
182.
Open Market Investment Committee (Conlid.)
Board meets with (Contid.)
C.S.H. said he had some doubt of the power to fix a rate
solely for international reasons, *and felt that there
was no power toirescribe a uniform r te for that or for
any other reason.
Sept. 6, 1927. 27
said he explained above at open market meeting.
Sept. 6, 1927. 28
James moves for an official stenographer at every meeting of
Open Market Committee with Poard.
C.S.H. moved as substitute that an abstract of each me-ting be
prepared for insertion in the Board's records.
Mi_ler attacked Board's records as wretchedly kept, as
open market meetings, and later shifted his pylund
opposed 0.S.H.'s motion on ground that an abstract
made and out in records and tAat it is a well kept
regards
and
is now
one:
C.S.H. withdrew his motion expressly for reason that Milker said
present abstract and records were well kept.
James moti)n failed
Aye: Uiller, James, Cunningham
No: Gov. Young, C.S.H., Platt
Nov. 1, 1927. 76
Board, meets with Committee
Committee presented report as to policy until Mar. 1, 1928.
/he i)olicy recommended was:
1.
To maintain stable rates at present level.
2.
To prevent further gold imports
The following programme was suggested:
a.
Offsetting gold movements by Govt. security
operr.tions.
b.
Any considerable seasonal advance in rites at end
of year to be offset by temporary purchases of
Govt. securities.
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Federal Reserve Bank of St. Louis
183.
Open Market Investment Committee (Contld.)
Board meets with Committee (Contid.)
c.
d.
•
•
During return flow of currency in January, sales of
Government securitien should.be made to prevent
seasonal issue from being added to member bank
reserves.
In event of renewal of gold imports:-
•
1.
2.
k
Gold may be purchased abroad.
xchange, - limited to 100 millions, - may be
purchased.
3.
Gold or exchange thus purchased may be invested
abroad in bills or loaned at interest as in
case of Bank of England account.
4.
Considerations to guide Committee as to D:(a) Amount of borrowings by F.R. banks
(b) General level of interest rates.
(c) Movement of foreign exchange rates as
indication of poisible gold im)orts
C.O.H. moved approval of Committee recommendations.
Miller proposed a substitute or qualification of D:a.
Any use made of gold or exchange under D tall be
conditioned on special authoriz'ition of Board
in each case.
b.
Any purchases or sales under B and 0 shall be made
only after consultation with Governor of Federal
Reserve Board.
(a) was T)ut to vote and lost
Aye: Miller, Platt, Cunningham
No: Sec. Mellon, by. Young, James, C.S.H.
Miller then withdrew (b).
C.S.H.Is motion of aparoval was then passed without a dissenting
,
vote.
Nov. 2, 1927. 77, 78, 79
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Federal Reserve Bank of St. Louis
183.
Open Market Investment Camuittee (Contid.)
Board meets with Committee (Conted.)
c.
During return flow of currency in January, sales of
Government securities should be made to prevent
seasonal issue from being added to member bank
reserves.
d.
In event of renewal of gold imports:1.
Gold may be purchased abroad.
2. Zxchange, - limited to 100 millions, - may be
purchased.
3.
Gold or exchange thus purchased may be invested
abroad in bills or loaned at interest as in
case of Bank of England account.
4.
Considerations to guide Comuittee as to 1):(a) Amount of borrowings by F.R. banks
(b) General level of interest rates.
(c) Movement of foreign exchange rates as
indication of possible gold im)orts
C.O.H. moved aprroval of Committee recommendations.
Miller proposed a substitute or qualification of D:a.
Any use made of gold or exchange under D s. a11 be
conditioned on special authoriztion of Board
in each case.
b.
Any purchases or sales under B and 0 shall be made
only after consultation with Governor of Federal
Reserve Board.
(a) was put to vote and lost
Aye: Miller, Platt, Cunningham
No: Sec. Mel.lon, by. Young, James, C.S.H.
Miller then withdrew (b).
t
C.S.H.1:0T:.ion of ap.)roval was then passed with)ut a dissenting
Nov. 7, 1927. 77, 78, 79
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Federal Reserve Bank of St. Louis
184.
Open Uarket Investment Committee (Contld.)
Board decided to go to New York and hold open market meeting.
McGarrah advised against this as it rilip;ht precipitate
trouble as the situation was full of drnamite. Board
decided not to go, in view of President Coolidge's
statement and McGarrah's advice.
Jan. 9,1928. 107
Board voted to authorize Committee to sell from 50 to 75 ;Onions
of Government securities, as Gov. Case, for the Committee,
requested.
C.S.H. fears nothing but a radical rate increase will cope with the
situation caused by Coolidge's statement.
Jan. 10, 1928. 109
Gov. Young points out that an increase in discount rates does not
directly change the amount of credit, but raerely its price,
while a sale of Govt. securities immediately changes the
amount of credit.
Jan. 11, 1928. 110
C.S.H. moved to approve sale by Committee, from time to time, of
further Govt. securities with accomnanying power to buy
temporarily should events, not now foreseen, require such
action.
Platt moved to substitute a resolution more closely based on
Committee renort.
Cunningham moved to substitute C.S.H.'s motion of approval.
Unanimously passed.
Jan. 11, 1928. 110
4arket Caralittee
.S.3. referred to his views expressed at Open ,
27, 1927. (supra p. 15)
meeting on July
Mar. 7, 1928. 136
Board meets with Canaittee
Gov. Strong submitted a report asking authority to work
for firmer money conditions but not with any desire to
bring about higher discount rates.
The reoort was somewhat ambiguous but plainly meant that
the stock market situation must be taken in hand.
185
Open ilarket Investment Committee (Contld.)
Board meets with Cohd,iittee (Contld.)
Gov. Strong said his directors unanimously favored further
sales of Govt. securities.
The Board voted to authorize further stiles of Govt. so,.urities
but indicated in the wording of the vote its feeling
that it did not authorize any increase in discount rates.
C.S.H. explained his vote by saying that sales of Govt.
securities meant increased discounts and that this change
would enable the Y, i, banks to handle the situation more
effectively and avoid the necessity of penalizing
agriculture and commerce by raising discount rates.
•
•
•
Cunningham voted for the motion but said he concurred with
C.S.H.'s explanation.
The vote was:
Aye: Gov. Young, Platt, James, Cunningham, C.S.H.
No: Uiller
Miller later put on record an exnlanation of his vote,
stating that his favored doing nothing as further sales
of Govt. securities would necessitate raising of discount
rates.
Miller attacked bitterly the whole policy of open market
operations in Govt. securities, saying he had always
op?osed it.
As a fact he was its latherand for a long time its most
enthusiastic supported
Mar. 26, 1928. 139, 140
Board discusses Open Market Coriaittee report at conference
of Governors.
Miller told Governors that open market operations in Govt.
securities should be out an end to and that discount
rates alone should be used to regulate credit.
Miller said this had always been his attitude; that he was
disposed not to vote at all on Committee's report
favoring further sales of Govt. securities, but he m4ht
vote to give tin all the rope they wanted, (meaning
with which to hang themselves.)
:liner demanded of Governor Case that he call the Presidents
of the large N.Y. banks together and warn them that the
speculative loans must be reduced.
While Gov. Case was answering Miller, Miller
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Federal Reserve Bank of St. Louis
•••••••••••••
1.1otost shouted eut:
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Federal Reserve Bank of St. Louis
186.
Open Market Investment Committee (Contld.)
Board meets with Committee (Contld.)
'Mien you get them together they will say to you Who is responsible for our condition? The F.. SystemIN
Miller's claim of opposition to open market purchases and
sales of Govt. securities is preposterou and yet
amusing!
(See 0.7
,.H. mn.lorandllim of Miller's record in sera-) books.)
May 1, 1928. 159, 160
Board votes to ao-)rove report of Onen Market Comuittee but
defines what it undPrstands to be tae general policy of
the Comittee as referred to in its reoort.
May 2, 1928. 160
Gov. Seay vigorously attacked the open market policy of the
Committee and Board for past years saying it had caused
inflation.
C.S.H. asked him if his criticism included the year 1926 and he
said it did.
C.S.H. then read Sov. Seay's telegram to Onen Market Co4Imittee
of Aug. 27, 1926 in Which he vigorously oo)osed continuing
sales of Govt. securities, saying that what the country
needed was greater ease and not stringency. Gov. -eay was
very much embarrassed and could scarcely make any reply.
The whole meeting was convulsed with laughter.
C.S.H. told him that his records contained a note that in his
opinion Gov. Seay was right, - but this gave cold comfort to him.
May 2, 1928. 160
Board meets with Committee:
Committee favored continuing sales of Govt. securites - the
special investment account is now only 100 millions.
Committee also asked authority to buy up to 100 millions in
case of any sudden emergency.
Gov. Case said Morgan had made a firm offer for 25 millions
which Caaattee wanted to sell.
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Federal Reserve Bank of St. Louis
187.
Open Market Investment Committee (C -ntld.)
Board meets with Committee (Contld.)
Gov. Harding alone objected to this, saying it was poor policy
to buy and sell in small amounts too frequently.
All members of Board objected to giving power to buy further
Government securities, preferring to wait until the
necessity should arise.
Adjourned until afternoon.
In afternoon, Co-AAtee presented a new report striking out
request for authority to make further nurchases.
The report after discussion was slightly amplified to please
14i1ler and James.
Later, in IbLecutive Session, C.S.H. moved to give authority
asked for to continuo sales, and C.S.H. called for a record
vote.
Unanimously passed.
Aye: Gov. Young, Miller, Platt, James, C.S.H.
May 25, 1928. 165, 166
Por Miller's inconsistent record as to open market dealings in
Govt. securities see "Miller."
May 26, 1928. 169, 170
C.S.H., testifying before H.R. Banking and Currency Committee on the
Strong bill put in a table covering the years beginning
Oct. 1924 to 1927 and later to April 1, 1928, shJwing that
open market purchases of Govt. securities (and also of
acceptaaces) increased only in 2 of those years, while in the
same years total 7.R credit decreased; that during 3 years,
while total P.R. credit increased, nurchases of Govt. securities
decreased.
May 26, 1928. 170
During his testimony of May 9, 1928 Miller forgot his antipathy to
open market dealings in Govt. securities and told the Committee
they were the very heart of P.R. policy!
May 76, 1928. 170, 171
Gov. Case tells Board that Miller, at a recent meeting of the
F.R. Bank of N.Y. directors vigorously oo)osed calling the
New York bank Presidents together and admonishing them, - a clear
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Federal Reserve Bank of St. Louis
188.
Open Market Investment Committee (Contld.)
reversal of his former opinion.
Miller gave a blundering explanation for this change,
that conditions had then changed.
C.S.H., to scorch out Miller, asked if the members now approved
such a warning. All said No and Miller finally said No.
July 18, 1928. 193
Miller said if Board authorized any further purchase of Govt.
securities it would be hauled over the coals by Congress and
ought to be. He gave the distinct impression that members so
voting should be removed from Board:
July 18, 1928. 194
Miller said Board had a wonderful opportunity, in view of the gold
exports, to regulate credit through discount rates and to
drop (as we have been doing since Jai. 19? - open market.,
.
7)
operations.
July 18, 1928. 194
See - Miller
°hen market operations
Open market powers
Open market operations
Miller says that if it is desired to bring about easier credit
conditions it saould be done by lowering discount rates and
not by open market operations.
July 13, 1927. 8
Pederal Advisory Council in May, 1927, favored nrevention of rates
lower than 4% by.
July 27, 1927. 15
C.S.H. favored, to make
414
,
rate effective.
July 27, 1927. 16
Miller attacks
See - Miller
Open Market Inve tment Committee
See - Oven Market Investment Committee
Open Market powers
Open maxiet policy
See - Miller
Seay, Gov.
Araimminlermw
artenueverfmailmeireftiNviourromaree0
,
189.
•
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Federal Reserve Bank of St. Louis
Open market powers, P.R. Board
Miller claims Board has complete power over open market operatione
and could if necessary forbid a bank to buy or sell Government
securities.
IP
•
question arose on order of P.R. Bank of Richmond to open market
coutittee to sell all Govt. securities held for it.
C.S.H. pointed out that Sec. 14, P.R. Act gave P.R. banks power t.)
buy and sell Govt. securities subject to rules and regulations
of the Board, not subject to anproval by Board, nor subject to
ltlitations or restrictions as all acceptances under Sec. 13; that
the Board can issue reasonable regulations, e.g. as to maturities
and perhaps as to total amount to be purchased by any P.R. bank*
that the Board under the power of regulation could not forbid
all transations; that the Board's exercise of al?,)roval as now
carried out rests uuon the arrangement entered into by the
banks and the Board; that any bank could withdraw from this
arrangement and, e.g. set up its own agency in New York for their
purchase and sale, subject only to reasonable regulations of the
Board; that the Board had issued one general regulation but it
applied to the arrangement under which the F.R. banks waived their
individual ri4hts and agreed to permit an Open Market Committee
of the banks to conduct these operations for them, and the banks
volunatarily agreed that the Board should have the right of approval
or disapproval; that the Board in iseftingits circular ap:?ointing
the new Open Market Committee claimed it was issued under its
general power, which C.S.H. contends does not exist; that while
the Board claimed it had the power, it in fact only issued
general rules and did not limit the right of the Comaittee except
in the Most general way.
Miller drmied this, and said that the Open :4arket Ca.c.ittee was
dominated by the PedPral Reserve Bank of Ner York.
Uiller claimed that Board had lawful power to forbid a F.R. bank
operating in Govt. securities except throut
igh the Open narket
Committee.
C.S.R. said if this were true the Board would be taking from the
F.R. banks one of their most imoorbalt functions and could vest
the power in the Board itself, al)ne, or could takefrom the
7.R. banks the right to initiate dia- ount r,tes and vet it
in a CouJittee of the F.R. banks or in the Board itself, thus
turning the System into a central bank.
3.%H. said he remembered one case where the Board forbad Philadelphia
to buy long term bonds, but he said such order was illegal in
his o)inion.
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Federal Reserve Bank of St. Louis
190.
Open market powers, P.1Z. Board (ContId..)
Miller threatened to tell the H.R. Committee of C.S.H.le attitude
and C.S.H. said he could if he wished.
April 24, 1927. 155, 156, 157
(Later C.S.H. prepared a memorandum on above and filed it in
Board's records)
(See also C.S.H. tettimony before H.R. Banking an, Currency Committee
on Strong bill.)
Operations, Surgical
?Award Hamlin. Appendicitis.
leb. 18, 1928. 125, 126
Out of line
116, 117, 118, 135, 154
See — Discount rates
—p—
Pacific S.W. Trust & Savings Co•
Mr. Robinson, President, and 7.H. Agent Newton, came before
Board, Mr. Robinson erolained how he had raised millions of
new capital for the bank, now merged into a national bank.
He explained why he still retained Hervey in the bank and other
indicted employees. He said Hervey was one of the most prominent
free Masons in the state. He said he did not defend their
actions.
Board then considered the matter alone.
Some time ago Board had given discretion to Newton as to when he
should officially inform the U.S. District Attorney as to the
violations of national laws.
3.S.H. at first felt the District Attorney should be notified at once.
The Comptroller pointed out that the men were all under state
indictment and if new Pederal indictments were procured for
practically the same offense, it would bring the matter before
the public again and the notoriety would sevr.rely injure the new
national bank.
Oct. 11, 1927.
66
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Federal Reserve Bank of St. Louis
190.
Open market powers, P.1t. Board (Contld.)
Miller threatened to tell the H.R. Committee of C.S.H.Is attitude
and C.S.H. said he could if he wished.
April 24, 1927,.
155, 156, 157
(Later C.S.H. prepared a memorandum on above and filed it in
Board's records)
(See also C.S.H. tettimony before H.R. Banking an, Currency Committee
on Strong bill.)
Oprations„ Surgical
Zdward Hamlin. Appendicitis.
lob. 18, 1928. 125, 126
Out of line
116, 117, 118, 135, 154
See — Discount rates
Pacific S.W. Trust & Savings Co.
Mr. Robinson, President, and P.R. Agent Newton, came before
Board, Mr. Robinson exolained how he had raised millions of
new capital for the bank, now mererd into a national bank.
Be explained why he still retained Hervey in the bank and other
indicted em9loyees. He said Hervey was one of the most prominent
free Masons in the state. He said he did not defend their
actions.
Board then considered the matter alone.
Some time ago Board had given discretion to Newton as to when he
should officially inform the U.S. District Attorney as to the
violations of national laws.
C.S.H. at first felt the District Attorney should be notified at once.
The Comptroller pointed out that the men were all under state
indictment and if new Pederal indictments were orocured for
practically the same offense, it would bring the matter "cefore
the public again and the notoriety would sev rely injure the new
,
national bank.
Oct. 11, 1927.
66
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Federal Reserve Bank of St. Louis
191.
Pacific S.W. Trust & Savings CO. (Contid.)
Board finally voted to le,cve the matter in Newton's discre
tion
as to just when to report the farts to the District Attorney
but he is directed to report it at some
3.S.H. said he voted for this )n the understanding and
)romise
of Newton - given to the Board yesterday that he would
ascertain when the Statute of Limitations will have
run, and
would report matter to District Attorney before then.
0.S.H. feels it better to take this course to avoid
severe and
perhaps fatal injuxy to the new national bank.
0.3.H. believes - obinson should at once dismiss Hervey and
the
other indicted officers, for although they may not
ultimately
be proved guilty, yet their conduct as to loans, etc.
was
such as to clearly *arrant their dismissal.
Both Wewton and Robinson admitted this to the Board.
0.S.H. feels Robinson made a very weak appearance,
and suspects
he does not dare remove these men because of some
hold they
may have on him.
C.S.H. can not understand how Robinson could have gone
aYroad to
the Economic Conference with such conditions in his bank.
Oct. 12, 1927. 66, 67
Pall Bearer
Jeannie Riggs wanted C.S.H. to be a, at funeral of
Alice Riggs
but he was out of Washington. C.S.H. regrets she
did not
wire him to Uattaooisett.
Sept. 6, 1927. 31
Paris Statistical Conference
124, 132, 133
See - League of Nations
Uiller
Parker, Amami J. Jr.
Death of.
July 15, 1928. 192
Peabody, George Poster
0.2.H. calls on, at Carlton Hotel, Washington.
He strongly favors Gov. Smith for President.
Last winter he opoosed
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Federal Reserve Bank of St. Louis
192
Peabody, George Foster (Contld.)
Invites C.S.H. to dinner and says
rs. Iilson will be there
C.%H. says he will let him know and male
Bertie at
Uattaooisett who strongly urp7es him to accoot, nredicting
i
she would be glad to see rae, outwardly at least.
Ur. Peabody said he lunched with her today ,rid that she Bloke
much (About us.
Sept. "8, 1927. 58, 59
C.S.H. dines with,
Present: Mr. Peabody, his newly zdooted daughter and
her brotaer, Mr. and Urs. Turrentine, Randolnh BoAing,
Dr. and Mrs. Jonnson of St. Joins Church, and
Oct. 1, 1927. 61, 62
See - Tilson, Mrs.
Pease, Z. W.
Pals about Zurooean trio of editors sent by Carnegie Endowment
at a clam balm by Dartmouth Historical Society.
Oct. 8, 1927. 64
i?enniton, Mr. and 'gra,
Mrs. Wilson visits, at Lincolnville, Maine.
Soot. 4, 1927. 23
F. A. Stokes Co. sends 0.3.H. a co * of chronology of 'A.lson
-,
with comoliments of Mrs. Pen:inton.
Sent. 9
1, 1927. 53
Sends 0...H. her check for $62.50
one-qalf of first
payment of royalties on alson Chronology. C.S.H. indorsed
it to lomanis National Democratic Club, as trustee, and
sent it to Mrs. Cunningham. Mrs. Pennington's letter was
dated Sept. 30, 1327.
Oct. 8, 1927. 64
C.S.H., at dinner with I.:re. Harriman, told her of his troubles
with Mrs. Pem.ington over the !Iilson Chronology. (;.S.H.
told her of his efforts, Nartly successful, in having
stricken out from the art inserted by Mrs. Perviington
errors and extreue oartisansni). S.10 s oke of the row
between the Book Committee and .:rs. Pennington, and C S H
_
told her 1,irs.Pennin.3.ton refused to agree to a1lo.7 the T;lub
to lave any nart of the lrofits rlile C.S.H. insisted it
should; that :Ire. Pennilgton then :stained a lawyer, .1r.
Cleohane, and we effected a comoromise.
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Federal Reserve Bank of St. Louis
193.
pennington, Mr. and Mrs. (Contld.)
3. .H. said Mrs. Pennington hated her because of her talk with
Mrs. Wilson ,bout the book .....
See - Harriman, tre.
Wilson, MrS.
Mrs. Harriman toll C..1.H. that Mrs. Wilson told her th,t
Mrs. Pennineton had given her many hours of anxiety and worry
during tne summer of 192-i.
C.S.H. can not unierstand in view of above, how Mrs. Wilson could
have so completely sided with Mrs. Pennington.
Dec. :I, 1.97. 102, 103
Mrs, Andrieus Jones tells nertie she called rec. ntlj on :rs.
,
Penniagton to ask her to autograph several cooies of the
Wilson Chronology and tAat while there she asked
P.
13come a life member of the Woman's Democrltic Club;
to .
that Mrs. P. said she was not a Club woman, but would take
the matter under consideration.
!eh. 13, 1928. 124
See - JoAes,
Mrs. Meigs and Mrs. Thomnson wrote Mrs. F. asking tier to found
a life membership in the club in me;lory of :Ir. "ilson, which
she politely declined to do. Later Mrs. Wilson sent 41000
for life membershi) for :lists Bollinr!,saying donor was
anonymous. me think it may have been :Ire. P.
Aoril 2,1928.142, 143
Mrs. P. sends C.S.H. following letter:
My dear Mr. Hamlin:
I have just received from Frederick A. Stokes Jo. a check
for 490.60, and an account of which the enclosed is a co')y.
I acordingly send you herewith check to your order ac trustee
for 3/6 of tge total amount, or 445.30.
The account referred to, reads:
1927.
To Dec. 31
By royalty, Chronology of Woodrow Wilson
Sept. 22. To advance
Balance due Jan. 1, 1928
7. A. Stokes Co.
To Mary V. Penni .gton
- 4210.60
125.00
90.60
(The check was on National Newark
llssex lanicing Co.
ilay 29, 1928.)
June 1, 1928. 175, 173
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Federal Reserve Bank of St. Louis
194.
Pennington,Mr. and .rs, (Cont'd.)
.rites :1.11. Pennington acknowledging letter and ceck, and
'sends check duly indorsed as trustee to Mrs. F. H. Snell,
Chairman Executive Comlittee, Womanls.National Democratic Club.
June 2, 1928. 175, 176
The memberEof Executive CalAttee as
H.P.H. as to above check.
Urs.Huston Thompson asked if Polling had a share of tne ”rofits.
H.P.H. said rs. Pen1Lngton had 1/3 and the Club 1/3.
This was an error as .4rs. P. had 1/2 and 0.!5.H. as trustee 1/2.
H.P.H. said sne suo-oosed 1.1rs. Pennington gave her snare to Bolling.
Esxler asked the same oueotion.
June 4, 1928. 177
After the meeting, -A.P.TT. told Mrs. Harriman about Mrs. Pennington's
check and sdd C.S.H. thought this represented a sale of
only about 600 co)ies.
June 4, 1928. 177
See - Harriman, Mrs.
One of the Executive Calmittee asked H.P.H. why lirs.Penain,-ton
wanted to take from the Club what belonged to it. H.P.H.
said that 4rs. Pennington was very anTry with :Ira. Harriman
for her talk with Mrs. Nilson.
June 4, 1928. 177
Mrs. Snell acknowl;dges Mrs. Penningtanis check for royalties and
writes:
"Please believe that our Club is deenly grateful for all
you have done about the book. We knor of all the work you A me
done in the matter of researdh. Ye mow waat your original plan
was and we still a))rove of that first -olan. Ire trust and :lo )e
taat the sincere thanks of our Club will be of some little
amelioration of what must have been ;our disap)ointment an to
the outcome of that original )1an. Thank you again.
Sincerely yours,
Isabelle Cromwell
Cnairman,
Executive Committee.
June 7, 19')E, 179
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Federal Reserve Bank of St. Louis
195.
Perrin, Feaeral Resorve Agent
Attends dinner given to Board by F.. Agent
s and lovernors at
Uetrol)olitan ;111b.
Nov. 4, 1927. 79
Pew, Dedication of
We go to Albany for, at St. Peters Church in memor
y of 1.1r. and
Urs. John V. L. Pruyn. Carillon concert also.
Seot. 18, 1927. 50
philadelhia, Federal Ret'erve Bank of
Decides not to reduce to 3%.
Aug. 12, 1927. 19
philippine National Bank
Willis sive Warburg sent one of his eLioloyees
, - a son of
Governor Strong - to ',Ale T.Y. agency of,
to get facts
aiscreditable to him as to his management of
the, but he
found that all tae transactions cam- Ylained
of w-re eitler
opposed by Willis or done after he left the
bank; that Warburg
when in San Francisco, made silailar inqui
ries of Lir. Wilson,
the Precilmt of a San 2ranci9co bank, WAO had
been in the
Phili),Ane -ational bank and got similir
answers ,nd t.at
Warburg aad to omit ais chapter on the Phili
-o-dne :Tational
bank,from ais nroposed book.
Dec. 10, 1927. 92, 93
Paotographs
Catherine Grcint gives C.S.H. a, of herself
as a birthday present.
She seat a card with it, "With love and best
wishes for
many,u_am, ha pm re tlrne of the day, from
Catherine.“
Aug. 30, 13!)7. 22
Q.S.H. gives to Woman's National Democratic
Club an enlarged
photo3raph of grover Cleveland with ohotop.ran
h of a letter
fr
leveland )raising the lhoto,
.Ta'th.
2:\ 1928. 127
Later,
wrote
ClevAland (2reston) who fully aplroved.
Any 2, 1328. 131
Pittsburgh coal dispute. 129
See - Interstate Coaaerce Corr:A.99ton
Glass
rqatt, Zdmund
Returns from Eurooe.
July 27, 1927. 17
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Federal Reserve Bank of St. Louis
196.
Platt, Edmund (Contld.)
Tele,hones 0.S.Ir he objected to initiating a 3
Chicago.
Aug. 5, 1927. 18
rte at
Platt, C.S.H. and Com )troller object to initiating
Chicago and matter went over.
Aug. 12, 1927. 19
ab
rte at
Objects to ratifi?ation of iction of "Executive 0o.: .ittee in
disap)roving ction of P.R.. Bank, Chicago, in not changing
discount rate.
P ints out Bo,Ard gave ii:xecutive 0mLlittee morely nower to approve
any pronosed redaction to aNi.
Votes against ratification.
Sent. 6, 1327. 24, 25
Votes for 0.$.H. motion that 44 be considered the lawful rate
until Friday wnen Chicago directors meet.
Set. 6, 1927. 25
Votes for 0.3.H. motion to nostnone
Chicago directors meet.
Sent. 6, 1927, 26
until Frida:!, when
Agrees with 0.3.H. that it Would be extraordia,ry to initiate a
50 rate on Tuesday when Chicago director:, had agreed to
establish 344 rate on Friday.
Sent. 6, 1327, 28
Claims Board has no ,
aower to fix a rate excent where the P.R.
bank establishes a rate and asks approval of Board, and
that a statement of no change" was not sucn an est;Iblishment;
that Board had never so considered it as it merely "noted"
such communications.
C.3.H. disagreed with Platt, pointing out that the circulars of
1915 and 1918, still in force, construed such a statement
as an ec.tablisament of a r..te. le also showed that the
Record in this case referred to tae st.Atement "No ch.n ye"
!
as a request for aooroval of the itS rate est;:blished by the
7. . bank.
Sent. 6, 1927, 29
44
Votes a.krainst initiation of
rate at Ohicm o.
.
Se.A, 6, 1927. 29
Tells Board Sec..Mellon will be back shortly and should have an
op?ortunity to be heard.
Objection was raised that vote had been taken.
Sept. 6, 1927. 29
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Federal Reserve Bank of St. Louis
197.
Platt, Zdmund (Contld.)
Then Platt spoke ar &bove Gov. Crissinger merely said Se.. Mellon
would be in Washington the next morninkr. Had he said this
before.vote was taken, 21att and C.S.H..muld have inserted
a postponement.
Sept. 9, 1927. 36
Aatt tells
the Board met ye'lterday but not a word war
said about the rate case but that a newspa)er reporter told
htm.Governor Crissinger was to resign today.
Sept. 15, 1927. 38
C.S.H. urges Sec. Uellon to designate Platt as Governor for
remainder of his term.
Sec. Aellon said he feared that if designated Platt would expect to
remain Governor for a new term.
0.3.H. said not necesarily, and cited his own case.
Selyt. 16, 1927. 46
Platt calls up ,%S.H. and reports an interview with Glace.; asks
.
C.S.H. to send Glass Wetmorels aliress.
Sept. 16, 19:1. 48
Platt calls up 0.3.H. and speaks of rui:tor that Gov. Young had been
appointed and had accepted.
Sel)t. 21, 1927. 53
Gov. Harding writes Platt a new construction of word "establisned."
Sept. 21, 1927. 53
ilatt tells C.S.H. he distinctly recollects that Gov. Crissiner
vas called out of the meeting on Se - t. 6, 1927 by a N.Y.
telephone call, before the Board had wired Chicapzo.
Sent. 26, 1927. 55
(See next volume, nUcGarrah0).
Attends dinner of Sec.
oover to Gov. of National Bank of Belgium.
Sept. 30, 1927. 60
Attends lunch of Dr. Miler to Gov. of National Bank of Belgium.
Oct. 1, 1927. 60
3omotroller was not in Board meeting when Platt said Sec. Aellon
would shortly be in Washington.
Oct. 10, 1927. 65
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Federal Reserve Bank of St. Louis
198.
rlatt, Edmund (Contld.)
Votes ttgplinst James motion to have an official stenograoher
at every meeting of Board with Open larket Committee and
Federal Advisory Council.
Nov. 1, 19"7. 76.
Votes for :Allier's motion that operations in lovernment security
investment account shall be made only after consult tion
with governor of Board.
Nov. 2, 1927. 78
Votes for C.S.H. motion that Board should simply announce it would
im)ose regulations as to state banks entering the Sjstem
with branches "pursuant to F.A. Act."
Dec. 6, 1927. 87
Llodifies regulation as to forbidding purchase by a state m3mber
bank of stock inanother company without consent of P.R. Board.
Dec. 6, 1927. 87
Votes to interpose no objection to payment of 2 months salary to
widow of P.R. Agent Wills of Cleveland.
Dec. 19, 1327. 97
Moves to substitute for C.3.H. motion of aporoval of further
purchases of 4ovt. securities a draft more nearly like
Comiaittee report. Lost.
J. 11, 1928. 110
Voted to ap2rove increase of alicaio from ai to 4-o.
Jan. 24, 1928.115, 117
Votes to ap)rove Richmond increase to 4:,.
Jan. 26, 1928. 121
Testifies befoff H.R. }Making and Currency Committee in behalf
of bills to amend Clayton Act and F.A. pension bill.
Jan. 27, 1928. 121
:Aoves to substitute an investigation and re,
)ort by gov. Young in
lieu of CunniaArliamis motiln taat P.R. banks re?ort as to
discounting banks loaning on call.
Feb. 2, 1928. 123
Votes to acceot invitation of L. of N. to attend Paris Statistical
Conference of European central banks.
Peb. 14, 1928. 124
Or'
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Federal Reserve Bank of St. Louis
199.
Platt, Edmund (Contid.)
Testifies before Senate Banking and Currency Committoe on
brokers loans.
Mar.7, 1928. 133,
Votes to e.prove report of Open i4ar4et ComiAttee to work for
finaer money conditions.
Mar. 26, 1928. 139, 140
Votes for Roumanian credit. April 4, 1928. 147
Telephones C.S.H. that Gov. Case hooes Boston will increase its
rate.
Aril 13, 1928. 146
Votes to approve increase in Boston rate.
April 18, 1928. 153
Savors approving Chicago increase imioediately.
April 19, 1928. 154
Votes to a-o)rove Chicago increase.
April 19, 1928. 155
.Attends lunch of C.S.H. to Sir Herbert Ames,
May 2, 1928. 160
PresLient Coolidge ap)oints :1.att for the year term.
May 14, 1928. 163
(The time of expiration of his commission was slightly shortened
so as to bring it within spirit of F.R. Act that all
terms should. begin Aug. 10.)
Platt is confirmed.
May 24, 1928. 164
Votes approval to Open 111.4..ket CoLalittee for further sales of
Govt. securities.
May 25, 1928. 166
Has interview with Senator Ilass, torether vith lov. Strong
and C.S.I.
See May 27, 1928. 171
Votes to aoorove Gov. Youn,Os report on Cunningham resolution
to require a re)ort from
banks as to me..lber banks
dealing in :all loans.
28, 1926. 173
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
20C).
?latt, ?Amu= (Contld.)
Writes
that Chicago increased its r te from 44 to 574; says he
told Heath Board would not act on it before July 10, 1928.
189
See - Dit;count rates
Poer,1
C.S.H. and 1.P.H. send poem to Delano on being late for dinner.
May 8, 1928. 162
•
•
•
We read the poen to Catherine Grant and gave her N co )y.
July 3,1928. 189
Policy, Foreign loan. 143, 144
See - Alon, Sec.
Politics
;.S.H. tells Miller he will ask Glass to join with him in asking Mellon
to ask Attornej General to -1.ive another oninion on nower of
Board to initiate rates, in order to avoid any suspicion of
politics should :he Attorney General reverse Acting Attorney
General King.
Sent. 15, 19"7. 41, 45, 46
James sajs Harris, the new Class C Director at Atlanta, is a Renublicah.
Dec. 10, 1928. 90
H.F. Willis tells C.S.H.that one of the Governors of a Federal Res,
?rve
Bank told him tAat Sec. Mellon ha,i written him asking him to
ao?oint more Ro)Ublicans in his Bank; that the Governor
bitterly resented this and later called on Mellon and told him
his bank never inquired into the oolitical affiliations of its
appliatees; that Mellon then told him to forget tle letter was
ever written.
Dec. 10, 191. 91
Appointment of Cyrus Woods on Interstate Caaaerce CoN Assion.
Feb. 26, 1928. 130
See - Glass
James says that to get votes for McFadden bill tne Colaptroller agreed
to have Governor Talley removed from F.A. Bank of Dallas
and to vote for F.R. brancAes in Charlotte, 1%0. and San Antonio,
Texas.
Liar. 22, 1928. 138
June 19, 19°8. 183
NNXIMIIINIP11111011111•1111.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
201.
Politics (Cont l d.)
Wyatt tells C.S.H. there were undoubtedly deals made to obt;tin
passage of :AcFadaen bill and that the Comntrolleris office
was scared to death lest Glass and his investigating committee
should discover them.
Mar. 22, 1928, 139
Presentiment
C.S.H. had a, that all is not right with Ned. A week later Harriet
telephoned that Ned had appendicitis.
Feb. 20, 1328. 126
President of U.S.
Ambassador Houghton jocularly offers C.S.H. t ,e secretaryshin of
Treasury should he become.
Nov. 7, 1927. BO
See - Coolidge
Freston (Cleveland),:rs.
S.H writes, as to his gift of photograph of Irover Cleveland
.
and letter, to Mrs, Preston, and she nenlied expressing
pleasure.
Mar. 2, 1928. 131
Prices
Gov. Norman tells C.S.H. he believes oresent falling orices are
caused by an a)preci3tion of gold.
Z.S.I. disputed this, ,t least as to U.S.
July 7, 1927. 3
Z.S.H. sees faint parallel between present fall in
period between 1876 to 1893.
July 27, 1327. 15
rices and the
See - H.R. Banking and Currency Committee
StabilivAtion of orics
Prohibition
See - Shaver, L'ers. Clem
Pruyn, Mr. Lind Mrs. John V.L.
C.S.H. and H.P.H. go to Albany for dedication of a oer in
St. Peter's Church in menory of.
Sent. 18, 1327, 60
Pruyn, Mr. and LIrs. Robert
7e call on ;Ir. and ;!rs. Robert Pruyn.
Set. 18, 1927. 50
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
202
Purchasing power
C.S.H. tells Board that by helping .7;re-t Britain stabili7e her
currenty we increase her, to buy our agricultural products.
July 13, 1927. 7
Swat. 6, 1927. 27
taller says ourchasing lower of farracr's will he greatly increased
this fall, - at least a billion dollars, and tilat he saw no
reason for easing un on credits.
July 1, 1927. 8
Gov. Strong says redaction in our rate will help to stbilize the
purchasing power of Great Britain and other Ylurolean countries
and will helo our exnort trade.
July 27, 1327. 13
-q..
-B,
Reyburn, S. W., Director F.R. Bank, New York
Board ass, Woolley and :clarrah to come to Washinrton to discuss
discount rites.
Jan. 9, 19P8. 107
Reyburn, Woolley and "cGarrah cone to loshintons
Says rates should be increased and that business will not be
injured.
Says Cooli, ige's st-temelt as to brokers loans will not deceive
.
professional operators in stocks but that it will encourage
small investors to holl or incr-ase their invetments; that
CoolidTels st:ttenent as nost unforturv,tes
Jan. 11, 1928
109, 110
Raleigh Street house
We sell, to R. Cl. Dodfe for $35,000, Doci. ,e to assuLie mortgat7e of
,,
$20,000.
July 15, 1927. 8, 11
See - Dodge, R. q.
Rationing of credit
C.S.H. points out that to summon the presidents of N.Y. banks and
demand a liquidation of soeculrAive loans would be
practically a.
July 18, 1928. 19A
Soe - Direct oressure
Miller
Speculative loans
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
203.
Real estate speculative loans
C.S.H. ass Miller if AiS plans for restricging the seepage of
F.R. crodit iato speculative loans, includes all forms of
speculation, e.g. in real est.te. Miller says No, to begin
on brokers loans first.
July 18, 1928. 194
Reappointment
Platt reappointed for 10 year term on F.R. Board.
May 14, 1928. 163
Recession of business
C.S.H. believes, only temporary but no one can nredict, and
ae
f:-vors the lowest possible r tee, so tsat if recession is
penaanent it can not be claimed it was et:used by high
r.tes.
July 27, 1927. 16
Woolle.i says taere is a faint tuorovinaent from business
recession
and that an increase in rates miht kill it.
Jan. 11, 1928.109, 110
Rede4.1,tion of Bank of England notes
Can not be demandoc, in -old unlesl. ;lout $8000 is presented
-nd
this would be redeemed in bullion.
Smaller presentation would be redeemed in currency
notes.
Niemyer.
Jan. 30, 1928. 12 3
Redesignation
6ee - P. R. Agents
Reed, Sen. .ea. 129, 130
,
See - Gia s
Regulations
1, 68, 87
See - Foreign bills
Renewal accentances
Secured bills
State banks
Remowd of members of Board
See - lass
48, 49
Renewal acceptances
Kenzel asks 11'.1erali7ation of redations so as to
nermit.
Oct. 13, 1927. 69
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
204.
Reoublican
James says Harris, apoointed as Clans
0 Director, Atlant;L, is a.
Dec. 10, 1927. 90
Republians
ee -
91
Sec.
Gov. Crissinger.
Set. 1, 1927.
Resolution
Condemning Chicgo :iscount initiation
of 3
n,te.
Federal Advisory Council
Set. 13, 1927. 48
Council gives Board a coy.
Nov. 18, 1927. 8.4
See - Cunningham. 120, 121, 173
Reynolds, Geo
Tells Board Committee he can obtAn resi
gnation o'
at any ti..e shoUd the Board redesiml
ate him.
Nov. 15, 1927. 81
Agent Heat:,
Reynolds, Jawes
Willis tells
that 2resident Coolidge had decided that
Gov. Crissin?,7er should go off the F.R.
Board and had asked, of
Commercial 7ational Bank, very close
to the Smith Co., to
arrange for lov. Crissinger's soee
dy acceDtance of the Smith Co.
offer.
Dec. 10, 1927. 90
Rhinelander, Bishop
We meet, at dinner at Edith Eust
is's.
Jan. 13, 1928. 111
Rhoades, ::rs.
H.P.H. lunches with,
Woman's National Democratic Club
.
Jan. 19, 1328. 11;)
Rice, 1ir. and Urs. W. G.
We meet, at Albany for dedi(:ation
of menorial pew at St. Peters.
Sept. 16, 1927. 50
Visit us at Uattapoiset.
Se-A.
1327. 54
Wire us of death of Amasa Parker,
Jr.
July 16, 1328. 132
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Federal Reserve Bank of St. Louis
2 )b.
Rice, W. (3. Jr.
Visits us t:t Mattapoisett with Mrs. Rice and the children.
Jule 30, 1928. 196
Rigr-s, Alice
Death. Sept. 2, 1927. 31
Rig-T, Jeannie
Tries to reach C.S.H. to ask him to be a pall bearer -t funeril
of lice aiggs.
Se)t. 6. 1927. 31
We dine witn.
Jail. 26, 1922. 121
r. 26, 1928. 141
J•Ine 14, 1928 181
Rict, lov. Bank of France
Calls on C.S.H.
JUy 7, 1927. 2
Lanch of Bmrd to, and others. 2, 3
has talk with, after the lunch.
Jul/ 7, 1927. 7
At conference in :.f. J-11, 8, 1927. 12
See - roman, Gov.
Rolnine, Canon
We meet, at dinner at :kith Austisls.
Jan. 1, 1928. 111
Robinson, Pacific E .W. ELvings 84 Trust Co. 66, 67, 68, 72
,
See - Pacific Southwest Savings & Trut
Rodgers, Yir.
See -
181, 182, 184, 185, 186
lertrune
Ro-!ers and Howes
Insures u.ld L:Ing Syne for $5000 en route to Albany :nd return.
Jan. 17, 1928. 112
Roman Catholic
See - Shaver, .f.rs. Clem
sit:, 1ov.
Roosevelt, Franklin
Miller visits.
June
1928. 179
0..H. listens to, nominatine lov. Smith for President
Juni! 27, 198, 187
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
206.
Rosenbach, :!r. 119
See - Auld Lang Syne
Roumanian credit
Harrison exA.ains prososed, to Board.
He said that under prolosed a-1:reement the F..R. Bank of New York
would be bound even if only the Bank of irance joined; that the
Bank of England woild join only if we woald agree to enter into
a satisf.ctory stabilization plan for Roumanian currency, which
the N.Y. bank declined to do; tAat a Goverruaent loan of 70
millions depended on a satisfActory stabiliztion llan and
syndicate arrangenent.
C.S.H. pointed out that in all previous credits the central banks haa
agreed to came in and we were merely asxed to join; ;.at in this
case we are asked to join by the Bank of France in (Iraq. to
bring in the other central banks; that there was evidently some
dispute between the 3ank of Magland and the Rank of 2rance; that
Harrison had said toe Bank of &gland wantedthe Le;igue of Nations
to sunervise the stabilization plan but that Roillania obj.cted;
tat nere really a balance of power dispute into which we were
injecting ourselves; tat, assuming tae purchase of Ro. manian
a
bills indorsed by tae Roumanian bank ..;as safe, he tqou!nt we
,
Oat not to join unless State Den..rtiaent was consulted and had
no objection.
Harrison Bald tinder Secretary Olds had been consulted arm raised no
objection.
Harrison said he hoped the precedent would net be established of
consulting the SUte Departaent, or rather, lskinp for its
affirmative approval; that his bank, in f ct, ha always
discussed these credits with the State Department.
Harrison agreed tlat the Board could not accent
sttement as to
the attitude of the State De)artment,iin,-,_ Gov. Young was directed
to ascertain it.
Aril 2, 19n8. 141, 142
Harrison tells C.S.H. that Sec. .:ellon thoue!ht the agreement was
all right and that he had told Ooolidge so; thfit Sec. Kellogg
and Olds saw no reason to disan)rove it; that they ;Areed that
in case of a syndicate agreement between 7.?.. Bank of New York
::nd European central banks, the 1.y. bank was not bound to get
approval of State Department or even to notify it excent us a
matter of courtesy.
I
Harrison sai, ;:ellon told him the State Denartment had never interfered
with foreign loans exce)t to foreign Governments, - never with
private loans.
Mi
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
207.
Roumanian credit (Cont'd.)
C.S.H. showed Harrison from his digeF.t that Sec. :eilon in his
annual re. )ort claimed the right to disap,rove nrivate foreign
.
loans, where the &bt of the mtion to U..had not been funded.
Harrison said he hooed
would not insist on
to State Derxtrtraent for its an -loyal.
formal applic;,tion
3.S.H. said all h.? wanted to know was that the State Del)t. offered
no objection and that a statement by Sec. Mellon to him to that
effect would satisfy him; that in his cx)inion we should only
address the State DeT)artment thru Sec. Mellon.
Harrison said he was sorry his remarks had been interpreted as
indicating -a dispute between Bank of ?ranee and Bank of ngland;
that their relations were most cordial; that the Bank of Upland
had not definitely refused to join the syndicate but had
acceoted on condition that the Federal Ret, rve Bank, ,Tew fork,
and Bank of France, would be res.)onsible for a satisfctory
stbilization .Ilan, which condition te N. Y. bank declindto
agre to; t:at he thought the lank of EnR.land would ultimately
decide to come in in any event.
*IL:id the syndicate agreement for yIrc.lase of bills was entirely
proper; that what he feared was th,it if the Board a)oroved it
without any reservAtions, it would be practically siding with
tae Bank of France against tie Bank of England, - an extraneous
political controversy; that he accepted Harrison as to the
relation of tie two banks; that as he now saw it, for the Board to
im_;ose as a condition of ap-)roval that the Bank o' neland must
join, would be of itself a political determination beyond t.le
scooe of the agreemont on its merits.
U.S.H. feels that such a condition miht be construed as a desire of
the Board to be dominated by the Bank of 13 -land nolicies.
Harrison said that the State Department was worried only as to whether
it should interpose no objection' to the orivate loan of 70
millions.
April 3, 1328. 14, 143, 144, 145
10v. Young says State Deoartaent has no objection to syndicate agreement,
that its only doubt was as to the 70 milli)ns -Irivate
credit.
Aril
1928. 146
Miller objected on p
.round that the F.14.. Bank, :Tew York, rould be
bounC by tae decision of the Bank of France both as to the
stabiliz.ition plan and tae syndicate agreement.
Aoril 4, 1928. 146
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
208.
Roumanian credit (Cntld.)
C.S.H. then had Harrison come in and asked him: 1.
After enterinp. the syndicate agreement could the
Pi?• bank withdraw for reason that the syndicate
plan as arranged. by Bank of France WRH not
satis"..ctory to it?
2.
Because of dissatisfaction with tae stabili7ation agreement?
Harrison read froil letters between Bank of France and Y.R.
Bank, New York, and answered eac.,1 nueqtion in the
affirmative.
C.S.H. moved aproval unon the ilonditions and repPrvati-ms
made by Federal Reserve Bank, New York.
Passed:
Aye: Gov. Younr!„ Platt, Jamptroller,
i11er, James
No:
Uiller said ne would file a statement as to his vote.
Aril 4, 1928. 146, 147
files a staement to eff-ct that the Board had nractically
asemed ree)onsibility for the sta' ilizE.tion agreement and
had abdicated its funcstione to the Bank of Prance.
C.S.H. then asiced to be recorded the fact, AS st.,ted by '-farrison,
that the Federal Reserve Banc, :ew York.
1.
=fad sixoresely reused any resoonsfAlity for tR
stabili7ation lan.
2.
Had reserved right to witidraw from syndicate if either
the eyndicate plan or tae stabili7ation nlan were
unsatisfactory to it.
3, 1928. 147
Ruffin, Dr. 129
See - Glass
Wingo
Royalties
53, 64, 175, 176, 177, 179
See - Wilson Chronology
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
209.
Rodalties
53, 64, 175, 176, 177, 179
See - Wilson Ohronoloa
-5-
Sacco Vanzetti
Sacco and Vanzetti were executed this morning shortly after
midnirht.
C.S.H. has read everything vp.ich has an'Alared in the paners
about this case, and feels that ruilt was est-blished but only
by a preponderance of evidnce and not beyond a reasonable
doubt, nor di! the findin.:-s of the Lowell Cowmission chane
this feeling.
Aug. 23, 1927. 20
C.S.H. wrote Judge 'rant, of the Commission, suggestin.l. that
Gov. Fuller as,c the ledjslature to restore the old law
requiring 3 judges to sit in a capital case, and mez,-1:Lae to
colamute the sentence for the reason that the junti..ent of one
judge, es:wcially Judge Thayer who presided, was ore fallible
than tae judgment of 3 judp,
,es.
Coulaission in its report censured Jude "Thayer for taling
out of court about the case during the trial. Weile, probably,
his remarics never re,ched the jury, - which was locked up
during the trial, - yet the clear prejudice saown by J-ad-Te
Thayer, to C.S.'1.1 8 mind, made it impro2er for him to hear
motions for a new trial. The Su)recie JuAicial Court acid,
doubtless correctly, that the alleged prejudice could not be
objected to after sentence, and it foliows tnat it never
passed on this question at all. Aere was a hiatus which only
Gov. fuller could ')rovide for.
A11,77. 23, 19Y7. 20, 21
larren says reason Judge Brandeis refused to hear netition in
Sacco Vanzetti case was that :4rs. Brandeis loaned her house
in Dedham one sizuner to hrs. (3lendower Zvans, a staunch
sue)orter of Sacco and Vanzetti; that Mrs. Evans invited
1.irs. Sacco to spend t-e siLlier with her and she moved into
the house; that Judge and Mrs. Brandeis objected to this ;Ind
that, thereuJon, :Ire. Sacco left the house.
Aug. 9
3, 1927. 22
Judge Brandeis tells C.S.I. the En-71ish reviews severely
criticised the Lowell re )ort.
Oct. 12, 1 r7. 38
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
210.
Skett, Sen. 126
See - lass
r.;alary adjusthients
;
Gov. rancher says in proparint draft of letter to Attorney lenend
as to payment of Wills 9a1ary after death.
Jaly 27, 19-7. 17
Board settled all
/3.1ary adjustments before it.
Dec. 14, 1927. 94
Boar-a voted to n,ise no objection to payment by 2.A. Ban,
Cleveland, to widow of P.R. Agent Wills f,)r trio mont:is
after death.
Wyatt advised -as we could do this.
Aye: Gov. Yon, ?Litt, Jataes,
No: Miller, Cunningham
Dec. 19, 1927. 97
Board a?proved all salary AdJustients exce)t for New
and San 2ranci:z,z.o.
ore:,
J.S.H. moved to ap)rove incr-ase of $3000 to 3urRess.
Lost.
A:7e: Go/. Young, Platt, .GSH.
No: Miller, Comtroller, Cunningham
Jan. 25, 1928. 117
Long discussion over -ra)oscd increased of $10,(,)00 in Harrison's
salary, -ft
$30,000 to $40,000. Sec. Mellon was called
in and said he would vote for all salaries recommended by the
New fork Directors.
,
Finally it was af eed that Gov. Young should take uo matter of
comromise on incroase with F.R. Agent, McGarrah.
Jan. 25, 19t8. 117, 118
Sale of fucniture, Raleigh Street
30301-7arniture
San Anto-io P.R. Branch
Js says Comptroller agreed to vote for, in return for votes for
McFadden bill.
liar. 22, 1928. 138
'Line 19, 1928. 183
See - Colaotroller
James
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
,
p
211
S.arEent, Associated Pres. 49
See - Glass
Sc.iacht, Gov. Reichsbank
Calls on Board with lov. !lorma'1, by. Rist, and. lov. Strong.
40v. Crissin?er gives tiem a lunch
Speaks briefly at lunch
Did not call on C.S.H. :4et him first at lunch.
July 7, 1927. 2
S.oent !lost of morning with Governor Crissinger.
July 7, 1977. 3, 4
Miler aid he had a talk with, also with Gov. Norman and
Gov. Riot, but found them rather aloof and evidently not
cisiroas of a discussion - ith him.
July 7, 1927. 7
Gov. Crissin,3er s-lys he went to Th. York with lov. Sc,lacht and
the others; that they had a conference next day in New :ork;
that he knew nothing of this until he got tnern.
July 5, 1927. 12
School, Oldfield,
We attend graduating exercises of Elizabeth Hamlin t.
Jane 1, 1928. 175'
Scott, General Hugh
Jails on us at Lee 'tiouse.
Aay 11, 18. 163
Sej, Cloy.
At lunch at Charlotte, N.C. the 1)residing officer )at Governcr Seay
on his right and C.O.H. on his left:
Dec. 9, 1'327. B3
At conference of Governors, luring a discussion of the re)ort of
Onen
Co.ii.ttee, Gov. 'eay s verely criticised noard
policies during last few years as to purcilase of Govt.
securities, claiming it had caused inflation.
1.S.H. asked hi.a if he included 1926 in this criticism, r-na he said
he did.
C.S.H. then read telegram of Gov. Seay to Ooen Market CaaAttee,
dated Au4. 17, 1)26, vigorously protesting against furthelsales of Govt. securities and s4ying that business required
further ease r ther than credit contraction,
Those pres-nt roared with laughter Aviile Gov. Seay was most
embarrassed and could sr
1928. 160
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Federal Reserve Bank of St. Louis
212.
Secretary of Agriculture
Tells C.S.H. he voted once for Wilson, C.S.H. thinks he
said 1n1914 but might have been in 191.3.
Sent. 30, 1927. 30
Secretry of State 79
See - Cuba
Leue of Nations
Roumanian credit
secretary of Treasury
See - Glass
Uellon
175
Section 14, F.R. Act
See - Olen market powers
Secured bills
Gov. Young argued with Board to chance its regulations forbtiding
F.R. banks to buy, where wareilouse giving receipt was
owner of the grain.
James .aid if we dii this for grain in :annea-polis, 'e must give
same 2rivilege to grain all over the country and extend it,
to otner stanle nrodu:!ts. Board declined to change
regulations.
Oct. 13, 1327. 68, A
Securities,
See - :3.overnment 2,
-curities
Open narket Investment CaJlittee
Senate
Gov. Young, !-1a.t, 0.$.H. and Cunnint#F1.1 Ko before Senate
Banking and Currency CoLgaittee on LaPollette resolution
on brokers loans.
Mar. 7, 1928. 133, 134, 135, 136, 137
See -Brokers loans
Glass
Young, (lov.
See - Banking and Currency Conmittee, Senate Finance
Committee, Senate
Shaver, hrs. Clem
Calls on us ; t Lee louse
.,
Vera bitter ippinst r'rov. Saaitn because of wet views a/1(i
213.
Shaver, Lire. Clem (Conld.)
Said gro,t issue was Roman Catholicism.
Said ilz.ligration laws should be tightened to exclude all Catholics.
Her :)latform, .t.narently, was: Down with
. Down with
9
3. Sidetrack
4. Down with
5. Down with
1.
tie
the
tae
the
the
Catholics
nWets"
tariff
League of :Zations
World Court
She said these were her personal views and not necessarily those
of her husband, but C.S.H. believe' they must also be
those of her husband.
She said her husband aad defeated the repeal of the 2/3 rule and
the unit rule under a threat from her that if he did not
she would come out Tablicl/ and 0))ose them.
She finally suggested Wane Woolen of Indianalolis as a good
candidate, and, I suYoose, to show her breadth of view, she
said tiat he was being pus'aed by Tom Tag?ert, - a Roman
Catholic.
She said tae bulk of the Party woald bolt ;lov. Amith, but that if
a dry Protestant were nominated, the Catholics would not
bolt or at most only for this election.
Sne
as tie narrowe .t, most bi,Toted woman I over met.
S'ne said the Rellablirlans all wanted Gov. Srlith nominated as he would
be so easy to defeat:
Dec. 14, 1927. 95, 9i
Merman
See - Carnegie Foundati)n
Heath Baia, would vote to reduce tae Chicmgo rate if he
19:).7. 24
Sept.
wished it.
.Ar Otto Niemyer. 122
See - Niewer
•
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Sir Herbert Ames
gives lunch to.
:.lay 2, 1928. 160
Addresses Wolaan's ITational Democratic C1,1).
MA,/ 2, 1328. 161
Board
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
214
Sir Herbert Awes (Contld.)
H.P.H. drives, J:round
ashington nci to Canadian
1928. 161
May
ation for tea.
Sir Maurice Low
We lumch with, to neet Canadian lanistor and Mrs. Hassey
Present: Mr. hnd :Ars. :,:assey, Ars. Wilson, ::rs. Harriman,
Urs. Chilton, IIrs. ilarren,Sen . Walsh, 1:r. Chilton,
Urs. larren, C.S.H., H.P.H. Dee. 20, 1927. 98
We meet, at dinner at -!Idith Auntie's.
Jan. 13, 1928. 111
Dines with us at Woman's National Democratic Club to meet
May 2, 1928. 161
ir Herbert Ames.
Sme ad.
See - Open market operations. 170
Youn,T, lov. 173
Smith, lov.
George F. Peabody strongly for nomination of.
01),Josed him a year alo.
Selt. 28, 1927. 58
McAdoo says he is absolutely independent hnd shall vote as he
sees fit for Presid-nt (meaning actinet lov.
Sent. 30, 1927. 69
airs. Clam Shaver bitterly opposes.
Dec. 14, 1i27. 95, 96
See - ahaver, lire. Clem
Senator Glass says tie whole south will turn against, if he is
Jan. 21, 1928. 113
nomilv,ted.
listens on radio to Pranklin aoosevelt nominate lov. Smith.
June 27, 13'13. 187
91
Smith Compau
See - Crissinger, Gov.
SILith, W. H. 119
See - ,iuld Lang Syne
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
•••••••••1•Monealeigh.......
215.
Smoot, Sem,tor.
See —
114
Gov.
Snell, Mrs. F. H. 176, 179
See — Wilson Chronology
Snyder, Carl
At McGarrahls earnest request Board !molders its vote that,
should be dropoed from rolls of P.R. Bank, New York.
Dec. 6, 1927. 88
Speculation
Gov. Harding says in past we have put down rtes when crops have
left farmers hands and gone into hands of seculators; tat
now is a good time to reverse the nrocess.
July 27, 1927. 14
All agreed that only reason against outting down rates was that
it might encourage,but it was felt this fear was not a valid
reason for giving relief to agricUtuse and business, and
?ressure should be used to control speculation.
that direct ,
Jily 27, 1927. Li, 17
Coolidge makes st;Itement that he sees no danger in brokers loans
Jan. 6, 1928.105
. situ tion.
A New lork banker tells- by. Talley that his bank was carrying
over $300,000 on call in New York for Dr. :tiller;
Gov. Young said Miller told him of this a fe days ago, and that
he (1overnor Young) had told 4ov. Strong of it who was
shocked, sajing that if known i.1ler wolild be suaahrily driven
from office.
The ?ublic charges 2.?.. Board with the duty of chedking the wave
of soeculation now run ling in New York, and vilat would be
its reaction if it knew that a Board member was feeding this
speculation for his own profit by lik3ding $300,000 in the call
loan market.
. .
Gov. Young told C.S.H. the above,who said he should tell Sec.geilon.
Jan., 1928. 105, 106
•
Goldenweiser addressee Board on brokers loan spe !ulation.
Said there was no sneculation in commodities.
Jan. 9, 1928. 107
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Federal Reserve Bank of St. Louis
216.
Soeculation (Cont'd.)
Gov. Young saz/s it is rumored tile N.Y. Stock Exchanp.e wiil
shortly issue a warning against.
Jan. 10, 1928. 108
0..H. scads he does not want to put up rates merely to stop
speculation.
Jan. 24, 1928. 116
Cunntngham says Chicao eTives no mason for advancing: rtes
exceot to ch-es.
Jan. 25, 1928. 118
C.S.H. 3oints out to Miller that in his Po:
,ton speech he claimed
that rediscount; for banks carr!ing speculative loans were
forbidden expressly by P.A. Act.
Jan. 26, 1328. 121
Gov. Young testifies before Senate 7
3anking and Currency Committee.
He did not say recent increases in raes w-re made to check
soeculati e brokers loans but put in largely on ground of p;old
exports.
Mar. 7, 1928. 134, 135
See - Brokers loans
Youne-c, Gov.
C.S.H. did not woprove recent increase on ground of controlling
soeculation nor did Cunn_righam.
Aar. 7, 1928. 135
Nor did J.S.H. alprove the reduction to 34%, of Aug. 4, 1927, for
pur)ose of encouraging stock speculation.
Mar. 7, 1928. 135
C.S.H. will approve an incr9ase of rates or sale of (k)vt. securities
to control spcalation only when it was interfering or on point
of interfering with agriculture and industry, esoecially at crop
moving time.
Mar. 7, 192. 136
Miller opposes increase in Boston raes on ground that it would be
tantamount to a declarat on that the Board is trying to control
speculation through discount rates.
April 17, 1928. 150
C.S.H. believes Boston Showed that its rediscounts were being used
in support of speculative loans, that its reserves wer being
depleted, that its only orIcticabie defense would be to increase
rates.
AV)ril 17, 1928. 150, 151
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Federal Reserve Bank of St. Louis
21'7.
S)eculation (Cont'd.)
Miller said it would be a great stroke to refuse rediscounts to
check speculative use of F.R. funds, and James aree.i with him.
April 17, 1928. 151
C.S.H. said it would be monstrous to tell Boston it must stand by
and watch New York try to control speculation by sales of
securities, ..11d when it fails refuse to periait Boston to out
11.) its rates.
April 17, 1928. 151
iller says he never will vote to control stock speculation by
increasing discount rates.
Aoril 18, 1328. 152
C.S.i. remind. d Allier that in the 'all of 1925 he earnestly f-vored
a rate increase at New York to control sneculation and even
voted to initiate a
rite at N.Y.
Aril 18, 1928. 15
Miller crianged his earlier vote and voted to approve increase in
Boston rate for control of snecultive activity.
April 18, 1926. 153
-re"
Miller told the Governors on May 1, 1928, that t'e only way to
'control credit, soeculative or otherwise, was throuh diFcTunt
rates. Yet on Jan. 11, 1978, returning from N.Y. he oo,losed
any increase in discount rates to control sneculation, and
favored sales of Govt. securities.
144y 2,3, 1928. 170
See - Coolidge
Cunningham
Direct action
Glass
Miller
Speculative use, P.R. funds
See - Ounninkham
Miller
Open Market Investment Committee
S. eculators, Foreign Exchange
Gov. Young says to put into weekly statements precise data as to
foreign bills would merely aid.
July 13, 1927. 6
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Federal Reserve Bank of St. Louis
218.
Spee Club, Harvard
George Hamlin, Jr. elected into.
Nov. 27, 1927. 85
Sprague, Mrs. Henry
We meet, at Chilton Club, Bo:7ton.
Nov. 27, 1927. 85
$orague, Prof. 0. 1Y..
C.S.H. invites, to co_e to Washington to discuss brokers loans,
,
and arraAges with Glass to have him crAled before Co.mittee
but not as representing the Board.
W.
Sprague told C.S.H. he was satisfied the Board, by slow, constant
pressure was doing all th,it could be done.
He testified similarly before the Coiamittee.
A few weeks later Lae published an article in the Annalist (in
scrap books) in which he changed his o2inion and said brokers
loans threatened business and even criticis-d Board for not
having drastically ?ut x rtes and sold securities early in
March t
Later he again testified before Co:.L'iittee and took same position.
Mar. 7, 1928. l33, 134
St. Agnes Church, Washington
We attend service in :.emory of Anna
April 26; 1928. 158
St. ?eters Church, Albany
We attend dedication of a new given by 1.P.H. and
memory of Mr. and :4rs. J. V. L. Pruyn.
Seat. 18, 1927. 50
rs. Rice in
Stabilization bill, Strong
See - H.R. Banking and Currency Cohu.ittee
Miller, Dr.
S?rague, 0..'T.
Young, Gov.
Strong, Gov.
Stabilization of purchasing power
Lower discount rates in U.S. will help, of Zuronean countries
and will be of benefit to our exnort trade.
July 13, 1327. 7
Stabilization plan
See - Roumanian credit
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
219.
Staunton, Admiral
Dines with us to meet Sir Herbert Ames.
1928. 161
May
State Department
5, 73, 132, 133, 142, 143, 144, 146
See - Cuba
League of Nations
Roumanian credit
White, asst. Sec.
Statistical conference, Paris.
124, 132, 133
See - League of Nations
Statute of Limitations
See - Newton, F.- t. Agent
Pacific S.W. Trust & Savings Bank
Stenog.:uher 76
See- 02en :Jarket Investment Committee
Sterling credit. 7
See - Bank of England
Great Britain
Stock speculation
See- S:eculation
.. .
Stockholders meeting
Baak,3oston
C.S.H. addressee.
Nov. 11, 1927, 81
Stokes Oompany, 1.A.
53, 54, 176
See - Wilson Chronology
Stokes, Mrs. Canon. 188
See - Myer, Gertrude
Strong, loverior
Says Gov. Norman believes falling r,rices are caused by
appreciation of gold and not by denreciation of
coLk.iodities, and sug.;-ests that both causes may be at work.
July 7, 1927. 3
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Federal Reserve Bank of St. Louis
220.
Strong, Governor (Contld.)
C.3.H. heard the Comotroller say ie would meet Gov. StronF. in
New York tomorrpw.
July 7, 1927. 4
C.S.H. believes, is showing poor judgment in not discussing with
Board questiomwhich were discussed in J.Y. with governor
Norman. Rist, and Schacht.
July 7, 1927. 4
Says that to report foreign bills in greater detail in weekly
statements will simoly aid clover awculators in foreign
exchange and might even imr)air the gold standard in great
Britain.
July 13, 1927. 6
Burgess says in American Academy of Political Science )ublications,
Vol. 12, -Jo. 3, July 1927, that Gov. Strong conceived the
System has a great responsibility
great idea that the
for i)uttine the world back on the gold stanth.rd.
July 13, 1927. 7
Gov. Crissinger tells C.S.H. of New York Conference between gov.
' Strong „Ind Governor.; Norman, Rist and Sc.acht.
the
3.S.H. feels Gov. Strong was very short siehted in ignoring
Controller)
Board (except gov. Crissinger :.tid the
July 25, 1927. 13
•ipealcs of Euronean conditions before 0)en Market Committee and
favors lower discount rte.
July 27, 1927. 13, 14
See - Discount rats
Open 'mlarket Comiittee
-r
's
Sac Chicago bankers are selfish in orp)osing low, rates.
July 27, 1327. 15
Advises Board not to issue anything which might be construed as an
order to reduce rates.
July 27, 1927. 17
lass explains his old disoute with 1ov. Strong.
Sent. 7, 1927. 32
See - Glass
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Federal Reserve Bank of St. Louis
221.
Strong, Governor (Cont'd.)
his tele.lhone
Lunches with C.S.H. at Cosmos Club and tells him of
for a
message to 1ov. Crissinger, saying Sec. Mellon asks
postoonement of Chicago rite case for one day.
Sept. 9, 1927. 35
Seot. 15, 1927. 38
,es
See - Discount r,cSec.' Mellon confirms all that lov. Strong said to C.';.14.
Se-)t. 15, 1927.40
See - Discount r.,tes
Of-
,8 that
to Sec. (1a1
0..H. is satisfied that lov. Strong's claim r-ide
in a rate apart from the Board,
a i.A. bank has a right to )ut
construction of
really was about the same as 4ov. qarding's recent
the word "establisned.“
Seot. 15, 1327. 42
the Attorney Gener1
,3.S.H. believes :lass and Leffingwell, in asking
to show lov.
as to :he Board's pow.lr to initiate rates, 'Isned
Strong that the Board was supreme as to discount rates.
Sept. 15, 1927. 42
e that lov. Strong
(,.S.H. explains to Sec. Mellon, Leffingwell's charg
r,tes but
iiromised the 3anK of Znp;land to )ut u ) the :ler York
he tried to
was unable to make good; tiilt out of vindictivenesr
r-te of diPcount
put in on certain Treasury certificates a higher
than tie certificates bore.
Sept. 15, 1927. 43
. from Sec.
Harrison gets authority from by, Strong to give C.S.H
on and Ihite and Case on
Mellon cooties of o)intort of John q. Johns
Board's right to initiate rites.
3ept. 13, 1927.45
, 416.141114M4411i
:1 4
the exact tile of
C.S.R. asks Alexander to ascertain from boy. Strong
inger saying that Sec. Aellon
his tele)hone message to by, Criss
wanted 1 day's oost)onement of Chicago rate case.
Seot. 16, 1927. 45
his teleohone
Gov. Strong tele)hones J.S.H. from -Tel.: York and says
before 12:23 p.m. (New -_rork 1:23 p.m.),
message to 4ov. Crissinp,er was
ion
the time t,e telegram to Chicago announcing the Board's decis
Sept.;, 1927. 51
was sent.
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Federal Reserve Bank of St. Louis
222.
Strong, Governor (Contld.)
was disloyal
Ogden ;ills tells C..7.H. that Gov. Crissiner
Gov. Strong's tele hone message to Board.
in not giving
ing for 5
He said Gov. Strong suggested a new by-law nrovin
affirmative votes for rate initiations.
Sept. 26, 1927. 54, 55
talk with
Gov. Young says Gov. Strong told him he had had a
to the Chicago
Glass and had showed him a memorandum as
rate which Alexander had O.K.'d, And that all differences
with Glass had been adjusted.
disnute with
C.S.H. believes this must have referred to the old
disoute as to ClicaRo rate
Glass in 1919, as ne knows of no
case between Glass and Gov. Strong.
Oct. 12, 1927. 68
lands
Gov, Strong calls up Gov. Young at 5 p.m. and says Nether
rte and wants to know whether
Bank wants to increase its
of
it should be 1/2 of 1% or 1%; that it had as,ced a credit
his Board wished to grant.
10 millions which
vlting No.
The Board voted to a»rove this credit, Cunningham alone
Oct. 4, 1927. 70
presents reoort of Onen liarket Co ..ittee.
Nov. 2, 1927, 77
See- Open Market Counittee
of
Wi,iis says Warburg has had one of his employees, - a son
in his book on
Gov. Strong, - prepare a chapter to be nut
National Bank of Zni1i2)ines.
Dec. 1J, 13:'7. 92
in call
Gov. Young tells, of :Dr. Miller's investment of $300,0
as horri=ied and said
loans market, New York. Gov. Strong
if this became known, Dr. i.1er would be sarily driven
1328. 105
Jan.
out of office.
)
Presents re!)ort of 0. en i.art Comaittee.
1928. 139
Liar.
See- Oaen :,,arket CommLttee
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Federal Reserve Bank of St. Louis
223.
Strong, Governor (Cont'd.)
Miller in his testimony before 1.R. Banking and Currency Oommittpe
on Strong Stabilization bill said Gov. Strong was an able man,
but on this particular subject (stallilization of -)rice) he
does not know what he is talzing About. •
May 26, 1928. 168
Goldenweiser tells C.3.H. that Miller regrets his attack on
Gov. Strong in his testimony before q.R. Banking All Currency
Committee and wished to strike it out of the )roof, but the
Coittee insisted it muct remain.
May 26, 1928. 171
Strong Stabilization bill
See - H.R. Banking an
Miller, Dr.
S.dragas
Young, lov.
Currency Corsaittee
Suicide
Patrick Grant.
Oct. 28, 1927. 74
Supders (See also, Dinners, Lunches)
With Catherine :rant, Fairhaven.
Nov. Li, 1327. 81
With Mr. and '..!rs. Lansing.
Dec. 18, 1927. 97
With Mr. and :Ire. Charles 7arren.
Jan. 1, 1328. 10;;
sweet,
LIALls on us :tt Lee House with John Grit.
Aril 4, 1928. 147
Dies of -:2-1e-Imonia.
April 17, 1928.151
We )1nce a wreotil on her casket at R.R. station.
Anril 18, 1928. 154
Switzerland
See - 0-)en Market CoLimittee
Syndicate IgreeLient
See - Roumanian credit
4ste,;1 matter. 14
See - Discount n:tes
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
224.
Taggart, Tam
Mrs. Shaver says, is working to nollinklte Ilvars Woolen for President.
Dec. 14, 1927. 96
Talley, (ov. P . R. Bank of Dallas
Is present at dinner given by lovernore and F.R. Agents to Board
at Metro)olitan Club.
Nov. 4, 1927.79
Tells Gov, Young as to Miller's loaning on call in New -fork market.
Jan. 6, 1928. 105
See - Miller
Judge Hough, Counsel o P.R. Bank of Dallas, tells C.S.H. the
directors made no findings as to the dharges against, but
simoly voted to real)oint him.
Mar. 21, 1928. 137
Jude Hough says Lenz told him tlat he had conferred last summer
with Comptroller McIntosh, and he believes the Comotroller
influenced him against.
Mar. 21, 1928. 137
Judge lough said Williams, t:le chief oo)onent of, nominated, thrown
his bank, :Ir. !!ilan to fill a vacancy, and that he was elected
a, Director in 6.y)osition to lovernor lalley but that after
reading the evidr'nce he voted to reayooint lov. Talley.
He also said Bank lxaminer Collins was determined to let no national
bank fail even though the P.R. Bank had to give mlney away.
Mar. 21, 1928. 137, 138
James said the Comotroller, Lenz and WilliaA aLreed to "gftt" governor
Talley last sunmer; that thn Cora,t roller or his officers mAde
various deals to get votes for the lic2adden bill;that amon."7, these
were 7ramises to vote for the Charlotte and San Antonio
branches, and to re;lov lovernor Taller.
Mar. 22, 1928. 138
Wyatt says barg:tins were undoubtedly ',lade to out the :cFadden
through by t.e Coaotroller or his office, and that they were
scred to death for felr glass's investigating committee should
discover them.
.ar 22, 1928.138
James
ye the attack ag.:3inst lov. Talley is scandalous and was
started by Conzressman Black becaus, gov. Talley woUd not
advance money to his brother's bank.
Mar. 22, 1928. 138
James says that Oomotroller McIntosh, at a meeting in Texas, witn
Ithiams and Lenz,.proLlisel to hi!ve lov. Ta:Ley re.loved -nd to
vote for Charlotte and San Antonio P.R. branches, in return
for votes for :,:cYadden bill.
James said he knew this.
June 19, 1928. 183
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Federal Reserve Bank of St. Louis
225.
Tariff
Mrs. Shaver wishes to sidetrack.
Dec. 14, 137. 35
Tax
on exported money,F.-.. Bank, Atlant,I.
5, 72, 7, 79
See - Cuba
Thanksgiving dinner
We take, with Harriet and Jane.
Nov. !'4, 1927. S4
Thayer, Judge
21
See - Sacco-Vanzetti
•
Thomas, Ex-Senator
We dine with.
Dec. 29, 1927. 103
Thoron, Ben. 184
See - Uyer, Gertrude
Tho-lisunirs. Huston
Writes
eennington asking her to tike a life membersqi-1 in
Woman's National Democratic Club in memory of Woodrow
Wilson, - which she declined to do. C.S.H. feels this
is extraordinary as Urs. Thomson was one of the Book Co—ittee.
Anril 2, 1928. 142, 143
Asks H.P.H. if 3011ine- has a shire of the profits from t:e Wilson
June 4, 1328.177
Chronology.
Thurston,Uiss
122, 178
See - Auld Lang Sync
Traylor. 3, lo
See - Cuba.: Adency
Discount 'tes
Treasury
See - Mellon, Sec.
Treasury certifidaitee
See - U.S. Treasury certificates
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
226.
Tucker, H. St. Georgr
Zuneral of Mrs. Tucker.
Feb. 19, 1928. 125
Turrentine, Mr. and Mrs.
We meet, at dinner with G. F. Peabody.
Oct. 1, 1927. 61
Two-thirds rule
See - Shaver, Mrs. Clem
Tyler, Charlec
C.S.H. lunches with, and talks over Corliing matte-.
July 16, 1927. 192
-UUniform discount r_te
C.S.H. feels Board would have no power to )ut in a, to help
Eng/and stabilize her ourduning power.
Sept. 6, 1927. 27
Glass says if Board can initiate n tee it could put in one
uniform rate whilh Congress never intended; that the power
to fix a uniform rate 'pcilled the Aldrich bill; that the
Board could )c,t in a rate which would draw all the money
of the country into New 'ork and vice versa.
0...H. believes Board could not oat in a.
Sent. 7, 1927. 33, 34
Unit rule
See - Snaver, Mrs.
U. S. District Attorney
See - Newton, F.R. vent
Pacific S.7. Savings Bank & Trurt Co.
U. S. Treasury certificates
See - Strong, Gov.
41
22'Z
-V-
Van Schuylenburch, Udme
At
We entertain Mr. ;Ind, , dinner at Woman's De:.locratic
Club, Niece of Mdme Boreel.
Mar. 21, 1928. 139
Votes, Federal Reserve Board
3.S.H. explains his vote for regilations for
July 6, 1927. 1
foreign bills.
1.1rc:1ase of
Board votes to rescind earlier vote to nut details as to
2urchase of foreign bills in weekly statement.
Aye: Gov. Crissin -er, James,
No: :alter, Cunninam.
July 17,, 1927. 7
-oen Market Committee to -,nirchase
Board votes to autlorize 0
Government securites u) to 30 millions.
I.
Passed unanila)usli.
1
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Federal Reserve Bank of St. Louis
Miller arv.
July 27, 1927. 17
Board votes to relort minutes of Ooen ;.!arrcet CoNzaittee
Conference to each P.R. Bank.
Passed unanimously.
July 27, 1327,
;141
17
Board votes to ratify action of executive Co..mittee in
disaoorovini Chicclgo .lotice of no ch.in-e in rates.
m 4
•
110
Aye: Gov. Crissinger, Caa)troller, James, Cunningham
No: C.S.H., :Mier, Platt
Set. 6, 1927. 25
.P • MIMIP
JA
t!!1
C.S.H. motion that 0 be considered the lawf,11 r-te at
Chicago until directors meet on Friday,
,
te4
Lost:
Aye: 0.S.H., ?Litt
No: Gov. O., Com)troller,
Not voting: Miller
Sept. 6, 1927. 25
Cunninpham
C.S.H. motion to post ))fl action on Chicago rate until
meeting of directors on Friday.
Lost:
Aye: Platt, 441.11er, C.S.H.
No: Gov. C., James, Comotroller, Our. iingham
Scot. 3, 1927. 26
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Federal Reserve Bank of St. Louis
228.
Votes, Federal Reserve Board (Contld.)
Board votes to initiate a nLte of *A at Chicago
Passed.
/e: Gov. C. 00mi:tro1ler, Janes, Cunningham
No: Platt, C.S.H., Miller
Se9t. 6, 1927. 29
Board votes to ainrove P.R. Bank of New York credit to 3ank
of Netherlands.
Unanimous, except Cunninglimi voted No.
Oct. 12, 1927. 70
James motion to have stenoirrwther at ever- mePting.. of Board vita
0-aen larket Caaaittee and PdlerA. Advisory Council.
Lost by
tie vote.
Aje: Miller, Jaies, Ounningham
No: Gov. Young, Platt, C.S.R.
Nov. 1, 1927. 76
Miller motion to substitute for C.S.H. motiln to aor)rove relort of
)
0, en Market Com,iitte by providing that any dealin7s in
gold or exchange by Olen 14arket Comraittee shall he subject
to s)ecific autAoriztion (Y' Board in each case, :,nd th-t any
dealings in Govt. securities shall be subject to .,)rior
consultation with Governor of Board.
Lost:
Aye: Miller, Platt, Cunnin,Tham
No: Sec. Melon, Gov. Young, James, C.S.R.
Aov. 2, 1927. 78, 79
C.S.H. motion to foirove re)ort of Open Mar :et Committee for
offsetting gold movements; emergency flow of currency.
Passed without dissenting vote, no roll call.
Nov. 2, 1927. 79
C.S.H. motion that Board, in fixing regulations for state Member
banks with branches, simoly state it will impose regulations
on each bank when allaitd, - HPursuant to F.R. Act."
Lost by tie vote:
Aye: Gov. Young, Platt, .1.3.1f.
No: Miller, James, Oun inham
Dec. 3, 1927.87
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Federal Reserve Bank of St. Louis
229.
Votes, Federal Reserve Board (Cont'd.)
Heath zAa Class 0 Directors
Board vots to reap ,oint Martin
all other F.R. Agents whose terms
and to redesignate them and
have not ex-Ared.
Passed unaniLlously except
was rocorded as pot voting.
iller will file a menorandun giving reasons for not voting.
Dec. 8, 1927. 69
Boi,rd voted, On advice of Wyatt, to inter)ose no objection to the
1
payment by P.R. Bank oi" Cleveland to widow of .1%. Agent Wills,
two months salary after his d-ath.
Ave: Gov. Young, Platt, James, 0,S.R.
No: Miller, Ounninoham
lee. 19, 1927. 97
Bo3rd aproves reoort of Ooen Mar'rtet Committee- sale of frlm
50 to 75 millions of Govt. securittee.
Passed una
Jan. 10, 1928. 109
Motion of C.S.H. atoroving sales of Govt. ssclrities from U.:de
to time with authority to buy teraoorarily should events not now
forseen require.
Platt moved to adbetitute a resolution more closely in :cord with
Committee recaaaendat_ons.
Olnqingham moved to substitute C.S.H.'s motion.
Passed unanimously.
Jan. 11, 1928. 110
..1otinn to a2.)rove Chicago increase.
Passed.
Aye: All exce-2A Cunningham who voted lo, and will put reaeons
into rticord.
Jan. •=4, 1928. 117
Motion to a2)rove Ric-amond incroase.
Passed: Ave: Sec. Mellon, rlov. Young, Platt, Com)troller, hiller
No: Calaningham
Jan. "6, 1328. 121
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Federal Reserve Bank of St. Louis
230.
Votes, Federal Reserve Bo-rd (Contld.)
Nations to attend
Board votes to !.ccept invitation of Leae,ue
Statistical C;onference of Alropean central banks in Paris.
Feb. 14, 1928. 124
work for
Board votes to aprove re)ort of Oren Market OaAmittee to
intention of thus forcinp; hi,7her
firmer conditions, but without
discount rates.
Aye: lov. Young, 2latt, James,
No: Miller
Cunnin Larn
ts by sale
0.6.H. exnlained his vote saying that the charre to discoun
of lovt, secarities would better enable the System to handle
the agricultural and busness credit situation.
Cunningham joined with
.4i11er later ex?lained his vote in a memorandum which said he favored
t.ales of lovt. s-curities would necessarily
doing nothin as farther ,
,
force an incr ase in discount rates.
Mar. 26, 1928. 140
C.S.H. ,aotion for aonroval of Roumanian credit.
Passed:
Aye: lov.Young, Platt, Caa)troller, C.S.H.
No: Miller, James
,
MIller ex lains vote.
ril 4, 1928. 147
See C.S.H. Liotion to approve increase of 7oston rate.
Lost by tie.
Aye: C.S.H., 21att
No: Miller, Janes
Not voting: Sec. Mellon
April 18, 1928. 153
Boara voted in afternoon to approve
Avre: Sec. Mellon, Platt, Miller, C.S.H.
No: James
,
41 )ril 18, 1928. 153
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Federal Reserve Bank of St. Louis
Votes, Yederra Reserve Board (Cont'd.)
increace.
C.S.H. Lotion to ap)rove
Passed:
Aye: Jec. nellon, Platt, nillPr, C.S.H.
No: James
A)ril 13, 1928. 155
Board voted to ao)rova Richmond incri-ase. James voted Aye
because Ricamond had ordered sale of all i.s lovt.
securitios held in Systen %.c,munt.
Others all voteclAye
April 23, 1928. 155
0.6.H. moticm to authorize o2en market Colamittee to continue
sales of :;ovt. securities
Passed unallia)asly
Ade: Gov. foun, Platt, James, Jiller, 0.S.H.
May 25, 1:428. 165
2otion of C.S.H. to ap)rove rw)ort of Open liarket Coittee, - to
continue sales of lovt.securities.
Passed unanimously
James, C. ,H.
k,re: 007 Young, ?latt,
'
Aay 25, 1928. 163
!
Board approves Gov. Young's re-)ort on.
Cunningham resolution, t- out in future reAorts to Comotroller,
beginning Oct. 1928 - data as to banks discountin: with
7.i. banics and loaning on
All voted Aye exceot .1iller and Cunnine;hzua wqo voted No.
Aay 08, 1928. 173
Approval of Chicago increase.
Aye: Sec. Aellon, Platt,
No: .ComltrA.ler, James
C.S.H.
July 10, 1928. 191
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Federal Reserve Bank of St. Louis
232.
-W-
Wall Street
See - Brokers loins
Call loans
J. Y. Stock Zxchange
speculation
Wall Street Journal
Says P.R. Bank of Chicago will defy Board as to discount rater.
Gov. Cri.ssinger demands ex)lamvtion of Heath who says no officer
or director is res7)onsible for this statement.
Aug. 4, 1927. 18
Glass says Chic-go rate action satisfies him that, as chtrged by
Wall Street Journal, a majority of Board was arrogating
the functions of A central bank.
C..H. believes lere 11ass is on strong ground.
ient. 1, 1927. 37
C.S.H. tells Miss the majority out in the Chicao r te because
of anger and vindictiveness at the WaLl Street Journal article
stating that Chico hal refusei o comoly with Board's
request to reduce the rate; that although Heath denied any
bank resi;onsilAlity for the article, Gov. Crinsiner said
at least three of the Board wished to initiate the
rte
at once.
Se7)t.15, 1927. 40
3.44
C.S.H. tells Ilass that the eulogistic staDement as to lIclarrah's
ap)ointment contained no direct st - Aement that the Board
wished to centralize its authority; that the Wall Street
Journal sin)ly 30 construed it.
Sent. 1,3, 19".7. 47, 48
Glass inquirer of C.S.H. as to the article in Wall Street Journal.
C.c.H. says each member of Board has denied ine iring it
:
or knowing of its authorsi...).
;.S.H. advised him to talk to Sargent of Associated 2ress who wrote
it and might Ave him the source of his information.
Belt. 17, 1927. 49
Waish, F.A. Ant, Dallas
Attends ainner to Board given by F.
Metropolitan Club.
Ar7entand Governors at
Delivers address.
Nov. 4, 1327. 79
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Federal Reserve Bank of St. Louis
233.
Walsa, Senator, !:_ontana
At lunch of Sir Maurice Low to Mr. Rnct :Ire. Massey, the Canadian
Minster.
Dec. f'0, 1927. 98
Warburg, l'aul
Willis tells C.S.H. that, in rritini a book 1.,rgely written for
,
to ,rove his authorship of F.q.. Act, and incident:J.1,v
)
Ltttgicking •;lass and h_Laself; at he had sent one of his bank
em!)10yees - a son of Gov. Strong - to the Ax!ency of tne
Philionine National Bank in Nei.? York to get facts discreditable
to his (Willis") management of the Philinoine National Bank,
but Strong found that all the things comolained of were either
co) Josed by illoe or done after he aad left the bank; that
Warburg, when in San 2rancisco, m3de simil r inquiries of
President of a San Francisco bank, who had been in the :
3hi1i;lane
National Bank and got similar answers and that Warburg finally
had omitted fraa us oro-oosed book the chanter on the
iiliooine
National Bank:
Dec.10, 1927. 92
aarder, Mrs.
We dine with.
Dec. 30, 1927. 103
H.P.H. some days ago showed, our Cellini cuo and left it with
, her for a few days. Mrs. Warder called in a young, womcx
reporter in whom she was interested and she published in
the Was,lington Post an account of it, greatly distorted. It
was a snocking breacn of faith on Mrs,"arderis part.
Feb. 5, 1928. 125
We dine with.
Mar. 23, 1928. 139
Aril 15, 1928. 148
Death of
May 14, 1928. 163
Warehoused grain. 68
See - Secured bills
Warren, Charles
Mr. and Mrs. attend lunch of Sir Maurice Low to Canadian Ainster
and 'dirs. Aassej.
Dec. 10, 1927. 98
We dine with, to meet General and Mrs. Cro%ier.
Jan. 8, 1928. 107
We dine with,on his birthday.
Mar. 8, 1928. 137
We lunch with.
April 1, 1928. 141
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Federal Reserve Bank of St. Louis
1r
234.
Warren, Charles (Con t I d.
)
We lunch with, to meet Bisho) Atwood.
April 29, 1928. 159 ,
We dine with, in honor of our wedding day. Rachel Hale and
Delano were present.
June 4, 1928. 178
See - Brandeis, Judge
Holmes, Judge
21, 32
Washburn, Charles G.
Death of.
May 25, 1928. 165
Washington Cathedral 123
See - Wilson, Woodrow
Wayne, J.
)hia r-te for the
Gov. Norris says, objected to reducing Phil:idel,
reason, as Gov. Norris believes,that it would necessitate
reducing customers rates.
Aug.12, 1927. 19
Wedding anniversary
Charles Warren gives um a small dinner in honnr of our.
Hale and Delano present.
June 4, 1928. 178
Weeden, Mrs.
We dine with, to meet Edith Helm.
April 3, 1928. 143
Wellesley College 52
See - Child, Mrs. Huntley
Wet
See - Prohibition
Shaver, Mrs. Clem
Wetmore, F.A. 44, 48, 49
See - 1deral Advisory Council
Glass
W-aley-Raton Service
Article on Hoover and Dr. Miller. (See
June 19,1928. 183
books)
Rachel
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Federal Reserve Bank of St. Louis
r
235.
White and Case
Harrisor. sends C.S.H.,to give to Sec. :4e1lon,opinion of, on power
of Board to initiate rates.
Sept. 16, 1927. 4:)
White, Assistant Secretary,
State Department
5, 73
See - Cuba
White, Henry
Death of.
July 16, 1321. 9
Widener Library, Harvard
See - Auld Lang Syne
Winship, Dr.
Willert, Lady Arthur
Lunches with us at Uattapoisett.
Sept. 2, 1927. 23
We nieet, at lunch witn 1.1rs. Clark at Ilarion.
Sept. 4, 1927. 23
Williams, 14r.
137,, 138, 183
See - Hough, Jukiee
James
Talley, Gov.
Willis, H. P.
Tells C.S.H., from reliable information, that Presid.nt Coolidire
desired to get lov. Crissinrer off the P.R. Board and asked
James Reynolds, very close to Smith & Co., to expedite
Cloy. Crissingerisalaission into Smith & Co.
Dec. 10,1927.90, 91
Tells J.S.H. that a 3overnor of a F.. Bank told him. tat Sec. Liellon
had written him asking hill to 4,—)oint more Re.)ublicans on his bank
staff; t:lat the Governor bitterly resented this and later called
on Sec. .4elkaand told him his bank never inquired into the
political affiliations of its em:Ao ees,whereulon
asked him to forget the letter was ever written.
Dec. 10, 1927. 91
Comalaids of Coolidp'els reference to low discount rates in the 1924
camnaign and Sec.
frequent interviews as to discount
Dec. 10, 1927. 91
r.tes.
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Federal Reserve Bank of St. Louis
236.
Willis, 1. P. (Contid.)
'..om9lains of Sec. elion's
tement that Gov. Young's
apoointment would have no effect on P.R. discount policies,
citing this as evidence of domination of Board by the
Treasury. C.S.H. told him Coolidge had never tried to
influence Board policies, and that Sec. Uellon's statement
as to Gov. Young did not mean that Gov. Young had come on
to Board pledged as to any discount 1)olicies; that Sec.
Mellon had nev, tried to dominate or influence the Board;
r
that the Board never was as free from Treasury domination as
now; that the only time the Treasury had odominatedu the Board
was during ant just nfter thw war when, by lutting in low
rates in Treasury certificates, it forced Board to give
corresoondingly low rites on discount of notes secured by such
paper.
Dec. 10, 1927. 91, 92
Tells C.S.1i. that Warburg is navinc written a book to show he was
the author of the
Act, and in it he is to attack Glass
and nimself; that he got an em)loyee of ais, - a son of
Gov. Strong,. to go to the agency in New York of the .
Philioiine Natl Bank to get facts to discredit his (Willis's)
management of chat bank; that Strong found that all the
transactions comilianed of were eiter onnosed by -ram (lillis)
at the time or took nlace after he left; that Warburg when in
San Francisco, made similar tnquiries of Mr. Williams, a San
Francisco Bank President, once emnloyed in the 'r'hili o)ine
,
National Ban;tit Williams gave the same answer and that
Warburg clAtted this chapter from its ook.
Dec. 10, 1927. 92, 93
C.S.H. asked Willis as to claim of Victor Morowitz as orieinator
of Regional Reserve banks.
Willis said the idea was based on local clearing house committee
and that Fowler was entitled to :rove credit than Morowitz,
who was asked to appear before tile Committee but had rather
surlily declined on ground of pressure of business.
Dec. 10, 1927. 93
Wills, D. C. P.R. Agent, Cleveland
Gov. rancher is preparing a letter asking for opinion of Attorney
General as to right of Bank to pay two months salary b widow
of, after his death.
July 27, 1927. 17
Board voted, on letter of Wyatt, to interpose no objection to
above payment.
Aye: Gov. Young, Platt, James, 0.3.H.
No: Miller, OunAingham.
Dec. 19, 1927. 97
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Federal Reserve Bank of St. Louis
30.1111.
237.
Wilson Chronology
0.S.H, receives a complimenary coy of, sent by P.A. Stokes
Co.
at request of Lire. Pen-inp,ton.
Sept. 21, 1927. 53
C.S.H. acknowledges book and. asks :Alblisherr to thank lire.
Penninpton.
Sel)t. ;
'5, 1927. 54
lire. Penninton sends O.Li. a check, oayable to him as trustee,
for $62.50, being 11) of royalties.
Set. 30, 1927. 64
C.S.H. indorsed it, as trustee, to loman's National Democr
atic
Club and sent it to :!re. Cunningham, Secretary.
Oct. 3, 1927. 64
Mrs. Harriman tells C.S.H. of the criticiwa of, in New
ork
C.S.H. tells her of his efforts to strike out of book
Ars. Pennington's
extreue aartisan statement' and errors.
0.S.H. told her Ars. Pennington insisted that the Club
should have
no portion of the nralties while C.S.H. insisted it
should;
that Mrs. PenAington retained a lawyer and tle matter
was
cam)romised.
C.S.H. s.
-id. Lire. Pennington hated her (Ars. Harriman) bec:ius
e of her
talk with Liss. Wilson.
Ars. Har:iman eaid the 3ook Connittee knew she was to
talke with her,
but sae is in error as to this.
C.S.H. told her that doubtless what se said to Ars. Wilson
in
criticism of the book was true, but t'tat he was sorry sne sloke
with her at tht time.
Dec. 27, 1927. 10°, 103
Mrs. Andrieus Jones calls on Mrs. Pen - gton to have her
it
autograph
several coAes of.
C. .H.feels she should not have done this as she
was espr?cially
o9cosed to letting Bolling have any share of the
royaltie.
?ell. 13, 1928. 124, 125
See - Jones, Mrs.
.. .
C.S.H. tells With Helm the story of, since her illne s.
,
W.I.. 4, 1928. 131
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Federal Reserve Bank of St. Louis
Wilson Chronology (Contld.)
Mrs. Pennington sends C.S.H. a check for $45.30, beim= 1/- of
royalties, as her account of tele Stoke- Co.
May 29, 198. 17b
A(..count of St3kes Co.
1927.
To Dec. 31
By royalty
$215.60
To advance
125.
Balance due Jan. 1, 1928 ....
90.60
F. A. Stokee Co.
To Mary V. Pennington
May 29, 1928.
175, 176
At Executive Committee neeting of Woman's "ational Deracyn.atic
Club the member ask H.P. as to above check.
H.P.H. said Mrs. Pennington had 1/3 and Club 1/3. (H.P.H. was
mistaken. Urs.Pennint!ton had 1/2 and Club as trustee 1/2)
Mrs. Huston 2homoson aced if Bolling h.l.d a share.
H.P.H. said she suiposed that Mrs. Pennington rr-ve him her share,
but did not know.
Lira. 2,ckler asked ta,, same question.
June 4, 1428. 177
After the me-tintr,
told iirs. Harriman tnat C.S.H. figured out from
the royalties that only about 600 conies could have been -old.
One of the Committeo asked why Mrs. peniington wished to take away
from the Club what lelonged to it?
H.P.H. said ..re. PenAngton ':!as very angry wit' Mrs. Harriman
1
of her talk with
Wilson.
June 4, 1928. 177
because
See - Wilson, Lirs.
Mrs. Snell
cl.:nowled,
Ts C.S.H.'s check for ro::alties and writes: -
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Federal Reserve Bank of St. Louis
239.
Wilson Chronology (Contld.)
"Please believe that our Club is deeply crateful for all you
have done about t,is book. We know of all the work you have
done in the matter of research. We knew What your ori,inal
plan was, and we still approve of that first )1an.
We lope and trustihat the sincere thanks of our Club will be of
some little amelioration of what must have been your disagpointment
as to the outcome of that originAl plan.
Thank you ztgain.
sincerely ,./ours,
Isabelle Cromwell Snell,
Chairman, :xecuti.e Comaittee.
June 7, 1928. 179
(Lacer, at Hrs. Snellls request, C.S.H. prepared a very short
statement as to the royalties to be
,he records, saying
in ,
noting as to the controvrsy.)
7:ilson, Mrs. Woodrow
H.P.H. replies to a note received from, and renews the invitation to
her to visit us this summer, but made no reference to noilirw.
Jaly 5, 1927. 1
Writes to H.P.H.
Says she has to )ut her vacation trios on ice but does not exl lain why.
)
Aug. 6, 1927. 19
Papers say, is guest of :4r. ani. 4,:re. Barney Baruch at SaratoR:a.
Set. 4, 1927. 23
Writes H.P.H. from Lincolnville, Maine, but says nothinpas to
visiting us.
Selt. 11, 1927. 37
S. F. Peabody asks C..3.H. to dinner saying, will be there. He says
he lunched with her today and that she spoke muca about us.
C.S.H. calls ui I.P.H. on tle .,hone and she strongly %sivises acceptance
and ,)rodicts that, will, .Lt 1iBt ao-?arently, be overjoyed to
see C.S.I.
Sept. 28, 1927. 58, 59
C.S.H.dines lath Mr. Peabody.
Axs. Wilson ,ind Bolling wore there, arriving after 0.3.H. When they
came in, 0.S.H. went up and first shook hands with Rolling,
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Federal Reserve Bank of St. Louis
2,40.
Wilson, Mrs. Woodrow (C, mtid.)
who called MIA "Charlie" and then with Hrs. Wilson.
C.S.H. had not seen her sin:e ].a -t Pebruary. Sae seemed worried
when se shook nands, and appeared as if greatly relieved to
find that 0..H. greeted her with courtesy md politeness.
0.S.H. chatted with her about Senator Ilass and other todcs,
as if nothing lad happened.
C.S.H. noticed that during the dinner she 'vas furtively watchin
g him.
The dinner lasted almost 3 hours in all.
and they talked together casuall./.
;.S.H. sat o.roosite Bolling
After dinner we went into the parlor (Carlton Hotel). Ars. Wilson
sat at one end of a sofa and (;.3.H. thougat she looked
t him
r,ther )athetically and apoealingly, as no one else stepoed
forward to take the seat besido her, C.S.H. did.
We talked as if notling had. halylened, she tal:ing ramost confide
ntiAly
as in old times. Anyone looting at us wold have taken us
for
devoted friends.
Wh6n I bade her good-aiq„ht, she oreFsed 0.3.H.Is hand
perceptibly.
She seemed as if immensely relieved to now that
J.S.R. was
willing, at least, to keep up outward apnerances.
Oct. 1, 1927. 61, 62
Neither i.rs, Wilson nor Bolline; were at funeral of Admiral
Helm.
Oct. 31, 1927. 75
le meet krs. Wilson at lunch of Sir Maurice Low to Canadia Aniste
n
r
and ,4rs. .:assey. 1.3.H. had no opportlnity to sneak to her
until
she was about to leave, she being the 3:uest of honor. Sne spoke
very oleasantly, remar,:ing how well C.S.H. looked. During
the
lunch she several times looked over at C.S.H. mailing in a
most
friendly way.
De:!. 20, 1927. 98
She sends us a Jerusalem cherry nlant on Christmas Eve.
written, - ",L blessed Ohristmas."
Dec. -4, 1927. 99
On it was
,.S.H. tells Mrs. Harriman that Mrs. Pennington dislikes her because
of her talk with 1.rs. Wilson about the Chronology.
Dec. 27, 1927. 102
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Federal Reserve Bank of St. Louis
Wilson, Mrs. Woodrow (Contld.)
Mrs. Harriman tells C.S.H. that Mrs. Mlso
n told, her that
Mrs. Penqington had given her many hours of
anxiety and worry
during the summer of 1926.
C.S.H. wonders, if above is so, how ilrs. Wilso
n could have written
him such a note.
Dec. 07, 1927. 102
•
•
I
Mrs. Harriman :eferred to Randolph Bolling,
Ars. TIlsonis brother,
in a most sneering way, saying he was utter
ly devoid of breeding
and good taste.
Dec. 27, 1927. 103
H.P.H. receives a letter from lire. Wilson thank
ing her for her
charming Christmas messa.7e.
had merely sent iler a Christmas card with
C.S.?.'s and H.P.H.Is
name on it, and nothing more.
We believe she has been doing some
quiet thinking durin7 the at
year in Watch we have kent away from her,
and that she would like
to wipe out the oast.
Jan. 7, 1928. 106
le meet Mrs. Wilson at dinner at Zdith
Zustisis.
She was very cordial with C.S.H. who sat down
pith her A•ter dinner.
She se-med much )1eased et this attention
of C.S.H., and we
talked together, outwardly as in the old
days. She inquired
after Harriet and Jane and even Mrs. DeLon
p:. She said C.S.H.
looked well, and asked how much vacation
he had had iurine the
summer.
Her evident eagerness to talk with
C.S.H. was really surprising to him.
Finally she wistfully and almost pathetically
asked 0.3.H. if she could
not drive him and I.PH'
home. C.S.H. thought quickly to hi-'elf
and finally said Yes, and her pleasure
at this was plairay apparent.
On the way home she wax sweet and almost af:ec
tionate to us both, calling
C.S.H. "aharlieN several timeu.
We firmly believe her conscience it; begi
nning to work.
Jan. 13, 1928. 111
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Federal Reserve Bank of St. Louis
242.
Wilson, Mrs. Woodrow (Cont'd.)
H.P.H. meets Mrs. Wilson :It lunch rt Woman's National Democratic
Club. She was most cordial and spoke of "Charlie" rever,
1
ti.aes. She begged H.P.H. to let her drive her home, but
H.P.H. had to remain at he Club.
Jan. 19,1928. 112
3..d. meets
Sae see,led
Wilson at a small musicale at Caadian
to see him and called him "Chatqie."
3%-b. 1, 1928. 122
We drive out to Washi—a:ton Cathedral and leave a laurel wreath on
Wilson's tomb, but without any card. Driving back e 4issed
Lire. Wilson waLring out and she waved her hand to us in a
most ar'ectionate
We were sorry to meet her for undoubtedly on reaching toe Cathedral
the verger wo-Ild tell her of the wreath from the unknown donors,
and she would at once believe it was ours.
She never, however, referred to it after this, nrld she may not have
known who sent it.
Feb. 3, 1928. 123
airs. "filson sends Woman's Democratic Club a check for i1030 for
I
life membershi , for Bertha Bolling.
She said. the donor wished to remain anonym)u.s.
We believe it was very likely given by irn. Pennington, for so.le
little time ago Urs. Huston Tholy)son and nrs. nei/7e wrote to
Lire. Penlington askin,32 her to found a life membershi-) in memory
of Presilent Wilson, - which she r)olitely declined o do.
April 2, 1123. 142, 143
Mrs. Wilson brou-ht Sec. and Mrs. McAdoo, Admiral and Grs.Orayson
and Miss Aassey to the dinner at Woman's National Deulocratic
Club to Sir Herbert Ames, C.S.H. presiding.
Before dinner she sooke very pleasantly to C.S.H. and H.P.I.
•
After dinner, as C.S.H. and Sir Herbert were going from the table,
passing by lire. Wilson, she stopped us, and., taking C.S.H.'s
hand, thanked him very cordially for the manner in which he had
presided and for his opening address of introduction of Sir Herbert.
C.S.H. believes she was touched by his statement :le to the League
of Nations "That priceless gift the immortal Wilson had. given to
the world."
May 2, 1928. 161
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Federal Reserve Bank of St. Louis
Wilson, Mrs. Woodrow (Contod.)
Mrs. Harriman told R.P.R. that it was too bad tout the Chronology, that Mrs. Wilson hitherto had always been so level-headed, that
she could not understand it. She added, "It is one of those
things of which there is nothing to be oddly
June 4, 1928. 177
Wilson, Woodrow
Sec. Jardine tells C.S.R. he voted for Wilson either in 1914 or 1920
C.S.R. does not remenber
Sept. 30, 1927. 60
See - Wilson, Mrs.
Wingo, Cong. 129
See - Glass
'Wings*
W. take Rachel Rale and Gertrude Myer to the movie, *Wings.
May 3, 1928. 162
Winship, Dr.
5, 71, 127, 178
See - Auld Lang Syne
Walcott, Mrs.
We meet, at dinner with Delano.
Jan. 19, 1928. 112
Woman's National Democratic Club
We dine at.
lob. 9, 1928. 123
C.S.R. gives, a photograph of Grover Cleveland enlarged and also
a photograph of a letter from Cleveland saying he thinks it
is one of his best pictures.
leb. 23, 1928. 127
•
•
•
Mrs. Preston (Cleveland) writes C.S.R. approving of the gift.
Mar. 2, 1928. 31
We give a dinner at,to Mr. and Ma4ame Tan Schurlenburch, the sister
of Saran DITTO' and niece of Madams Norma.
Mar. 21, 1928. 139
_
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May 3, 1928. 162
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May 2, 1928. 161
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°The vacant Chair.'
May 8, 1928. 162
See - Jones, Mrs. Andrieus
Wilson Chronology
Wilson, Mrs.
Woodlock, Interstate Commerce Commission. 129
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Dec. 14, 1927. 96
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Jan. 11, 1928. 107, 109
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Jan. 11, 1928. 95
Watt, Walter
Says Board has no power to provide in by-law that more than a majority
must concur to initiate a rate.
Sept. 27,1927. 56
C.S.H. and Sec. Mellon disagree with Watt.
Sept. 27, 1927. 57
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to initiate a rail.
Sept. 27, 1927. 58
245.
Wyatt, Walter (Cont'd.)
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Dec. 9, 1927. 90
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Sec. Mellon says he is considering, to fill Gov. Crissinger's place
on Board.
0.5.1. praises him highly.
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C.S.R. suggests designating Platt for few remaining months of his term
and then designating7Young.
Mellon slid he feared Young would not accept unless at once designated
as Governor.
C.S.R. says Gov. Young has had some differences on banking questions
with the other Governors but is able, broad, and fair.
Sept. 16, 1927. 46, 47
Platt tells C.S.R. of rumor that, has been wpointed on Board.
Sept. 21, 1927. 53
Agreed that a gentleman's agreement should be drawn as to initiating
rates to be submitted after Gov. Young qualifies.
Sept. 27, 1927. 57
.vrel
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Tele& Governor, 7.1» Board
Attends meeting of Board with Open Market Committee.
July 27, 1927. 13
Miller says he wants to make him Governor.
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into deals to secure passage of Mciadden bill, and that they
are soared to death lest Glass and his Connittee should get
wind of it.
Mar. 22, 1928. /38
to //11,0s1 etchoC
044141n1 oho
C.S.R. secures room at Cosmos Club for Gov. Young.
Sept. 30, 1927. 60
Gov. Young takes oath of office.
Oct. 4, 1927. 62
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Young, Governor, P.R. Board (Gontld.)
Governor Young thinks gentleman's agreement should be postponed
for awhile, Sec. Mellon agrees.
.
Oct. 4, 1927. 83
10,1927. 65
Oct.
Gov. Young wanted Board to change regulations so as to lermit
P.R. banks to buy bills secured by warehoused grain owned
by owner of elevator but finally yielded to negative attitude
Oct. 13, 1927. 68
of Board.
C.S.H. talks with Gov. Young and Biddy at Cosmos Club as to Cuban
tax on exported currency.
Oct. 21, 1927. 73
Tells Gov. Harding that Curtiss will be redesignated as P.R. Agent.
Oct. 26, 1927. 74
Totes against James motion for an official stenographer at every
meetag of Board with Open Market Committee and lecieral Advisory
Nov. 1, 1927. 76
Council.
Votos against Millers') substitute motion that all purchases of
gold or exchange and open market operations be made after
specific authority from and consultation with Board.
Nov. 2, i927. 79
Totes for C.S.R. motion that Board state that it will merely
impend regulations 'pursuant to Us Pectoral Reserve Act" on
state banks entering with branches.
Dec. 6, 1927. 87
Willis complains of Sec. Mellon's statemeat that Gov. Young's
appointment will not affect the P.R. discount policy.
CALE* says this did not mean that Gov. Young came on Board pledged
to any discount policy.
Dec. 10, 1927. 91
Totes to interpose so objection to P.R. Bank of Cleveland paying to
widow of Pectoral Reserve Agent Wills two months salary after
Dec. 19, 1927. 97
his dee*.
Tells C.S.H. that President Coolidge has given to press a statement
as to the brokers loans in New York, - that he had inquired
at the Treasury and was satisfied there mos nothing alarming in
the situation.
247
Young, Governor, P.R. Board (Oont'd.)
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Gov. Young added that Sec. Mellon told him he could not
that Coolidge had talked with him on this matter.
Gov. Young said he feared the Coolidge statement would cause
another wave of speculation.
Jan. 6, 1928. 105
Gov. Young told C.S.H. that Gov. Talley told him shortly ago
that he met a N.Y. banker on a train, - he would not give
his name, - and that the banker told him that his bank
was loaning on call in New York for Dr. Miller over
$300,000. Gov. Young said Miller also soferred to this in
talking with him a few days ago, and that he (Gov. Young)
told it to Gov. Strong lho was horrified and said that if
this became known Miller would be summarily driven out of
offioe. C.S.H. told Gov. Young he should tell Sec. Mellon
Jan. 6, 1928. 105, 106
of this.
Miller claimed that the easy money created by reduction of
4
%
discount rate to 34 helped the big manufacturers crush the
ones, and not vice versa, as claimed by C.S.H.
smaller
the
Gevernor Young asked Miller how tight money could have helped
small manufi.cturers, and Miller did not reply.
Jan. 9, 1928. 108
Tells O.S.H. of rumor that N.Y. Stock exchange will shortly
issue a warning in matter of brokers loans&
Jan. 10, 1928. 108
Gov. Young says the N.Y. Directors want to put up rates, as did
also Richmond but that he should advise Hoxton to wait
until af6er meeting of Open Market Oommittee.
Jan. 10, 1928. 109
Gov. Young favors further sales of Govt. securities before increase
in rates, pointing out that a change in discount rate does
not change, necessarily, the quantity of credit, while the
sale of Govt. securities does.
Jan. 11, 1928. 110
Galls on Glass with O.S.H.
Glass said Son. Noibeck thought Gov. Young's name was before his
Committee but he told him it was by error sent to Pinance
Committee which had reoorted it out favorably.
He said he had had it referred back to Banking and Currency
Committee with Worbeekts consent,,nd would try to expedite
confirmation; that Heflin objected to immediate consideration
but could not defeat confirmation.
Jan. 22, 1928. 113, 114
248.
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Voted to approve Chicago increase from. 3è to 4%.
Jan. 24, 1928.117
Votes to approve $3000 increase in Burgess's salary.
Jan. 25, 1928. 117
e
Directed by Board to take up matter of Harrison's salary increas
h, and arrange for some adjustment.
with McOarra
Jan. 25, 1928. 118
Criticises, as also does Miller, Ounningham's resolution calling
on F.R. banks to report as to discounts used for speculative
purposes which the resolution stated to be illegal.
Points out that practically no banks which are continuous borrowers
have largo amounts on call.
Jan. 26, 1928. 120
Totes to aparove Richmond increase. Jan. 26, 1928. 121
Testifies before H.R. Nanking and Currency Committee on bill to
amend Clayton Ant and 7.111. Pension bill.
.
Jan. 27, 1928. 121
Votes to accept invitation of L. of N. to participate in Paris
Statistical Conference of lapropean oentral banks.
lib. 14, 1928. 124
Writes State Department that if it does not approve Statistical
Conference the Board will reconsider its vote.
Mar. 7, 1928. 132
Secretary of State writes Gov. Young he will consult President as
to above, that the Board should advise it of any future
oommunilations from League of Nations before answering than.
Mar. 7, 1928. 132, 133
Testifies before Senate Banking and Currency Commit*. on Larollette
resolution on broke s loans, as follows:
1. Can not tell whether exoessive or not.
2. Pram banking standpoint they are well coLiateraled and safe
3.
They are not depriving agriculture or cannerce of a
dollar of credit.
•
249.
Young, Governor, P.R. Board (Contid.)
Testifies before Senate Banking and Currency Committee (Cont'd.)
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The loans made to brokers by banks are less today
than in 1922.
5. The increase is practically wholly due to loans by
corporations other than banks.
licd :betoemIC
6. Of bank loans, the New York banks have decreased as
also the out of town banks.
t47:.miat •
7. Practically no banks which are constant borrowers from
P.R. banks have large amounts on call.
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just as they were in 1925.
9. P.R. funds, speaking generally, are not today being used to
obtain call loan funds.
10. No new legislation is needed.
.
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The P.R. banks can cars for situation under present law.
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rates and sell Govt. securities.
Mar. 7, 1928. 133, 134, 135
Gov.Young did not tell Committee that the recent rate increases
were put in force to control speculation; he put it largely
on ground of gold exports.
Mar. 7, 1928. 135
Votes to approve Open Market Oaumittee report for firmer money
conditions.
Mar. 26, 1928. 140
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Board asks Gov. Young to ascertain the attitude of State repartment
as to the Roumanian credit. April 2, 1928. 142
totrw Ile. tcr 0.4 .1
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Says State Department does not object; that its only doubt is as to
the private credit and not as to the syndicate agreement.
April 4, 1928. 146
Votes to approve Roumanian credit. April 4, 1928. 147
•
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Iona& Governor, F.R. Board tOont'd.)
3*.t
Is in florid& with the Comptroller.
April 16, 1928. 149
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1( L4
Votes to approve Open Market Conmittee report - favoring continued
sales of Govt. securities.
Mig 26, 1928. 166
4: 9.44810ri O.
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.
nainamucJ( ftvolegs 0: afl:t1V
Oev. Young convinced Glass, C.S.H. thinks, that no 714 bank could
permanently carry lower discount rates than New York for it would
encourage banks to borrow and put proceeds into New York call
loans at higher ratoscaused by the higher N.Y. discount rate.
May 27, 1928. 172
Gov. Young said that a New York increase to say 6% would force
all other P.R. banks to increase also: that the New York bank
may have to increase to curb speculation.
May 27, 1928. 172
OM. Young did not discuss with Glass whether other 7.R. banks could
maintain a higher rate than New York.
May 27, 1928. 172
See - Glass
Gov. Young reports that he has carefully studied Cunningham's resolutica
to require 7.- . banks to report as to discounts of member banks
i
in connection with call loans, with Smead, and had decided
that the best way would be to have Com)troller require national
banks put this information into their re4orts, but that it was
too late to put it in July reports, but would be put in October
reports.
Omningham was very indignant and Aller backed him up, although when
the resolution was introduced on Jan. 26. 1928, he had criticised
it.
Gov. Young said the delay would do no harm as we could not have had a
reply to Cunningham's resolution in time for any legislation by
Congress. Board approved Gov. Young's report, Cunningham and
Miller voting No.
May 28, 1928. 173
See - Oomptmller
Glass
Miller
Strone. Gov.
1
•
251
styat .3.tim 01
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. eI1oTi3 e.
Young, Dr. State Department
Lunches with C.S.H. at Cosmos Club to meet Sir Herbert Ames.
Hay 2, 1928. 160
siaktito.4".‘ riZ ej
See - League of Nations
Roumanian Credit
94J.
-
AOC
,
;
.
-
ot
err oif3rag
,
neve eVCrIt-T-,i
to **Lite
-
Youmg, Prof., Harvard
Tells Federal Reserve Agent COrtiss that Miller spoke to him
very disparagingly about former P.P. Agent Jay - almost in
terms of contempt, which shocked him greatly.
July 5, 1927. 5
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