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Collection Tilde
THE PAPERS OF
CHARLES SUMNER H MLIN
DIARIES
Series and/or Container
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Shelf/Accession No.
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Federal Reserve Bank of St. Louis
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Federal Reserve Bank of St. Louis
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Federal Reserve Bank of St. Louis
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DIARY
VOLUO 15.
Pietist 1. 1928 - March_ 22. 1929.
Index - Diaest..
Acceptance, Speech of
See - Smith, Governor
Acceptances
Open Market Committee wishes to purchase Government
securities as a last resort to avoid any dangerous
situation which could not be met by purchase of
acceptances, exchange operations or otherwise; to
reduce bill rates would result in vast dumping on
lederal Reserve banks Which might ease credit situation
but would undo work of many years in developing a bill
market.
C.S.H. believes this is the first suggestion of easing the credit
situation by purchase of acceptances.
Aug. 14, 1928. 9
James favored a preferential rate on bankers acceptances and
tr,ide bills.
Aug. 14, 1928. 8
3oard writes Harrison that if understands the Committee wishes
to ease sitqation primarily tnrough the bill market, and
only as a lot tesort through purchase of Government
securities and on this understanding aplroves purchase
of Govt. securities up to 100 millions.
Aug. 16, 1928. 7
A few days ago Dr. Jiller put in a resolution favoring higher
acceptance rates for express purpose of drawing money out
of the call loan market, Which latter reference he later
struck out.
Dr. Miller, C.S.H. and Platt voted for this resolution but it
failed.
Gov. Young said money was now tending away from the call loan
warxet.
Dec. 26, 1928. 114, 115.
Gov. Young called special meeting at 400 p.m. to take action on
N. Y. increase in acceptance rates, just reported. He was
very angry it had not applied for apnroval. He wanted to
order the ra4e suspended. Platt said that muld be a blow
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Federal Reserve Bank of St. Louis
1
2
.
Acceptances (Contld.)
in the face.
Governor Young said that was just what he wanted.
Dr. Miller suggested Board ask N.Y. not to announce it until Board
considered it. Board agreed to this. Gov. Young then used
almost violent language to Harrison.
Platt told me above.
C.S.H. had gone for the day.
Jan. 3, 1929. 121
At full Board meeting, Secretary Mellon being present, members agreed
New York was not bound to secure prior approval as a minimum
rate only had been fixed by Board which had always approved the
actual rate as a matter of course.
Dr. Miller moved enactment of a regulation requiring approval the
same as discount rates, to be discussed with Open Market Committee
on Monday and that Warburg be asked to come down and discuss it.
Gov. Harrison wired that his bank had kept present rate until crop
moving and exnorts were over, but that rates in open market were
high and if the rate had not been put up they would have been
flooded with acceptances and that the proceeds would feed the
stock market.
Voted to prepare a draft of regulaLion.
C.S.H. felt Gov. Young had not been treated courteous34yas Gov. Harrison
had told him they would discuss acceptance rates at open market
meeting Monday.
Board found New York had notified the other f.i. banks of the increased
rate yesterday, so the rate was now in effect and could not well
be suspended. We practically all agreed to this.
Gov. Young did not claim Gov. Harrison had treated him discourteously
but he evidently felt so for he gave notice he would put in
a resolution in a week that no Y.R. bank could invest more than
a certain percentage of its capital in Govt. securities.
Gov. Young at first wanted banks attention called to the Regulation
of 1926 as to notice of rate Changes, but Platt pointed out
that this applied only to discount rates.
Dr. Miller favored a regulation as to purchase of acceptances to
which C.S.E. said this was the proper action to be taken if
any action was taken.
3.
Acceptances (Contod.)
..60 /not?)
C.S.H. hoped it would be drawn so as to relate only to the future
and not simply any punishment as he believed N.Y. was within
its legal rights in doing what it did, barring, of course, any
question of courtesy.
Jan. 4. ltiday.
121, 122, 123
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Warburg approves having Board approve acceptance rates before they
become effective and favors a minimum and maximum rate. He
approved P.R. Bank of New York in increasing acceptance rates.
Said that an increase would make them more attractive to
purchasers, and though foreign central banics might get the
chief benefit, from remission of income tax, it would also
broaden the domestic market for banks, corporations, etc.
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He said the increase might force increase in discount rates which
he felt was justified.
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40 agreed with Gov. Young that proceeds of acceptances seeped into
the speculative market more slowly than, e.g. purchase of
Govt. securities.
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Warburg said we should continue direct pressure through increase
in acceptance rates and discount rates.
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Dr. Uiller said if true he would oppose an increas- as there was
no justification for it except to divert money from the call
loan market.
'
He believed P.R. Bank, New York, had right to protect itself from
a flood of acceptances by increasing buying rates.
HO said the acceptance cost today, including comm.ssions, was higher
than the discount rate.
He said a higher rate on acceptances than tae discount rate was
ridiculous as acceptances are better paper.
Jan. 5, 1929. 124, 125
MX tells Board it must increase acce-otance rates. Boarl feared
this would necessitate an increase in discount rates at a time
when business was making commitments for the year, and woula
react on business.
•
Board, however, took no action against it. Will make acceptance
rate equal to discount rate in many instances but seemed
necessary to ward off a nood of acceptances.
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Federal Reserve Bank of St. Louis
4
.
Acceptances (Cont'd.)
We hoped the increase would bring about a better distributi
on.
to this time it has not because of higher profits from
Govt. bonds and call loans.
Jan. 19, 1929. 129
Up
Dr. Miller approves recent increase in acceptance
rates. Said we
should cease trying to develop acceptance market;
that
acceptance rates should be fixed exactly as are disco
unt rates.
Jan. 25, 1929. 135.
Warburg criticises a 4i and 5% discount rate with
a 5% acceptance
rate.
Mar. 8, 1929. 189
Gov. Young pointed out to Gov.
its establishment of a 6%
discount rate higher than
through which P.R. credit
Harrison that if Board had approved
discount rate it would have put the
the acceptance rate, leaving an opening
would pour out.
Mar. 22, 1929. 200
Albany
H.P.H' leaves Mattapoisett en route to Alban
y.
Nov. 26, 1928. 91
C.S.H. meets H.P.H. in Albany.
Nov. 28, 1928. 92
C.S.H. leaves Albany.
Nov. 30, 1928. 93
See- Smith, Gov.
Alexander
Said it was depressing for business men to have
to pay, as now,
6%; that the discount rate was now a national
question; tilat
rates should be reduced to
to stimulate business; that
the general feeling was that the P.R. Board was
tryingto
control speculative stock rates; that such !pecu
lation zould
not be controlled by discount rates; that he
fAvored 2
rate to defaonstrate that tn- Board is not tryin
g to control
speculation through discount rates.
44
,
He said it did not consider it a mistake in lower
ing rtes to 34%
in 1927 but that we might have gone back to 4%
a little earlier.
He said he was much puzzled at the situation
on N.Y. Stock xchange
and felt we could not control it; that liqut
iation or a
break was sure to came but did not see why it
had not coma
before this; that even if a reduction to 40
should further
encourage speculation, it would in the long run
correct itself;
twat many etodks will not go over valued as
prople seemed
to think.
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Federal Reserve Bank of St. Louis
5.
Alexander (Contld.)
He said if the corporations suddenly should withdraw say .
500
from the call loan market, themwould have to be liquidation and.
and that the banks would not lake over the loans.
•- • •
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Gov. Young said this would mean panic.
•
Later Alexander modified this stateaent and said the banks would help
as far as possible and that the P.R. System must do its part.
et.
He said no representative of a P.R. bank could agree on discount
rate action, that that must be settled by the directors.
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We pointed out there was no such agreement.
Sept. 28, 1928. 33, 34, 35
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Alice Ben Bolt
We had a small dinner part at Mattapoisett;after dinner the women
were speaking of DuMaurier and one woman, I think Mrs. Stanley
McCormick, said Sweet Alice Ben Bolt was an old English song.
0.S.1{. said, if his memory was correct, it was written by an
American named either Dunn or English who was a Democratic
Member of Congress from New Jersey. They all laughed., thinking
I was joking. The next morning I called up Mr. Curtiss of the
P.R. Bank of Boston, who is a book: man. At first he seemed to
think my memory was affected by old age, but within an hour
called me up and said it was written by Thomas Dunn English
when a young man and first published in 1843, in Willis's
Magazine; that the music was written by Nelson Knears an
American - comooser; that English lived 1819-1902; that in1891-1895
English was a Democratic Member of the v-T.R. in Washinc7ton, from
New Jersey.
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C.S.H. at once wrote Um. McCormick and Catnerine 4rant who was also
present. Mrs. McOormick wrote me a delightful letter saying she
had thought my memory had broken down, but that she never, nevor,
never would question any statement I might make in the future.
The next week we dined with her and she repeated the statement. I
then said, - very well, Gov. Smith will be triumphantly elected
PresidentI"
Sept. 23, 1928. 38
Allen, Philip
After the directors meeting of the Y.R. Bank of Boston we drove out
to the Walpole Inn and had lunch; after lunch we drove 10 miles
in an old stage coach belonging to the Inn, Mr. Allen driving us.
Oct. 24, 1928. 61
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Federal Reserve Bank of St. Louis
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Amendment, 7.R. Act
See - Cunningham.
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Ames, Lady
Wrote asking, to lunch with us at Mattapoisett, but she regret
ted.
Oct. 22, 1928. 61 '
f.lt.
;
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Called on, with Catherine Grant.
an hour.
She gave us tea and kept us over
Oct. 29, 1928. 63
Anderson, Henry W.
I net, on train going to New York and also Col. Wise, both of
Virginia.
Wise hoped Hoover would put Anderson in Cabinet.
Dec. 5, 1928. 95, 96
Anderson, Lars
Gertrude Myer visits, for a few days.
Sept. 1, 1928. 22
0.S.H. meets Mrs., at Somerset Clubwhilo giving a lunch to Catherine
Grant.
Sept. 17, 1928. 27
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Feb. 22, 1929. 179
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Mar. 19, 1929. 195
96, 97, 99
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Appendicitis
Katherine Hamlincperated on for, today successfully.
Aug. 16, 1928, 6
Appleton, Mr.
Gertrude Myer says Rachel Hale drove, to see her new
place in
Maryland; that he was a great admirer of Rachel for
many
years; that he was a very good man though not brilli
ant and had
never married.
Nov. 13, 1928. 85
Argentina
Gov. Norman says, had obtained gold for capital purpos
es and not
to protect her exchange.
Alb. 6, 1929. 157
••
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See - Briand
Butler, N. U.
Davis, Norman
7.
Axmistice day address
See — Butler, J.M.
Coolidge
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Federal Reserve Bank of St. Louis
Ashley, Charles S.
We listen to electialreturns as guests of, Mayor of New
Bedford.
Nov. 6, 1928, 67
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Senator and Mrs. Ashurst called on us in the evening and
stayed 24 hours.
Feb. 2, 1929. 147
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Atwood, Bishop
Tells Charles Warren he had seen a telegram from Mrs. Wilson,
in reply to one from Col. House, stating that it was
not agreeable to her to have Col. House came on to
Mr. Wilson's funeral.
Nov. 24, 1928. 91
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Ulcer, Ray Stannard
C.S.H. mat, at Cosmos Club. He was staying with Mrs. Wilso
n. He
said Mrs. Lansing had given him all of Lansing's memoranda
including
many memoranda of Mr. Wilson, - almost priceless. He 'want
ed to
call and thank her and Bertie arranged an interview with Mrs.
Lansing
for tomorrow.
He said he had read 'Ars. Dawson Scott's book giving autom
atic
messages from Wilson, but that he found nothing in
it suggesting
Mr. Wilson to him.
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He asked C.S.H. if he would read his advance sheets on
the F.R.
System when ready, and C.S.H. said he would.
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Tram his general manner, C.S.H. doubts whether Mrs. Wilso
n had told
him of our break.
Mar. 21, 1929. 198
.hirt4nUf- It tiV,Pilt AM
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Baltimore
See - I.H. branch ban, Baltimore
411...1.1....411.
Baltimore Sun
See - Kent
Bank of lngland
Gov. Norman says, will increase its discount rate
to 50 within a
few days.
Ireb. 5, 1929.150
Gov. Harrison said an increase in discount rates by
F.R. Bank, New York,
was necessary even though the, did not put up
its rate.
/*b. 5, 1929. 151
Dr. Miller at first thought C.S.H. felt we shoul
d be guided by the
rate of. C.S.H. replies we should decide wholl
y apart from
what the, did; that in 1927 he voted for the
30 rate primarily
because of domestic conditions as a help to busin
ess and to
agrilultural exports; that this did help the Bank
of England
also .
-b. 5, 1929. 151
Ye
Gov. Young tells Board he will not quote his conve
rsation with
Gov. Norman in New York as he preferred to have him
speak to
the Board himself when he comes to Washington
.
He did say, however, that lov. Norman said
the Bank of England
would increase its rate very shortly.
This is all the Board
knows of nis views!
7eb. 8, 1929. 164
,
sysor.u.
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Federal Reserve Bank of St. Louis
9.
Bank of Zngland (Cont'd.)
blealosa icsit
11,;Ovtlot law A!' o f1;13
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Dr. Miller said Board approved lower rates in 192? to help Bank of
Zngland, but now he felt business was entitled to relief because
of domestic conditions.
Feb. 8, 1929. 164
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See - Norman, Gov.
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Bankers of Wall Street
Hoover told a friend of Dr. Butler once that he would tell those
damned Wall Street bankers where to get off.
Dec. 6, 19'28. 97
Banking policy.
Willis says question of discounting paper to make up reserves in
part pulled down by security loans was not a question of law
but purely one of bankin,, policy.
Jan.25, 1929.
135, 136
111t
Barbour, Ur. and Mrs.
We meet, at dinner with H. St. G. Pucker.
Jan. 31, 1929. 141
Barnes, Cecil. 25
See - Dekoven, Mrs.
Barrows, Dr. 99
See - Beck, J. M.
Baruch, Bernard M.
Called on C.S.H. Said religious bigotry defeated 1ov. Smith; that
he ranted Owen D. Young as Chairman of the Democratic
Finance Co..iittee; that he helped Gov. Smith on his
tariff speeches; that he advised him to say that because
of after-war conditions, no tariff action should be taken at
present; that Gov. Smith practically sgid this.
C.S.H. later wrote him giving name of book by Mrs. Dawson Scott
containing alleged automatic writings of Mr. lilson, but he
never acknowledged the letter.
Mar. 1, 1929. 183, 184
Bassel, Miss
We meet, at dinner with Mr. and Mrs. Charles Warren.
Oct. 31, 1928. 65
•
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Federal Reserve Bank of St. Louis
10.
Dean, Mr. and Mrs.
Lunch with us at Woman's National Democratic Club.
Friends of Mr. and ars. Leffingwell.
Dec. 10, 1929. 99
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Beck, James M.
Dr. Barrows at Carnegie meeting said that, wrote Ambassador
Morgan at Rio asking him to find a Professor who could translate
his book on the U.S. Constitution into Spanish for the
benefit of the Brazilian people:
Dec. 6, 1928. 99
Belgian Exchange
Gov. Norman said, was at gold exporting point.
Feb. 5, 1929. 150
Belgian relief
See -Hoover
Belgium
Dr. Miller said would have been better for England to have gone
more slowly as to gold standard and be content with
stabilization as was France and Belgium.
Feb. 5, 1929. 152
Bethlenem Chapel
We left Et wreath at Wilson's tomb.
Feb. 3, 1929. 147
•
•
See - Wilson, President
Biddle, Miss
Invites us to Christmas dinner.
We attend.
Dec. 25, 1928. 113, 114
•
Birthdays
Catherine Grant lunched with us and gave me two books, - 1. A
Deputy was King. 2. He Rather Enjoyed It. My 67th birthday.
Aug. 30, 1928. 21
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Dear Anna's birthday.
She would have been 28 years of age.
Catherine qrant sent us some chrysanthemums.
Harriet and Jane and May sent flowers.
Annie Nource sent T2ertie a beautiful box.
Oct. 26, 1928. 62
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Federal Reserve Bank of St. Louis
11.
Birthdays (Cont' L)
Catherine Grant's 39th birthday.
C.S.H. sent her a book on the Drama.
Nov. 25, 1928. 91
League of Nations Non-partisan Leagum give dinner at Woman's
National Democratic Club on Wilson's birthday. C.:).H. and
others speak.
Dec. 28, 1928, 117
See - Wilson
Black resolution, H.R.
As to Gov. Norman's visit.
Board told McFadden it had no hesitation about answering it but
for the precedFmt involved and for fact it would prevent
heads of European central banks ever conferring with Board.
ibb.22, 1929. 179
H.R. Goinviittee reports unanimously adversely and H.R. defeats it
Feb. 23, 1929. 179
without a roll call.
Blood pressure
Dr. Hiden found, at 190; last August it was 165.
Mar. 9, 1929. 191
Dr. Ruffin found it 198.
Mar. 12, 1929. 191
Dr. Hiden, - 180.
Mar. 18, 1929. 193
Blood sugar
Dr. Eiden.
1028.
Mar. 10, 1929. 190
Dr. Hiden.
1020.
Mar. 17, 1929. 192
Boardman, Miss Mabel
We dine with.
Present: Mrs. Preble Motley, Boston
Justice and Mrs. Sanford
Sen. and Mrs. Bruce
Senator Capper
John Barton Payne
P!
•
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See - Motley, Mrs. Preble
Feb. 1, 1929. 142
Bolling, Bertha
Present at dinner on Wilson's birthday, at Woman's National
Democratic Club. Had Mrs. "-Wife Bollirrwith her.
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Federal Reserve Bank of St. Louis
12.
Bolling, Bertha (Contld.)
Very much disturbed at Prof. Doodl s address on Wilson.
Thanked C.S.H. "in name of my sister and myself" for his adaress.
Dec. 28, 1928.117, 118
•
Bolling, Mrs. Rolfe
See- Bolling, Bertha
•
Bolling, Randolph
Charles Warren says Bishop Atwood said he had seen a telegram to
Col. House sent by either Mrs. Wilson or Bolling telling
him it was not agreeable to Mrs. Wilson to have him attend
Mrailsonis funeral.
Nov. 24, 1928. 91
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Borrowers, Frequent or continuous
Willis says P.R. Bank ought to discount for a bank to replenish
its reserves where deficiency caused in part by security
loans, if the bank was not a frequent or continuous borrower.
Jan. 25, 1929. 135
•
ft,
Branch banks
See - Federal Reserve Branch, Baltimore
•
•
Brandeis, Justice
We dine with.
•
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Dec.16, 1928. 106
See - Cropley, C.Z.
Bratenahl, Dean
Gertrude Myer says she has madu, one of her executors, to serve
without compensation as all her property was given to the
Cathedral.
Nov. 23, 1928. 84
Delano says he was told that Dean Bratenahl spoke disgustingly about
Gov. Smith.
Nov. 26, 1928. 91
•
Ars
.
Gertrude Myer says Dean Bratenahl told her he did not want
compensation for serving as her executor; that he or his
"Successor" was appointed;that she feared if she provided for
compensation for him in her will - as C.S.H. and Clephane
advised - he or his successor might accept it.
July 15, 1928. 103
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Brazil
See - Beck, James M.
Briand. 96
See - Butler, Dr.
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Federal Reserve Bank of St. Louis
13
Bright, Prank
Meets with H.P.H. to discuss appeal for gifts to memorials to
Jefferson, Jackson, Cleveland and "'Ulm
Suggests report on condition of Woman's Democratic Club by an
accountant.
Jan. 28, 1929. 139
British schange
Gov. Norman told Governor Harrison he should cease protecting,
and let some gold go to U.S.
Board agreed to let this COMO without offsetting as member banks
would use it to pay off rediscounts.
Sept. 7, 1928. 23, 24
•
British syndicate
See - Hoover
Brokers loans
C.S.H. moved to amend Board's warning by adding that it was not
intended to counsel drastic liquidation of speculative loans.
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McGarrah said the directors of the P.R. Bank, New York, wanted to
issue a warning against '
,
loans for others" and to throw out
an intimation that the collateral for these loans might be
found not to be liquid.
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Board voted this down on ground that the warning could not be so
construed.
Jan. 24, 1929. 133
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In afternoon the Board's warning was read to McGarrah who objected
to it as it would be construed as an attack on the stock
markett How would his intimation of lack of liquidation in
the collateral have been construed;
Jan. 25, 1929. 134
In reading the minutes of last meeting the secretary made no
mention of Mcearrah's statement as above.
rc;:,fiftt:rict
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Dr. Miller at first thought such an intimation might do some good
but Gov. :oung and mot of the Board felt it would either
do no good or might cause a panic.
Jan. 25, 1929. 134
C.S.H. called attention to this omission. At first there las
some opposition, but finally we all agreed it should be
inserted and this was put in the record.
C.S.H. raised same point as to Mclarrah's statement that our
warning would be construed as an attack on the stock market.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
14.
.
.
Brokers loans (Contld.)
.
Board finally agreed -as this was only McGarrah l s personal o)inion
the records should show only that he made certain objections
to the warning.
Jan. 28, 1929. 137, 138
Board had no discussion with Gov. Norman as to brokers loans or
the N. Y. Stock Exchange.
PO. 6, 1929. 157
Dr. Miller said a prominent banker told him the N.Y. Stock Exchange
could settle the mat er of brokers loans instantly by
telling the brokers quietly that the credit they were now
getting was to be the maxtmlm, and that he believed the stock
exchange would do this if the Board asked it.
•
The Board felt it could not make such a request.
Mar. 19, 1929. 194
.
. .
Brokers loans increased 180 millions.
Mar. 21, 1909. 198
C.S.H. asks Governor Harrison if the 135 million increase in brokers
loans since Feb. 7 - the issue of Board's warning, - was
caused by use of "P.R. credit. Gov. Harrison gave an
equivocal answer.
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C.S.H. pointed oat that while this increase had occurred, the
N.Y. discounts had meantime fallen off 70 millions and the
reserve ratio had increased from 76 to so, and said this
proved that direct pressure was working.
Mar. 22, 1929. 199
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C.S.H. retains, to pass title to Mrs. Stoddard of certain Mattapoisett
Aug. 29, 1928. 21
property.
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See - Stoddard
Mattapoisett
7
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.
,
•
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•
See - Harrison, Gov.
P.R. Board, credit warning
. .
C.S.H. asks, to try to buy the 1/32 interest in fee under Beacon St.,
Mattapoisett, from Mrs. Nye, an heir of Abraham Payne.
Sept. 16, 1928. 26
Brownson, Admiral
The only person Gertrude gyer knew at Uardiall House, York Harbor.
Aug. 24, 1928. 16
15.
Bruce, Mrs. Senator
See - Hoover
) sacadl
Z-Ial 0 :..17W71*
Bruce, Senator
We lunch with.
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We meet, at dinner with Miss Boardman.
lel). 1, 1929. 142
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Dec. 30, 1928. 118
troreacp7IL oa bar caoE
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Building operations
Gov. Harrison admits a 6% discount rate would interfere with.
'Ob. 5, 1929. 150
- .n11104%
.
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Buffalo P.R. branch
We discuss salary of the Manager with McGarrah.
Jan. 25, 1929. 133
r
or
See - Woolley
;1:
i••7:
Woolley says the 5% discount rate is seriously ;Iffecting his
business and gave figures.
• 4-••
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,
He wanted a 6% discount rate or even higher on ground that it
would act quickly and rates could be reduced. He
admitted if the 6% or higher .rate should be in force any
considerable time it would be very serious for all building
operations.
Mar. 22, 1929. 200
•
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Burgess, Assistant P.R. Agent
Tells C.S.H. he will be at Open market meeting in Washington on
Monday; that Committee would ask for no further authority.
Aug. 11, 1928. 4
.
(.
L
Board increased salary of, by $2000.
Jan. 11, 1929. 127
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Federal Reserve Bank of St. Louis
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See - Building operations
Discount rates
sow; ce
”es.i.tfc. 141,m4
.
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Business
oeI via' -J. %II ol
Butler, Dr. Nicholas Murray
Ur. Sherman, one of trustees of Carnegie Endowment told C.S.H.
that Dr. Butler persuaded Briand to drop the phrase
"outlawry of war" and substitute the repudiation of war as
a national policy; that Dr. Butler was entitled to the
credit for the anti-war treaty.
01,77iQ
Dr. Butler verified the above and said Brtand was terribly chagrined
that so little notice was taken in U.S. of his peace offer;
that he (Dr. B.) went rest and delivered 30 addresses
advocating acceptance of the offer; that he tried to interest
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
16.
Butler, Dr. Nicholas Murray (Cont'd.)
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the State Department but Kellcw,g said it was a pacifist proposition;
that he and Shotwell prepared the draft of a treaty but the
State Department would not take it up but suggested that he
(Dr. Butler) press it as an individual; that he 9ondensed the
treaty into two clauses and gave it to Briand who in an address
adopted it as his own; that the State Department then took it up
as if it were its own suggeston.
Dec. 6, 1928. 96, 97
.rAT,
Dr. Butler took O.S.H. to luncheon at the Centu4rClub.
Itac1;$0'.7vi,c
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NO was very bitter at Coolidge's armistice day address saying it put
our country back for years.
Dr. Butler said Hoover was a man of no intelligence; that his course
as food administration in permitting shipment3 of lard to Belgian
firms knowing full well that it was en route for Germany, made
him doubt his patriotism and even his honesty; that he had said
to a friend of his (Dr. B.) that he would tell those damned
Wall Street bankers where to get off.
*.;
4.
•
'
Dr. Butler said Hoover was furtive and indirect, that he could do
.3
nothing frankly or directly.
•
-
He also said Vara was pulled over to Hoover in the ,onvention by
Senator Moses who was on the Committee on Elections, who was
said to have intimated to Vare that if he wished to secure his
seat he had better came over to Hoover. He said Sec. Mellon's
political po.7or was gone; thatlov. Pisher was the boss of
Pennsylvania.
He said Coolidge was not friendlyto Hoover; that Coolidge had been
firm in the resolution that neither Dawes nor Lowden Should be
nominated.
Dr. Butler said he voted for Gov. Smith and hardly knew more than
four Republicans among his close friends who voted for Hoover;
that Gov. Smith probably had no political future; that Tammany,
outside of Manhattan, was treacherous to Smith; that they felt
that they had gotten little or nothing from Smith and wolld get
less from him as President; that thP Jews also were against him.
Dec. 6, 1978. 96, 97, 98
•
C.S.H. dines with Dr. Butler
Took out Mrs. Sheffield wife of the former Ambassador to Mexico.
Dec. 3, 1928. 98
•
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
17.
Butler, Dr. Nicholas Uurray (Contl d.)
-;
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• •••
Charles R. Crane told Senator Bruce that Dr. Butler told him that
when Belgian relief affairs were wound lir), there were 2 millions
left over, which the Red Cross asked for to continue its
relief work; that Hoover had never turned this in nor accounted
for it, but that he had used it to pay Secretaries to work up
propaganda for himself; that when John Barton Payne was going
away he asked Hoover to take charge of Red Cross relief; that
when he returned the letter heads were c:han,Terl to "Hoover Relief";
that Crane said he introduced Hoover to Wilson and asked for his
appointment as Food Conservator; that, later, Hoover said there
was room in Washington for an independent newspaper; that he
could buy one for $200,000;that he asked him to contribute and
that he (Crane ) gave $25,000; that he sent his secretary to
Washington to see the operation of the paper; that he stayed in
Washington a month and re)orted that it was being used to boom
Hoover; that he wrote Hoover as to this and that Hoover returned
the money; that Frank rent (Baltimore Sun) had always been::strong
Democrat but that, at first, he began to side with Senator
Couzens against Soc. Mellon, and later did all he could to help
Hoover; that everyone believes he was laid by Couzens and Hoover.
Dec. 19, 1928.
•
•
.
110, 111
'PT)
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Federal Reserve Bank of St. Louis
la
-0-
Call loan market
Only the other day Dr. Miler put in a resolution fvoring higher
acceptance rites for ?urpose of drawing money ou of the call
loan market, though he subsequently struck out the reference to
the call loan market. This resoLution failed, but C.S.H., Miller
and Platt voted for it.
Gov. Young put on records a statement that money vas now tending
away from the call loan market.
Dec. 26, 1928. 115
Warburg agrees with Gov. Young that the proceeds of acceptances
seep into the call loan market more slowly than the proceeds
from System purchase of lovt. securities.
Dr. Miller said if so he would opose an increase in acceptance rmtes
as the only justification was the diversion of money from call
loan market.
Jan. 5, 1929. 124, 125
Call loan rates
Miller resolution:
Spread between F.R. rates and call loan rates and other serlrity
loans tempts member banks into putting P.R. credit into
stock market. The banks should be asked what they propose
doing in 1929 to correct this.
Gov. Young objected that resolution really meant that banks
having call loans shoulci be refused rediscounts.
Passed:
Ade: 0.S.H., Hiller, Platt, James, Cunningham
No: Gov. Young
Not voting: 0am7troller
C.S.H. voted Aye,interpreting tle resolution as merely
pointing out a danger and asking the banks how they
7)roposed meeting it, and not as a declaration that
security loans were illegal nor that a bank snould be
refused rediscounts to make good reserve deficiencies
caused in part by security loans.
Dec. 31, 1928. 119
See - Brokers loans
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
19.
•-
• -: c."4.
• it
•
rt:
Capital purposes
Gov. Harrison admits to C.S.H. that many member banks by frequent
or continuous redipcounts were obtaining capital from the
F.H. banks.
Feb. 5, 1929. 150
tt .
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;
„.
See - Gold standard
Norman, Gov.
Capper, Senator
We meet, at dinner at Mrs. Mabel Boardman's,
Feb. 1, 1929. 142
• 41,.;
• ••
Carlisle, John G. 14
See - Harvey,George
'
Carnegie Indowment
Gives dinner to National Grange
C.b.H. presided
,
Speakers: Under Secretary Clark, Gov. Young, and Louis G. Taber,
Worthy Master.
Nov. 20, 1928. 82
,
4
:4 ';d 1J1r1:
Gives dinner at New Willard Hotel to foreign Editors visiting this
country on its invitation. John Barton Payne gave a
dignified address praising Wilson and League of !lations.
Nov. 22, 1928. 84
,
-
C.S.H. attended melting in New fork.
Dec. D, 1928. 96, 97, 99
,
r
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5
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40..
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•
See - Beck, James M.
Butler, Dr.
Carter
See - Messenger's salaries
Miller
Case, Gov.
Gov. Young said Under Secretary Mills told him Gov. Case was
op?osed to an increase in discount rates.
Mar. 1, 1929. 183
Tells Board would like to buy 25 millions of Treasury certifilltes
maturing in 7 days to help dealers. He said that unless he
did this it would interfere with new issue of 4t Treasury
certificates.
James approved.
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Federal Reserve Bank of St. Louis
20.
Case. Governor (Cont'd.)
Miller objected as it might interfere with Board's plan for
more rigid control of P.R. credit.
We let matter rest until Case called 118 up again.
Max. 7, 1929. 188
Cathedral, Washington
See - Washington Cathedral
Catholic
See -Roman Catholic
Central bank
Gov. Young said he was getting more and more convinced that one
central bank in U.S. was necessary.
Dr. Miller agreed with this.
lab. b, 1929. 153
Chicago rate case. 6
See - Crissinger
McGarrah
;
',1;er.;
China
See - hoover
•
•
•
•
Christmac, 1928
Bertie sends card to Mrs. Wilson, marked "with love."
Mrs. Wilson sends card marked: "11th the warmest wish for
all that this holy season brings", - addressed to
Hon. and Mrs. C.S.H.
Dec. 23, 1928. 114
See - Grant, Catherine
Chronological history of Wilson
Ars. Pennington sends check for $5.78 - 1/2 of royalties from
January to July, 1928.
Nov. 12, 1928. 70
Clark, :Ars. 18
See - Hale, Rachel
Clark, Reuben, Under Secretary of State
Speaks at Carnegie dinner to National Grange.
Nov. 20, 1928. 82
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Federal Reserve Bank of St. Louis
21.
Olesionceau, G.
Dr. Joslin writes C.:.H. that he wishes to dedicate a 2nd edition
Of a popular boor, on Diabetes to Clemencean, with his
picture, inscrIbtwit To the oldPst and most beloved diabetic,
etc."; that he wrote Clemenceau and received E;.n envelope
containing his card on which was written . "nth many
thanks"; that he wanted C.S.H. to advise him Whether this
would justify his going ahead with the dedication.
t/ 514;
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:rod •
ZsidivL,IaL
0.7.H. wrote him No but said he would try to induce the State
Dept. to ask Clamonceau.
Jan. 26, 1929. 139
03T'
C.S.H. tells Bright and Charles Warren of above and they agree
Jan. 28, 1929. 139
with him.
Iftw
/Inn
Dr. Joslin writes that Ambassador Herrick has cabled him that
Mar. 8, k929. 189
Clemonceau says No.
)4436
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•
405r1T.3
"
Clephane
We receive letter from, to Gertrude Myer and forwarded it to
Aug. 18, 1928. 10
South Lincoln.
C.S.H. gives Miss Byer, in Boston, a letter from Clephane.
She says she would like to have me talk freely with Clephane
as to the advisability of preparing a memorandum as to her
past experiences witn her nephew.
Aug. 19, 1928. 11, 12
C.S.H. and Clephane lunch together at Cosmos Club. C.S.H. told
him what Dr. Ruffin said as to Miss Myeris condition.
•
.
•
Clephane said he had no doubt but that, although in a neurotic
condition, she was competent to make a will.
•
He agreed with C.S.H. as to advisability of Gertrudels preparing
a statement as to her nephew and his father, and said he
would see to this.
He agreed with C.S.H. that the nephew might contest Gertrudels
will.
Clephane said that after Gertrude had executed her last will
(She told C.S.H. it was her third will, she wrote on it triat
she had mad no bequest to any of her family because they
were already comfortably providea for, and that he had this
witnessed by the same witnesses.
Clephane said her gift to the Cathedral was not an outright
gift but was specifically stated to be for the erection of
a Chapel in wlich she and Walden were to be buried.
Aug. 21, 1928. 14, 15
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Federal Reserve Bank of St. Louis
22
Clephane (Contsd.)
•
.
. . •
•
•
•
•
•
C.S.H. tells Gertrude at Copley Plaza hotel, Boston, that he had
talked with Clephane and that he would help her prepare a
mealorandum as to her nephew, when she returned.
Gertrude saii she was glad I haitalkod with him and she would
prepare the memorandum when she returned.
Aug. 25, 1928. 18
•
4.
C.S.H. suggsts bp Gertrude to consult Clephane as to whether she
ought not to give Dr. Ruffin compensation for acting as her
executor.
Nov. 23, 1928. 84
.j
•
Gertrude asks O.S.H. to talk with Clephane as to naming some one
to look after her estate, as she did not feel. able to do this
Dec. 15, 1928. 102
personally.
Gertrude said Clephane had advised her to tell Dr. Ruffin as to
her will and ask him if he would accept an honorarium of say
$500 in lieu of compensation as executor; that he thought
$1000 might be better.
0.S.H. said if she desired he would speak to Clephane about this.
At first she thought I had better not as he had already advised
tier and that she had not told him that I originally had suggested
this.
-
_
Later, however, in Bertie's presence, she asked me to speak to
Clephane about it and even suge:ested taat I speak to Dr. Ruffin
about it for her, rather than do it herself.
Dec. 15, 1978. 104
C.S.g. called up Clephane but he was out of town.
Dec. 17, 1928. 106
•
•
•
•
.
Gertrude calls up C.S.H. and said Dr. Ruffin was coming to see her
and what should she say to him about his executor's fees.
•
1
C.S.H. said -"Did not Clephane suggest $500 or $100 0 She said Yes.
C.S.H. then said, "Do exactly as Clephane advised plu, but as he
was away, he - C.S.H. - would suggst that she speak of $500 but
if he did not seem satisfied,to offer $1000.
Sne later said she had seen Dr. Ruffin who was satisfied with 315010
and C.S.H. said to report this to Clephane.
Dec. 17, 1928. 108, 107
•
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
23.
Clephane (Contld.)
•
•
•
•
C.S.H. lunches with Clephane and told him about Dr. Ruffin.
He said he originally advised Gertrude to say nothing about
executors fees in her will, but to allow Dean Bratenahl and
Dr. Ruffin to waive fees if they so wished.
C.S.H. toll, him he also said this to Gertrude but she would not
think of it.
Clephane agreed with C.S.H. that if Dr. Ruffin Should withdraw as
executor it might injure Gertrude.
Clephane said he would advise Gertrude, without assuming any
responsibility himself, to employ the clerk inthe Riggs bank
who now from time to time was helping her.
Dec. 18, 1928. 107
Gertrude called up C.S.H. at 6:45 p.m. and told her what Clephane
said and asked her to see him.
•
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A
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n.
Gertrude called. Asked whether it rould be desirable to put her
property in trust in some bank to manage it for her.
.h...
r'l
9ne
.7.
She said she would be glad to arrange to have Clehanels daughter,
Who is a lawyer, to act for her and that she would talk with
Clephane about it.
Dec. 18, 1928. 107, 108
-
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Olt
let
1.coet,
evr.vf-ci
•
:ALM:
C.S.H. advised her to consult Clephane; that if he aAvised her to do
this his daughter could still go over her accounts from time
Feb. 2, 1929. 145, 146
to time.
Clephane tells %S.H. that he had finally agreed to look after
Gertrudels investments and check up her income, etc., but tnat
he should have to charge more than would an ordinary accountant.
Feb. 18, 1929. 177
C.S.H. tells Rachel Hale as to above.
Feb. 18, 1929. 178
See - Bale, Rachel
Codman, Mr.
C.S.H. calls up, at South Lincoln, to get Gertruki-Is present
Aug. 18, 1928. 10
address.
C.S.H. while lunching at Somerset Club with Catherine lrant, meets
Gertrude who wai lunching with Mr. and Miss Codman.
Sept. 17, 1928. 27
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
24.
Coles, Miss Mollie
Sunday to meet,
Rachel Hale asks us to lunch or dinner next
but we were engaged.
Dec. 11, 1928. 101
X'
I
We call on Mies Coles.
Dec. 15, 1928. 102
C.
•
.
Collateral for brokers loans
were considering a
McGarrah says directors of F.. Bank, New York,
s, that the,
public statement intimating, among other thing
might turn out not to be liquid.
Jan. 25, 1929. 134
•
Board's records.
C.S.H. insists this statement be put into
was ordered incorporated.
Jan. 28, 1929. 137
This
Collateral notes, Member bank
See - Medh r bank collateral notes
Commercial National Bank, Washington
Sre - Donaldson
Commercial paper
st member bank
Warburg favors a preferential rate on, as again
ed by Govt. bonds.
collateral notes secur
Jar1.5. 1929. 125
plenty of.
Gov. Harrison says the bankt as a whole have
Feb. 5, 1929. 154, 155
consulted his Class A
.
Gov. Harding also f-- .vors above but has not
directors.
*
•
•
Commodity rate
See - Seasonal crap moving rate.
Comptroller of Currency
See - McIntosh
Polo
Continuous borrowers
member banks not,
Willis said F.R. banks ought to discount for
in part to
even though the impairment of reserves was due
security loans.
Jan. 25, 1929. 135
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Federal Reserve Bank of St. Louis
25.
Coolidge, President
ctice Day address of.
Dr. Butler very bitter at Armi
Dec. 6, 1928. 97
k
firm against the nomination of
Dr. Butler said Coolidge was
Dawes or Lowden for President.
Dec. 6, 1928. 98
Copley-Plaza Hotel
See - Myer, Gertrude
•
•
Corbin, Mrs.
We meet, at dinner at Mrs. Grafels.
Jan. 30, 1929. 140
•
Corning, Edwin
m
er that the resigmtion of, fro
A Tammany man told Charles Tyl
untary nor from
not vol
Democratic State Committee was
financial
but was forced because of some
ill health,
. He said he would tell
N.Y
transactions in or around Troy,
e about it when he saw him.
U.S.H. mor
Aug. 16, 1928. 6
•
• -
Cosmos Club
C.S.H. attends 50th celebration.
Nov. 12, 1928. 69
f‘
Hay-Adams House
C.S.H. moves from Cosmos Club to
8, 1128. 98
Dec.
7
.
•
Cousens, Senator
Kents support of, was trIrough
Charles R. Crane believes Frank
Dec. 19, 1928.111
money paid him.
9: .;1
4
.5
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--
Cow pastu.-e, Dorchester Bay
med to be working for a
George says Hodgson, who once clai
be working out plans for
Belgian Syndicate, claims now to
the cow pasturl; that he
a htip terminal in England and at
ten; that it was only awaiting
says the plan has been underwrit
work; that the /as Comoany
some final bids on details of the
eed tocontribute to the initial
and tie Radiator Comany had agr
George eleborate plans worked
cost of the plans; that he showed
d he had an option on land
out in minute detail; that he sai
which he could put the dredgings
of the East Boston Land Co. on
it would require much more
from the cow pasture channel; that
t.; that the channel
dredging than called for by the War Dep
25.
Coolidge, President
Dr. Butler very bitter at Axmictice D‘y address of.
Dec. 6, n18. 97
Dr. Butler said Coolidge was firm ag.Anst the nomination of
Dawes or Lowden for President.
Dec. 6, 1S:!8. 98
Copley-Plaza Hotel
See - Myer, Gertrude
Corbin, Mrs.
We meet, at dinner at Mrs. Grafels,
Jan. 30, 1929. 140
Corning, Edwin
A Tammany man told Charles Tyler that the resignation of, from
Democratic State Committee was rot voluntary nor from
ill health, but was forced becnse of some financial
transactions in or around Troy. N.Y. He said he would tell
C.S.H. more about it when he cm him.
L928. 6
Aug.
Cosmos Club
C.S.H. attends 50th celebration.
Nov. 12, 1928. 69
____s House
O.S.H. moves from Cosmos Club to if
8, .‘)28. 98
Dec.
Cousens, Senator
Charles R. Crane behaves Frank Kent,' support of, was through
Dec. 19, A28.111
money paid him.
Cow pasture. Dorchester Bay
George says Hodgson, who once claimel to be working for a
Belgian Syndieate, claims now 4 be working out plans for
a hims terminal in England and at the cow pastur4; that he
says the plan has been underwritten; that it was only awaiting
.449 work; that the Gas Company
some final bids on details of .
and the Radiator Cortr)any had aqreed tocontribute to the initial
cost of the plans; that he shcrod George eleborate plans worked
out in minute detail; that he wad he had an option on land
of the East Boston Land Co. on ehich he could put the dredgings
from the cow pasture channel; taatit would require much more
dredging than called for by the War Dept.; that the channel
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
26.
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would have to be 40 feet deep and 1200 feet wide; that an
enormous power plant would also be built; that the company,
when formed, would pay cash for the cow pasture; that he
only hoped Ned and George would be reasonable.
George said he really began to think there may be something in
this.
George said Hodgson said he was to have a Large share in the common
stock of the company; that he would divide tnis with them if
they would sell the cow pasture at a reasonable price.
Oct. 6, 1928. 45, 46
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See - Hoover
110, 111
Credit, rederal Reserve
See - P.R. credit
Credit investigations
Board voted to abolish, in lieu of examinations.
Oct. 10, 1928. 51
Credit rationing
C.S.H. asked Gov. Harrison whether direct pressure might not
result ultielately in rationing of credit.
He said No, as did also Miller; that rationing of credit meant
a restriction on individual banks while direct action meant
merely a restriction on amount of credit generally.
C.S.H. believesarestriction as to amount of credit is in effect
credit rationing, to some degree at least.
'Ob. 5, 1929. 153
C.S.H. said that before consenting to a 6, 7 or 8$ discount
rate he was willing to consider some form of credit rationing
throu4a a regulation applicable to all banks alike.
Feb. 5, 1929. 194
Gov. Harrison says he is against rationing at present time.
Mar. 22, 1929. 199
Oredit situation
See - Open Market Investment Committee.
Credit warning, Federal Reserve Board
See - Federal Reserve Board
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
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McGarr& tells C.S.H. he was with Gov. Crissinger when Gov. *Strong
telephoned him in behalf of Sec. Mellon asking a postponement
of Chicago rate case until the next day; that this was before
the Board sent its telegram to Chicago.
Aug. 14, 1928. 6
Crop marketing paper
Miller presented a proposed letter to F.R. banks stating Board
would approve a seasonal crop marketing rate from 1/2 to 1%
below rates on other classes to contints to end of normal
crop moving season; such paper was defined as paper arising
out of the movement and marketing of crops.
James suggested a preferential rate only on bankers acceptances.
Theee were referred to Open Market Committee, then in session.
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Clerk of U.S. Supreme Court called on C.S.H. with a letter from
Judge Brandeis. He said that, as clerk, he was carrying demand
deposits in Washington banks; hat the accounts were inactive,
though some checks were drawn each year; that he wan receiving 3%
•
interlst; that Judge Brandeis wanted to know if this was an
unreasonably low rate. We went in to see Gov. Young who said
he thought the rate, on the whole, reasonable, altho some banks
might pay more.
Dec. 28, 1928. 116, 117
qr..
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In the afternoon the ComAttee reported that preferential rates
would probably not accomplish what was desired; that the question
of moving the season's crops expeditiously and reasonably
was a larger question - involving the whole credit structure
and should be dealt with through open market operations rather
than through comalodity paper or preferential rates.
Aug. 14, 1928. 8, 9
Cunningham, dward
Insists that examination reports of F.R. Agents should continue
to be sent to the Board.
Oct. 11, 1928. 51
t,
Totes against permitting Goldenweiser to appoint a foreigner to
help in statistical work.
Nov. 12, 1928. 69
Moves no stenographic report be made of joint conference of Governors
and P.R. Agents except with their consent.
Passed.
Miller and James voted No.
Nov. 15,1928. 73
28.
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Miller much disturbed at Cunningham's moti-n.
Nov. 15, 1928. 74
Goes to Baltimore with Gov. Young and C.S.H. to examine
Dec. 14, 1928. 101
bank.
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Votes against approval of agreement between directors of P.R. Bank,
New York and Gov. Strong to pay him his reprilar salary
for balance of year 1928, if he would withold his resignation.
Dec. 17, 1928. 108
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Jan. 11, 1929. 127
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Votes against increasing P.R. Agent Newton (Atlanta) to $24,000.
Jan. 11, 1929.
Votes against Platt motion to increase to $22,500.
Jim. 11, 1929. 127
Votes to keep salary at $20,000.
Jan. 11,1929. 128
Violent discussion between Cun-ingham and Gov. Young as to What
Gov. McDougal said to Board as to direct pressure figures.
Jan. 15, 1929. 128
41
40 .f
44'
Totes for Miller resolution asking P.R. banks what they proposed to
do in 1929 to overcome temptation of member banks to make
speculative loans because of spread between F.R. and call
Dec. 31 , 1928. 119
loan rates.
Votes against increasing P.R. Agent Ourtiss's salary from $20,000
to $24,000.
.
1111 ow
angels P 1 g4aide *A.
,UchtT
branch
tor.c.4
Introduces resolutiin favoring amendment of P.R. Act to end that
member banks carrying speculative loans can not rediscount
for more than 3 days without the affirmative approval of
5 members of P.R. Board.
Jan. 21, 1929. 130
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Gov. Young said he knew that the banks had not exercised direct
pressure successfully, whatever James and Cunningham might think.
Jan. 22, 1929. 131
Miller accepts Cunningham's suggestion and says he will insert in the
draft of warning a statement to Show Board does not desire
leb. 2, 1929. 144
drastic action.
•
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Cunningham, Edward (Oont d.)
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for C.S.H.
Miller's draft did not contain this. Cunningham voted
clause.
motion to add such a
Feb. 2, 1929. 144
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Says be believed Gov. Norman did not want to increa
felt he had to protect its gold and hoped N.T.
England rates but
would increase to give him an excuse.
Feb. 5, 1929. 153
r0
.7n;
will be a
Says he fears result of Board's warning, if published,
discount rates.
simultaneous demand by the P.R. banks for higher
leb. 5. 1929. 155
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Moves that New York be asked to give its reasons for
1929. 167
Feb. 14,
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Moves to take New York under review, altho it was
an imAediate decision of Board.
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Voted against reconsideration of rejection.
Feb. 14, 1929. 169
7-ff14::
Votes to publish recommendation of Federal Advisory Council.
Feb. 15, 1929. 175
siv,V4,1.Latlit
G.S.R. works with Cunningham and Platt preparing a letter to F.R.
l as
banks covering recosmendation of Federal Advisory Counci
to conference of banks.
leb. 19, 1929. 178
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Mar. 21, 1929. 197
n, to be
Movewathat Watt draw a regulation along lines of his olinio
ting any member in advance.
reported to Board, without commit
Passed unanimously.
•
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Votes on Platts, motion to approve New York increase to 0. No.
Mar. 21, 1929. 197
.
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Feb. 14, 1929. 169
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Mar. 21, 1929. 198
Cunningham, Henry T.
C.S.H. writes, as to the lot In Forest Hills in which his Mother
is buried, also as to a MAss.
Nov. 18, 1928. 79
Called on C.S.H.
Said Mass had already been said And that when Monsignor returned.
from Rome, the matter of the grace would be attended to.
Feb. 28, 1929.182
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C.S.H. sends to, royalty check for Wilson Chronology.
Nov. 12, 1928. 70.
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C.S.H. lunches with, in Boston.
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Finds out authorship of Sweet Alice Ben Bolt.
Sept. 23, 1928. 38
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C.S.H. motion to increase salary of, from $20,000 to $24,000 defeated.
•
Aye: C.S.H., Platt
Not Governor Young, Cunningham, James
Jan. 11, 1929. 127
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Motion to fix salary at $20,000.
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Aye: Gov. Young, Cunningham, James
No: C.S.H., Platt
Jan. 11, 1929. 127
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Customers rates
3ov. Harrison said spread between speculative loans and, was
decreasing and might soon disappear.
Feb. 5, 1929. 149
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Oev. Harrison agrees that a 0 discount rate would force up customers
rates to injury of small manufacturers.
Feb. 5, 1929. 150
foitaair.1
See - Discount rates
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Mrs. Davis says Mr. Davis feels that Governor Smith has no chance.
Oct. 31, 1928. 65
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Addresses Woman's National Democratic Club on the anti-war treaty.
He talked an hour favoring the treaty but never mentioning
reservations, - the only important question. C.S.H. was disappointed
in him.
Dec. 10, 1928. 99; 100
Dawes, Vice President
Dr. Butler says Coolidge was determined that, should not be nominated
Dec. 6, 1928. 98
for Pre.Aident.
DeKoven, Mrs.
Buys land at Mattapoisett for $2000 - about one acre, with 50 foot
Sept. 14, 1928.25, 26
restrictions.
See - Brownell
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Oct. 30, 1928. 64
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Oct. 30, 1928. 64
Lansing, Robert
T
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Debuchi
Japanese Ambassador
C.S.H• calls, by appointment on, and he and Madame DebuChi kept me
over al hour. He said Prince Matsukata had given up his title
and was living as a commoner in a very small house but that
Otohiko was in fairly comfortable condition financially.
Nov. 23, 1928. 87, 88
The both called on us
at
Hay-Adams House and stayed nearly an hour.
JIM. 14, 1929. 128
We lunch with them alone.
Jan. 19, 1929. 130
Deflation
C.S.H. suggests to lov.Young to add a clause to Miller's draft of
Board warning to effect that Board was not seeking radical
deflation of speculative loans but merely conservative liquidation.
Jan. 22, 1929. 131
See - Federal Reserve Board; credit warning
-CDeflation (Contld.)
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of warning to
Miller said yesterday he would change his draft
that Board wanted drastic
exclude any possible construction
liquidation.
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His final draft, however, did not contain
2, 1929. 144
Peb.
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C.S.H. sends above suggef;tion to each membe
was looking primarily to the future.
Jan. 22, 1929, 132
4.1C.
atirpia
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ment that Board was
C.S.H. moved to adci to Miller's draft a state
not seeking drastic deflation.
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Aye: C.S.H.. Cunningham
No: Gov. Young, Miller, James, Platt
Peb. 2, 1929. 144
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To C.S.H.'s great surprise Platt said he
about drastic liquidationt
construe it as an intent to bring
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Miller and James agreed with Platt!
nOWIC
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C.S.H. suggested that minutes of meeting shoul
se the members believed
motion was voted down merely becau
as he understood
that it could not possibly be so construed,
all felt.
P.
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perhaps reckless, of
C.S.H. feels those three are oblivious, or
on.
the dangerous consequences of such a constructi
Feb. 2, 1929. 144, 145
dation of speculative
Miller said warning would not cause drastic liqui
such a liquidation
loans; that the Board could not bring about
see a sudden
if it tried; that he, however, would like to
liquilation and crash.
Yeb. 5, 1929. 151
primarily to
Miller said he did not favor deflation but loole
lative loans.
avoidance of future inflation of specu
to have a deflation.
On Peb. 2, however, he said he would like
163
lel,. 8, 1929.
Delano, F.A.
C.S.H. dines with, Metropolitan Club.
Aug. 1, 1928. 2
Sept. 26, 1928. 31, 32
Sept. 27, 1928. 32
33.
Delano, F. A. (Contid.)
visit us
C.S.H. writes Delano asking him and Mrs. Delano to
or longer, in
next Friday at Mattapoisett for week-end
Fairhaven
order to surprise Catherine Grant who was to be in
47
Oct. 8, 1928.
Friday.
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Oct. 17, 1928. 60
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C.S.H.dines with Mr. and Mr*. Delano and listens to Gov.
said
radio address. Mrs.Delano seemed very well. She
Ogherine Grant did not want to leave Fairhaven.
Nov. 13, 1928. 70
n and telegraphed
Catherine Grant said her Mother ana Father had writte
send her, - that they were
her about some things they wanted to
her
probably old bunk and She begged C.S.H. to tell them
as it literally is.
house was filled to overflowing. Nov. 19, 1928. 80, 81
lo soIDaimIstJ keteo!,Tms
istkx
mrob
,
tof7 tliton :z Ja6r
ed vitdlattoc
.410
• 1. a.nr;f5
gone on a trip to the
Mrs. Delano writes Bertie that Ur. Delano had
she complained that "his daughters
Smoky mountains In the letter
not written
(Catherine) she supposed was well, but that She had
telephoned only twice. Catherine,
her for a long time and had
as C.S.H. knows, is not a good dorrespondent.
Oct. 11, 1928. 54
vl,s 1,
"J.; warq
Tbf.lest tl II
cu tic
twoLi.
bliss
,n
13 Ile& *v.v.r.1 ec tlb
r Ito eczoit.Euve.
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telephoned
C.S.H. calls on Mrs. Delano but she was out. Later C.S.H.
Alexander Grant and Catherine
her and told her he had left
good
only last night. She was much pleased and said it was
C.S.H. said how full of furniture
for them and for C.S.H. too.
spoke
their house seemed to be, as Catherine asked hila to. She
answer,
of her letter and telegram to which She had received no
from Which she assumed they did not want the things she
proposed to send them.
am, to which
She asked if they had spoken of the letter and telegr
a somewhat equivocal reply, by asking what the
C.S.H. gave
however,
things were. She spoke of some old tiger skins, wnich,
nt repairs.
she said were of no great value because of freque
C.S.H.'s
She seemed much pleased at being called up and asking as *.o
plans.
Nov. ID, 1928. 81, 82
C.S.H. meets, at Carnegie dinner to visiting foreign editors.
Nov. 21, 1928. 84
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as
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Telli C.S.R. he was told that Dean Brate
Cotton Smith were also
Gov. Smith; that Dr. Johnson and Roland
he was disguested with the
very bitter against him. He said
him.
attitude of the Rpiscopal Church towards
26, 1928. 91
Nov.
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se2
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4
9 /t,;,:e o/ 791)10
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Butler's dinner with.
C.S.H. drives to Railroad station from Dr.
Dec. 6, 1928. 98
ei,"-ree 11,411w oasafiC
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We lunch with Mr. ana Mrs. Delano.
rg and other bankers about
He said he had talked in N.Y. with Warbu
Treasury,a-id that
Dr. Miller as a possible Secretary of the
would not be such
the consensus of o-Anion was that Hoover
fitted for such a
a fool as to appoint him; that he was not
place.
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C73.111t: aWCO
OR
arlt
as decidedly not of the first
He said the economists lo)ked on Miller
rank.
Dec. 9, 1928. 99
.
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vie
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fisn
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r-
Democratic Club to hear
M.P.H. has, at a lunch party at lonan's
10, 1928. 99
Dec.
Norman Davis.
Unitarian Church. Delano
C.S.R. goes as guest of, to Men's -lub of
gave an address on international relations.
Dec. 20, 1928. 112
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Delano, 7. A. (Cont'd.)
!
.
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Naitistv
.voX
L-40:c04Ir
borm'ea
.Rnalc
consulted Gertrude Myer's
Tells C.S.H. the Smithsonian Trustitis had
to Gertrude the
nephew and that he objected to their loaning
picture of her father.
Dec. 21, 1928. 113
ed.
Invites us to Christmas dinner but we were engag
Dec. 22, 1928. 113
ed about Freddie and is
Tells Bertie that Catherine Grant is worri
then might
to take him to a celebrated Doctor in N. . and
came down to Washington.
Dec. 22, 1928. 113
We lunch with.
Dec. 33, 1928. 114
an League at
Presides at dinner of League of Nations Non-Partis
birthday of %loon.
Woman's Democratic Club Dec. 28, 1928. 117
We dine with.
Jan. 25, 1929. 135
-wasafalato.
• •
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htaling of Chicago, Delanols daug
1, call on, to meet Mrs. Houe
Feb. 9, 1929. 164
.
,-L-110a
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$gramA00 mr101Pir.
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,
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Was
meet Mrs. Franklin Roosevelt,
H.P.H. lunched with Mrs. Delano to
of her son.
did not appear owing to illness
1929. 176
Feb. 16,
0%.,..t415
mvx!
.6 .neC
at
Democrat. 132
See - Pnlitics
Wells, Rolla
4.tw
4
•Otte....4,i • Z71
Devens, Mr.
erine Grant at Longwood.
C.S.H. meets, at dinner with Cath
Nov. 19, 1928. 80
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bank
See - Collateral notes, Member
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Federal Reserve Bank of St. Louis
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C.S.H with Rachel Hale
ington
To meet Mr. and Mrs. Horace Wash
ard also there.
Major and Mrs. Leon
Oct. 9, 1928. 48
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114 11: srM
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At Mattapoisett
rmick, Mrs. Rising.
To Catherine Grant, Mrs. McCo
Sept. 23, 1928. 31, 38
'mew!
ltic
-
Dinners
ht.
C.S.H. with Mr. and Mrs. Prank Brig
Aug. 20, 1928. 14
itan Club.
C.S.H. with Ogden Mills, Metropol
21, 1928. 16
Aug.
;z oiar.
14,1; rtngui
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C.S.H. with Gertrude Myer
lass Lay also there.
)ct. 10, 1928. 49
et:wv-7 e.
on
With Mrs. Stanley McCormick, Mari
Oct. 1-, 1928. 58
rr
C.S.H. with Catherine Grant.
Oct. 29, 1928. 63
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Delano, 7. A. (Cont'd.)
•
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C.S.H. with Mr. and Mrs. Charles
31, 1928. 65
Oct.
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11.9j.
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sit
With Mr. and Mrs. Pease, Fairhaven
Nov. 6, 1928. 67
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Federal Reserve Bank of St. Louis
t:4.M4v
4,3
36.
)
Dinners (Contld.
.
C.S.H. with Mr. and Mrs. Delano
Nov. 13, 1928. 70
C.S.H.
}range.
Carnegie dinner to National
. 20, 1928. 82
Nov
foreign editors.
3.S.H. Carnegie dinner to
Nov. 22, 1928. 84
of Currency
Mr. Donaldson to Comptroller
Nov. 22, 1928. 89, 90
Regretted.
C.S.H. with Gertrude Ayer
Nov. 23, 1928. 84
rles Warren.
C.S.U. with Mr. and Mrs. Cha
Nov. 24, 1928. 90
k
C.S.H. with Dr. Butler, New Yor
Dec. 6, 1928.98
17 •
Woman's Democratic Club
TO hear Norman Davis. Lunch.
Dec. 10, 1928. 100
With Janie Riggs
Dec. 10, 1928. 100
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With Helm dines with us.
Dec. 11, 1928. 101
With Gertrude Myer
Dec. 15, 1928. 102
With Judge and Mrs. Brandeis
Dec. li, 1928. 106
With Mrs. Gordon-CUmming
Dec. 24, 1928. 114
With Miss Biddle
Dec. 25, 1928. 114
.n%
-
F:s
Wilson dinner
Woman's Democratic Club.
Dec. 28, 1928. 117
With Jeannie Riggs
Dec. 29, 1928. 118
•110
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
37.
)
Dinners (Contid.
With Halm dines with us.
Dec. 30, 1928. 118
With Gertrude Myer.
Jan. 1, 1929. 120
With Dr. and Mrs. Richmond
Jan. 5, 1929. 125
With Mr. and Mrs. Charles Warren.
Jan. 6, 1929. 126
%Divan-Le
With Gertrude Myer.
Jan. 20, 1929. 130
1929. 135
With Mr. and Mrs. Delano. Jan. 25,
1929. 137
With Helm dines with us. Jan. 27,
.nol/Ar
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With Mr. and Mrs. Graef.
.
.7,1:L. .7C
With Harry St. George Tucker.
Jan. 31, 1929. 141
n14.61ftc.;:e(.: s'
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Jan. 30,1929. 140
.A./1
With Miss Boardman.
Feb. 1, 1929. 142
With Bishop and Mrs. Rhinelander.
Feb. 18, 1929. 178
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With lx-Senator and Mrs. Thomas.
Feb. 21, 1929. 179
4,1411,
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Mrs. Leayard dines with us.
Feb. 27, 1929. 181
With Gertrude Myer.
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Feb. 22, 1929. 179
1929. 192
With Helm dines with us. Mar. 17,
With Mr. and Mrs. Lars Anaerson.
Mar. 17, 1929. 195
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With Mrs. PAul Revere Prothingtham
Mar. 18, 1929. 192
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Wilke.
We gave dinner to Mr. and Mrs. Langdon
1929. 200
Mar. 21,
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
38.
4
i-ALA 20(0012.
Direct pressure
F.R. banks what they intended
Miller introduces resolution asking
rates and rates on
to do to correct spread between P.R.
speculative loans.
Dec. 31, 1928. 119
See - Miller
d through discount rate increases.
Warburg believes should be exercise
Jan. 5, 1929. 125
this grew Board's warning to
Dr. Miller advocates, and out of
public of Feb. 7, 1929.
Jan. 19, 1929. 129
r
d not issue any statPment in favo
C.S.H. pointed out that Board moul
dations of Federal
the recommen
of, which would be stronger than
It favored,I
of Nov. 22, 1928. Thie was read.
Advisory Council
non-customers loans.
s and
but discriminated between customer
in 1926 and sent copy to Miller.
O.S.H. quoted what Alexander said
Jan. 19, 1929. 130
er's draft as to.
Gov. Young suggests changes in Mill
Jan. 22, 1929. 131
warning
See - Federal Reserve Board; credit
that some P.R. banks had been
O.S.H. suggested adding a clause
he knew this was not so,
successful in, but Gov. Young said
k.
whatever James and Cunningham might thin
putting out a recommendation for,
Gov. Young doubted advisability of
er's draft in the least
but he said he would try to put Mill
objectionable form.
Jan. 22, 1929. 131
ing.
See - Federal Reserve Board; crldit warn
Jan. 22, 1929. 132
, was not possible and urging
Gov. Harding writes intimating that
increase in discount rates.
ing that he could do something by,
Board expressed hope to Gov. Hard
without increasing rates.
Gov. Harding but said he did not
Gov. Young signed the letter to
of speculative loans, nor
believe, could accomAish a reduction
rates would do it either.
did he believe an increase in discount
147, 148
Feb. 4, 1929.
39.
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e p%1
psu .encl
statement that P.. Bank, New Yolk
C.S.H. comments on Gov. Harrison's
of line.
has exercised, only on banks out
sure.
had also exercised general pres
Gov. Young said he knew it
lieb. 5, 1929. 154
lo
.ait
blvot, LI.00e $6.;f4 $.cc beiIalog
we,
fm I nig:: Inarlt,te sd blvow &IMP 00
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241 !
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ct
,
aCel nl UI/01.tv,Axii4Aik
,es
ed, - direct pressure under 5%
C.S.H. feels an issue has been form
ount rates which /ill be
rate, or a radical increase of disc
business.
detrimental to agriculture ad
leb. 5, 1929. 154
beftmp
.egc:47. Al .!.!t
•
gs
Bank, New York, has done all that
Gov. Harrison tells Board P.R.
how could his Bank refuse
could be done in way of, and asked
to replenish reserves.
to discount eligible paper offered
1929. 158
Feb. 5,
;
,
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Federal Reserve Bank of St. Louis
as application to increase to 5%
Board feeli that it must refuse Dall
failed and so wired.
unless its request meant that, had
7, 1929. 160
Feb.
Inov 74111
Liullsous
t,
:4tol ritri*,larm:! ilnt sec
1
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liott;.erAlvt JaWca vtvil .v00
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ses only were
Gov. Talley replies that two cour
or increased discount rates.
open, - direct action
bank sent specific answer.
Board voted to lay on table until
7bb. 8, 1929. 161
on of lederal Advisory Council
Board agrees to publish recommendati
lel). 15, 1929
of NI). 15, 1929.
172, 173, 174, 175
Ant
1.6.1'diaeog :on s.c./
g
bank has done all it could alon
Gov. Harrison tells Board his
ver, to banks which
, howe
the lines of, confining its work
line with the mass of banks.
were out of
leb. 5, 1929. 149, 150
only recourse left was increase
Gov. Harrison said, had failed and
wolld not control speculation
of discount rates, and that if 6%
higher rates must be rescirted to.
NI). 5, 1929. 150
A1400
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Direct pressure (Cont'd.)
warning
See - !federal Reserve Board; credit
oe
a failure.
Governor Norris writes Board that, was
liar. 5, 1929. 186
has said,was a failure.
C.S.H. points out that Gov. Harrison
Mar. 21, 1929. 197
AAA-WA
See - Y.R. Dank, New York
Board; credit warning
Mclarrah
40.
Discount power, P.R. banks
discount for
k has power and should
replenish
K. P. Willis says P.R. ban
borrowers, who wish to
member banks, not frequent
ve loans.
security speculati
reserves depleted in part by
25, 1929. 135
Jan.
cosrrtar
;%t Lrn tic2 114. ›insd mid falsoK
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Discount rates
at meeting discussed.
lederal Advisory Council
ts, - 1. To
have before it two reques
ng said Board might soon
Cl(weland
Gov. You
m 5 to 50, 2. To lower
increase Chicago rz,tes fro
fication.
approve both would be stulti
ratesfram5 to 40; that to
er Cleveland
both on ground that to low
ld start
Qouncil generally opposed
The
change of policy which wou
rate would be construed as a
Up stock speculation.
al conditions
should lower its rate if loc
Mr. Goebel said Cleveland
warranted it.
iness, altho
rate was not injuring bus
have
All agreed the present 5%
depressing for business to
Mr. Alexander said it was
to pay at least 6%.
nt rate at present
Gov.Young that the discou
uced
Mr. Alexander agreed with
that all rates should be red
time was a national question;
that the general
mulate business;
to 40; that this would sti
l stock
Board was trying to contro
feeling was that the P.R.
judgment, speculation
that, in his
exchange speculative rates;
that he favored
d through discount rates;
could not be controlle
was not
ntry that the F.R. System
a 40 rate to show to the lou
t he did not agree
exchange;tha
trying to regulate the stock
1927 was a
from 4 to 30 in summer of
that lowering rates
e gone back to 4% a
might hav
mistaken policy, but that we
ely puzzled at
n we did; tAat he was extrem
little sooner tha
t we could not control it;
and fel
the speculation in New York
he could not see why
on was certain to come and
that liquidati
encourage
that even if a 4% rate would
it had not come before this;
ect
in the long run would corspeculation, the situation
overculative stocks were not so
itself; that many of the spe
valued as many seamed to think.
ations now
y would happen if the coroor
ns. He
Mr. Alexander was asked wha
ly withdraw say 500 millio
lending on call should sudden
that the banks
liquidation and
replied there would be a forced
loans.
would not take over these
cause a panic.
Gov. foung said this would
41.
Discount rates (Contld.)
the banks
his statement and said
Alexander later qualified
Federal Reserve
Mr.
they were able, but that
-fould help as far an
its part.
System would have to do
to 5 against James's
cago's increase from 4i
e this
Mr. Wetmore drfended Chi
increased borrowings mad
criticism and said the
necessary.
Meeting to make no
eed At the Open Harket
James said Chicago agr
ke the agreement.
further advances but bro
lawfully
of a P.R. bank could
der said no representative
Directors
Mr. Alexan
e; that this was for the
agree as to a discount rat
to determine.
•
h agreement.
t there had been no suc
It was pointed out tha
ectors of
advisable to call in dir
Young asked if it would be
rease.
Gov.
F.R. bank asked for an inc
other 7.R• banks when one
d this.
The Council all oppose
eral Advisory Council
sibility of asking the Fed
nt rates.
. Young suggested pos
Gov
case of change in discou
to advise Board in every
to this.
No objection was offered
Sept. 28, 1928. 33 to 36.
Mille,
l, Sec. Mellon, Ogden
to Federal Advisory Counci
s, :!.oyer,
C.S.H. sends out
ors of F.R. banks Burges
Gov. Strong. all Govern
ers his memorandum on
members, and oth
Geo. Roberts, the Board
from Aug. 4,
operations during period
ect of Open market
eff
was in
n the 30 discount rate
1927 to Feb. 3, 1928, whe
effect.
. he had proved his case.
Sec. Mellon wrote C.S.H
Oct. 6, 1928. 44
Won -42n92.1wtocIelt Od$
esE
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Federal Reserve Bank of St. Louis
_
,
%Am wirP411 1 xinettive Elpros Limy
ban natehlupil befv,o1 a 4lie blvo, svesit
1
afttsci 000fi; /ern oNaz. ton
am
.
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ai.A4 kiii*
ft&r
ing in his
himself ridiculous by say
nt rates
ler says Sec. Mellon made
Mil
System increased discou
annual report that the Y.R.
apnroving
.H. knows the Board in
to check speculation. C.S
curb
actuated by a desire to
higher discount rates was
speculation.
on was through
only way to curb speculati
for this
Miller said long ago the
and voted for increases
increase of discount rates,
purlose.
42.
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Federal Reserve Bank of St. Louis
,
,
,
.
11 4,4 4,4404
tLa t
eptance
n for higher acc
ler put in a Resolutio
drawing
Only shortly ago Mil
for the purpose of
ically stating it was
omitted
rates specif
although he finaily
the call loan market,
and
money from
, but Miller, C.S.H.
reference. This failed
the latter
Platt voted for it.
5
Dec. 26, 1928. 114, 11
count
spread between P.R. dis
n to effect that the
pushing
into
Miller resolutio
es tempts member banks
rates and call loan rat
asking the banks What
l loan market and
P.R. credit into cal
correct this.
they would do in 1929 to
be construed
that resolution would
ng objected on ground
ing call loans.
Gov. You
be refused to banks hav
that rediscounts would
Vote.
tt
James, Cunningham, Pla
Aye: Miller, C.S.H.,
No: Gov. Young
er, Pole
Not voting: Comptroll
ue this /as did
as he did not constr
C.S.H. said he voted Aye
s to mean that
not construe thi
Gov. Young; that he did
no* that a bank
e necessarily illegal;
ative loans wer
es depleted
specul
to make good reserv
be refused rediscounts
should
n merely
ns;that the resolutio
part by speculative loa
in
they proposed
asked the banks what
nted out a danger and
poi
1929.
to do to avoid it, in
31, 1928. 119
Dec.
ment of acceptance
require the establish
opposed having Board
with approval
Warburg
rates are established,
rates just as discount
es for
increase in buying rat
P.R. Board; he approved
ances more
of
accept
that it would make
accrue
acceptances, on ground
greater benefit would
, altho the
attractive to purchases
ion of income
iss
ks because of the rem
estic banks,
to foreign central ban
n the market for dom
broade
tax; that it would also
might necessitate
t the increased rtes
corporations, etc.; tha
bat direct
rates which he favored;t
an increase in discount
apolied by
direct pressure being
R. bank of
action should continue,
nt rates; that the P.
acceptance and discou
od of bills
increase in
t itself from a flo
had the right to protec
eptances
New York
that the cost for acc
sing its buying rates;
nt rate;
by increa
higher than the discou
including commissions, was
than
today,
acceptance rates higher
was ridiculous to have
in:reasing
that it
curb speculation by
rates; that we should
count rate
discount
d a discriminating dis
nt rates; that he favore
discou
ment bonds.
notes secured by Govern
on member bank collabral
5
Jan. 5, 1929. 124, 12
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Federal Reserve Bank of St. Louis
ance
must increase accept
York, told Board it
1.R. Bank, New
rates on Monday.
discount rates
te an increase in
this would necessita
commitments for
Board felt
were making their
time when business men
on business.
at a
psychologically react
uing year, and would
the ens
.
Board took no action
al
on many maturities equ
make acceptance rate
against
Proposed rates wovai
be necessary to guard
rate, but it seemed to
to the discount
a flood of bills.
because of
better distribution
has not dons much for
and call loans.
Recent increase
ing Government bonds
higher profits from buy
9
Jan. 19, 1929. 12
credit would
cement that in future
d courageous announ
sonable discount
Miller favore
and business at rea
ble for agriculture
prevent
be availa
ch the discounts and
that Board would wat
rates, but
n market.
seepage into call loa
ee to this.
Go7.Young did not agr
ncil
Nderal Advisory Cou
xander's statement at
reduced to 40.
C.S.H. referred to Ale
count rates should be
ting in 1926 that dis
mee
Jan. 19, 1929. 129
too high and
discount rates were
ld not
Hawtry told C.S.H. our
Prof.
culation; that it wou
increase to curb spe
opposed further
ely injure business.
curb it but would mer
Jan. 22, 1929. 131
se in bill rates.
Willis approves increa
all
be fixed exactly as
acceptance rates should
he favored a
He said that
roval by Board; that
discount rates, - app
bank collateral notes
rate on member
discriminatory discount
selured by Govt. bonds.
be increased.
discount mtes should
O.S.H. asked him if
ference now
it made little dif
evasive answer, saying
He gave an
were increased or not.
whether discount rates
count
a discriminatory dis
re might be reason for
the
Govt. bonds.
C.S.H. told Willis
eral notes secured by
on member bank collat
rate
136
Jan. 25, 1929. 135,
44
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Federal Reserve Bank of St. Louis
joir.
'ITTATA•44. 0$
/47tru:c‘Al
.
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71.
ontld.)
Discount rates (C
York, felt
R. Bask, New
utive officers of F. increase discount rates
exec
Gov. Young said
tely necessary to
increase; that
that it was absolu
s opposed such
me of the director
to 6% was
but that so
that an increase
g said in New York
s were being
Gov. Hardin
eeds of discount
necessary as **proc
at Chicago also
absolutely
et in New York; th
York that
in call loan mark
invested
Norman said in New
increase; that Gov.
. - from
wanted to
increase by 1%
and would shortly
the Bank of Engl
3
4i% to 50.
Alb. 2, 1929. 14
ount
to increase disc
his directors want
Board
were losing cash
Gov.Harding writes
New England banks
market; that
s to 6%; that the
rate
w York call loan
which went into Ne
thru discounts
s not practicable.
direct pressure wa
to increase
d on Gov. Harding
v.Earrison has egge
ing.
Go
an excuse for follow
Gov. Young thinks
s so as to give N.Y.
discount rate
creasing
essure without in
g to try direct pnks how the
Board wrote Hardin
him to tell his ba
tes, and authorized
discount ra
Board feels.
directors
uld not call his
ter telephoned he wo
Gov. Harding la
7, 148
together this week.
/Ob. 4, 1929. 14
ease in discount
pressure nor incr
said neither direct
1
00 1. Young
ulation.
rates will curb spec
reb. 4, 1929. 148
tes to
Y. to increase ra
v. Norman wanted N.
t Go
s rates.
James said he though
him not to -aise hi
marlet and enable
break the stock
rtainly
N.Y. he should ce
Norman toll hin in
v.
Gov. Young said Go
increase his rates.
to give him
r rates increased
v. Norman wanted ou
C.S.E. believes Go
sing hiS.
an excuse for increa
Harrison
influence over Gov.
v. Norman has great
ging Gov. Harding
C.S.N. thinks Go
increase and is eg
the latter wants to
do not want to
'and that
the N.Y. di-ectors
ough LicGarrah says
149
on, alth
lel,. 4, 1929. 148,
increase.
s to discount
as to discount rate
on came before Board
ors. He said no
Gov. Harris
tude of his direct
becaus
s to tell of the atti
rate
nt of discounts or
ied because of amou
increase was justif
4
r-
'"'qg
• .4
45.
Discount rates (Cont'd.)
wtage!..
;11,11
t
al ,
tc
speculative activity Imp/
of reserve percentage (80%); that
speculative loans of all banks
steadily increasing; tiat last year
;
loans increased only 2 billions
increased 8 billions, while commercial
comraorcial customers,
tial rte to
that while the banks gave a preferen
they had
ng and soon would disappear; that
the spread was decreasi
,
confin ing it to banks ) 5‘
presture,
done all they could by way of direct
and he referred to
of banks
which were out of line with the MA09
h direct pressure
Commerce (Alexander) as one upon whic
National Bank of
t Co. and National City Bank;
had been used, also to the Guaranty Trus
increase rites but could see
that his directors did not want to
4(*
told him he would increase his
nothing else ahead; that Gov. Norman
and Netherlands exchange was
rates within a few days; that Belgian
were profitable, and that Bank of
below the point where gold exports
ease at New York should be 1%,
England must increase; that the incr
from 5 to 6%.
that many N.Y. member banks by
Gov. Harrison agreed with C.S.H.
obtaining capital from the
frequent discounting were in effect
F.R. bank.
to evealt:o svt,;wo.4
bloa *wol .v0C
;culeeevile xle:viade rum" 11 .14AAJ
E Akes 10 aors ita4; $Ar:7'
,
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r.scljy:
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•
• a0211YCI.
• ,e
.v-of
C.S.H. that an increase to 6%
He somewhat doubtfully agreed with
might injure small manufacturers.
o
-
-I
e with building operations.
He agreed a 6% rate would interfer
that the only recourse now was
He said direct pressure had failed,
increased discount rates.
speculation, higher rates
He said that if a 6% rate did not curb
must be resorted to.
increased even if Bank of England
Gov. Harrison said rates should be
had not increased.
1;a1:6
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Federal Reserve Bank of St. Louis
7-4
-
.
1140.17b 4n41
,
onsel*ni 0$ 1,• t /04,: A1
_ 41 7 7Art,
T If
ova 4 -.
•
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4=L7ii,votntki
tAUft.),11 Ltfqii4W!'„,
be guided by Bank of England
Miller tnought C.S.H. felt we should
rates.
nd his position; that in 1927 we
C.S.H. said Miller did not understa
England, altho it also
lowered rates, in part to help Bank of
ly our agricultural export
helped business, commerce, and especial
but that under present
trade, increasing prices of the latter;
s from domestic consideration's,
conditions, we should decide as to rate
t do.
regardless of what the Bank of England migh
Feb. 5, 1929. 149, 150, 151
did not want to increase
Cunningham said he believed Gov. Norman
ect his gold and
his discount rate but felt he had to to prot
se to.
wanted N.Y. to increase to give him an excu
Feb. 5, 1929. 153
40
Discount rates (Cont'd.)
,A) "75C.:V)11
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e
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dot:, • r!*(x:17 L:11:-r,(/- ,
;
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.
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sf.
if
r
ot
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pcur
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Federal Reserve Bank of St. Louis
:
tftilf'?
r10: rcAtIM4;7•,,,VV'r
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7.0%fi, ;'14,1ri2r
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71 1
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Ito 41 1
t..
‘.
• t .- 114:
rate on
how he would cohsider a 0
C.S.H. asked Gov. Harrison
es at 0.
other rat
collateral notes, leaving
speculative
not believe this would affect
hough
Gov. Harrison said he did
ks some inconvenience, alt
loans, but might cause the ban
commercial paper.
in gross they had plenty of
first, but
t to have Boston increase
Gov. Harrison seemed to wan
an excuse for
ely to give N.Y.
C.S.H. believes this was mer
also increasing.
y, influenced
on in, quite unconsciousl
C.S.H. feels that Gov. Harris
the latter wants
man, and that
by a desire to help Gov. Nor
Chestnuts out of the fire.
to use him to pull his
741). 5, 1929. 155
ld be
response to our warning wou
Cunningham said he feared the
discount rates.
rease&
a simultaneous demand for inc
te.
ion would be just the opposi
Miller thought the construct
nd to approve
Board that no member was bou
It was clearly agreed by
advance publication of the
an increase because of the
warning in the Bulletin.
'O. 5, 1929. 155
ij
t144
P
issue has arisen, - direct
C.S.H. feels that a clear cut
ch
se in discount rates *It
pressure or a radical increa
till injure business.
70. 5, 1929. 154
in gold
any appreciable falling off
Gov. Norman told Board that
exchanges
in the country's
reserves is reflected at will
hough
increase discount rates, alt
and the only remedy was to
mercial standpoint.
from the com
no increase might be necessary
nor were
rates other than the above,
said nothing about discount
He
ck speculation discussed.
brokers loans or the N.Y. sto
Iftb. 6, 1929.15?
could
t his bank had done all that
Gov. Harrison told C.S.H. tha
ssure.
ect pre
be done along the lines of dir
7013. 6, 1929. 158, 159
See - Direct action
,
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Federal Reserve Bank of St. Louis
,41rflit
.1.14
47.
Discount rates (Contid.)
were considering
Gov. Harrison called up and said his directors
.
an increase in discount rates
Z
.1;7.
;:
4-tut.;,„ 111r
.
Gov. Young told him it would be better not to act today
,
71
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except Gov. Young
C.S.H. believes if N.Y. increases every meriber
and possibly Platt will refuse to approve.
Feb. 7, 1929. 160
Rimers
44:
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17'7 .To t rrm! !-ANt.rd
on Govt. securities
Dallas establishes a $% rate to stop borrowing
relation of
and loaning it on call in N.Y., also to cor ect
former beingthe lower.
discount rates to acceptance rates the
as a statement that
Board wired asking if this was to be construed
direct action had failed.
leb. 7, 1929. 160
were borrowing and
Gov. Talley writes Board that only 18 banks
e purposes and that if he
using the money for speculativ
right to do this as
admonished them they would reply they had a
owing two
much as the Chicago and N.Y. banks. He endfild by
2.Increase of
courses only were open, - 1. Direct action.
discount rates.
had done or proposed to dq
,
C.S.H. said this did not s,4 what his bank
until a specific
and moved to lay the request on the table
answer was received.
All but Platt voted Aye.
Platt voted No.
Feb. 8, 1929. 161, 162
Board would stultify
All of the Board except Platt feel that the
now, - that our warning
itself if it approved this increase
increase of discount
would be construed as pointing only to an
feeling of most members.
rates. While the opDosite was the
TO. 8, 1929. 161, 132
Oj'twodt,
lower rates were it not
Miller says business would be entitled to
would never vote for higher
for N.Y. speculation; that he
strated that
discount rates until and unless it were demon
and that the T.R. batiks either mould
direct action had failed,
not or would not exercise it.
1927 to help Bank of
Miller said the Board approved lower rates in
to lower rates
Sngland and that he felt business was entitled
now from purely domestic considerations.
TM). 8, 1929. 164
48.
uvocattl
(.0,14)
,
11.a.,41
410!: ,
,
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Josi o$ $bn .rolSme
I. T. directors took no action on discount rates.
Feb. 11, 1929. 166
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- Jvct!' .vot tqq,te Ieffeter vows
N.leissol tau
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.944010ca 0 amulet 1111a t:e4 -1
40.1 .$ *el eT 4AA
•
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Passed.
Gov. Young said he voted
All voted Aye except Platt, who voted No.
although he was
Aye to support the policy of the majority,
not averse to increasing the discount rate.
-4,ct:vw3
aldt
timv:9tate a as berver.op ee ol any e4 ;Ake m-tt:is
.boll
cr o c‘
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%if Wm..
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li semmo'r,
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,
** 11(1 .1 - .ft qo VI9V 'Ono
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tavv0;41,
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Federal Reserve Bank of St. Louis
ns for establishing
Cunningham moved to ask N.Y. to give its reaso
the 6% rate.
mous vote Boatd rescinded
A long discussion ensued and finally by unani
Gov. Young to 611 Gov. Harrison
Its previous action and directed
take no action
it would take the matter under review and would
On it today.
Gov. Harrison was greatly disturbed at this action.
involved national
Gov. Young told him the Board felt this rate
the proposed increase would force every
considerations; that
River - to
F.R. bank - at least last of the Mississi2pi
felt this
increase its rates; that a majority of the Board
matter very
would injure business and wished to look into the
answered our
carefully before deciding; that N.Y. had not yet
statement
letter of warning that it had given the Board no
increase; that
in writing of its reasons for the proposed
nse of the
before acting the Board wished to study the respo
shed Feb. 7; that Boston
F.R. banks to its warning letter publi
ase until it
had decided to postpone reommendation for an incre
to Gov. Harding's
haiLhsatd from its member banks in reply
circular letter.
.svp. tstov $/sli Svc'
.0R belov
tf
unanimously
Gev. Harrison telephones that his directors had
e, subject to review and
established a 6% discoudrat
determination of Board.
r to our warning
C.S.H. moved to table pending receipt of answe
ago. Miller seconded.
letter, sent a week
ImaelltrstFto
q0/0 0: nt.
r!(
,
ac 1ZArloshol bas
osis
lc r!iltaft' t,f,9 700
.
9cvntgents c4 totnn lgoor,T1b
70minol nAt
• col NWI,n14J
.110 ,cic 1r
Discount rates (Contld.)
S,91Dx, PlecE Rn!
t1utl !..L.A clot t'fog4
lvtinqqat :1 11
ti;o .1E41,1' - olor egene7ni1 slift
-oc as bevItecov Nde bluor
o: %lao Adrat.771
lo oasetort
1
n5enw .14fec,cfo eft: sliAN ,21, te:
sele..1 .tnocu lo
1 „Ibl .esel . .erot
8
sid !vs
se:: 1 Iswel ct .M141trre eat bluow eeeal
e :414 :ncllidroN2 .T.r
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Ajrv /4
/441,
:aLoov.11
114=
i
eb , re.,
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44;11 5 ke:111:4inGw' - 1 ese/ru, ban
tft..s .1-01.-1! bed ne.t$thi
Iceetits mAme „5'.!
, ,
.51 si1.1---1 xe Son favor /o S.
:)1 new
lero
e:
.
i/CM4i r • r:e44:112re
bni;
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,e014
.estl
(7 rr:c1
r C:
i
cr;bItoe tn.? b.itus
on- trr: bete
honed by him did not
Gov. Harrison then said the application as tele:
was expressly made conditional
state the full vote, but that it
on action by Board today.
.11
te1ephone4
Gov. Young discussed this with him over the
4d.
Discount rates (Contld.)
(.f lIaoC 1 uelr.1
on ltood aIAasAL .7
:'avanntb
.11
•
•
The Board decided nevertheless, to take it under review, but told
Gov. Harrison itimuld take no devinite action until next Thursdaythe regular meeting day of the N.Y. directors, unless meantime
they should request a more immediate decision.
uointitzslet.
stri
t4OJ LbehalIda;se
.-..r.,Itexttariet
T,2;fr,. c:
04.
,let$el
f'). • e(if ',IC: SC rot"; N;:.!
,
- .tetuor e 749,1111:. .c.--41xstit -
The N.Y. directors would not agree to this and IcOarrah and C.E.
Mitchell talked with lov. Young over the tele-Alone, and they said
they could not have the matter hanging in the air and liable
to be decided at any minute.
.hesin
.o'ff tA4ov
.
Gov. Harrison said his directors were to give out a public statement
of the action of the P.R. Board.
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Federal Reserve Bank of St. Louis
Cunningham then voted to take it under review.
All voted No except Cunningham and Miller, the latter not voting.
The members did not want to do this as they felt N.Y. had no right
to impose such a condition as immediate decision.
ermit.al
liActirtoo
,Y,Z tor.:
*maul! ao I9tt!4.
,
.
InAoC fmt.7k ww0
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ug
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Finally at 6145 p.m. the Board voted to disapr)rove, the existing 5%
rate to remain in form. All voted Aye.
/4b. 14. 1929. 167, 168, 169
.
as nol/..'1....qqa Itr. bias twit
kve „,=4 .Nr
nf.'f$'3,a
imepe
4If
During the discussion the Board was shown a newspaper statement that
N.Y.directors had established a 6% rate, but the Board had
disapproved it.
Finally Sov. Young suggested disapproval of the application at once.
lo ‘,.1.1ot*
'to
".
f".01 SAA. :7
:rrr
t
s 1 va:LE:6
Gov. Young then read him the Board's regulation as to publicity, and
said if they did this they wouldbe acting on their own
responsibility. This aparently killed the pro-)osition.
r*
.
r
'!0,01OI
Iro birrot
He said the Directors could not leave until the Board decided
the matter.
f•.'
C.S.H. feels that the N.Y. directors feel they are bigger men than
"Old Grant" and thought they could bluff the Board into a
favorable decision by imposing the condition of an immediate
decision. The Board, however, carried their bluff and taught
them a lesson they will not soon forget.
The N. Y. directors have never anwiered our letter asking for
reasons nor given eficially any reasons for increasing the
discount rate, altho all the 7.1. banks were asked by the Board
to give reasons when changing a rate.
50.
e•-
Discount rates (Cont_Id.)
'
Gloat 2.-4
by letter
In fact, on *eat, 1928, New York told the Board
ns for any
that it was not possible to give specific reaso
change of rate.
letter, and without
The N. Y. directors, without answering our
t demand apnroval of
officially giving any reasons, in effec
mine under
their acts. Row could the Board Preview and deter
such circumstances'
"
4Vi
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tfa Livos
ed
1
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11v bs.
t
meet and it
The issue raised was easy for the Board to
d the application. If our Board had
unanimously disapprove
ige from which
yielded it would have suffered a loss of prest
it never would have recovered.
The Board adjourned at 6:45 p.m.
, and C.S.H.
Present: Gov. Young, Platt, Miller, Cunningham
14b. 14, 1929. 167, 168, 169, 170
7
Mayflower Hotel at
Board dined with Federal Advisory Council at
7130.
What happened in
C.S.H. told Gov. Young we should tell them
ht not.
New York in the morning, but he thoug
he did not want to
During the dinner Heard asked C.S.H. who said
the right to put this question
answer but that the Council 11.1
to Gov. Young.
,
lative conditions. He
After dinner Dr. Goldenweiser spoke on specu
they had caused
said they were a menace to the F.R. System; that
increase
business rates to increase 1% and that they would
further increase
further unless speculative loans declined; that
conditions in U.S.
.
in P.R rates threatened business and industrial
-1,
abroa. as they
and would go far to disrupt the gold standard
very undesirable
would draw more goldfrom Swope which would be
for the U.S.
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Federal Reserve Bank of St. Louis
e Feb. 2, 1929, and
The Council then discussed the Board warning
and well timed.
wire practically unanimous that it was necessary
Bank of New York
Mr. Potter, of Guaranty Trust Co., said the P.R.
banks together, and had
had not tried to get the principal N.Y.
was not a
never spoken, e.g. to his bank; that while his bank
bank should get all
continuous or frequent borrower, the F.R.
that the
the banks together, offender and non-offenders, and
up by this method.
*hole situation could be cleared
had taken place
All this hap?ened without the Council knowing what
171, 172
/O. 14, 1929.
in New York. •
51.
Discount rates (Oont'd.)
1 n1
Nou no
Ica bin:
aoa
rntr.,--ura ‘4%.41;.,
saw
trArrar,r,
)
urc;::111 ,1-Tc$nwi11 .y
100.v,h4wire
/
.: inr 1;04v.i's.
l
$6fo- e n1 olliceze- y
tl,..vt7 46E .eftz
wol,111
1
; 1:1:1 U
of in Cr:
.n1:LE
•
404:,14q-fr: 'to sec; ti
ra 'OR
14
,,;
.%
C.7.R. believes this was a smoke screen
inspired by the directors.
hob. 15, 1929. 172, 173
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Federal Reserve Bank of St. Louis
C
.:Alvornetior .7C
bias
fIchorsto L e/ntv
;;Afee,ftniat.c'
xtfl /
•-;,.31!)ni 04
qmi$11'', :41:4 ;bZLt ansol lvit4ktstl
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azr -%.1.se 3/A Pit:*
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1,, 411 1::.(casm 7.41A6 —
tf. 1.„Ti
lertaning tnit $03 al tott: :OE t-t4
(4 40 ,n4ttoot ttmer.
! ;T:Itsie
.
; otft;v0Itod tnalme et to uwas4Litnco
,*!.ft. /tIo: arse fait
4
bra;
tolodir •
qd
teirit
rot,'
Y
tjAri
.
The N.T. Times states that the N.Y. direc
tors after a five hours
meeting "decided last evening to leave the
discount rate
unchanged at 5%; that there was a disagreeme
nt among the
directors as to the advisability of a.rate
advance was plainly
indicated as they left the meeting."
Board meets with lederal Avisory Council
at 10:30 in sun room of
Washington Hotel.
Miller and C.S.R. told Gov. Young that if
the Council asked what
happened in N.Y. they felt it their duty
to tell tie Council
that if it had any questions to ask as
to any discount rates
in any district the Board would give
them any information they
desired.
The Council in Assembly give the Board
a typewritten statement
(See scrap book) to the effect that it
approved the Board's letter
of lob. 2, 1929 to the 7.R. banks, and
reaffirmed its
recommendation for direct action in Nov. 1928,
and that it
believed direct action would be a solution.
In this statement the Council went farth
er than in its Nov. 1928
recommendation, which latter excluded loans
to clistamers and
confined itself to brokers loans.
In its statement today it spoke of the evil
to be remedied as including
all stock security loans, to customers
as well as to brokers.
During the discussion the attention of
the Council was called to this,
but Wetmore said they used the words
advisedly.
Mr. Wetmore then asked Gov. Young what
took place yesterday as to
J.R. Bank of New York.
C.S.R. at once said he felt sure the Board
would respond to any
question the Council might ask.
Gov. Young tol them in condensed form and in confi
dence the gist of
what had happened,
saying nothing of lov. Harrison's
make the proceedings public.
threat
to
Wetmore said he was glad the Counc
il did not know this when it
prepared its statement to the Board,
but that, now knowing it, he
was more than ever convinced that
it was right, and all the
members concurred in this.
52
Discount rates (Cont'd.)
Wetmore said the Board could publish it if it desired, and all
concurred in this.
rou.lat
,
tra A01
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se/44%
1.'
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o4
&MK WW1: '31,
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Federal Reserve Bank of St. Louis
1
Present: - Gov.Young, Comptroller, C.S.H., Cunningham and
Miller.
.. .
• 40'
."41.
,qri
At 2:30 p.m. the Board it and agreed on a statement covering
the Council's action. - to be given 40 the Press at 3 p.m.
Platt was away
.1.1r r.i\et
e
All voted Aye except Gov. Young who asked to be recorded as
"Not voting."
'Vb. 15, 1929. 173, 174
.vo( 11/04 .R.g.0 Loa 1*.
Leasiqqs4
I! 41e xsc4 .Y.Tr at
n:
iII Zd44
BA W3A 0: aW±$fW
4,1ov hula' sd :ninlati
i'0'.01 Ars sotiJ 4t4,
st9tisYt
Itlawc0 se
b":,0e: wit ev.41 vitSium.,seL ri
(..441:. see)
ert.1 o:
144 ot
oimiimd
m/
•
.r;:qtulott rne INLUOV ;°!*.tlit Stma
,
41 #.--1't v.1 s
•
•t
tanow
.-o; iv! -1 f-1,4:11:t lev..4/0
otr!scl rwliole
11,1 ti:L.1
:uemotAte
,nclItansalmecnt
gtislet bilmitoco
fv.;,(11s
i ftifAa valu-teet 2itots
ett n.
also forgot to record that the Tederal Advisory Council
gave the Board another statement to effect that an increase
in discount rates should not be resorted to until every
effort at direct action had been exhausted.
This was confidential and not intended for Tniblication.
The reason the Board's d•oision as to New York was unanimous
was that it was phrased as a disapproval of the action
of N.Y., - not only as to the rate but as to the condition
imposed of immediate decision by Board.
70. 15, 1929. 175, 176
110WOr
„ r4 bru.e.ki
C.S.H. believes N.Y. felt that if they pgA the Board's nose
to the grind stone, it would not dare to disapprove.
n:
9A:
ft;c1.1
C.S.H. forgot to record that some days ago Gov. Young told
Gov. Harrison that if any application was made the Board
would vote to take it under Review. The N.Y. directors
clearly understood this as shown by the condition they
imposed of an immediate decision by the Board.
solc1442
00/1.
t, iiris se
r.rirol:eac
1c5,01,
!.:41aciinco al MAe:
P8P :V.Cw
.
,!:eaN4.644
_nelf,n1r, od: irotAtf
;
a:
.
Young, returning from N.Y., said the N.Y.directors had
little to say about discount rates,except that C. E. Mitchell
could not seemto understand Why Board did not a7prove the N.Y.
application.
Feb. 3D, 1929. 178
Gov. Young told C.S.H. that Sec. Mellon had been kept informed by
him of what happened from day to day; that he (Sec. Mellon)
1929, or
did not approve either the Board's letter of PO.
the public announcement of rob. 7; that he (Gov. Young) told
him the vote in the Board wo-Ild be six to one against his
views and that he decided mitt() attend the meetings.
_
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
•
53.
Discount rates (Cont'd.)
sri.1 blaa
thOIMM)A,'
.
f
.
.
"44;'"q
4
:
Gov. Harding writes Gov. Young sugges
ting the possibility of
increasing the discount rates on 15-(1,4
collateral notes to
0 leaving other rates at 5%.
'r:41
912
'
C.S.H. feels Sec. Mellon has in no
way interfered or tried to
inflmonce any member - in refreshing contrast with
what
Sec. McAtoo would probably have done had
he been in office.
NI,. 20, 1929. 178, 179
;lob• s'ilonuo
;.
unes17:.
He wrote that the N.3. banks - outsid
e of Boston, were using
their 15 day collateral notes to make
good reserves depleted
by loans on securities. As C.S.R. remembers, he said he
had
not yet discwsed this with his Class A
directors.
bib. 28, 1929. 181
0
•4
Gov. Young prepared a memorandum setting out the
Board's reasons
for disapproving the N.Y. application, which
thr' Board adopted.
•
,
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He said he did not remember telling flov.Harriso
n that if N.Y. made
an application the Board would take it unuer Review
. He
certainly did, however. (See supra, p. 175)
Gov. Young said so far the Board was right and N.Y.wr
ong as to the
discount rate dispute.
!eh. 28, 1929. 181
•
gov. Young said Gov. Harrison called him
up saying the N.Y. directors
were still anxious to increase discount rates
but made no
application yesterday as they knew the Board would
not approve.
Mar. 1, 1929. 182
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Gov. Young also said that 0.3. Mitchell, now
in the South, before
leaving, had left a memorandum opposing any increa
se in
discount rates at this time.
Mar. 1, 1929. 182
Gov. Young sighlOgden Mills hoped that if rates were
not to be
increased now, - and he saw no reason for an increa
se, - the
Board would make no increase until some tine
after the new
issue of Govt. securities was placed,as
it mtght lay the Treasuo
,
open to a Charge of bad faith.
Mar. 1, 1929, 182
Gov. Harrison told Gov. Young that if N.Y.
did not increase now, it
could not for some weeks because of the Treasu
ry issue and
Gov' Young said he agreed with this, - which
he jokingly added,
made Gov. Harrison miserable.
Mar. 1, 1929. 183
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Gov. Young said Ogden Mills told him that Gov. Case was opposed to
a rate increasa
Mar. 1, 1929. 183
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Federal Reserve Bank of St. Louis
Gov. Young said New York was ridiculous in attaching the condition
of immediate action by the Board, for it meant either that
SODS crisis was impending, - which all knew was not a fact, or that they were acting like children who, if they could not
have at once $ust what they wanted, did not want anything.
Mar. 1, 1929. 183
• •:.4"
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.Ver eraal
Gov. Young said he told Gov. Harrison that if his directors had
recommended an increase yesterday it would have been voted down
by the Board, 7 to 1, and that he would not have been the 1, referring doubtless to Platt or Sec. Mellon.
Mar. 1, 1929. 183
Board approves 5% rate for Dallas.
Mar. 1, 1929. 194
Gov. Young calls up Mat. -Sunday - and said he had talked with
Gov. Harrison who said his directors earnestly desired to increase
to 6%; that they feared a runaway mariget tomorrow.
Gov. Young asked C.S.H. if he was willing to revise his conclusions
and vote in favor of an increas0 to 6%.
C.S.H. said he would never change unless and until the figures showed
the necessity or desirability.
C.S.H. feels the N.Y. directors are in a blue funk, - "still harping
on heir daughter."
Mar. 3, Sunday, 1929. 185
Board considers letter from Gov. Norris pleading for a 6% rate Which
his directors were to vote tomorrow. He said that direct action
was a failure; that discounts were increasing and his reserve
ratio had fallen to 55%
The Board felt a national situation was involved as this increase
would be followed at least by every P.R. bank east of Mississip)i
River.
The Board had about decided to disa,nrove when Gov. Norris called up
and said that quite an amount of discounts had been paid off
and that his directors would not ask for an increase'.
C.S.H.thinks they are about as weak as the N.Y. directors!
Mar. 5, 1929. 186
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
55.
Discount rates (Cont'd.)
$nc-0) Itut -
C.S.H. told Gov.Young he thought the N.Y. directors were very
weak.
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Gov. Young did not agree, but said the trouble lay with Gov.
Harrison, Burgess, etc.p that he felt Gov. Harrison lived
and breathed for Gov. Norman.
Mar. 5, 1929. 186
Gov. Young. said Sec. Mellon and Mills hoped the Board would de
all it could not to increase for some time after the Treasury
had put out the new issue of certificates, as it would
cause a charge of bad faith; that they had no objection to
an increase if the Board so decided; that Sec. Mellon said
he would stand by the Board in whatever action it took;
that he had doubts whether a rate increase would cure the
existing situation.
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Gov. Young said this was a most reasonable position to take.
Mar. 5, 1929. 186, 187
Gov. McDougal came in and said his directors wanted to increase to
%. Gov. Young told him it would be voted down 7 to 1.
8
Mar. 7, 1929. 187
•
. d o:
4,4*".t7t,41
'
C.S.H. said he would ity to avert any rate increase, at least for
a reasonable time after the Treasury issue, unless some
crisis, - not now in sight- should necessitate an increase.
oe 017407g*
.
ofv,. 47.
.1ss.
Gov. Young told Board Sec. Mellon did not believe increased rates
would help the situation, and that he was prepared to stand
by the Board.
Mar. 7, 1929. 187
Warburg, in address as President of International Accepta
nce Bank,
attacked Board for not incr,
asing discount rates.
He said it was disgraceful to have in any P.R. bank a 40 rate
with acceptances over 5%. (See scrap book.)
Mar. 8, 1929. 189
C.S.H.tells Board that before consenting to increase discoun
t rates
up to 6, 7 or pc he was willing to consider some form of
credit rationing, applicable to all banks alike. Miller
said such an increase would cause a recession in business
and would be a confession that the P.R. System had
failed.
Gov. Young and Platt said they believed a rate increase
must
eventually come and was the proper remedy.
Platt thought it should come at once, but lov. Young was
willing
to wait altho he felt sure it must come.
Mar. 19, 1929. 195
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
56.
Discount rates (Contld.)
Board asked Gov. Young to call up Gov. Harrison and say the
Board mild like a conference with the directors either in
N. Y. or Washington as to discount rates.
Gov. Harrison said his directors would meet at 2 p.m. and wanted to
increase discount rates. His only reason was that the large
N.Y. banks said it would be easier to cooperate in reducing
speculative loans if they had a 6% rate.
In afternoon Gov. Harrison telephoned that his directors had
established 2 6% rate with same condition as to immediate
decision by Board.
ia.AS
ekit.!Ira so.[IC .001,
114
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C.S.H. moved to disapprove application, fixing rates at fr.,;.
or .vA
Platt moved as substitute approval of the 6/0 rate asked for.
oTAU
Lost
Aye: Platt
No: Gov, Young, Comptroller, C.S.H., James, Cunningham
4/11;,-, r:
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Gov. Young said he would vote No altho he believed rates eventually
must be increased.
motion was then put to vote.
Same vote as above, on Platt's motion.
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C .H. said N.Y. had never officially given the Board its reasons
for an increased discount rate; that all the figures pointed
to lower rather than higher discount rates; that the reasons
heretofore given by Gov. Harrison orally to Board, - easier to
cooperate if discount rates were increased., - was really but
another way of saying that higher discount rates would do away
with the necessity for cooperation.
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Gov. Harrison told Gov. Young that his directors would be glad to
meet with our Board but felt the discount rate must be
increased first.
C.S.H. said that then there would be nothing about which to consult.
Miller talked with Woolley who said he comes to Washington tomorrow.
Mar. A, 1929. 196, 197, 198
Cunningham moved that Watt be instructed to show a Regulation along
the lines of his opinipn, - not to bind in advance any member
of the Board.
Passed unanimously.
Mar, 21, 1929. 198
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
57.
DiscoJnt rates (Contld.)
Gov. Harrison and Woolley came before Board.
Gov. Harrison said the figures as to discounts etc. did not
call for higher rates, but said they would help the N.Y.
banks to cooperate with the P.R. Board.
C.S.H. asked him if the 135 million increase in brokers loans
since Feb. 7 - the date of the publication of Board's warning
was caused by use of Y.R. credit. Gov. H. gave an equivocal
answer.
.v.
•
Ak'!
.
.17-
C.S.H. pointed out that while brokers loans had risen 135 millions,
the total N.Y. discounts had decreased by 70 millions, and its
reserve ratio had increased from 73 70 83%, showing that
direct pressure was working.
C.S.H. asked Gov. Harrison how an increase to 6% could reduce loans
"'tor others", andhe gave an equivocal answer.
•
•
.
Gov. Harrison said of course much more could be done, e.g. rationing
of the member banks, asking the stock exchange arbitrarily to
limit credit to brokers; that he was against both at the
present time.
Mar. 22, 1929. 199
Woolley said the existing 5:4 rate was serously affecting his
busines- ,but he wanted a rate increase which would diminish
the demand for credit by the small speculators.
-
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O.S.H. asked him how the continuance of a 6, 7 or 8% rate for an
extended period would affect his business, but he gave no
satisfactory answer.
Mar. 22, 1929. 199, 2)0
The Board left in the minds of Gov. Harrison and Woolley the
distinct feeling that the policy of direct action just be
continued without any rate increase, for the present at least.
Mar. 22, 1929. 200
Gov. Young pointed out that the N.Y. ap2lication said nothing
about acceptance buying rates, and that if the Board had
approved the 6% rate it would have left an acceptance hole
thru which 7.11* credit would flow.
Mar. 22, 1929. 200
C.S.H. said that if a 6% rate would not reduce loans "for others,"
and all agreed it would not, there was no reason for a rte
Mar. 22, 1929. 200
increase.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
58.
Discount rates (Contid.)
•
."1
Miller had a talk over telephone with Mr. Simpson, Director
of
P.R. Bank of Chicago, who said the effort now being made
in Chicago, to reduce speculative loans was not being done
under any order of the P.R. Board, but by voluntary cooperation
of the member banks and large business interests under the
leadership of George B. Reynolds, a Director of the 7.1. Bank;
that these efforts were being carried out in a careful, cautious
manner and that any violent break would be guarded against
.
,
0 1 rill. ri7
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He said, however, he still favored a rate increase.
Mar. 22, 1929. 201
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See - Acceptance rates
Open Market CaAmittee
Preferential rates
Seasonal crop marApting rates.
0
91
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• 41. ,lorto +.1 lot $
we
amaaci 46,9ff
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el" Wirl
saw an :AL:i
Divorce
Nelly Lyman, daughter of George Lyman, has been divorced by
her husband, Mr. Love ring.
'Ob. 1, 1929. 142
. 'el
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He then went on to show that the apparent defeats of Jefferson
and Lincoln were but the stepping stones to ultimate victory
.
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Dodd, Prof.
Spoke at dinner in memory of Wilson at Woman's Democratic
Club.
Said Jefferson, Lincoln, and Wilson rere the three great
liberals in our history; that each of them suf--ered defeats;
that Jefferson failed to repeal slavery; that Lincoln was
repudiated in CongressionaliLections of 1862; that Wilson
failed as to League of Nations at home and abroad; that
Wilson failed in ap)ointing the Place Comaission.
odt so cld beo!ss .E.'.
K:ie5tj•.bLow to/Isc bobc9re
,
.Tran4 vt, )ftats;t
.11
,
Discriminating rates
See - Collateral notes, Member bank
i.O.:( .
.
C
He undoubtedly intended to show the same as to Wilson, but he
cut himself short as he had to catch a train.
Delano called on C.S.H. who carried out what he thought Prof.
Dodd would have said had he had time.
C.S.H. said thht Wilson had laid an iternal foundation for the
peace of the world, citing the anti-war treaty as
founded upon /ilsonis work and that his work for League of
Nations - admittedly now the bulwark of civilization in
Europe, - had placed him in history as easily one of the
59.
Dodd, Prof. (Cont'd.)
greatest Presidents the U.S. ever had.
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http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
.93
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Domination of F.R. Board
C.S.H. cites Sec. Mellon's acts in signing a letter of Board
against giving a lower rate to member bank collateral notes
secured by Government bonds, althoug41 such action would have
greatly helped Treasury in its financial operations, - as
proof that he has not in any way attempted.
Donaldson, Hr.
President of Commercial National Bank, Was-nington, gave a
dinner to retiring Comptroller icIntosh. 100 were present.
Held at Carlton Hotel. C.S.H. regretted for Gov. Young. Platt
and some members of 70deral Advisory Council were there.
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Some time later Mrs. Wilson told H.P.H. "to tell Charlie how
grateful she was for what he had said.
Dec. 28, 1928. 117, 118
This ought to meet Miller's general argument against having
Secretary on Board.
Se)t. 7, 1928. 24, 25
le
.satInvni:
She told H.P.H. she was glad her sister was not there to hear
what Prof. Dodd had said.
*+.
litv!
fl
After the meeting Bertha Bolline thanked me in the name of her
sister, Mrs. Wilson (she was not there) and herself for my
splendid tribute.
Wyatt, who was there, said that wines and champagne were openly
served throughout the dinner; that the dinner was said to have
cost $60 per platet
A fair sample of Republican enforcement of Volstead Act1
Nov. 22, 1928. 89, 90
woas G !TO SCOW
rrta bat-.
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Du Maurier. 38
See - Alice Ben noit
Ttllby
.
•
Dudley, Mr. and Mrs.
We meet, at dinner of Harry St. George Tucker at rowhatan Hotel.
Jan. 31, 1929. 141
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Federal Reserve Bank of St. Louis
East Boston Land Co.46
Bee - Cow pasture
Edwards, Gen, Clarence
Mrs. Preble Motley told C.S.H. that, had been blackballed.
for
Boston Tennis and Racquet Club; that his manner towards
women was very offensive.
Feb. 1, 1929. 142
%A INV. Tifr:
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Gov. Harrison said. the banks in gross had plenty of.
lob. 5, 1929. 155
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/ov. Harrison said a P.R. Bank could not refuse to discount,
for a bank wishing to make good its reserves.
leb.5, 1929. 158
Ellis, Mr. and Mrs. Wade
We meet, at dinner given by Harry St. George Tucker at Powhatan
Hotel.
Jan. 31, 1929. 141
,
41nolt
Emmons, Nelson. 17, 18
See - Mattapoisett property
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Se - Alice Ben Bolt
Episcopal Church
Delano is disgusted at attitude of, towards (lov. Smith.
Nov. 26, 1928. 91
•
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Dec. 16, 1928. 106
At.
See - Bratenahl
Johnston, Dr.
Evans, Lawrence
Died at Cosmos Club
Oct. 30, 1928. 64
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C.S.H. attends funeral.
Nov. 1, 1928. 65
Examination, State member banks
Gov. Young offers resolution that hereafter the F.R. Agents
be
charged with duty of examination; that Herson supervise
work of 7.4.. Agents; that P.R. Agents should no longer
send
reports of examindMon to Board except in special cases
involving
expulsion; that lilbert's examin
ation division be abolis
hed.
rwuriaill.01.1••••••••ISMIONINO10•10101-
61.
-
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examination, State member banks (Contld.)
rmr
wog., - set.
Cunningham felt report:, should still be
forrardd to Board
,It
c.he11.41:c41
C.S.H. suggeted they be sent to Herson,and
this satisfied
Cunningham.
LYcmidon. .
L10!
4.11.
Se‘paabh slegeT Aoltsoi
eel! nemew
v!417'r
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Miller suggested that Hereon be directed to
report to Gov.
Young, to which the latter agreed.
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but 0.3.H. does
Ora
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•
Board agreed with Gov. Young's suggestion that
matter be
postponed until he returned from Texas.
blaa aose.:!.ej1 .voC
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Exchange, Foreign
See - British exchange
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At last meeting the Board had voted that credi
t investigations
should no longer be used in place of examinatio
ns
which must be assessed, as to cost, against the
bank
examined, - not to take ef4bect, however, until after
a conference with the 7.' Agents,
4
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Oct. 11, 1928. 51, 54
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Federal Reserve Bank of St. Louis
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Federal Reserve Bank of St. Louis
62
-7-
7ancher, Gov.
Writec, Gov. Young that business is not being hampered by the
5% P.R. rate.
Aug. 13, 1928. 14
.vor-
;10C/Ir
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Federal Advisory Council
Meeting with 7.R. Board.
Sept. 28, 1928. 33 - 36
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See -Discount rates
Nov. 22, 1928. 83, 130
See - Direct pressure
Certain members of Council were at Donaldson dinner to
Comptroller UcIntosh.
Nov. 22, 1928. 90
leeting with Board.
Feb. 14, 1929.
See - Discount rates
167, 168, 169, 170, 171, 172,
173, 174, 175
C.S.H. works with Platt and Cunningham preparing letter to
P.R. banks on recommendation of Federal Advisory
Council for a conference of banks.
Feb. 19, 1929. 178
federal Intermediate credit banks
Board given permission to P.R. barks to buy bonds of, under
certain restrictions.
Gov. Young said tle P.R. banks would discount paper for such
banks and Board av.anged for such inter-bank
rediscounts at same rate as in force at rediscounting
P.R. bank.
P.R. Bonk, New Yo4,said it would be pjad to take any vich
rediscounts.
Gov. Young said in this way the crops could be moved success
fully.
Sept. 7, 1928. 24
Federal Reserve Act
Cunningham resolution for amendment of: - member banks
having
speculative loans can not redir,count for more than 3
days except with affirmative approval of 5 members
.
Jan. 21, 1929. 130
See - CuAning,ham
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
63
Federal Reserve Act (Oontid.)
a9nolvd
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Ellis says spirit of F.R. Act does not forbi
d member banks
discounting to resto7: reserves against deposits
arising
out of speculative loans; that it was purely
a matter
of good banking policy.
Jan. 25, 1929. 135, 136
Federal Reserve Agent, Minneapolis
Willis says John Mitchell, although he liked him
personally, was Lot
fit for his position.
Jan. 25, 1929. 136
Federal Reserve Agent, St. Louis
Board appoints Rolla Tells as.
Sec. Mellon asked what political party he
belonged to.
Gov. Young said he did not know.
,
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C.S.H. said he was a Democrat and was Treasurer of Natio
nal
Democratic Comiittee 8 or 12 years ago.
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41
Gov. Young said he accepted only reluctantly until anoth
er could
be chosen; that James had another man under consi
deration,
from Memdhis, and he supposed he was a Democ
rat.
.
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.T4`to.exteel elate°
O.S.H. had nothing to do with this choice and knew of
it only after
James had re?orted it.
Jan. 22, 1929. 132
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Federal Reserve Agents
Board voted to have stenographer at the Joint Conference
of Governors
and F.R. Agents with the Board.
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Some time ago the Board voted against this and
C.S.H.00Posed it.
1
Miller said, however, the discussion over the Open
Market Committee
would be the most important in history of F.R. Syste
m and
that James and he wanted it taken down, but as to
this
particular topic
C.S.H. voted for this but feels that a stenographer will
destroy
all freedom of speech.
r't.
mat -',411r1,11,10
r)444'..
Comptroller tells C.S.H. that Gov. Young wastlirribly
upset and felt
this vote was discourteous to him as he had always
op)osed
hAving a stenographer; that loy. Young thought the
vote was
to take down all of the proceedings by the
stenographer.
C.S.H. went into lov. Younngls office and found
him preparing a
protest based on above assumption.
64.
Federal Reserve Agents (Cont'd.
)
C.S.R.explained the narrow scope
of the vote.
At the Board meeting, however. Gov.
Young filed a protest saying
the Board had no right to direct
that what he was to say
should be taken down stenographic
ally, as his remarks would
be essentially confidential. He also
expressed the hope that
the vote was not an expression of
discourtesy to him.
C.S.H. gave -easons for his vote
and said it was always recognized
in congressional hearings that
a witness could ask that his
remarks 6n any particular subject
be not put in the record,
and he felt this would be the rule
at the conference.
•
Miller and James agreed to
this.
Gov. Young then put in another reso
lution that no stenographic
report be mad, except with consent
of the 1overnors and
P.R. Agents.
Cunningham, after ,raising Gov.
Young's fairness and courtesy, moved
that no stenographic report be made unle
ss with consent of
Governors and F.R. Agents.
•117.1.:
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t:tic
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http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Passed:
Miller, and James voted No.
Nov. 15, 1928. 71, 72, 73
?,01(c‘till
:
.1•bec
oult
Gov. Young really seemed to have a
brainstorm.
discourtesy to him.
Amo7x.,
svAd c:
.
;
.
The original negative resolution expr
essly referred to "exceptional
circumetancesN only as warranting a sten
ographer and Board
only voted there should be none exce
pt under such circumstances.
ki4SIC •
In final resolution the Board found
that the tcraic "Open market
Investment Committee" was a special
circumstance warranting a
stenographer.
Nov. 15, 1928. 74
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Miller seemed much disturbed at
the motion of Cunningham. C.S.
H.
feels this was not solely a meet
ing of the Board but a
conference with the Governors and
P.R. Agents which might lead
up to some agreement, and therefor
e it ,
7as clearly proper to ask
the consent of the Governors and
FA. Agents.
Nov. 15, 1928. 74
•!01 ,tetov .
-
:
No one intended any
EA'
gjv.,cY
Board held conference with Governor
s and 7.i. Agents.
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Federal Reserve Bank of St. Louis
65
federal Reserve Agents (Contld.)
.
won-Ian 91v.
06: 14.%
Just before convening, the Governors voted againct having a
stemographer and this killed the matter.
1
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.3114port q!,1:
xlIstnessu e6
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The principal discussion arose over the suggestions of Board
to Open Market Investment Committee.
beIrt
7,114.nrr r! ..t1J%
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•
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Newton, of Atlanta, said the governor and Chairman should
serve for alternate years.
t
. •
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di21, sgj
Gov. Harding said if his directors should a?noint the
chairman, he elould at once resign as governor.
The conference overwhelmingly voted that the Committee should
consist of the 12 governors.
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The Conference voted to have the Governor of each
7.i. Bank On the Ommmittee.
The principal issue was whether the Board should create
the Committee as a Committee of Governors, or whether,
as providd in Board's plan, the resvctive directors
could appoint some one else, - e.g. the Chairman.
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Conference voted for Executive Committee of the Open Market
Investment Committee - to be chosen by the Governors.
The noard plan did not specify how it should be chosen.
•
3. Voted that Open Market Committee should prepare plans for
IL;
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purchase and sale of Govt. securities.
irttilmerRIt'.
Board's draft was substantially the same.
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Vote,such purchases and sales should be primarily to
accommodate coraraerce a d business.
Substantially same as Board plan.
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5. Passed by Conference but "executive officer of Board"
substituted for fiGovernor.01
6.
Passed. SubstantialLy same as )resent procedure, except
that for "action by Board" was substituted, "a9nroval,
disapnroval or modification by Board." Mcgarrah voted
No, as he thought "action" was better.
On reconsideration, "for such action as Board may deem
advisable" was adopted.
66. •
Federal lOserve Agents (Cont'd.)
7.
Question arose as to name of Committee.
I
Board suggested "Policy Committee“
4
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Curtiss moved to accept this.
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Federal Reserve Bank of St. Louis
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Gov. Harding said Board
New name voted down.
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McGarrah and Gov. Seay objected on ground that the public
may not understand it.
5.
0 107:
.
fl not 14e bse
1-.ft/stf i/eutit
Curtiss asked Gov. Young to define wsecuritiesn in ?aragra,h 3 of
Governors draft.
Gov. Young said the word included bills as well as Govt. securities,to which no one objected.
Dr. Miller answered Gov. Harding's o'cljections that Board had no
power to prescribe any such plan.
Dr. Miller said he did not want the Board to operate any more than
did Gov. Harding; he admitted tlere was doubt as to Olether
the Board had power to prescribe such a plan and that this
was why Board was trying to came to an agreement with the Governors
and Agents as to the matter; that the ()pen Market power was
the very heart of System policy, and that althpigh operated
chiefly by one T.R. Bank (New Pork), it vitally aff2cted all of
the F.q. banks; hat the policy should be considered by the Board
and by all of the Y.R. banks.
Nov. 16, 1928. 74, 75, 76, 77.
C.S.H. feels that a stenograoher would have been of little help, as
the discussion was open, frank, and simple.
Nov. 16, 1928. 77
Board lpproved increase of
pow
in salary of 1.sst. F.R. Agent Burgess.
Jan. 11, 1929. 127
Motion of C.S.H. to increase T.R. Agent Curtiss's salary from
$20,000 to $24,000 failed.
Are: C.S.H. Platt
No: Gov. Young, James, Cunningham
alCd=4 ,
c1:41' aolt-,
It was then moved to fix Curtiss's salary at present amount, -$20,000.
"A
rt,in
'
Carried:
Aye: Gov. Young, James, Cunningham
No:
Platt
Jan. 11, 1929. 126, 127
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
61.
Federal Reserve Agents (Contld.)
James moved to increase salary of Newton of Atlanta from
$20,000 to $24,000.
C.S.H. said this would give Newton the same as the Governor of Atlanta
bank, while Gov. Harding would receive 50% more than Curtiss.
Defeated:
Aye: James
No: Gov. Young, C.S.H., Platt,Ounningham
J. 11, 1929. 177
Platt moved to increase to $22,500.
Defeated:
Aye: Platt, James
No: Gov. Young, C.S.H., Cunningham.
Jan. 11, 1929. 127
C.S.H. moved samesalary as now, - $29,000.
Passed unanimously.
Jan. 11, 1329, 126
Federal Reserve Bank, Atlanta
See - 7.R.Agents
7ederal Re:erve Bank, Boston
C.S.H. spends morning at, and lunches with Curtiss.
Aug. 7, 1926. 3
C.S.H. calls on Gov. Harding at.
Sept. 17, 1928. 27
See - Harding, Gov.
1.S.H. attends directors meeting.
After the meeting we all drive to the Fast Walpole Inn, founded
in 1806, where director Philip Allen gave us lunch, and later
drove us 10 miles to his house in an old stage coach owned by
the Inn, drawn by four horses of Mr. Allen's.
Later drove to Boston with Mr. Hollis.
Oct. 24, 1928. 61
0.S.H. attends stockholders meeting.
Makes short address
Gov. Young also spoke.
Nov. 9, 1928. 68
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
-a,..4111111111111111111114,
68.
Federal Reserve Bank, Boston (Contid.)
Gov. Harrison seemed to rant the, to lead off in increasing
discount rates.
Feb. 5, 1929. 155
Gov. Young tells Gov. Harrison that Gov. Harding has decid-d to
make no recammemtation as to discount •ates until had
replies to his circllar to member banksi
Feb. 14, 1929. 168
See - Curtiss
P.H. Agents
Harding, Gov.
Paddock
Snyder
,Qr74
Federal Reserve Bank, Chicago
Gov. Young tells Federal Advisory Council Board may have an
application from, to increase from 5 to 5N% and from Federal
Reserve Bank, Cleveland, to crease from 5 to 44.
Sept. 28, 1928. 33
ez lost
0;141.1 ,11c
1
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ea
See - Federal Advisory Council
7"
.1 - sorft
„7,itimqiiry,h ikrT
Mr. Wetmore defends increase of, to 5% against James attack.
Sept. 28, 1928. 35
See -Federal Advisory Council
...
Board ap7roves all salary changes of, except Olsen.
Jan. 11, 1929. 127
Gov. Young said Gov. McDougal was at New York directors meeting
and wanted to increase rates.
Feb. 2, 1929. 143
Gov. McDougal told Gov. Young his directors ranted to incrase
rates.
Gov. Young said Board would disapprove, 7 to 1.
Mar. 7, 1929. 187
•
•
•
Board votes to send letter to Chicago asking why the member
banks were not cooperating more closely with 7oardls policy.
Mar. 19, 1929. 193
See - Heath
McDougal
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
69.
rederal Reserve Bank, Cleveland
Gov. Young tells Federal Advisory Council Board might ?ossibly
receive two requests, 1. From P.R. Bank of Cleveland
to reduce rates from 5 to 4%. 2. From F.R. Bank, Chicago,
to increase rater from 5 to 5%.
See - fancher, (1ov.
federal Reserve Bank, Dallas
Wires stating desires to increase from 4% to 5% to etop banks
borrowing on Govt. securities and lending proceeds on call,
also to correct relation of discount rates to acceptance
rates, the latter being higher.
The Board believed the first was the real reason and wired asking
if the telegram was to be construed as a statement that
direct action had failed.
lab. 7, 1929. 160, 161
Letter from Gov. Talley read showing that 18 out of the total of
Member banks were borrowing for speculative -)Iirlloses, and
that when he admonished them they replied that they had as
much right to do this as die, thr Chicago and N.Y. banks.
He endd by saying that two courseware open: - 1. Direct action.
2. Increase in discount rate.
C.S.H. said tnis was an admirable diagnosis of the situation, but
not an answer to our letter asking what he :lad done or
proposed to do.
C.S.H. moved to table the application at least until our letter
was answered.
Passed:
All but Platt voted Aye
Platt voted No.
Feb. 8, 1929. 161, 162
See - Direct action
Board voted to approve increase from 4i to 5%.
Mar. 1, 1929. 184
Federal Reserve Bank, Minneapolis
Willis tells C.S.H. that the Governor of, was formerly President
of a hank which became insolvent.
Jan. 25, 1929. 136
Gov. Young told Board that he strongly urged direct pressure when
Governor of, in 1919, and read a circular then sent out,
but he said it accomplished nothilg.
Feb. 4, 1929. 148
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
70.
Federal Reserve Bank, New York
Tells Gov. Young it will gladly extend rediscounts to Federal
Intermediate credit bankr. Gov. Young believes this will
ensure succe'=sful moving of the crops.
Sept. 7, 1928. 24
C.S.H. attends meeting of directors and later attends Gov. Strong's
funeral.
Oct. 18, 1928. 60
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„eel,
C.S.I. is satisfied that, was not discourteous to P.R. Board as to
annnuncing appointment of Harrison as Governor.
Nov. 22, 1928. 88, 89
Nov. 26, 1928. 91, 92
erT
es.in
See - Harrison
Young, Gov.
,47
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. ,
Motion in Board to approve an agreement between Gov. Strong and
director' to pay his salary as Governor to end of year if
he withheld his contemplated resignation until then, failed
by a tie vote.
.vr:r
Aye: Gov. Young, C.S.H., Platt
No: Miller, James, Cunningham
Wyatt gave opinion that, while not free from doubt, the N.Y.
directors could not legally make the payment and that our
Board, therefore, could not approve it.
CitiQq1.4i
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C.S.H. justified his vote by his construction of the agreement
as one giving to Gov. Strong, when agreement was made, of a
lump sum, - $2800 - payilake by installments over 2 months.
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Miller opposed approval, saying that Wyatt's suggestion, in his
opinion, that only the Treasury could raise question of the
legality because it would reduce the amount payable to Treasury
as a franchise tax, was, in effect, collusion and might
cause scandals like the oil scandals.
Miller said the payment to P.R. Agent Wills or to his ridtm after
his death, which the Board approved, was not a precedent as
in that case the money, differing from this caee - had already
been paid by the Cleveland directors.
Dec. 18, 1928. 108
. ..
Board, a‘'ter ion? discussion voted to notify, of failure to approve
alme agreement, but notified, that the ooinion of the
Attorney General might be asked.
C.S.H. during the discussion spoke of a talk we had had with Gov.
Harrison on the matter.
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Federal Reserve Bank of St. Louis
71.
Irederal Reserve Bank, New York (Contld.)
Miller objected strenuously to any member talking of the m:tter
to the N.Y. bank.
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During the discussion McGarrah called up C.S.H. and said the
directors resolution stated essentially all the facts, but he
would merely add that lov. Strong made certain commitments
by virtue of the agreement which he would have been released
from had he resigned. C.S.H. reported this to the Board.
Dec. 19, 1928. 109, 110
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C.S.H. reminded Miller that a question of law was involved, and
that, as a member of the Law Comilittee he had the
ht to
ask for any information he desired, and further said that
McGarrah might write the Board explaning in greater detail the
actual agreement.
7
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C.S.H. said during the discussion that, while he would voto and had
voted to approve the $2800 agreement, he agreed with Miller that,
involving as it did a quel-;tion of lax, in which our Council
advised against approval, it would be unfortunate for the
Board to approve by a bare majority, - that there should be a
substantial majority; that therefore he was ready to vote to
inform the directors of Counsel's d-?cision and till then we
would ask an opinion from the Attorney General if they so desired.
On motion, the Board so voted unanimously, except that Gov. Young
was recorded as "Not voting."
Dec. 19, 1928. 112
Board discuss N.Y. acceptance rates.
Jan. 4, 1929. 121, 122, 123
t,so-cc q -
-
See - Acceptances
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a flood of acceptances by increasing rates.
Jan. 5, 1929. 10
4, 125
See - Acceptances
Board approves all salary increases of, including increase of $5000
to lov. Harrison and $2000 to Burgess but voted to d-fer salary
to be paid to Snyd?.r and to Manager of Buffalo branch until later.
Jan. 11, 1929. 126, 127
McGarrah confers with Board as to salary of manager of Buffalo branch.
'Jan.
1929. 133
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Federal Reserve Bank of St. Louis
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McGarrah also said his directors want
ed to throw out an intimatiun
that the collateral behind these call
loans on Wall Street
might be found not to be liquid.
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7
McGarrah told Board his directors
wanted to issue n public
statement warning corporations loaning
"For °tiers" that it
was for their own interlst to stop
this practice.
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imtimation of lack of liquidity - woul
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do good.
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ly to cause trouble.
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The Board read to McGarrah the proposed
credit warning, - Miller
resolution.
McGarrah opposed it vigorously as
it might be construed as an
attack on the stock market and cause trou
ble!
Jan. 26, 1929. 134
.azt.
•
In the afternoon, Sec. Mellon, at first favo
rable, changed his
views and doubted tisdam of any
statement.
Jan. 25, 1929. 133, 134
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No definite conclusion was reached.
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The whole Board pointed out to 'him that
such an intimation, if
of any effect at all, would cause gear
and uncertainty and
might even bring on a panic.
In
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reading records of last meeting the
Secretary omitted reference
to Mr. Megarrah's statement that
his directors want 'd to put
In their proposed statement an
intimation that the collateral
behind call loans might prove not
to be liquid.
C.S.H. moved that this r=tatement be
added to the minutes.
tr,
••••• '
At first tere was opposition but
finally Miller agreed that, - as
MoGarrah made the statement as repr
esenting the view of his
directors, and not merely his personal
views,- it should be
added and the Board amended the reco
rdn accordingly.
In recording the afternoon proceedings
all agreed that McGarrah's
criticism of the pending credit warn
ing, - being merely his
personal, off hand, criticism, shou
ld be o:iitted,and the
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
73.
Yederal Reserve Bank, New York (Contld.)
statement be made merely that he conferred with the Board
as to its pro-)osed credit warning.
Jan. 28, 1929. 137, 138
Board voted to wire McGarrah that, confirming-its objections
stated informally on Saturday, if the N.Y. directors put out
any statement it should be so phrased as to exclude any
possibility of construction that they were speaking for the
7.R. banks or 7.R. Board.
In afternoon Gov. Young said McGarrah had telephoned that his
directors would issue no statement.
Gov. Youqrsaid McGarrah asked if the Board would issue a statement
as to "Loans for others"; that he told him the Board did not
contemplate issuing any such statment; that McGarrah seemed
greatly disturbed and said the Board should issue some statement.
Jan. 2B, 1929. 137, 138
Gov. Young said Gov. Harrison had asked the Board to go to N.Y. to
meet his directors Shursday.
Gov. Young thought it important, as did also Platt, and both said
they would go.
C.S.H. said Gov. Norman arrives in N.Y. today and he t -ought it
likely he would be at the directors meeting; that ne did not
desire to confer with Gov. Norman in N.Y. but would pr-fer
to have him come to Washington if he wished to confer with the
Board.
Uiller took the sane view.
Jan. 29, 1929. 140
Gov. Young goes to N.Y. today for a conference with the N.Y. directors
tomorrow.
•
.
•
Mddy told C.S.H. that 7.R. Agent Heath said he was going on to confer
with Gov. Norman.
0.3.H. believes this means there is to be a large conference
tomorrow, other Governors and ?.R Agents to be present, similar
to that held in 1927.
.%).S.H. firmly believes no such a general conference should be held
at any other place than Washington, and isvery glad he declined
to go.
Jan. 30, 1929. 141
74.
Federal Reserve Bank, New fork (Cont'd.)
•
Gov. Young reported that (ov. Harding, Gov. Norris and Gov.
McDougal, and for a short time P.R. Agent Heath, were at
the N.Y. directors meeting; that Gov. Norman was not at
the meeting.
3
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Discount rates were also discussed.
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See - Discount rates.
Feb. 2, 1929. 143
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Gov. Young said he had several conferences with Gov. Norman at
the F.R. Bank, at which, I understood him to say, Governors
Harding and Norris were also present; that Gov. Norman said
the Bank of Angland would shortly increase its rates by 1%;
that (ov. Norman would be in Washington Wednesday.
Feb. 2, 1929. 143
Miller reminds C.S.H. that Gov. Norman at lunch in Iashington told
the Board he had come to pay his respects to Iov. Harrison
of 7.R. Dank of New York, - never mentioning Gov. Young
or the F.R. Board.
re). 11, 1929. 166
C.S.H. stays in his office until 5:30 ho)ing to hear from the
N.Y. directors who were meeting, Eddy said, to answer Board's
credit warning letter.
eddy told me he had heard, indirectly, that they had adjourned without
taking any action on discount rates.
Feb. 11, 1929. 166
See - Discount rates
N.Y. director' unanimously establish a 6% discount rate, subject to
review p.nd determination of P.R. Board.
Feb. 14, 1929. 167, 168, 169, 170,171,172
See - Discount rates
Goldenweiser
Federal Advisory Council, not knowing of yesterdails action cin
N.Y. application, ap-)roved Board's warning issued Feb. 7.
Feb. 15, 1929. 173, 174, 175, 176
publishes it.
See - Direct action
Discount rates
Federal Advisory Council
Board
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
75.
Federal Reserve Bank, New York (Contld.)
•
Gov. Youngoreturning from New York, said the directors had little
to say abotlt discount rates, except that Mitchell could not
seem to understand why the Board did not approve the increase.
Feb. 20, 1929. 178
'
See - Discount rates
Gov* Young prepared a memorandum giving Board's reasons for not
approving N.Y.Is request.
Feb. 28, 1929. 181
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Gov. Young said he did not remember telling Gov. Harrison that if
N.Y. increased the Board would take it under review.
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He certa nly did so.
Feb. AB, 1929. 181
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Gov. Young said so far the Board was right and the N.Y. bank wrong
as to discount rates.
Feb. 28, 1929. 181
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,
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Gov. tome says Go. Harrison told him the directors took no action
as to rates yetterday at directors meeting, as they knew the
Board mould not approve.
Mar. 1, Fridaz. 182
See - Discount rates
tW*nAii1,1
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See - Discount rates
J35xlamoalcam
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Gov. Young said Mitchell, on leaving for the South, left a
memorandum opposing increase in rates.
Mar. 1, 1929. 182
r. .'f.
condition of immediate decision by our Board, as this meant
either that a crisis was impending, - which all knew was not
a fact, - or that the directors were acting like children who,
if they could not have at once what they wanted, did not want
anytling.
Mar. 1, 1929. 182, 183
,
See - Discount rates
Gov. Young said Ogden Milln told him that Gov. Case ap)osed a rate
increase.
Mar. 1, 1929. 183
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
76.
federal Reserve Bank, New York
(Contld.)
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Gov. Young said he told Gov. Harrison
that if the directors had
recommended an increase at thei
r last meeting the Board would
have voted it down 7 to 1 and
that he would not have been the 1.
Mar. 1, 1929. 183
6 U-totofik.
4
Gov. Young calls up C.S.H. and says
Gov. Harrison saikhis dirctors
earnestly desired an increase as
they feared awun away market
tomorrow, and asked if C.S.H. woul
d revise his oniniDn.
C.S.H. said No, he would never chan
ge until the figures showed some
necessity.
Aar. 3, 1929. Sunday
185
C.S.H. feels the N.Y. directors are
in a blue funk "still harping
on their laughter."
Mar. 3, 1929. 185
C.S.H. refers to N.Y. Money Committe
e during the war, conducted by
7."R. Bank, New York.
Mar. 19, 1929. 194
See - Discount rates
Gov. Harrison says N.Y. directors
wish a conference with our Board;
that they were to meet at 2 p.m.
and wished to increase rates,
on ground that the N.Y. City bank
felt cooperation would be
more effective in reducing spec
ulative loans if rates were
increased.
:11,e ,artY .vot
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1 !I
Gov. Harrison telephoned in p.m.
that his directors had established
a 6$ rate.
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See - Discount rates.
Mar. 21, 1929. 196, 197
Gov. Harrison said his Board of dirI
ctors would be glad to confer with
our Board but felt that rates shou
ld be increased first.
C.S.H. polnted out that then there
would be nothing to confer abou
t.
Woolley told Miller he would come
before Board tomorrow.
Mar. 21, 1929. 197, 198
Gov. Harrison and Woollej appeared
'before Board asking for increase
d
rates.
Liar. 22, 1929.199, 200, 201
See - Direct action
Discount rates
Harrison, lov.
Reyburn
Strnm.,.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Federal Reserve Bank, Philadelphia
Board votes increase to Gov. Norris from $25,000 to $30,000.
Jan. 11, 1929. 127
Board considered letter from lov. Norris pleading for a rate
increase and had decided to reject it, when lov. Norris
telephoned that a large amount of discounts had just been
pailid off and, therefore, his directory would not ask for
an increase.
Mar. 5, 1929. 186
See - Norris, Gov.
.. .
•
•
•
Federal Reserve Bank, San Francisco
Board voted to write, asking why it had been Liore successful in
enforcing our credit warning.
Gov. Young and James objected saying them might be special circumstances and that it should have more time, es-petially as it had
not applied to increase over its 40 rate.
Miller felt that having written Chicago we were bound to write
San Francisco.
James finally voted in favor of sending tie letter.
Mar. 19, 1929. 192, 193
Federal Reserve Bank, St. Louis
Board appoints Rolla Wells, P.R. Agent.
Jan. 22, 1929. 133
See - F.R.
• •
•
Federal Reserve banks
See - Acceptances
Dmaination
Examinati -1.
Federal Reserve Board
144.1nd:T
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See - Acceptance rates
Acceptances
Black resolution
Discount rates
Federal Advisory Council
Examination
Federal Reserve Agents
Federal Reserve banks. By name
Federal Reserve Board members. By name
McFadden
National bank notes
Stenographer
Open Market Investment Committee
Norman, lov.
Strong, Gov.
Warburg
Young, lay.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
78
",.
. •, •
;
Federal Reserve System
Willis says, has gone to prices.
Jan. 25, 1929. 135
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Fidelity Trust Co.
O.S.R. writes Donald Hale congratulating him on his promotion
in, and sending him some books on Federal Reserve System.
Sends coy to Rachel Hale.
Donald Hale never acknowledged the letter.
Mar. 18, 1929. 195
Fifteen-day collateral notes
See - Collateral notes
Finance paper
See - Collateral notes
17/ b44("Ir ,441/
Finland
We meet Minister to U.S. from, at dinner with Gertrude Myer.
Feb. 22, 1929. 179
Zalo
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Finley, Mrs.
We meet, at dinner with Mrs. Graaf.
Jan. 30, 1909. 140
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Fisher, Gov.
Dr. Butler says, will be the future boss of Pennsylvania.
Dec. 6, 1928. 98
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See - Nelson, Mrs. Alexander
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Five affirmative votes. 130
See - Cunningham
Food administrator
See - Hoover
For others, Loans
See - nrokers loans
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Foreign editors
O.S.H. meets, at dinner of Carnegie Foundation.
Nov. PP, 1928. 84
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Federal Reserve Bank of St. Louis
"AMeSitle *intiDert
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C.S.H. drives out to cemetery.
Sept. 17, 1928. 28
See - Cunningham, Henry V.
11.17,k„,
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Miller says Great Britain should have not gone so suddenly
to the gold standard butshould have contented itself at
first with stabilization as did France and Belgium.
Feb. 5, 1929. 151, 15"
Gov. Norman said France had obtained gold for capital rather
than for gold standard purposes.
Feb. 6, 1929. 156, 157
1..-,1044,410r
Franchise tax
Miller objects to Board asking Sec. Mellon to consent to pa:rment
of salary for 2 months after death of Gov. Strong on ground
that he, because of, was the one who could raise the question
of legality, and said it would give rise to scandal similar
to the oil scandal.
Dec. 18, 1928. 108, 109
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Freeman, Bishop
Attends dinner at Woman's Democratic Club in memory of Wilson
and says Grace.
Dec. 28, 1928. 117
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We meet, at dinner at Larz Anderson's and
champagne freely during the dinner.
says he drank
C.S.H. noted he did not take a cocktail before dinner.
,,A),ale'
In view of his publit attitude favoring the Volctead Act, we
thought this very extraordinary.
Mar. 19, 1929. 195
•
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Frequent and continuous borrowers
See - Direct pressure
Willis
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We started out to attend funeral of, in North Baston, but found
it 'as at nonn instead of a 2 p.m. as we taought, so w -en
we reached there it was all over.
Aug. 25, 1928. 18
Frothingham, Mrs. Paul Revere
We dine with.
Mar. 18, 1929. 192
sv
i7;t1, , tIon o; JA'.0 gsvIlb
.Asb
Nneral of President Wilson
3ishop Atwood told anarles Warren he had seen a telegram from
Mrs. Wilson or Mr. Bolling to Col. House saying he was
not expected to attend.
Nov. 24, 1928. 90, 91
,
runerals
See - llliott, Milton C.
Zvans, Laurence
Frothingham, Louis
Lansing, Robert
McOlennan, Mn. Tytys
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Federal Reserve Bank of St. Louis
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Federal Reserve Bank of St. Louis
IS1.
-.0—
Garrison, Ex-Secretary
Miller said Wilson intended to ap ,oint another Y.Y. man of szne
name but by error the letter was sent to Lindley Garrison
who accepted.
Feb. 7, 1929; 161
Glass, Senator
Anderson says Glass was so bitter in 1Le campaign that he
Henry
can not be reelected to Senate.
Dec. 5, 1928. 96
Glidden, Mr.
We meet, at dinner with Bishop Rhinelander.
Feb. 19, 1929. 178
Goebel, Peter
See - FedPral Advisory Council
Gold, Gold standard
Gov. Young said Gov. Norman said he should no longer protect
British xchange and would allow some gold to be exported to
U.S.
Board agreed not to offset this.
Gov. Young said the member banks would pay off redif;counts with it.
James claimed they would put it on call because of higher rates.
Gov. Young denied they would be moved by desire for profit, citing
that some N.Y. banks had sold bonds at a loss and with
proceeds had reduced their redisco -intg.
Sept. 7, 1928. 23
Gov. Harrison also sold Gov. Young of Gov. Norman's intention
of ceasing to support British gxchange.
Sept. 7, 1928. 24
Miller favors taking away gold reserve benind the greenbacks
leaving them as an unsecured Govt. oblisation.
Dec. 28, 19)8. 116
C.S,H. sarcastically said, why not seize the gold behind tle
gold certifidates as McAdoo wanted to io during war?
Dec. 28, 1928. 116
82.
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Miller said Great Britain went
that she should have gone
with stabilization as did
Feb.
too quickly into gold standard;
more slowly, contenting herself
France and Belgum.
5, 1929. 151, 15:'
Miller puts many quen-ions to Gov. Norman as to operation of
gold standard in Europe.
Feb. 6, 1929. 156
Gov. Norman said gold standard was in peril in near future;
that the purpose of a gold standard originally was to
protect the exchanges; that recently, however, Zurooean and
South American countries had obtained gold for capital
and not for exchange purposes, - e.g. France, Brazil,
Argentina; that it was a strain on mold even when used to
maintain a central banks reserves; that While he believed
a much lower ratio would be safe, his people did not 'eel
so, and any appreciable detline in gold reserves was
reflected at once in the country's exchange, and the
country must increase discount rates to protect its gold
althoagh no increase was nectwQary from the commercial
standpoint; that he feared trouble if countries need told
for other than its real purpose, - settling of balances
with other countries.
He said prices were now adjusted on an international world level
and that any pronounced fall would be most injurious.
Feb. 6, 1929. 156, 157
See - Goldenweiser
Goldenweiser, Dr.
Defends his figures as to production, distribution, chain store
figures etc. from criticisms of James.
Oct. 11, 1928. 49, 50
Board disapproves request of, to appoint a foreigner to help
him as to foreign statistical d;:ta, althoueh he said he
had tried in vain to get a competent American.
Tie vote:
Aye: (ov. Young, C.S.H., Platt
No: Miller, James, Cunningham
Nov. 1n, 1928. 69
Sxplains to C.S.H. the ap)ointment of Harrison as Governor of
P.R. Bank, N. Y.
Nov. 24, 1928. 88, 89
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Federal Reserve Bank of St. Louis
Jet
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
83.
Goldenweiser, Dr. (Contld.)
Protests against putting into Board's credit rarnin
g a copy
of our letter to the Chairmen of P.P. Banks, as
it would
make public a difference between the P.R. Board and
P.R. banks. The Board accepted this suggestion.
Feb. 5, 1929. 152
•
Tells Federal Advisory Council existing speculative
oonditions
are a menace to P.R. System; that busine.s rates had
increased at leant 1% and must increase more unless
speculation thru use of F.R. credit declined; that farther
increase cr'' F.lis rites threatened industrial conditions
in
U.S. and even threatened disruption of sold standard gbroad
,
as it would draw gold from urope which 77ould be very
undesirable for U.S.
Feb. 14, 1929. 171, 172
Gordon-Cummins, Mrs.
/e dine with.
Dec. 24, 1928. 114
Government securities
Gov. Young defines word "securities" as used in Board's draft
on Open Market Investment Committee as including bills
and.
Nov. 16, 1928. 77
Gov. Young gave notice that hi* would introduce a resolution that
no P.R. bank could invest more than a certain percentage of
its capital in.
Jan. 4, 1929. 123
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leak into the call market more slowly than proceeds from sale
of.
Jan. 5, 1929. 124
Warburg favors a discriminating rate against member bank collate
ral
notes secured by.
Jan. 5, 1929. 125
•
See - Collateral notes
Open Market Investment Comflittee
Governors Conference
Miller wanted to call a, to discuss direct pressure, but Board
felt this would prove to be another "Mai, 1920" conference.
Feb. 7, 1929. 163
•
Governors, P.R. Banks
See - F.R. Agents; Joint Conference
•
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Graef, Mr. and Mrs.
We dine with.
Present: Sec. Mellon, Mrs. Pinley, Mrs. Corbin,
Lady Lester-Kaye.
Jan. 30, 1929. 140
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
84.
Graef, Mr. and Mrs. (Contld.)
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Mrs. Graef told us that some time ago the people of Rome,
Georgia,
had erected a monument to the first Mrs. Wilson and
had
written inviting each of his daughters to attend at
the unveiling
but that neither ever even acknowledged the
invitttioh.
reb. 10, 1929. 165, 156
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Mrs. Graef said that some years ago two young Englishmen
, one
an artist, spent come time in Washington and saw much
of
the young society girls; that she asked them who they
thought
was the most attractive girl they had met; that they
replied
they had discussed this question with one another the
day
before; that they agreed that Anna Hamlin was the most
beautiful
girl they had met in America; that her features were
absolutely
perfect.
Jan. 30, 1929. 140
Grange, National
See - National Grange
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Grant, Alexander
See - Grant, Catherine
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2. "He Rather Injoyed It" by Wodehouse.
Aug. 30, 1928. 21
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Drives us over to call on the Misses Howlands, Pairha
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Lunches with us on my 67th birthday at Mattap
oisett.
Gave me 2 books as birthday presents.
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Writes C.S.H. thanking him for the album of facsimiles
of U.S.
postage stamps which I gave Catherine last summer for his
•
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Dec. 31, 1928. 120
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rd and C.S.H.
got it. It was well done (See scrap book.)
Sept. 2, 1928. 22
C.S.H. called Ix? Catherine and asked her if she would chaper
one
Gertrude Myer and himself at lunch at Somerset Club
tomorrow.
Sae suggested that we dro2 Gertrude and have lunch
together
at the Club, and then drive out to see her new
home in Longwood.
Sae said that would be sPlfish, and that of course
she would
join us if I wished it. Bertie said there was
no reason why
C.S.H. should ask Gertrude, so he reserved a table for
two Lt
the Club.
Sept. 1,5, 1928. 26, 27
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Federal Reserve Bank of St. Louis
85.
NIC
•
Grant, Catherine (Contld.)
. C.S.H. met Catherine at Somerset Club. Before she arrived
Mrs. Lars Anderson told him that Gertrude Myer was there
lunching with Mr. and Miss Codman. When Catherine campin
I told her of this. At first she thought I had accepted
an invitation from Gertrude and later had gotten out of it
by pleading an important engagement. I told her, however,
that I had declined Gertrude's invitation because of another
engagement. So there was no reason to try to avoid Gertrude.
We went in to lunch and soon Gertrude came over to us with
a smile almost a leer on her face and said, "sow I know what
your tmportant en.0;agement was:
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and Gertrude said, "I shall never tell Bertie.m
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•
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She evidently thought or pretended to think that we had made a date
together and that Bertie did not know it, and that this would
give her a hold over me. 719 thought it a good joke to let
her think so.
After lunch I drove out with Catherine to see her new house.
Sept. 17, 1928. 26, 27, 28
Called up Bertie from Washington. She said Catherine called in
afternoon and they had a good laugh over the lunch incident.
Sept. 18, 1928. 29
Catherine mole over from Fairhaven and gave me a book to read.
C.S.H. said he hop-d she would write occasionally during the winter
and let us know how she was getting along, and she said she would.
nil° driving out with her to her house last Monday, she kept calling
me "Mr. Hamlin" and I suggested that as we looked on her as
practically one of our family, almost like a younger sic
,ter, she
had better drop the "Ur" and use instead "Charlie." She said
she would be delighted to but that her family would probably
make all sorts of fun of her. When I left she dropped the "Mr."
,
Today I sug ested that if she would 1)e subjected to any embarras -nent
or ridicule, she could drop the "Mr." only when we 'were alone
with Bertie and be very formal on other occasions. She smilingly
said she would do this.
Sent. 21, 1928. 29, 30.
...
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Federal Reserve Bank of St. Louis
86.
Grant. Catherine (Cont'd.)
Bertie and I are feeling really blur at Catherine's moving up
to Boston and especially so as she says she will probably be
in Nahant next summer. !fel have seen her.almost every day
in the summer for many years, and she has been absolutely
devoted to us. Her coiling over with her children to bathe
has meant much to Bertie, and we both have a feeling of deep
affection for her as if she was one of our family. - a sister
or even a daughter.
Sept. 21, 1928. 30
Catherine came over with the children to bathe and loaned me
the "Chronicles of Clovieby H.H. Munro (Saki)
Sqpt. 20, 1928. 30
Catherine dined with us, with Mrs. Stanley McCormick and others.
Alexander Grant said he had a cold and could not come.
On leaving she said she hoped I would write her some more of my
delightful gossipy lett-rs, giving .11 the news from Washington,
and I said I wouldbut that when she wrote me she must dro)
"Mr." and substitute "Charlie" or even "Grandfather" if she
,
preferred that. This she said she would do.
She spoke of her deep love aad at"ection for Bertie and si.id whenever
Bertie came to Boston she must stay with her.
She also said it was within the bounds of possibility th:It she might
be back in Fairhaven, or possibly in Mattapoisett next suraler.
C.S.H. said is would write her a formal birthday letter.
C. .H. writes her as to Alice Ben Bolt,
Sept. 23, 1928. 31, 38
See - Alice Ben Bolt
Catherine moves to Boston with her famil,y.
Sept. 25, 1928. 31
C.S.H. writes Catherine sending back a book she loaned him and
giving some reminiscences of Longwood as it was when he lived
there.
Sept.26, 1928. 31, 32
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Federal Reserve Bank of St. Louis
67.
Grant.Catherine (Contid.)
Bertie telephoned Catherine to come down with the children. She
said she could not as she was exhausted from house moving,
but they were going to Fairhaven Fridtv for over Sunday
and would take a meal with us.
She told Bertie she had received my letter but had been so used up
after paying bills, etc. that she had not been L-Me to rrite.
41
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.
She begged Bertie to came up with me and spend the night. Bertie
said I was not going back via Boston this week as I could
not get a berth on the Federal xpress, but that sJe would
surely go to her in November.
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send his love, because she ILid neglected to acknowledge his
letter. This has never happened befol— and she will understand
it.
Oct. i, 1928. 43, 44
site Attl:
Is wrote Mr. and Mrs. Delano to visit us and surprise Catherine
who wa s to be in Fairhaven on Friday.
Oct. 8, 1928. 47
Catherine came down to Fairhaven with 7red and Anne to say over
Sunday. She .:ame to dinner and we all listened over radio
to Franklin Roosevelt's Boston s!Jeech.
She said she surely expected me to go to her house in Longwood
Monday when en route to Washinp.ton.
Oct. 12, 1928. 55
01"
Catherine brought Miss Abby qowland over to tea.
•
. . .
Sle told 0.S.H.the reason she had not answered his letter before this
was that it was so brilliant and fascinating that she felt
she ought to try and write an inter,s'ing and caref-aly written
answer somewhat near the level of his;that she had been so
overwhelmed with the details of the new house she had not been
able to even write her Mother; that if .(.11., however, would
be content with a simple, uninteresting letter she would gladly
write.
C.S.H. said this would be perfectly satisfactory, and that if he did not
hear from her soon he night send ner a printed st:Asnent of
different f..cts and all she would have to do would be to place
an X op,ositeher choice; that he would even enclose a stamped,
88.
Grant, Catherine (Contld.)
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C.S.E. did not hear from her within two weeks, to send on
such a letter.
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Monday.
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C.S.H. calls on Catherine at Longwood.
Catherine and Alexandlr both begged O.S.H. to come there as often
as he could and she would give me a quick dinner.
Judge Grant s:.id he should vote for Hoover but realized that his
election would fasten prohibition on the country forever.
He seemed disturbed at Democratic radicalism. 0..H. fears
he distrusts the Roman Church.
C.S.H. writes Catherine a b-ead and butter letter and asks her
to came down some day next week.
"
Oct. 19, 1928. 61
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Catherine told Bartle some time ago she should vote for
Gov.Smith.
Ont. 15, 1928. 58, 59
" riZcrp.r%.,"
•
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on Catherine as if ?he were our own daughter.
Oct. 13, 1928. 57, 58
Judge Grant and Alexander were there,and. 0.S.H. drove Judge
Grant home.
2.
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She said she would try to get Judge Grant to meet me, and she
begged Bertie to come with me and spend the night.
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Bertie called. up Catherine asking her to come down, but she could
not as Alexander was off on a hunting trip (Ind would
probably return an Saturday.
Catherine told C.S.H. she had sent him a letter to the Cosmos Club
yesterday. She said she would surely came down before we
left.
Oct. 23, 1928.
Catherine sent us
birthday.
some
chrysanthemums in memory of Anna's
Oct. 26, 1928. 62
C.S.H. receives Catherline's letter sent to Cosmos Club, dated
Oct. 22, 1928. She addressed it or tether began it, "Dear
Charlie."
Oct. 26, 1928. 62
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Federal Reserve Bank of St. Louis
89.
Grant, Catherine (Contld.)
C.S.H. calls up Catherine who said she would be at home in the
afternoon and would give me a quick supper so I could
catch my train to Washington.
I asked if she would go with me to call on Lady Ames and she
said she would.
I called at 4:30 and we walked over and had a delightful call
on Lady Ames who gave us tea and. kept us an hour.
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Returning I had supper with Alexander and the children, and left
in time to catch the Federal xpress.
Oct. 79, 1928. 63
While Catherine was dressing for super, I had a talk with
Alexander about brokers loans. He always addressed me as
Mr. Hamlin and I finally told him his Father and I had used
their Christian names for 30 or 40 years; that for many
years I had called him Alexander; that Bertie and I looked
on Catherine and himself as one of our family and as a
younger brother and sister; that I many wished, at least in
the bosom of the family, he would drop the "Mr." and call
me Gharlie. He seemed very much pleased and said., - would
you consider it respectful? I said yes, and when I left he
addressed me as “Charlie.N
Oct. 29, 1928. 63
C.S.H. told Alexander that we considered htm one of the luckiest
men in the world in having Catherine.
rTrr71'iir
Later I told Catherine of my talk with Alexander and she was
very much pleased. During our walk she told me how she
admired and loved Bertie, and that she felt as if she were
a younger sister to us both. She finally said she expected
a bread and butter letter right away.
Oct. V, 1928. 64
C.S.H. sends a bread and butter letter to Catherine filled with
Washington gossip.
Nov. 1, 1928. 65
Catherind told me Alexander would probably vote for Hoover.
sure, however, she will vote for Gov. Smith.
Nov. 4, 1928. 66
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http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
90.
Grant, Catherine (Contld.)
Miss Hathaway, of New Bedford, on whom we called, praised
Catherine in highest terms, but spoke in almost contemptuous
terms of Alexander. She said he was supremely selfish and
did not ap)reciate what a wife he had.
Nov. 4, 1928. 36
Annie Nourse, when here two weeks apeo, said she saw mach of
Alexander at Nahant, this summer, and thought him very
uninteresting and disagreeable.
Nov. 4, 1928. 66, 67
We celebrated the election of Franklin Roosevelt by opening a
bottle of sherry left by Catherine and telenhoned her at
Longwood but she was out at dinner.
Nov. 8, 1928, 68
C.S.H. called up Catherine from Boston. She said she wrote him
yesterday and was going down tomorrw; that Bertie had just
telephoned her and she was to dine with um tomorrow night.
Nov. 9, 1928. 68
C.S.H. received a very sweet note from Catherine dated Nov. 8.
Nov. 9, 1928. 68
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Catherine dined with us and asked me to come to her a week from
Monday when I returned from my last visit to Mattapoisett
for the season. She asked me to telephone her from Boston,
and if she had any evening engagement for d1nner she would
frankly say so.
Before she arrived Bertie said she should again ask her henceforth
to call her Bertie, but Catherine diI this twice ( C.S.H.
had several times and Bertie also had previously asked her
to do this) - so Bertie did not need to mention it. She
also several times addressed me as "Charlie."
She also said she hoped I would continue to write her from time
to time, altho she felt her letters in reply would not be
worth reading.
•tit
:
We again opened the bottle of sherry and all drank to health of
Governor glect Roosevelt.
Nov. 10, 1928. i')8, 69
•
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Mr. Delano told C.S.H. that Catherine did not want to leave
Fairhaven.
Nov. 13, 1928. 70
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
91.
Grant, Catherine (Contid.)
C..H
telephones Catherine from Poston and she said she
was
at home and I must surely stay for dinner.
In afternoon I called on her and we went together to
call on
Mrs. Henry Howe, having tea there and, staying nearly an
hour.
We returned and had supper with the children, Alexander,
and
Mr. Devens.
Both Catherine and Alexander repeatedly addressed me
as "Charlie."
Left on Pederal Mxpre-s.
Nov. 19, 1928. 80
Catherine said her Mother was telegraphing
and writing her as to
some things they wanted to send on; that she feared they
were old "bunk." She begged me to tell them her house
was
already filled to overflowing, which O.1.H. saw it liter
ally
was.
Stie.again asked 0.S.!. to write and said she woald su:.el
y answer
his letters.
We feel that Catherine really feels as if she was
a member of our
family, like a younger si'ter, - as we have begged her
to
feel.
Nov. 19, 1928. 80, 81
C.S.H. telephoned Mrs. Delano that he dined last night witl
Catherine and Alexandar, and She was much pleased,
saying
it was good for them and for O.S.H. too.
C.S.H. told her how full their house was. She s-)oke of
her letter
and telegram, saying Catherine had not answered and she
su,)posed they did not care for the things.
She asked me if Catherine had mentiorr d her letter and
telegram.
and I answered equivocally by aaking what the things were.
She sr)oke ofsome old tiger skins, not of great value becau
se
of frequent repairs.
Nov. 20, 1928. 81, 82
3.S.H. sends Catherine for ha!' birthday prese
nt, a book, - Introduction
to Drama" which she picked out from a list I gave
her some
time ago.
I wrote on it,- "To Catherine:
lith love and birthday greetine,s from
Huybertje and Charlie.
Nov. 25, 1928.
Nov. 21, 1928. 82
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Nov. 22, 1928. 83
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birthday aresent.
Dec. 10, 1928. 100
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Catherine sends a large package "not to he opene
d before Christmas."
Dec. 14, 1928. 106
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Bertie sends Catherine as a Christmas present
from both of us a
Mexican glass flower vase.
Dec. 18, 1928. 108
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for her Christmas
present of two books, and for her ahristmas card.
The
books were, -' et General 4rant," and "Harn
,Me
ess."
Dec. 22, 1928. 113
C.S.H. received a letter from Alexander, Jr.
thanking him for the
facsimile of U.S. postage stamps he gave Catherine
last sumer.
Dec. 31, 1928. 120
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Freddie and was
to take him to a celebrated Doctor in N.Y. and later
might
came down to Washington.
Dec. 22, 1928. 113
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Catherine said they could find no place for
the tiger skins.
Nov. 26, 1928. 92
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Bertie received a letter from Catherine dated
Dec. 29, 1928 thanking
us for the Mexican bowl, and saying she would
write C.S.H.
soon. She began it, "Dearest Bertie."
Jan. 2, 1929. 120
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rine dtld Jan. 9, 1929,
enclosing a cli),ing quoting Robert Ttshburn
3n C.S.H. which
he already had.
Jan. 11, 1929.128
C.S.H. sends long letter to Catherine.
Jan. 2,1, 1929. 131
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See - Grant, Catherine
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Teb. 5, 1929. 151
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them as an unsecured obligation of the qovernment.
Dec. 28, 1928, 116
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Jeb. 5, 1929. 150
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94.
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See - Hale, Rachel
Hale, Donald Cameron
See - Hale, Rachel
Hale, Eugene. 87
See - Hale, Rachel
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Aug. 2, 1928. 2
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C.S.H. writes, a full account of his interview with Dr. Ruffin
as to Gertrude Myer.
Aug. 2, 1928. 2
C.S.H. writes long 1Ptter to, telling of Gertrude's visit to is.
Aug. 11, 1928. 4
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Gertrude says Mary {ale has written her that Raehel has ha. a
nervous breakdown, that her Doctor advised a trained nurse,
and that she had given up hr proposed vielit to hot*.
Aug. 18, 1228. 10
C.S.H. feels that his letter to Rachel made it clear to her that
she was in no condition 6o have Sertrud0 for a visit this
summer.
Aug. 18, 1928. 10
Gertrude tells C.S.R. she has
that Mrs. Stokes (Carol)
on Rachel in Bar Harbor,
were too ill to see her.
Aug.
heard nothing more from Rachel but
had written her that she had called
but that she and her sister, :ft.s. Claris
?5, 1928. 18
C.S.R. writes Rachel as to Gertrude.
Sept. 4, 1928. 22
C.S.H. recAves a very ap)reciative letter from Rachel Dated
Sept. 7, 1928.
Sept. 11, 1928. 25
C.S.H. writes Rachel from Somerset Club.
Sept. 17, 1928. 28
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Federal Reserve Bank of St. Louis
VO.
Hale, Rachel (Contld.)
C.S.H. started to write Rachel when somethIng seemed to say
to him that she was at her house in Washington.
I called her up and found she
as there but vap re!ting.
Later I called up again and she had returned unexpectedly and woilld
have called me up before (she arrived on Thursdv) but her house
was in such utter confusion that there 7fl..13 not a room in which she
could receive any one. She begged me to come rip-ht over, which
I did.
We had a delightfliltkIk of nearly 1-k hours, and I told her in detail
everythirvi Gertrude had said to me during the summer.
She said my lettemwere perfectly fascinatin, -that she had new.r
read such charming letters, that Mary also was entranced with them,
and would often meet her at the door, when she was returning after
a call, and explain in great excitement, - another "Chronicle" has
come; that they would both run wo to reld it with avidity.
ing Gertrude's
She said she told Mrs. Rogers about my letter descri,
visit, and had finaly destroyed it lest some one might came across
it unawares.
She spoke of GertrudeIR nephew and said he was a had. lot.
She said Major Leonard told her ttat Gertrude had between $30,000 and
$40,000 per year.
She s2oke of her own income saying she could not tell exactly that it
was, she was so stupid
out such matters, but she rither implied
it was not mucl more than that.
She said Gertrude was amply able to take a house for the Rummer and ought
not to expect that her friends should entertain her for long visits.
She agreed with C.S.H.that Gertrude
a husband who suited Iler.
as crazy to marry if she could get
C.S.H. said he would call u Rachel when he returned on Wednesday and
she said she might ask us both to dinner, if her house painting was
finished.
Set. 28, 1929. 36, 37
C S.H. called 12 ) Rachel and had a fine talk witA her. I told her I
,
feared Gertrude was angry with me because of my frankness in
answering her questions, but Rachel said I oucht to call her ul as
she was most friendly to and ap-orecir,tive of lertie and .yself.
let. 2, 1928. 39
96.
Hale, Rachel (Conted.)
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him to dine with her
at the Carlton in the evening in her
sitting room; that I
hoped she would ask her to chaperone
us; that if I did not
find her at the dinner, I would call
tomorrow afternoon.
Oct. 2, 1928. 39
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Oct. 2, 1928. 40
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she nad t ought it best to
destroy my letter describing lertrude
ls visit to us and asd
her if 1 had better not destroy her
letters to me as to Gertrude.
She said she thought I had better do
this.
As to my letters, she said she feared she
might leave one on her desk
and that Gertrude might thus see it.
We both ag,reed that she could write much
more franIply in the knowledge
that her letters as to Gertrude woul
d be immediately destroyed.
C.S.H. said he did not care whether she
destroyed his letters or not,
but he thought itbetter to destroy hers;
that he had not
destroyed hers yet but would immediatel
y do so without, of
course, keeping any copies.
Oct. 3, 1928. 40
Rachel said that Gertrude suddenly said
to her, - "You never told me
you had a long talk over the telephone with
Charlie the other
dw e ll and that she gave her a somewhat
equivocal reAy.
C.S.H. told Rachel that all he said to Gertr
ude was that he had called
you up to find whether you had returned,
- absolutely nothing
more; that Gertrude exaggerated so that
one could believe
notaing she said.
C.S.H. said if Gertrude were to quote
you (Rachel) as saying anything
unpleasant about him, he would not belie
ve a word of it but
would tell her (Rachel) at once about
it. Rachel said she
would do the same and we made a mutual
agreement to that effect.
Oct. 3, 1928. 40, 41
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
97.
Hale, Rachel (Cont'd.)
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Rachel said she called on Gertrudr the other day and that she
looked ill and wretched and down at the heel, - very "sloppy."
/.k.;
C.S.H. confirmed this tellinv Rachel how "sloppy" Gertrude was at
dinner last evening; that one of her stockings had sli:Ted
down between her knee and foot, that her hair was out of kelter,
and that her general appearance was anything but e:onventional.
He also described the humorous !'eatures of the dinner with
Gertrude.
Oct. 3, 1928. 41
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executors and C.S.H., although having several times declined
to act as executor, yet has al"!ays been an intimate friend and
adviser.
Oct. 3, 1928. 41
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Rachel said Gertrude did not seem to want to prepare a memorandum as C.S.H. had asked her to do - as to any differ-nces she has
had with her nephew, - feeling that after all there was not
much to tell, and that perhaps this was why she had not done it.
Oct. 3, 1928. 41
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•
Rachel loaned me "The Old Dark House" and said she hoped her drawing
room would be free from paint next week when I returned, so we
could have dinner together, and ahe asked me to call her up.
Oct. 3, 1926. 42
nol
k
's
Rachel said she fully agreed with C.S.H. that Gertrud, nephew
skillful lawyer, might after lertrud's deah show
aided by a
very much oddity in Gertrude, and that we both felt that she
was of sound mind, from the po.nt of view of ma'cinE a rill;
that we were lertrulAs closest friends and that it was our duty
to watch over her and guide her.
Ct:.f
C.S.H. destroyes all of Rachel's letters, - cLited Jay 1, 1928,
July 28, 1928 and Sept. 7. 1928, kee-Ang no copie . The s?oke
of Gertrude with such frankness that we both agreed it would
be better not to keep them and it would enable her to write ms
about Gertrude with perfect frankness in the full knowledge
that they would never be seen by anyone (excent, of course, by
Bertie.)
These letters were all begun, "Dear afirlie."
Oct. 5, 1928. 42
C.S.N. writes Rachel that he has destroyed the letters and returns
"The Dark House."
Oct. 5, 1923. 42
98.
Hale, Rachel (Oont'd.)
C.S.H. calls on Mrs. Rodgers but she eai0 nothing especial
Gertrude.
out
C.S.R. was not surnrised at this as he had told Rachel in one of his
letters that he would be most circumspect about sneaking of
Gertrude to Mrs. Rodgers, but that he hoped Rachel would
tell her about our talks and his letters.
Oct. o, 1928. 42
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within just after Anna's death, and puts it in his trunk
with other letters from various peo)le On other matters.
He advised Rachel of this.
Oct. 7, 1928. 44
Racnel telephones at 8:45 a.m. asking me to come to dinner at 7130
to meet Mr. and Mrs. Horace Washington. She said not to wear
even a dinner jacket as Mr. Washington had none with him.
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Uattapoisett) and as it was a very hot evening he felt almost
suffocated.
To his surprise, Mr. Washington arrived dressed in a dinner jacket,
which Rachel had said he did not have wtth him. Soon :fter,
Major and Mrs. Leonard appeared, the Major in a dinner jacket
also!
Rachel meekly apologized for having insisted that I should not dress
and the incident afforded much humor.
r-)w
ahr
C.S.H. went to Rachel s a little before 7130 and met her coming down
the stairs from her room winding an alarm cloek. C.S.H. said
that he knew this clock was prmpared because of the long dinner
Bertie and I once had at her house, when, no clock being
visible, we stayed very late. She seemed almost embarrassed
at this witticism but said it was not on my accomt that she
wanted the clock.
.
We had a most interesting dinner. Rachel put me vie a vie to her.
During the dinner Mary Hale came in dressed for another
dinner, sid she really looked most charming and attractive;
her dress was most becoming and beautiful. She is really
getting to be more like her mother every day, and bide fair
to be a very beautiful woman. She is also a girl of good
sense and has a good mind. The man who gets her will be lucky
indeed!
99.
Hale, Rachel (Cont!(1.)
•
•
•
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After dinner Rachel asked me to sit in the corner of the drawing room
with her and we had an interesting talk together. She
repeatedly addressed me as "Charlie" as did also 111en Leonard.
Oct. 9, 1928. 48
C.S.H. writes Rachel describing the seizure Gertrudf. had at dinner
last evening.
Oct. 11, 1928. 49
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days.
Oct. 16, 1928. 59
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C.S.H. called and had tea with Rachel.
She asked me again to promise that, if Gertrude ever quoted her to
C.S.H. as saying anything even apparently unpleasant or
disagreeable about Bertie or himself, he would at once tell her;
that any such statement C.S.H. could nut down at once as a
deliberate lie. (3.S.H. gave this promise and Rachel gave a
similar promise in return.
Oct. 31, 1928. 64, 65
Rachel said Gertrude once quoted her falsely saying that she said "the
wife of Bishop Rhinelander was a dangerous woman" and that it
gave her great embarrassment.
She said also that if Gertrude ev.-.r realized how intimate her (Rachel's)
intimacy was with 3ertie and C.S.H., she woild be furiously
jealous and would try to break it up at any cost.
Oct. 31, 1928. 65
C.S.H. calls on Rachel but she was not at home.
Nov. 13, 1928. 70
Gertrude tells C.S.H. that Rachel was not well and had been ordered by
her new Doctor to go to bed for 10 days and then to e:o to
Garfield Hospital for another gall bladder test.
Nov. 13, 1928. 70
C.S.H. writes Rachel expressing sympathy at her illness.
Nov. 13, 1928. 70
Rachel
lled C.S.H. on telephone at Cosmos Club at 9 a.m. Said she
had received my note, and added, - referring to Gertruds's
statement to him, I suppose the fat is in the fire"
She asked me to drop in tomorrow - Iriday - at any time and I
said I would at 5:30. She said any time, aow-ver late, would
do as Mary was giving a dinner and she would have to st)nd around
and help.
Nov. 14, 1928. 71
100.
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Federal Reserve Bank of St. Louis
Hale, Rachel (Contld.)
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She thanked me for my most kind letter offering to come and read to
her, and seemed very much pleased with it. (In it, C.S.F. said
Bertie and he considered her the closest and dearest friend we had.)
Nov. 16, 1928. 78
Rachel told C.i.H. she had purchased an old Manorial estate called
/4 of an hour distant from
"His Lordship's Kindness" about 3
lasaington, not far from Ellen Leonard's place.
She said she had already paid down 15,000 on it; that the sale required
an order of the court which had only recentli been issued. C.S.H.
asked if she had an Attorney to represent her and she said No,but
that the Maryland Trust Co. was looking u) the title. .(3e said
sae was worried at the delay in gettino the title, and wished to
be able to say, fram time to time, if in any doubt that she
must consult some one as her adviser, and would like to be permitted
to say that C.S.H. wgs her adviser.
et41!:s4
She said she waned to drive us down to see the place as soon as Tlertie
returned to Washington.
She aslced me surely to call again on my return next week.
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She said she had been feeling wretchedly for some time, and had lost
all the weight she had gained during the !;ummer; that her regular
Doctor, Dr. Miner, was away; that her new Doctor hcd ordered her
to stay in bed every day until lunch, which she said she was
doing; that he also said she must go to Garfield Hospital to have
another gall bladder test, - Which she certc.inly would not do,
at least not until her regular Doctor returned.
C.S.H. at once said she could use his name in any way, ant at any time
she saw fit, and this pleased her very much.
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ea4 17.-, . .
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C.S.H. apologized for his somewhat krsterical letter to her about her
health, but she said, on the contrary, it was a most delightful
letter to her.
Nov. 16, 1928. 78, 79
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She showed me photographs of her new 711ace.
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She raid Gertrude told her tie other dby that she blis goingto
sell two tables owned by Walden; that she asked the price
she wanted for them and she said $50 each; that she went
,
around to see them in an antique shop and the man said the
each, which she (Rache/) paid.
,rice was $100
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for $50 each, but I have no doubt you will sell them Liter at
a handsome profit!"
C.S.H. asked Rachel what reply she made to thi.s, ani she said she
merely gave her a soft answer.
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•;.S.H. said she ought to have slapped Gertrudels face and Mary
agreed enthusiastically.
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she had said
Rachel asked me wlvt / would have said to Gertrude if
have said to her, “No woman
that to me, and / said I would
who wears a wig can speak to me in that fashion.
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Rachel said Gertrude once told her that her hair under
was very white.
Nov. 22, 1928. 83
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Gertrude told C.S.H. that in her will she had provide
her 3 executors only Rachel was to receive compensation
for her services.
Nov. 23, 1928. 84
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Gertrude seemed angry with Rachel at dinner. She said
monument and sat
asp she was walking around the Washington
she
down on a bench to rest; that later Rachel said that
one in the distance
drove around the monument and saw some
in
who looked like Gertrude, just as she was driving off
really did not
her motor, but that she was co tired she
Gertrude
have the strength to drive around to see if it was
and drive her home to lunch.
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Gertrude evidently had not seen Rachel on that occasio
ly had a guilty conscience,
told C.S.H. that Rachel evident
and she evidently was very angry at Rachel's remark.
h enough to take
She said that Rachel, tired as she was, had strengt
n, that very afternoon to her
her old friend, Mr. kraeto
new home in Maryland.
102.
Hale, Rachel (Cont'd.)
She said Mr.
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for no
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She said Mr. Appleton was a fine looking man, but not at all brilliant,
and had never married.
1928. 85
Nov.
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Gertrude also said that although Rachel and she were very close
friends, she fully believed that if she Should die and Rachel
had taken passage for Surol)e she would not postone her sailing
on that account.
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Nov. 23, 1928. 85, 86
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Appleton had been a great admirsr of Rachel's for many
that he could not, however, have prwoosed to Rachel,
one could conceive her turning him down and then
Chandler Hale.
Gertrude said that Mrs. Warder had said many tiles to her that
Rachel was beautiful and fine in all things, - but She gave C.S.H. to understand that Mrs. Warder felt that there
something lacking in Rachel's Character.
was
This, to C.S.H., is utter nonsense. That Rachel should have so long
and so patiently put up with Gertrude's inconsistendies,
prevarications and petty jealousies, would be proof enough, for
any reasonable person, of her character and lodalty.
'hen C.S.H. thinks of her care for Gertrude and the devotion she
showed to Miss Loring, not to speak of her kindness and
sweetness to Bertie and himself, such twaddle as the above
fairly makes his blood boil.
Nov. 23, 1928. 86
Gertrude also said that when Walden died and Rachel went down from
Bar Harbor to her at !astern Point, Rachel said she came down
as much for Walden's sake as for hers. This, :lor-v.-r, did not
seem to Aisturb Gertrude for she said she always hoped Walden
would fall in love with Rachel and that she wcoild accept him,
but that while Walden was a great -friend of Rachel's, he never
was in love with her.
C.S.H. thinks this also is utter rubbish as he firmly believes 7alden
worshipped Rachel and that it was not his fault that they nev-r
became engaged.. On the other hand, ,rod and fine as Ialden
was, C.S.H. could not conceive of such a thing as Rachel, with
all her charm and beauty, falling in love with him.
Nov. 23, 1928. 86
103.
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Gertrude also said that when Rachel's son, %gene, was ill at
St. Paul's School with measlee, Rachel called her up and
asked her whether she thought she ouz ht to i!to to Concord
to take care of him; that Rachel said Hary thought She ought
to go, but as it was merely a simple case of measles she
feared she would merely be in the way.
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GertrudP did not, of course, say that Rachel had been derelict in
her duty towards her child. C.S.H. fears that she honed
it would leave that im7)ression on his mind.
.
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Gertrude did not say what advice she gave Rachel, but merely said
Rachel did not go at once, and that later scarlet fever
set in, and that then Rachel went at once to Concord but
that Bugene died.
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At first C.S.H. could not understand Gertrude's reason for these
vitriolic attacks as she seemed outwardly calm and sober,
but finally she said she merely wished to give O.S.H. an
inkling as to Rachel's character.
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that C.c.H. admires Rachel greatly is determined to break up
the friendship by such vile slanders as the above.
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Rachel has been a loyal friend to Gertrude, often under trying
circumstances, and such contemptible innuendos stamps
Gertrude's character most clearly.
Gertrude has often told C.S.H. that she considered Rachel as her
dearest friend: Heaven save one from such frienAst
Nov. 23, 1928, 87
C.S.H. writes Racheltelling her of his talk with Gertrude as to
executor's fees.
Nov. 24, 1928. 88
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went we had a nice talk.
After she
Rachel said she had had Gertrude for Thanksgiving dinner for many
years but did not invite her this year until quite late, as
she was not certain the would feel well enough to have anyone,
even her own sister, Mrs. Rodgers; that finally he 71sked
Gertrude to come but Gertrude said she hne invited Major
and Ellen Leonard to dine with her. Rachel said she feared
this would put her on Gertrudo's black list:
104,
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Dec. 1, 1928, 94
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Rachel called ap 0.1.R. at 7 p.m. and said, "Charlie, I fear I may
have told you a lieL"
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She then explained that Gertrude had just had tea with her and
referred to the matter of a fee for Dr. Ruffin for acting
as her executor; that she told Gertrude he ought to have
at least $500; that Gertrude quickly said, "That is just what
Charlie said, have you been talking with him?"
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dinner thing she would pour out rage on Rachel, but, to
C.S.H.Is surprise, she was as sweet as honey and explained
why Rachel could not invite her befor- She did, and talked
of Rachel as her dearest friend.
Dec. 2, 1928. 94, 95
C.S.H. wrote Rachel telling her how affectionately Gertrude talked
1928. 95
Dec.
of her.
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Rachel said that Friday morning, the day after Thanksgiving,
while she was in bed, Gertrude called her up and said her
Thanksgiving dinner was cold and spoiled through the fault
of the cook, who had been Rachel's cook for come years
before; that Gertrude almost dried and said, "thy didn't
you tell me about the cook when I took herl"
ty" Ine.
.
C.S.H. said this was litterally true for though he had written
Rachel about it, we had not conferred together about it;
of
that if Gertrue spoke to him about it he would take care
her easily.
Dec. 11, 1928..101
Rachel called Bertie up this morning and asked
meet Molly Coles of Philadelphia, or to
but we were engaged. She then asked um
Saturday or Sunday.
Dec. 11, 1928.
her to lunch to
dinner next Sunday,
to tea for either
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delightful chat with them both.
Dec. 15, 1928. 102
Gertrude tills C.S.H. she has put his name in a paper authorizing
Dr. Ruffin,Rachel, in case of her serious illness, to step
in and protect her from any possible annoyance from hernephew.
Dec. 15, 1928. 104, 105
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Federal Reserve Bank of St. Louis
105.
Hale, Rachel (Contld.)
-7,44 ..-i%;1-141
An'!.
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did not want any fees for serv
Gertrude said Rachel told her she
her that she
had agreed with
as her executrix and that she
any one
fees and use them to compensate
should accept the
:ompens:tion An
,
rving qf
she wished whom she thought dese
her estate.
connection with
Dec. 15, 1928. 105
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C.S.H. writes Rachel telling &ou
Dec. 22, 1928. 113
her maid, etc.
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that
Phelps years ago told Gertrude
Rachel said Canon Anson Stokes
catch him
did their best to
her (Rachel's) father and mother
old man." Rachel said this was
for Rachel, especially "her
was a very umerain.Ly fellow,
grotesquely absurd; that Stokes
that his only merit came from
uncouth, with almost no chin;
thy parents; that no
the fact that he was the son of weal
with him; that her (Rachel's)
girl could possibly fall in love
them, treated it as a huge
father and mother, when she told
jest.
Jan. 3, 1929. .120
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C.S.R. calls on Rachel
Jan. 19, 1929. 130
louse, staying nearly an hour.
Rachel calls on us at Hay-Adams
Feb. 4, 1929. 149
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total her that Mr. Clephane
C.S.H. calls up Rachel at 7 p.m.
nts.
had agreed to look after h*r investme
she said, "Gertrude is here with
I began to tell her. when suddenly
me!"
gone
tion and said that Bertie has just
I at once shifted the conversa
call up
she isked me to
out to call on Mrs. Stevens, that
to send
heard she was not very well and
Rachel and say she had
her her love and ask jut how she was.
her
gave me a long account of how
Rachel instantly "caught on" and
until 3 p.m.,
n7 day
bed ev,
Doctor had ordered her to stay in
ely and
now, but was getting along --in
saying she was in bed
sent her love to Bertie.
106.
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A few minutes later Rachel called me 112. / said,
it wonderfully and
the beanst" She replied, "No you managed
Gertrude went off blissfully happy.“
.
knew something
I to/d her the moment she first answered me I
her "office voice."
as she gave me what Bertie calls
shtir
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Mar. 1, 19?9. 184
just been
C.S.H. calls on Rachel. She said her son Donald had
said he
promoted in the Fidelity Trust Co.. New York. C.5.H.
her very much.
would write and congratulate him, which pleased
Mar. 17, 1929.195
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C.S.H. writes Rachel sending a copy of his letter
be used by her for an add-ess
also sends her a short memorandum to
her
she is to make favoring the inproVement of the road at
Maryland place.
Mar. 19, 1929. 196
Hale, Senator. 83
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C.S.H. writes Donald Hale a congratulatory letter and
pamphlets onthe F.R. System.
Mar. 18, 1929. 195
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Ellen Leonard went with
I then told her about Clephane and she said
National Metropolitan Bank officer
Gertrude this a.m. to see a
to wham, Filen said, she was almost rude.
Feb.18, 1929. 177, 178
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matters. We
that just now he was overwhelmed with business
then rang off.
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Would be 28 yearr old today.
she is always
Te Ev-e still stunned but will work along. We believe
hear us.
Oct. 26, 1928. 62
beautiful
Two young Englishmen told !rs. Graef Anna Was the most
,
Jan. 70, 19')9. 140
girl in Washington.
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107.
Hamlin, C. S.
and open market operations
Memorandum on effect of 3.11 discount rate
Feb. 3, 1928.
of Govt. securities from Aug. 4, 1927 to
Sec. Mellon praises.
Oct. 6, 1928. 44
ge Hamlin, dated
Pays two notes given to Edward and leor
•
Jan. 5, 1921, plus interest.
. 45
Oct. 3, 1928
er's lot in Forest Hills
Writes Aenry V. Cunningham as to moth
18, 1928. 79
Nov.
cemetery.
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Nov. 20, 1928. 82
Interview with Gov. Smith at Albany, N.Y.
Nov. 29, 1928. 92
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Spoke at Unitarian Mens Club, Washington.
Dec. 2), 1928. 112
Speaks at Wilson dinner, Washington.
Dec. 28, 1925. 117
.
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Has mild attack of influenza.
Jan. 8, 1929. 126
salary but fails.
Tries to increase P.R. Agent Curtiss'
1,, 1929. 127
Jan.
1
credit warning that Board has
Aoves to add to Miller's draft of
n. Lost.
no desire to bring about drantic deflatio
2, 1929. 144
Feb.
,
loans is really a rationing
Believes restriction of speculative
Feb. 5, 1929. 153
of credit.
Had tooth extradted.
Mar. 20, 1929. 195
Tilks.
Give dinner to Mr. and lire. Langdon
Mar. 21, 1929. 200
See — Acceptances
Direct pressure
/Discount rates
Dinners
Federal Advisory Council
AA.4401.4k
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
108.
Hanlin, C. S. (Cont'd.)
See -
Pederal Reserve Bank, Ner York
Graef, Mrs.
Grant, Catherine
Hale, Rachel
Hawtrey, Prof.
Hiden, Dr.
Hamlin, Anna
Hamlin, Edward
Hamlin, leorge
Hamlin, H. P.
Joslin, Dr.
Lunches
Morrison, Dr.
ittee
Open Market investment Comm
Ruffin, Dr.
Stoddard, Mrs.
Strong, lov.
Votes
Wilson, Mrs.
etc. etc.
Hamlin, 'Edward
1921,
$1500 on notes dated Jan. 5,
C.S.H. pays and George each
Ned's had an
notes.
plum 5°1 interest. Tore up both
et furniture
$350, the value of Raleigh Stre
indorsement for
bought of us.
Oct. 3, 1928, 45
rest paid.
Ned sends back for excess inte
Oct. 8, 1928. 54
See - Washington, Horace
Hamlin, George
at 5%.
d Jan. 5, 1921, with interest
C.S.H. pays note for $1500 date
Oct. 6, 1928. 45
for cow pasture.
Tells C.S.H. of Hodeonts plans
. 6, 1926. 45
Oct
See - Cow pasture
opolitan
at C.T. Hellier said about Metr
Tells C.S.H. of
Oct. •3, 1928. 47
Industries Co.
See - Metropolitan Coal Co.
interest paid on above note.
Sends C.S.H. a check for excess
Oct. 8, 1928. 55
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
109.
Hamlin, George Jr.
Calm on us returning from South.
Jan. 2, 1929. 120
+
.7;.t17
•
.,014E
Hamlin, Huybertie P.
Listens o'er Radio from Uattapoisett for
dinner to National Grange but gets nothing.
Nov. 3D, 1928. 82
at-Urns- a
via Albany.
arrives in Washington from Mattapoisett
Dec. :A, 1928. 95
•
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.1C ,.70.17cM
'fa
Civic Pederation.
Goes to New York to meeting of National
Jan. 2, 1929. 120
Corning. Parker and dwin
Hamlin, O. S.
Wilson. Mrs.
laman's National Democratic Club
Hamlin, Katharine
ord HospiAl.
Operated on for appendicitis in New Bedf
1928. 6
Aug. 16,
•
Harding, Governor
increase.
Tells Gov. Young P.R. banks chn easily
ces.
purchases of acceptan
Aug. 19, 1928. 1:3
•
on
C.S.H. calls on, at P.R. Bank, Bost
7
7
securities should be bou, ht to
lov. Harding believes no more Govt.
ce r:tes
ptan
ease up the money market, but that acce
of
,
red and bills Th ought; that proceeds
should be lowe
slowly than
more
acceptances filter into money market
sale of Govt. se-urities.
proceeds of
Sept. 17, 1928. 27
0 s:.•7%:
• , 4,1141
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s should appointment
Gov. Harding said that if his director
Camilittee he would inediately
the chairman on the ()pen Market
resign as Governor.
Nov. 16, 1928. 75
Open Market Committee in
Claims Board has no power to change
d make Board an operating Board.
manner indicated, as it woul
-
•
the power, it was not using
Miller answered that while Board had
agreement.
it but was simply seeking a voluntary
1928. 77
Nov. 16,
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
110.
Harding, Governor (Contid.)
.1 elt'redH
o
.7
lel
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from $25,000 to $30,000.
Board votes increase in salary of,
Jan. 11, 1929. 126
ctors of F.Raink, New York, when
Was present at meeting of dire
not at the meeting.
Gov. Norman was at the bank, but
70). 2, 1929, 143
district
s were heavily increasing in his
Writes Gov. Young that discount
N. Y. Stock market;
and that proceeds were leaking into
sure was not possible and that
he intimated that direct pres
s to 65.
his directors wanted to increase rte
ng on Gov. Harding to increase
Gov. Young feels that 'T.Y. is egA
se for following.
rates, so as to give N.Y. an excu
.
.4PTAIir
L. Rsc;x,mor
6a/1.44:42i ,z1
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()qr letter and his had crossed and
Board wrote Clov. Harding that
easing rates,
without incr
hoped he could use direct pressure
the
to inform the member banks how
and we authorized him
Board felt.
ctors
mielt decide not to call his dire
Later Gov. Harding telephoned he
borrowing excessively
bank was
together this week; that no one
ions.
l was large, - about 80 mill
but that the tota
•
•
•
aion,
Gov. Harding but said in his o-A
Gov' Young signed the letter to
in rates could reduce
ease
neither direct pressure nor incr
loans.
speculative
Feb. 4, 1929. 147, 148
egging on Gov. Harding to
Young beliaves Gov. Harrison is
ow - yet McGarrah says
increase rates 30 that N.Y. can foll
increase!
his directors do not want to
4, 1929. 148, 149
Feb.
s
Harding's letter to his member bank
C.S.H. moves that a copy of Gov.
cts because
Harding obje
be sent to each F.R. bank unless Gov.
re.
of its confidntial natu
se Gov. Talley to consult with
Ailler moved to substitute, - advi
ng.
Gov. Harding as to steps he was taki
to advise one 4overnor to consult
Finally it was felt undesirable
table until Board knew more
another. Agreed to lay matter on
accurately as to conditions.
Pe. 8, 1929. 162
•
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Harding, Governor (Contld.)
er bank collateral notes
Writes Gov. Young sugge ting increasing memb
leaving other rates at 5%.
to
secured by Govt. securities
using these notes to
Says that N.3. banks, outside of Boston, are
ves against security loans.
replenish these reser
Yeb. 28, 1929.
181
Harrison, Gov.
and talked at Woolley's
Gov. Young went with James to New -ork
Reyburn; that Harrison
office with Owen D. Young, Woolley, and
s would not conserit and
wanted to ease the market; thatthe other
fairly riddled Gov. Harrison.
.
j•
•
Gov. Strong should resign
Gov. Young said he felt sure that if
as Governor.
tle directors would never elect Harrison
•
officers of
g said that if Harrison and the executive
Gov. Youn
Board &id not trust them,
N. Y. bank should complain that our
directors showed a lack
he would reply that apparently their own
the powers the Board
of trust by forbidling them to exericse
exchange or Govt.
had already granted them to buy British
1
nt of Young, Woolley, an- Reyburn.
securities, wttput the conse
1928. 22, 23
Sept. 4,
•
:)i•
he should cease protecting
Tells Gov. Young that Gov. Norman said
British exchange and allow gold to go to U.S.
•
Sept. 7, 1928. 24
•••••
.
Harrison elected Governor of F.R. Bank, rew York 88, 89
Nov. 22, 1928. Thursday
,
c.; /-
had not heard of
A newspaper reT?orter told C.S.H. of this.
.
it, but did not disclose this to the reporter
I
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ing's papers.
Mr. 2k1dy said he saw notice in last even
rday morning..
Board received official notice this Satu
ctors meeting Thursday,
Goldenweiser said ap)ointment made at dire
Gov. Young went to
Nov. 22, at which Miller was present; that
Harrison on telephone
New York Thursday; that he t. lked with
that Gov. Young first
Friday a.m. but he did not mention it;
from Warburg; that later it
learned of it at luncheon Friday,
was announced at the lunch.
treated discourteously ant
Goldenweiser said Gov. Young felt he had been
notice only on
C.S.H. agrees, as the Board received official
of courtesy is not calculated
Saturday. C.S.H. feels such lack
to dvelop much harmony!
Nov. 24, 1928. 88, 89
112.
Harrison, Gov. (Contld.)
as to
C.S.H. finds N.Y. bank was not discourteous at least
Board of Harrison's appointment, for
notification to the
little
Sec. FdAy told him the N.Y. bank telephoned Platt a
. Nov. 23; that Platt was just
before 11 a.m. on 7riday
elwu,going to the train and forgot to tell C.S.H. and Cunnin
did not
the only Board members present; that Eddy knew it but
, dated
tell C.S.H.; that C.S.H. received a printed notice
Saturday, Nov. 24. on Monda,‘, morning, Nov. 26.
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C.S.H. talsk with, about agreement of N.Y. direct
after death.
Gov. Strong's estate two months' salary
'
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Board.
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C.S.H. suid as a member of Law Comnittee it was
duty to do this.
Dec. 19, 1928.109
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rtesy to
C.S.H. feels this do.s not explain the apparent discou
Gov. Young.
Nov. 26, 1928. 91, 92
on for
lov. Young was almost violent in abuse of Gov. Harris
without applying to Board for
increasing his bill rates
said
approval; he wanted to suspent the increase. Platt
a slap in the face at lov. Harrison.
tnis would look like
no:t of the
Gov. Young said that was just what he wanted.
as it
Board felt N.Y. was not bound to apply for approval,
by Board.
was within the minimum and maximum limitation fixed
Jan. 3, 1929. 121
the present rate
Gov. Harrison wired tlat the diectors had kept in
had practically
until the crop movement and export movement
incre .sing
ceased; that rates on the open market were high and
the proceeds a
and that it would be flooded with acceptances,
which would feed the stock market.
Jan. 3, 1929. 122
as lov.
C.S.H. said by. Young had not been treated courteously
Board would consider
Harrison had been told by him that our
acceptance rates at the open market meeting on Monday.
possibly
Gov. Young said lov. Harrison had said that N.Y. might
have to act before then.
113.
Harrison, Governor (Contld.)
notified the other F.R.
It was found that Governor Harrison had
Change yesterday, so the rate was alreaq in
banks of the
effect.
•
34
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the rate should not have
All agreed to this except that James said
been increased.
•
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Harrison had treated him
Gov. Young said he did not claim that Gov.
he did and beliPves (3ov.
with discourtesy, but C.S.H. feels
notice that within
Young in his heart does also, for he gave
a resolution that no F.R.
within a we-k he simuld put in
of its capital
bank could hold more than a certain percentage
which there could be no possible
in Govt. securiries, - for
reason than pique or anger.
,c.:7.coli
•
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legal rights in
C.S.H. believed Gov. Harrison was within his
the proposed regulation should
increasing the rate and that
refer to the future simply.
Jan. 4, 1929. 121, 122, 123
•
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Federal Reserve Bank of St. Louis
xe
rn
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votel NarfAUfacrlt
Liso neerrIty s voc
f 1019d
tOM
en
ng said Committee should
Gov. Harrison at Open Market Committee meeti
ng policy, as
be given discretion its to an easing or firmi
existence.
otherwise there would be no reason for its
Jan. 7, 1929. 126
son.
loard ap)roves salary of $50,000 for Gov. Harri
J. 11,1929. 126, 127
of Aarrison as Governor,
Willis tells C.S.R. that the ap)ointment
, was a severe disaster to
although he liked him personally
Jan. 25, 1929. 136
the 7.1. System.
directors in
Gov. Harrison invites Board to meet his
Thursday.
. on
Gov. Young and Platt said they would go.
be there and he did not want
C.S.H. said Gov. Norman would -)robabl.y
to confer with him in New York.
Miller took same view.
Jan. 29, 1929. 140
g on Gov. Harding to
lov. Young feels that Gov. Harrison is eggin
can have an excuse
increase his discount rates so that N.Y.
Feb. 4, 1929. 147
to follow.
to increase rtes to
James said Gov. Norman wanted Gov. Harrison
ain present
break the stock marlet and enable him to maint
rates (44%) of Bank of England.
Feb. 4, 1929. 148
4
114.
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Gov. Harrison refers to direct pressure
leb. 5, 1929.
other N. Y. banks.
Co.
and
s.
lov. Harrison pleads for higher discount rate
lob. 5, 1929. 149, 150
See - Discount rates
7.11. Bank, New York
s by frequent rediscounting are
Gov. Harrison admits that N.Y. bank
really obtaining capital.
lab. 5, 1929. 150
seiveml
alv1 ot
.
bra:
c
lo l'Ame 'to 040 Ne$et
llgtEr4
.
ct pressure, as he employed it,
Gov. Harrison tells C.S.H. that dire
h meant credit
did not mean rationing of credit, whic
s and not merely restriction
restriction for individual bank
of amount of credit.
lob. 5, 1929. 153
See - Discount rates
P.R. 3a4, New York
ct pressure only on banks which
Gov. Harrison said they used dire
were out of line with the mass of banks.
Job. 5, 1929. 154
oirriNTO
.
,
7v31 0 .7n4
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-
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uence over
lov. Young thinks lov. Norman has great infl
ease rates and in egging on
Harrison who wants to incr
o McGarrah
Harding, so he can increase N.Y. rates, - alth
to increase rates.
his di 'actors do not want
leb. 4, 1929. 149
See - Discount rtes
1.R. Bank, New York
a..
r
f
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o.
ot
ealinZf)
C.S.H. feels
Gov.
Gov.
says
''4"'
7+veluirV•-i
_Avotec
.clat
on .e1P1
d certainly put up his rates
Gov. Young says Gov. Norman said he woul
persuade
and C.S.H. believes Gov. Norman went to N. T. to
could have an
he
Gov. Harrison to increase N.Y. rates -so
for increasing his rates.
excuse
lob. 4, 1929. 149
See - Direct pressure
and not Harrison had been
C.S.H. expressed opinion that if Schacht
this have cleaned up
Governor of N.Y. bank he would before
the situation.
115.
Harrison, Gov. (Cont l d.)
ison as Schacht had
Gov. Young said this was not fair to Gov. Harr
the power to ration credit.
. .•Y ovoc:
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Gov. Norman said his principal reason for comin
his respects to Gov. Harrison.
Feb. 6, 1929. 157
*111.mosIC - emit
'atit
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•
our credit warning was to be
Gov. Harrison told C.S.H. he was sorry
t to Washington
issued just at the time of lov. Norman's visi
wanted the Board
n
as the charge would be made that Gov. Norma
the stock marlet to help him protect his gold.
to break
reb. 6, 1929. 158
•*"..7
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ne
was purely accidental;
C.S.H. explained to Gov. Harrison that this
ng for some
that the Board had been considering the warni
Norman never came to
months and would have issued it had
Feb. 6, 1929. 158
U.S.
COSITTZY
!or L1L
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be done as to direct
Gov. Harrison said he had done all that could
1929. 158
Feb. 3,
pressure.
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Federal Reserve Bank of St. Louis
•
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ftb. 5, 1929. 155
sciously, is
C.S.H. feels that Gov. Harrison, doubtlessly uncon
Norman who wants to use
influenced by wish to help 'ADV.
the fire.
him as a cat's paw to pull his chestnuts out of
5, 1929. 155
Feb.
„,Lt
• -/et
ase first, but C.".H.
Gov. Harrison seamed to want Boston to incre
follow.
believes this was merely to have an excuse to
See - Discount rate::,
•
•
e!t1 •
power in any emergency
C.S.H. believes the P.R. Board also has this
Gov. Young seems not to believe this.
requiring its use but
Feb. 5, 1929. 154
(
'n
•
refuse to discount eligible
Gov. Harrison aslcs how could a P.R. Bank
paper offered to replenish its reserve.
Feb. 6, 1929. 158
could asz the member banks
C.S.H. told Gov. Harrison the 7.R. bank
of speculative loans
to cooperate in stopping the future growth
losing
and that this would save an individual bank from
11,) sleculation.
customers wlien they refused to loan to keep
Feb. 3, 1929. 158, 159
116.
Harrison, Gov. (Contd.)
•
ase
Gov. Harrison calls up Gov. Young and wants to Licre
discount rates.
Feb. 7, 1929. 130
4;
7
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See - Discount rates
"
reason
Uiller ramindrd C.S.H. that Gov. Norman suid his principal
was to pay his respects to Gov. Harrison
for coming over
and never alluded to lov. loung or the F. q. Board.
Feb. 11, 1929. 16.i
Ir
•"
• ;••.t•
unt rates.
Gov. Harrison and directors make no change in disco
Feb. 11, 1929. 1,56
See - Disdount rates
•
•
r . Of . tffiC
nyvr%:
•VCVVV
unaninously
Gov. Harrison called up aid said his directors had
established a 63 rate.
Feb. 14, 1929. 167
Erp,:t ,,k; .7,414-4
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71' ,;::7J4'
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hone omitted to state that
Gov. Harrison said the Ipplication by telep
ion by 7.R. Board.
the increase was conditional on immediate d-cis
Feb. 14, 1929. 168
0:
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See - Discount rates
11Z
414F;i.
nce publicly their t5",i
Gov. Harrison said his directors were to annou
)roved.
rate and fact that loard had disap-
.
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responsibility and called
Gov. Yo- ng said this would be on their own
attention to the Board's regulations.
Feb. 14, 1929. 169
• nri
See - Discount rates
VVV
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
,,
nUta!e"- •
•
force the hand of
This shows that lov. Harrison thought he could
iate decision and that Board
the "oard by tie condition of immed
would not dare to disapprove.
•r!f>
•
•
that Board would t.ke
Gov. Young bold Gov. Harrison some days ago
him for hi her rates.
under Review an/ application from
,r
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.
*
.
f•'7'3,4 "11.:11
The Board, however, called his bluff:
Feb. 15, 1929. 175
ns for disap,)roving
.rlov. Young prepared a me!aorandum giving reaso
Gov. Harrison's application.
Feb. 28, 1929. 181
117.
•
Harrison, Gov. (Gontid.)
;••,.
, but
Gov. Young does not remember telling Gov. Harrison as above
he certainly told the Board he had.
Feb. 28, 1929. 181
"
Gov. Young said so far the Board was ri,tht arid Goi. Harrison
. wrong in the discount rate dispute.
Bibb. 28, 1929. 181
f
•
still want
Gov. Harrison calls up Gov. Young and says his direcors
n as they knew the Board would
to increase but took no actio
disapprove.
Mar. 1,1929. 182
•
See - Discount rates
increase now it
Gov. Harrison told Gov. Young if New 'ork did not
could not for some weeks because of Treasury financing.
•
• •
efte
c.
•
•
were ridiculous
Gov. Young said Gov. Harrison and his directors
ion, for this
in attaching condition of immediate decis
all knew
implied either that a crisis was inevitable, which
ren.
was not, or they were acting like child
Mar. 1, 1929. 183
•
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
miserable.
Gov. foung agreed and said it made Gov. Harrison
Mar. 1, 1929. 183
had
Gov. Young told Gov. Harrison that if his directors
voted down 7 to 1, and
recommended 6% it would have been
that he would not have been the 11
Mar. 1, 1929. 183
`
44)4V
/410
son had just told
Gov. Young called up C .H. and said Gov. Harri
market tomorrow and wanted ilaiediate
runaway
him he feared
increase.
.`11/
rtj
C.S.H. refused to agree.
Mar. 3, 1929. 185
See - Discount rates
••
are in a blue
3.5.H. thinks Gov. Harrison and his directors
funk - still "harping on their daughter";
Liar. 3, 1929. 18.5
I
118.
0
.0
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Harrison. Gov. (Contld.)
the
C.S.H. tells Gov. Young he thinks that Gov. Harrison kaid
are very weak.
N. Y. directors
dence the
Gov. Young said he did not think so and said' in confi
trouble arose from the attitude of Gov. Harrison and
ers.
"the boys" meaning Burgess and some of the executive offic
Mar. 5, 1929. 186
.
eavmoal 0:
hed for Gov. Norman.
Gov. Young said Gov. Harrison lived and breat
!Aar. 5, 1929. 186
showing discounts,
Gov. Harrison admits to Board that the figures
increased rates, but that
reservesotc. do not call for
increased rates would heln the member banks in their
cooperation with the Board.
Mar. 22, 1929. 199
•
Harrison when he
C.S.H. received an equivocal, answer from Gov.
on increase in brokers loans was
asked if t.le 135 milli
caused by use of F.R. credit.
Mar. 22, 1929. 199
•
loans had increased
C.S.H. told Gov. Harrison that while brokers
n of
135 4111ions since Feb. 7th the late of publicatio
bank had declined
Board's warning, the to al discounts of his
ased from
70 millions and that its reserve ratio had incre
was working.
76% to 83%, - showing that direct pressure
liar. 22, 1929. 199
r
..:4
.bP;;inenriC'l
. asked him if a 64
Gov. Harrison answered equivocally when C.S.H
loans for others."
,
rate would ?ull down'
Liar. 22, 1929. 199
(
I
•
•
.
•
.4
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the member banks
Gov. Harding said much more could be done exchange could direct brokers
could be rationed, the stock
was against
to limit brokers credit artificially, but he
both at the present time.
that the policy of
We left no doubt in Gov. Harrison's mind but
the 5,4 rate must continue for the
direct pressure under
present at least.
Mar. 22, 1929. 2D0
See - Discount rates
Direct pressure
Federal Reserve Bank, N. Y.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
119.
Harvey, George
ng financiers
Mr. Bright tells C.S.H. that, in 1893, told leadi
matter of the repeal
that he could bribe Sec. Carlisle in the
law and was
of the silver purchasing clauses of the Sherman
that Harvey had found out
given $200,.)00 for this purpose;
e, and
what Carlisle was to came out for same days befor
n he put the money in his own pocket
after Carlisle had spoke
pretending he had given it to Carlisle..
Aug. 20, 1928. 14
Hathaway, Miss
We call on, in New Bedford.
Nov. 4, 1928. 66
Hawtrey, Prof. and Hrs.
secured roams for tqem
Prof. Taussig gave a letter to me to, and I
at the Hay-Adams ouse. They arrived today.
(04
tqey both
Hawtrey lunches with C.S.H. at ComosClub and
Prof.
014.131
Jan. 22,1%
took tea with us.
•
They take tea with us.
They leave Washington.
acil/tta .vo
A: :s ano:Illt e.:741
:
,
cc. ;. L11. or
ce
Jan. 27, 1329. 137
for us, llthougn we
They left without calling or leaving a note
secured rooms
had been very cordial and attentive and had
souse at only $7 )er day including a
for them atthe
to the Manager.
parlor, a s?ecial rate at C.S.H.Is sugge -tion
•
,.
Jan. 25, 1929. 135
.
,
Ha;, Adams House
beginning Dec. 1 at $220 per
Agreed to lease suite in, for 7 months
Sept. 10, 1928. 25
month.
Signed lease.
Sept. 18, 1928.
29
ying a single roam
Bertie arrived from Albany and went to, occup
suite.
until our furniture was moved into our
Dec. 3, 1928. 95
C.S.H. moves to, from Cosmos Club.
Dec. 8, 1928. 98
See - Hawtrey-Prof.
Heard, lir. 171
See - Federal Advisory Council
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
120.
Heath, lederal Reserve Agent
Says he is going to New Cork to the conference to meet
/ov. Norman.
Jan. 60, 1929. 141
Was at conference or at N.Y. directors meeting.
leb. 2, 1929. 143
•
Hellier, C. E. 47
See -Metro ,olitan Coal Co.
zus•0I1 ,
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Left us today.
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iDdith Helm dines with us at Hay-Adams House.
Dec. 11, 1328. 101
Dines with us.
0;1 •
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ovgi.
-
Dec. 30, 1928. 118
telephone
Some days ago, told us Mrs. Wilson had changed her
she had it but had promised not
number on Nov. 16; that
to give it to anyone.
aan. 8, 1929. 126
:wee.
.
Oct. 25, 1928. 62
0..H. dines with, at her apartment.
Nov. 14, 1928. 70 '
ex
itty
040/A;
111109c, a .7011,
8,
.
Comes to visit us at liattapoisett.
Oct. 13, 1928. 56
returns from New York via Providence and New Bedford
where he meets H.P.H. and, who had attended a Democratic
Oct. 18, 1928. 60
rally.
.sv rf1c$oo$
•war
Helm, Edith
C.S.H. lunches with, at Cosmos Club.
Oct. 5, 1928. 43
1.1;
Jan. 27, 1929. 137
We dine with.
leb. 12, 1929.167
Dines with us.
C•`*.
Dines witu us.
Mar. 17, 1929. 192
Herrick, Ambassador. 189
See - Joslin, Dr.
.
•
1
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71,-14
r
iOC.
Herson. 51
See - Examination,State mem'er banks
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
121.
,..v.v.log C.
el
'
Hiden, Dr.
7inds C.S.H. blood pressure 190.
Mar. 9, 1929. 190
7inds blood pressure 180.
Mar. 10, 1929. 190
7inds blood pressure 180.
,111,
T4 .
Blood sugar 20
1'47-
Said this was great improvement.
Mar. 18, 1929. 192
45, 46
Hodgdon
See - Cow pasture
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zes that his election
Judge Grant says he will vote for, but reali
will fasten prohibition on the country forever.
Oct. 15, 1928. 59
would probably vote for.
Catherine Grant said last week that AlexandQr
Nov. 4, 1928. 66
Hoover elected by a clean sweep.
Nov. ç, 1928. 67
ti:.
41
Mattapoisett gave Hoover 534 and Gov. Smith 131
Marion gave Hoover 519 and lov. Smith 80.
•P'
Hoovers and Gov. Smiths increase over 1924:
•et
r.o
1 °
: .I
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Uattapoisett,Hoover 19, Smith 157%
Marion, Ioover 34%, Smith 150°4
67
Hoover will put
Col. Wise of Richmond tells C.S.H. he hopes
his cabinet; that Hoover carried Virginia
H. W. And-rson in
by a much larger vote than the returns showed.
Dec. 5, 1928. 95
Z9
of no intelligence; that
Dr. Butler told 0.3.H. that Hoover was a man
shi?ments
his course as Food Administrator in permitting
route to Semarty,
en
of lard to Belgium firms knowing it was
that
doubt his patriotism and even his honesty;
made him
he would tell
Hoover had said to a friend of his that
get off.
those damned Wail Street bankers where to
97
Dec. 5, 1928.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
122.
Hoover, Herbert (Cont'd.)
;..nd indirect, - that he
Dr. Butler said Hoover was furtive
directly or frankly.
could do nothing
Dec. 4, 1928. 97
sylvania, was pulled Over to
Dr. Butler said that Vare, o' Penn
Calaittee on
Hoover by Senator Moses who was on Senate
d to Vare that
elections and was said to have intimate
Senate, he had better
if he wished to hold his seat in the
come over to Hoover.
Dec. 6, 1928. 98
not friendly with 'oover.
Dr. Butler said President Coolidge was
Dec. 6, 1928. 98
sJov illw
:Ltd
n1rf
.3%1 .-1 ..tnO
•
;ow
Smith and, of his elose friends,
Dr. Butler said he voted for lov.
he knew not more than 4 who voted for ioover.
Dec. 3, 1928. 98
.e sv,
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M4,7' :4-11 blz1 ;tc,,
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,croewe mtorifo.
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.k .vot tint Pn4 TrIwor fv7.4itl
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ct
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El 11 MV 174 be 0; #41 to
;Afri
les R. Crane told her he
;Ars. Senator Bruce told us that Char
would vote for the lattel
disliked both Hoover and Smith but
that when the Belgian
that Dr. Butler told him (Crane)
e were two millions left
relief matters were wound up ther
continue their relief
over which the Red Cross asked for to
d for this; that he had
work; that Hoover had never accounte
propaganda for him;
used it to par Secretaries to work up
d Hoover to take
that while Judge Payne was awe] he aske
he returned the letter
charge of Red Cross Relief; that when
heads were changed to "Hoover relief."
Dec. 19, 1928. 110, 111
e had introduced Hoover to
Mrs. Bruce said Crane told her that
intment as Food
pre. dent Wilson and asked for his a-mo
er told him there was a good
Administrator; tlat,later, Hoov
Pnt paper and that he coui
field in Washington for an independ
asked him to contribute
buy one for $300,000; that Hoover
r he sent his
and that he gave him $25,000; that late
report as to the operation of
secretary to Washington to
inWashington and finally
the paper; that he stayed a nonth
used to boom Hoover; that
reported that the paper was being
Hoover returned him
he wrote Hoover as to this and that
. Sun) did all he could
the money; that Frank Kent (Baltimore
eves e was i)aid by
to help Hoover; that everyone beli
Conzens and Hoover.
Dec. 19, 1928. 111
for Hoover in favoring taking
C.S.H. hopes Miller is not speaking
leaving them an unsecured
tie gold from behind the greenbacks
lovernment
Dec. 28, 1928. 11:
123.
•
Hoover, Herbert (Contld.)
4
n‘r.t.1,,
, •
%lin `V
Miller spoke of Hoover as one who would back up the P.R. Board
on direct pressure; that he said Hoover knew Wall Street well;
he seemed to want to give the impression tat Hoover knew of
and ap)roved the Board's action, and said that if the Board
weakened, ;oover might take a position in the mater.
14,
.,;(1C: 01 onfIC!
aa-
- o:qn9;',
Ifrvooli
s.v.tf,f,k agratoele
o Lr1 eld 11
Itec
:*+
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,
Gov. Young asked Miller if this reference to Hoover was a threat
"No, rot at all."
and Miller, evidently somewhat abashed, said
lob. 8, 1928. 163
13.1' 7"' v0 NICts
f
.
by
George McClellan said that when loover was in China he was asked
on certain mineral land; that he
a British syndicate to report
made a report on three sections, A,B and 0; that he re)orted
that A was the best, that B was fair and that 0 was no good;
that the syndicate, on Hoover's advice, bought the A land;that
Hoover then organized the company which bought the B lands Which
synlicate
turned out to be much richer than the A lands; that the
was very angry and brought suit in England against Hoover; that,
h
later, Hoover was blackballed at s-veral London clubs throug
the influence of the syndicate.
Feb. 4, 1929. 180
11.11:E
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remain in the
Washiniton Post says Hoover has not asked Mellon to
; C.S.H. asked :1i1ler
Cabinet, although Mellon would like to remain
that
about the rumor and Miller said it did not sur)rise him;
, that he thought Mellon
he would say, not of cours, for Hoover
sor wo-..1.1d
would stay over for a short time and then his succes
be aopointed.
•••,•ire."
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g over unless
C.S.H. does not believe Mellon would think of holdin
t any string attached to it.
Hoover made him the offer withou
leb. 23, 1929. 180, 181
4, m' •
vro.: ,
.,. 47; • $
.
c.r!
2.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Hoppen, Nina
Comes to Washington at lik/-AdaLis House.
Mar. 1, 1928. 184
col
.ncl: -7
mo/e.1
at,!
-!o. 1.13Wrti
c-tr faiw tncoo-
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We call on Mrs. Delano to meet, - Laura Delano.
lab. 9, 1929. 164
74-114,-A
:r)
.nrv't7
Houghton, Mr.
We meet, at dinner at Harry Tuckers.
Jan. 31, 1929. 141
•
.
174?7,
P
.
. .
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
124
nk
House, Col.
.
for the first time he 1 -egins to thi
Tells Mr. John W. Davis that
ction.
Gov. Smith has a chance of ele
. 31, 1928. 65
Oct
s
his review of. the laJ. t two volume
Charles Warren had C.S.H. read
e good work.
mour had don
of Col. House's book and that Sey
on of
isfied with Col. House's explanati
C.S.H. said he was not sat
- knew there were
his break with Wilson, that he not mentioned.
other Pacts which Col. House had
Nov. 24, 1928. 90
. Wilson
brqieved in New York that Mrs
Warren said it was generally
t she was the cause of the
did not like Col. House and tha
d him he had seen a letter
break; that Bishop Atwood tol
se
Randoloh o1ling, in respon
from Mrs. Wilson, or possibly
e?able to have
if it would be agr
to one from Col. House asking
agreeable.
ting that it would not be
him attend the funeral, sta
Nov. 24, 1928. 90, 91.
House of Representatives
See - Black resolution. 179
Hot Springs, Virginia
See - Myer, Gertrude
Howe, nrs. Henry
call on, at Longwood.
C.S.H. and Catherine Grant
Nov. 19, 1928. 80
Howland, The Misses.
r, to tea with us.
Catherine Grant brings ove
Sept. 2, 1928. 22
Miss Abby Howland to tea.
Catherine Grant brought over
Oct. 13, 1928. 55
Te call on.
in contemptuous
tion of Catherine Grant but
The spoke in great admira
sm)remely selfish
4i said he was
tones of Alexander Grant; the
his wife.
and did not ap2recilte
Nov. 4, 1926. 66
Hyde, Mr. and Mrs.
by Marry TudWer.
We meet, at dinner given
Jan. 31, 1929. 141
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
125.
Inauguration Day
heavy rain set in lasting all day.
Day opened c1ou4y. At noon
gave it up after
We sat on Treasury outsidn seats but
emonies
We gave our seats at Inauguration Cer
1/2 hour.
.
Anniellourse
at Capitol to Nina HopAn and
Mar. 4, 1928. 185, 186
Infected tooth
Dentist extracted.
etNet
Mar. 20, 1929. 195
Influenze
C.S.H. has mild form of.
'r
Jan. 8, 1929. 126
7
b14* te.T.7,
61 $(11LL
;NivW
VT
Interest
See - Hanlin, Mdward
P.
Awalin,
Note
pronounced
International world level
e been adjusted to an, and any
Gov. Norman said prices hav
fall would cause great damage.
Feb. 6, 1929. 157
126.
James, George R.
h4r4qo
slag.
"tiAa
•
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http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
,
.JJ3IEt
t 1:
. , J.01/ 91-4
51
PIT
.11,0A %\tt
1C$141110 $11
11$0.01 be4c,1111
1
ab.r:041
e any discretiol,ary authority
Opposes giving Open narket Committe
to buy Govt. securities.
Aug. 14, 1928. 4, 10
ittee discretionary power to
Votes against giving Open Market Comm
ions.
buy Government securities upto 100 mill
Aug. 16, 1928. 8
acceptances and trade bills,
Tavors a preferential rate on bankers
regardless of their origin.
Aug. 16. 1928. 8
Young and me-ts Woolley,
Went to New York last weelc with lov.
at Woolley's office.
BA/Awn, Harrison and Owen D. Young
1928, 23
Se)t. 4,
See — Young, Gov.
use gold Laporte to take down
Claims that member banks would not
to loan on call. Gov. Young
discounts because more lrofitable
Sept.?, 1928. 23
denied this.
New York, is being well managed
Says is satisfied that F.1. Bank,
Sept.?, 1928. 24
by its directors.
demand for 2 or 3 hundred millions
Says is satisfied the crop moving
Sept. 7, 1928. 24
can be met.
h
Market Committee meeting at whic
Says Chicago was present at Open
in discount rates, but
ease
it was agreed to make no further incr
ons.
."
e the agreement, giving no adequate reas
immediately brok
. 35
Sept. 28, 1928
ement
ement as to retail trade; says stat
Complains of Goldenweiserls stat
d sales 24% in September,
that 2 mail order houses had increase
e as it gave the impression
1928, over Se)tembEr, 1927, was fals
that amount, which he, as
that retail trade had increased by
; that thesetiphouses had
a business man, knew not to be true
established others; thatthe
bought out retail stores and had
sales but that the increase
new stores had increased the gross
ting .stores; that this
may have come from previously exis
not represent additional bving by
percentage, therefore, did
the public.
be true it was covered by the
Goldenweiser said that while this may
e two firms reflect
statement that the figure of thes
il outlets placed in
in part an increase in number of reta
operation each month.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
127
James, Georg* R. (Contld.)
James sti,1 objected and moved to discontinue this publication
of retail trade.
moved amendment of strttement by adding that the statement,
until the number of stores be ascertained, should not be
taken as a measure of retail trade.
C.S.H.
Lost:
Aye: James,
No: Gov. Young,
i11er, Platt, Cunningham
2inally agreed that statement sho ad be published but that a
full explanation should be put in P.R. Bulletin.
James said these companies were lutting out debentures and that
our statement would deceive the public and help the coLl)anies
place tie debentures.
Oct. 11, 1928. 49, 50, 51
)ointment by Goldenweiser of ,1 foreigner
Voted against ap -)roving
to help him in financial statistical data, no AmPrican
being available.
Nov. 12, 1328. 69
and
Asks to have stenographer at joint conference of P.R. Agents
Governor.
Agrees that any member as_cing not to be quoted stenogralhically
should have this privilege.
Nov. 15, 1928. 71, 72, 73
,
Votes against Cunningham's motice that no stenographer be
employed without consent of 7.R: Agents and lovernors. Carried.
Nov. 15, 1928. 73
(Ixauine
Goes to Baltimore with Gov. Young. CSH and Cunningham to
F.R. branch building.
Dec. 14, 1928. 101
Votes against permitting P.R. Bank, N. Y. to pay two months salary
to estate of Gov. Strong after his death, under a contract.
Dec. 18, 1928. 108
motion that 1.11. banks be aslced what they
Votes for
proposed to do to prevent diversion of P.R. credit into
stock market in 1929.
Dec. 31, 1928. 119
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
128.
James, George R. (Cont'd.)
k, New York, in increasing
protests against action of F.R. Ban
Board.
bill buying rates without ap2roval of
Jan. 4, 1929, 122
of Deputy lo;iernor Paddock,
Votes against tIcreasing salary
Jan, 11, 1929, 126
Bank, Boston.
7
Curtiss's salary, 7.R. Agent,
Votes against increasing F.R. Agent
Jan, 11, 1929. 127
Boston. Lost.
sing salary of FL Agent Newton
Moves and votes in favor of increa
Jan. 11, 1929. 127
to $24,00. Losl;
—ry to $22,500. Lost.
Votes to increase Newton's sal
Jan, 11, 1929. 127
t
. -7oung and Cunningham as to wha
"-las heated discussion with 4ov
ahicago last
ect pressure in
Gov. McDougal said as to dir
.H. was ill.
week when here. C.S
Jan. 15, 1929. 128
P.c. banks had not exercised
ov.foung said he knew that the
tever Janes ana Cunningham
direct -3ressure successfully, wha
might think.
Jan. 22, 1929. 131
Recommends and
nt, 'it. Louis.
otes for Rolla Wells as Y.a. Age
1929. 132
Jan. 22,
to
t he statement of Board as
Votes against 0.3.1.1.'s motion tha
Board
nded by adding that
credit warning of Feb. 7 be ame
her
c liquidati)n but looked rat
did not wish to enforce drasti
.
to avoidance of future growth
2,, 1929. 144
7eb.
would
and Platt that they hoped it
Agrees with stitement of Miler
on.
drastic liquidati
be construed as calling for
70b. 2, 1929. 145
icates
tion to buy Tr-asury certif
lavors giving lov.Case discre
the dealers.
maturing in 7 days to help
Uar. 7, 1929. 188
not
2rancisco, asking wily it had
Oploses letter to F.R. Bank, San
rd's credit warning
Boa
been more successful in enforcing
ed for it.
but finally vot
H,r. 19, 1929. 192, 193
a-3,2rove 6f/0 rate for N.Y.
Votes against Platt's motion to
Mat. 21, 1929. 197
rr
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Federal Reserve Bank of St. Louis
129.
•
Votes for C.S.H. motion to aisapprove.
Mar. 21, 1929. 197
II
•
James, George R. (Contld.)
Japan
See Debuchi
Jefferson, President
2rof. Dodd says Jefferson, Lincoln and Wilson were the three great
Liberals in our history; that Jefferson, however, failed
to abolish slavery.
Dec. 28, 1928.117
See - Dodd
Johnson, Ur. and Mrs.
We meet, at dinner with Harry Tucker.
Jan. 31, 1929. 141
Johnston, Dr.
Delano says, rector of St. Johns Church was very bitter against
Nov. 26, 1928. 91
Gov. Smith.
Joint Conference F.R. Agents and Governors.
Nov. 16, 1928. 74, 75, 76, 77
See - P.R. Agents
•• •
•
.
L
r
.r.
•
• .•
z
••,!.•
. c.•;.7
qOtt.ZIOV!'
.
:4,oll:x1 •
as
1104
C.S.H. asked Sec. Kellogg who agreed to have Ais done and C.S.H.
sent him the letter to be forwarded to Ambassador Herrick.
Jan. 26, 1929: 139
•
•
Joslin, Dr.
Writes C.S.H. he wants to dedicate- a new edition of his o:)ular book
on Diabetes to Clemenceau, with a picture and an inscri)tion,
"To the oldest and most beloved diabetic in the world" etc.etc;
that he wrote Clemenceau to this effect and received a card
from him in an envelope, saying "with many thanks", George
Clemenceau. Asks 3.S.H. if this would justify his proceeding.
wrote back No, but said if he would write another
letter he would try to get the State Department to deliver it
and cable to him Clemenceau's answer, Which Dr. Joslin did.
:1.
:.•::
rt.:••
•
Dr. Joslin writes C.S.H.that Ambassador Herricl: has just cabled
that Clemenceau was not willing and sent C.S.H. a cov of a
very courteous note from Clemenceau on the subject.
Mar. 8, 1929. 189
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Federal Reserve Bank of St. Louis
130.
-K-
Karolik, Mr. and Mrs. (Marthit Codman)
Call on us at Hay-Adams House.
Jan. 25, 1929. 135
Kent, Frank
had always
Charles R. Crane imlls Mrs. Bruce that Frank Kent
(Baltimore Sun), but that first he
been a strong Democrat
on Sec. Mellon
began to side with Sen. Couzens in his attack
that everyone
and later dii all he could to help Hoover;
believes he was paid by Couzens and ioover.
Dec. 19, 1928. 111
Knears, Nelson. 38
See - Alice Ben Bolt
Ku Klux Klan
reason Hoover wants a
The rumor in Washington is that the
Klux Klan
simdle inauguration, is to head off the Ku
d a prominent dlace in
which it was feared would deman
the inaugural parade.
r1,,o. 19, 1928. 111
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Federal Reserve Bank of St. Louis
131.
Lansing, Urs. Roloert
We call on.
Dec. 18, 1978. 107
C.S.H. gives Ray Stannard :laker a letter of introduction to, and
arranges an interview between them. She turned. over to
Mr. Baker all of Sec. Lansing's memoranda and many notes of
Mr. Wilson. He said they were priceless.
Liar. 21, 1929. 198
Lansing, Robert
Mrs. Denby calls up C.S.H. to say that, died at 4 p.m. today.
Oct. 30, 1928. 64
C.S.H. attends funeral.
Nov. 1, 1928. 35
See - Lansing, Mrs. Robert
Lad, Fannie
C.S.H. dines at Gertrude Myer's with.
Gertrude had a seizure arm :1i$,s Lay and C.S.H. helped her to the sofa.
Oct. 10, 1928. 49
League of Nations
John Barton Payne praises rilson and, at Carnegie diner to
Nov. 22, 1928. 84
foreign editors.
League of Nations Non-partisan Leary",
Gives dinner in memory of "'ilson at Woman's NationA Democratic Club.
Prof. Dodd and C.S.H. speak.
Dec. 28, 1928. 117
See - Dodd, Prof.
Sends a wreath to Washington Cathedral on anniversary of Wilson's
Feb. 3, 1929. 156
dlath.
Ledyard, Mrs.
Dines with us.
Peb. 27, 1929. 181
Leffingv.ell, Mr.
Gives letter to us introducing Mr. and Hrs. Bean.
Dec. 10, 1928. 99
Leland Stanford University. 161
See - Wilbur
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Federal Reserve Bank of St. Louis
132.
Leonard, Major and Mrs.
her that Gertrude :1yer
Rachel Hale says, Major Leonard told
)er year.
,000 ,
had an income of between $30,000 and 140
37
Sept. 28, 1928.
Hale. '
C.S.H. meets, at (Li iner with Rachel
Oct. 9, 1928. 48
"
Men Leonard repeatedly called me "Charlie. 49
9, 1928.
Oct.
from Ellen Leonard's.
Rachel Hale says her new house is not far
Nov. 16, 1928. 78
el Hale's.
j.S.H. meets Ellen Leonard at Rach
Dec. 1, 1328. 94
•.*
ated that Ben Thoron, her
Gertrude Myer says Ellen Leonard swe
her ac to her property
son and Major Leonard would advise
was) or to the
ere
,
if she would go to Mur ,hy & Co. (wh
r Leonard was a
h Majo
National Metropolitan Bank, of whic
Feb. 2, 1929. 146
di-ector.
-oTt
.
nr.si-sr' 3 1A3LOr
anciJag
ne,
lr-r emosq
ono:Ihn nnlem
arlai$-:sof.arT. saol$41',
.
r041, ' "tC..(4-aec al 7,41nIf.
kaki Cabo!: .1oTr:
with Ellen Leonard to see a
Rachel Hale says aertrud Myer went
and that she was almost
National Ae7;ropo1itan Bank official
1929. 178
?tab. 18,
rude to him.
Lincoln, Mass. 10, 117
See - Ilyer, Gertrude
Liquidation, Drastic
changes in Miller's draft of
C.S.H. reads Gov. Young's draft of
he add a clause that the
credit iiarning and suggests that
idation of speculative
Board was not seeking drastic liqu
re growth and incidentally
loans but wished to curb the futu
ion of past loans.
this would bring about some liquidat
Jan. 22, 1929. 131
ndum to effect that the
sends to each Board member a menora
deflation of sl)eculative loans,
Board was not seeking drastic
primarily to the future, with
but that the warning was directed
past.
a conservative liquidation as to the
1929. 132
Jan. 22,
ed to add above to his draft.
Miller, zAt C.S.H.'s request, agre
Feb. 2, 1929. 144
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Federal Reserve Bank of St. Louis
133.
Liquidation,Drastic (Cont'd.)
Miller's final draft contained no such reference.
C.S.H. moved that such a reference be adaed.
0.S.H.'s motion was d,-feated.
Aye: C.S.H., Cunningham
Not Gov. Young, Miller, James, Platt
Feb. 2, 1929. 144
records that the Board
C.S.A. suggested t.iat it be placed on the
wanted drastic
voted down C.S.1.'s notion not because they
felt Mill r's dmft could
liquidation, but because they
not so be construed.
d the public would construe
Platt to C.S.H.'s surprise, said he hope
idation, which it
it as evidencing a desire for drastic liqu
did show.
James and Miller agreed with Platt.
of the dangerous consequenc..s
These three seem oblivious ar reckless
which might ensue, if it were so construed.
Feb. 2, 1929. 144
ing, Miller said it would not
In discussing the pro?osed credit warn
ulative loans; that
cause any drastic liquidation of spec
that effect; that he
not ling te Board could do would have
liquidation and crash.
personally would like to see a sudden
Feb. 5, 1929. 151
Lister—Kaye, Lady
We meet, at dinner with Mr. and Mrs. Graef.
Jan. 30, 1929. 140
Loans for others
ease to 6% would pull down
C.S.H. asks Gov. Harrison how an incr
answered equivocally.
loans for others and he
Mar. 22, 1929. 199
loans for others there
C.S.H. said if a 6% rate would not reduce
was no mason for an increase.
Mar. 22, 1929. 200
Lothrop, Sam
trouble wit: otner
Mrs. rreble Motley said that, had got into
Fiske larren, was
women and that his wife, a daughter of
getting a divorce.
lets. 1, 11°9. 142
134.
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Federal Reserve Bank of St. Louis
4:.:. ,z:,- J. ..r.,:;- ,Ilsnl: .res,.,
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1928. 14
C.S.H. lunches at Somerset Club with Catherine grant.
Sept. 17, 1928. 27, 28
14
teeT1 It411: bra.,
c
Lowden
not be
Dr. Butler said Coolidge was determined thaLowden should
nominated for President.
Dec. 6, 1928. 98
Lunches. (See also dinners, euprIers)
0..H. with Clephane, Cosmor Club.
Aug.
• • •,
Tc01,1t1 8
.wrnA
0:01,;f4111,11 ntJE..p'r: Irl
Lovering, Mr. and Mrs.
Mrs. Motley said that Mr. Lovering had divorced his wife, Nellie
Lyman, daughter of George Lyman; that for years she had been
the mistress o' Iugh :Scott who was married to Helen Sanders,
a Philadel7hia girl; that Mrs. Scott wrote :II's. Lovering that
,
she knew all about the affair, that Iu41 was d voted to her,
g was only an incident; that, finally
and that 147s. Loverin
she asked Mrs. Lovering to lunch with her, but Mrs. Lovering
did not accept; that Mrs. Lovering was now working in illmanuel
Church.
leb. 1, 1929. 142
,..,. 1 ,c1..
0
0..R. gives
dita
elm lunch at Cosmos Club.
Oct. 5, 1928. 43
East Walpole,Inn.
O.S.H. lunches with lirectors of !sq. Bank, Boston, at
Oct. 24, 1928. 61
C.S.H. lunches with Dr. Butler at Century Club
1928. 97
Dec.
•
N.Y.
•
We lunch with Ur. and Mrs. Delano.
Dec. 9, 1928. 99
.voP lx8.6
:
4.74r
.
7e sir,a01
•.•
of
Bertie gives lunch at bmans Democratic Clib on occasion
Mrs. Delano,
Norman Davis' address. Present, C.S.H., H.P.H.,
Mr. and Mrs. Bean, anA her father and mother.
Dec. 10, 1928. 99, 100
.1 •
We lunch with Mrs. McCaw.
rz
•
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;C ;ftt
12 452418
Lanw
Dec. li, 1928. 106
.
;'.EL- 1
riT-trr t'•
:Teta
t•
Dec. 27, 1928. 114
With Senator and Mrs. Bruce
A. •
With Ur.and Mrs. Delano,
Dec. 30, 1928. 118
With Japanese Ambassador and Madame Debuchi.
Jan. 19, 1329. 130
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Federal Reserve Bank of St. Louis
135.
Luncnes (Contld.)
s
C.S.H. gives lunch to Prof. Hawtrey at Cosno Club.
Jan. 22, 1929. 131
C.S.H. at Board lunch to lov. Norman.
Feb. 6, 1929, 1.-)6
H.P.H. lunches with Mrs. Delano.
Feb. 13, 1929. 176
•
We lunch with Ur. and !Irs. George AcClellan•
Feb. 24, 1929. 180
Wardman Park
We lunch with Mr. and Mrs.Langdon Wilke at
Mar. 17, 1929. 192
•
,3-41 •-1.7
,
Lyman, George. 142
See - Lowlring, tr. and nrs.
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http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
136.
Maguire, Dr. and :iris. Hunter
We meet, at dinner with Harry Tucker.
Jan. 31, 1929. 141
Marblehead
See - Myer, Gertrude
Marion, Llass.
Vote for President. 1928
Hoover, 519, Smith BO
Inerease over 1924:
Hoover 35%; Gov, Smith 150%
Vote for Senator
Young 450, lalsh 109
Vote for lovernor
Allen 481, Cole 81.
Nov. 6, 1928. 67
Marshall Hous- , York Harbor, :laine
See - Myer, lertrude
Maryland Club
H., James and
Mr. Wilcox givcqi lunch to /ov. young, C.S.
Cup linghaJm at.
Dec. 14, 1928. 101
Maryland Trust Co.
See - Hale, Rachel
Mattapoisett
Left for.
Au,r. 3, 1928. 3
Left, for Washington.
Aug. 19, 1928. 10
Arrived at Washington.
Aug. 20, 1928. 12
Leave for.
Aug. 25, 1928. 17
Prances ". Stoddard
We sell part of our property J.() ::rs.
Stoddard, of Wooten, Leslie County,
and her husband Janes K.
- 114,000 for
Kentucky, for 115,000, which we a-p)ortion
lot (icross the road
shore lot (1-1/3 acres) and $1000 for
( acres).
Sold under restrictions.
List of restrictions.
Aug. 28, 1928. 17, 18, 19, 20.
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Federal Reserve Bank of St. Louis
137.
Mattapoisett (Cont'd.)
erty sold.
James M. Metcalf, Surveyor marked bounds of prop
C.S.H. asked Mr. Brownell to draw deed.
Aug. 29, 1928..21
Leave for Washington.
Sept. 3, 1928.
nn
0 (about 1 acre).
Sold lot across road to Hrs. DeKoven for $200
Sept. 16, 1926. 26
interest in fee under
Asked Brownell to try and buy Bye's 1/32
Beacon Street, as an heir of Abrahall Pa:ne.
Se)t. ii, 1926. 26
Left for Washington.
Leave for Matta?oisett.
Oct. 1, 1928. 39
Left for Mattapoisett
•
Sept. 25, 1928. 31
Leave for Washington
•
Sept. 20, 1928. 29
Leave for Washington.
•
3e)t. 17, 1928. 27
Oct. 5, 1928. 43
Left for Washington
Oct. 8, 1928. 47
Left for liatta?oisett
Oct. 11, 1928. 54
Left for Was'lington
Oct. 15, 1928. 58
17, 1928.
Left for Mattapoisett via N. Y. Oct.
Left for IL-Ittapoisett.
Nov. 2, 1928. 66
Vote:
?resident, 1928
Hoover 534, Smith 131
Increase over 1924:
Hoover 19'4, rnith 157%
Senator:
Young 467, Walsh 146
Governor:
Allen 505, Cole 112
Nov.
1928. 67
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Federal Reserve Bank of St. Louis
138.
Uattapoisett (Contid.)
for a
Mattapoisett gave Gov. Smith the largest vote ever cast
Democratic President.
Nov. 6, 19°8. 57
Went to /Ashington.
Nov. 11, 1928. 69 '
Left for Mattapoisett.
Nov. 17, 1928. 79
Left for Washington
Nov. 19, 1928. 80
Albany, N.Y.
H.P.H. leaves nattapoisett for Washington via
91
Nov. 26, 1928.
MateUkata
has given up his
Ambassador Debuchi says that Prince MatsUkata
commoner in a small house in
title and it now living as a
rtable circiArastances.
Tokio, but that Otohiko was in fairly comfo
Nov. 23, 1928. 88
LicAdoo, W. G.
ng the gold behind the gold
C.S.H. reminds Miller that, favored seizi
certificates, during the war or just after.
Dec. 28, 1928. 113
doing very well in his
Daniel Roper tells O.S.H. he fears, is not
r. Wilson, the public
law practice; that his chief client as
out for Gov. Sraith
utilities man; that McAdoo erred incnling
earlier or should have
as he did; that he sho-ald have come out
out for Suith he
said nothing; that if he were to have come
ap.,)earance of enthusiasm
should have done it with some decent
Wilson asiced him
and of regard for the Party; that one day Mr.
he said as above; that Mr.
what he thought of the interview and
that, as m co'ansel,
Wilson made McAdoo give this interview so
Democratic Party, and thus
he could keep his influence in the
help met
:
li- ant
Roper said Wilson was a very pronounced Repub
1929. 165
lel). 9,
from tryinr; to dominate the
C.S.H. feels Sec. liellonis abstention
to what :IcAdoo
Yederal 'ieservr 3oard is in refreshing contrast
Tr-asury today.
would have done had he been Secretary of
?el). 20, 1929. 179
UcOagg, Mr:.
We lunch with.
- ec. 16, 1928. 106
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Federal Reserve Bank of St. Louis
L19
McClellan, Mr. and Mrs.
We meet,at lunch with Senator Bruce.
Dec. 30, 1928. 118
We lunch with.
Feb. 24, 1929.
180,
Mr. i.lcClellan tal.ks with H.P.H. as to Hoover.
Feb. 24, 1929. 180
See - Hoover
IcOlenahan, Dr.
Pulls out tooth for C.S.H.
Mar. 20, 1929.195
McCormick, Mrs. Stanley
Dines with us.
Sept. 23, 1928.
31, 38
See - Alice Ben Bolt
We dine at Marion with.
Oct. 14, 1'928. .Z38
McDougal, Gov.
Gov. Young, James and Cunningham have alciost a violent .iiscussion
as to wh,t , said L:st week as to direct pressure at Chica70.
Gov. McDougal real from a statement and Board asked him to
Jan. 15, 1929. 128
forward it.
Attends meeting of Directors of F.R. Bank, New York.
Feb. 2, 1929. 143
Said
y.a.
Bank of Chicago wants to increase rates.
Feb. 2, 1929. 143
Gov. Young said, seemed pleased at Board's credit warning.
Feb. 7, 1929. 161
Tells lov' foung his directors all want to increase rates. Sov. Young
Board, 7 to 1.
told him this would be voted down by
Mar. 7, 1929. 187
McFadden, Cong.
Gov. Young telephones, that Board would have no hesttation about
answering the Black resolution as to its talks with
Gov. Norman but that it would operate to prevent the heads
of Suxopean central banks from talking with us for fear of
the publicity.
The H.R. Coaait tee !-e )orted adversely and the :La. defeated the Black
resolution without a roll call.
Feb. 22, 1929. 179
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Federal Reserve Bank of St. Louis
140.
McGarrah, Fitt. Agent, F.R. Bank, rew York
, at Mattapoisett.
Takes lunch with us. with Mrs. McGarrah
Aug. 14, 1928. 4
er when .ov. Strong
Tells C.S.H. he was with lov. Crissing
est for postponement for one
telephoned Sec. :4ellon's requ
s
day of decision in Chicago rate case
A-1g. 14, 1928. 6
ts and. Iovernors votes against
In joint conference of P.'R. Agen
fication" by 3oard,
using words "approval, disap)roval or modi
as he thought "action" was better.
Nov. 16, 1928. 76
Market InvPstment Committee to
Votes against changing name of Open
ic might not
Open Market Policy Committee, as the publ
understand it.
Nov. 16, 1928. 76
fully the N.Y. resolution as
Offers to write Board explaining more
after lov. Strong's
to payment of salary for two months
H.th.t the resolution stated
dlath. Later he telephoned 1.;.
d merely add that lov.Strong
essentially all the facts Int woul
of the agreement from which
made certain canaitments because
resigned at once as he
he would have been released had he
to Board.
wished to do. C.S.X. reported this
Dec. 19, 1928. 109, 110
alo branch with Board.
Discusses salary of :Lanager of Buff
Jan. 25, 1929. 13
warning
to issue a yiblic statement
Toll Board his directors wished
Street that they
Wall
corporations which were loaning in
was for their own
the F.R. System and that it
were injyring
.
interest to stop this practice
Jan. 25, 1929. 133
ed to throw out an intimation that
McGarrah also said his Board wish
s might orove not to be liquid.
the collateral behind these loan
Jan. 25, 1929. 134
1.
that such an intimation, if it had
The Board pointed out to McGarrah
rtainty and fear and bring
any effect at all, might cause unce
Jan. 25, 1929. 134
on a panic.
Mdlarrah the draft of its credit
In the afternoon the Board read to
it might be construed as an
warning. :IcGarrah opposed it as
e trouble:
attack on the stock market and caus
Jan. 25, 1929. 134
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Federal Reserve Bank of St. Louis
141..
McGarrah, P.R. Agent (Contld.)
ed no
On reading the minutes of above meeting there appear
reference to ncGarrahls statement as to an intim:Aion of
lack of liquidity of the collateral behind "Loans for
Others,"
ion niller
C.S.H. asked that this be inserted and after some object
to insert it into the records.
finally agreed, and Board voted
stated that McGarrah
The .ecords as to the afternoon meeting simply
the proposed draft of credit warning.
discussed with the Board
warniag might be
C.S.H. moved that ncOarrahls criticism that the
construed as an attack on the stock market be inserted.
personal views and
Miller said that here Mclarrah was giving only his
merely to
not those of his directors. Yinally Board agreed
state that ::clar .ah discussed he draft with the Board.
Jan. 28, 1929. 137, 138
its objections
Board voted to telegraph :IcGarrah that, confirming
Board felt that any
stated to him informally on Saturday, the
phrased as
statement the dirIctors might make should be so
ln by the public that
to excludn the possibility of constructi
banks.
they were for the 1.1. Board or the other
1929. 138
Jan. 28,
had just telephoned that
Gov. Young, in afternoon, said :IcSarrah
bank had decid d to give out no
the Board of directors of his
McGarrah
statement as to loans for others; that he told
plate any statement of its own;
the P.R. Board did not contem
and said
that ncGarrah seemed very much disturbed at this
sometling.
our Board should do
Jan. 28, 1929. 138
nt rates, :IcGarrah
Although lov. Harrison wants to increase discou
told us his directors did not want to.
Peb. , 1929. 149
McIntosh, Comptroller
se not over 100 millions
Votes to permit Open narket Corinittee to purcha
trying to ease
of Govt. securities, as a.list .-esott, after
through the bill market.
Aug. 16, 1928. 8
the Baltimore Clearing
Attends, with C.'S.H* and Platt the dinner of
House in honor of opening of P.R. Branch.
Oct. 17, 1928. 59
142.
McIntosh, Comptroller (Cont'd.)
of
ng is very much upset by vote
Tells 3.S.H• that Gov. You
ence of
the joint confer
Board for a stenographer at
ernors.
F.T. Agents and lov
Nov. 15, 1928. 72
gave
ional Bank of Washington,
l
r. Donaldson, of Commercia Nat
honor of.
a dinner at Carlton Hotel in
served
wines and champagne were openly
Wyatt who attended said
was said to have cost $60 per
throughout the dinner, which
Nov. 4, 1928. 89, 90
plate.
cy
See - Comptroller of Curren
McLennan, ars.
death of.
H.P.H. telephones C.S.H. of
Oct. 30, 1926. 64
Mellon, Sec.
tion that
letter disapproving sugges
Wanted Gov. Young to sign
a lower rate than
es be given
member bank collateral not
Important
but Gov.Young said it was
commercial paper,
mony with the Board,
was in har
to show that the Secretary
antly, he signed it.
so, rather reluct
ial
the Treasury in its financ
h a rate would have helped
such
Suc
n never thought of takingclaim
operations, but Sec. Ilello
Mellon
to be an answer to
dominates
an advantage. This ought
even unconsciously,
Secretary o Treasury,
that the
the Board.
Sept. 7, 1928. Y4, 25
memorandum on effect
fully agrees with his
rate,
Writes 0.9.H. that he
period of the 3%
Market operations during
of Open
. 3, 1928.
from Aug. 4, 1927 to Feb
Oct. 6, 1928. 44
cone.
in Pennsylvania is
says political power of,
Dr. Butler
Dec. 3, 1928. 98
to )bject
tion that, be asked not
says that Wyatt's sugges
on ground
onl,
Miller
er di,ath of Gov. Str
to payment of salary aft
would cause a scandal
collusion and
of franchise tax, was
ls.
like the oil scanda
Dec. 18, 1928. 109
1111111
.
-----111111 111.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
11111•11111111,
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
143.
'Mellon, Sec. (Contld.)
Baltimore
. Bruce that Frank Kent, of
Charles R. Crane told Mrs
inst Sec. Mellon, and
zens aga
Sun, sided with Senator Cou
t he believed he was paid
ped. Hoover all he could; tha
then hel
by Couzens and Hoover.
Dec. 19, 1928. 111
saying in Annual
made himself ridiculous by
s-oeculation;
Miller said sec. iel1on
increased rates to check
Report that P.R. System
his reoort was
easier money but
that :Iellon had predicted
n of higher money.
construed as a predictio
Dec. 2:), 1928. 114
in accedtance
to consider N.Y. increase
Presides at Board meetin„;
9. 121
Jan. 4, 192
rates.
alloilted 7.7. Agent,
party Rolla Wells just
Asks to what political
ocratic; that he 'rad
.H. said Dem
St. Louis, belongs. C.S
never heard of it
h the ay,)oiltent and had
nothing to do wit
until James reported it.
- Jan. 22, 1929. 132
ectors as to
statement of New York dir
to oossible
firlow:Ilt at first that a
t of course, any reference
loans for others, - withou
no harm and
collateral, - might do
lack of liquidity of the
not to
er he felt it was better
might do some good, but lat
publish any statement.
Jan. 25, 1929. rc4
and Urs, lraef.
We meet, at dinner with :Ir.
Jan. 30, 1929. 140
rd's credit
violently as result of Boa
The Stock 3xchanRe broke
ce of a Treasury
after issuan
warning but recovered fairly
minimize the
, evidently intended to
statement, not signed
effect of the warning.
ed the newspaper men
ang that when he receiv
. Mellon told lov. Io.
Sec
tly, however,
for publication. Zvi_en
this a.m. he said notAing
e or
tement probably quoted mor
he said something and the sta
less aclurately what he said.
Feb.?, 1929. 159, 160
sion of Board's
in the preparation or discus
Sec. Mellon took no part
t at the final vote.
warning, nor was he presen
redly expresses
ng in voting against it,
C.S.H.believes that 770v. You
Sec. Mellon's views also.
;Mb. 7, 1929. 160
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Federal Reserve Bank of St. Louis
144.
zS
Mello v.
. nellon fully informed
Young told .S.H. that he kept Sec
day to day; that he
as to the proposed credit warnIng from
rds letter to the
(Sec. Mellon) did not approve the Boa
ment of Feb. 5, published
F.R. banks nor the Board's announce
him that the vote
7eb. 7, 1929; that he (lov. Youn) told
ally flecided not to
would be 7 to 1 in favor; that he fin
go into the meetings.
Feb. 20, 1929. 178, 179
way tried to influence the Board
Sec. Mellon, howevr, has in no
to what :IcAdoo l'ould have
members - in refreshing contrast
done were he still Sec. of Treasury.
Feb. 20, 1929. 179
on
se McFadden as to Black resoluti
Presides at Board meeting to advi
concerning clov. Norman.
Feb. 22, 1929. 179
not asked Secretor,/ Mellon to
Washington 2ost says Hoover has
d like to remain.
remain in Cabinet, although he woul
. 26, 1929. 180
Feb
asks Millar as to above.
not of
Um; that he would s
Miller sid.d this did not surprise
would remain
ght Nellon
course for Hoover, that he thou
r
sort time, and then his successo
in Cabinet for a
::eilon would think
ve
be a?)ointed. C.S.H. does. notbelie
been made
unless, at least, an offer has
of such a thing,
ntarily declined
has volu
without any string to it and he
to accept it.
Feb. 26, 1929. 180, 181
that
Sec.Mellon told him a month ago
lov. Yourw,. tells C.S.H. that
the Treasury.
he vas to oontinue as Secretary of
Feb. 28, 1929. 182.
-8-'
Viiii.111111•1111
that the Board, if it did not
Gov, Young said Sec, Mellon holed
d try not to increase
now increase discount rates, woul
issue of Treasury
them for some time after the new
ject the Treasury to a charge
certificates, as it would sub
ction to a rate increas,
of bad faith; that he had no obje
if Board so desired.
Mar. 6, 1929. 186, 187
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Federal Reserve Bank of St. Louis
145.
Mellon, Sec. (Contld.)
stand
that Sec. Mellon said he would
Gov. Young tells C.S.H.
t he had doubts
tion it took; tha
by the Board in whatever :.c
.
rease woulA cure the situation
whether a rate inc
18?
Mar. 5, 1929.
ve to Board.
Gov. Young repeats abo
Mar. 7, 1929.
187
lions of
on of Gov. Case to buii 25 mil
Board took up propositi
7 days to help the dealers,
ng in
Treasury certificates maturi
h the ne issue of
ise they would interfere wit
as otherw
4% certificates.
meeting as the
lon would not attend the
that of
Gov. Young said Sec. Mel
might not be the same as
interost of the Treasury
untrammeled
the 3oard to use its own
the Board and he wanted
judgment.
lon to taxe.
fine attitude for Sec. Mel
We all thought this a
Mar. 7, 1929. 188
notes
rate be
Member bank collateral
a preferential (lower)
opnoses suggestion that
Board
8. 24
Sept. 7, 192
fixed for.
cured by
ry (higher) rate on, sburg favors a discriminato
War
Jan. 5, 1929. 125
Govt. securities.
secured by lovt
ator./ (hiher) r.te on,
Willis favors a discrimin
Jan. 25, 1929. 135
secarities.
in his criticisms
does not agree with him
Willis ass C.S.H. if he
of the r.a. System.
lines different
System had clveloped all
amendment
C.S.H. said No, that the
largely because of the
t its framers intended
from wha
were in effect
t. securities, which
)ermitting, secured bj lav
say this was wrong
not prepared to
finance pa?er; that he was
be advisable.
criminatory rate might
that possibly a dis
but
Jan. 25, 1929. 136
not affect
ry rate against, would
on said a discriminato
ial paper; that
Gov. Harris
had plenty e'commerc
culative loans as banks
spe
ence the banks.
it would merely inconveni
Feb. 5, 1929. 154, 155
g ates
ng suggesting increasin
Harrison writes Cloy. You
er rates at 5%.
lov.
s to 6%, leaving oth
secured by Govt. securitie
e using these
outside of Boston, wer
He said the N.M. banks,
eral loans.
reserves against collat
notes to replenish their
Feb. 28, 1929. 181
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
146. •
ter Messengers salaries
se sali,ry of messeng - - Car
Miller induced Board to increa
hough he is only
rk, alt
who is assigned to him as a cle
00 while the
s work. He now receives 116
,
doing messen t er'
other member has
80. .No
highest messengers get only 113
itled to a
Although each member i ent
this privilege.
a gross abuse of this
s is
secretary and stenographer, thi
bers.
right of mem
it as
do this, :liner would attack
If any other member tried to
imnorall
Dec. 1, 1928. 118, 119
Metcalf, Surveyor
See - Mattapoisett
Metropolitan Coal Co.
lier told hik tat a company
George told C.S.H. that C.. Hel
led the Metropolitan
had been formed in Chicago cal
on
preferred and 2 millions co
Industries, having 4 millions
no par value; that
stock having
stock and a large amount of
mon stock
ind these shares was the com
the only property beh
of the .:etr000litan Coal Co.
er
::etr000litan Coal Co. had nev
George said the common stock of
d him.
paid dividends as I undn•stoo
dy's Manual.
He asked me to look it up in Moo
Oct. 6, 1928. 47
Metropolitan Industries Co.
See - Metropolitan Coal Co.
Miller, Dr.
aay,
open market meeting on M)m
C.S.IT. decides not to go on to
maine poisoning, and Gov.
as 4e has a slight attack of pto
.
be ther.
bang says Miller et als are to
. 11, 1928. 4
Aug
committee discretion to buy not
Votes against giving open market
ary
urities if absolutely necess
over 100 millions of Govt. sec
bill market.
secured thru
and if required ease can not be
Aug. l, 1928.8
F.
ler presented draft of letter to
At meeti:lg of Aug. 1, Mil
a "seasonal crop
l approve
banks saying that the Board wil
constinue
to 1% below other rates, to
from
moving" rate of
o,..
moving seas
only until close of normal crap
Aug. 14, 1928. 8
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
147.
Miler, Dr. (Contld.)
ity to purchase
osed to give any author
ler is unalterably opp
Mil
Government securities.
Aug. la, 1928. 10, 12
Miler's suggestion
not prepared to accept
iness
Gov. Young said he was
rte should a)ply to bus
iity rate; that such a
e)tances
of a commo,
that purchases of acc
as to agricultural paper;
as well
mind.
h what niller had in
would probably accomplis
Aug. 20, 1928. 13
bore he
t Miller was the worst
. Mills tells C.S.H. tha
; that he had
Under Sec
ellectually dishonest
ever met; that he was int
had
.
a su?reme contempt for him
Aug. 21, 1928. 16
•
•
•
roval of pro7osed
signing Board's disapp
Mellon's hesitation in
es s,-cured by
Sec.
ber bank collateral not
preferential rate on mem
asury - is a good
moAld gratly help Tre
government bonds - watch
asury must tho
timony that Sec. of Tre
answer to Miller's tes
te the Board.
unconsciously, domina
Sept. 7, 1928. 24, 25
mittee of
act to Executive Com
to giving any power to
Miller objects
Open Market Committee.
Set. 28, 1928. 35, 36
nts examinations of
in charge of F.R. Age
to which the
Miller says Hereon, if
)ort to Gov. Young,
member banks, fnould r:f3
State
latter acTreed.
Oct. 11, 1928. 51
ner for
ser to af))oint a foreig
t permitting Goldenwei
Votes agains
American could be found.
statistical work.altho no
Nov. 12, 1928. 69
sion will be
Committee meeting discus
ler says the Open Market
Mil
wishes to have a
history of the Board and
the most important in
ire prodeedinpm.
stenographer take down ent
Nov. 15, 1928. 71
nographer be employed
m's motion that no ste
Votes against Ounlinha
Agents and governors.
without consent of F..
Nov. 15, 1928. 73
bove motion.
turbed at passage ofa
Miller seemed very much dis
Nov. 15, 1928. 74
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Federal Reserve Bank of St. Louis
148.
Uiller, Dr. (Contid.)
1(7.
:r"1 - ,!)r
1
.
7,.,(q7
Axci , 1
•VRit
lo
r14:...:174T7L
c Yr
vcribe
t Board has no porer to pre
Answers Gov. Hardinels claim tha
he did not want
mittee. He said
new plan for Open Harket Com
: ding;that there was
more than did Gov. Ha-.
Board to operate any
trying
rd and that is why Board is
some doubt as to power of Boa
Onen ilarket power
o said the
to secure an agreement. He als
altho chiefly
art of the System and that,
went to tie veryhe
vitally affected all
York, it
operated by the P.R. Bank, New
uld be considered
that questions of policy si:o
the P.R. Banks, and
of th,- Z.R. banks.
by the F.R. Board and by all
Nov. 13, 1928. 77
of
sent :t meeting of directors
Goldenweiser says Miller was pre
elected Harrison Governor.
P.R. Bank, New York, which
Nov. 24, 1928. 89
rburg and other banke:s
in N.Y. with
Delano tells C.S.H. he talked
t the
ret:ry of.the Treasury rind tha
about Miller as a possible Sec
h a fool
Hoover -:ould not be suc
2
consensus of o- inion ras that
t
not fitted for such a place; tha
as to appoint him; that he was
the first rank.
as decidedly not of
the economists looked on Miller
Dec. 9, 1928. 99
r!rce 4r monTm4cftnrare
-f-.
,tAftpi
":4
ri•
"' "
.
. Strong
ent of N.Y. iirectors arV, lav
t Voted against ap)roving agreem
resign tmediately.
r if he would not
to pay his salary thru the yea
salary after
e given his estate two months
The agreement would hav
his ilath.
Dec. 13, 1928. 108
ent that
ly and said that Wyatt's statem
Miller op-posed ap)roval bitter
st
x cause of its inter, in the
only the Treasury could object,
we get a statement from
n that
franchise tax, and his suggestio
ion to evade the
that he would, not object,,vas collus
Sec. aellon
l like the oil scandals.
law and would give rise to a scanda
ause
e case of F.R. Agent 1LL5, bec
He saidthis case differed framth
n already paid Willis widow.
in that case the money had bee
Dec. 18, 1928. 109
rison about the above and Miller
spoke of his talk with Gov. Har
discuss the matter with the N.Y.
said no member had the right to
bank.
a member
a question of law and that as
3.3.7i. told Miller tds was
question
should discuss the
of the Law Committee he could and
Miller then subsiled.
with aayone he pleased.
Dec. 19, 1928. 109
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Federal Reserve Bank of St. Louis
149.
Miller, Dr. (Contld.)
Votes for motion to advise N.Y. Bank of Board's docision as to
Gov. Strong's salary and to ad tee it that if it wishes the
Board will ask °Anion of Attorney General.
7ec. 13, 132E. 112
Miller says the two outstanding events in P.'. history for 1928 are:
1.
Boarlis refusal -A, accent stabilization of prices.
2.
Giving up of easing market by open market opertions
and forcing the banks to relieve situation by
rediscounting.
Dec. 26, 1928. 11.4
Says Sec. lellon made himself ridiculous by saying that P.R. System
had Out -up rates to curb specul-tion.
Dec. 6, 1928. 114
Says that Sec. Mellon had )redicted easy money conditions but in - is
annual re?ort made statements t.lat were construed as a
prediction of tighter money conditions.
Dec. 26, 1928. 114, 115
liller saUl long ago that the only wayt to curb speculation was through
discount rates and he certainly voted to qp)rove higher rites
with this end in view.
Dec. 26, 1928. 115
Miller, not long ago, put in a resolution favoring higher acceptance
buying rites for the specifically alleged .purpose of drawing
mone,/ out of the call loan market, although finally he struck
out this reference to the -all loan mArket. This resolution
failed although Miler, Platt and C.S.H. Nnted for it.
Gov. Young put on record an answer to niller to the effect that money
was now tending away from the call loan market.
Dec. 26, 1928. 115
C.S.H. as:-ced :1iller how much less F.R. credit would be now outst-inding
if there Aad been no undue s:rculation on Wall Street and he
promptly replied, - "About 500 millions."
Dec. 26, 1928. 115
Miller says it will be a sad day for the country if the national bank
circulation were wined out,as they will be needed surely in
view of possible futu-e goldscarcity; that if P.R. notes were
issued in their pLIce it woliaincrease ree-ve requirements from
5% (jatl Bank notes) to 40% (P.R. notes.)
Dec. 28, 1928. 115, 113
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Federal Reserve Bank of St. Louis
150.
Miller, D. (Contid.)
the
away the gold reserve behind
Miller said he favored taking
tion of the Govt.
unsecured obliga
greenbacks leaving them an
Dec. 28, 1928, 116
o
Miller that the Govt. could als
C.S.R. sarcastically reminded
icates, as McAdoo wanted
d certif
seise the gold behind tne gol
just after the war.
to do during or
Dec. 28, 1928. 116
imately
king along a road leading ult
C.S.H. believes Miller is loo
aking
cy and hopes Miller is not spe
to irredeemable paper curren
Dec. 28, 1928. 116
for Hoover.
, a
sing the salary of Carter
Miller got thru a vote increa
ling him
a clerk, to $1600, cal
messenger, assigned to him as
, the
higher pay than a messenger
a clerk is simply to give him
other member
s being $1380. No
highest salary for messenger
vate
eacn member can nave a pri
has this privilege. While
this is merely
, Carter is neither and
secretary and stenographer
at the expense of all.
a scheme to favor one messenger
bers except
assigned to particular mem
None of the messengers are
to Miller.
Carter who is still assigned
other
reases of salaries and if any
Miller always objects to inc
first to denounce it.
ne would be tne
member acted as he is doing,
Dec. 31, 1928. 118, 119
Puts in Resolution:
other
rates and call loan rains and
Existing spread between P.R.
meelartenke to put P.R. credit
speculative loan rates tempts
into stock exchange.
s.
t
pose to do in 1929 to correc thi
Ask* 7.R. banks what they pro
Dec. 61, 1928. 119
ks naving
resolution implied that ban
Gov. Young objected because
ounts.
call loans snould be refused redisc
Tote:
OunciLngham, Platt
Aye: Miller, C.S.H., James,
Nol Gov. foung
rency Pole
Not voting: Comptroller of Cur
161
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.
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7
ri
Miller, Dr. (Oont'd.)
O.S.H. said he voted Aye because he construed the resolution;
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Federal Reserve Bank of St. Louis
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1. Not intended to mean that speculative loans were necessarily
illegal.
2. Nor that a bank should be refused redicounts to replenish
its reserves whlre deficiency was caused in part by
speculative loans.
3. Merely pointed out as abnormal, dangerous condition and
asked P.R. banks how they proposed to meet it in tne
coming year, 1929.
Dec. 31, 1928. 119
Board met at 4130 - O.S.H. having gone - to take action on N.Y.'s
increase in acceptance rats.
Miller
suggested that N.Y. bank be asked not to announce it until
Board could consider it. This was agreed to.
Jan. 3, 1929. 121
Board found rate had already been announced ani sent to other
banks. Miller said Board snould enact a regulation
requiring approval by Board of acceptance rates just
as discount rates.
Jan. 4, 1929. 121, 122, 123
Miller said if Warburg was correct in saying that the proceeds from
acceptances seeped into the stock market much more slowly
than proceeds of sale of Govt. wIcurities to P.R. banics,
he should oppose the increase in bill rates at N.Y. for
there was no justification for it except that it would
tend to divert money from the call loan market.
Jan. 5, 1929. 124, 125
O.S.H. asked why it was that Gov. Strong in Dec. 1924 said tnat
Miller:, suggestion that acceptance buying rates should
be put above discount rates, was ridiculous.
Warburg said it was ridiculous, as acclptances were better paper
than promissory notes.
Jan. 6, 1929. 126
Miller denied he ever made such a statement, and C.S.R. sent him an
extract from his diary, quoting him .(See scrap book).
Jan. b, 1929. 125
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
152.
Miller, Dr. (Contl d.)
Miller said the P.R. System has been drifting, - perhaps that
was the best policy, ; - that money was now getting
tighter, and that rates must be increased if there was
any hope of curbing stock speculation; that the really
courageous way would be to announce that in the future
credit would be available at reasonable rates for
agriculture and business, but that the Board would watch
the rise in rediscounts and prevent seepage into Wall
Street.
Gov. Young did not agree.
C.S.H. said Board could not issue any stronger statement favoring
direct action and restraint of brokers loans than did the
lederal Advisory Council on Nov. 22, 1928.
These recommendations were then read. They advised direct action
but distinguished between customers loans and other loans.
G.S.H. quoted what Alexander said in 1926, and later copied it out
and sent it to Miller.
Jan. 19, 1929. 129, 130
Miller introduces draft of letter to P.R. banks sug&sting direct
action and asks each member to criticise it in writing.
Jan, 21, 1929. 130
Gov. Young shows G.S.H. his suggestions as to Miller's draft.
Jan. 21, 1929. 131
Gov. Young said he objected to writing the P.R. banks along lines of f
Miller's draft, but he wanted to put it in the least
objectionable terms.
Jan. 21, 1929. 131
wimmirigrPt
MOIMMI
11W°
40.11•04/1141211WVIIPIPIO
1111r
C.S.H. sends his suggestions on Miller's draft to each member. He
suggested a statement that Board was not seeking radical
deflation of credit, but merely conservative liquidation and
that the statement looked primarily to the future. He also t
suggested a statement that some P.R. banks had exercised
direct pressure successfully.
Jan. 21, 1929. 132
Board considered Miller's draft of proposed letter to P.R. banks
1
and voted tentatively to approve i4 as .1-1(9 basis of future
discussion.
C.S.H. moved to add a clause that it was not intendea to indicate a
desire or to be an order for drastic deflaton of speculative
loans,
•••••
...••••••.•••••••••
IMAIMM1111010•1111•11■11111.-
153.
Miller, Dr. (Coned.)
The Board voted against this on the ground, as O.S.R. Wien
supposed, that there was no need of such an addition as it
could not be construed as an order or a.desire for drastic
(See scrap book for C.S.H.'s suggestion).
Jan. 24, 1929. 133
Miller said Ambassador Morrow was very absent minded and one aay
went to the train but could not find his railroad ticket; that
the gatekeeper knew him and told him to go thing that Morrow
said he could not remenber where he was going.
Jan. 24, 1929. 133
McGarrah opposes Miller's draft on ground that it would be construed
as a blow at the stock market.
Jan. 26, 1929. 134
Miller voluntarily said he would eliminate the part defining what
were "proper' rediscounts.
,
•
G.S.H. was pleased at his as he had criticised tne draft as not
correctly defining the law or good banking practice.
(See C.S.H. memo, scrap book.)
Jan. 25, 1929. 135
Miller, after objecting, finally agreed with C.S.H. tftat McGarran's
reference to his directors wishing to intimate that the
collateral behind brokers loans might prove not to be liquid,
should be inserted in the Board's minutes, and it was so voted.
Jan. 28, 1929. 137
•
.
•
Miller and C.S.H. declined to go to N.Y. to meet Gov. Norman as
they felt any conference with him should be held in Washington.
Jan. 29, 1929. 140
Yesterday, Miller, Cunningham and C.S.H. had a conference together
and Miller accepted Cunningham's suggestion to aaa a clause as first suggested by C.S.H., - so as to exclude any intention
of drastic deflation.
70. 1, 1929. 143, 144
Board considers Miller's draft, which he read.
4
111111111MOMMI11111.111..
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
It did not contain C.S.A.'s suggestion but Miller adled
in the alternative which did not mention it.
Miller moved his draft, without the alernative.
a paragraph
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Federal Reserve Bank of St. Louis
154.
Miller, Dr. (Contid.)
C.S.H. moved to substitute for one paragraph the alternative
paragraph as to no desire for drastic inflation.
C.S.H.Is motion was lost.
Aye: C.S.M., Cunningham
Net Gov. Young, Miller, James, Platt
Miller's motion was passed.
S...44..4
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All voted Aye except Gov. Young who was recorded as voting No.
1929. 143, 144
6-e4.04.
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C.S.H. asked to have recorded the same explanation of his vote
as when trio draft was tentatively approved.
lob. 2, 1929. 144
C.S.H. then suggested a minute to effect that the members voted
down his proposed addition by way of a substitute motion,
not because they did not approve the substance but for
reason that they regarded as really covered in the draft
as adopted.
. .
•
To C.S.H.Is great surprise, Platt said he hoped it would be
construed as calling for drastic deflation of existing
speuulative loans, and James and Miller agreed with Platt! I
0"
,
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Evidently these three are oblivious of or reckless of the
dangerous consequences wlicn might ensue if tie letter were
so construed.
ieb. 2, 1929. 143, 144, 145
C.S.H. asked Gov. Harrison if there would be a necessity for
increasing trio N.Y. discount rate, if the Bank of England
rate was not increaseq, and Gov. 4arrison said Yes.
Miller said something indicating that he thought C.S.H. felt we
should be guided by tne Bank of England rate.
.
•
.
C.S.H. said Miller mistook nis position mlich was tnat in 1927 we
lowered rates partly because it would help the -link of
altho iv also helped business and tie agricultural
export trade, but tnat under present conditions we should
decide as to rates from domestic conditions Whoiiy apart
from the actiAl of the Bank of linglando
Nib. 2, 1929. 151
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Federal Reserve Bank of St. Louis
Miller, Dr. (Contld.)
In afternoon Board again considered Miller's draft, and
suggestion &hat it be put in the P.R. Mulletin.
Miller said it would not cause any drastic deflation of
speculative loans; tnat nothing we could do would have
that effect; that he personally, however, would like to see
a sudden liquidation and crasht
fob. 5, 1929. Ibl
Miller said Great Britain made a mistake in so suddenly adopting
the gold standard; that it would have been better to have
gone more slowly and be content with stabilization as did
Prance and Belgium.
Feb. 5, 1929. 151, 152
Goldenweiser advises against putting in the Bulletin warning a
copy of Board's letter to the Chairmen alit would disclose
a difference of opinion between the Board and the P.R. banks.
Miller agreed that only the first page of the letter be put in,
and this was agreed on.
1,A.44444.4
e."4.4aGov, Young alone voted against putting the warning in he P.R.
Bulletin, although he said it was very much like his Phila.
44
addre.02L
lob. 5, 1929. 152
1
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1
Miller agreed wit a statement of Gov. Young that he was becoming
more and more convinced that a central bank was a necessity.
7eb. 5, 1929. 133
Cunningham feared that the response to our letter to the Chairmen
and the warning in the 7.7. Bulletin would be a simultaneous
demand by the P.R. banks for higher discount rates.
;
.- •
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Miller said it would be construed just the opposite.
ibb. 5, 1929. 155
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At the lunch given by Board to Gov. Norman, Miller put some
Interesting questions to him as to the operation of the gold
standard.
Alb. 6, 1929. 156
Miller says President Coolidge intended to appoint Mr. Wilbur
of Leland Stanford 7niversity in his cabinet but the letter cr
telegram by error was addrensed to his brother who immediately
accepted; also that President Wilson intended to wpoint a
Judge Garrison of New York but by error the message was sent
to Lindley Garrison who at once aocnpted.
'ob.?, 1929. 161
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Federal Reserve Bank of St. Louis
16 6
Miller, DT. (Contl d.)
Votes to lay on table application of P.R. Bank of Dallas for
nigrier rates until it has answered Board's letter specifically.
lob. 8, 1929. 162
C.S.H. moved that a copy of Gov. Harding's letter to his member
banks be sent to each 7.1. bank, unless Gov. Harding objected.
Miller moved as a substitute that Gov. talley be advised to consult
Gov. Harding as to what steps he was taking.
finally it was dropped.
Yob. 8, 1929. 162
Miller wanted to call a conference col' Governors to discuss P.R.
policy but most of Board felt tnat this would end in another
0May 192001 convention and would cause trouble.
70. 8, 1929. 163
Miller said he did not favor drastic deflation but was looking
merely to the future, as day or two ago he wanted deflation. 1
See p. 146.
!Ob. 8, 1929. 163
Miller, during tle discussion, referred to Presid-Int oover as
one who would back up the Board; tnat he knew Wall Street well.
He seemed to act as if Hoover knew and ap?roved the Board's
policy, and ae finally intimated that if the Board should
weaken, Hoover might take a hand in the matter.
Gov. Young asked if this was a threat.
Miller ,evidently somewhatabashed, said No: Certainly noti'
Sob. 8, 1929. 163
Miller reminds C.S.H. that Gov. Norman, at our lunch, said his
purpose in coming over was to pay his respects to Gov. Harrison,never mentioning Gov. young or the P.A. Board.
lob. 11, 1929. 166
Miller agrees with C.S.H. that the Board must give the buteral Advisory
Council any information it asked as to discount rates.
7tob. 15, 1929. 173
Miller told C.S.H. thatthe Washington Post rumor tut Hoover nad
not asked Sec. Mellon to remain in the Cabinet did not surprise
him; that he would say - not representing Hoover - that he
thought Sec. Mellon would remain for a short time and that then
his successor would be avointed.
Feb. 26, 1929. 180
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Federal Reserve Bank of St. Louis
Miller, Dr. (Oonted.)
ng the
Miller opposed sending a letter. W the P.R. banks advisi
bankers, but advised waiting
calling together of groups of
awhile and perhaps next week to take Up the matter with
those 7.R• banks which had not responded satisfactorily, wnich was agreed upon.
Mar. 1, 1929. 184
power
Miller moved that Wyatt be asked to advise Board as to its
that speculative loans must be
to enforce its position
curbed. Passed unanimously.
Mar. 5, 1929. 187
ns of
Opposes Gov. Case's request for authority to buy 25 millio
Govt. securities maturing within 7 days on ground. that it
might interfere with Board's rigid control of 7.R credit.
Mar. 7, 1929. 188
7inally went over.
Miller said tne attitude of Sec. Mellon at staying away from
tne meeting so that our Board could Use its own untrammeled
judgment on a matter in which the Board's interest might
not be tile same as that of the Treasury, - was in refresning
contrast wita that of Under Secretary Winston.
Mar. 7, 1929. 188
• imago.
York
Miller said Gov. ioung told him that he met Warburg in Aew
over Board's statement
and that he was most entnuaiastic
ung
of 7615. 0, 1929; that he was so enthusiastic that Gov.io
ne - Gov. Young - was not in
finalty had to tell him that
accord with tae Board.
Mar. 9, 1929. 189
,
ftwomswer-asfirluirw-rliPmffirimmi--T,
:
LA.:Bank,
Miller favored and Board finally voted to send letter to
why it had not been more successful in
San Francisco asking
.
carrying out Board's policy outlined in statement of 7eb. 0,1929
Mar. 19, 1929. 192
tions
Miller offered draft of letter to each Chairman asking for sugges
credit
as to framing a regulation to prevent diversion of F.R.
into speculative channels.
C.S.H. suggested - as to Advilability of framing a regulation but
Miller opposed this.
Mar. 19, 1929. 193
Miller said a responsible banker had told him that the N.Y.Stock
Uchange could settle the speculative situation instantly by
quietly telling the brokers tnat the credit they were now
getting was uo be the maximum, and that he thought the stock
exchange would do this if our Board asked it.
Mar. 19, 1929. 194
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Federal Reserve Bank of St. Louis
158.
Miller, DT. (Cont'd.)
Miller said an affirmative rate increase beginning at 616 would mean
great injury to business, and would be hailed as a confession
that the P.R. System had failed.
.tar. 19, 1929. 195
Miller talks with Woolley Who said he would came to Wasninrton
Mar. 21, 1929. 198
tomorrow.
Miller talks over telephone with Mr. Simpson, a dirnttor of
1.1. Bank, Chicago, and Mr. Simpson said that the efforts
of the Chicago member banNsto reduce speculative loans, were
not brought about by any order of the P.R. Board, but by
voluntary cooperation of the member banks, and large business
concerns, in which Mr. Reynolds, a director of the P.R. Bank
took tne leadersnip; tnat 6neir efforts wolid be carried out
in a careful, cautious manner, and that any violent break
would be guarded against.
He said, however, he favored a rate increase.
Mar. 22, 1929. 201
Mills, Ogden
C.S.H. dines with, at Metropolitan Club.
He said Mil/or was the worse bore ne had ever met; that he was
intellectually dishonest; tnat he had a supreme contempt for
Aug. 21, 1928. 16
him.
Gov. Young said that Miller hoped tiat if discount rates were
not to be increased now, - and he saw no reason for an
increase, - the Board, if possible, wouldnot increase rates
until some time after tne coming issue of Treasury certificates
was placed, as it might lay tne Treasury open to a charge of
bad faith.
Mar. 1, 1928. 182
Mar. 5, 1928. 186
Tells Gov. Young that Gov. Case is opposed to a rate increase.
Mar. 1, 1928. 183
Says lie nas no objection to increasing rates if the Board so decides.
Mar. 6, 1928. 187
Gov. Young said Mills wants Board to use its own untrammeied judgment
as to an increase of rates.
Mar, 7, 1928. 188
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Federal Reserve Bank of St. Louis
159.
Minister of Finland
We meet, at dinner with Gertrude Myer.
!Ob. 22, 1929. 179
Mitchell, C.B.
Talks with Gov. Young over telephone urging increase of
Feb. 14, 1929. 169
discount rates.
Gov. Young said, could seam to understand wfly Board would not
approve ircrease of discount raes.
Feb. 2u, 1929. 178
Gov. Harrison tells 4ov. Sk;rong tnat Mitcneil, before leaving
for tne Soutn left a memoranaum wita Ais directors opposing
Mar. 1, 1929. 182
any rate increase.
7.R. Agent
Willie says he likes him but feels he is not fit for his job.
Jan.25, 1929. 136
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C.S.H. reminds Board that the N.Y. Honey Committee during or
just after tne war was managed by F.R. Bank, New 'oric alone
and functioned satisfactorily.
Mar. 19, 1929. 194
.
40
.
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Montague, Gov. and Mrs.
We meet, at dinner with Harry Tucker.
Jan. 31, 1929. 141
Monument to first Mrs. Wilson. 165, 166
See - Wilson, Mrs.
Morgan, Amb. 99
See - Beck,
James M.
Morrison, Dr.
Found my eyes in congested condition.
Slit hemorrhage in blood vessels.
Advised less work. Suspects some infection.
Mar. 8, 1929. 1b9
Says shots in lenses of my eyes are healing up rapidly
following removal of infected tooth; that the infected tooth
could account for my eyes, blood pressure, and other trouble.
Mar. 15, 1929. 191, 192
Morrow, Ambassador
Miller says, is very absent minded; that one day he went to Railroad
train but could not find his ticket; that the gate keeper knew
him and said he could go tnru; that he t'len said he naa forgotten
where he was going.
Jan. 24, 1929. 133
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Dr. Butler said, pulled over Vare to Hoover by intimating, as
a member of Senate Comnittee on elections, that if he wished
to hold his seat in Senate he had better came out for Hoover.
Dec. 3, 1928. 97,.98
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See - Cunningham, Henry V.
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See - Tnoron, Ben
Myer, Gertrude
Dr. Ruffin tells C.S.H. that, is in a really dangerous condition;
that her blood pressure was dangerously high; tnat while
she might live for many years, a sudden fit of anger or
intense irritation might bring on a strote similar to that
of Walden, her brother; that the was a veritable bundle of
nerves, - a clear ease of neurosis, similar to but worse
than that of Walden; that all of her family had this trouble;
that she had consulted him about going abrod; taat he advised
her to go for a short trip and then to return and pay visits;
that Mrs. Stokes persuaded her to make her visits now aria taxa
the luropean trip later in the summer;that he advised her to
take a secretary with her in spite of the ridicule this mignt
cause.
Aug. 1, 1928. 1, 2
9
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She said Sammy Lothrop had got into trouble with a woman and that
his cife,- a daughter of hake Warren, - was getting a divorce;
that Mr. Loveringes wife, Nellie Lyman, daughter of George Lyman,
had been divorced by Mr. Lovering; that for years she had been
the mistress of Hugh Scott, who married Helen Sanders of Mile;
that Mrs. Scott wrote Mrs. Lovering that the knew all about
her affair witn her husband; that 'align Scott was devoted to ner
and that she, Mrs. Lovering, was merely an incident in his life;
that she finally asked her to luncheon, whicn, nowever, she
declined; that Mrs. Lovering was now working in Emanui . Church;
that Gen. dwards had been blackballed from Tennis and Racquet
Club, Boston, altho that Club was very liberal as to its
membership; that his manner towards women was very offensive;
tnat !red Prince was moving heaven and earth to be ap)ointed
Ambassador to Prance.
Yeb, 1, 1929. 142, 143
$11,0w
Dr. Ruffin spoke with C.S.H. thus frankly as, had asked him so
to do, and she asked C.S.H. to feel he could always talk
with Dr. Ruffin about her.
Aug. 1, 1928. 1, 2
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
161.
Myer, Gertrude (Cont'd.)
Wrote Rachel confidentially as above.
Aug. 2, 1928. 2.
Bertie writes C.S.H. that, had telephoned that she was coming to
us Saturday with a maid to spend a week.
Wrote Rachel another letter telling her of this.
Aug. 2, 1928, 2
Gertrude arrives at Mattapoisett 6 p.m.
Aug. 4, 1928. 3
Gertrude leaves us for Boston.
Aug. 10, 1928. 3
C.S.H. writes long letter to lachel describing Gertrude's visit.
Aug. 11, 1928. 4
C.S.H. received letter from Clephane sent to him at Mattapoisett
for Gertrude.
C.S.H. calls up Miss Codman at South Lincoln who mid Gertrude
was at Copley-Plaza, noston.
•
C.S.H. called her up and agreed to bring letter to ner tomorrow.
Aug. 18, 1928. lu
She told C.S.H. over telephone tnat Mary Hale had written her that
Rachel, her mother, had had a slight nervous break down; that
the Doctor said she out to have a trained nurse; that she,
Gertrude, had given up her visit to Rachel and had taken
roams at the Marshall House, York Harbor, Maine, for which
place she would leave Wednesday.
Aug. 18, 1928. 10
C.S.H. feels that his letter to Rachel must have made it clear to her
that, in her condition, she could not have Gertrude visit her.
Aug. 18, 1928. 10
C.S.H. calls on Gertrude at Copley Plaza lotel.
C.S.H. asked Gertrude to give him a memorandum about her nephew.
She did not say she would but half implied she would.
Sne said she did not like him; tlat he had filed or threatened to
file a caveat against tne probate of Walden's will; taat ne
had enough money to live on; that he would get $100,00Don her
death from a 'fund left by his sister in which she had a life
interest.
Aug. 19, 1928. 11
1
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
162.
Myer, Gertrude (Contld.)
.
,1.
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en/l.rv
.
Gertrude also said she had arranged under her will, singed in
March of this year, for a chapel to be .built at the
Cathedral in memory of Walden and herself; that she had left
all her property to the Washington Cathedral to carry this
out; that she could not afford to do this in her life time.
Aug. 19, 1928. 11
11Pnt.1 '4("1::4
She said she had little doubt but that her nephew would make all
the trouble he could if he survived her, that he might even
claim that she was insane.
Aug. 19, 1928. 11
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C.S.H. said if she feared this she surely ought to prepare
a
memorandum setting down her experiences with her nephew and
with his father, of whose baa character sne had spoken.
C.S.H. asked if he could speak of this to Mr. Clephane and she
begged him to talk freely with him as to this or any other
matter connected with her affairs.
Aug. 19, 1928. 12
C.S.H. and Clephane lunch together.
C.S.H. told him of Gertrude's londition as stated to him by
Dr. Ruffin, - Gertrude having given him permission to discuss
all matters Idth him, - Clephane, - feeling her Attorney ought
to know all about her condition.
Aug. 21, 1928. 14
Clephane said he had no doubt but that Gertrude was fully competen
t
to make a will, although ne realized she was in a nervous,
neurotic condition.
C.S.H. told Clephane he felt the same.
Aug. 21, 192b. 14, lb
C.S.H. asked Clephane to have Gertrude prepare a memorandum as to
her relations with her nephew and his father.
Clephane ap)roved and said he would see to it.
C.S.H. said he feared tne nephew might try to contest Gertrud
els Will,
and Clephane said he believed ne might.
Aug. 21, 1928. 15
Clephane said that after Gertrude executed
1928, - She wrote on it that she had
of her family relations because they
provided for, and that this was duly
witnesses.
Aug. 21, 1928.
her will, - in March,
made no bequest 46 any
were already comfortably
witnessed by the same
15
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
166.
Myer, Gertrude (Contld.)
Clephane said Gertrude's gift to the Washington Cathedral was
not an outright gift but was given specifically for the
erection of a memorial cnapel in which ,Gertrude and Walden
were both to be buried.
Aug. 21, 1928. 15
Gertrude called up Bertie from noston and said that she went to
the Marshall House Wednesday but left on Thursaay; that the
only people she knew there was Admiral and Mrs. Brownson; that
the food was poor; that there was nothing to do in the
evenings; tnat tnere were no =vies as there were at Hot
Springs; tnat she was now at the Copley-.Plaza which the liked
very much; tnat she was, however, very lonely. She began to
weep and Bertie thought she was going to ask if she could not
come down to us again, but she anticipated her by telling her which was the fact, - that our House was full.
Aug. 24, 1928. 10
C.S.H. called up Gertrude at CopleyPlaza, Boston, to get her
address for letters. She asked if I had talked with Clephane
and I said Yes and that he would help her prepare the memorandum
as to her nephew When the returned. She said she was glad I
had seen him and agreed to prepare the memorandum when she
returned to Washington.
Aug. 2, 1928. 18
She said the had heard nothing more from Rachel but that Mrs.Stokes
had written her tnat she had called on her at Bar Harbor but
that the and her sister, Mrs. Clark, were "too ill" to see her.
Aug. 25, 1928. 18
Gertrude calls up C.S.H. at Mattapoisett from Copley-Plaza Hotel,
Boston.
She said the could get rooms at Virginia Hot Springs; that she
went to Nahant but did not like the Zdes Hill louse; that
she went to Marblehead and found the Inn very attractive, but
they could not provide for her maid; tnat she met Rev. Roland
Cotton Smith there.
Aug. 28, 1928. 20
Gertrude called up C.S.H. from Boston saying that she is to visit
Mrs. Lars Anderson for a few days, and then will return to
Boston.
Sept. 1, 1928. 22
G.S.Re writes Rachel as to Gertrude.
Sept. 4, 1928. 22
164.
Myer, Gertrude (Cont'd.)
C.S.H. calls up Gertrude - Copley Plaza Hotel.
She asked C.S.H. to lunch tomorrow in Boston, but C.S.H. pleaded
another engagement and said he would call on her
tomorrow at 3130.
Sept. 16, 1928. 26
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C.S.H. calls up Catherine Grant to ask if she would lunch at Somerset
Club tomorrow and that I thought of asking Gertrude.
We finally decidPd to lunch alone and go out to see her new home
after lunch. Sortie said there was no reason for asking
Gertude, especially as we were to go out to the new nome.
Sept. 16, 1928. 26, 27
C.S.H. called up Gertrude from P.R. Bank at ,1215, and asked if ne
could come rignt out, instead of waiting until 3130. She
said Yes and C.S.H. called, meeting Pred Stone tnere.
Gertrude regretted I could not lunch with her, and C.S.H. said
nothing about his engagement to lunch with Catherine, but
merely regretted on ground of another engagement.
Sept. 17, 1928. 27
At 1:30 C.S.H. went to Somerset Club to meet Catherine. Before she
arrived Mrs. Larz Anderson told C.S.H. that Gertrude was
there lunching with Mr. and Miss Codman.
When Catherine arrived I told her Gertrude was there. At first she
thought I had accepted Gertrudels invitation to iuncn and
had then regretted because of an Important engagement.
C.S.H. told Catherine that altho he at first thougnt of asking Gertrude
he had changed his mind and that his original regret at not
being able to aclept Gertrude's invitation, still stood.
At lunch Gertrude caw over and said with a somewhat mschievous smile r
"Now I know *hat your Laoortant engagement wait"
•t.
e
eee
,
C.S.H. jokingly said to Catherine so that Gertrude could hear, "Gertrude
,
is very discreett"
:
.r
Gertrude replied, "Us, I wiii never toil BerAelw
Gertrude evid=ntly thought I had made this engagement with Catherine
unknown to Bertie, and we humored her in this belief.
Gertrude evidently believes she now has a hold on met
Sept. 18, 1928. 27, 28
C.S.H. writes Rachel as to above from Somerset Club.
Sept. 17, 1928.28
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Federal Reserve Bank of St. Louis
16b.
Myer, Gertrude (Contld.)
C.S.H. calls up Bertie on telephone from Mattapoisett.
She said Catherine railed in afternoon and that they had a good
laugh over Gertrude's discovery.
Sept. 18, 1928. 29
(I forgot to write down taat Ikter Gertrude called Bertie
and told her about my lunch with Catherine.
Bartle told her she knew all about it. Sept. -1928)
C.S.'f. meets Dr. Ruffin at Metropolitan Club. he said Gertrude
was at the Carlton, Washington, for a few days; tnat ne nad
seen her twice; that she was very much stirred up at my
suggestion that she should prepare a memorandum as to her
nephew; that she told him that C.S.H. evidently thought
she was liable to drop dead at any moment; rittt she was
very angry because Mrs. Stokes had talked witn atm about
her; that she knew C.I.H. had talked with rum about ger.
C.S.H. at first got the impression from Dr. Ruffin's manner taat
Gertruae was also angry because C.S.1. had talked with him,
but later Dr. Ruffin said me was not angry with C.S.H.
for talking with him.
C.S.H. told Dr. Ruffin that Gertrude had given nim full authority
to talk with him at any time ana ail tines;
at no could
not understand now Iertrude knew ne - C.S.H. - /Lau taliceU
with him last slimmer.
Dr. Rurfin said Gertrude did know of it.
Sept.27, 128. o2
Dr. Ruffin told 0.3.11. that, in his opinion, Gertrude was ox
souad anu uisposilig mil-1u, although intensely nervous and
neurotic; that ne agreed witn C.S.H. tnat sne.sqould prepare
a memorandum as to her nephew.
Sept. 27, 1928. 32, 33
C.S.H. tells Rachel everything Gertrude had said to him during
the summer.
Sept. 28, 1928. 36
Rachel spoke most ap-Ireciatively of C.S.H.'s letters as to
aertrude.
Sne talked about Gertrude's nephew and we agreed he was a bad lot.
She said Major Leonard told her Gertrude's Income was between 3u
and $4(4uU0 per year.
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Federal Reserve Bank of St. Louis
166.
)Ayer, Gertruae (Cont'd.)
Sne felt as does C.S.H. that Gertrude was amply able to take
a house for the summer and should not expect her friends
to entertain ner for long visits.
She finally said she would ask Gertrude and C.S.I. to dinner next
week wnen C.S.I. returned.
Sept. 28, 1928. 37
C.S.H. calls up Racne1 and tells her he fears Gertrude is angry
with him for urging her to vepare a memorandum as to ner
nephew.
Racnei says the is sure Gertrude is not angry with nim, and advises
him to call her up.
Oct. 2, 1928. 39
C.S.H. calls up Gertrude, who was most friendly and begged him to
dine with her tonight at Carlton Hotel.
Oct. 2,1928. 39
•••
p.•
!vf
-
Gertrude said we would dine alone in her sitting room.
Oct. 2, 1928. 39.
writes Rachel that he hopes Gertrude will also invite her
as a chaperon but if she does not, he will lall tomorrow and
tell her about the dinner.
Oct. 2, 1928. 39
C.S.H. dines alone with Gertrude in her sitting room at Canton.
•
•
Sne demurred at preparing the memorandum about her nephew. S'ae
said she could see no reason for it, as, being of sound mind,
ner nephew of course could not prove her insane. She said
her nephew would receive a large property when sae -Gertrudedied, left to her for life by her sister.
Oct. 2, 1928. 39, 40
Gertrude said she wished to leave her money to the /asnington
Catnearal to found a memorial chapel in wnich she and Walden
would be buried.
Oct. 2, 1928. 40
Gertrude said her nephew would be very well to do, and had no
possible claim on her.
Oct. 2, 1928. 40
C.S.I. writes Rachel that ne will call tomorrow to talk about
Gertruae.
Oct. 2, 1928. 40
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Federal Reserve Bank of St. Louis
167.
Myer, Gertrude (Cont'd.)
Called on Rachel and had a long talk about Gertrude. C.S.H. reminded
her tat she had said she had destroyed his letter to ner about
Gertrude's visit, and he asked her if it might not be better
for him to destory all letters from her as it would make her
feel more free to express herself. She said she thought it
would be a good plan for us both to do this, as letters might
be left around, at least so far as she was concerned, on her
desk which Gertrude casually might see. We noth agreed to do
this and C.S.H. said he would at once deel:roy all of Ralhel's
letters to him.
Oct. 3, 1928. 4U
Rachel said Gertrude said to her, "You did not tell me you nad a
long talk wi6n Charlie over the telephone the other day,"
and she said she made a rather equivocal reply.
C.S.H. said tie merely :Elicit* Gertrude that he had called Rachel up
to see if she had returned from Tar Harbor, - absolutely
nothing more.
C.S.H. said Gertrud^ exaggerated so that one could not believe anything
she said.
C.S.H. told Rachel that if Gertrude ever quoted her to rum in any
offensive way rue would not believe a word of it but would at
once tell her (Rachel) about t.
,
Racnel said she would do the same.
Oct. 3, 1928. 41
Rachel said she called on Gertrude the other day and that she looked
wretched and "down at the heel", - in fact very "slopw". C.S.H.
confirmed this.
Oct. 3, 1928. 41
Rachel said she fully avareciated tnat true nephew, with tAe aid of a
skilled lawyer, could make out a case of oddity and eccentricity
which ne would try to show was abnormality, but that she felt
that she and C.S.H., Gertrude's closest friends, owed a duty
to Gertrude to watch over her and guide her.
•,
V
.(1.11.47
C'71C
She said Gertrude did not want to prepare a memorandum as to har
nephew, perhaps because after all there was little to tell.
Oct. 3, 1928. 41
C.S.H. calls up Gertrude' and later calls on her for
an hour.
Oct. 4, 1928. 42
168.
Myer, Gertrude (Contld.)
C.S.H. destroys Rachel's letters about Gertrude, three in all,
July 1, 1928, July 28, 1928 and Sept.?, 1928, of course
keeping no copies.
Oct. 5, 1928. 42
C.S.H. calls on Mrs. Rodgers and spoke casually of Gertrude, but
she said nothing particular.
•
C.S.H. some time ago told Rachel that he hoped she had spoken frankly
to Mrs. Rodgers as to his letters and talks, but that he
would be most circuMspect as he wanted to confine our frank
talks about ner to ourselves.
Oct. o, 1928.42
C.S.H. dines with Rachel and later has a talk about Gertrud
e.
Oct. 9, 1928. 48
C.S.H. calls up Gertrude and she asked C.S.H. to dine with her
and !Its, Lay this evening.
Oct. lu, 1928. 49
•
•
.
C.S.H. dines with Gertrude and Miss Lay. When C.S.I. got up
to go,
Gertrude got up and suddenly said, NI an in agonj."
C.S.H
and Miss Lay supported her. She said she had an agonizi
ng
pain in her hip. We helped her walk up and down the
room
and outer hall, and finally put her on a sofa, after which
the pain greatly subsided.
Gertrude said she had sat on the open benches through the
Cathedral
services, and we thought this accounted for it.
Oct. 10, 1928. 49
•.‘
f'
','
••
C.S.H. calls on Gertrude.
: • ."'"
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Federal Reserve Bank of St. Louis
C.S.H. writes Rachel fully as to above.
Oct. 11, 1928. 49
Oct. 16, 1928. 59
Oct. 3u, 1928. 64
C.S.H. has tea with Rachel.
Rachel asked C.S.i. to promise hat if Gertrude ever quoted
ner to
C.S.H. as naving said anything unkindly or critical about
him,
to put it down as a deliberate lie and come and tell her
about
it. C.S.H. and Rachel both promised to do
this.
Oct. 31, 1928. 64, 65
Rachel said Gertrude once quoted her as saying that
Bishop Rhinelander's
wife -.Kits a danp,erous woman, and that it greatly
embarrassed her.
Oct. 31, 1928. 6b
"
-777
:
VIP irrirairrili
rrtniliMMerrillinill.1111111.111,
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Federal Reserve Bank of St. Louis
169.
Myer, Gertrude (Contld.)
Rachel said she feared that if Gertrude realtzed tne close, intima4e,
family relationship between nertie, C.S.H. and herself, she
would be furiously realous and would try to break it up at
any cost.
Oct. 31, 1928. 65
-4:1,411witoo, wilef
,
,
, ,m 49e41.smopmic
C.S.H. calls on Gertrude.
Gertrude said Rachel was not well and had been ordered by her
new Doctor, - her regular Doctor being away, te go to bed for
ten days; that he had ordered ner to go to Garfield Hospital
for another gall bladder :fest.
Nov. 13, 1928. 70
* *ite
C.S.H. wrote Rachel a letter of sympathy at what Gertrude nad told him.
Nov. 13, 1928. 70
lop
dmweibwi
Rachel called up C.S.H. at Cosmos Club at 9 a.m. She said she nad
received my note, ana, !peaking of Gertrude, said, "Weil, I
suppose the fat is in the fire!" She asked C.S.H. to come in
tomorrow.
Nov. 15, 1928. 71
•
•
•
C.S.H. called on Rachel.
Rachel said Gertrude said the other day she was going to sell two
tables belonging to Walden; that she asked her what she wanted
for them and she said $b0 each; that she went to see them at
an antique store and the man said they were :qui) each, which
she paid; that Gertrude made her very angery by saying, "I have
no doubt you will later sell them again at a large profit."
C.S.H. asked what reply Rachel made to Gertrude and she said she only
gave ner a "soft answer."
C.S.H. said he would have been, if a woman, sorely tempted to slap
ner face,with which Aay Hale agreed with enthusiasm.
Rachel asked C.S.H. what he would have said and C.S.H. said he would
have replied that he would permit no woman old enough to wear
a wig address nim in that fashion:
there was much lau*Iter at this and Racnel said - absolutely in
confidence- taat Gertrude once told her that her hair under
tier wig was very white.
Nov. 22, 1928. 83
C.S.H. dines with Gertrude.
She said she had provided in her will that, of ner 3 executors, only
Rachel should receive any compensation tor seriices; tnat the
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Federal Reserve Bank of St. Louis
170.
Myer, Gertrude (Contld.)
will expressly stated that Dean Bratenahl and Dr. Ruffin were
to serve witaout compensation.
C.S.R. asked Gertrude if she had told Dr. Ruffin about this when she
asked him to serve as one of her executors, and she said she
had not.
C.S.H. advised her to ask Clephane whether she ought not to tell
Dr. Ruffin he was to receive no compensation, or whether it
would not be better to give him some honorarium, however small,
for his services.
C.S.H. feared that when Dr. Ruffin found t.lat he would receive no
compensation, he, a very bulk/ man, might well decide not to
serve,and that such refusal mightbe misunderstood, and if the
nephew should contest the will on ground of Gertrud's lack of
mental capacit;', it might prejudice her, as Dr. Ruffin's testimony
as to her mental condition would be vital.
Nov. 23, 1928. 84
Gertrude seemed very unfriendly to Rachel. She said shortly ago sne
walked around the Washington monument and sat on a bench to
rest; tnat later Rachel told her she also drove to the monument
the same lay and walked around; that Rachel said she saw some
one in the distance who looked like her, Gertrude, just as she
was going back in her motor, 'but that she was so tired, she did
not feel strong enough to drive around and see if it really was
Gertrude and drive her home to lunch with her.
Gertrude did not tell C.S.H. whether she had seen Rachel in the
distance or not, but she saiq Rachel evidently had a guilty
conscience.
Gertrude seemed very angry About it and said that Rachel, tired as
she was, had strenp;tn enougn to take her old friend Ur. Apibleto4,
of New York, that very afternoon to her new place in Maryland.
Gertrude said that Mr. Appleton had been a g -eat admirer of Rachel
for many years, but could not have proposed to her, as no
one could conceive of Rachel turning him down and then accepting
Chandler Hale.
Gertrude said Ur. Appleton was a very fine loo:ing man, but not brilliant,
and had never married.
Nov. 13, 1928. 84, Bb
r
171.
Myer, Gertrude (Conted.)
Gertrude said that although Rachel was a very close friend, •
she firrily believed that if she were to die and Rachel had
ten Passge for Europe, she would not postpone sailing
on her acr!ount.
•Lb
'iXt1
"to Rao •
vigorously dissented at this.
Nov. 23, 1928. 85, 86
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Federal Reserve Bank of St. Louis
17e.%
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,
Gertrude said Mrs.Warder had often told her that Rachel was most
fine and beautiful but --t
Sne gave C.S.3. to understand that Mrs. Warder felt there was
something as to character which Rachel Lacked.
C.S.H. again strongly dissented.
C.S.H. feels that the fact that Rachel could
Gertrude's peculiarities and remain her
ample proof of intense loyalty and of a
Nov. 23, 1928.
put up with
loyal friend, is
very high charactert
86
Gertrude said that when Walden died Rachel told her Bhp came
down from Bar Barbor as much for Walden's sake as for her owm
This, however, did not seem to disturb Gertrude.
Gertrude said she always hoped Walden would fall in love with
Rachel and that she would accept him, but that while a
great friend, Walden never was in love with Rachel.
C.S.H. feels this is ut-,er nonsense.
Tell believes Walden was in love with Rachel, but that she would.
not have him.
Nov. 23, 1928. 86
Gertrude said that when Rachel's son, Eugene,was ill at St. Paul's
Schoo1,Rachel asked her whether she ought to go on to help
take care of him; that Rachel said it was merely a staple
case of measles and that she might be so in the way that she
would do more harm by going than by waiting here.
Gertrude did not say *hat advice she gave to Rachel, but said
Rachel did not go to St. Paul's School at once, but delayed
until later when Eugene had scarlet fever and other complications, but that he died while she was there.
Nov. "'3, 1928. 87
OSN was terribly disturbed at these vitriolic attacks on Rachel
and made no effort to conceal his displeasure and disgust.
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Federal Reserve Bank of St. Louis
172.
Myer, Gertrude (Contld.)
Gertrude said all the above with perfect calmness, and explained
that she merely wished to give C.S.H. ansinkling as to
Rachel's real character.
C.S.H. believes Gertrude feels that he admires Rachel greatly and
is furiously jealous and is trying to break our friendship by
slandering Rachel.
C.S.H. is disgusted and immoved at suilh attacks, for one who has
always told C.S.H. she considered Rachel one of her dearest
friends:
Nov. 23, 1928. 87
C.S.H. has a talk about Gertrude with Rachel, wnile calling there,
Men Leonard was also there.
Rachel said she had had Gertrude to Thanksgiving dinner many years,
but that she did not invite her this year until quite late,
as she was uncertain Whether she would feel able to have
any one, even her own sister; that finally she asked Gertrude
but found she had invited Major and Ellen Leonard. Rachel
fears she will be on Gertrude's black list.
Dec. 1, 1928. 94
Rachel said Gertrude called her up the day after ihanksgiving,
while she (Rachel) was in bed, and said her Thanksgiving
dinner was cold and a failure, through tne fault of the cook,
who had once been Rachel's cook; that Gertrude almost wept
over the tele?hone and asked Rachel why She did not tell her
about the faults of the cook before she engaged her. Rachel
said her patience was nearly exhausted.
Dec. 1, 1928. 94
C.S.H. dines witn Gertrude and spoke casually of her Thanksgiving
dinner, fully expecting she would pour out her rage against
Rachel, but, to her surprise, she was as sweet as honey and
explained why Rachel had no invited her on.Thahksgiving,
and talked of Rachel as her dearest friend.
Dec. 2, 1928. 94, 95
C.S.H. writes Rachel telling her how sweet Gertrude was to her.
Dec. 3, 1928, 9b
Rachel called up C.S.H. at 7 p.m. and said, "Charlie, I fear I have
told a Lietil She then explained that Gertrude had just had
tea with her and had talked with her as to a fee to Dr. Ruffin
for acting as her executor; that she told Gertrude she would
give him at least OW; that Gertrude said, - "tnat is exactly
what Charlie advised, - have you been taring with him about it?"
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Federal Reserve Bank of St. Louis
173.
Myer, Gertrude (Contid.)
Rachel said she was completely non plussed and finally said No:
C.S.H. told Rachel that What she said was iiterally true, as he
had written her about it but had not talked with her; that
ne would take care of her all right if Gertrude should ever
speak of it.
Dec. 11, 1928. 101
We dined with Gertrude.
She asked C.S.q. to see Clephane and induce him to elect some one
to look after her estate, as she did not feel able to do it
herself.
She said Clephane had advised her to tell Dr. Ruffin about
compensation and asicif he would accept an honorarium of
$500
for his services as executor, although he thought
$1000 would be perhaps better.
C.S.H. in reply to a question from Gertrude said he thought it
better to name the executors and say nothing as to compensation
,
leaving to the court to determine the amount; that she had told
C.S.H. that Dean Bratenahl had told her he would accept no
compensation, but he eould waive compensation after apnint
ment.
Gertrude said the will read- "Dr. Bratenahl or his successor"
and
that the successor might want compensation; that she feared
that Dean Bratenahl might say that he told her he would take
no
compensation, but that, it having been given him, he might
decide to accept it.
She said Clephane did not know that when she originally asked
Dr. Ruffin to accept, she said nothing to him as to the clause
taking away all compensation, but now he gave her the advice
she just mentioned.
Gertrude seemed resentful at C.S.I.Is expression of fear
lest
Dr.Ruffin might decline to serve if no compensation was provide
d.
C.S.H. said he would have a clear, moral right to do so.
•
C.S.H. said he had no particular interest in Dr. Ruffin and
that if
it were anyone else he would advise lertruda to have a frank
talk with him and if he did not accept, then to appoin some
t
one
else; but that in her case it was most desirable to have
a
prominent physician as one of her executors, and that
if there
were a will contest and it should appear that Dr. Ruffin
declined
to act, it might be claimed, however, uhjustly, that
he doubted
her sanity; that wnile C.S.H. knew he had no such
doubt, it might
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174.
Myer, Gertrude (Oontld.)
give her nephew a chance to claim he had.
U.S.H. said, if she wished it, he would speak to Clephane about
it when he took up the matter of the memorandum with him.
At first she seemed averse to this, as he had already advised her
and she had not told him I had originally suggested it to her.
Later, however, in Bertiels presence, sne asked C.S.H. to talk
with Clephane about it, adding that perhaps Clephane would
prefer to talk with Dr. Ruffin about it himself.
Dec. lb, 1928. 102, 103, IA
Gertrude also said the had added
authority to Dr. Ruffin and
serious illness, to step in
possible annoyance from her
Dec.
C.S.H.Is name to a paper giving
Rachel Hale, in case of her
and protect her against any
nephew.
lb, 1928. 104, 10o
She also said Rachel had told her she did not want any fees as
executrix and that she had agreed with her that she mould
take 4nem but devote any part she chose towards paying anyone
whom she believed worthy of compensation from her estate.
Dec. 15, 1928. lUb
Gertrude told C.I.R. that her total property, including her housm
and other real estate, amounted to About $500,000.
C.S.H. assumes this is exclusive of her life interest in ner
sister's property.
Dec. 15, 1928. 105
She said the Riggs National Bank neld all her securities, out
her coupons, etc.; that she had no safety deposit box and
that the bank merely was custodian for ner.
Dec. 15, 128. 105
She said she had sold her Washington property to Wardman, for $75,uoU.
Dec. 15, 1928. lob
She said some of the officers of the Riggs bank had persuaded her
to invest $7500 of abolte proceeds in a "sand and gravel"
company in which they were interested, but that isne value of
the stock nad fallen and she feared she would never get back
the Principal, although it was still paying 0 dividends.
175.
Myer, Gertrude (Cont'd.)
She said she felt they ought not to have persuade her to do this.
She also said Dr. Ruffin owned some of this stock.
Dec. 15, 1928. 105, 106
C.S.H. called up Clephane but he was away, to return tomorrow.
Dec. 17, 1928, 106
. .
1111044,:
,
Gertrude called up C.S.H. and said Dr. Ruffin was coking to see her
in the afternoon and asked C.S.H. what she should say to him
as to his executors fees.
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. . ktbta t1U nw
07. A,ADD1 34L5 14.,ertt.,
1,
,
gr
'•
.
C.S.H. asked if Clephane had not advised her to suggest $500 or
possibly $1000. She said Yes.
t4LE
CAtt1.11
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said to suggest $500 and if he does not appear to be
satisfied, suggest $1000.
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At 5130 p.m. she again called up C.S.H. and said she had waked win
Dr. Ruffin; tnat at first ne said he saw no reason for giving
him any honorarium; that she !*.id she wanted to give him
something and he finally asked what the wanted it to be;
that she asked tf $500 would be satisfactory, and he said Yes;
that he seemed to place little importance on the matter.
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fees in her will; that Dr. Ruffin and Dean Bratenahl could
waive them if they saw fit.
C.S.H. told him he also said the same to Gertrude but that a first
she would not think of it.
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http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
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Dec. 17, 1928; 106, 107
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Clephane agreed with C.S.H. that if Dr. Ruffin declined to serve
it might injure Gertrude.
Clephane also said he would, without assuming any responsibility,
advise Gertrude to employ the young man in the Riggs bank,
who now, from time to time, was helping her.
Dec. 18, 1928. 107
Gertrude called up C.1.H. at 5:45 and C.S.H. told her of his talk
with ClOhane and asked her to see him.
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Federal Reserve Bank of St. Louis
176.
Myer, Gertrude (Oontid.)
She said she would be glad to arrange to have Clephanets daughter,
a lawyer, act for her, as to her affairs, and C.S.H. advised
her to speak to Clephane about it.
'
Dec. 18, 1928. 108
Gertrude called up C.S.H. and said she had had a dispute with her
maid and that she, the maid, had written her that she should
appeal to her nephew to help her get justice. Gertrude said
she hadpaid her a half month's salary and had added two days.
She said Clephane was away but that she had sent the letter to
lie partner.
She asked if she could not get an injunction against the maid.
C.S.H. said she must consult Olephane on his return.
Dec. 21, 1928. 112, 113
t!!
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We dine with Gertrude.
Jan. 1, 1929. 12u
Rachel Hale told us when calling that Canon Stakes years ago told
Gertrude that her - Rachel's - parents did their best to
catch him for Rachel.
Jan. 3, 1929. 120
;
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See - Hale, Rachel
We dine with Gertrude.
Jan. 30, 1929. 130
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Sne talked at great length as to whether it would be advisable
to put her property in trust at some national bank.
•
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.
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.
C.S.H. approved this but th!clined to give any opinion as to what
bank to choose, and whether a bank in BufAlo or Washington.
C.S.H. said to consult Clephane and that his daughter could supervise
her accounts, if she put them in trust.
Feb. 2, 1928. 14b, 146
Gertrude said she had $17,000 on deposit at Riggs bank; that they
had made no suggestion as to how to invest it;that it had been
idle, drawing no interest, for seven months.
Feb. 2, 1928. 146
. ..
•
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'
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Gertrude said C.S.H. advised her not to put her property in trust
but C.S.H. said she must have misunderstood him; that the most
he could have said was that there was no mental reason why
she could not manage her own property.
Feb. 2, 1928. 146
177.
50-
Myer, Gertrude (Conted.)
Gertrude said Ellen Leonard suggested that Ben moron, her son,
and Henry Leonard, her busband, could advise her as 14 her
property if she would go to Murphy & Co. where Ben was, or to
the National Metropolitan Bank, of which Henry was a director.
C.S.H. said a good bank would be better than any individual to take
charge of her property, and reminded Gertrude that she once
said Chief Justice White had so advised her.
Feb. 2, 1928. 146
Clephane told C.S.H. at Cosmos Club that he had finally agreed to
look after Oertrudels affairs and investments and check
them up, etc. but that he should have to charge more than would
an ordinary accountant.
leb. 18, 1928. 177
C.S.H., at 6155 p.m. called up Rachel to tell her this mews. As he
began he noticed that Rachel seemed ratner distrait, wnen
suddenly she said "Your friend Sertude is here with met"
0.S.1. at once changed the subject and said that Bartle had just gone
out to call on Mrs. Stevens, and asked him particularly to
call Rachel up and to say she had heard she was not well and
to ask her how she was.
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Federal Reserve Bank of St. Louis
Rachel at once caught the point and entered into a long statement
to the effect that her Doctor had ordered her to stay in bed
every lay until 3 p.m., tnat she was in bed now, but was
getting along all right.
0.S.H. then told her to tell Gertrude he hoped to see her soon but
had been overwhelmed with work,
A few minutes later Rachel called up C.S.H. Who said, "/ fear I
spilled the beans:"
Rachel said No that O.S.H. managed it wonderfully, and tat Gertrude
went off blissfully happy.
C.S.H. then told Rachel of histilk with Clephane.
Racnel said Gertrude went with Ellen Leonard to see a National
Metropolitan Bank officer and was almost rude to him.
Peb. 18, 1929. 177
We dined with Gertrude.
Present: The Minister of linland and Mr. and Mrs. Lars Anderson.
Feb. 22, 1929. 179
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bank circulation were wiped out, as they would be needed in case
of :uture gold scarcity, and that if P.R. notes were issued in
their place it would increase reserve requirements from
(national bank notes) to 4()*. (7.R. notes)
Dec. 28, 1928. 115, 116
See - Alaxander
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showing that it would entail member bank borrowing of 600 millions.
National Bank of Commerce, new York
Gov. Harrison mentioned, as one of the banks out of line as
to P.R. borrowing.
7615. 5, 1929. 149
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National Civic lederation
FUP.H goes to New York to attend meeting of.
•
Jan. 2, 1929. 120
National Metropolitan Bank. 146, 178
See - Myer, Gertrude
I
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C.S.H. presides at dinner to, given by Carnegie Endowment at
Carlton Hotel.
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Worthmaster spoke.
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him to a contest in milking cows.
C.S.H. said he used to milk cows but he never could stand a cow
switching histail across his face. The audience quickly saw
nis error, and C.S.H. replied there was notning extraordinary
about that as the cow evidently was an'
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H.P.H. invited the Mattapoisett Grange to come to the house in
Mattapoisett to listen over the radio, and C.S.H. told tne
Grange they were listening eagerly to the speeches.
Unfortunately not a word could be heard:
Nov. 20, 1928. 82
179.
Nelson, Mrs. Alexander (Sallie Fisher)
C.S.H. calls on, at Baltimore
She drove him back to Railroad station en route for Washington.
Dec. 14, 1928. 102
Netherlands Exchange
Below gold export point.
Feb.b, 1929. lb°
New York Stock Exchange
138, 143, 148, 157, 159, 164, 184, 194, 199
See - Direct pressure
Harding, Gov.
Harrison, GOV.
McGarrah
Miller
Norman, Gov.
New York Times. 172, 173
See - Discount rates
Newton, Federal Reserve Agent, Atlanta
At Governors and P.R. Agents joint conference, said that the
Governor and Chairman should alternate at meetings of
Open Market Committee.
Nov. 16, 1928. 75
James motion to increase salary of. from $20.00‘) to $24,0ou defeated,
James only voting Aye.
Jan. 11, 1929. 127
Plates motion to increase to $22,500 defeated.
•
•
•
Platt and James Aye
All others, No.
Jan: 11, 1929. 127
C.S.H. motion to remain at $20,000.
All voted Aye
Jan. 11, 1929. 128
Nye, Mr.
,
,
See -: Mattapoisett
Norman, Gov. Bank of England
Told Gov. Young he should cease protecting British exchange
and allow gold to go to U.S.
Sept. 7, 1928. 23
IL
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Federal Reserve Bank of St. Louis
See - Gold
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
180.
Norman, Gov. Bank of England (Contl d.)
Gov. Young said Gevern.Harrison said same about Gov. Norman.
Sept. 7, 1,928. 24
Gov. Harrison invites Board co go to N.Y. to attend directors meeting
on Thursday.
Gov. Young and Platt said they thought it important to go.
C.S.H. said Gov. Norman arrives in N.Y. today and presumably would
be at P.R. bank when directors met; that he did not want
to confer with Norman in N.Y. but should prefer to meet him
in Washington if he wished to confer with the Board. Miller
took same view.
Jan. 29, 1929. 140
Eddy told C.S.H. that P.R. Agent Heath was going to conference at
New R)rk to meet Norman.
Gov. Young goes today to N.Y.
?IrTn.r.t . •
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'2.
•
•
C.S.H. ')elieves there is to be a large conference to talk with Norman
and is glad he declined to go, such a conference should be
held in Washington.
Jan. 30, 1929. 141
Gov. Young reported that Norman was not at directors meeting at
New York; that he had several conferences with Norman, at
which, I understood him to say, Gov. Harding, Gov. Norris
and possibly P.R. Agent Heath were present; that Norman
said the Bank of England would shortly increase discount
rates by 1%.
Nb. 2, 1929. 143
Board regrets that Norman is coming down at this time as it would
look as if tne Board's warning was made to help Norman.
The warning, however, has been under consideration for
some time, - before even we knew of Norman's coming, and was, in fact, sent out on Saturday.
Alb. 4, 1929. 148
James said he believed -Norman wanted Gov. Harrison to increase
discount rates to break the stock market and enable him not
to increase the Bank of England rate.
7eb. 4, 1929. 148
Gov. Young said Norman told him he would certainly increase his
rate.
leb. 4, 1929. 148 .
18/.
Norman, Gov. Bank of England (Contld.)
:;•;.
C.S.H. believes Norman wants N.Y. to increase its rate to give him
an excuse for increasind: Bank of England rate.
Peb. 4, 1929. 148, 149
C.S.H. believes that Gov. Young thinks that Norman has great
influence over Gov. Harrison, and that Gov. Harrison is egging
on Gov. Harding to increasP rates so that N.Y. will have to
follow, altho McGarrah told us his directors do not want to
lel). 4, 1929. 149
increase rates.
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Gov. Harrison told Board that Norman would increase his rate 1*, to
within a few days; that Belgian, and Netherlands exchange
were below the gold export point and that Norman must increase.
Jeb.b, 1929. 15u
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Cunningham said he believed that Norman did not want to raise hill
rate but felt he had to to protect his gold and that he wanted
New York to increase to give him an excuse for following.
Peb. b, 1929. 153
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influenced by a desire to help Norman and that Norman is using
him to pull his chestnuts oat of the fire.
leb.0, 1929. 155
Gov. Norman arrives in Washington.
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Federal Reserve Bank of St. Louis
Board voted to release its credit warning - to be published in next
lederal Reserve Bulletin - tomorrow, Wednesday, at 3 p.m. for
the Thursday morning papers, so that it should appear, - as was
tne fact, that it was prepared and fully decided upon before
Norman arrived in Washington.
70b. b, 1929. 152, 153
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He was closeted with Gov. Young from 10:30 to 1, and did not call on
any other Board member, - a surprising discourtesy, altno
Gov. Young may have been responsible for it, as he should have
notified the Board members and invited them in.
The Board gave him a lunch at Washington Hotel at lp.m., Where C.S.H.
first met him.
After lunch Miller put him some questions as to the gold standard in
Feb. a, 1929. 156
Europe.
aFtru
Gov. Norman said the gold standard was in considerable peril in Europe
in the near future; that the original purpose of a gold standard
was to protect a country's exchanges and settle adverse balances;
that recently some European and South American countries had
obtained gold for capital purposes; e.g., France, Selgiam, and
Argentina, that it was a strain on gold to obtain it even for
182.
Norman, Governor. Bank of ngland (Contld..)
the purpose of maintaining central banks gold reserves;
that while no believed a much lower reserve ration would
be safe, his people did not feel so; that any appreciable
decline in gold reserve 7 was at once reflected in the
exchanges; that the only remedy lay in increasing d4.44ead
rates, aiunough no such increase might be necessary from any
commercial standpoint; that ne feared trouble for the gold
standard if gold continued to be used for other than the real
purpose of a gold standard, - settling adverse balances.
He said prices were now adjusted on an international world level
and that any pronounced fall would cause great damage.
Not a word was spoken about discount rates, nor were brokers loans
or stock exchange speculation discussed.
Gov. Norman said his principal reason for coming over was to pay
his respects to Gov. Harrison.
He left on afternoon train for New York and he sails back on Priday.
1413. 6, 1929. 156, 187
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Gov. Harrison told C.S.H. tnat ne was very sorry that our warning
statement was to be released while Norman was in town, as the
charge would be made that the Board was trying to break tne
stock marvst to nelp Norman and at his suggestion.
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nave been issued even if Norman had nPver come over; that the
Board had this draft under consideration for at least 3 weeks.
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(Tnis draft was first suggested by Dr. Hiller on Jan. 19, 1929,
see page 129)
Nob. 6, 1929. 168
Gov. Norman inquired for H.P.R.and asked to be remembered to
her.
ibb. 6, 1929. 159
Gov. Norman was the guest of Sec. Uellon, who could not attend
the lunch.
Feb. 6, 1929. 159
Gov. Young never told Board about his 2 hour talk with Norman in
his
office.
Nob. 8, 1929. 163
Be-ore Norman came to Washington, Gov. Young said he had conferre
d
with him when in New York but said ne would not quote him
as
he preferred to have him personally tell tne Board what ne had
to say.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
183.
Norman, Governor, Bank of England (Cont'd.)
The only thing he said of their talk was that Norman said tne
Bank of England would increase its rate very shortly.
Tnis is all tne information the Board members had of 3overnor
Norman's viewst
Feb. 8, 1929. 163, 164
Miller reminds C.S.H. that Norman said his only object in coming
over was to pay nis respects to 3ov. Harrison, never mentilning
Gov. Young nor the Board membersi
Web. 11, 1929. 166
Board met to reply to UclAdden's question as to what tne Board
wanted his committee to do as to the Black resolution, inquiring
as to Norman's visit, as to what he said to Board and as to
what Board said to him.
Gov. Young was directed to telephone Wadden mat while the Board
had no hesitation about answering the resolution,were it not
for tne precedent it would create and for the fact that it
would operate to prevent central bank heads from coming over
toconfer because of the publicity involved; that tne Board
always made public the results of any conference either at the
time or in its annual report.
Feb. 22, 1929. 179
• 7,
Frr.
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H.R. Committee unanimously voted against nlack resolution and it
was defeated in the N. of R. witnout a roll call.
Feb. 23, 1929. 179
1' 1
f..:"` •
Gov. Young told C.S.H. that he thought Gov. Harrison lived and
breathed, for Gov.Norman.
Mar. 5, 1929. 186
.24
Norris, Gov.
Board voted to increase salary of, fram $25,000 to $30,00U.
Jan. 11, 1929. 127
htt7.
•
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Gov. Young said Gov. Norris was present at N.Y. directors meeting
and later conferred with Gov. Norman.
Feb. 2, 1929. 143
:
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\
Writes Board for approval of 0 discount rate which nis directors
were to put in tomorrow.
,
He said direct action was a failure; that discounts were rapidly
increasing; that his reserve ratio nad declined to
The Board had about decided to disapprove when Gov. Norris said
over tele,)hone that quite a large amount of discounts had just
been paid off and consequently his directors would not press
their request for a 6% rate! Mar. 5, 1929. 186
184.
Not voting
Comptroller Pole recorded as, on Hiller motion to ask
F.R. banks now they proposed to correct speculative
loans in 1929.
Dec. 31, /92b. 1• 19
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suhmer and thought him very disagreeable and uninteresting,
Oct. 24, 1928. 66, 67
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Meeting Aug. 13, 1928.
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Board voted to postpone decision as to increase of salary of.
7.R. Bank, Chicago.
Jan. 11, 1929, 127
,
062
C.S.H. slightly ill at Mattapoisett with Ptomaine poisoning,
did not attend.
"
•
- 39?
•
Burgess at N.Y. told C.S.H. that Committee would ask for no
authority or action, so there was no necessity for C.S.H.
to go on.
Aug. 13, 1928. 3, 4
; vamo:,)
Platt calls up C.S.H. from Washington.
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Says Board in dispute; that Hiller and James oppose giving any
authority to Committee in its discretion to buy more
Government sPcurities; that the Board will meet tomorrow
to discuss it further.
•
At 10 p.m. C.S.H. sent Platt the following telegram:
"Answering your telephone message would say that I know
only in a general way as to report of Commicuee. Feel
personally that pressure should not be relaxed, for some
tiige at least. Would, however, favor discretionary
authority to Committee to buy acceptances as usual, and,
in case of sudden emergency, or of conditions under wntch
continuous pressure would injure crop moving and penalize
business more than it would be of help in controlling
existing tendencies, - trimrchase securities up to a fixed
amount, but, if reasonably possible, Committee should
consult with Gov* Young before bujing securities; if not
possible, Committee should have discretionary authority to
act."
Aug. 14, 1928. 4, 5
Board voted to send and sent letter to Acting Chairman Harriso
n:
"the Board has reviewed carefully the report of the
Committee and its recommendation of Aug. 13 and has also
considered the verbal discussion which took place during
the meeting and it is in agreement with the Committee that
the seasonal requirements of credit will probably develop
a strain upon the future credit situation which may react
tnfavorably upon commerce and industry, and that if such a
situation should develop the system Should talm some action
to relieve the strain.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
186.
Open Mark -t Investment Committee (Contid.)
The Board would not care to agree to the purchase of
Government securities, except as a last resort.
We understand from the discussion had witn your
Committee tnat you favor easing thru the bill marbet,
if possible, and thru the Govt. security market only
if unavoidable.
With this understanding, the Board approves the purchase
of Govt. securities by the Committee, but limits the
amount to 100 millions.
If a situation should dQvelop which will require
reconsideration, the Board will be glad to meet the
Committee at any time for that purpose.
R. A. Young,
Governor."
To Harrison,
Acting Chairman, Open Market investment Committee.
Aug. 16, 1928. 7, 8
The above was carried, 3 to 2.
Aye: Gov. Young, Comptroller, Platt
No: Miller, James
Cunningham wired approval and MA. sent above telegram.
Aug. 16, 1928. 8
At the meeting with tns Committee on Aag. 14, 1928, niller presented
draft of a letter to 7.R. banks that Board will approve
a rate for "seasonal crop moving paper" of from]/2 to 1* below
regular commercial paper rates, defining the term as paper
arising out of the movement and marketing of the current
crops, - such rate to continue only until the end of the
normal crop moving season.
James submitted a proposition for a preferential rate only on
bankers acceptances and trade bills, regardless of their origin.
'these were submitted to Open Market Comnittee.
187.
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In the afternoon the Open Market Comittee reported that
preferential rates would probably not accom)lish what
was desired; that the question whether the season's
crops can be moved reasonably and expeditiously involves
a broad question of the whole credit structure and will
have to be dealt with thru open market operations rather
than thru preferential rates on commodity paper.
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The Colamittee stressed the fact that its recommendation for the
purchase of Govt. securities was intended only to
cover an emergency situation and that such securities
would be purchased only as a last -esort if a dangerous
tight money situation snould arise despite efforts to
prevent such a situation tnru purchase of acceptances,
exchange operations and otherwise; that to reduce bill
rates would mean the dumping of a vast volume of acceptances
on the P.R. banks, witch, altno easing the credit situation
would undo the work of many years in developing a bill market.
Aug. 14, 1928. 8, 9
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C.S.H. believes this is the first time tnat purchase of acceptances
has been favored for the purpose of relieving the credit
situation.
Miller and James were unalterably opposed to purchasing of Govt.
\_
securities.
Aug. 14, 1928. 9, 10
;•,•
1;..,
Gov. Young called for a separate vote on the various paragrazts of
Board's letter to Harrison of Aug. 16, 1928.
He said the Boari members all agreed:
1.
That thv would not agree to purchase of Govt. securities
except as a 1st resort.
3.
That Miller and James were against giving any authority
to purchase Govt. securities.
4.
•
That seasonal requirenents might dPvelop a strain on tne
credit situation, and that if such strain arose
some action should be taken to relieve it.
2.
•'
•
That he, Gov. Young, could not now accept Miller's
suggestion of a commodity rate on sdksonal crop
moving paper; that such a rate should ap?ly to
business as well as agriculture, that he was not sure,
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Federal Reserve Bank of St. Louis
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nowever, but that we might use this idea in the
future; that purchase of acceptances in increasing
amounts would probably accom)lish all Miller had in
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
188.
Open Market Investment Comnittee (Contli.)
mind, that lov. Harding had raid the F.R. banks could
easily increasf purchases of acceptances.
Aug. 20, 1928. 12, 13
C.S.H. mentioned his telegram
Gov. Young said the F.R. Bank, N.Y. would certainly consult with
him before buying any more Govt. securities, so that it
was unnecessary to impose this as a condition; that if
an emergency should arise requiting instant action the
Caaaittee was given discretion as suggested by C.S.H.
Aug. 20, 1928. 13
Gov. Seay wrote Open liarket Committee -xpressing hope tnat no
Govt. securities be bought, and the member banks forced to
take the initiative by redacing their speculative loans;
,
,last resort' in purchasing
that he construes the phase '
GOVt. Securities, to mean a condition in which credit for
business purposes can not be obtained except at rates
materially higher than those which now prevail.
Aug. 20, 1928. 13, 14
Gov. Young and James went to N.Y. last week and met Owen Young,
Woolley, Rayburn and Harrison at Woolley's office.
,
God . Young said tnat Harrison warted to ease MB market by purchase
of o7t. selurities, but the others would not consent; that
they riddled Harrison; that tne directors later forbade any
purchases of Govt.securities or British exchange withou; the
consent of Owen D. Coung, Woolley and Reyburn.
Sept. 4, 1928. 22, 23.
lov.Young said he felt they never would choose Harrison Governor,
should Gov. Strong resign.
Sept. 4, 1928. 23
Gov. Young said that if the N.Y. directors ever complained that the
Board did not trust the executive officers, he would reply
that our Board trusted them as fully as did the N.Y. directors
who forbade tneir exercising the discretion the Board gave
them, as part of the Open liarket Caalittee, to buy up to
luu millions of Govt. securities in an emergency.
Sept. 4, 1928.
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Federal Reserve Bank of St. Louis
189.
Open Market Investment Committee (Contid.)
Gov. Young said Norman said ne should cease protecting Britten
exchange and should allow gold to go to the U.S.
Tne Board all agreed to let this gold come witnout offsetting.
Gov, Young said ene banks would use it to take down their
rediscounts, but James claimed that so long as call loan
rates were higher than discount rates, the banks would loan
tne gold on call. Gov. Young denied this and said the banks
would not be influenced by profits, and said that some N.Y.
banks nad sold bonds at a loss, thus reducing the anounts they
would nave nad to rediscounts.
James said the N.Y. bank was being well managed by its directors
and ne was satisfied the credit demand of luu or 300 millions
for crop moving would be met.
Sept. 7, 1928. 24
Gov. Harding told C.S.H. in noston that no more Govt. securities
should be bought to ease up the credit situation, but tnat
acceptance rates should be lowered and acceptances should be
bought; tnat the proeeeds of acceptances filter inw the market
more slowly than proceeds of purchase of Govt. securities.
Sept. 17, 1928. 2?
Alexander said that if ene corporations snould suddenly withdraw
say bUU millions from call loan market tnere would have to be
a liquidation as the banks would not take over these loans.
Gov. Young said this might bring on a panic.
Alexander later qualified tnis statement and said the banks would
help as far as they could but that the F.1. System muse do is
part.
Sept. 28, 1928. 34, 6o
.Cne Federal Advisory Council suggested making all banks members
of the open market committee but with an executive committee
having full powers.Gov young favored this.
Miller objected to giving executive committee any power to act.
Sept. 28, 1928. 65, 66
C.S.H., last week, sent copies of his memorandum on effect of
open market purchases during the period of the 30 rate, —
from Aug. 4, 1927 to Feb. 3, 1928, w to all 130ard members,
the Federal Advisory Council, Sec. Mellon hills, all love. and
Chairman, Burgess, Harrison, Noyes, loberts, etc.
Sec. Mellon wrote C.S.H. saying I had proved my case and tnat
he snould keep the memorandum for future use.
Oct. 6, 1928. 44
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Federal Reserve Bank of St. Louis
19u.
Open Market InveAment GommIttee (Contld.)
Board considers changes in Open Harket Comnittee at conference
of GovernonBand Chairmen.
Principal discussion was over draft of changes prepared by Board.
1.
Governor from each P.R. bank on Committee accepted.
Discussion was whether the Board should recognize the
Governors as members or whether, as in Board's plan, the
directors snould appoint either tne Governor or
chairman, as best suited them.
Pederal Reserve Agent Newton favored alternation of
Governor and Chairman.
Gov. Harding said he would resign as Governor if his
directors 'mould designate tne chairman.
The conference overwhelmingly favored having tne Governors
on tne Committee, each bank to be represented.
2. Xxecutive Committee to be cnosen by the 12 Governors. Passed.
Board draft provided for an ftecutive Committee but did not
state how a be appointed.
j.
ihe Open Market Committee to prepare plans for purchase and
sale of securities in open market. Passed.
Board draft substantially same.
4. Purchases primarily with view of accommodating commerce ana
business.
Same as Board plan.
Passed.
5. lxecutive officers of Board substituted for Governor. Passed.
6.
Substantially same as present procedure, but in place of
"action by the Board" the phrase "approval, disaporoval,
or modification by Board" was substituted.
McGarrah voted No as he thought "a:tion by the Board" better.
On reconsideration there was substituted "for such action
as the Board may deem proper."
question then arose as to new name for the Committee.
Curtiss moved "Policy Committee" as suggested by Board.
v
191.
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Open imiricet Investment Committee (Contld.)
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Gov. Seay and McGarrah objected as public would not understand it.
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Gov. Harding said Board could give it any name it pleased.
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Die change of name was voted down.
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Federal Reserve Bank of St. Louis
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Young defined it as indiuding bills as well as Govt. securities.
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Miller answered Gov. Harming, saying he did not want the Board to
aerate any more than did Gov. )1arding; tnat tnere was doubt
as to Board's power to prescribe sucn a plan and for tnis
reason the Board sought to effect a mutual agreement in the
matter; Miller also said the Open market power was tne very
heart of the System policy and that, altho primarily operated
by the N.Y. /federal Reserve bank, it vitally affected all the
P.R. banks, and should be considered by tie Board and all of
the 7.R. banks.
Nov. 16, 1928. 74, 76, 76, 77
See - Conference; Governors ana Y.?... Agents
Miller said one of the outstanding events in P.R. history for 1928
was he discontinuance of open market operations thus forcing
tne banks to settle credit demands by rediscounting.
Dec. 26, 1928. 114
Gov.foung called special meeting CA taxe action On New York's
increase in acce,]tance purcnasing rates, just reported.
.
Gov. Young was furious that Board was not consulted and wanted the
rate suspended.
nc1.1:.Loin To
.
Platt said this would be a slap in tne face of tile N.Y. directors.
Gov. Young said this was what ne wanted.
Miller suggested asking tne P.R. Bank, Jew fork, not to announce the
rate until 'Board maid consider it, and this was agreed to,
Gov. foung assenting very reluctantly.
192.
Coen Market Investment Committee (Contid.)
Platt said Gov. Young used almost violent language to 'iarrison.
Jan. 4, 1929. 121
At Board meeting it was finally agreed that N.Y. was not bound to
secure prior approval, as -tne Board nad approved a malimum
rate, and had always approved the actual rate as a matter
of course, after it had taken effect.
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Miller suggested a regulacaon tnat acceptance rates hereafter must
be approved by Bo:ird before becoming effective; that such
a regulaidon be drawn and discussed at meeting of Open Market
Committee on Monday and tsar, Warourg os asked to come down
and advise Board as to it.
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Harrison wired tnat his directors kept in present rates untai the
crop moving and export was practically finisned; tuat open
market rates were night and incrcasing and that if nis bank
did not increase rates it would be floodkiwitn acetIptances
and ;tie proceeds would feed the stock market.
Board vood to p.epare a draft of regulaion.
.
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Q.4.d. said Gov. foang had not been treated courteously by the
P.E. Bank, sa. as he nad told Harrison the Board would consider
acceptance rates at the Open Market Committee meeting on
Monday.
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Gov. foung admitted that Harrison had said his directors m4ht have
to act before Monday.
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Federal Reserve Bank of St. Louis
Y:.;1:1/
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the Board found that
had notified the other 7.R. banks yesterday
of the change in rates, so they were in effect and could not
now well be suspended.
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We all agreed to this but James saia the rates should not have been
increased.
Jan. 4, 1929.
122
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Gov. Young said ne aid not feel mat ne nad been treated discourteously
but he must, perhaps unconsciously, nave felt so, for ne gave
notice that in a week ne introduce a resolution that no
F.R.
bank could invest more than a fixed percentage of its assets in
Govt. securities.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Open Market Investment Committee (Cont'd.)
In discussing tne proposed regulation, Gov. loung wanted to call
attention to the F.R. banks of a regulation passed in 1926
as to notice of rate changes.
Platt snowed, nowever, 6nat this apnlied only to discount rates.
Miller said we ougnt to enact a regulation specifically as to
acceptance buying rates, to wnich C.`3.H. agreed, if any action
was to be taken.
U.S.H. said such a regulation sbould be drawn as applicable oniy
in the future, so as not to imply that Na. was being punished
for past unauthorized action, for in his opinion, N.%. was
within its legal rignts in what it did, barring, of course,
any question of due courtesy.
Jan. 4, 1929. 123
Warburg came before Board.
He said tne Board snould require its apnroval before acceptances
buying rates became effective; that the fixing of a minimum
and maximum rate was sufficient; tnat ne approved N.Y.Is
action in increasing rates, as it would provide a better
distribution aitno wile great part of the benefit would go 1:o
foreign central banks wnich would invest in them, because of
remission of income tax, but that it would also broaden domestic
market.
He agreed with Gov. Young that the proceeds of acceptances filter into
the stock market more slowly tnan proceeds of purchase of
Govt. securities.
He tavored continuance of steady pressure tnru discount rates, wnicn
ougit to be increased, and higner rates for acceptances.
He said, wholly apart from question of inflation, tae N.Y. bank nad
a rignt to increase acceptance rates to ward off a flood of
acceptances.
Jan. 0, 1929. 124, 125
Meeting with Open Market Cormaittee.
Discussed the credit situation but Comaittee asked for no approval
of any policy.
Gov. Harrison, how,,ver, said tne Committee should be given discretion,
as otherwise there was no reason for having such a Conaittee.
Jan. 7, 1929. 126
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Federal Reserve Bank of St. Louis
/94.
-p_
Paddo&F,Deputy 1overnor
Board approved $2U00 increase in salary ol.
James only objected.
Jan. 11, 1929, 126
Panic
Gov. Young says statement of Alexander tnat if corporations withdrew
their call loans, the banks would not take them over, - would
cause a panic.
Sept. 28, 1928. 35
•
Paper
See - Seasonal crop marleting paper
parker, Mrs. '..s1
See - Alice Ben Bolt
Payne, John Barton
Delivers fine address on Wilson at Carnegie dinner 1:o roreign
editors.
Nov. 22, 1928. 84
Charles R. Crane told Mrs. Bruce that when Mr. Payne went away
he asked Hoover to take aaarge of Red Cross relief, and that
when he returned he found tie letter heads had been cnanged to
"Hoover" relief.
Dec. 19, 1928. /lu
We meet, at dinner at Mies Boardman's.
hib. 1, 1929. /42
Peabody, George roster
C.S.H. calls on, at Jonns Hopkins Hospital, Baltimore, where Mr. Peabody
is to undergo a prostate operation.
Dec. 14, 1928. 101, 102
Pease, Z. A.
We dine wtthMr. and Mrs. on election night.
Nov. 6, 1928. 67.
Pennington, Mrs. Louis
Sends C.S.H. a check for $6.78 - 1/2 of the royalties on Wilson
Chronology from Jan. to July, 1928, which U.S.H. at once sent
to Mrs. Cunningnam, Secreary of National Woman's Democratic Club.
Nov. 12, 1928. 70
Pittsburgh, pa.
C.S.H. and Gov. Young meet directors of P.R. branh bank, examine
sites for new -builling. Gov. rancher also was tnere.
Aug. 8, 1928. 3
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Federal Reserve Bank of St. Louis
195.
Platt, ldmund
Tells 0.$.H. no reason for coming on 4o Open Market Committee
meeting.
Aug. 11, 1928. 4
Telephon s C.S.H. what took place at meeting.
C.S.H. sends telegram to Platt.
Aug. 14, 1928. 4, 5
Votes to give Open Market Committee autnority to buy up to Lou
millions of Govt. securities, if credit situation not eased
by purchase of acceptances.
Aug. 16, 1926.
At4enas, witn U.S.H. and Comptroller McIntosh dinner of Baltimore
Clearing House, in honor of opening of new butlding for
Baltimore branch.
Oct. 17, 1928. 59, 60
Votes to permit Dr. Goldenweiser co employ a foreigner to help him
in his statistical work.
Nov. 12, 1928. 69
Attends dinner given by Mr. Donaldson of Commercial National Bank to
Comptroller McIntosn, where champagne and other wines were
served continuously and openly.
Nov. 22, 1928. 89, 90
7orgets to ;ell Board of Gov. liarrison's apnointment altho tne F.R.
Bank of N.Y telephoned him.
Nov. 26, 1928. 91,92
Votes to qpprove payment by N.Y. directors of two months salary to
estate of Gov. Strong after his death, as per agreement
with Gov. Strong.
Dec. 18, 1928. 1U8
Votes for Miller's motion favoring higher acceptance rates to draw
money out of the call loan market.
Dec. 26, 1928. llo
Votes for Miller's motion to write P.R. banks and a* what they
proposed to do in 1929 -to correct speculative loans.
Dec. 31, 1928. 119
Tells C.S.H. of the meeting to take action on increase of acceptance
rates by P.R. Bank, N.f. without first consulting Board.
Jan. 4, 1929. 121
Points out to Gov. Strong tnat the regulation of 1926 had to do
merely with discount cates.
Jan. 4, 1.929. 123
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Federal Reserve Bank of St. Louis
196.
Platt, Umund (Cont i d.)
Votes to increase Curtiss's salary to $24000.
Jan. 11, 1929. 127
Votes against keeping F.A. Agent Curtiss's salary at $20,000.
Jan. ii, 1929. 127
Votes against increasing F.i. Agent Newton's salary to $24,ouo.
Jan. 11, 1929. 127
Moves to increase Newton's salary to $22,b00.
Jan. 11, 1929. 127
Votes against C.S.H.'s motion to substitute for one paragraph of
Miller's draft of credit warning, a statement that Board
does not seek drastic deflation of speculative loans.
Feb. 2, 1929. 144
Votes for Board's creait warning calling for direct action.
Feb. 2, 1929. 144
On C.S.H.ls request to have minutes show that Board voted down his
motion, not because they wanted trastic liquidation but mPrely
because they felt the Board's statement could not be so
construed, Platt said he hoped the public would so construe
it as demanding drastic liquid/1n.
Feb. 2,,1929. 144, 145
C.S.H. believes all will agree, except 3ov. Young and Platt, to
disapnrove, if N.Y.asks increase in discount rates.
Yeb. 1, 1929. 160
4W44401W4tAlierkki.
Votes against C.9.H. motion that Dallas anplilation for 6*
race /ay
on table until Dallas has answered specifically Board's
letter as to why better results nave not been attaine
d.
Feb. 8, 1929. 162
All
Platt feel taat to apnrove Dallas ap-plicationlow would be
to stultify ourxelves.
Feb. 8, 1929. 162
but
Votes to disapprove N. Y
zimmisnmiciuww9t1 mplimimaliw
I
pipT
application for 6'4 rate.
Feb. 14, 1929. 169
Was absent when Board voted to give out a statement as
60 Federal
Advisory Council recommendation favoring Board's stateme
nt.
Feb. 16, 1929. 175
C.S.H., Platt and Cunningham work on a statement
covering draft of
letter to F.R. banks as to calling a conference of banks
as advised by Federal Advisory Council.
Feb. 19, 1929. 178
IVY.
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http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
plat, Zdmund (Cont l d.)
Piatt and Gov. Young feel tnat a rate increase must evenolally
come and was tne proper mask.
,
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Platt tnought it snould come at once but lov. Young was willing to
wait.
Mar. 19, 1929. 190
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,
Moves as substitute to C.S.H. motion disapproving N.Y. apllication
for elp, tnat tne 6,4 rate be approved.
.Defeated.
Mar. 21, 1929. 197
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Mar. 21, 1929. 197
Pole, Comptroller of Currency
Votes to give out action of Federal Advisory Colncil approving
Board's statement of 7eb. b, 1929.
Feb. lo, 1929. 17b
0071.4mc- 404
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Votes against Platt's motion to apnrove New fork 6* application and
for C.S.H.Is motion disapproving it.
Mar. 21, 1929. 197
Politics
Secretary Mellon asks as to politics of Rolla Wells, appointed P.R.
Agent St. Louis.
,
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C.S.H. said he was a Democrat.
Jan. 22, 1929. 132
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Potter, Guaranty Trusteo.
told Federal Advisory Council that F.A. Bank, New York, nad not
tried to get tne principal A.Y- banks together and ask their
cooperation; that his bank had never been approacned; tnat while
his bank nad not been a frequent or continuous borrower, he
believed the F.R. bank should get all the banks together, offenders and non-offenders, and that in tnis way tne situation
could be ironed out.
Feb. 14, 1929. 172
Preferential rates. 8, 9
See - Miller
Open Market Committee
Seasonal crop marketing paper.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
198
Preferential rates, Member bank collateral notes.
Board disapproves suggestion of a lower rate for member bank
collateral notes secured by Govt. bonds. '
Sept. Y, 1928. 24, 25
Warburg favors discriminatory rate against, secured by Govt.
bonds.
Suggested 6 as against *A for commercial paper.
Jan. 0, 1929. 125
See - Member bank collateral notes.
Prices
Miller says one of outstanding events in 1928 was Board's refusal
to accept Strong bill - stabilization of prices.
Dec. 26, 1928. 114
Governor Norman says prices are now adjusted on an international
level and tnat any pronounced fall would cause great damage.
NI). 6, 1929. 1b7
Prince, Frederick
Mrs. Motley says, is moving heaven and earth to be appointed Ambassador
of Prance. Must be a joket
Asb. 1, 1929. 143
Pronibition
Judge Grant says tie shall vote for Hoover, but realized ',hat nis
election would fasten prohibition on tne country.
Oct. lb, 1928. 59
Gov. Smitn tells O.S.H. that prohibition was only a minor cause of
nis defeat, largely used as a cloak for religious bigotry. He
felt the Democrats snould help outtnis "noble experiment"
by passing legislation to enlarge the courts and all enforcement
machinery involving an expense of nundreds of millions; a/so
tie favored appropriation of hundreds of millions for enforcement.
He seemed not to disagree with O..H.'s suga,
.C;ion of amending 6ne
Volstead Act so as to make the purchaser a criminal as well as
the seller.
He believes prohibition can not be enforced but is willing to go to
any extreme to enforce it, if possible,and he feels a complete
test will demonstrate the im'ossfbility of enforcing it.
Nov. 29, 1928. 92, 93
198.
Promissory note. C.S.H.
C.S.H. paid Ned and George eaen $2,175, being $1500 on note
dated Jan. o, 1921, plus interest at
Did not know wnen I
paid it the date of the note so had. co guess at interest. They
did not want interest but M.H.insisted. !hey intimated they
would credit nis interest on tne amount C.S.H. owed on cow
pasture account.
Nedis note had indorsed on it a payment of interest by C.S.H. of
$350 representing furniture no bought of us.
Oct. 3, 1928. 45
Ned. senas me check for $468.73 representing excess payment of
interest as followo:
J. o, 1921.
Note
Int. to Jan. 5, 1927
Int. Jan. o, /927 to June 1, 1928
r
Credit furniture bougnt
Due June 1, 1927.
,
•"•
$1500
450
29 98
$1979.98
_
1629.98
,
7 t477
•
Interest Jan. 12, 1927 to Jan. 1, 1928 57.50
.PRCi
Interest Jan. 1, 1928 to Get.14928
:
• ‘1.
ICLISHRL.
•+.
.
A
rmFht
et: 7
$1706.27
C.S.H. original cneek
Amount dun
Nedls check .
f3C1
'Zrk4e't 1.4;.;CIO
2175.00
1706.27,
468.73
:jj0;itA,
Oct. 8, 1928. 54
•
•
George also wrote figuring note and interest from 7 years and 9 months
at $2081.25
2081.25
C.S.H. paid
2175.00
"47'.
!411z
...
cr
:'t;14
1"t5
7'
;•
1,, -
-
Geor re sent his cneck for $93.75
1
t
Oct. 8, 1928. 55
• .•
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
7
147.1:
.1
;•,1% .Ail:
"."rs/tr,
• 4.
1 #:
!V. 1.1TAr4..ft
t•F..
Prostate operation
See - Peabody, George Poster
f.
Protest
See - Resolution of protest
irf)1Ctr, * CI
!
,
Prmyn, Robert C.
C.S.H. calls on, at Mayflower Hotel but no was not stopping there.
Oe.t, 1928. 48
t'
,40/1,
11:36,
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
21)0.
•
f.<7 *-•
,4:;044
Rationing of credit
C.S.H., remembering the credit rationing of the Money Committee
just after tne war, told Boara he had about reached the
conclusion that, before agreeing to increase discount rates
to 6, 7, 8 or 9*, he would conRider some form of, tnru a
regulation applicable to all banks alike.
Mar. 19, 1929. 194
4
r
Gov. Harrison said ne was opposed to, at present time.
Mar. 22, 1929. 199
WC
;
See - Credit rationing
Red Cross. 110
See - Hoover
Regulations
Miller suggests regulation requiring approval of Board to change
in acceptance rates.
Jan. 4, 1929. 121
•
Voted to prepare a draft for consideration.
Jan. 4, 1929. 122
Platt pointed out that tne Regulation of 1926 was limited to
discount rates.
Jan. 4, 1929. 123
Gov. Young gives notice he will introduce a regulation limiting
purchases of Govt. securities to a fixed percentage of
the capital of tne F.R. banks.
Jan. 4, 1929. 123
•
c:revs„
,
Board passed Miller's motion to ask Wyatt what power the Board
had by regulation to curb speculative loans.
Mar. 0, 1929. 187
Milier presented draft of letter to P.R. banks asking their
suggestions as to framing a regulation to prevent diversion
ca 7.R. credit into speculative Channels.
ft_AS7C-1'
t,
I
•
•
ilk'"
i (A:
, • •, nil, •
C.S.E. suggested asking them as co tne advisability of naving
such a regulation and Miller opnosed this.
Mar. 19, 1929. 193
•• • fiCCI
Wyatt was called in and said tne Board nad power to frame a
regulation limiting rediscounts.
Mar. 19, 1929. 193
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
201
.
Regulations (Contid.)
Cunningham objected to sending out :!illeris letter at this
time.
C.S.H. said he should vote to send outthe letter, preferably
with "advisability' added, but Should vote for it as it
stood,on the distinct understanding that if the letter went
out the Board would issue a regulation.
, orifi
'*14wmimeteproke
6TriwF
Miller said it would not be necessary to issue a regulation as
the mere intimation would in all probability have the
desired result; that he was not prepared now to say he would
vote for a regulation; that if he were so disposed he
would have drawn the letter differently.
,
iiroeTa.11077131.-
C.S.H said it might be construed as a threat or bluff which might
.
be called and that no letter should go out unless the Board
was prepared to issue a regulation; that he would vote for
it now, if Board would agree to make good.
Mar. 19, 1929. 193, 194
Board unanimously passed Cunningham's reaplution that lyatt be
instructed to frame a regulation along the lines of his
opinion, limiting rediscount:. and to reoort svue, no member
,
to be bound as to voting for it.
Mar. 21, 1929. 198
See - Speculative loans
Cunningham proposed amendmPnt to P.R. Act.
Jan. 21, 1929. 132
•
1 '. t4.1
r`
Reserve requirements. 116
See - Greenbacks
National bank notes
Resolution
Gov. Young prepares resolutionto protest against vote of
Board that a stenographer take down proceedings at
joint conference of Governors and P.R. Agents, saying
the Board had no right to direct that his remarks
be so taken down.
Nov. 15, 1928. 72, 73
t
See - foung, Gov.
•
Miller puts in resolution asking P.R. banks how th-y proposed
to curb speculative loans in 1929.
Gov. Young ooposed saying it meant that banks having call loans
should be refused rediscounts.
'WAIF
202.
Resolution (Contld.)
Passed:
Aye: Miller, C.S.H., James, Cunningham, Platt
No: Gov. Young
Not voting: Comptmpller Pole
Dec. 31, 1928. 119
C.S.H. said he voted aye on the interpreta
tions
1.
isocitalgort's *oast ** vaaasoim
*eft owed 101111oicitg Ila et bluew
-e- binaquesq *co sow oid
*ft tt $404 sabt/A4 ,
-te-.
1
hp 0490.I
11
PAL,'&. , ,
ortil
2.
Nor that a bank should be refused rediscounts
to
make good reserves when the deficiency was in
part due to speculative or security loans.
3.
That it merely pointed out a danger and asked the
7.R. banks how they proposed to meet it in
1929.
4
.
swim,
03.1e dattiw llwit i* Ova, 0a moir**** e* *gown
Imola *44 ameZawittro am 11.1srikrai 13401 an $110 .hitla
bersoireqn
Salown mi 'Omit
P **4*
014_ ,4
Lrossamot ferfliaWir *1
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Not intended to mean that speculative loans
were necessarily illegal.
Dec. 31, 1928. 119
•
boommripumpasms
**L r:
ti
ll
okozvtoS INIENritis
-o *OW olit, snobs twittatres
, ftl
Nag .-irusoestivirs zhar,V)--e
.
See - Regulations
Restriction of credit
See - Credit rationing
Rationing of credit
Restrictions
See - Mattapoisett; Stoddard sale
01 tarok
Reyburn
Gold. Young and James have conferences with Owen
Young, Woolley,
Harrison and, in N.Y.
Sept. 4, 1928. 22, 23
See- Open marle t Corinittee
II, 41.sint Segt.t"* Se**(rtl0,1016010101.4 *tom, „,
tehosonoastsoirtmes*Wk mik* Isegitratclob,its 4
mime. I*•**Oote
. .
..,....p." morn *fti...
, es SOkli sla illd
. .9M0h
Rhinelander, Bishop and Mrs.
Rachel Hale said Gertrude once embarrassed
her very much by
quoting her falsely as saying that Mrs. Rhin
elander was
a dangerous woman.
Oct. 31, 1928. 64
We dine with.
leb. 18, 1929. 178
Rice, W. G.
We visit Mr. and Mrs., at Albany.
Nov. 29, 1928. 92
See - Albany
Smith, Gov.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
203.
Richmond, Rev. and Mrs.
We dine with. Jan. 5, 1929. 126
Riggs, Jeaanie
We dine with.
Dec. 10, 1928. 100
Dec. 29, 1928. 118
Riggs National Bank. 106, 146
See - Myer, Gertrude
Rising, Mrs.
Dines with us
A guest of Mrs. Stanley McCormick.
Sept. 23, 1928. 31
Rodgers, Mrs. Alexander
Rachel Hale clays the told. tout C.S.H.Is letter describing
Gertrudess visit.
Sept. 28, 1928. 37
C.S.H. (slls on
Spoke casually about Gertrude Myer but she said nothing.
C.S.H. previously had told Rachel Hale rIe would be
very circumspect in talking to. about Gertrude but
that he hoped she would tell her as to our talks
and my letters.
Oct. 5, 1928. 42
Rodgers, Raymond
C.S.H. meets, While calling on Hrs. Rodgers.
Oct. 5, 1928. 42
Raman Catholic
Gov. Smith talked with C.S.H. very quietly and r.asonably
as to religious bigotry.
Nov. 29, 1928. 92, 93
See - Smith, Gov.
Henry Anderson said the opposition to lov. Smith rested
largely on hir!, religion as a.
Dec. 5, 1928. 96
Rome, Georgia. 165
See - Graef, Mrs.
Wilson, 4rs.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
204.
Roosevelt, 7ranklin
After dinner we listened with Catherine Grant to speech of,
over radio.
Oct. 12, 1928. 55
Bertie and I celebrated election of, tly opening a bottle of
sherry given us by Catherine Grant.
Nov. 8, 1928. 68
We both joined in a telegram of congratulation to.
Nov. 8, 1928. 68
We had Catherine Grant to dinner and we 11 drank to health of.
Nov. 10, 1928. 69
(Sends us a very affectionate note, thanking us for our telegram.
See scrap book.)
Roosevelt. Mrs. Tranklin
Bertie lunches with Mrs. Delano to meet, but she did not come on
because of illness of her Child.
141b. 16, 1929. 176
Roper, Daniel. Commission r of Internal Revenue, 165
See - .4cAdoo. . G.
Ruffin, Dr. Sterling
Examined C.S.H.
Heart in very good condition but slightly irregular, to which he
said he attributed little importance.
Blood pressure
160 . high normal.
SO
He said Dr. Hiden's test of blood in January Was 20;a11 of my
previous tests for years hRve been 25.
He advised giving up red meats for awhile as he should prefer
seeing blood pressure slightly lower.
C.S.H. weighed, stripped, 175 lbs.
He advised reducing to 166 lbs.
He said on the *hole I was in very fine condition.
7vNi!
Ae took a blood sample to see if / was anaemic.
Aug. 1, 1928. 1
Talked with C.S.H. as to Gertrude 'Ayer.
Aug. 1, 1928. 2
See - Myer, Gertrude
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
205.
..repnlh •-!el,
/ltA
a9/4
,11
,
Ruffin, Dr. Sterling (Contld.)
valm
•
I hmE,eltieR
, ,7014400
f,, tt
• -3
v:Ilt
;Vri
•,
,1
C.S.H. tells Clephane as to Dr. Ruffin's stitenent as to
Gertrude Myer.
Aug. 21, 1928. 14
,8
Talk with C.S.H. about Gertrude Myer at Metropolitan Club.
Sept. 27, 1928. 32, 33
See - Myer, Gertrude
Gertrude Myer tells C.S.H. as to Dr. Ruffin serving as executor
of her will. Nov. 23, 1928. 84
.8!1:1
'
.
,
,Oon eSsc 141:1.'t
(.2foed rfAm . t46e
Lf
.
•sq;;It
See - Myer, Gertrude
n14..
zr.f•
.$9ezt ol oable7 .1r2.
76e lp 93.gsil 10 t'41.1:cX,P.:
.81 .det
410 ke.tti.oC
C
*.fri9
C.S.H. writes Rachel Hale as to Gertrude Myer
's talk about
Dr. Ruffin as executor.
Nov.
1928. 88
.10111aa el‘ike,
eyf:,
• .r
.71"111cR
,J 4
C.S.H. bonsults with Clephane as to fee of Dr, Ruffin as
executor.
Dec. 18, 1928. 107
?
.
,. •
See - Hale, Rachel
Gertrude Myer talks with C.S.H. as to fee for Dr. Ruffin as
executor.
Dec. 15, 1928. 102, 103, 104
Dec. 17, 1928 106, 107
t..'r
:
Rachel Hale talks over telephone with C.S.H..as to fee for
Dr. Ruffin as executor.
Dec. 11, 1928. 101
•
‘;
, 5'
• r -4
f.L..
3`!
7.Cl:
r-• ‘.
C.S.H. examined by Dr. Ruffin
Blood. 1028.
Less than 5/100 of 1%.
!-**,
•
Blood pressure 198
1:.t,
i!‘71
-
;-'-"
,
Said he did not consider my situation as at all serious.
Advised reducing weight from 171 to about 1610.
4
:irkt At!
-*
•
Said no occasion - to worry about blood pressure, as he felt dure
it would go down.
,
Advised cutting down a little on starches, and taking things
easily, and cutting down red meats.
• •
oeir slum' -.1prA
.
f.hul.11e0 „levy -
•
He said he was satisfied that I was suffering from some infection,
probably from teeth, and ordered an X-ray.
Mar. 12, 1929. 190, 191
(X-ray taken Mar. 14 showed one infected tooth which was extracted
Mar. 3), 1929.)
See - iiden. nr.
206.
-5-
. . .
Salaries
Miller got Board to increas salary at Ogirter, a messenger
assigned to him as a clerk, in ordc.r to give him higher
pay than he would receive as a messenger, Which he really
is. He received 11600 while the highest salary of a messenger
is $1380. No other member has a messenger assigned to him,
but every member mulct do the same as Dr. Miller under rule
that each member may have a private secretary and a
stenograigiher.
This is a device to give a messenger preference.
member did this how liller would rave:
If any other
Dec. 31, 1928. 118, 119
See - Burgess
Curtiss
Harding
Harrison
Newton
Norris
Olsen
Paddock
Sdhmedkelberger
Snyder
Sander-s, Helen. 142
See - Motley, Mrs. Preble
Sanford. Justice and Mrs.
We meet, at dinner with Miss Boardman.
Feb. 1, 1929. 142
Scandals
See - Hoover
Miller
Motley, Mrs. Preble
Oil scandals
41.-ees .ermet ot:ncleeceo qn
es ,4eufvsenle,
-
2.fA,
odtpe.rn: ei
-111 ry„
1
..014...11F.".1.$0"
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Schmeckleberger
McGarrah confers with Board as to salary of, :!anager of the
Buffalo branch.
Jan. 25, 1929. 133
L.st. oedwre,111 c.
71,01 mat./.%.'n
.s/ner.
kfc 14n.:,
!mix 7 a ,la; he/lel:se ear
frks .etaw
,
-010001411*K..
Schacht. Dr.
C.S.H. feels that if, had been Governor of F. R. Bank, N.Y.
he would quickly have settled the speculative situation.
/*b. 5, 1929. 154
btAil s
See - P.P. Branch, Buffalo
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Scott, Hugh. 142
See- Motley, Mrs. Preble
Scott, Mrs.
Automatic writing by p resident Wilson..
Ray Stannard Baker says nothing in it reminding him of Wilson.
Mar. 2l, 1929. 198
Seasonal crop mark ting paper. 8
See - Miller
Open Market Coimittee.
Seay, Gov.
Writes Open Market Committee against further purchases of
Govt. securities excelA as e last resort, meaning a
condition in which credit for business purposes can not
be obtained except at rates materially higher than those
which now prevail.
Says banks should be forced to rediscount for needed credit.
Aug. 20, 1928. 13, 14
Secretary of Treasury
See - McAdoo
Mellon
Securities
Gov. Young defines "securities" in Bo.trd's draft of new
provisions for Open Market Committee, as including bills
as well as govt. securities, -to which no objection was
raised.
Nov. 16, 1928. 77
.AAVOYOW.T.
Rft/Y qt.&
.ell 171-41
$s
,Dlol:
eT
41 .ife%
clabzso
sidelq
.,,-
,
St.,' '..".*:12 V0r, 11 10' 5.4
5ttfr
14';'1". r;lit
4
Ni
'!"'L
levooH
tr.C!'
4 %1114,
q\Sherman, Mr.
See - Carnegie indowment
Sberman Silver Act, 1890. 14
See - Bright
Carlisle, John G.
Harvey, George
01
i x ,1•Ai;,,' 44 5.
bc414:to:: 4.4vz,t(
ite .crei
c7;t
1 (
F. ,e
.
1*In00 AAllAt
91
pis?'
oloiluF „raerrtir .
Sheffield, Mrs.
C.S.H. at Dr. Butler's dinner, takes out, wife of Mr. Sheffield,
formerly Ambassador to Mexico and trustee of Carnegie
Foundation.
Dec. 6, 1928. 98
f
Smith, Gov. N. Y.
Charles Warren and C.F.H. listen over radio to accentance
address of.
Aug. 18, 1928. 16
0.S.H, listens with Delano over radio to St. Paul speech of.
Sept. 27, 1928. 32
7,08.
Smith, Gov. N. Y. (Cont'd.)
Mrs. John W. Davis says her husband feels that, has no chance
of election, but that Col. House told him a few days L.go
that for the first time he tnought there was a chance for
Oct. 31, 1928. 65
Gov. Smith.
We drink to by. Smith's success, with C ttherine Grant.
Nov. 10, 1928. 69
Listened with Delano to radio .Aldress of Gov. Smith.
Nov. 13, 1928. 70
,
.1wommosowilompeameximaa
0
4
weroliik,
Delano said Dean Bratenahl hsd spoken disgustingly about lov.Smith;
that Rev. Rola= Cotton Smith and Dr. Johnston were also
bitter against him.
Delano said he was disgusted at the attitude of the Episcopal Church
towards Gov. Smith. Nov. 26, 1928. 91
,
, f14114M000-0
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Rice, and had a 20 minute
C.S.H. called on by. Smith with William
talk. He showed no bitterness over the election. He said
he was satisfied that he was defeated because he was a Roman
Catholic; that prohibition was only a minor Cause, used largely
as a cloak to conceal religious bigotry.
.
irtir
0 ,
1trri!PPONm
1
114 4 ' 3114
0 ,
dii,, 1* AVOP114 .:, 1 K ,0
He thought the Democrats should help work out the "noble experiment"
by enlarging the courts and all court machinery, also
)
ao- ropriating hundreds of millions for enforcement.
-..144ww-AwiiPV
He did not seem to disagree with C.S.R.'s sugg-stion to amend the
Volstead Act so as to makr the buyer equally guilty with the
seller.
,
He said he did not believe prohibition can be enforced but was
willing to go to any expense to have it enforced if possible.
He believed that a fair telt will satisfy the peoole that it
can not be enforced.
He spoke very calmly and reasonably about the Roman Catholic Church,
saying it was only very recently, comnaratively, that Raman
Catholics were nominated for any office, but he believed
public opinion would change to a more reasonable attitude.
I.S.H. was profoundly impressed with his broad views and Christian
Nov. 29, 1928. 92, 93
charity.
Henry W. Anderson told C.S.H. that the on)osition to Gov. Smith
rested on;
1.
A Tammany man. 2. A Boman Iatholic. 3. Not of
Presidential size as to manners, language, etc.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
209.
Smith, Governor, New York (Contld.)
He said Carter Glass had been so bitter in defense of Gov. Smith,
that he had no dhaace of succeeding himself in the Senate.
Dec. 5, 1928. 96
DT. Butler told C.S.H. that he voted for Gov. Smith and scarcely
knew 4 Republicans among his frien s who voted for Hoover;
that Gov. Smith probably had no political future; that Tammany
outside of Manhattan, was treacherous to Gov. Smith; that
Tammany got little or nothing from lov. Smith while he
was Governor, and felt they would get even less if he sholld
be elected President; that the Jews were also against him.
Dec. 6, 1928. 98
Mrs. Bruce said Charles R. Crane told her that he disliked both
Hoover and Suith but Should vote for Gov. Smith.
Dec. 19, 1928. 110
MoAdools belated interview coming out for Gov. Smith. 165
See - AoAdoo
Roper
B. M. Baruch told C.S.H. that it was religious bigotry which
defeated Gov. Smith.
He said he wanted Owen D. Young for Chairman of Gov. Smith's
finance Committee; that helped him in his tariF speeches;
that he advised him to say that nothing now could be done
to change the tariff because of after war conditions.
Mar. 1, 1929. 183, 184
Smith, Rev. Roland Cotton
Gertrude Myer meets, at Marblehead.
Aug. 28, 1928. 20
Delano says, was very bitter towards Gov. Smith.
Nov. 26, 1928. 91
Smithsonian Institute
Delano said, had consulted Gertrude Myer's nephew and that he
objected to its loaning Gertrude her father's picture.
C.S.H. did not tell this to Gertrude.
Dec. 21, 1928. 113
Snyder
Board voted to dqfer action on proposd salary increase to, of
T.R. Bathe of N.Y., of $1000.
Jan. 11, 1929. 127
7'17
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
210.
Somerset Club
C.S.H. gives lunch to Catherine Grant at.
Sept. 17, 1928. 26, 27
SpeculAlon
See - Direct action
Speculative loans
Speculative loans
lederal Advisory Council said that if Cleveland asked
c or a 40
rate the Board should disapprove as it would
encourage
the growth of.
Sept. 28, 1928. 33
Mr. Goebel said if Cleveland needed a 40 on local
conditions it
should be approved.
Sept. 28, 1929. 33
Alexander favored a general 40 rate as a stimul
ant to business. He
said there was a gen ral feeling that the 7.1.
System was
trying to control speculative loans by discount rates;
that
it could not be so controlled; that he favore
d a 44% rate to
show the country that the P.R. System was not
trying to control
or regulate the stock exchange; that he did not believ
e the
reduction to 35% in 1927 was a mistake, but felt
we might
have returned to 44% a little earlier; that he
was much puzzled
over the present speculative activity but felt
we conll not
control it;that liquidation or a break was bound
to come, but he
could not say when or why it had not ODMO long before
this; that
even if a 45% rate should encourage speculation,
it would in
the long run, correct itself; that man,/ of
the speculative stocks
were not so overvalued as the country seemed
to think.
Sept. 28, 1928. 33, 34
See - Alexander
7ederal Advisory Council
Miller mid Sec. Mellon had made himself
ridiculous by stating
in his annual report that the F.R. f3ysten had increa
sed rates
to check speculation.
Dec. 26, 1928. 114
C.S.H. feels the Board did advance rates in 1928 to check
speculation.
C.S.H. reuembers that Miller long ago said the only way to curb
speculation was by increasing discount rates, and he voted
for increase with this object.
Onlythe other day he put in a resolution favoring higher acleptanos
rates for the specific purpose of drawing money from the
call loan market. Although finally he omitted the ref-rence
to the cell loan market,this was his clearly expressed
intention.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
211.
Speculative loans (Contld.)
This motion failed, but Miller, C.S.H. and Platt voted for it.
Dec. 26, 1928. 115
C.S.H. asked Miller how much less P.R. credit would now be
outstanding were it not for stock speculation, and he
said MO millions less.
Dec. 26, 1928. 115
Willer offered a resolution that the present spread between
P.R. rates and call loan rates and other speculative
loans tempted member banks to loan on the stock market
by the use of P.R• credit and asking the P.R. banks What
they proposed to do to correct this during 1929.
This was passed.
Aye: Miller, C.S.H„ James, Cunningham, Platt
No: Gov. Young
Not voting: Comptroller Pole.
Dec. 31, 1928. 119
C.S.H. said he voted for it because he construed it as not meaning
that all speculative loans were illegal, nor that a bank
could not discount to keepup its reserves when tne deficiency
was carried in part by speculative or security loans, but that
it merely pointed out a dangerous tendency and asked the
banks how they were going to correct it.
Dec. 31, 1928. 119
Warburg says Board should control speculative loans by increasing
discount rates.
Jan. 5, 1929. 125
Miller said P.R. System was drifting but perhaps that had been the
best policy;thatmoney- was getting tighter and that to control
speculation rates must advance;that the courageous way would
be to announce that in the future credit would be available
at reasonable rates for agriculture and business, but that
the Board would carefully scrutinize the rise in discounts and
prevent seepage into Wall Street.
Jan. 19, 1929. 129
(The above was the beginning of so-called direct pressure.
See - Direct pressure.)
The Peders1 Advisory Council on Nov. 22, 1928, advocated control
over speculative loans but distinguished between loans to
customers And other specalative loans.
Jan. 19, 1929. 130
212.
Speculative loans (Oontid.)
S
•
Cunningham introduces a resolution for anendment of
P.R. Act to
effect that banks having speculative loans can
not rediscount
for mare than 3 days without the affirmative appro
val of
5 Board members.
Jan. 21, 1929. 130
•
*tiler offers draft of letter to Y.R. banks calli
ng for direct
action.
Jan. 21, 1929. 130
er
See - Direct action
—
McGarrah says his directors want to issue a state
ment as to loans
Nfor others* and to intimate that the collateral
might, in an
emergency, prove not liquid.
Jan. 25, 1929. 133
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ent or oontinuous
borrower, presents paper for rediscount for purpo
se of
maintaning its reserves, in part depleted by specu
lative loans,
the Y.R. bank should discount the paper; that
it was purely a
question of good banking -oolicy; that the amirit
of the F.R.Act
lid not forbid such discounts.
Jan. 25, 1929. 135, 126
Gov. Harrison argued for higher discount rates,
telling the Board
that speculative activity was steadily increasing
; that last
year speculative loans of all banks in:re
ased 8 billions and
commercial loans only 2 billions; that While the
banks gave
preferential rates to commercial customers, the
spread between
commercial and speculative loans was decreasing
and might
disappear.
70. 5, 1929. 149
Q.S.H. asked Harrison if many of the N.Y. banks by frequ
ent or
continuous borrowing were not in effect obtaining
capital funis
thru rediscounts and Harrison said Yes.
lab. 5, 1929. 150
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Miller said he did not believe the Board's proposed state
ment would
cause any drastic deflation of speculative loans that
;
nothing
the Board oould do would have this effect; that he perso
nally
would like to see a sudden liquidation and crash.
Yeb. 5, 1929. 151
Miller moved that 'Myatt be directed to inform Board
what, if any,
power the Board had to curb speculative loans
.
Passed unanimously.
Mar. 5, 1929. 187
213.
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Mar. 5, 1929. 187
Mar. 7, 1929. 187
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See - Direct pressure
rederal Reserve Board
Miller
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See - Myer. Gertrude
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Federal Reserve Bank of St. Louis
C.S.H* voted for this in this limited form altho he feared the
presence of a stenographer would greatly limit free discussion.
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Yesterday Miller and James moved to have stenographer take down
what was naid as to Board's draft of changes in Open Market
Committee and procedure.
Miller said the discussion was the most important in the history
of the P.R. System.
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Stenographer for Joint Conference
Some time ago, Board voted not to have a, at Joint Conference
of Governors and Chairmen, and C.S.H. voted againct it.
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See - Anti-war treaty
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Stabilization of prices
Miller said one of the outstanding events in P.R. history
during 1928 was Board's rejection of.
Dec. 26, 1928, 114
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After the meeting Comptroller McIntosh told C.S.H. that Gov.Young
was terribly =set by the vote, feeling it wasa discourtesy to
him to dhange the early vote; at he evidently thought the
vote was to take stenographically all the proceedings of the
joint conference.
,
C.S.H. went to Gov. Young and found him drawing a resolution to
protest based on the erroneous view about pointed out.
214.
Stenographer for Joint Conference (Cont'd.)
C.S.H. explained to him the narrow scope of the vote.
Later at Board meeting he filed a resolution of protest claiming
that Board had no right to direct that all remarks he taken
down by a stenographer, as much of them might be confidential
and not intended for the public. He also expressed the hope
that the vote was not intended as a discourtesy to him.
C.S.H. explained why he voted as he did and said any request not to
be taken down muld always be comnlied with as is usual in
Congressional hearings.
Miller and James both agreed to this.
Gov. Young then introduced another resolution that no stenographer
be employed excent with consent of Governors and Chairmen.
Much discussion followed.
Cunningham finally, evidently disturbed at Gov. Young's feeling,
moved that no stenographic report be taken except with consent
of Governors and Chairmen.
Passed.
Miller and James voted No.
Nov. 15, 1928. 71, 72, 73
Governor Young seemed to have a brain storm. No discourtesy was
intended. The original vote against having a atenogra ?her
,
had this qualification, - "except in exceptional circumstances"
and the last vote merely recorded the Board's feeling that
discus.on of Open 3arket Committee changes was an exceptional
circumstance.
Miller was much disturbed at the motion of Cunningham.
This conference, however, was merely to agree if possible on
Open Maeset Committee changes, and did not involve any order
of the Board. The power of the Board was in doubt and, it
being merely a conference, it was clearly proper not to have
a stenographer without consent of all the parties.
Nov. 15, 1928. 74
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and this settled the matter.
Nov. 16, 1928. 74
215.
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Federal Reserve Bank of St. Louis
Stenographer for Joint Conference (Contid.)
The proceedings clearly showed that no stenographic report was
necessary. The proceedings were open, simple and frank.
Nov. 16, 1928. 77
Stock speculation
See - Speculative loans
Stockholders meeting
C.S.H. attends. P.R. Bank, Boston
Makes short address.
Nov. 9, 1928. 68
Stoddard, Frances B.
Nelson lmmons says, will give $15,000 for lot on shore - 1-1/3
acres, and lot across road, * acre.
Said lot across road, even with water privilemwould not bring
over $500.
Advised acceptance.
C.S.H. originally asked $15,000 for Shore lot alone.
Suggested restrictions - no house etc. on lot across road nearer
than 50 feet from road, and on short lot, - 100 feet, except
a bath house and boat house; limited to one dwelling house
and boxt house - to be used for no commercial purpose. We
to agree to impose similar restrictions on our remaining
property for 150 feet ,fisterly when sold.
Aug. 26, 1928. 17
C.S.H. accepts Offer of $15000 for both lots, Emmomsopmnission to
be 5%.
Aug. 27, 1928. 18
,
We sign agreement to sell to Mrs. Prances 1. Stoddard and her
husband, James K. Stoddard, of Wooton, Leslie County,
Kentucky.
C.S.H. apportions the gross price, $15,000. as 314,000 for shore
lot (1-1/3 acres) and $1000 for lot across road (i acre)
This is at rate of $10,500 per acre for shore lot and $2000
per acre for lot across road.
We put in following restrictionst1. Limited to one dwelling for one family with usual
apnurtenances such as garage, bath house, boat house,etc.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
216.
Stoddard, Prances B. (Cont id.)
2. Premises not to be used for commercial purposes.
3. No structure other than a one story boat home and (or)
bath house to be erected within 100 feet of mean high
water.
4. We to similarly restrict our adjoining land for 150 feet
on southeast side of granted premises and on the 40
foot strip up to the Northwest line of said 40 foot
stri9, in case any sale made of this land hereafter.
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5. No sewage or other offensive matter ihall be permitted to
drain into Mattapoistt harbor.
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6. Similar restrictions on lot across road except that no
building to be placed within 50 feet of Northeast
line of Beacon street.
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7. We to impose similar restrictions on the adjoining 150 feet
of land Northwest and Southeast of said land for an
equal depth from BeaconStreet.
Granter to pay $125 for her elare of taxes.
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Aug. 28, 1928. 19, 20
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James M. Metcalf, Surveyor, marked the bounds of the sold property.
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our certificate of title to give Brownell.
Aug. 29, 1928. 21
Give Metcalf
Dr. and Mrs. Stoddard called.
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C.S.H. explained status as to title to land lying under Beacon
Street, — the town owned
and we owned * minus 1/32.
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and interest in the fee under BeaconStreet between the lots
sold to him.
Aug. ?9, 1928. 21
Received check for $14.000. 01000 already paid)
Oct. 1, 1928.
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that her (Rachel's) father and mother did their best to
catch him for Rachel, especially Rachel's "Ad man."
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Gertrude Myer very angry because, talked with Dr. Ruffin
about her.
Sept. 27, 1928. 32
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Rachel said this was grotesquely absurd; that Mr. Stokes was most
ungainly, - that no girl could fall in love with him, very uncouth with almost no chin. - merely the son of
wealthy'parents.
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Jan. 3, 1929. 120
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C.S.R. meets, while calling on Gertrude Myer at Copley-Plaza, Boston
Sect. 17, 1928. 27
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McGarrah tells C.S.H. he was present with Gov. Crissinger when
GOV. Strong telephoned Crissinger from N.Y. that Sec. Mellon
asked postponement of Chicago rate case for one day so
he could be present. This was before Bce.rd sent its
telegram to 7.8. Bank, Chicago.
Aug. 14, 1928. 6
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We meet,at dinner with Bishop and Mrs. Rhinelander.
Feb. 18, 1929. 178
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Gov. Youmgr seys if Gov. Strong should resign,he believes the
1. Y. directors would not elect Harrison in his place.
Sept. 4, 1928. 22
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Gov. Strong died this morning at a New York hospital.
Oct. 16, 1928. 59
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Oct. 18, 1928. 60
C.S.R. blieves Gov. Strong was a genius, - a Hamilton among
banker' and that his place can not adequately be filled.
Oct. 18, 1928. 60
N.Y. directors made agreement with /ov. Strong that if he would not
resign until end of year they would pay him his salary thrm
1928, he in the meantime to take things easily.
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Strong, Gov. (Contid.)
After his dgath the N.Y. directors passed a resolution providing
for this payment for balance of year,
about 2i months, and
asked approval of P.R. Board.
Wyatt advised that N.Y. could not legally pay this and that Board
could not approve it.
.t
On motion to approve:
Ayes Gov. Young, Platt, C.S.H.
Not Miller, James, Cunningham
Nailed by tie vote.
Dec. 18, 1928. 108
C.S.H. justified his vote by construing the agreement with Gov.Strong
as in effectan agreement to pay him a lump sum of $2800 to
be spread over two months.
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Miller opposed this bitterly, stating that the suggestion in Wyatt's
opinion, - that no on except the Treasury could object and
a statement could doubtless be obtained from Sec. Mellon that
the Treasury did not object
ccount of the franchise tclx, was really collusion to evade the law and might involve a
scandal similar to the oil scandals.
C.S.H. cited the Wills payment but Miller said that was different
as when it came before the Board the payment had already been
made.
Dec. 18, 1928. 108, 109
Board finally voted to notify N.Y. directors of Wyattis opinion
and to add that opinion of Attorney General would be Nsked for
if N.Y. directors desired it.
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•
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C.S.H. during the discussion referred to a talk he had had with
Gov. Harrison.
Miller said no member had a right to discuss Board matters with
Harrison or the N. Y. bank.
C.S.H. toliMiller that this involved a question of law, - that he
was a member of the Law Committee and Should w4cfor any
information he desired fran anybody he chose'.
Miller made no reply.
219.
Strong, Gov. (Contld.)
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C.S.H. told Board, while considering the Strong vote, that while he
was prepared to vote and had voted to approve payment of $2800
to Strong estate, yet he agreed with Millar that it would be
unfortunate to approve the agreement by a bare majority, involving
as it did a question of law on which Wyatt was adverse, and
that, therefore, he would vote to inform N.Y. of Wyatt's opinion
and agree to ask opinion of Attorney General, if N.Y. wished
it.
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as not voting.
Dec. 19, 1928. 112
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tkr.
C.S.H. asked Warburg why Gov. 3trong once said that Miller's
suggestion to put accentance buying rates higher than discount
rates, was ridiculous. Warburg said that acceptances were
better paper than commercial paper.
Jan. 5, 1929. 125
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"3.S.H. said he had also talked with McGarrah about it and that
he might write the Board further about it, explaining in
further detail what the contract actually involved. During
the meeting McOarrah called up C.S.H. and said the resolution
contained substantially all the facts, but that he would athi
that Gov. Strong male certain commitments by virtue of his
contract with the directors which otherwise he would not have
made, and continued commitments fran which he would have been
released, if he had resigned.
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leb. 6, 1929. 157
-s.
Taber, Louis J. 82
See - Carnegie laidowment.
National Grange
Talley, Gov.
See - P.R. Bank, Dallas
Tammany
Oppositionto by. Smith because of.
H. W. Anderson
Dec. 5, 1928.96
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to Gov. Smith.
Dec. 6, 1928. 98
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See - Baruch, B. N.
Snith, Gov.
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Taussig, Prof. 7.1.
Gives letter to C.S.H. introducing Prof. Hawtrey.
Jan. 21, 1929. 131
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Federal Reserve Bank of St. Louis
Teeth
vss"Uri
X-ray shows infected tooth.
Mar. 13, 1929. 191
Had tooth extracted.
•
Mar. 20, 1929. 195
•
Tennis and Racquet Club, Boston. 142
See - ldwards, General
Motley, Ire. Preble
:4?
Tiger skins. 92
See - Delano
Grant, Catherine
Thomas, Ex-Senator and Mrs.
We dine with. 7eb. 21, 1929. 179
Thoron, Ben. 146
See - Myer. Gertrude
Toner. & Co.
C.S.H. tries on clothes at.
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Nov. 19, 1928. 80
221.
Trade bills
James favored preferential vita on bankers acceptaaces and.
Aug. 16, 1928. 8
g8
./rifix.steihalt etmetrr..-40 eytorti) Drt- I1PW
Treasury certificates
Sec. Mellon ana Mills that if discount rates not now ircreaseithey
would note be for reasonable time after issuance of new.
Mar. 5, 1929. 186, 187
.-0.
wIL.E.X
Gov. Case said would like to buy 25 millions of Treasury certificates
maturing in 7 days, to help the dealers. He said that unless
purchased, they would interfere with the new issue of 4t
certificates.
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James, who saw qov. 01190 with Gov. Young, favored this.
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Miller objected because it might interfere with BoEwdle rigid control
of P.R. credit.
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Board let it go over pending further request from Gov.
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Gov. Young said Sec. Mellon would not coma to meeting as the Treasury
interest might not be the same as that of the P.R. Board.
Mar. 7, 1929. 188
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Board's letter of Feb. 5.1929 - direct action.
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Sec. Mellon said he saw the newspaper men but gave out nothing for
publication. C.S.R. believes he must have said something. horevr:
70. 7, 1929. 159
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See - McAdoo
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Trilby. 38
See - Alice Ben Bolt
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We meet, at dinner with Harry Pucker.
Jan. 31, 1929. 141
61,1.19
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Tucker, Harry St. George
H.W. Anderson eve, was really d4.feated for Congress but was
fraudulently counted in.
Dec. 5, 1928. 95
st^t/1 •
Gives large dinner at Powhatan Hotel, which
Jan. 31, 1929. 141
attended.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
222
Tucker, Mr. and Mrs. Albert
We meet, at dinner with Harry Tudker.
Jan. 31, 1929. 141
Tyler, Charles
Told C.S.H. that a Tammany man, high up in'Tammany councils, said
that dwin Corning's resignation as Chairman of Democratic
State Committee was not voluntary but was forced, - growing
out of some financial transactions in Troy, N. Y.; that he
would tell me more when be saw me.
Aug. 16, 1928. 6
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
223.
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C.S.H. goes to Men's, and Delano gave an address an international
questions.
Dec. 20, .1928. 112
U. S. Sugrane Court
0. C. Cropley, Clerk, called at request of Justice Brandeis, and
said he was carrying an inactive account in a Washington
bank which paid 3% interest; that it was a demand and not
a time deposit; that Judge Brandeis wanted to know if a
higher rate of interest could not be obtained. C.5.
11. took
him to lov. Young who said. he thought this was a reasonable
rate, although some banks might pay a little more;that no
reasonable man a)uld criticise this rate.
Dec. 28, 1928. 116, 117
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
224.
-V-
Van Boyen, Madame
Wife of Dutch Minister called on us*
Mar. 22, 1929. 200
Vare, Senator Sleet, Pa.
Dr. Butler said Sen. Moses, onCommittee on Elections, pulled
Vare over to Hoover by intimating that otherwise he
might not secure his seat in the Senate.
Dec. 6, 1928. 97
Virginia
H. W. Anderson told C.S.H. that Hoover carried Virginia Ъу a much
larger majority than he was credited with, and that the
returns were fraudulently manipulated; that there was a
good chance that Virginia might turn Bepublican.
Dec. 5, 1928. 95, 96
Virginia Hot Springs
See - Myer, Gertrude
Volstead Act. 90, 98
See - Donaldson
Stoith, Gov.
Votes
To given Open Market Committee authority to buy up to 100
millions of Gar t. securities in an emergency, if needed
relief to credit situation could not be obtained by
purchase of bills.
Aye; Gov, Young, Platt, Comptroller
Ho: Miller, James
C.S.H. was away
Aug. 16, 1928. 8
C.S.H. motion that Board report on retail trade be amended by
adding a note that the statement as to sales of retail
stores ao uld not be used as a measure of increase or
decrease until the number was ascertained.
Aye: James, C. S.H.
Ho: Gov. Young, Miller, Platt, Cunningham
Oct. 11, 1928. 50
w
225.
Votes (Conti d..)
Judge Grant says he shall vote for Hoover.
Oct. 15, 1928. 59
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Mattapoisett 1928
Hoover 534, :Smith 131
Young 467 Walsh 146
Allen 505 Cole 112
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rIcre $40.1 51.7.311711
sezi,
ae tor
.$%it i-Ise/elo7
:midis:1°G
.vor .:131nE
Increase over 1924:
Hoover 34%
Smith 150%
Mattapoisett gave lov. Smith the largest vote ever given to
a Democrat.
Gov, Smith carried R.I. and Mass.
Nov. 6, 1928. 67
oV
, 1
Lec0 c9 1.
Marion vote, 1928.
Hoover 519, Smith SO
Young 450, Walsh 109
Allen 481
Cole 81
Increase over 1924
Hooger
19%
Smith
157%
evo;
$dgim
31T.2/Ar:
.
1%'
err eisivo Adto
11.0
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Motion to approve appointment of a foreigner by Goldenweiser to help
in statistical work, not native being available.
.2 .0
-
Lost by ties
.
•
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vnr.
Aye: Gov. Young, C.S.H., Platt
No: Miller, James, Cunningham
.
:( 1
4
Board voted to have a stenographer at Joint Conference of Governors
and Chairmen, overriding an earlier vote.
Nov. 14, 1928. 71
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Federal Reserve Bank of St. Louis
Board voted not to have a stenographer unless Governors and Chairmen
consent.
Aye: Gov. Young, Cunningham, (3.., Platt
No:
Miller, James
Nov. 15, 1928. 73
Motion to erprove action of N.Y. directors in Agreeing -to pay
Gov. Strong for balance of year if he will not resign and
their desire to pay his estate $2800 for balance of year
after his death.
!ailed by tie vote:
Aye: Gov. Young, Platt, C.S.H.
No: Miller, James, Cunningham.
Dec. 18, 1928. 108
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
226.
Votes (Cont'd.)
Boadvoted unanimously to tail N.Y. cif Wyatt's adverse opinio
n
in above matter and to offer to ask opinion of Attorney
General if N.Y. desired it. Gov. Yolng not voting.
Dec. 19, 1928. 110, 112
Uiller resolution.
Spread between P.R. rates and call rates tends to tempt
member banks to loan on call, thus diverting P.R. credit
from agricultural and commercial uses. Poach P.R. Bank
asked what it proposes to do to correct this in 1929.
Aye: WC Miller, James, Cunningham, Platt
No: Gov. Young
Not voting: Comptroller
Dec. 31, 1928. 119
Voted unanimously to prepare a tentative draft of regulation
requiringapproval of Board to changes in bill rates.
Jan. 4, 1929. 122
Voted following salary increases:
Paddock, Boston
$2000.
Harding, Gov."
5000
Harrison, Gov.N.Y
Total $20,000
N
30,000
*
50,000
All salary increases at Chicago except Olsen Which was held
in
abeyance.
Norris, Gov. Phila. 0000.
To $30,000
4.!
Voted against increasing salary of P.R. Agent Curtiss to
$24000
Aye: C.S.H. Platt
No: Gov. Young, Cunningham, James
Voted against increasing salary of 7.1 Agent Newton, Atlant
a, to
$24,000:
• •
•
Aye. James
No: Gov. Young, C.i.H., Platt, Cunningham
Jan. 11, 1929. 126, 127
Voted to approve draft of Hiller - Board warning and direct
action
tentatively for further discussion. Unanim
ous.
Jan. 24, 1929. 133
C.S.H. motion to- add clause that Board was not seeking
drastic
deflation.
Defeated:
Aye: C.S.H.
No: Gov Young, Miller, Platt, James, Cunningham
Jan. 24. 19 J_ 1 3
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
227.
Votes (Contld.)
•
Board voted unanimously to inform McGarrah, confirming objections
stated to him orally, that if N.Y. directors published a
warning as to brokers loans it should be phrased so as to
show clearly that they were not soeaking for the Board, or
for the other P.R. banks.
Jan. 28, 1929. 138
S
•
!
C.S.H. motion to add to 'fi.illeris draft of Board's warning and request
for direct action, a statement to effect that Board was not
asking for drastic liquidation of speculative loans.
• ;.
Defeated:
Aye: C.S.H.,
Gov. Young, Miller, James, Platt
CunighamNot
Feb. 2, 1928. 144
-
Miller's motion to approve warning and request for direct action.
CI
?
Aye: C.S.H., Miller, Platt, Cunningham, James
No: (3ov. Young.
Feb. 2, 1929. 144
C.S.H. motion to explain that the defeat of his motion - no drastic
/iquidation expected - di not mean a desire for drastic
liquidation, but merely meant that Board did not feel that
it could be construed as evidencing such a dlsire.
c
Miller, James and Platt objected on ground that they holed it
would be so construed.
Peb. 2, 1929. 145
Motion to publish warning in 7.3. Bulletin and to release it in
advance onleb. 7, 1929.
Passed:
Aye: C.S.H., Miller, Platt, James, Cunningham
No: Gov. Young.
Feb. 5, 1929. 152
,
C.S.H. motion that Dallas application for 5% rate lay on table until
Dallas specifically answered the Board's letter awing Why
better results had not been attained.
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Passed.
Aye: Gov. Young, C.S.R., Miller, James, Cuniingham
No: Platt
leb. 8, 1929. 161, 162
C.S.H. motion to table N.Y. application br
specifically answered Board's letter.
0 rate
Passed: Comptroller and James not present
All voted Aye.
leb. 14, 1929. 167
until N.Y.
4rs.
Votes (Contld.)
Cunningham's motion that N.Y. be asked to give specific reasons
for asking for 6% rate.
Passed:
Aye: C.S.H., Miller, Cunningham, Gov. Young
No: Platt
4
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Federal Reserve Bank of St. Louis
Gov. Young voted Aye to support majority altho not adverse to
rite in crease.
!eh. 14, 1929. 167
. "
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Voted to rescind above votes and to inform Harrison Board would
take application under review. Unanimous.
Yob. 14, 1929. 167
Cunningham's motion to take application under review.
.7‘!".f ITV, 1
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41$tS,
Ayes Cunningham, Miller
Not Gov. Young, C.S.H., Platt
leb. 14. 1929. 169
Board finally voted to disapprove N.Y. application.
Unanimous.
Feb. 14, 1929. 169
(On May 21, 1928 N.Y. informed Board that it wapnot possible to give
specific reasons for rate increase.)
7
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Board voted to issus statement as to approval by rederal Advisory
Council of Board's warning and appeal for direct action.
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Aye: Comptroller, C.S.H., Cunningham, Miller
Not voting: Gov. Young
Absent: Platt, James
lob. 15. 1929. 175
Voted to ask Wyatt as to Board's power to curb speculative loans.
Unanimous.
Mar. 5, 1929. 187
Board passed Cunningham resolution that Wyatt frame a regulation
along the lines of his opinion, limiting rediscounts, and
report same, no member to be bound thereby.
Unanimous.
Mar. 21, 1929. 198
Platt motion to approve 6% rate for N.Y.
!waft
Ayes Platt
No. Gov. Young, Com.3troller, James, Cunlingham, C.S.H.
Gov. Young said he would vote No, altho he believed rates
muot eventually be increased. Mar. 21, 1929. 197
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
229.
11-•
••1
Wall Street banker
Dr. Butler said Hoover told a friend of his that he would tell
those damned Wall St. bankers Where to get off.
Dec. 6; 1928. 97
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Walpole Inn
1).. bank, Boston and drives
C.S.H. lunches at, with directors of P.
in an old stage coach driven by Philip Allen, a director.
.8. 61
Oct. 24, 199
f•••;' "
Warburg, Paul
Gov. Young first learned of Gov. Harrison's appointment from
Warburg, at lunch in N.Y.
Nev. 24, 1928. 89
bffiv som c.
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Delano said he had talked with Warburg and others in N.Y. about
Miller as possible Secretary ofthe Treasury, and it was
the consensus of opinion that Hoover would not be such a
fool as to appoint him; that he was not fitted for such a
place.
Dec. 9, 1928. 99
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Miller suggested that Warburg be asked to
discuss a suggested regulation making
to Board's approval in sane manner as
Jan. 4,
come before Board and
acceptance r:Jtes subject
discount rates.
1929. 122
•
Warburg was with Board from 10 a.m. to 2 p.m.
.1 A
44. A.
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He said that Board should not nass such a regulation; that fixing
maximum and minimum rates was sqfficient; that he aporoved
increase in acleptance rates by P.R. Bank, N.Y.; that higher
rates made accentances more att* ctive to purchasers and
that while foreign central banks might get most of the benefit
in buying them - because of income tax exemntion, - such higher
rates would undoubtedly tend to broaden the market for domestic
banks, corporations, etc.; that the higher rates might necessitate
higher discount rateq which latter he approved; that he agreed
with Gov. Young that the proceeds of acce7)tances seeped into
stock market more slowly than nroceeds from purchase of Govt.
securities; that we should continue to use steady pressure by
increase of acceptance rates and discount rates; that the cost
of acceptances today, adding commissions, was greater than
cost of discounts; taat it was ridiculous to have acceptance
rates higher than diacount rates as they were saperior paper;
taat we should curb speculation on stock exchange by increasing
discount rates; that he favored a discriminatory rate against
member bank collateral notes secured by Icivt. bonds.
Jan. 5, 1929. 124. 125
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Federal Reserve Bank of St. Louis
230.
Warburg, Paul (Cont'd.)
In address to International Acceptance Bank stockholders,
Warburg attacked Federal Reserve System saving it had
lost aontrol of the credit situation and. that the speculators
were in control.
He put the blame partly on defects in the P.R. System and partly on
its failure to increase discount rates.
He said it as disgraceful to have a 4 or 5f4 discount rate and
at same time have acceptances over 54.
itir. 8, 1929. 189
Miller said Gov. Young told him that Warburg when he met him in
New York was most enthusiastic over Board's warning of
Feb. 5, 1929; that he spoke so eulogistically that lov. Young
felt he had to tell him that he - GOY. Young- was not in
accord with the Board as to direct lotion.
Mar. 9, 1929. 189
Yet with 411 of his enthusiasm as to the Board's letter for direct
action, he nevrr mentioned it in his addresst
Mar. 9, 1929. 189, 190.
Warder, Mrs. 86
See - Hale, Rachel
Myer, Gertrude
Wardman, Mr. 105
See - Ner, GertrudP
Warren, Charles
'
C.S.H. listens to Gov. Smith s acceptance speech over radio with.
Aug. 18, 1928. 16
C.S.H. dines with Mr. an I Mrs.
Mrs. John 1. Davis and Miss Bassel were also there.
Oct. 31, 1928. 65
AP I
See - Davis, Mrs. John
House, Col.
dines with.
He had C.S.H. read his review of the lest 2 volumes of Seymour's
book on Col. House. We agreed the books were much better
than the past 2 volumes.
C.S.H. told him he was not satisfied with Col. House's exploration
of his break with Wilson, - that C.S.H. knew there were other
reasons known to Col. House but not mentioned in his book.
•-)31.
Warren, Che.rles (Cont'cl.)
(Tie
Warren said it was genraily believed in Nei; York that Mrs. Wilson
did not like Col. House and that she was the real cause
of the break; tlat Bishop Atwood told him that Col. House
wired Mrs. /ilson asking if itiould be agreeable to her to
have him come down to the funeral, and that he had seen a
reply telegram from
Wilson or Bolling stating it would
not be agreeable.
Nov. 24, 1978. 90, 91
We take supper with Mr. and Mrs. Warren - their silver wedding
anniversary.
Jan. 6, 1929. 126
Calls with Mr. Bright to draw up a statempnt asking for
subscription to a memorial to be placed in Woman's Democratic
Club to Jefferson, Jackson, Cleveland and Wilson.
Jan. 28, 1929. 139
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Federal Reserve Bank of St. Louis
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See -Motley, :a's. Preble
Washingt)n Cathedral. 11
See - 4er, Gertrude
Washington, Horace
C.S.H. meets Mr. and Mrs., at dinner with Rachel Hale.
C.S.H. remembers him in 1894 when he helped get him a consular
appointment in Egypt at request of Jack Wheelwright.
When Ned aid Helen went abroad 0.S.H. gave them a letter to him, but
he raid them no courtesies Whatsoever.
Oct. 9, 1928. 48
See - Hale, Rachel
Washington Post. 156, 180
See - Hoover
Mellon
Wilson
Wells, Rolla
Board appointed, F.R. Agent at St. Louis on James recommendation.
Sec. Mellon asked as to his politics and Gov. Young said he did
not know, nor did James.
C.S.H. said he certaLnly was a Democrat years ago and was once
Treasurer of Democratic National Committee, but he did not know
now what he was.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
232.
Wells, Rolla (Contld.)
Gov. Young said he accepted very reluctantly only until a final
choice could be made; that James had another in mind, and he
gave his name, - from Mem)his - and Baia he supposed he was a
Democrat.
•
;-
.
•
4V:
-
had nothing to do with Well's aopointment and had not
heard his name even mentioned until James reported it.
Jan.22, 1929. 132
i"
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Wetmore, Frank. 35, 174
See- Federal Advisory Council
Wheelwright, Jack. 48
See - Washington, Horace
1
White, Chief Justice
OnOe advised Gertrude Myer that a good bank could serve as her
trustee mudlbetter than ay individual.
Feb. 2, 1929. 146
1
Wilbur, Secretary of Navy
Miller said President Coolidge intended to mpoint Wilbur of
Leland Stanford University as Secretary of the Navy, but that
by error the telegram was sent to his brother, who at once
accepted.
Feb. 7, 1929. 161
Wilcox, Mr.
Gives ,
r.'ov. Young, James, C.S.H. and Cunningham a lunch at Baltimore
Club.
Dec. 14, 1928. 101
Wilke, Mr. and Mrs. langdon
le lunch with, at Wardman Park Hotel.
Mar. 15, 1929. 192
,
We give a dinner to, at Woman's National Democratic Club.
Mar. 21, 1929. 200
Will of Gertrude Myer
See - :Iyer, Gertrude
30C:
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Willis, H. Parker
Calls on C.S.".
Said F.R. System has gone to pieces but did not say just how; that
we should cease trying to develop the acceptance market, rid he
approved the recent increase in rates; that acceptance rates should
be fixed exactly as are discoud rates - subject to approval of
F.H. Board; that we should establish a discriminatory vote, against
member bank collateral notes secured by Govt. bonds.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
233,
Wills, R. Parker (Cont'd.)
C.S.H. asked him if the P.R. Act prevented a P.R. bank from
discounting eligible paper for a member bank, not a frequent or
continuous borrower, When the purpose of the discount was to
replenish reserves depleted in part by speculative loans.
Willis said that if the bank was not a frequent or continuous
borrower, such a discount should be granted; that in such a case
it was purely a matter Of good banking policy; that the spirit
of the P.R. Act did not forbid such a discount.
Willis said the P.R. bank officers were deteriorating; that the
appointment of Harrison as Governor of P.R. Bank, New York, was
a dtsaster to the 7.1. Systemolthough, personally, he liked him;
that the Governor of the P.R. Bank of Minneapolis was a former
President of an insolvent bank; that P.R. Agent Mitchell, altho
nersonally he liked him, was not fit for his job.
a
3.S.H. put him the square question whether he thought discount rates
should be increased.
He gave an evasive answer,sajing it made very little difference now
whether increased or not.
.He asked C.S.H. if he did not agree with his pessimistic opinions
and C.S.H. said, decidedly No; that the P.1. System had undoubtedly
dlveloped along lines not contemplated by the framers, largely
owing to the amendment peinitting member bank collateral notes
secured by Govt. bonds, which were, in essence, finance paper,
though 1.S.H. was not prepared to say the mmendment was ill advised;
that he, - C.1.H.- felt aareful consideration should be given to
a suggested amendment intoning a differential rate on such note; on which 0.9.H. was not now prepared toexpress an opinion.
Jan. 25, 1929. 135, 136
;
Willies N.Y. Magazine. 38
See - Alice Ben Bolt
Wills,
••••
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See - Strong, Gov.
Wilson Chronology
C.S.H. receives check for $5.78 being 1/2 of royalties on, from
Jaftuary to July, 1928. He indorsed check to .ts. Cunningham,
Secretary of Woman's National Democratic Club.
Nov. 1 , 1928. 70
9
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
234
Wilson, Mrs. Woodrow
Mrs. Graaf said
monument to
but none of
(First)
the people of Rome, ^reorgia, erected a
the first .:rs. Wilson and invited her daughters,
them ever acknowledged the invitation.
reb. 10, 1929. 135,, 166
Wilson, Mrs. Woodrow
Charles Warren said it was generally believed
in N.Y. that
Mrs. Wilson did not like Col. House and that she cause
d the
broak between President Wilson and Col. House.
Nov. 24, 1928. 90
Charles WarrQn said that Bishop Atwood told
him that Col. House
wired Mrs. Wilson asking if it would be greea
ble to her to
have him go on to attend the funeral of Mr. Wilso
n, and that
had seen a telegram in reply, signed either by
Mrs. Wilson
or Mr. Bolling, saying that it would not be
agreeable.
Nov. 24, 1928. 90, 91
Bertie met Mrs. Wilson at the Women's Natio
nal Democratic Club adires- by Norman Davis - . She was vex':' cordi
,
al and asiced
how "Charlie" was.
a.
. ..
a
C.3.H. was late at the much but later went uo and
llook hands with
her. She was, of course, very pleas-ant but
somewhat formal, just as if she were receiving at the White ouse
at a large
recention,
C.S.H. was somewhat annoyed at this and made un
his mind that She
would nave no reason to be embarrassed by
any attention from
him in the futu -e. Sne was evidontly somewhat
embarrassed,
C.S.H. thought, and this did not tend to add to her
cordiality
.
C.S.H. feels, so far as he is concerned, that tleir
relations are now
at an end.
Dec. 10, 1928. 100
Mrs. Wilson dttended funeral of Milton Ellio
tt.
Dec. li, 1928. 106
Bertie sent a Christmas card to Mrs. Wilson marke
d"fith love."
lee. '3, 1928. 114
3
Mrs. Wilson sent a Christmas card, adlressed
to Hon. 'on Mrs. C..Hamlin
on which ,
as written, in her hand: "with Vle warmest wish
for all
that the'
4oly season brings."
1
.1ec. 24, 1928. 114
Bertha Bolling congratulated C.S.H. on his ariAre
ss on Wilson at
League of Nations Non-Partisan Lea,
iie dinner at Woman's National
Democratic Club, - "tithe name of my sister
(Mrs. Wilson) and
myself."
Mrs. Wilson was in N.Y.
Es • .1,211/81111111111/111111Wort •ranareL.;•2
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235.
Wilson, Ma. Woodrow (Cont'd.)
1r
Bertha Bolling told Bertie she was elad her sister, Mrs. Wilson, was
not there to ht r Prof. Dodd's assertion that Wilson failed t Paris.
Dec. 28, 1928. 117
Edith Helm told us that Mrs. Wilson on Nov. 16, 1928 changed her tele',)hone
number; that she had it but had oramised to give it to no one.
Jan. 8, 1929. 126
We left a wreath at Bethlehem Chapel on anniversary of Wilson's death.
The verger asked for our card but Bertie said Mrs. Wilson would
know of our leavingit.
!Ob. 3, 1929. 147
f
T
rc
Mrs. Graef said toe people of Rome, Georgia, some time ago, erected
a monument to the first Mrs. Wilson and invited each of her
daughters to attend, but none of them even acknowledged the
invitation.
70b. 10, 1929. 165, 166
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Bertie met Mrs. Wilson as she was going to lunch with Mrs.Delano which Mrs. Wilson also attended. She was most cordial and
friendly constantly sleaking to lertie durinT the lunch. She
asked Bertie to be sure and tell "Charlie" how grateful she was
for his remarks about Mr. Wilson at the Non-partisan League
dinner and she repeated this after lunch. Her manner was allaost
affectionate, exactly as if nothing had haolened.
Teb.16, 1929. 176
tt•
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Ray Stannard Baker is "letting.
Mar. 21, 1929. 198
Ar00
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
See - Baker, Ray Stannard
Wilson, Woodrow
Prom Mr. Baker's general manner, C.S.H. believes Mrs. Wilson has
not told oim of their break.
Mar. 21, 1929. 199
!
Wilson, Public Utility magnate
Daniel C. Roper told C.S.H. that the chief client of McAdoo was
Mr. /ilson; tnat he, Mr. lilson, made McAdoo come out for
Gov. Smith as IcAdoo was his counsel and he wanted him to keep
his influence in the Democratic Party and thus help himt
1e. 10, 1929. 165
•
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Federal Reserve Bank of St. Louis
236.
Wilson, Woodrow
John Bartell Payne eulogizes, at Carnegie dinner to visiting'
foreign editors.
Nov. 22, 1908. 84
C.S.H. told Charles Warren he was not sltisfied with
Col. House's
exolantion of his break with Wilson and that he knows
there were other facts not mentioned by Col. douse
.
Nov.
1928. 90
•
Charles Warren says it is generally believed in New
York that
Mrs. Wilson disliked Col. House and caused the break
between him and Mr. Wilson.
Nov. 24, 1928. 90
•
,
Charles Warren said. Bishop Atwood told him that Col. House
wired
Mrs.Wilson to learn if it would be agreeable to her
to
have him come down to the funeral of Mr. Wilson
and that he Bishop Atwood - had seen a telegram signed either by
Bolling or Mrs. Wilson, saying it would not be
agreeable.
Nov. 74, 1928. 90, 91
•
0
Charles R. Crane told Mrs. Bruce that he had first
introduced
qoover to Wilson and asked for his epoointment as
Food
Administrator.
Dec. 19, 1928. 111
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Prof. Dodd, addressing the Non-partisan League at the Woman
's
National Demooratic Club, sote of Jefferson. Lincoln
and
Wilson as the three great Liberals, and pointed
out their
apparent failures as really laying a foundation
for the
great good of the country. He said Jefcerson faile
d as to
repeal of slavery; that Lincoln was overwhelmi
ngly
repudiated in the Congressional elections of 1860;
that
Wilson failed at Paris and appointed a weak
commission.
After showing how Jefferson and Lincoln really
triumphed,
from lack of time, he failed to show Wilson's
real triumph,
leaving the matter with the failure at Paris.
Delano called on C.S.H. to speak and he began where
Prof. Dodd
left off and showed that Wilson's work at Paris
laid the
foundation for the peace of the world and lefth
im as easily
one of the ereatest Presidents the U.S. has
ever had; that
Vie anti-war treaty owed its inspriation to
Wilson's work
at Paris.
Bertha Bolling thanled C.S.H. in the name of
her sister, Mrs. Wilson
and herself. She told Bertie she was glad
her sirter was
not there to hear Prof. Dodd sey that Wilso
n failed at Paris.
Dec. 26, 1928. 117, 118.
eledassiefeledial
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
237.
Wilson, Woodrow (Contld.)
'7e left a wreath at Bethlehem Chapel on anniversary of Wilson's
death. The attendant askedfor our card, but we said Mrs. Wilson
would know we had left it.
Feb. 3 1929. 147
,
The WashiTton Post said there was no customary pilgrimage to
Wilson's tomb yesterday; that there were only a few visitors,
and but one wreath.
This wreath was ours, but Bertha said the Non-partisan League sent
one which she saw being brought out of a cupboard in the
Ambulatory while we wire there, - evidently the attendants
had forgotten until then to take it out.
Feb. 4, 1929. 156
Miller said President Wilson intended to ask a Judge larrison of
Ness York to be Secretary of War, but by mietatce the telegram
was sent to Lindley aarrison who at once aclenteel.
Feb. 7, 1929. 161
Bertie met Mrs. Wilson at lunch with Mrs. Delano, and She twice asked
her to thank "Charlie" for his eloquent remarks about Mr. Wilson
at the LoaTue of Nations Non-partisan League dinner.
PO, 16, 1929. 176
Ray Stannard Baker toll C.S.H. that he had read the book of Mrs. Scott
containing alleged automatic writings of Wilson, but that, while
she doubtless was sincere, he could find nothing in them reminding
him of Wilson.
Mar. 21, 1929. 198
Baker said Mrs. Lansing had turned over to him all of Lansing's
memorandum, - includirg many priceless notes in Wilson's hand.
Mar. 21, 1929. 198
Winston, G.
Miller said Winston never hesitated to try to influence the P.R.
Board on matters in which the Treasury was interested, - differing
from Secretary Mellon in this respect.
Mar. 7, 1929. 188
Wise, Col.
C.S.H. meets Col. Anderson and Wise on train.
•
.
•
Col. Wise said he hoped Hoover would put Anderson inthe Cabinet; that
there was fraud in counting the vote and that Hoover carried
Virginia by a much larger vote than that shown by the returns;
that Harry Tucker was really defeated f or Cc:ogress but was
counted in by fraud.
Dec. 5, 1928. 95
238.
Woman's National Democratic Club.
See - Bright
Warren, Charles
Wilson Chronology
Wilson, Mrs.
Wilson, Woodrow
139, 176
Woolley
Gov.Toung talks with Woolley et ale in N.Y.
Sept. 4, 1928. 22
See - Harrison, Gov.
Young, Gov.
Confers with P.R. Board.
Admits his business was suffering under the $% P.R. rate.
No felt, however, that an affirmative rate increase policy would
lessen the demand for credit from the small speculators.
HO admitted that business would suffer under rates of 6 or 7% if
they should be long construed.
Mar. 22, 1929. 199, 200
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Federal Reserve Bank of St. Louis
Wyatt, General Counsel
Told C.S.H. he attended the dinner given by Mr. Donaldson, President
of the Commercial National Bank,Washington, to Comptroller
McIntosh; that Gov. Young, Platt and several members of the
Federal Advisory Council were there; that wine and champagne
was served openly and continuously during the dinner; that it
was said to have cost $60 per plate.
Nov. 22, 1928. 90
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Advises Board that, While not free from doubt, the agreement between
P.R. Bank,N.Y. and Gov. Strong to pay him the balance of his
salary during the year if be agrees not to resign at once, is illegal and can not be approved by F.R. Board.
Dec. 18, 1928. 138
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Miller said Wyatt's statement that only the Treasury could object
to this payment because of its effect on the franchise tax
and that the Board might a& Sec. Mellon to waive this
.
objection, was in effect collusion to evade the law and would
cause scandal.
Dec. 18, 1928. 109
Board voted to ask Wyatt what power it had to curb speculative loans.
Mar. 5, 1929. 187
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Federal Reserve Bank of St. Louis
239.
!Wyatt, General Counsel (Contld.)
Advises Board it has power to enact a regulation limiting
rediscounts.
Mar. 19, 1929, 193
Board asked. Wyatt to frame a regulation along the lines of
his opinion, not to bind any Board member.
Mar. 21, 1929. 198
-XX-ray
-rayed.
Had teeth X.
Had it extracted.
One found infected.
Mar. 14, 1929. 191
Mar. 20, 1929. 195
-y-
Young, Gov.
C.S.H. examines P.R. branch of Pittsburgh with.
Aug. 8, 1928. 3
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Calls up C.S.H. at Mattapoisett and says no reason to come on
to Open Market Committee meeting.
11, 1928. 3, 4
Votes to give authority to Open Market Committee to buy in
an emergency up to 100 millions of Govt. securities if
credit situation not eased by bill purchases.
Aug. 16, 1928. 8
States Board attittde as to easing of market and purchase of
Govt.securities.
Aug. 20,1928. 12, 13
See - Open Market Committee
Gov. Pandher writes, that existing rates are not injuring
Aug. 16, 1928. 14
tusiness.
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Owen D. Young, Heybarn aryl Harrison.
Sept. 4, 1928. 22
See- Open Market Committee
Harrison
Says Gov. Norman said he should cease to protect British. Exchange
and let some gold go to U.S., with which he said the banks
would take dawn discounts.
4,1•4•44
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Federal Reserve Bank of St. Louis
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•
•
Young, Gov. (Conted.)
James denied this because of profit in spread between P.R rates
.
and call loan rates.
Gov. Young said the banks would not be influenced by profits and
cited instances where banks to avoid discounting had sold
bond holdings at a lose.
Sept. 7, 1928. 23, 24
Tells C.S.H. he prepared an adverse reply to suggestion that
member bank collateral notes secured by Govt. bonds Should
have a lower preferential rte; that Sec. Mellon hesitated to
sign it; that he told Mellon it was essential to show thrt the
Treasury and Board were in harmony; that Sec. Mellon rather
reluctantly signed it.
Sept. 4, 1928. 24
Tells Federal Advisory Council the Board soon may have a request
from Cleveland to lower rates and from Chicago to increase them;
that the Board would stultify itself to grant both.
Sept. 28, 1928. 33
Says having all P.R. hanks represented on Open Market Committee
appealed to him.
Sept. 28, 1928. 35
4..
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.
Tells Alexander that if banks refused. to take Ivo loans called by the
big loaning corporations, a panic would result.
Sept. 28, 1928. 35
Asks Federal Advisory Council if it would be advisable to call on
directors of other P.R. banks when one asked for change in
rate. The Council did not favor this.
Sept. 28,1928. 36
Voted against C.S.E. motion for a foot note stating that retail sale
statistics were not a measure of increase in retail trade until
the nmdber of stores is ascertained.
Oct. 11, 1929. 50
Offers resolution that hereafter the P.R. Agents shall be charged
with duty of examination of state member banks; that Hereon
shall see that this duty be performed; that P.R. Agents shall
no longer send reports of state bank examination to the Board
except in special cases; that the examination division under
Gilbert be abolished.
Agrees with Miller's suggestion that Hereon report to him.
Oct. 11, 1928. 51
L
PAOMOIMMW
241.
Young, Gov.(Oont Id.)
Speaks at stockholders meeting of F.R. Bank, Boston.
rov. 9, 1928. 68
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Totes to permit Goldenweiser to appoint a foreigner to help in
statistical work.
Nov. 12, 1928. 69
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Prepares resolution of protest.
C.S.H. explains stenographer voted only for this specific purpose,
Open Market Committee changes.
He feels the vote was a discourtesy to him.
C.S.H. tried to explain it was not.
At meeting he filed resolution of protest claiming Board had no
right to order that his remarks, essentially confidential,
should be taken down.
Zxpressed hope that the Board intended no discourtesy to him.
C.S.H. explained his affirmtive vote and said that, as at Congressional
bearings - a request not to be reported would be respected.
Miller and James agreed to this.
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a stenographer at joint conference of Governors and
T.R. Agents, and voted to have ont to report open market
proceedings.
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• -
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Gov. Young then put in another resolution that no stenographer be
present except with consent of Governcr s and P.R. Agents.
Cunningham, after praisning Gov. Young's invariable courtesy, so
moved, Miller End James ally voting No.
Nov. 15, 1928. 72, 73
Gov.Young seemed almost to have he a brain storm. No possible
discourtesy to him was ever thoughtof. The original vote
against a stenographer had this limitation, - "except in
exceptional circumstances" and the Board felt the Open Market
Committee changes constituted such a special circumstance.°
Nov. 15, 1928. 73, 74
Presides at Joint Conference.
Nov. 16, 1928. 74, 75
---4!. I's°
1"
See-Open Market Oolmittee
.41111.11111.
242.
?bung, Governor (Contld.)
At request of P.R. Agent Curtiss, Gov. Young defined "securities"
in Board's proposed draft as including "bills" as well as
Govt. securities, to which no objection was raised.
Nov. 16, .1928. 77
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Speaks at dinner of Carnegie Zndowment to Natilnal Grange.
Nov. 20, 1928. 82
Dr. Golderrweiser tells C.S.H. that Gov. Harrison was elected Governor
on Thursday p.m. by New York directors; that Gov. Young left
for N.T. on Thursday night; that he talked with Harrison from
his hotel on Friday morning but that Harrison said nothing about
his election; that he was first told of it at luncheon by
Warburg; that later it was announced at the lunch.
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Dr. Goldenweiser said Gov. Young felt he bad been treated very
discourteously and C. S.R. feels so also.
Nov. 24, 1926.88, 89
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Attends dinner given by Mr. Donaldson of Commercial National bank to
Comptroller McIntosh, where champagne flowed as freely as
Nov. 22, 1928. 90
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Goes to Baltimore to examine new banking house of F.R. Bralch of
Baltimore, also C.S.R., James ani Cunningham. Wilcox, a director,
gave us a lunch.
Dec. 14, 1928. 101
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Dec. 19, 1928. 112
and Gov. Strong.
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Federal Reserve Bank of St. Louis
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Votes to approve agreement between P.R. Bank, New York,and Gov.
Strong to pay him salary for rest of year if he would agree flat
to resign.
Dec. 17, 1928. 108
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Gov. Young put on record - in answer to Miller's resolution for
higher acceptance rates to drew money from call loan market, statement that money was now tending away from that market.
Dec. 26, 1928. 115
Reads memorandum at Board meeting in matter of ealliArim national
bank notes for redemption, showing that it will entail member
banks rediscounting 600 millions.
Dec. 28, 1928. 115
VigOreusly objects to Miller's proposed letter to F.R. banks asking
what they proposed to do in 1929 to curb speculative loans.
Says it meant that banks having call loans should be refused
243.
Young, Governor (Com61 d.)
rediscounts.
Votes against it.
Dec. 31, 1928. 119
•
Calls special meeting to consider action of Tederal Reserve Bank,
New York in increasing acceptance rates without consulting
with P.R. Board.
•
•
•
•
•
•
Platt told C.S.H. Gov. Young was furious and wanted to order the
rate suspended; that he said that would seem like a slap in the
face; that Gov. Young said that was what he wanted.; that be - Gov.
Young - finally reluctantly assented iiask the P.R. Bank of N.Y.
not to announce it.until the Board bad considered it; that Gov.
Young's language to Harrison was almost violent.
Jan. 4, 1929. 121
See - Acceptances
Open Market Committee
•
•
C.S.H.said Gov. Young had not been treated courteously, as be told
Harrison the Board would consider acceptance rates at the
Open Market Committee meeting on Monday.
Gov. Young admitted that Harrison had said his bank might have to act
before Monday.
Gov. Young said he did not claim that Harrison had treated him
discourteously, but evidently, perhaps unconsciously, be did
feel so, for by gave notice that in a week be would introduce a
resolution that no P.R. bank could hold more than a certain
percentage of its capital in Govt. securities, which certainly
savored of pique, and CELL feels, of righteous pique, at the
action of N.Y.
Jan. 4, 1929. 122, 123
While discussing the proposed regulation as to acceptance rates,
Gov. Young wanted t) call the banks attention to a regulation of
1926, but Platt pointed out that this specifically related only
to discount rates.
Jan. 4, 1929. 123
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the stock market slower than the proceeds of purchase of Govt.
securities.
Jan. 5, 1929.124
244.
.444;
Young, Governor (Cont1 d.)
Votes against ircreasirg salary of P. Agent Curtiss to $24,000.
Jan. 11, 1929. 127
.•
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1
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Votes against increasirg salary of P.R. Agent. Newton of Atlanta
to $24,000, and later to increase it to $22,500.
Jan. 11, 1929. 127
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C.S.H. suggested adding a clause that some P.R. banks had been
successful in direct action, but Gov. Young said he knew this
was not true, - whatever Janes and Cunningham might think.
Jan. 21, 1929. 131
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GOv. Young did not agree with Miller's suggestion as to control of
speculative loans by direct action.
Jan. 19, 1929. 129
Gov. Young suggests changes in Miller's draft of direct action.
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Gov. Young had. an almost violent discussion with James and Cunningham
as to what Gov. McDougal said as to direct action of the
P.R. Bank of Chicago, when he was before Board last week when
C.S.H. was ill.
Jan. 15, 1929. 128
ANII
Gov. Young said. he had doubts as to sending a direct actbn warning
to P.R. banks but he wanted to put Miller's draft into the
least object onable form.
Jan. 21, 1929. 131
Gov. Young told Sec. Mellon he did not know what Rolla Wells
policies were.
Jan. 22, 1929. 132
Opposes proposed. warning against brokers loans by P.R. Bank, N.Y.
Jan. 25, 1929. 134
Says McGarrah telephoned him that N.Y. would give out no stat ement;
that he was much disturbed when he told him the Board did
not contemplat e a statement.
Jan. 28, 1929. 138
Says Harrison has asked Board to meet with his directors in N.Y.
and that he would go.
Jan. 29, 1929. 140
Goes to N.Y. for conference with N.Y. directors tomorrow.
Jan. 30, 1929. 141
Gov. Young said Gov. Harding, Gov. Norris, Gov. McDougal and
P.R. Agent Heath were at N.Y. directors meeting, but that
-
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
245.
Young, Governor (Cont Id.
)
Gov. Norman did not go.
•4
Gov. Young said the executive officers felt an increase in rates
was absolutely necessary but that many of. the di rectors
opposed this; that Gov. Harding said the increase in
rediscounts at Boston, the proceeds going into call loans,
made a 6% rate absolutely necessary; also that Chicago wanted
to increase.
•
goy. Young said he had several talks with Gov. Norman, at which,
I understood him to ow, Governor Harding and Norris were
present, ax i that Gov. Norman said the Bank of England would
shortly increase its rate from 44 to 50; that he would
come to Washington Wednesday.
lob. 2, 1929. 143
•
•
Votes against C. S.H. motion to mid to Miller's draft of Board
letter on direct action a clause disavowing intention of
drastic liquidation.
Feb. 2, 1929. 144
OF.
Miller's draft was then voted on and passed. All voted Aye except
Gov. Young who voted No. hob. 2, 1929. 144
•
f., •
Gov. Young told C6S.H. he believed Harrison was egging on
Gov. Harding In increase rates so as to give an excuse to
N. Y. to follow.
lab. 4, 1929. 147
•
Gov. Young signed Board letter to Gov. Harding expressing hope
of Board that he ocruld accomplish something by direct action
without increasing r-tes.
lab. 4, 1929. 148
•
•
Gov. Young said, however, that be did not believe that direct
pressure could reduce speculative loans, nor did he believe
that increase in discount rates could do it either.
Feb. 4, 1929. 148
Gov. Young read a circular sent by him while Governor of T.R.Bank
of Minneapolis, strongly urging direct pressure but said it
had accomplished little or nothing.
Job. 4, 1929. 148
•-•
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increase the
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Feb. 4, 1929. 148
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
246.
Young, Governor (Contld.)
C.S.H. feels that Gov. 'Rung thinks Gov. Norman has great
influence over Harrison, Who wants to increase rates and is
egging on Gov. Harding to in:rease so N.Y. may follow, altho MoGarrah said his directors do not want to increase.
Nob. 4, 1929. 149
Gov. Young votes against publishing the Board's direct action
letter if in the P.R. Bulletin, altho he said its sentiments
were much like his Philadellzia address.
Peb.5, 1929. 152
Gov. Young said he was becoming more and more convinced that a
central bank in U.S. was necessary. Miller agreed with him.
leb. 5, 1929. 153
Gov. Young said C.S.H.Is statement, - that if Schacht had been
Governor of P.R. Bank, New York, be /mai have settled the
N.Y. situation, - was not fair tothe N.Y. bank, as Schacht in
Germany bad greater power than the P.R. Bazk, N.Y. - e.g., the
power to ration credit. C.S.H., however, was not convinced.
7eb. 5, 1929. 154
•
•
4
Gov. Norman came to Washington and was closeted with Gov. Young
from 10:30 to nearly 1 p.m. Gov. Young, however, did not ask
any members of Board to come in and talk with him,end
did not meet until 1 p.m. at lunch.
Peb. 6, 1929. 156
Gov. Young toIft Hartison, who was in Washington, of our press
release of the Board's direct action linter.
7eb. 6, 1929. 158
Gov. Young got a co -)y of a statement by a "Treasury official°
minimizing the effect of Board's letter and said that Sec.
Mellon said he had talked about it with the newspaper men
that morning but had said nothing for piblication.
7eb. 7, 1929. 159
C.S.H. believes Sec. Mellon must have said something which formed
the basis of the statement of the "Treasury official." C.S.R.
feels that as Gov. Young voted against pablishipg the letter,
Secaellon also must have disapproved of it.
Feb. 7, 1929. 160
Gov. Young said Gov. McDougal seemed pleased at Board's latter.
7eb. 7, 1929. 161
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
247.
Young, Governor (Contld.)
Votes to lay Dallas application for a $% rate on table until
Dallas specifically answers Board's letter.
leb. 8, 1929. 162
Miller spoke of Hoover as one Who would back up the Board,
saying that Hoover knew Wall Street well; be seemed to
want to give the impression that Hoover knew and fully
approved the Board's action, and he intimated very clearly
that if the Board weakened, Hoover might take a position in
the matter.
lob. 8, 1929. 163
Gov. Young asked Miller if this was a threat.
abashed, said NEO, not at alit° 163
Feb. 8, 1929.
Miller, evidently
Gov. Young has never discussed with the Board his 24 hour talk at
his office with Gov. Norman.
Feb. 8, 1929. 163
Gov. Young told Board before Gov. Norman came to Washington, that
he had. had conferences with Gov. Norman in N.Y. but that be
would not quote what be said as be preferred to have Gov.Norman
speak to the Board himself.
All that Gov. Young told the Board was that Gov. Norman said be
would try very ihortly to increase the Bank of England rate.
The above is the sum and substance of what the Bo rd members knew or
were told of Gov. Norman's viewsi
?glob. 8, 1929. 1p4
((p
Miller reminds C.S.H. that Gov. Norman arid at the lunch his sole
purpose in comingover was to pay his respects to Gov. Harrison,never mentioning Gov. Young nor the Board members.
lob. 11, 1929. 166
Votes for CO.& motion that N.Y. application for 6% rate lay on
table pending an answer to Board's letter sent a week ago.
lob. 14, 1929. 167
Board rescinded all previous action and directed Gov. Young to tell
Harrison the Board would take the application under re view
and would not pass on it today.
Nob. 14, 1929. 167
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
248.
Young, Governor (Contld.)
•
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Gov. Young told Harrison that this rate was a national mattir;
that if N.Y. went to 6% every 7.R. Bank at least east of
Mississippi River would have to follow; that a majority of
Board felt this would injure business;that it wished to
study the question carefully; that it had received no answer
to the Board's letter And no official statement of N.Y.'s
reason for asking the increase; that it wished an answer
before acting; that Boston had decided to postpone consideration
of an increase until it heard from its member banks in reconss
to Gov. Harding's circular.
Feb. 14, 1929. 168
Gov. Young talks with Harrison, McGarreh and C.E. Mitchell over
Feb. 14, 1929. 169
telephone.
•I,
•••
•
C. .
Gov. Young tells Harrison if his directors give out a public statement
as to their positi n, they will do it on their awn responsibility
and cites Regulation 1 4140.
Feb. 14, 1929. 169
Votes against Ounninghan's motion to take application under review.
Feb. 14,1929. 169
Gov. Young suggests disapprovalethe application.
Unanimous vote.
Feb.14, 1929. 169
Gov. Young, Platt, C.S.H., OUnningham and Miller were present at
this meeting.
Fib. 14, 1929. 171
Gov. Young tells C.S.H. we ought not to tell Federal Advisory
Council of the N.Y. proceedings, at the dinner of Federal
Advisory Council.
Feb. 14, 1929. 171
04,14 tells Heard that Federal Advisory tbuncil hes right to ask
Gov. Young as to N.Y. proceedings.
Feb. 14, 1929. 171
C.S.H. tells Gov. Young that if Federal Advisory Council did not
ask as to N.Y. proceedings he deemed it his duty tel tell
them that we would answer any questions as to discount rtes
in any 7.R• district.
Feb.14, 1929. 173
249.
Young, Governor (Contld.)
Gov. Young called Wetmore's attention to fact that Board confined
its warning to speclaative loans while Federal Advisory Council
in its report, went farther and said all security loans shoal/
be supervised. Wetmore replied that the Council used the words
"security loans" advisedly.
Feb. 14, 1929. 174
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Wetmore asked Gov. Young as to the N.Y. proceedings and Gov. Young
told him al:ant the proceedings, not mentioning, however, the
threat of N.Y. to make public its stand.
•
Wetmore said be was glad that Council did not know of N.Y. proceedings
when it signed its recommendation, but now, knowing about the
proceedings, the Council was more than ever convinced that its
recommendation was right. All the members of the Council
affirmed this and. Gov. Young was told that the Board could
publish it if it desired.
Feb. 14, 1929. 174, 175
,
•
The Council who gave Gov. Young another confidential communication
to effect that tates should not be increased until every
attempt at direct action had been mcde and exhausted.
Feb. 14, 1929. 175
•
Totes to publish Council's recommendation.
Feb. 14, 1929. 175
Gov. Young, some days ago, told Harrison that if any application
for an increase in rates was made by N. Y. the Board would take
it "under Review." This dhows that N.Y. fully understood
the situation and deliberately tried to bluff Gov. Young and Board
by its conditicn that its application must be decided by Board
on that day.
Feb. 14,1929. 175
•
.
•
Gov. Young returns from N.Y. and said directors said. little about
rates except that C.E. Mitchell could not understand why Board
disapproved their application.
Feb. 20, 1929. 178
C.S.E. asked Gov. Young how Sec. Mellon felt and he sad be had
kept Mellon informed of the situation from day to day; that
Sec. Mellon did not approve of Board's direct action letter;
that he — Gov. Young— told him he vote would be 7 to 1 against
him; that be thereupon decided not to take part in the proceedings.
Feb. 20, 1929. 178, 179
Gov. Young telephones McFadden as tothe Black resolution.
Feb. 22, 1929. 179
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Young, Governor (Contl d.)
Gov. Harding suggests to Gov. Young increasing rates an member
bank collateral notes secured by Govt. bonds to 6% leaving
other rates at 5%4
Feb. 28, 1929. 181
•
Gov. Young prepares a memorandum giving Board's relsons for disapproving
New York's application for 6% rate, which Board adopted.
Feb. 28, 1 929. 181
Gov. Young does not remember telling Harrison that if N.Y. applied
for a 6% rate Board would take it under review. He certainly did,
however.
Feb. 28, 1929. 181
Gov. Young said that so far, the Board was right and N.T. wrong as
discount rates.
Feb. 28, 1929. 181
Gov. Young told C.S.H. that Sec. Mellon told him a month ago that be
was to continue as Secretary of Treasury.
Feb. 28, 1929. 182
Gov. Young said that Harrison said his directors still wanted to
increase rates but bad made no recommendation as they knew the
Board would not approve.
He said also that C.E. Mitchell, before leaving for the south, left
a memorandum against any increase of rates.
He said Ogden Mills hoped that if rates were not to be increased nnw,
and he saw no reason for any increase, be hoped Board would mot
increase them until some time after the new security issue was
placed, as otherwise it would subject the Treasury to a charge
of bad faith.
Mar.1, 1929. 181, 182
Gov. Harrison told Gov. Young that if N.T. did not increase now it
could not increase for same weeks because of security issue.
Gov. Young agreed and said this made Harrison miserable.
Mar. 1, 1929. 183
Gov. Toune said the N.Y. directors were ridiculous in sticking to
their earlier condition that their application must be decided
immediately, for this meant either that some grave crisis was
impending, - which everyone knew was not a fact, - or that the
directors were acting like children who, if they could not have
sll they wanted, obstinately refused to take anything.
Mar. 1, 1929. 183
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
253.
Young, Gov. (Contld.)
Gov. Young said Ogden Mills told him that Gov. Case was opposed. to
a rate increase.
Mar. 1, 1929. 183
Gov. Young said he told. Harrison that if his directors had recommended
an increase, the Board would have disapproved by 7 to 1 and that
he would not have been the 1.1
Mar. 1, 1929. 183
Board considered draft of letter to P.R. banks as to Council recommendation
for calling on groups of bankers.
Gov. Young said the banks generally, except Chicago and N.Y., had already
covered this satisfactorily.
Mar. 1, 1929. 184
Gov. Young called C.S.H. up on Sunday and said Harrison said his
directors thought it vital to increase rates as they expected a
run away market tomorrow, and asked C.S.R. if he would charge his
vote. C.S.H. replied No.
Mar. 3, 1929. 185
Gov. Young did not agree with C.S.H.is feeling that the N.Y. directors
were weak.
He said the trouble lay with Gov. Harrison and "the boys" - meaning
Burgess et ale; that be felt that Gov. Harrison lived and breathed
for Gov. Norman.
Mar. 5, 1929. 186
Gov. Young said Sec. Mellon and Mills hoped that the Board, if it did
not increase rates now, would not do so forsome time after the new
certificate issue, as such action would lay Treasury open to a
charge of bad faith; that, of course, they had no objection to an
increase of rates.
Mar.5, 1929.186, 187
Gov. Young said Sec. Mellon said he would stand by the Board in
whatever action it took.
Mar. 5, 1929. 187
Gov. Young said Sec. Mellon said he had doubts whether the speculative
situation could be affected by an increase of discount rates.
Mar. 5, 1929. 187
252.
Young, Clew. (Oontld.)
C.S.E. told Gov. Young he would 6o all he cculd to prevent any
rate in:rease at least for a reasonable time after the
certificate issue, but reserved right to change his mind
in case of Enyunforseen emergency, - which Gov. Young
said was a most reasonable position to take..
Mar. 5, 1929. 187
A
•
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Gov. Young said Sec. Mellon said he believed increased rates
would not control the speculative situation aid. that he
was prepared to stand by the Board.
Mar. 7, 1929. 187
•
.
•
Gov. Young said ease wanted to buy 25 millions of Treasury
certificates maturing in 7 days: that otherwise they
would interfere with the new issue of 41 certificates.
•
•
Board finally let it go Over until Gov. Case brought it up again.
Mar. 7, 1929. 187, 188
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Miller said Gov. Young told him that Warburg was
about Board's statanaat of Feb. 5, 1929 that he was so eulogistic that Gov. Young
had to tell him he was not in accord with
Mar. 9, 1929. 189
most enthusiastic
direct action:
said he finally
the Boardiepolicy.
Opposes letter to P.R. bank of San Francisco asking Why it had not
been more successful in direct action, as there were special
reasons which called for more time, especially as it had
not ttied to increase its discount rate over 40
Mar. 19, 1929. 192, 193
SO
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•
Gov. Young said Sec. Mellon did not want to come to the meeting
as the interests of the Treasury might not be the sane
as those ofthe Board, and he wanted the Boani to use its
awn untrammeled juigment.
Mar. 7, 1929. 188
°in
Gov. Young did not approve Miller's proposed regulstion to limit
use of T.R. funds in speculative loans.
•
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surely must come.
Mar. 19, 1929. 195
Board asked Gov. Young to tell Harrison the BoErd wc0/1 like to
confer with his directors on the rate question either at N.Y.
or Washington.
253.
Young, Gov. (Contld.)
Gov. Young said Harrison said his directors were to meet at 2 p.m.
amdthat they wanted to in:rease rates.
In afternoon they voted to increase an usual condition that it must
be decided by Board at once.
Mar.21, 1929. 196
•
Votes to disapprove.
Mar. 21, 1929. 197
Gov. Harrison, in answering Gov. Young's request for a conference,
said his directors would be glad to confer with Board but felt
that the rate must be increased first.
Mar.21, 1929. 197
:;.• .; • .•
11,4
Votes for Miller's motion that Wyatt be instructed to draw a
regulation, along lines of his oninion,to curb use of P.R. fads
in speculative loans, - such regulation not to bind Board as to
its final vote.
Mar. 21,1929. 198
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Gov. Young points out to Harrison that if Board had approved the 6%
rate it would have put discount rates above acceptance rates
andwould he left an opening thrtz which P.R. credit would still
flow.
Mar. 22, 1929. 200
See - Discount rates
Open Market Committee
,
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•
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Young, Owen D.
Gov. Young and James have conference in N.Y. at Woolley's office with,
Rayburn and Harrison.
•
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Harrison wanted to ease the market but Young and the others would
not consent.
,
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Harrison opposed easing thru acceptanoss but Young waved him aside.
r
Gov. Young is sure that if Gov. Strong resigns, Owen D. Young et ale
will never elect Harrison Governor.
The R.Y. directors refused to allow the executive officers to buy
up to 100 millions of Govt. securities in an emergency, as the
Board gave authority, except with consent of Woolley, Reyburn and
Owen D. Young.
Sept. 4, 1928. 22, 23.
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Pinance Committee of Democratic National Committee.
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