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Collection Tide
THE PAPERS OF
CHARLES SUMNER i-TAM..AN
DIARIES
Series and/or Container
Shelf/Accession No.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
31 v. 17
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Federal Reserve Bank of St. Louis
19C, 17c
AC- ,a/g.
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Federal Reserve Bank of St. Louis
DWI
/211MMAL1Z.
bvaaber 1
‘1929 - Mear 31. 1930.
Index
West.
Abrams, Mrs.
O.S.N. congratulates, on her management of the Wilson Foundation
meeting in National Theatre, Jan. 5, 1930.
jan. 6, 1930. 71
Delano drives C.SA., N.P.N. and, to Washington Cathedral, to lay
wreath on tea of Wilson.
May 30, 1930. 179
Acceptances
littoral Reserve Bank of New York resolution favoring easing the
money market by purchase of, if available,and if not by purchase
of Government securities.
Nov. 9, 1929. 18
See - Bankers acceptances
Bill rates
Open market Inv. Cammittee
Open market Policy Conference
Account, Opening. 137
See - International Settlements Bank
Adams, C. F. Secretary of Navy
Wilber of Committee of Associated Harvard Clubs to give greeting
to Justice Holmes on 89th birthday. President at lunch of
Committee at Cosmos Club.
Dec. 31, 1929. 68
C.S.H. calls on Secretary and Mrs. Adams. New Year's Dsy reception
Jan. 1, 1930. 69
Not present when Committee gave greeting to Jtatice Holmes. Abroad
at Naval Conference.
Mar 8, 1930. 115
C.S.H. attends dinner at New Willard given to. by Mrs. Gong. Rogers
May 16, 1930.157
Administration. 166
Cotton, JP., Under
Secretary
See - International Settlements Bank
State Department
Stimson, Sec.
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Federal Reserve Bank of St. Louis
2.
I
4.160111••••.•
Affirmative increasing rate policy. 129
• •
S.
See - Direct pressure
aseovikt rates
Federal Reserve Bank, New York
.▪• --• • -
Agency, lOreign. 137
See - International Settlements Bank
•
• •
•
Albany, N. Y.
C.S.H. goes to, for Thanksgiving.
Nov. 27, 1929. 42
•
•
• •
I
• I •
Meet Lt. Gov. Lehman at dinner in.
Nov. 28, 1929. 42
•
Alexander, James
Miller says, does not favor lowering discount rates at this time.
Nov. 14,19296 24
Suggested as Chairman and Pederal Reserve Agent of Pederal Reserve
Bank, New York, in place of McGarrah resigned.
Jan. 30, 1980. 90
•••
*Straw vote of Boards
Alexander. 3
Oase
2
PO. 27, 1930. 109
Miller, James and Cunningham voted for Alexander
Gov Toting and Ca.& voted for Case
Peb. 27, 1930. 109
•
•
• '
Later, Secretaxy Mellon and the Comptroller came into meeting
Another vote
'Or Oases Gov. Young, Sec. Mallon, Oomptr011er, 0.8.R.
• • ••
•
For AleSanders Miller, James, Cunningham
.
Gov. Young said Platt, if present, would have voted for
Case then unanimously elected.
74b. 27, 1930. 109
•
•
Aibassador of Germany
•guest at Carnegie dinner to foreign Samoan journalists.
May26,1930.176
,•
•
•
as.
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Federal Reserve Bank of St. Louis
Z.
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Men, Mrs. (Marion Cleveland)
tCi-
We took, to dinner at Woman's National Democratic Club to bear
Charles Eliot speak on Washington.
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I. P. R. introduced her to Mrs. Wilson who received her very
cordially.
hem applauded vigorously at every mention of President
Wilson's name by Mr. Eliot.
Jan. 30, 1930. 92
Calls on us at NwiftAdams HOUS8
PO. 24, 1930. 106
*eeit
Amendments
See- /Federal Reserve Act
Anaconda Copper Co.
Miller predicts that, will sell before long for $35 per share
and doubts Whether it is worth even that.
May 9, 1930. 151
•
Anderson, Bev. Father
Conducts special service for Anna at St. Agnes Church, Washington.
April 26, 1930. 142
•
,
11,111.3% ,
1,10
Annual Report, iederal Reserve Board, 1929
Board a)nsiders Ooldenweiser's draft of.
Litt.
voc
...44/07
oomplained it contained little or nothing on udirect pressure.'
•
Agreed that those wanting more specific mention of direct pressure
should prepare a draft
•
07;,
• ^v.:
•.
Miller and Cunningham agreed with M.N.
,-.
4.41.
Platt agreed to a limited degree.
Oov. Young and James opposed.
Feb. 12, 1930. 101
•
IZ)
•
I
Oov. Young moved to approve Ooldenweiser draft with a slight
addition by Platt.
• •
4
O.S.H. introduced his proposed draft of additions. (See scrap book)
Miller also introduced a draft.
Miller's draft of additions was finally approved.
Aye: Miller, C.S.E., James, CuaLngham
No: Gov. Young and Platt
4.
•
Governor Young was very angry and said Miller's draft did not
state the facts correctly.
lib. 21, 1930. 106
AO
.
,
AmmMai Report, /federal Reserve Board (Oontld.)
-4 be
Gov. Young files a protest against Miller's draft.
•
••=.41.6.." _
Among other things, he said that speculative loans increased at a
high rate after June 15.
•
.
7-- *a'
• de;
•
C.S.H. said this was not an argument to Show failure of direct
pressure, because the Board, &tout June 5, wrote the Pederal
Reserve Bank of New York that to meet the coming need of
more P.R. credit it was willing to suspend direct pressure,
swept in certain notorious oases of continuous borrowers,
and to permit easing of market by bill purchases or if that
failed., by purchase of Govt. securities.
•
-
••-
,t •
C.S.H. asked, Miller to insert this in his draft but he would not
agree to do it.
Miller finally said he would strike out *practicability* and also
the fbllowing sentences
•
:
'Its potentialities and its availability in dealing with
certain types of credit disorder, can no longer be
doubted.'
—
46;r
(See Goldenweiser's draft, pl. 3 scrap book)
•
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Federal Reserve Bank of St. Louis
Miller moved addition to report of his draft with above two omissions
•
•
.
Platt moved to substitute the original draft of Goldenweiser with
an additional table.
•
Platt • motion failed.
Ayet 00v. Young, Platt
No: Miller, C.S.H., James, Cunningham
•
,•74
:
t
•
•
•
•
Miller's motion was then adopted.
Aye: Miller, C S'H., James, Otaminghass
Not
Gov. Young, Platt
Mar. 17, 1930.117 - 118
Miller's changes and additions were femaalky approved.
.
•
•
Ayes Miller, C.S.H., James, Cunningham
Nos Gov. Young, Platt
April 6, 1930. 127
5.
Annual report, etc. (0o ntSao)
Governor Young again reed his protest, arguing, apparently, that
direct pressure was a failure because speculative loans
increased greatly after June 15.
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Governor Young said he sould not sign the annual report with these
additions in it even oat direction of the P.R. Board."
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C.S.H. said Governor Young could sign properly 'by direction of
the Board,' and would be free to say later, if aeked, that he
did not agree with certain parts of it.
C.S.H. said if Governor Young signed it with an expression of dissent
he - C.S.H. - would want the body of the report *uplifted and
muah more aided as to direct pressure, and to bring out the
real issue between the Board and the P.R. Bank of New York;
that he should insist (1) on quoting the lederal Advisory
Councills original recannendation that the Board in its warning
of lob. 5, 1929 had not gone far enough and should control
customers loans as well as brokers limas: (2) Governor
Harrison's letter favoring an affirmative rte increase policy;
(3) rae desire of the P.R. bank to break the stook market;
(4) MeGarrahls official statement that the directors contemplated
issuing a stcitement throwing doubt as to the soundness of the
collateral for brokers loans; (5) G.M. Reynoldls letter to
Gov. McDougal,' et.c
April 7, 1930. 127, 128, 129
L
Governor Young finally said he would consider whether he would
sign the annual report.
April 7, 1930. 129
•
•
The suggestion was made that he sign it but state that he dissented
to certain parts of it.
Governor Young said he argued that H. Y. had managed the matter
rottenly so far as the reasons it gave for wanting increased
discount rates; that the Board's policy of direct pressure had
been followed by a reduction in speculative loans, but he would
not credit direct pressure with bringing this about.
•4
tiget:
C.S.H. took exception saying that we signified a willingness to
suspend direct pressure on or about June 15th; that this left
general discretion to the 7.1. beak, New York, which pemsitted
a heavy expansion of speculative loans.
•
•
Governor Young said he was not at all sure that &majority of the
full Board favored this report. 0.8.H .pointed out that a
majority clearly favored direct pressure and had so repeatedly
voted and that the report could now be defeated in its present
•
Annual report etc. (Contid.)
- 01,"
foes unless the 2 ex-officio medbers should now vote against
it, thus stalling the Board by a 4 to 4 vote; that this would
be a heavy responsibility for the ex-officio members to
assume, especially as Comptroller Pole had steadily voted with
those favoring direct pressure, At least up to the present time.
•
•
7,
•
•
C.S.H. said if the 2 ex-officio ambers vote against the report, there
would be no report at all, or, at least two separate reports.
April 7, 1930.130
•
Gov. Young decides to sign the annual report, but to sign at the
balga_4A, with a formal ttananission.
April 17, 1930. 136
•
See- Comptroller of Currency
••
•
•
•
•
I
Arsenio
Dr. Ruffin orders an injection of arsenic etc. to be administered
by his nurse for two weeks for C.S.H. and H.P.H.
Yob. 1, 1930. 25
•
•
Associated Harvard Clubs
See - Holmes, Justice
•
Ashley, Clifford
Godfather to Pat Grant.
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Federal Reserve Bank of St. Louis
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See - Bank of Athens Trust Co.
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.
Nov. 10, 1929. 8
Attorney General, U.S.
•
Miller moved to advise 111.. Bank, New York, that pending an
opinion of, the Board could not act as to its proposed reply
to B. I. S. as to placing its stook in U.S. etc. and that
therefore the 7.P.. Bank, New York, cculd act an its own
responsibiliVf.
•
;:"I• A
',CPI
Lost
Aye: Secalellon, Platt, Miller, Comptroller
No: Gov. Young, C.S.H., James, Cunninghan
April 21, 1930. 138
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•.
•
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James insists on opinion from, as to its rights and duties in
matter of reply of T.R. Bank, New York, to B.I.S.
May 19, 1930. 158
,
1,4 1
7.
Attorney General, U. S.
James says he will vote for C.S.H. compromise draft as to
reply of 7.R. Bank, New York to B.I.S.on reparation bonds,
but still reserves right to insist on opinion from Attorney
General.
May2.1. 1930. 165
I.
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Federal Reserve Bank of St. Louis
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James waives insistence on opinion of, by voting for C.S.B..Is
final compromise motion in above matter. (See scrap book)
May 27, 190 0. 174
Atwood, Bishop
C.S.H. meets, at dinner with Charles Warren
Drives home with him to Cosmos Club
Bishop Collapsed - Dr. Norse treated him.
Nov. 13, 1929. 22
•
•
•
•
•
•
Auld Lang Syne
Goodspeed wired C.S.H. to ship manuscript to N. Y. in care of
Miss Green, Library of J. P. Morgan, as she told him she
would like to examine it. C.S.H. called up Miss Greene on
telephone. She was out but her secretary told C.S.H. the
(Miss G.) would be glad to have it sent direct to her.
C.S.H. wrote Dr. Jameson of Library of Congress to ship it
by express. Ourtiss called up C.S.H. and said he had arrang
ed
to insure it from the Congressional library to Mr. Morgpn
is
house, - value $50,000, cost of insurance $5.50, and .id
he
would arrange tomorrow for return insurance.
C.S.H. wrote Goodspeed Way.
Nov. 25, 1929. 37, 38
C.S.H. meets George Goodspeed at thiversity Club, N.
Y.
He
• •
said Dr 'Jameson had shipped it collect and that Miss
Greene
had refused to receive it - charges were $59. C.S.H. called
up Curtiss Who got in touch with P.R. Bank, New York.
Mr. Gidney of the P.R. bank said he would find at
at express
office the manuscript was and would have it redeliverei to
Miss Greene, and then have it taken from her and redeli
vered
to Cong. Library
O.S.H. called up Gift., and verified this.
Curtiss said he would attend to the insurance.
8.
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•
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•
.
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• • •
Gidney said, he would pay all express obarges both weys and would
sendme a memorandum of the anount.
•
I•
•
Goodspeed ailled up Miss Groan and she made an appointment with
his for tanorrow at 11 am. She was very apologetic and said
the out to have paid the charges.
•
•
*
•
•
Goodspeed said he had written Miss Greene that the manuscript was
for sale at the price of $57,500;that she wrote the would like
to see it but that the price was absurd.
This afternoon the again - over the telephone- told Goodspeed she
would like to see it and compare it with her coy. This would
seem to indicate that she has only one oopy, - the Thompson
letter.
Mit •
.•
•
Goodspeed is inclined to think she will say she does not care to
bur it.
• -
•
goes over question of value with Goodspeed, who was of opinion
that $25 to $30,000 was about its value.
•
t s
C.S.R. finally authorised him to sell it to anyonefor $25,00)
•
.
•
Ha said he had several in mind who might bur it at that price.
Nov. WO, 1929. 42, 43, 44
I* r
• • •
•
•
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•
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One of Dr. Jameson's assistance's telephoned C.S.E. that the
apress Compaq, had notified him that Miss Greene refused to
accept the manuscript. C.S.R. explained the matter to his.
Nov. 30, 1229. 45
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Federal Reserve Bank of St. Louis
Deputy Governor Sailer telephoned C.S.N. the manuscript was in his
possession and would be delivered at ones to the express company
and CAA. gave him Dr. Jameson's address at Congressional
Library.
•
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• • •
lbodspeed called up MA. from Na. Said he had seen Miss Greene;
that she expressed no desire to bur the manuscript; she said
it was not more valuable than the *Wild Bad Rose" which brought
$10,000 last year; that he asked her at value she would put
on it and said said, - perhaps 40001
Goodspeed said this was absurd; that conservatively it was worth
$25 to $30,000; that he had a Boston and a Cleveland client who
he thought might buyt it at this prices
9.
•
Auld Lang Syne (Contld.)
t.
He said he already had offered. it to than at $57,500,and that
he now ought to offer it to them at say $30,000.
He said hi would also write Rosenbach.
He said, replying to C.S.H.le question, that if sold at
Sotheby's in London, it might bring a higxer price, but that
it would be difficult to arrange a minimum price, and oammissions
etc.
The thole episode fills C.S.R. with disgust. Miss Greene altho
saying the price of $57,500 was Absurd, yet said she would
like to see it and compare it with her copy,
the Thompson
letter. It seems to C.S.H. that this indicated same desire
to buy it at some price. C.S.H. does not, of course, blame
Miss Green for declining to pay the express charges, but he
feels that she practically deceived his into incurring a large
expense merely, apparently, to gratify her curiosity.
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check.
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C.S.H. wrote Miss Greene expressing his regret that the manuscript
me by error sent "collect' but does not expect to hear from
her.
lov.30, 1929. 45, 46
• • •
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Washington - New York
$50.38
Registered mail and
insurance, N.Y. to Wash. , 3.09
Total
3.47
Dec. 4, 1929. 50
Miss Greene answered C.5.L's letter epolegising (See odrap book)
Austin, Federal Reserve Agent, Philadelphia
Attends funeral of Gov. Harding
Spril 9, 1930. 131
•'•
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Federal Reserve Bank of St. Louis
10.
Bank of International Settl wants
See
.International Settlements Bank
•
Bank of Athens Trust Co., New York
Board takes up proposed letter to, on its application for
admission into P.R. System
• • •
•
Was once a branch of a commercial bank, - the Bank of Athens,
Greece, which now owns 96% of its stock.
• •
•
•
•
•
*
On Jan. 7th the Board declined the application following the
negative recommendation of the Federal Reserve Bank, New York,
largely based on ownership of its stock by the foreign
commercial bank.
111
•
"
t
On Jan. 7th the *hole Board voted to reject except Platt who
voted to approve.
2
• • •
-
The Bank asked Why it was refused and the Board asks& Wyatt to
prepare a letter giving grounds for refusal.
Many of Board wished to decline to give its reasons, but Wyatt
said in that case the wart might rule that Board had
exceeded its power.
Dariag the discussions it developed that there was a member bank
in San Francisco district Whose stock was owned by a
Canadian bank, and that there was another non-member bank in
San Francisco whose stock:was similarly owned which intended
shortly to apply for membership, and that Gov. Calkins had
said the Federal reserve Bank:of San Francisco would avrove
this applicetion.
1,11rtrn:
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6
•
C.S.R. asked the Comptroller bhether, if the Bank:of Athens Trust
Co. should apply for a national charter, he would grant it.
*
The Comptroller said he would refuse it because the Board had
refused to admit it to the Federal Reserve System as a state
member bank, but that he woad give no assurance what he would
do if some other bank similar], situated should apply for a
national charter.
C.S.H. said he should move to reconsider unless the Board and
Comptroller could agree on a common policy.
'his morning the Board decided not to give the bank any reasons
for its rejection, directly contrary to Wyatt's advice.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
11.
lank of Athens Trust Co. New York (Gontld.)
C.S.H. moved to reconsider. Lost:
Aye: Gov. Young, C.S.H., Platt
Not Miller, James, Cunningham
Finally went over until Gov. Youngss return from New York
Feb. 12,1930. 96, 99, 100
• •
iank of Jbgland
Miller said the directors of Federal Reserve Bank of New York
are evidently dominated by the Bank of &gland and Bank of
Jan. 30, 1930. 89, 90
Prance.
•
Hogs let it get out that &reduction of discount rates is impending
JIM 30, 1930. 90
••
•
Gov. Harrison tells Board that the Bank of 'Ragland is loaning
direct/7 to individuals and corporations on certain conditions,
as to reorganisation, putting affairs in good ayndition, eta:
etc. that later it hopes to induce the joint stook banks to
tike over these loans.
April 15, 1930. 133
• ••
,
C.S.H. says fact that Bank of ingland has reduced pA has convinced
him that he must change his adverse vote of last week and now
approve 3$ for Federal Reserve Bank, New York: that a higher
rate in New York than in Ragland would cause gold imports
into U.S. from Ragland and Prance.
Mar 1, 1930. 145
•
See - Discount rat*,
Gov. Young tells Board the, will raise its discount rate tomorrow.
April 30, 1930. 147
•
- Norman, Governor
r
Dank of Prance
Milkarsays Moral Reserve Bank, New York, is dominated by Bank
of lbgland and.
Je.n.30, 1930. 90
Gov. Harrison mays, now owns one billibn of foreign exchange of
Ohl& one-half is New York exchange.
April 15, 1930. 133
Action of, in reducing to 30 and of Bank of England to 3% causes
C.S.H. to cbange and approve F.Y. 3% rate.
May 1, 1930. 145
See - Moreau, Gov.
12.
.5; i
•
T 4 7406.
Bank of Italy
00v. Harrison said he had talked with officials of the, and that
they want for Italy 100 millions for five years.
April lb, 1930. 133 (3)
.
•
0 •• •'
I.-
•
,
Bauking situation
Gov. Harrison says there are some elements of uncertainty as
regards the.
Nov. 11, 1929. 12
••
Gov. Young says there is danger of trouble in the, growing out
of the failure of National City Bank and Corn Atchange merger.
Nov. 12, 1929. 16
Baruch, B.
C.S.H° advises Atith Holm to strike out of her letters the ranatks
of, that Hoover wanted the Democratic nomination in 1920.
May 2, 1930. 148
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Bassell, Miss
Dines with us.
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Bath tub
C.S.H. slipped in, and strained his right thigh severely.
Dr. Ruffin feared his sacco iliac joint was broken, but it
was at.
Dec. 17, 1929. 63
•
•
Beale, Mrs. Blaine
C.S.H. has a long psychical talk with, after dinner at flan
Leonard's. She said she had oommunicated with her son but
that for some time she had not been able to get in touch
with him.
¶.
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Federal Reserve Bank of St. Louis
Mar. 5, 1930.114
L.4
-
•
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C.S.H. told her of his experiences. She said she wanted very
much to talk with Bertie, and that if she had amy new experiences
she would let us know.
Dec. 1, 1929. 49
IMO
•
Beattie, President O. P.Bylo
C.S.R. meets, At lunch at Mr. Massey's the Canadian Minister.
•
..:••
When C.S.H. was Counsel of C.P.A. Beatty wits Assistant Solicit
or.
Mar. 29, 1930.124
:it 4..0
•
Belmont, Perry
We take tea with, to meet the Japanese delegates
to the Naval
Conference at London
Dec. 17, 1929. 63
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
13.
Belmont, Perry (Contid.)
•
Mrs. Harriman reminds Mils. Wilson that she once atten
ded a
bridge party at house of, for benefit of %mans Natio
nal
Democratic Club at Which there were Republicans Who had
boudht tickets.
May 21, 1930. 164
Biddle, Lydia
We take Christmas lunch with.
Dec. 25, 1929. 66
Bigelow, Mayor and Mrs.
C.SZ regrets dinner engagenent with, because of abed
cold.
Jan. 11, 1930. 75
Bill purchases
Open Market Conference opposes further easing throu
gh.
Jan. 28, 1930. 84
e
•
' t
Bill rates
Board has no objection to reduction of discount
rates, N. Y. to 40
but feels that bill rates should also be reduced
to 46
Nov. 14, 1929. 23
•
• !.
Gov. Harrison wants a minima, of 4%. Toted unani
mously
Nev. 14, 1929. 24
•')
•
•
•
•
•
I
0
AS Board meeting, after the conference, Gover
nor Young stated
that any lowering of, meant ultimately lower disco
unt rates.
(
•
•
•
•
•
•
Open market omnference favors lower bill rates
merely to take care
of maturing bills and future increase in credit deman
ds, but
not to create further ease in market, - to maint
ain simply
the "status quo.e
Jan.. 28, 1930. 84
I. • •
•
•
C.S.N. said maturing of bills was a hardening
of credit; that a
3.7/0 buying rate would not bring in many bill
s, as Burgess
had said that the present market rate
of 4% was purely
artificial and would even drop to 3-7/0; that
a 3-7/8% rate
in market and at 7.R. bank would probably
not offset maturing
bills.
C.S.R• said he would prefer 31% as minim
um and would mote for it, taking two bites of the Cherry.
•
Gov. Young moved to fix rate at 3
%.
Miller moved to substitute 3-7/8%
Miller's motion lost on tie vote.
,
4;401•11111.1•1*,,,111%.4•4011.0•01.1mamown
14.
Dill rates (Conticl.)
atik•
Aye: Sec. Mellon, Platt
No: C.S.H., Miller, James, Cunningham and Gov. Young
t*,
Arr
.
Gov. Young's motion was then paseed.
•
Aiot Sec. Mellon, Young, 0.8.1., Platt
No: James, Cunningham
,
*,
Not voting: Miller
•
•
.
•
Sec. Mellon ask:4.11111er if he did not believe in some easing.
!'.
YY't 1):.:41441,!-.A
•;
Miller said Yes but it should be done very cautiously.
Jan. 3D, 1933. 85, 86, 87
,b trOC
n.Jo
;
-
•••
;
' ac‘7r.tle,
.
•
.•
7
4. .
Gov. Harrison said purpose of lower bill rates was to maintain
the status quo and not to bring about lower discount rates.
The Governomat the conference voted 9 to 2 against reduction in
bill rates except to maintain the status quo.
s'‘
. ,
e.!c,I
4„,
•.
&
-•
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C.S.H. believes the Governors would have voted 9 to 2 against
reduction in bill rates except to maintain the status quo.
r
?
O
Gov. Young moved minimum buying rate be reduced from 3 to 30
•
•
At first, lost on tie vote.
it: • -1"%!
.,,C1 -1 --ce, et
7
Aye: Gov. Young, C.S.H., Platt
No: Miller, JOMOS, Cunningham
:1:‘ •,..3
2
•
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
,
it- •'• -
•—• •--
•
7ti
• •
•
•
• •• -•
••• ,
•
•••„.
,
The Comptroller was pent for and voted Aye, thus carrying the motion.
Sec. Mellon was away.
'Ob. 12, 1930. 100
Miller said he would approve a rate reduction to 30 but that the
bill rate should be kept above the discount rate.
Mar. 5, 1930. 113
The Governors, at open market oonferenoe, favored a 20 minimum
rate as adkegt for by New York:but said no bills should be
bought under $0
Mar. 24, 1930. 121
Platt moved to reduce minima rate to 20
Tent over.
April 24, 1930. 141
•le
Bill rates (Contld.)
Platt renewed above motion.
C.S.H. and Miller did not see how this could be helpful.
Sec. Mellon suggested 21% as a compromise. Passed.
•
•
Are: Sec. Mellon, Gov. Young, C.S.R.
No: Miller, Cuiningham
April 30 1930.
143
•
Motion to reduce minimum rate from 21 to 20. Passed.
Aye: Sec. Mellon, Gov. Young, C.S.H., Platt, Comptroller
No: James, Cunninghmn
Not voting: Miller
May 1, 1930. 146
r
;*.
Birthdays
Grant, Catherine
40th birthday.
1
•
Nov. 25, 1929. 37
Grant, Christopher
Born July 22, 1929. 8
Kale, Rachel
Sometime in January, probably.
I'rt. •
69
•
•
•
Holmes, Justice
Mar. 8, 1930. 89th birthday. 115
•
:•
I
Mellon, Sec.
Mar. 24, 1930. 75th birthday. 121
Blood pressure, C.S.H..
170 Dec. 15, 1929. 62
Dr. Ruffin said r-ther high but not alarming.
Dec. 17, 1929. 64
•.•••
•
•
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
rratt7 Ir. sr,,?
168
Dec. 23, 1929. 65
175
7Jan. 12, 1930. 77
170
Jan. 26, 1930. 84
170
Feb. 3, 1930.
s
:;:...;.1t1. •
•
•
1.
risIV
95
Blood sugar, C.S.R.
1020. Dec. 15, 1929. 62
Dr. Ruffin said he would be satisfied if not over 1020.
70. 17, 1929. 63, 64
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
16.
Blood sugar, Go S. H. (Contld.)
•
•
1019. Dec. 23, 1929. 65
1019. Jan. 12, 1930. 77
1018. Jan. 26, 1930. 84
•
Boiling, Bertha
Asks W.H. if she can sit with us at Woman's National Denocratio
Club dinner. H.P R. says yes.
Feb. 25, 1930. 106
f'.
Sits with us. Begs C.S.R. to call on her.
Yob. 26, 1930. 107, 108
Boiling, Randolph
Glass tells C.S.H. undoubtedly, was responsible for C.S.R.s s
trouble with Mrs. Wilson: that he was a sick: man; that he
beltwed he wrote Mrs. Wilson's letter and terrorized her into
signing it.
April 17, 1930. 136
•
I
With Ham believes teat, is at bottom of her trouble with
Mrs. Wilson as to publishing her letters to Admiral Helm.
May 21, 1930. 161
lona market
Sec. Mellon favored easing the market to help the.
Nov. 11, 1929. 11
•
44 0104.4110
L.:1*
ii&
ot,
44A
Gov. Harrison wants to reduce discount rates to help.
April 24, 1930. 140
to ol.o0,
oclieL
dtd? .0044 4.1v, els*
Gov. Harrison says a 0 rate will help.
May 14, 1930. 153 (2)
wh.4* touneel%1 zoilE
.4%1 ,45/ *csel OTZ
altDol ere
otS1
.
oiset.
•
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Bones, Helen
Told &P.R. the was to have, at dinner next Saturday and
regretted she could not ask
but Mrs. Wilson was to be
there!
rib. 16, 1930. 101
,*1 .mat
'or
t:4
.hssov NJ 1.14a
.
Bonds
See — British bonds
C.S.R. told With Helm she could tell, in confidence about his
trouble with Mrs. Wilson.
May 6, 1930. 150
With Helm said that, also had hal trouble with Mrs. Wilson altho
they were friendly now.
May 6, 1930. 150
I
mrt
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
17.
Bones, Helen (Contid.)
laith Helm said she told, in confidence about our trouble with
Mrs. Wilson; that Helen Bones had had ,a dispute with
Mrs. Wilson which now, however, had been adjusted.
May 11, 1930. 152
Bowley, General
Gertrude Myer and.
47, 48, 49, 53, 54, 55, 56, 57,61'
•
Be.
•
Bradley, Mrs.
We meet, at lundh with Rachel Hale.
Mar. 1, 1930. 110
• •
•
Branch banking
Oomptroller tells Board he will recammen extensionof, in
Annual Report. Details.
Nov. 5, 1929. 1
4
be•
•
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4.
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Myer, Gertrude
.
See.Oomptroller
1/4•
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Branches, rederal reserve
See.Wichita
Brandeis, Justice
C.S.H. dines with.
•
Nov. 21, 1929. 30
•
Briand,A.
Dr. Butler tells of interview with Briamd. Said he never
Should refer to Kellogg as one of the creators of the
Briand-Kellogg pact.
Dec. 6, 1929. 51, 52
•:.7
British Ambassador
Present at Wilson Foundation meeting at National Theatre
January 5, 1930. 70
•
9
•
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•
See
Lindsay, Si' Ronald
Prf.V
British bonds
Morgan exchanged long term, for short tem ftvernment securities
which be sold to P.R. Bank, New To*
Nov. 12, 1929. 13
British Adbassy
See- Harriman, Mrs. Borden
Pageant
Wilson, Mrs.
See also* Lindsey, Sir Ronald
Lindsay, Lady
Lutyeus, Sir liwin
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
18.
(.bettno0)•enoE
r4
cs
016$ stio :reds sonshilno* al .11.60 '4* 11.1.0.4 Aid Cal
iiJW 'airgli •
• • otottiab a Lid had sestej.tv.sRMa
mitaa
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agl trra..4& silet itstioTtciro0
•thre lama
Brokerage houses
Gov. Harrison said it was surprising that no, had failed afte
r
crash of October, 1929; that he thought that one reason
v.as
that they were so behind in their book keeping that, altho
in
fact insolvent, when the books were brought up to date
a change
in values had come which put then on the right side.
Nov. 11, 1929. 10, 11
Brokers loans
Tederal Advisory Council advised Board to curtail customers
loans
as well as. C.S.H. quotes.
April 6, 1930. 129
Brooke, Mr. and Mrs. (Texas Bates)
We meet, at supper at Charles Warrens.
Mar. 9, 1930 .116
Calls on H.P.H. with Sir liwin lintyens. May 31, 1930
. 180
Brooke, Mrs. Gorham
Acts as Godmother to Christopher Grant
Nov. 10, 1929. 8
Brown, W. H. Postmaster General
On Oennittee of Associated Harvard Clubs to greet Justi
ce Holmes
on 89th birthday.
Mar. 8 1930. 115
Bruce, Senator and Mrs.
Invite us to lunch to nest Mrs. Preston (Cleveland
)
Regretted because of severe cold.
Jan. 25, 1930. 84
a
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Re luadisi with, at Buxton, Md.
April 13, 1930. 132
Brun, Danl.& Minister
C.S.R.ineets, at Carnegie dinner to for-i
gn Journalists.
C.S.H. told him they had not gone out
at all officially since
Annals death.
He quietly said, 'Poor Anna.*
May 26, 1930. 175
Burgess, A-sistant P.R. Agent, N.
Y.
Said to Board that while the business
directors wanted to reduce
rates, the banker directors oppos
ed.
Jan. 30, 1930. 88
Appointed Deputy Governor
Resigns as Assistant P.R. Agent
Or!:
See ••• P.R. Bank, New York
19.
•
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Burns, Robert
Hee.Auld Lang Syne
•
Business recession
Open Met Oanmittee report signs of.
Nov. 12, 1929. 14
It
;
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.
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C.S.H. rears immediate, and tr *Ole in banking situation
Nov. 12, 1929. 16
•
t‘t':
James flouted Hoover's efforts to cure; said in his business
ON3rMOUS amber of orders were being cancelled.
Nov. 25, 1930. 39
•1»*:to
tor:
.‘t4
.
:1-f.•
:
061
1,417
•
Miller told OJAI. that most economiste,but not all, believed
lower rates would not stimulate.
Jan. 30, 1930. 89
•*.
•
, riA
t 0
•
• ,
;
•
.•
•
Pederal Advisory Council madbers all give lugubrious accounts of.
lab. 18, 1930. 102
Goldenweiser on
Pessimistic report
e(004tild A;rV6 no
•-:1541
•
Miller told Board that lower rates would not help.
Feb. 7, 1930. 96
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Mar. 5, 1930. 113
•
• 4-
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Gov. Harrison cites, as reason for lower discount mates
Ap-. 24, 1930. 139
74.4 .
iler-vse 1-el *81,4.00d „Air.;. -.073.0,A
;•
Goldenweiser says, are worse rather than better.
Apr. 24, 1930. 141
.Apt
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boror1JJ: t,
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tr.3
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votelal delme
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Hiller tells Board, is worse tether than better and that by June
we should be in a.00ndition worse than for meny yours; that
cheap money will not help; that Board majority must assume
responsibility for cheap money policy and 3% rate, intimating
that he was thrn; that he was never so happy about going
abroad as he felt the responsibility was off his hands; that
he fully expected a 20 rate within a week.
May 9, 1930. 151
Gov. Harrison says, exists all over world; that if only temporary
it ought to mend by July 1, as temporary depression usually
don't exceed one year; that if not temporary, question is
what more can be dons.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
•
Business recession (COntld.)
fAtil waN
Gov. Harrison said he saw nothing ahead exespt a bold
open market
operition.
a/lot
0
asmai;
he
J.e
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'c "to 41. 544-ea
I
•
Miller said. nothing can be done and that Board's cheap
money
policy would. mean mischief for us in the future.
•
Miller said the rebruary and March inflation of the
stock: matket was
caused by prior easy money policy of Board; that
a state of
mental depression has set in which exaggerates the
real businesss
recession.
Gov. Harrison agreed that the psychological effec
t of the 3% rate
had been bearish sather than bullish.
•
Gov. Harrison said his directors knew they could not
increase prices
or revive business, but felt they should do
allthey could.
May 14, 1930. 153
Butler, Nicholas Murray
Carnegie meeting.
11•
Dec. 6, 1929. 51
See - Carnegie ihdoment
Gives interesting talk as to 'ode and. influ
ence of Carnegie
MOdownent, in response to Delano's urging for
more direct
action towards peace.
Dec. 6, 1929. 51
*IL
_
let Is Ltitli
rt.1. ;;,,1
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•4
Tells of interviews with Strassmann,. Bria
nd, and Belgian
representative as to withdrawal of troops from
Germany; as to
interview with the Pope with reference to an
encyclical calling
an all Catholics to support the Brian
di-Kellogg pact and
as to his request for another interview
in April or May next
when the encyclical may be issued; of
request fronBeichstag
to address it next spring.
,
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lb spoke also ef the Briandpaellogg
pact, saying that Secretary
Kellogg originally opposed it ar a
Pacifist measure but
finally had to accept it, and as a
reward, got the Nobel prise:
that Briand laughed at the mention
of the Briand-Kallogg pact,
saying he should never refer to lello
gg as one of its creators.
He spoke also of his interview with
Winston Churchill who said he
had been wrong in thinking the
U.S. hated ngland; that his
reception in U.S. satisfied him that
&gland was liked and
respected by the U.S.: that be had visit
ed Hearst Who said the
circulation of his paper had greatly incre
ased since he stopped
attadking lhgland.
Dec. 6, 1929. 51, 52
,
21.
toist.i1i0) goissisers
Ludt
Isms tpzeito
Mai+ afIR earob e4 ogzeittoOtise 1.12,01
dpetutr.1 sits ra aiIc.'t Utsbeka,num blue. Vtioq
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assitirs1010
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Butler, Nicholas Murray (Contid.)
We all lundhed with I. Butler at Century Club
Dec. 6, 1929. 52
Dr. Butler to C.S.H. as to conferring degr
ees of L.L.D. by
Cma:is University in June
NWav113, 1930. 110, 111
- Colunbia University
•
writes Dr. Butler thanking the Universi
ty for the great honor
March4, 1930. 112
See - Coltanbia University
•
Dr. Butler again writes C.S.H. expressi
ng his pleasure and satisfaction
at honor paid C.S.R.
March 5, 1930. 114
, Lthset
See - Colunbia University
.1.0,11momme04010.memwme
•
•
•
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
•
22.
•
-0Calkins, Governor
Says his bank will recommend for admission into P.R. Syst
em
a bank whose stock is owned by a Canadian Ban3c
lab. 12, 1930. 99
See - Bank of Athens
*
•
•
•
Doubts advisability of bikring Government securities at
present time.
May 22, 1930. 169
IC': Virg.
AC 11-.sle'
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
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zo. 411.7
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Canadian Minister
Mr. Massey gives lunch to r.r. Beatty, President
of C.P. By. Co.
C.S.H. attends.
Mar. 29, 1930. 1.24
Canadian Pac. W. Co.
See supra* Canadian ainister
Capital shortage
Gov. Harrison says central bankers of lumps
felt there was no
great, but bad distribution.
April 15, 1930. 133
Capper, Senator
Attends Carnegie dinner to foreign editors
and praises C.S.H.Is
address.
May 26, 1930.- 175
Carnegie Indomnent
Meeting
Voted, to turn over all assets to new
Carnegie lbdorment Corporation.
GM. Montague alone voted No. C.S.H. offe
red. motion to
procure a change in new charter if deem
ed necessary by
President Butler, so that Corporation
be specifically
authorized to take over the lindomsent prop
erty on same
limitations as now governed the trustees
;
also
any other
gifts.
Delano plea&ed for more direct action
for peace.
Dr. Butler explained wolic and infl
uence of the Poundation.
Dec. 6, 1929. 51
We all lunched with Dr. Butler at
Century Club.
Is afternoon, O.S.R. moved that loce
cutive Oommittee study Delanols
statements and report at, if any, more
direct action could
be taken to enlighten the public alon
g the lines of peace and.
disannement. Passed unanimously.
Dec. 6, 1929. 50, 51, 52, 53
23.
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Carnegie /Moment (Contid.)
).!*;,•73
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Carnegie meeting.
New Corporation organized. under charter granted by State
of
New York conveyed, formally all th, propert of
Indomment to it, under sane conditions, etd.as
pertained, to original gift of Carnegie.
Feb. 10, 1930. 98
i•f}f
.
•
•
•
•
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•
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Gives dinner to visiting foreign jotumalis t s, Ito came to
U.S. as guests of aidounent Corporation.
• .c.-5
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C.S.H. presided. See scrap book.
May 26,1930. 175
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Case, Deputy Governor, Federal Reserve Bank, New York
C.S.H. suggests, as successor to McGarrah, resigned as
Chairman and
Federal Reserve Agent.
Jan. 30, 1930. 90
Straw vote of Board gave
•
• '..c"
-
••
•1 .
• "
.
to Case and three to Alexander.
ibr Case: Gov. Young, J.S.H.
ibr Alexander's Miller, James, Cunningham
•
•
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Later Sec. Mellon and Comptroller came into meeting
and a new
ballot was taken:
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Federal Reserve Bank of St. Louis
Lvil.•
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Utemis funeral of Governor Harding at Bosto
n
April 9, 1930. 131
•
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•
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:
Governor Case explained action of Federal Reser
ve Bank, New York
in %wing 50 millions of Government securities
, - approved by
the Board -as done to offset maturing acceptances,
and also to
guard against further gold imports.
Mar. 24, 1933. 121
ta ;..e11141.A.1
,X*3
r.`
•
vote for Case.
Case was then unanimously appointed Chairman
and Federal Reserve Agent.
Feb. 27, 1930. 109
-44asS'
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lor Case:Sec. Mellon, Gov- Young, C.S.H., Comptrolle
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?or Alexander* Miller, James, Cunningham
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Cathedral steps
Dedication of, Washington Cathedral
May 16, 1930. 157
24.
Change of vote
Cunninejtem voted against reduction of rate to 4%, defeating
by a tie vote.
•
it
Aye: Sec. Mellon, Gov. Young, C.S.H., Comptroller
Jo: Platt, Miller, Janes, Cunningham
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41,
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Cunningham then said he did not believe the reduction would
beneit farmers, but he felt that rates wculd soan have
to be reduced, perhaps within a week; that, without changing
his opinion, he had decided to change his vote and he voted
Aye. This carried approval of the 4% rate.
sift
ad f',.41.:P t04.7,
Aro: Sec. Mellon,Gov. Young, C.S.H., Camptrolkor, Cunningham
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Charters, National bank
Board tells Comptroller that if it retains trust powers it Should
be given power to approve all charters issuad to national banks;
that if not given this latter power by Congress it might favor
turning over trust powers to the Comptroller.
Nov. 5, 1929. 2
Chase, Mr. and Mrs. Hovland (Bale)
meets, at Bache' Hale's
Jan. 4, 1930. 69
.
1.
90
Miller, Platt, James
Psb. 7, 1930. 95, 96, 97
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Delano said he would gO over to Mattapoisett from Pairha
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with.
Nov. 10, 1929. 9
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C.S.H. meets, at Christening of Christopher Grant.
Nov. 10, 1929. 8
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Delano and, call on 14P.H. at Mattapoisett
Nov. 11, 1929. 12
Chilton Club
C.S.H. dines with Annie lours' at.
Nov.4, 1929. 1
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Christening of Christopher
See- Grant, Catherine
Grant
Christmas presents. 1929
65,66
Chronological table
Pacific S.W. Trust and
Savings Bank, 1923 - 1929
Nov. 25, 1929. 41
25.
Churchill, Winston 52
See - Butler, Dr.
•
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•
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ftsimmen, Federal Reserve Bank, New York
See - Federal Reserve Bank, New York
Clephane 65
See - Myer, Gertrude
Cleveland, Grover
See - Nevin, Prof.
Cleveland, Marion
See - Amen, Mrs.
•
•
Colds
O.S.R. has bad cold. Jan. 11, 1930. 75
Collins, Deputy Comptroller
Gov. Young thinks, responsible for McFadden bill giving to
Comptroller examination of national and state member bents.
Later appeared that he !tas not responsible for it.
Jana, 1930. 73
Columbia University
Dr Butler to C.S.S.
ColuMbia University in the City of New York
Mar. 3, 1930.
4ED
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http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
t•
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•
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My dear Mr. Hamlint
It is with the greatest possible pleasure that
advise you of the action taken with unanimity today by the
trustees of Columbia University in voting to confer upon you
the degree of Doctor of Laws, honoric cause, in recognition
of your long and devoted public service.
In accordance with custom, this degree will be conferred
on the occasion of the annual commencement exercises, which
this year takes place on the afternoon of Tuesday, June 3rd.
The commencement dinner given by the President In honor of the
recipients of honorary degrees will be held on the preceding
evening, Monday, June 2nd.
We hope very much that you will set aside these two
dates and give the University the pleasure and honor of your
presence at those times.
As the date approaches you will be eivised by the
Secretary of the University of the detailed arrangements for
commencement and of the name of that University officer who
will be officially detailed to serve as your personal escort.
This information will, if you please, be treated as
confidential until such time as the University makes
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
26.
Oolisabia University (Coated.)
annotmo anent.
Assuring you of my profound satisfaction at this action,
I am
. zY
Sinosrely yours,
Nicholas Murray Butler
e q.c.71V.
Mar.3, 1930. 110, in.
reg.
C.S.H. recital
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Max. 4, 1930.
lion. Nicholas Murray Butler, President,
.r.
Columbia tb.iversity.
•Teistn:,
MI dear Dr. Butler:
I beg to acknowledge your letter of *arch 3, informing
tab301$
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as of the action or the trustees in voting to confer upon me
0
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the degree of Doctdir' of Laws, Honoris causa, at the commenco-
meat exercises on Tuesday, June 3rd. I regard this as the
greatest honor ever conferred won me, and accept it with a
deep sense of gratitude.
It is an added pleasure to feel that I shall receive it
from your hands.
Tory sincerely yours,
-;; .relr
•
Charles S. Hamlin
Mac. 4, 1930. 112
Dr. Butler writes C.S.H. again.
Colunbia University
Mar. 5, 1930.
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Doer Mr. Hoaalint
Just a line before t eking ship on friday to thank you
for your most gracious letter of the 4th,and to assure you with
what pleasure and satisfaction I look forward. to our meeting
on Wrningside Heights at the Commencement services of Juzte next.
With warm regards, I an
Sincerely yours,
Nicholas Murray Butler.
v4
Mar. 5, 1930. 114
£
See also: Scrap book.
Nevin, Prof.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
27.
Commodity rate
Cunningham moved to take up, motion at next meeting. Agreed
Nov. 25, 1929. 43
Comptroller of Currency, Pole
Tells Board he will recommend in annual report:
•
1. ittension of branch banks to 7.R. district
2. Power to examine holding companies
stock in a member bank.
owning majority of
3. Transfer of trust powers from Board to himself.
41 .
Board made no commitments as to 1 and 2.
Board said no objection to 3rd recommemiation being made, but if
trust powers are left with Board it feels it ought to have power
to pass on all charters granted nEtional banks. If not given
this latter power Board would prefer to he trust powers given
to Comptroller.
C.S.H. said when Comptroller gives a charter including in its
name, "Trust Co." he felt almost impelled to grant trust powers
and therefore, Board should have right to pass on charters.
Miller claimed a bank might be entitled to a charter and yet not
be fit to exercise trust powers.
Nov. 4, 1929. 1, 2
Votes to approve N. Y. rate - 40 with minimm bill .'ate of 4%.
Nov. 4, 1929. 24
Votes to authorize open market oo:dmittee to buy Government
securities from time to time, not exceeding 200 millions.
Nov. 25, 1929. 40
Totes to cancel agreement of First National Bonk, Boston, for
examination of its subsidiary oampany, as the national bank
had divested itself of its ownership of stock in.
Dec. 14, 1929. 61
Gov. Young thought Comptaller approved Wadden examination bill.
Board thought it an impudent bill.
Miller said it proved Comptroller should not be an ex.-officio member
of the Board.
The bill took away also from Board and gave to Coaptroller right
to fix all salaries of national bank examiners.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
28.
Comptroller of Currency, Pole (Contld.)
Bill took away trust powers from Board.
Provided also that I.E. banks ghouLi be examined by Comptroller.
Later, Governor Young said Comptroller's office had
nothing to do with this bill.
Jan. 8, 1930. 73, 74
Votes for N.Y.Is 4% rate. Lost.
Tie vote.
Jan. 30, 1930. 87
Votes for N.Y.'s 4% rate.
Jib. 7, 1930. 96, 97
Says would not give charter if applied for by Bank of Athens
Trust Company on ground that Board had refused it
admission as a state member bank.
Could give no assurance what he would do if an application were
made by a state bank not previously rejected. by the Board.
Jib. 12, 1930. 99
C.S.H. will move reconsideration of rejection of Bank of Athens
Trust Co. unless Comptroller and Boari agree on policy.
Yob. 12, 1930. 100
Votes to reconsider rejection of motion to make Gov. Harrison's
salary $60,000.
hob. 21, 1930. 103
Board voted to reconsider and Comptroller voted for $60,000 salary
Fab. 21, 1930. 104
0
Votes against Wichita I.R. branch
Jib. 21, 1930. 105
Votes for Case for Chairman and P.R. Agent, New York
PO. 27, 1929. 109
Gov. Young doubted whether a majority of full Board favored the
annual report with the additions as to direct pressure.
C.S.H. said it did unless the Comptroller should charge his vote
given repeatedly in f.vor of direct pressure.
April 7, 1930. 130
Voted in favor of Miller's motion to advise N.Y. it could act
on its own responsibility as regards answer to M.S.
on placing its stock in U.S., as Board, pending an opinion
from Attorney General, was not clear as to its powers.
April 21, 1930. 138
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Federal Reserve Bank of St. Louis
29.
Comptroller of the Ouxrendy Pole (Oonttd.)
%tee against N.Y.'. 3% rate.
April 24, 1930. 141
Totes for N. Y.ss 3% rate.
May 1, 1930. 146
Totes for G.S.H. resolution as to reply of 7.R. Bank, New York
to B.I.S. - reparation bonds
May 27, 1930. 174, 175
Connolly, Monsignor
Drove out to Catholic University to call on, and drive him to the
Pennsylvania Railroad station
Ix-pressed deep gratitude for all he had done. He assured C.S.H.
of his pleasure in performing the duty.
Nov. 22, 1929. 31
Conrad, The Misses
We dined with, and Jane Hamlin
Jan. 2, 1930. 69
Adward Hamlin visits.
Mar. 26, 1930. 124
We have Harriet Hamlin and, at dinner
April 25, 1930. 142
Corbin, Mrs.
We dined with.
lib. 7, 1930. 97
Lad, Rhodes and, dine with us at Woman's National Democratic Club
l'eb. 13, 1930. 101
Corn Uchange Bank. 12, 13, 16
See - National City Bank, New York
Cosmopolitan Magazine 147
See - Rolm, Dinh
Cosmos Club
C.S.H. moves from, to gay-Adams House, Washington
Dec. 2, 1929. 50
Cotton, J. P. Uhder Secretary of State
Lunches at Cosmos Club with Committee of Associated Harvard
Clubs to prepare greeting on Justice Holmes 89th birthday
Dec. 31, 192. 68
Board writes, that it feels that 7ederal Reserve Bank, New York
has no authority 03 approve or disapprove American directors
chosen by B.I.S.
Feb. 25, 1930. 107
30.
•
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Cotton, J. P. (Oontld.)
Gov. Young says, agrees to
above.
rob 27, 1930. 108
Board sends reply of P.R.
bank to B.I.S• to effect
that F.R.
Bank, New York, did not
objet
chosen. Gov. Young said Cot to the American directors
ton had told him he agreed
to above.
Neb. 27, 1930. 106
•
•
•
Unable to attend at greeti
ng of Oannittee of Associate
d Harvard
Clubs to Justice Holmes an
his 89th birthday, as he
WAS
called to N. Y.
Max. 8, 1930. 115
Cotton asks Board to giv
e its opinion as to advisa
bility of State
Department approving a pro
posed 125 millions German
loan
to be placed by Lee, Hig
ginson & Co.
Mar. 25, 1930. 122
•
11.
• • •
•
Board advised Cotton tha
t it believed ths proposed
loan mig
have some effect, - tha
t some felt it might interf ht
ere with
development of the bond mar
ket, While others felt it
be negligible.
lould
Mar. 25, 1930. 122
Young told Cotton of above
and he asked if Board would
take responsibility of dis
approving of this loan; tha
replied that this questi
t he
on had not been put to
it.
Mar. 26, 1930. 123
Gov. Harrison said he th
ouht Cotton's talk with
him as to the
reply of the B.I.S. was
official.
April 15, 1930. 133 (3)
Cow pasture, Boston
C.S.H. signs agreement to
sell tie south side of 4 a)pies.
Mails than to ldwarl Ham
lin. Price 200 per foo
t.
Nov. 30, 1929. 49
Nod writes that Hodsdo
n and all parties have sig
ned agreement of
sale. Dated Nov. 15,
1929.
Dec. 19, 1929. 64
idward Hamlin sends O.S
.H. a new draft of Agreem
ent as to the
20 cent land in.
O.S.H. signed it and ret
urned it.
Jan. 17, 1930. 83
George Hamlin writes
that they have extended tim
e of Hodsdon's
first payment to June 15,
1930.
May 14, mo. 155
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Federal Reserve Bank of St. Louis
31.
Creager
See - F.R. Bank, Dallas
Credit eMbargo on Russia
Gov. Harrison says central bankers feel that we are giving
credits to Russia on WO liberal terms, and that such credit
should be eabargoed.
April 15, 1930. 133
Cremation
attends at, of remains of Gov. Hauling.
April 9, 1930. 131
Cunningham, Niward
Governor Young said, thought he had written Hoover's statement
following the stock crash, but that he did not and thought
Ogden Mills might have.
Nov. 1, 1929. 1
Board took away from Open Market Committee authority formerly
granted - on Sept. 24, 1929 - to bmy Govt. securities up to
200 millions and required authority from Board in each case
except in cases of emergency so sudden that it was not
practicable to consult with the Governor or the Board.
Miller preferred to omit the emergency clause but Cunningham
said he would vote against the resolution if it were not
inserted.
Nov. 13, 1929. 21
Totes for above revolution
Nov. 13, 1929. 21
Cunningham at first said he would not vote for any resolution
the result of Which would be to underwrite the stability
of the stock market, 'but finally voted for it with much
reluctance.
Nov. 13, 1929. 21, 22
Gov. Harrison telephoned his bank wished to reduce to 40
Cunningham only one present to receive it.
Nov. 14, 1929. 23
Totes approval of 40 rate with minims bill rate of 4%
Nov. 14, 1929. 24
I
•
•
Votes against Gov. Young's motion to authorize open market
committee to buy Government securities from time to time up to 203 millions.
Nov. 25, 1929. 40
Agreed to take up commodity rate motion of, at next meeting
Nov. 25, 1929. 40
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Federal Reserve Bank of St. Louis
32
Cunningham, dward (Contid.)
*.A
•
••• •
-
7inally changes vote to Aye, in view of
the Board's letter to
the corporation, altho he said he did not
believe in it.
Dec. 14, 1929. 61
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Voted to wipe out whole of above record
and take it up again
when a full Boari was present. Unanimou
s vote.
Jan. 144 1930. 78
Voted against proposed increase of Carl Ssid
eris salary
Jan. 16, 1930. 79
.:_‘; • JI:S.
4.
•
Voted against increasing Gov. Harrison's
salary to $60,000.
Jan. 14, 1930. 78
Voted against other proposed increase
s in Deputy Governors etc.
Jan. 14, 1930
•Totc y,f
.•
Votes against cancellation of agreemen
t with ?trot National Bank
Boston as to examination under Sec. 26,
P.R. Act, of its
subsidiary corporation.
Dec. 14, 1929. 60
flait
Voted against increase in Gov. McDougal
's salary to $20,000
Jan. 16, 1930 80
Voted against increase in salary of any
7.a. Agent
Jan. 16, 1930. 80
Toted for Millers' draft of open market
regulations. Policy Conference
Jan. 16, 1930. 82
•
•
Toted against C.S.H.se motion to reconsid
er in view of Gov. Youse•
objections to draft.
Jan. 16, 1930. 82
Voted to approve plans for addition to
building of P.R. Bank,
Richmond.
Jan. 16, 1930. 82
Voted against Gov. Young's motion to
approve a 31% minimum bill
rate for N. Y. (N.Y. asked for 3110
Jan. 30, 1930. 86
Voted against Millers* substitute - 3.7/
8%
Jan. 30, 1930. 86
•
•
0
Voted against proposed N. Y. reductio
n to 4%
Jan. 30, 1930. 87
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Federal Reserve Bank of St. Louis
33.
Cunningham, Alward (Contid.)
Agrees with C.S.H. that Burgess
and Gov. garrison at open market
meeting said they wanted to low
bill rate merely to offset
maturing acceptances and not to
prepare for a lower discount
rate.
Jan. 31, 1930. 93
Votes against reduction of N. Y.
to 4%
Feb. 7, 1930. 96
Changed vote to Aye to avoid a
tie altho he did not believe the
lower rate would help the far
mer.
Fib. 7, 1930. 97
Totes against C.S.H. motion to reco
nsider adverse vote on petition
of First National Bank, Boston
, to have its agreement, under
Sec. 25, P.R. Act, as to exam
ination of its subsidiary cancelled.
Feb. 12, 1930. 100
Votes against reducing N.Y.Is min
imum bill rate to 30
Fib. 12, 1930. 100
Agrees with C.S.H. that a refere
nce to direct pressure should be
added to Animal Report.
Feb. 12, 1930. 101
Votes against reconsideration of
Board's refusal to increase
Gov. Harrison's salary to $60
,000.
Feb. 19, 1930. 103
Hoard voted to reconsider
Cunningham voted against salary
of $604000 for Governor Harrison
Feb. 21, 1930. 104
Votes against Miller's motion tha
t henceforth no F.R. branches
be established, except when a
full Board is present.
Feb. 21, 1930. 105
Voted against C.S.H. motion to
approve Wichita branch.
Feb. 21, 1930. 105
Votes for Miller's addition to
Annual Report of reference
direct pressure.
Feb. 21, 1930. 106
to
Voted, on etre/ ballot, for Alexan
der for Chairman, P.R. Bank, N.Y
Feb. 27, 1930. 109
Finally voted for Case for Cha
irman, the stmaw vote, by addition
of Sec. Mellon and Comptroller bei
ng 4 to 3 for Case
Feb. 27, 1933. 109
Votes for N. Y. reduction to 30
Mar. 13, 1930. 117
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Federal Reserve Bank of St. Louis
36
Cunningham, Edward (Cont'd..)
Totes against Platt's motion to substitute Goldenweiser's
draft
of Annual Report for Dr. Miller's addition
direct pressure
Mar. 17, 1933. 118
'rotes for Miller's addition
Mar. 17, 1930. 118
Says James told him he was absolutely out of matte
r of Chairman of
P.R. Bank, St. Louis
Mar. 17, 1930. 119
Votes for Millers. motion to mnend the Open Market Poliq
f Conference
circular by taking away power of Bxecutive Committee to
call
meetings of full Committee
Mar. 26, 1930. 123
Toted for other motions of Millen
1. Strike out fran Sea. 6 that a P.R. bank dissenting
shall advise Chairman of Executive Committee
2. Strike out provision for meetings of Executive
Connitteo
with Board.
Mar. 26, 1933. 123, 124
Totes against Jamas motion to adopt the draft conditione
d an its
acceptance by the P.R. banks.
Mar. 26, 1930. 124
Totes for Millerss addition to Annual Report as
to direct pressure
April 7, 1930. 127
Votes against Miller's motion to inform P.R. Bank, New
York, that
Board is not clear as to its power until advised by
Attorney General and that, therefore, the P.R. Bank,
New rodt
can act on ite own responsibility in answering quest
ion of
B.I.S. Whether it dissents to proposed sale of reparation
bonds in U.S. markets.
April 21, 1933. 138
Absent when Board disapproved proposed 3% rate
for N.Y.
April 24, 1930. 141
Votes against 241% minimum bill rate for N.Y.
April 30, 1933. 143
Was present when Miller spoke of his talk with
Secretary Lane
in controversy as to cutting down the number
of P.R. banks
in 1915
April 30, 1930. 143
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Federal Reserve Bank of St. Louis
35
Cunningham, laward. (Oont s d.)
Vigorously protests against proposed 3% discount rate for
N.Y.
as it would help neither business nor agricultur
e.
May 1, 1930. 148
Votes against 30 rate for N. Y.
May 1, 1930. 146
Votes against minimum bill rate of 20 for N. Y.
May 1, 1930. 146
Votes against calling meeting of Open Market Commi
ttee
May 15, 1933. 157
Agrees to vote for C.S.H. draft of letter to ra4 Bonk,
N.Y.
as to its reply to B.I.S. — reparation bonds.
May 21, 1930. 165
Says no reason why C.S.H. should not dhow proposed
draft to
Governor Harrison
May 21, 1930. 165, 166
Votes for C.S.H. draft of reply to P.R. Bank, N.
Y. as to its
proposed reply to B.I.S. on reparation bonds
Unanimous vote.
May 27, 1930. 174, 175
Cunninghan, Henry
Have just read in Boston Heraldfor Mar. 15, 1930
of death of, on
Mar. 14
Sent letter to Mrs. Ounningham
Mar. 17, 1930. 119
Curtis, His. Horatio
C.S.H. calls on.
Nov. 10, 1929. 10
Curtiss, Prederio, P.R. Agent, Boston
Telephones C.S.H. that Gov. Harding has again been order
ed to the
hospital by his Doctor. He is in the Trumbull hospital,
Brookline
Nov. 15, 1929. 25
C.S.H. lunches with, at Union Club, Boston
Later drives C.S.H. out to see Gov. Harding
Nov. 18, 1929. 27
Tells C.S.H. that Dr. McCauselard told him he feared Gov.
Harding
suuld never leave the hospital, but in any event would
never
do any active vork again.
Nov. 29, 1929. 44
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Federal Reserve Bank of St. Louis
36.
Curtiss, Frederic, Federal Reserve Agent, Boston
Telephones C.S.H. that 00y• Harding can live only
a few hours
April 4, 1930. 125
MA. drives with, to Algonquin Club to see Gov. Hardi
ng.
April 5, 1930. 125
.
Telephones C.S.H. that Gov. Harding died at 4130
a.m. this morning
April 7, 1930. 127
Went to Boston with Gov. Young and Platt. Took:break
fast with
Curtiss and later went to Gov. Hardingis funer
al.
April 9, 1930. 131
See — Auld Lang kne
Customers loans
C.S.H. quotes to Board former recommendation
of Federal Advisory
Council that Board Should control customers loans
as well
as brokers loans.
April 6, 1930. 129
0111.0m.1.110oommi an ems
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
37.
.D-
•
•
•
•
Danish Minister
See
.
Brun
•
Death,siosese
Mrs. DeLong wired that Moses, our dog,
died this morning.
Feb. 1, 1930. 95
ir
•
Deflation
Gov. Harrison says there has been great,
abroad.
April 15, 1930. 133
Delano, 7. Am
C.S.H. meets Mr. and Mrs. at Christening
of Christopher Grant.
Delano said Col. Cheney and he would call
on Bertie tomorrow
at Mattapoisett
Nov. 10, 1929. 8, 9
Galls on Bertie with Col. Ghana. Says
Alexander Grant was a
bundle of nervew but Catherine was all
right.
Now little he seems to know of Catherin
e's real feelingsl
Nov. 11, 1929. 12
C.S.H. thinks, may have helped Alexander
Grant.
Nov. 18, 1929. 28
C.S.H. calls on Mrs. Delano but she was
out.
Nov. 24, 1929. 37
Urges more direct action for peace at
Carnegie meeting.
C.S.H. moves ftecutive Committee consider
Delanols statements
and report what, if any, new or more
direct action for
peace is advisable to mould public opinion.
Passed
unanimously.
Dec. 6, 1929. 51,52, 53
C.S.H. attends dinner to Delano by stabiliz
ation society and gave
a short address.
Dec. 30, 1929. 68
Introduces G.S.H. as presiding officer
at Wilson lbundation
meeting, National Theatre. Delivers Shor
t address.
Jan. 5, 1930 70
We lundh with Mr.and Mx*. to meet Cath
erine Grant.
May 17, 1930 158
C.S.H. tells, that Miller said he told
the Committee on cutting
down of F.R. banis that he should vote agai
nst their report,
which he himselfwrote. Delano said, "If he said that
he
is a hart
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Federal Reserve Bank of St. Louis
38.
Memo, IN A. (Contld.)
Drives C.S.H., H.13.11. and Mrs. Abr
ams to Washington Cathedral
to lay a wreath on Wilson's tomb for
Wilson 7buniation.
Deliong, Mrs. A. D.
Wires us that our dog "Moses° die
d this morning.
lob. 1, 1930. 95
Dinners (See lunches, suppers, tea
s)
Amen, Mrs. (Marion Cleveland)
At Woman. National Democratio
Club.
Jan. 30, 1930. 92
Brandeis, Justice and Mrs.
C.S.H. dines with.
Joy. 21, 1929. 30
Carnedie lb.dowment
C.S.H. provides at dinner of, to the
visiting laropean
journalists.
May 26, 1930. 175
Conrads, The Misses
Harriet Hamlin and, dine with us
April 25, 1930. 142
Corbin, Mrs.
Ws dine with.
lob. 7, 1930. 97
Dines with us at Waiin'sliati
anal Democratic Club
Feb. 13, 1930. 101
Delano, 7.A.
C.S.B. attends dinner of stabilits
tion Society to Delano
Dec. 30, 1929. 69
Frazer, Mrs.
We dine with.
J. 28, 1930. 85
Gordonm.Oumming, Mrs
We dine with.
Dec. 24, 1929. 65
Grant, Catherine
C.S.H. dines with.
April 6, 1930. 127
Green, Theodore 'muds
Dines with us at Hay—Adams Hou
se
May 7, 1930. 151
1
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Federal Reserve Bank of St. Louis
39.
Dinners (Contld.)
Harriet
See - Conrad
Harvard Club, Wash ingto n
C.S.R. attends annual dinner.
rob. 6, 1930. 95
Hagerman, Ml. s
We dine with.
Jan. 29, 1930. 85
/Kith
C.S.H. giver dinner to, at Cosmos Club
Nov. 11, 1929. 12
We dine with.
Jan. 19, 1930. 29
Dines with us.
April 20, 1939. 137
Msy 11, 1930. 152
Johnson, Mrs. James Marion
We dine with.
Mar. 5, 1930. 114
Lansing, Mts. Robert
We dine with.
Mar. 16, 1930. 116
Learned, Mr. and Mrs.
We dine with.
Jan. 7, 1930. 72
Lotus Club, N.Y.
C.O.R. dines at rob. 10, 1930. 97
McClellan, Mr. and Mrs. George 3.
We dine with. Dec. 15, 1929. 62
Dec. 25, 1929. 66
Myer, Gertrude
dines with
Nov. 5, 1929. 5
Nov. 12, 1929. 17
Nov. 24, 1929. 37
Nov. 30, 1929. 47
Dines with us
Dec. 29, 1929. 68
We dine with.
Mar. Xi, 1930. 125
Olney, Mr. and Mrs. Richari
At Woman's National Democratic Club.
Jan. 11, 1930. 75
Cancelled
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Federal Reserve Bank of St. Louis
40.
Dinners (Contsd.)
Pound, Dean. Harvard Law School
Dines with us.
April 2, 1930. 125
Pruyn, Mr. are. Mrs. Irving
We dine with, N. Y.
Feb. 11, 1930. 98
e'
Rhodes, Mr. and Mrs. Charles
Jan. 5, 1930. 71
Riggs, Jeannie
We dine with. Dec. 7, 1929. 53
•
•
Rogers, Mrs. Cong.
We dins with, at New Willard Hotel.
May 16, 1930. 157
Stevens, Mrs. Bryan
H.P.R. dines with.
Pe% 10, 1930. MI
•
Tappan, Robert
Dines with us.
Teb. 5, 1930. 95
•
•
•
•
4.
,
•
Warren, Mr. and Mrs. Charles
C.S.H. dines with.
Nov. 13, 1929. 22
9
We dine with. Dec. 22, 1929. 64
Mar. 9, 1930. 116
Woman's National Democratii Club
We dine at
lob. 26, 1930. 107
•
•
8ee — Amen, Mrs.
Corbin, Mrs.
Direct pressure
118, 128, 130
See — Anlual Report, lederal Reserve Board
Discount rates
Governor Harrison reads to Board a resolution of
his directors
on Nov. 7, 1929, favoring easing through open marke
t
operations with the objective of securing lower inter
est
rates for business throudiout the country
Nov. 9, 1929. 18
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Federal Reserve Bank of St. Louis
41.
Discount rates (Contid.)
Gov. Harrison repeats above as the attitude of his
directors.
Sec. Mellon approves.
Nov. 11, 1929. 11
Board took no action as Open Market Committee meets
tomorrow.
Nov. 11, 1929. 11
Gov. Harrison said all wanted lower discount rates
, but that, with
a billion of rediscounts the banks muld go slowl
y in reducing
discount rates; that the purchase of even 200 milli
ons in open
market, - clearly not now necessary - would be
used to take
down rediscounts and thus would not increase 7.9.
credit, but
that it would make the banks feel easier and pave
the way for
lower discotmt rates.
Nov. 12, 1929. 15
Gov. Harrison telephones his directors want to
reduce to 40 with
e. reduction also in minimum bill rate, and asked
for opinion
of Board.
Nov. 14, 1929. 23
Board members initialed a manorandm that Board w)uId
not object
but wanted a similar reduction in bill rates.
Sec. Mellon also
initialed the mosorandus.
Nov. 14, 1929. 23
Board at meting unanimously approved the 40 disco
unt rate.
Toting:
C.S.R., Platt, Comptroller, Riller, Cunninghms
Sec. Mellon mot present but approved.
Gov. Young in
James also away'
Miller said Alexander did not favor a reduction at
this time.
Nov. 14, 1929. 24
lederal Advisory Council suggested delay on part
of the P.R. banks
now having 5% rate as a help towards liquidatin
g security loans.
Jan. 19, 1930. 28
At Federal Advisory Council meeting Wetmo
re and Goebel opposed
giving increased P.R. dividends to member banks
, on ground,
amon g others, that it might bring about an unnec
essary increase
of discount rates.
Nov. 21, 1929. 30
Board approves 40 rate for Chicago.
Nov. 22, 1929. 32
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Federal Reserve Bank of St. Louis
42.
Discount rates (Contld.)
•
•
Millersaid Governor Harrison's policy
as to open market operations
%Al an affirmative policy
with a view to lowering discount
rates.
Board all agreed that 8 out of 11 Gov
ernors (one absent) opposed
easing policy and merely desired to
maintain status quo.
Jan* 30, 1930. 86
•
Governor Young said any lowering of
minims bill rates meant an
easing policy and, ultimately, low
er discount rates.
Jell* 30, 1930. 85
N. Y. established a 4% and asked Boa
rd approval.
‘,•
4
••
Gov. Young moved to approve.
Lest on tie vote
•
•
•
Aye: Gov. Young, Sec. Mellon,
Comptroller
Not Miller, James, Platt, Cunningham
N. Y. was so advised.
Jan. 30, 1930. 87
•
C.S.H. doubted advisability of redu
cing now but was not prepared
to veto the unanimous vote of the
N. Y. directors.
Sec. Mellon agreed with C.S.H.
0
•
•
•
•
. *dal
I.
Sae*
*r
so
$4,1
leisoO am* am**. em. *•0
-1 sr , quo( votzse
r "OTTO
-,
Burgess said same as above, but adde
d that the business directors
wanted to reduce discount rates but
the banking directors
were opposed. He said nothing
to intimate that the purpose
of open market operations was to bri
ng about lower discount
rates, until,at least, the lower
bill rates were tried out.
Jan. 30, 1930. 88
The Governors, at the Open Market
Conference were 9 to 2 against
any immediate reduction of discou
nt rates, and against any
reduction in bill rates except to
preserve status quo.
Jan. 30, 1930. 88
•
•
•
Platt thought matters should go ove
r for another week.
C.S.H. is surprised at New York's
action as Gov. Hhrrison said at
Open Market Confereace that the pur
pose of lover bill rates
was to maintain status quo,- maturi
ng acceptances, - and not
to bring about a reduction in discou
nt rates, that ultimately
discount rates would have to be red
uced, Itit that nature
should be allowed to take its cou
rse as to discount rates.
Jan. 30, 1930. 88
•
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Federal Reserve Bank of St. Louis
43.
Discount rates (Contld.)
C.S.H. feels the Governors vote for lowe
r bill rates was obtained
by doubtless unintentional deception
practised by P.R. Bank,
New York.
Jan. 30, 1930. 89
•
The Pederal Reserve Bank, New York, gave
as reason for wanting
reduction that lower discount rates woul
d stimulate business.
Miller said most eloonanists believe that
lower discount rates will
not stimulate declining busines , but
when the bottom is reached
and the tide begins to turn, then
a reduction would help.
C.S.H. felt he was not justified, howe
ver, in overruling by his
vote the belief of the N.Y. director
s that lower discount rates
will help.
Jan. 30, 1930. 89
•
Miller said N.Y. was evidently domi
nated in matter of disoount
rates by Bank of ihgland and Bank
of Prance.
Jan. 30, 1930. 89, 90
,
•
•
•
#.
I
•
Bank of ling:land yesterday reduced
to 4
Jan. 30, 1930. 90
Bank of Prance yesterday reduced to
•
30.
Jan. 30, 1930. 90
•
.
•
Governor Harrison told Gov. Young he
did all he could to
dissuade his directors from establis
hing at this time the 4% rate.
Jan. 30, 1930. 91
C.S.H. objected to agiproving the reco
rds of above meeting as
they - unconsciously perhaps - made
it appear that the Board
expecte& a speedy discount
te reduction, completely exonerating
Gov. Harrison & Burgess.
quoted Gov. Harrison and Burgess's rema
rks that the object
of lowerbill rates was to preserve the
status quo and not to
bring about any immediate reductio
n in discount mates, *hidls
Should be left to course of nature.
Gov. Young said his recollection was
just the opposite -that they
both said discount rates would be
reduced.
C.S.H. said they said that in regular
camrse they might be reduced,
but /mediate reduction was not even
hinted at.
Miller and Cunningham agreed with
C.S.H. as toabove.
Jan. 30, 1930. 92
Ii
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Federal Reserve Bank of St. Louis
44.
Discount rates (Contid.)
Board approves unanimously P.R. Bank
of Richmond reduction to 40
lateral Reserve Bank, New York, agai
n submits a reduction to 4%.
Feb. 7, 1930. 95
Board discussion:
• • •
•
Miller said he would probably vote to
reduce in two weeks
or perhaps next week; that many bank
ers feat that Board and P.R.
Bank are trying to create artificial
ease to stimulate business
and help the bond market; that lower
rates will not stimulate
business when it is receding; that a
lower rate norwould cause
an immediate response in the stoc
k madeet, where prices had
already increased 40 over the October
1929 break.
Platt said he would vote to reduce next
week.
•• •
Gov. Young said Gov. Harding says ther
e is a great demand in Boston
for a reduction to 4%, which Boston will
probably establish
next week; that it would make the Board
ridiculous to turn
down N.Y. now and then approve Boston
next week before the
N. I. directors meet.
Feb. 7, 1930. 95, 96
•
•
Gov. Young moved to approve the 4% rate
.
Lost on a tie vote.
Ayes
•
•
•
ank
•
•
•
Sec. Mellon, Gov. Young, C.S.R., Comptrol
ler
NO: Platt, Miller, James, Cunningham
lib. 7, 1930. 96
Cunningham then said he would change
his vote to Aye as he regretted
a tie vote; that he was the representati
ve of farmers an the
Federal Reserve Board, and as such, favo
red lower rates; that he
was satisfied, however, that lower rate
s in T. Y. would not help
the farmers; that all agree that discount
rates must soon be
reduced, perhaps within a week; that, with
out changing his
opinion that the reduction will bring no
relief, he decided to
Change his vote to Aye.
This carried approval of the redu
ction.
Are:
lb:
•
Sec. Mellon, Gov. Young, C.S.R. Comptroller,
Cunningham
Miller, Platt, James
Feb. 7, 1930. 97
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Federal Reserve Bank of St. Louis
Discount rates (Contld.)
Ooldenweiser addresses Board and said
he would approve a reduction
to 30, lerving the bill rate above
the discount rate.
Mar. 5, 1930. 113
C.S.H. tells Board if dissent were
expressed by Governor Young
in sending to Congress the report cont
aining a statement
as to effect of direct pressure, he woul
d want to amplify the
report and bring out the real issu
e between the Board and the
P.R. Bank, New Yotk.
Gov. Harrison's affirmative increase
d rate policy, etc. etc.
April 6, 1930. 128, 129
Gov. Young said N.Y. had managed the
matter of increasing discount
rates wretchedly.
April 6, 1933. 129
I. Y. suits 3% rate for Board's
approval.
April 24, 1930. 139
Gov. Harrison gives reasons over
telephone to Gov. Youngs
1. Commodity prices fall all over worl
d; lower than any
time since 1916.
•
•
2. Trade not good.
3. Gold imports, mostly fran countries
other than larope
of 100 millions this year.
4. Bond market depressed.
5. May stimulate stock market, but
it is better to revive
bond market than worry about security loan
s which,
in any event, must soon decrease.
Gov. Harrison said his Board was unanimou
s.
April 24, 1930. 139, 140
Board's feeling:
1. Board until now has been considering
a tightening
rather than an easing policy.
2.
N. 1.1 s reasons are national rather than
local.
3. Board should consider national poin
t of view and has
called an open market meeting for this
purEose.
I
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Federal Reserve Bank of St. Louis
46.
Discount rates (Contid.)
Miller said that but for the
500 millions of Govt. securitie
s
held by the P.R. System,
or if these holdings tould be
reduced materially, he wou
ld not object to any rate, eve
n
below 3%, but with this amo
unt of P.R. credit outstandi
ng
it was another matter.
Platt moved to disapprove.
Passed unanimously
Ar.: GOV. Young, Miller, C.S.N., Pla
tt, Jones, Comptroller
Absent; Sec. Mellon, Cunningha
m
April 24, 1930. 139, 140, 141
Gov. Young told Board he had
heard that the Bank of &gland wou
ld
lower its rate tomorrow.
C.S.K. feels this is an import
ant
factor in the situation
.
April 30, 1930. 147
New York again submits 3%
rate for approval.
May 1, 1930. 145
Board discussion.
Miller opposed approval but
based his opposition Chiefly
on the
fear that the Board and P.R
. Dank, N. Y. would be too timid
to reverse When the times com
es so to do.
Sec. Mellon told Miller
this was scarcely a satisfact
ory reason for
refusal to approve under pre
sent conditions.
Cunningham objected vigoro
usly on ground that the reduction
would
not help business or agr
iculture.
C.8.E4 said that at the inf
ormal discussion yesterday he
was in
grime eoubt, and that he
voted Against it last week; tha
t he
was inclined to think it wou
ld not help business, but recogn
ized
that the N.Y. directors were
unanimous.
C.S.R. added the action of the
Bank of &gland today reducing
to
3% and of the Bank of Pra
nce in reducing.te.20, in his
opi
nion
pat a different aspect on
the matter; that he felt that
a
34%
continued in N.Y. above the
rate
rates of the Bank of &gland and
buck of Prance would result
in
the U.S.; that since lob. 8, a revival of gold imports into
1930, Iihan the 4% rate was est
ablithei
in N.Y. we had gained 136
millions of gold, Chiefly from
Japan
and South American, and muc
h money had been withdrawn fro
m
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Federal Reserve Bank of St. Louis
47.
Discount rates (Contid.)
circulation; that he felt sure that
to keep in the 30 rate,
under above conditions, would draw
gold from lurape as well;
that the total rediscounts were now
so small that future
gold imports would gg directly into
meMber bank reserves
and encourage further expansion;
that he, therefore, altho
with some reluctance, would vote
to approve the Or.te.
May 1, 1930. 145, 146
A Tote was then taken and the
3% rate was approved:
Aye: Sec. Mellon, Gov. Young, C.S.
H., Platt, Comptroller
No: Miller. James, Cunningham
May 1, 1930. 146
Miller said the directors of Federal
Reserve Bank, New York, were
obsessed in belief that cheap mone
y will help the business
recession and that they dominate
d the Board; that the majority
of the Board must assume the resp
onsibility for the 3% rate,
intimating that he was through; that
he never felt so happy
at going abroad as now, for all resp
onsibility was taken off
his hands; that he fully expe
cted a 20 rate within2 weeks.
May 9, 1930. 151
At the rate discussion Thursday Hill
er said to the Board in presence
of Sec. Mellon that what the publ
ic most needed was protection
from the Federal Reserve Syst
emi
May 9, 1933. 151, 152
Miller tells Gov. Harrison the
Board's easy money policy would
mean mischief for us in the futu
re.
May 14, 1930. 153
Miller said the lebruaxy and Marc
h inflation in the stock market
was caused by the Board's poli
cy prior thereto; that the
psychology of the reduction to 3%
has been bearish rather
than bullish.
May 14, 1930.153
Gov. Harrison denied that higher disc
ount rates would help banks
liquidate their security loans,
and said an attempt to
liquidate their security loans
woad simply cause loss of
banking customers.
May 14, 1930. 153 (1)
153 (2)
Owl Harrison said that while a 3%
rate might not help much the
short time borrowers it would help
to obtain long time money
at more reasonable rates, by help
ing placing of securities,
thus helping the bond maxket; tint
there is plenty of money
now for short term borrowing, but
that rates are relatively
high for long tern borrowing.
May 14, 3930. 153(2)
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Federal Reserve Bank of St. Louis
48.
Discount rates (Contd..)
The 7ederal Advisory Council made no suggesti
on as to change
in discount rates.
MNy 20, 1930. 160
•
•
e
•
•
At Governors Open Market Conference, Gove
rnor Young sid he
hesitated about approving the 3 rate in
view of the
expressions of the Governor on March 24. Gov.
Harrison
replied that expressions as to open market poli
cy could
not bind any P.R. bank on question of altering
discount
rates three weeks later under changed conditio
ns. All
the Governors agreed to this.
May 21, 1930. 166
GOV. Harrison reported for open market conference that
the fixing of
discount rate
s was not within the province of the open
market policy conference; that this was a matt
er between
the individual P.R. bank and the Board.
May 22, 1930, 168
Miller said the present credit conditions were
operating in a
passive contracting force and that he rather favo
red
buying Government securities.
Why then did he vote against the 3%
rat*?
May 22, 1933. 169
Gov. Harrison favored open market operations rath
er than lower
discount rates, as latter would deprive the
banks of needed
earnings.
May 22, 1930. 169
Gov. Martin told C.S.H. it was very generall
y being charged that
the reduction to 3% -as an attempt of P.R.
Bank, New York
to 'prepare4 the market for taking the repa
ration
bonds.
May 22, 1930. 173
See alms F.R. Bank, New York
Harrison, Gov.
Discounts. 11, 15, 18, 38
See -Discount rates
Harrison, Gov.
Young, Gov.
Dividends, Increased.
See - Glass
Member banks
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Federal Reserve Bank of St. Louis
49.
Dodge, Mrs.
C.S.R. meets, Mother of M. aharles Xliot at Rachel Hale's.
Nov. 6, 1929. 4
Also at Milan Leonard's.
Nov. 22, 1929. 34
Domination of Federal Reserve Bank, New York
Miller says Federal Reserve Bank, N. Y. is dominated by Bank of
Ingland and Bank of Prance.
Jan. 30, 1930. 90
Miller says our Board is dominated by P.R. Bauk, N.Y.
Cheap money
May. 9, 1930. 151
Dutch Minister
See - Van Royen
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Federal Reserve Bank of St. Louis
50.
—E-
Earnings
Gov. Harrison said lower discount rates would deprive banks
of needed.
May 22, 1930. 169
Governors Conference said need of earnings no justification for
buying Government securities
May 22, 1930. 169
Easy money
Gov. Harrison reads a resolution of P.R. lank, N. Y. favoring.
Nov. 9, 1929. 18
Gov. Harrison repeats above.
Nov. 11, 1929. 10
Gov. Harrison says purchase of Govt. securities would make easing
policy effective.
Nov. 11, 1929. 11
Beard omnsiders above.
Sec. Mellon approved in order to help the band market a pressing immediate problan
No action taken as Open Market Committee meets tomorrow.
Nov. 11, 1929. 11
Miller objected to Open Market Committee report as laying down
a general policy of ease in addition to anergency authority.
Nov. 13, 1929. 19
Miller drafts letter to Gov. Harrison that Board will not grant
alithority to big Govtb securities without apl)roval of Board,
except in eases of emergency, but will give continuous
consideration to question of easing the market.
Nov. 13, 1929. 19, 20
Miller said that to give Open Market Committee authority to buy
Government securities up to 200 millions, would be a bad policy
af easy money and would be an abdication in favor of the
P.R. Bank, N. Y.
Nov. 25, 1929. 38
C.S.H. said the policy was an easy money policy in which he believed.
Nov. 25, 1929. 38, 39
All agreed that money, i.e. call money, was very easy now but
Gov. Young thought it would quickly be absorbed.
Nov. 25, 1929. 39
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Federal Reserve Bank of St. Louis
51
Sissy money (Contld.)
At Governors Conference- Open market Oannittee- 8 out of 11
Governors (one absent) opposed further easing. Pavored status quo.
Jan. 28, 1933. 84, 85
Miller said P.R. Bank of N. Y. was greatest advocate of easy money
in P.R. System.
Jan. 28, 1930. 84, BB
Miller attacked Gov. Harrison's Gamy money policy as leading to lower
discount rates.
Jan. 30, 1930. 85
Gov. Young said any lowering of minima bill rates meant an easing
policy ultimately leading to lower discount rates.
Jan. 30, 1930. 85
Sec. Mellon asked Miller if he did not believe in some easing. Miller
said yes but should be treated very cautiously.
Jan. 30, 1930. 87
Miller said most economists do not believe that easy money A.11
help a recession of business.
Jan. 30, 1930. 89
C.S.H. suspects McGarrah and Young want easy money to help place
the reparation bonds in U.S.
Jan. 30, 1930. 90
Miller said many bankers fear that Board and banks .re trying to
create artificial ea.e to help bond market and stimulate business.
Feb. 7, 1933. 96
See - Miller, Dr.
Miller predicts trouble in future from.
Mat. 13, 1930. 117
Governors at open maxket conference criticise P.R. Bank, N.Y. for
buying 50 millions af Govt. securities under present easy
money conditions.
Mar. 24, 1930. 121
Gov. Harrison said low rates for short term borrowings will help long
term credits, - the tool market.
April 15, 1930. 133
Board said in reply to Gov. Harrison's claim that easy mommy would
help the bond market, that Board had been considering a
tightening rather than an easy money policy.
April 24, 1930. 140
Miller opposed easy money conditions.
April 24, 1930. 140
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Federal Reserve Bank of St. Louis
52.
rasy money (Oontsd.)
Miller said P.R. Bank, N. Y. was obsessed with idea that easy
money will help business recession.
May 9, 1930. 151
Miller told Board that the public needed protection from the easy
money policy of the Board.
May 9, 1930. 151, 152
Miller says the psychology of the easy money rate of 3% has been
bearish rather than bullish. Gov. Harrison agrees that up
to date this is true.
May 14, 1930. 153
Miller said present conditions are passively constructive rather
than inflationary and would like to keep out always say
1 billion of 7R. credit.
May 22, 1930 169
Gov. Martin told C.S.H. that it was being charged that the 3% essy
money rats was put in to help place the reparation bonds, and
C.SA. is inclined to this view.
May 22, 1930. 170
114y, Walter
Board extended leave if absence to, for reminder of calendar year,
Wyatt advising us we had this power.
Miller alone voted No.
Sec. Mellon was present ani voted Aye.
May 27, 1930. 175
iditors, Foreign
C.S.H. presides at dinner to
guests of Carnegie Board.
See — Carnegie ihdomnent
MOmlin, C. 5.
Eligible paper 28
See
Federal Advisory Council
tot, Charles
Speaks at Womanis National Democratic Club on future of Washington.
Jan. 30, 1930. 92
Allot, Mrs. Charles
lllen Leonard says, is to have twins.
Nov. 6, 1929. 4
Gives birth to twins.
Nov. 10, 1929. 9
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Federal Reserve Bank of St. Louis
53.
Xiiot, Rev. and Mrs. Samuel
Bev. Mr. Xliot christens Christopher Grant.
Mrs. lliot there.
Nov. 10, 1929. 8
Mrs. iliot praises H.P.H.
Nov. 10, 1929. 10
Arrive in Washington. Ho stays at Cosmos Club, she at
Woman's National Democratic Club.
April 25, 1930. 141
We call an, at Delanos.
April 27, 1930. 142
illiott, Henry W.
Death of. Seal expert.
May 27, 1930. 178
'Mott, Mrs. Milton
Dines with us.
Mex. 5, 1930. 114
C.SA• meets, a N. Y. lamer, at dinner with Allen Leonard.
Dec. 1, 1929. 49
libargo on Russian credits
Central bankers complain of our too liberal credit temms to
Russia, end think our credits should be embargoed.
April 15, 1930. 133
ilastis, With
Rachel Hale meets Mrs. Wilson at dinner with.
Jan. 4, 1930. 69
Reusinations
see
.McFadden bill
&port trade
Gov. Harrison says our, has fallen off oonsiderably,which, he
said, meant that the purchasing power of Bumps has fallen off.
May 14, 1930. 153
Wes
See - Morrison, Dr.
54.
-1Fairhaven 27
Ses - Grant, Alexander
•
Simmers 28
See - Cunningham
Federal Advisory Council
Meeting
Toted by small majority in favor of amending Federal Reserve Act
to secure more of eligible paper.
• • •
_
•
•
•
'
.
, !••''
P:
t••
4.
They said they did not refer to Lombard loans, but merely to
permitting F.R. banks to discount all eligible paper which
banks could make under U.S. Rev. Statutes, Sec. 5200.
•
•
AV
They favored some delay in reducing discount rates at F.R. banks
now having a 5% rate to help the further liquidation of
security loans.
•
••
Potter said security loans are still too high and that too easy
money through open mmtket operations might retard liquidation.
Jan. 19, 1930. 28, 29
• ,•• •
• - •••,'
A
$
•
.
Board and, confer with Hoover as to credit and business situation.
Jan. 19, 1930. 29
°:-•-
Approved Glass bill - increased dividends for msmber banks - by
small majority.
, 4:
AA! :0;
Wetmore and Goeble op2osed on ground that it would stimulate
Federal reserve banks to strive for increased earnings and
possibly unnedessa4 increases in discount rates, and
increased competition with, member banks.
Nov. 21, 1929. 30
•
•
•
•
•
1.1
Op
Meeting.
Nothing cf importance
See scrap. book.
Feb. 19, 1930. 102
Meeting
Discussed form of reply of F.R. Bark, N. Y. to B.I.S. on
proposed placing of reparation bonds in U.S.
•
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
C.S.H. gave his views.
•
Mr. Loeb of Phila. agreed with C.S.H.Is views as did
Mr. Putter, of Guaranty Trust Co., N.T.
No vote taken, but C.S.H.'s Vi4WS generally favored.
May 30, 1930. 159, 160
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
55.
Federal Aavisory Council (Coned.)
No suggestion as to changes in discount rates.
71;
Open market operations should aim to keep the status quo.
00
Potter told C.S.H. a rate lower at Na. than NAgland and France
would, other things being equal, tend to draw gold to N.Y.
May 20, 1930. 160
Federal "arm Board
Gov. Harrison said Nuropean central banks are very carious as to how
much grain the, will buy; that they felt the situation was a
world one which the, could not hope to control.
April 15, 1930. 133
Federal Reserve Act
Federal Advisory Council favors amendment so that P.R. banks can
discount all that mmmber banks can lend under Sec. 5200, TI.S.R.S.
Jan. 19, 1930. 28
Board feels that Chairman can not be relieved of his dutles as
Federal Reserve Agent without an amendment of.
Jan. 31, 1930. 94
•-r
•
•
See - First National Bank, Boston
•
Federal Reserve Agent, Boston
See - Curtiss
Federal Reserve Agent, New York
See - Case
Federal Reserve Bank, NT
McGarrah
,
• 7.
Federal Reserve Agent, St. Louis
See - P.R. Bank, St. Louis
James
Federal Reserve Agents
C.S.H. moved no increase in salary for cantng year.
•
• •• •
•
Passed unanimously except possibly James
•
•
•
•
•
••
•
•
•
C.S.H. wanted Curtiss's salary increased but he saw there was no
chance as Gov. Young said he would oplose any increase to any
P.R. Agent.
•
•
C.S.H. felt a tie woule result.
Jan. 16, 1960. 80
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Federal Reserve Bank of St. Louis
56.
Federal Deserve Agents (Contld.)
00v. Young proposed turning over to an Assistant all P.R. Agent
work of Chairman, and fixing a moderate salary for Chairman.
Gov. Young suggested Owen D. Young for New York.
• • •
0.0
1)1.0 It
Watt said it would require an amendment of Federal Reserve Act
and Governor Young abandoned it.
Jan. 31, 1930. 93
S
•
)e.
4
•
.1 •
6
Federal Reserve Bank of Atlanta
see. Warburg
r40. 411'
?-:av.e:
P
vt:..)P...,‘,.4
•
Lit
trikr
See — Governors Conference
James
Joint Conference
Martin, Gov.
i
Federal Reserve Bank of Boston
C.S.R. attends stockholders meeting and delivers address
Nov. 8, 1929. 7
See— Discount rates. 96
80v. Tbung, Platt and C.S.H. gp to, funeral of Gov. Harding.
April 9, 1930. 131
Federal Reserve Bank, Chicago
Reduces to 40
Nov. 22, 1929. 32
C.S.R. voted to increase Gov. McDou4plis sa-y by WOO as
=wittingly he had committed himself to Gov. Young
on his statement that Miller approved.
-
to.c.
- 4
g
I
144
•
••
;PA
11
'
••--• • •‘,..;
Defeated ay tie vote.
Ayes Gov. Young, Platt, C.S.R.
No: Miller, James, Cunningham
Jan. 16, 1930. 79, 90
leieral Reserve lank, New York (See also Harrison, Gov.
.4140t
Raeburn
Woolley)
•
Gov. Harrison presents to Board a resolution of his directors
passed Nov. 9, 19291
•
•
•
•
"It is the unanimous opinion of this Board that, in the
interest of maintaining busi'ss and employment, the poliqy of
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
57.
Pectoral Reserve Bank, New York (Cont'd.)
•
the Federal Reserve System and this Bank for the coming
weeks should be to keep a plentiful supply of money in the
market through the purchase of bills, if available, and if not,
then through the purdh4se of Govermnrnts, in order that the
discounts of the J.R. System may be reduced and, at the proper
time, a further reduction of the discount rate effected, with
the objective of seluring lower interest rates for business
throu*lout the country.0
Nov. 11, 1929. 18
•
Reduces t)
Nov. 14, 1929. 24
Board disapproves salary of $63,000 for Governor Harrison.
Jan. 14,1930. 78
Jan. 16, 1930. 79
Board disapproves 2000 increase in salary of Carl Snyder.
Jan. 16, 1930. 79
•
•
•
•
•
•
•
Board agreed new open market regulations left, free to buy
Government securities in any acute crisis.
Jan. 16, 1933. 81
Imo
•
•
•
Gov. Young said he had been in conference with Sec. Mellon and
P.R. Bank, New York, as to a draft of open market regulations,
and voted against draft as adopted.
Jan. 16, 1930. 81
: •0_
•
Board disapproves 4% rate for.
Jan. 30, 1930. 87
MA. feels that Open Market Committee vote flivoring lower bill
rates was obtained by unconscious deception of the Governors
by F.B. Bank, N.Y., in view of subsequent establishment of 4%
rate.
Jan. 30, 1930. 89
.
•
C.S.H. would have suggested Jay for Chairman, but Gov. Norris told
himyesberday that Jay had made other arrangements.
Jan. 30, 1930 91
•
•
Board approved reduction
to
4%.
lab. 7, 1930. 96, 97
Reports against admitting Bank of Athens Trust Co. into 7.R. System
7416 12, 1930. 98
Board approves reduction of blying rate on bills from 31 to 30
70. 12, 1930. 100
Board appoints Case Chairman of.
70. 27, 1930. 109, 110
Federal Reserve Bank, New York (Gontid.
)
•
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Board approves reduction to 30.
Max. 13, 1930. 117 .
Open Market Committee criticised, for
buying 53 millions of
Government securities, approved by Bair
d.
I -1.. •
•
t
I
•
IP
•
C!
•
p.
Oase explained - done to keep status quo
and guard against gold
exports.
Mar. 24, 1930. 121
Gov. Young unwilling to sign annual repo
rt because of its references
to direct pressure and discount rate disp
ute between Board and.
April 6, 1930. 128
C.S.H. said if any dissent to Annual Repo
rt was to be express in
signatures by Board amsbent or especial
ly by Gov. Young, he
should want added to the report a stat
ement showing real
issue between Board and should., among
other things, quote
Gov. Harrison's letter as to an affi
rmative rate increase
policy, the desire of, to break the stoc
k mark
official statement to Board of MoGarrah that et, the
the, contemplated.
issuing a statement questioning soun
dness of collateral for
brokers loans, etc. etc.
April 6, 1953. 128,129
t •
..3
9
GOY. Young said that, had managed the
matter of increased discount
rates rottenly, so far as concerned its
reasons given for as
lacrosse in discount rates.
Mass says, should give neither approval
nor disapproval to application
of 3.I.8. to place reparation bonds in
U.S.
. April 17, 1930. 135
Gov. Harrison to Board as to opening
an account with 3.1.8.
April 21, 1930. 137, 138, 139
•
f
See - International Settlements Bank
listablishes 3% rate. Board disappro
ves
April 24, 1930. 139, 140, 141
Board Approves esoompromise a. minimum
bill rate of 21%
April 30, 1930. 143
Board approves 3% discount rate.
May 1, 1930. 145, 146
Board approves minimum bill rate of
20
May 1, 1930. 146
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
U.
Federal Reserve Bank, New York (Contid.
)
I
Miller says directors of, are obsessed
with belief that cheap
money will help receding business, and
that they dominated
the BCil rd..
May 9, 1930. 151
•
•
C.S.R. offers resolution containing prop
osed reply of, to B.I.S.
request.
May 15, 1950. 155, 156
•
—
•
See
International Settlements Bank
Miller introduces a substitute for C.S.
R. resolution as to B.I.S.
May 19, 1930. 158
•
. •.
I
•
Wyatt says Board has power to examine
into proposed issue of
reparation bonds as P.R. Bank, New York
, was the
correspondent or agent of B.I.S.
As a fact no such relation has yet been
established.
May 19, 1930. 158, 159
See - International Settlements Bank
Federal Advisory Council discusses proposed
reply of, to B.I.S.
May 33, 1950. 159
•
•
See - International Settlements Bank
•
C.S.R. shows draft of letter to, as to
B.I.S. and all seemed to
agree to it.
May 21, 1930. 165
Gov. Martin says the reduction to 3% is
said to have been made to
prepare the market for the reparation
bonds.
May 22, 1930. 170
•
C.S.R. rather thinks the directors want
to buy Government
securities to help place the reparation bond
s.
May 22, 1930. 170
Sends Board proposed reply to B.I.S.
May 26, 1930. 173, 174
See - International Settlements Bank
•
C.S.H. introduces resolution as to reply of,
to B.I.S., which,
modified by Gov. Young, is passed uman
imously.
May 26, 1930. 174
See - International Settlements Bank
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
80.
Federal Reserve Bank, New York (Contod.)
Miller said the directors of, wanted radically
to deflate
the stockmarket but when the opportunity arriv
ed they
backed down and allowed C.E. Mitchell to rediscount
to help
the market; that Jackson Reynolds said they had
everything
in their own hands until they penmitted Mitchell
to act.
May 28, 1930. 179
Federal Reserve Bank, Richmond
Board Inanimously approved Plan 3 recommended by
Special Committee
for additions to its building.
Jan. 16, 1930. 82
Reduces to 40
1.4,1. •
•
ibb. 7, 1930. 95
b
Federal Reserve Bank, St. Louis
.
Martin telephoned C.S.H. that the appointment of James
as
Chairman and P.R. Agent at St. Louis would not
be
agreeable to the directors.
Mar. 13, 1930. 117
410 -:•g
See - James
Martin, Gov.
•
Federal Reserve Board
See - Annual Report, 1929
Bank of International Settlements
Bill rates
Comptroller of Currency
Cotton, Under Secretary of State
Cunningham
Discount rates
Domination of Board
Alky, Walter
Federal Adtisory Council
Federal Reserve Agents
Federal Reserve Bank, Boston
Federal Reserve Bank, lew York
Federal Reserve lank, Chicagp
Federal Reserve Bank, San Francisoo
Goldenwoiser
Governors
Government securities
Malin, C. S.
Harrison, Gov.
International Settlements Bank
James
Lee, Higginson & Co.
Mellon, Sec.
Miller, Dr.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
61.
federal Reserve Board (Oont'd.)
SeesOpen Market Committee
Open market operations
Open Market Policy Conference
Open market regulations
Pacific S.W. Trust amd Savings Bank
Platt
8400rall• Meeting of Jan. 33, 1930. 92
Redistricting dispute, 1915. 143, 144
Reparation bonds
Saead
Watt
Young, Gov.
Young, Owen D.
eta. etc. etc.
•
•
Federal reserve credit 118, 168
See - Miller
Harrison, Gov.
•
Federal reserve notes
Warburg wanted,to count as reserves.
May 28, 1930. 178
See - Warburg
/Inland, Minister of
Reminds O.S.H. of meeting him at dinner at Gert
rude Itgerls
May 26, 1930. 175
rer:
/truing policy
See- Jassy money
110 a
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•
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_Also
I
LirapLeli
First National Bank,Boston
Board some time ago notified, that it would be rele
ased from
its agreement to submit its subsidiary corporation
to
emmnination, under Sec. 25, Federal Reserve Act,
if it
passed a resolution that it no longer held stoo
k in its
subsidiary corporation.
The First National Bank sends resolution to Board
and asks to be
released as it has conveyed all of its holdings
in the
subsidiary corporation to its stockholders.
Long debate.
Miller claim it still was the equitable onwer and
cited the
old Lehman opinion of Solicitor General Lehman, whic
h,
however, had never been adopted by any administ
ration.
II
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
62.
First National Bank, Boston (Oontsd.)
C.S.H. distinguished this opinion by pointing out
that at that
time national banks could not hold stock in other compa
nies
while in this case Sec. 25 of the P.R. Act authorizes
them to
hold stock in corporations doing a foreign business.
C.S.H. said the only penalty for refusing to submit
its
subsidiary to examination was to require the national
bank to
divest itself of its stock ownership which it had already
done.
James said he voted for the original resolution but
must have been
asleep at the switch.
C.S.H. pointed out that the subsidiagy corporation was no
longer
engaged in foreign banking but was merely an investment
corporation.
Lost on tie vote:
Ayes Gov. Young, C.S.H., Platt
No: Miller, James, Cunningham
Then the Comptroller was Galled in and said the natio
nal bank had
divested itself of its ownership and that the Board, there
fore,
could not insist on examination.
The Comptroller asked for more time to consider it.
•
Finally Cunningham said he woad vote Age in viewo
f the
resolution sent by the Board.
Board than voted to cancel the agreement.
Aye: Gov. Young,.C.SZ.t Comptroller, Cunningham
No: Miller, James
Dee. 14, 1929. 59,g)
•
First National Oorporation
See•First National Bank, Boston
First National Bank, New York. 137
See - International Settlements Bank
areign journalists
Soo - Carnegie adomeent
Forest Hills Cemetery
See - Harding, Governor
Prance. 133, 153
See - Bank of France
Harrison, Gov.
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Federal Reserve Bank of St. Louis
as.
Fraser, Mrs.
We dine with.
Jan. 28, 1930 85
•
•
lux seal expert
Death of Henry W. ALliott.
May 27, 1930. 178
••••••••••••••••••.•
• • •
•
•
•
•
•
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
64.
-GGalbraith, Mr.
C.S.H. meets, at dinnerwith Justice Brandeis.
Nev. 21, 1929. 30
General llectric Co.
Gov. Harrison says his bank: purchased the 50 millions Government
securities from J. P: Morgan and, the General Blectric Co.;
that it was difficult to get any Government securities; that
their action was patriotic but would be difficult to explain
politically.
Nov. 12, 1929. 13
German Ambassador
C.S.H. meets, at Carnegie dinner to ihropean Journalists.
May 26, 1930. 175
Gillett, Senator
C.S.H. meets, at dinner of Mr*. Cong. Rogers.
May 16, 1933. 157
Gillette, William
C.S.H. meets, the actor,at dinner of Lotus Club, N. Y.
Feb. 10, 1930. 97
Glass, Senator
Federal Advisory Council by small majority indorse Glass bill
for extra dividends to amber banks.
Goebel and Wetmore oppose.
Nov. 21, 1929. 30
See - lideral Advisory Council
Joint Conference of P.R. Agents and Governors approve principle
of Glass bill but favored cumulative dividend of 8% as a
maximum.
Dec. 13, 1929. 58
C.S.K. spent evening with.
He said that State Department had no right to announce that
7/1 System could not participate in the International Settlements Bak, although he did not specifically deny the right
of Hoover to maim such announcenent; that the Federal Reserve
Bank, N. Y. should give neither dissent nor approval to
B.I.S. placing reparation bonds in U.S.
April 17, 1930. 134, 135
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Federal Reserve Bank of St. Louis
65.
Glass, Senator (Contld.)
•
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Glass said a very intelligent woman called on him with a letter
from Dr. Willis; that she said that Warburg had hired a
Coludbia professor to write his book, but was not satisfied
with it and added much in the nature of personal attacks;
that finally the book was in such poor form that he hired a
certain woman (Glass thinks this woman) to go over it and that
She practically had to rewrite it; that Warburh did not
settle with her for her work and that she wrote the McMillan
Company which hat advertised its publication, that she had a
property right to the manuscript and that the company would
proceed at its peril; that the Publishing Company then held
the matter up; that the bock was filled with bitter attacks
on Glass and Willis.
April 17, 1930. 134, 135
Glass also said Warburg wrote him that he had suggested a central
Zederal Reserve Board after his appearance before the H.R.
Banking and Currency Committee, giving the date of such
appearance; that he, Glass, replied. that he and President
Wilson agreed on having such a Board at a date three months
earlier.
•
•
4:WYPrtt-
1..4„att,
J.vM
fetus
•
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Glass said Warburg said he first suggested the Lie& to Morgenthau
who told it to Col. House.
April 17, 1930. 135, 136
C.S.H. told Glass in confidence of his falling out with Mrs.Wilson.
Glass said some time ago, some one - he thinks AdmIral amigo= told him that friction had been generated in connection with
the Wilson chronology.
Glass believes Randolph Bolling was responsible, that he vas a
sick, abnormal man, and that he either wrote Mrs. Wilson's
letter to C.S.R. himself or terrorised her into writing it.
April 17, 1930. 136
Godfather
C.S.H.acts as, of Christopher Grant.
Nov. 10, 1929. 8
Mrs. Gorham Brooke was Godmother.
Nov. 10, 1929. 8
•
Clifford Ashley was, of Pat Grant.
Nov. 10, 1929. 8
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
66.
Goebel
Objects, at Federal Advisory Council meeting to Glass bill extra dividends formember banks.
Nov. 21, 1929. 30
See - Federal Advisory Council
Glass
Gold
Gov. Harrison advocated easing money, buying acceptances and
Governnent securities. He said this might encourage gold
exports but a loss of 100 millions of gold would not
trouble him.
Gov. Case said reason for purchase of 50 millions of Government
securities was, among other things, to guard against gold
exports.
Mar. 24, 1930. 121
Gov. Harrison said that the gold and long term credit policy
was the vital question; that the U.S. and some foreign
countries could stand the loos of gold if it went to places
where it was needed.
Avail 15, 1930. 133
Gov. Harrison said Gov. Moreau told him that Prance had more gold
than she needed; that he is encouraging gold exports and
short time loans abroad; that France is also interested in
lone time loans at hams; that he will encourage French bankers
to confer with N. Y. to help place long tenn loans.
April 15, 1929. 133
Gov. Harrison gives as one reason for wanting lower discount rates
the fact that since Jan. 1 over 100 millions of gad. has been
imported, chiefly from other than European countries.
April 24, 1930. 139, 140
Goldenweiser told Board he did not feel that gold Imports were
a compelling reason for lower discount rates.
April 24, 1930. 141
C.S.R. told Board he believed that a rate higher than the Bank
of lngland rate would bring gold into U.S.; that since Na.
established the 414 rate - February 8, 1930 - we had gained
136 millions of gold, and much money had been withdrawn from
circulation; that to maintain a rate of 30 would draw gold
from ltrope which might not be used to take down rediscounts,
as they were now so small, but would go into beak reserves
thus encouraging further expansion.
My 1, 1930. 145, 146
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Federal Reserve Bank of St. Louis
67.
Gold (Contsd.)
Governor Harrison said lhrope owes us 600 millions a year
for interest on allied debts; that high tariffs prevent
her paving this in goods; that if she pays in gild it
might disrupt their gold standard, etc. etc.
May 14, 1933. 153
Potter, of Guaranty Trust Co., New Yotk, told C.S.H. that,
ether things being equal, lower P.R. rates than that of
Bleak of &gland would draw gold to U.S.
May 20, 1930. 160
Goldenweiser
Gives Board a very pessimistic report as to business conditions.
Mar.5, 1933. 113
Board discusses annual report as prepared by, adding Miller's
amendments or additions as to direct pressure.
Mar. 17, 1930. 117, 118
•
Tells Board business oonditions are worse rather than better.
Apr. 24, 1930. 141
Li.
Says the gold situation is not a compelling reason for lowering
discount rates.
April 24, 1930. 141
•
Goode, Secretary of War
Departments Closed up to 1 p.m. because of death of.
J. 20, 1930. 29
Goodspeed
See -Auld. Lang Sync
GordonsCumnimg, Mrs.
We dine with.
Dec. 24, 1929..66
•
Government securities
Board took %) James draft of open market regulations.
Gov. Young urged that it be confined. to Govt. securities, to
Iihich James agreed.
IP
•
Matter went over.
Nov. 5, 1929. 1
Governor Harrison read resolution of directors of P.R. Bank, N.Y.
favoring easing of market through purchase of bills, if
available, and if not, through purchase of Government
securities.
Nov. 9, 1929. 18
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Federal Reserve Bank of St. Louis
68.
Government securities(Conti1.)
Governor Harrison said that if e.g. 200 millions of Governnent
securities were purchased, it would result in taking down
rediscounts, and make easing policy more effective.
Nov. 11, 1929. 11
.
Board considered above.
Sec. Mellon favored it to help the bond market which be felt was
the immediate, pressing problem.
No action taken as Open Market Committee meets tomorrow.
Nov. 11, 1929. 11
Gov. Young said. the 50 millions of Government securities purchased
by Gov. Harrison the other day were bought from J. P. Morgan
and the General llectric Co.; that it was difficult at that
time to get any Govt. securities; that the action of Horgan
and the General Illectric Co. was undaatedly patriotic, but
could never be explained politically.
He said Morgan got the Gorernment securities by exchange with the
British Government of long tern for short tern U.S. bonds.
Nov. 12, 1929. 13
Open Market Committee ream:mended preparation for increasing
open wicket holdings through purchase of bills,if possible,
and if not by purchase of Govt. securities, as the security
credit liquidation was an increase to business stability
which was showing signs of recession; that this could be
done without encouraging speculation; that it might be
advisable to buy large amounts of Government s-curities to
this end, to avoid mdue stringency of credit.
Nov. 12, 1929. 13, 14
The Committee advised repeal of the present limitation of 25 millions
per week and that authorization be given to buy not to exceed
200 millions as and when necessary, but on the condition that
the Board makes a careful current review of the consequences
of any such purchases, and that the Board call another meeting
of Committee when it deemed it advisable, - in no event later
than first weak of Jan. 1930.
Nov. 12, 1929. 13, 14
Long discussion.
Gov. Harrison said that if the Whole 200 millions were bout
which he did not claim now to be necessary, - it wouldnot
increase outstanding P.R. credit as rediscounts would be paid
off, but it would make the banks feel easier and pave the way
for lower rates.
Jones opposed even granting any emergency power.
69.
.F t
ms
ronit'Lir,
;;;,,ej bI.
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Miller said no grant of emergency power was necessary, as
it
was clearly umderstood that in an emergency any 7.R. Bark
would act and take the responsibility.
:47
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C.3.H. offered resolution granting the power asked, subject
to
Change at any time by the Board on reasonable notice, on
the
understanding that the Comnittee, except in acute emergencies,
would act only after oonsultation with the Governor of the
Board.
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Miller moved a substitute - about the same as C.S.H.Is motion
except
adding that Board would give prompt consideration to any request.
•
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Cunningham seemed inclined not to oppose it as a temporary
arrangement, pending the meeting of the Pederal Advisory
Council.
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25 million
weekly limitation and it also leaves N.Y. free tact on its
own volition, as the Board has issued no regulations.
Nov. 12, 1929. 13, 14, 15, 16, 17
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Gov. Young considered the Committee report as favoring the
iimediate
purchase of 200 millions, - *hi& it Clearly was not, - and
also opposed giving any authority to the Committee even in cases
of acute emergency, saying that the Committee would call
any
action they might take, as justifiable because of a 'cris
is'.
Board finally adjourned without action.
•.
„
C.S.H. said he feared an immediate business recession and troubl
e
in the banking situation which might *squire quick action.
that
he wished to hear what the lederal Advisory Council would sugges
t
before taking final action; that he introduced his resolu
tion
to give the Committee - until final action, - full authority to
act in any crisis Where there was not time to consult the
Board.
Sec. Mellon strongly favored C.S.H.11 motion.
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C.S.H. is not opposed to a regulation as to Government securities;
his resolution was simply intended to cover the present
critical emergency.
Nov. 12, 1929. 17
C.S.H. again moved his resolution of yesterday.
Miller said the Open Market Committee report favored an
easing policy,
in addition to asking emergency authority, and that the farmer
could await further consideration by the Board.
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Federal Reserve Bank of St. Louis
70.
Government securities (Cont'd.)
C.S.H. agreed and said the emergency power was in his mind
primarily and that he would amend his resolution to read, - "The
emerRency authority is granted, etc."
Gov. Young started to prepare a draft.
Miller dictated a letter to Gov. Harrison to effett that Board would
give continuous consideration to general question of easing the
market, from time to time; that it will be prepared to act
promptly in any emergency; that it has instructed the active
executive officers to act in its behalf; that in an emergency so
suddin and acute that it would mt be practicable to confer with
the Governor, the Board will not object to a purchase, prompt
advice af which is to be given to the Board.
The above was approved.
This action repeals the authority to buy 25 millions par weak
granted to Committee on Sept. 24, 1929.
C.S.H. and Platt objected to the last Clause as to repeal, but
Cunninghan said he would not vote for the resolution if this were
not added.
C.S.H. said the emergency power was so necessary that he would vote
for the resolution even with the last clause added.
Young said the regulation left unaffected the right of any
P.R. Bank to buy Government securities until a contrary regulation
was passed by the Board.
00v *
Resolution passed.
GOY. Young,MIller, C.S.R., Cunningham
No: Platt
Ares
Platt voted NO because of the repeal of the 25 millions weekly authority
Gov. Youngsaid he voted Aye against his best judgment as he did not
believe any such emergency could arise so suddenly as to prevent
consultation with the Board.
Cunningham at first said he would not vote for any resolution the
result of which would be to underwrite the stability of the stock
market, but he finally voted for it as restricted.
Nov. 13, 1929. 20, 21, 22
71.
Goverment securities (Cbnt'd.)
Gov. Young said he had a talk with Owen D. Young in Sec. Mellon's
office as to power of Board over transactions in Governnent
securities; that olc.liellon said he was willing to give the N.Y.
directors the widest discretion, but that he realized the Board
had rights and duties in the matter; that Owen Young said he
saw no reason - apart from sudden, critical emergencies, - on
which there was no dispute, - why his directors could not obtain
the consent of the Board as to all major transactions; that he
told Owen Young this was just What the Board wanted; that
Rasburn, also there, Who had hitherto steadily opposed the Board'
s
authority, said that would be satisfactory to him.
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Gov. Young said he was to talk this over with Gov. garrison and
Sec. Mellon tomorrow.
sciT
Gov. Young told C.S.H. he had talked with Gov. Harrison who agreed
to
advise his directors that if general discretion is given by Board
to open market ommmittee to buy from time to time Govt. securi
ties
not to exceed 200 millions, the N. Y. bank would agree not
to
buy Govt. securities for its own account without consent of Board.
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Nov. 22, 1929. 31, 32
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by. Young and C.S.H. were inclined to agree to this.
Nov. 24, 1929. 35, 36
•
•
Board considers Gov. Young's proposition that Open Market
Committee be
authorised to bur Govt. securities from time to time, up to
200
millions.
Gov. Young said Gov. Harrison had agreed to advise his directors
to
agree not to buy Govt. securities for own account without the
permission of Board, ifabove authority were granted.
Gov. Young urged approval saying that if the N.!. dircctors
did not
agree as above, the Board would revoke the authority granted to
the Open Market Committee.
Miller objected, saying the purchase of Govt. securities would
be
bad policy and would be an abdication of Board in favor of
the
Federal Hoserv• Bank, N. Y.
a
C.S.H. said the F.R. Bank, N. Y. would surrender its undoub
ted right
to deal in Govt. securities until at least the Board prescribed
a regulation; that suCh a regulation would be very difficult to
drew; that henceforth the Board would deal with an Open
Market
Committee of all the twelve banks; that the proposed resolution
merely Laid down a general policy to be worked out by Open
liallket
Committee; that it was an easing policy, in which he believed;
that the Board could put an end to it at any time.
72.
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Sp!
Are: Sec. Mellon, Gov. Young, C.SA., Comptrller, Platt
No: Miller, James, Cunningham
Nov. 25, 1929. 39, 40
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At Governors Conference, Gov. Harrison and Burgess explained
necessity
of open market operations in bills and perhaps Govt. securities
to offset the maturing bills and maintain the status quo.
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motion.
Platt read a substitute resolution granting the autOmrity but
providing that the Government securities purchased should be
resold at beginning of next year; that the Board in granting
this authority intended to guard against tight money through
gold exports, rather than to create easy
money.
Alt k•
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out of the 11 Governors present objected to further easing
except to maintain the status quo.
Jan. 28, 1930. 84, 85, 86, 87, 88
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N. Y. approved ay Board
.in buying Mmillions of Govt. securities.
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and to
guard against further gold exports.
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ss
recession except perhaps a major operation in Govt. securities.
May 14, 1930. 153
At Governors Conference, Gov. Harrison reported for the Cannit
tee that
thsy saw no reason for present purchase of Govt. securities and
that
it was too early to oonsider the method of furnishing additional
7.R. credit when the late svmmer and fall demand sprung
up.
May 22, 1930. 168
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this action was unusual..
Mar. 24, 1930. 121
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Miller favored keeping out a fixed amount, Bey 1 billion
dollars of
P.R. credit, This was tantamount to an increase in Govt.
securities.
May22, 1930. 168
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Federal Reserve Bank of St. Louis
73.
Govermasat securities (Conts d.)
•
1.
Miller said the present P.R. credit situation was acting as a
passively contracting force, and that he was inclined to,
favor further purchases of Govt. securities.
May 22, 1930. 169 .
GOV. Calkins asked Gov. garrison what good would be accomplished by
buying Govt. securities.
Gov. Harrison said it woad help the bond market.
May 22, 1930. 169
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The Committee stated that necessity for earnings was no justification
for buying Govt. securities.
May 22, 1930. 169
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C.S.H. thinks P.R. Bank, N. Y. would like to buy a large amount of
Govt. securities to help the bond market, and especially the
placing of the repartion bonds.
May 22, 1930. 170
.1 •
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Joint conference with P.R. Agents.
p.
Doo,
•
13, 1929. 58
See - Glass bill
Governors Conference
Open Market Policy Conference
Jan., 1930. 84, 85, 88, 89
J.
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Ss* - Bills
Disoount rates
Govt. securities
Open Market Committee
Governors Conference
Open Market Policy Conference.
Agreed that question of discount rates was not a subject for
consideration but should be left to the Board and the
respective Y.R. banks.
May 21, 1930. 165, 168
•
•
•
- Government securities
Grant, Alexander
Bee - Grant, Catherine
•
41
•
Grant, Anne
See - Grant, Catherine
Grant, Catherine
Writes C.S.H. as follows:
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Federal Reserve Bank of St. Louis
74,
Grant, Catherine (Contld.)
Dear Charlie:
Once more I have failed to come up to specifice.tions1
But I know you :rill forgive me when you reflect upon what last
weelc was like for us. I won't go into particulars; anyhow there
is no language in which to paint it. But I really out to have
written you sooner about our Christening, for I am most anxious
you should come to it. I've not asked any one but the family,
however, because if things had gone any further we'd have called
it off.
Zander's business is all right,
I don't mean that..
but the strain on him is too great. Now, however, I hope the
worst is over, and we plan to christen Pat and Christopher on
Sunday the 10th at 4:30.
Can't you possibly cone? Furthermore, will you be
Godfather to little Christopher?
You may laugh at the thought of a Unitarian Christening
and a Unitarian Godfather, but, I assure you, it means just as
much to me, only you won't have to teach him the Catechism, so I
hope you will consent to act.
It means no handsome gifts, I entreat, - a very handsome
rattle has already been given by you and Bertie, - it just means
your interest'
And if you could come to the Party it would be lovely.
Mime and Papa will be herel
No more now, and if you can't make it on the 10th, I shall
hope to see you very soon.
Most affectionately,
Catherine.
P.S. My brain is so tired that I've omitted to 887 - of course I
hope Bertie can come too.
Nov. 4, 1929. 5, 6
C.S.K. at once wrote Catherine saying he would. be delighted to act
as Godfather and expressing sympathy for Alexander in his
worries.
C.S.H. also called Catherine over the long distance telephone and told
her not to worm, that he thought the worst was over as to the
speculative crass.
Catherine said C.1.1.H. could tell her lather of her request to be
Godfather but not to tell him she was worried.
Nov. 4, 1929. 7
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Federal Reserve Bank of St. Louis
715.
Grant, Catherine (Contld.)
Bertie wrote Catherine regretting she could not attend, and sending
her some gourds.
Nov. 9, 1929. 8
C.SZ. attends the christening of Christopher and at Grant. C.S.H.
was Godfather, and Mrs. Gotham Brooks was Godmother to Christopher.
Clifford Ashley was Godfather to Pat.
Rev. Samuel Eliot performed the ceremony.
About 30 people were present, anong whom were Mr. and Mrs. Delano,
Col. Cheney, Mr. and Mrs. Eliot Wadsworth, Mrs. William Hooper,
Mrs. James Roosevelt, and others.
Delano eallhA would call on Bertie with Col. Cheney tomorrow.
Nov. 10, 1929. 8
ahristoPher Grant's birthday is July 22nd.
8
C.S.H. had a short talk vith Catherine at the christening. She said
Alexander was almost in a state of melancholia. She practically,
without swing so, gave C.S.H. to understand that he had lost
money. C.S.H. comforted her as well as he could, saying that every
broker was almost overwhelmed with worry.
C.S.H. had a short talk with Alexander who seemed much broken. As
C.S.H. canadbers, he said he had lost heavily, and he also said,
"I know I shall have to eat dirt the rest of my Wel"
They both looked utterly weary at the Christening, although they
looked smilingly during the ceremony.
C.S.H. told Catherine that now, being Christopher's Godfather, he had
an absolute right to write her whenever he pleased, whether she
answered the letters or not. She replied smilingly - "Yes, that
is Absolutely true."
The Whole affair was full of pathos.
Nov. 10, 1929. 9
Catherine told me that Mrs. Charles Eliot had just given birth to
twins. Thus Ellen Leonard's prediction was fulfilledl
Nov. 10, 1929. 9
C.S.H. declined to stay for dinner after the Christening, altho
Catherine urgently asked him to stay.
Nov. 10, 1929. 10
Delano told Bertie at Mattapoisett that Alexander was a bundle of
nerves, but that Catherine was all right. Hoc little he knows
of Catherine's real feelinipi
Nov. 11, 1929. 12
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Federal Reserve Bank of St. Louis
76. ,
Grant, Catherine (Contsd.)
C.S.H. wrote Catherine expressing his pleasure at the Christening,
and swing he would call on Friday en route to Mattapoisett or on
Monday, returning to Washington.
Nov. 11, 1929. 12
Catherine writes C.S.H. a delightful letter explaining why she did
not wits him to call on Friday and saying she surely expected him
on Monday.
Nov. 15, 1929. 25, 26
Takes supper with Catherine at Longwood.
Alexander was still very nervous.
She looked calmer and better.
C.S.H. is satisfied he must have lost heavily in the stock market
collapse.
He said his customers all responded to calla for more margin.
He
also said he had sold some of his stock before it reached the
bottom.
He same also he would have to live in poverty the rest of his life,
although he said, pointing &mound the mom, "This does not look
like iti"
He said they would surely go to Fairhaven for the summer, meaning, I
think, that he could not afford to do otherwise.
He had, however, an easier manner Which made C.S.H. think some one,
probably Delano, had helped him. He was still, however, very
nervous.
Nov. 18, 1929. 27, 28.
C.S.H. wrote Catherine a breaa and butter letter.
Nov. 24, 1929. 37
Catherine wrote C.S.H. answering his questions by putting X on margin.
She seemed much pleased that C.S.H. suggested this form of reply.
C.S.H. even sent a return stamped envelope.
Nov. 29, 1929. 44
Bertie took tea with Catherine last Monday, meeting Mrs. Hinsdale
there.
Nov. 29, 1929. 44
C.S.H. wrote Anne Grant thanking her for a letter she sent him which
could only be read by aid of a looking glass.
Dec. 12, 1929. 58
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Federal Reserve Bank of St. Louis
77.
Grant, Catherine (Oontld.)
Catherine enclosed Anne's letter in a long letter sent C.S.H.
She said they were thinking of taking the Richard's home for
the summer.
Dec. 12, 1929. 58
C.S.H. wrote Anne sending her a puzzle:
TYURYTUBICURTYformet
(Too wise you are, too wise you be, I see you are
too wise for mel)
Dec. 13,1929. 58
C.S.H. writes Catherine answering her questions as to the
Richard's house at Mattapoisett.
Dec. 13, 1929. 58
C.S.H. writes Catherine sending questions to be answered by an X.
Dec. 21, 1929. 64
Catherine semis us a Christmas card.
Dec. 24, 1929. 65
Catherine sends C.S.H. two books,. "Baffle book" and "Indian Journey.r
Dec. 25, 1929. 66
C.S.H. wrote Catherine thanking her for the books.
Dec. 25, 1929. 66
C.S.H. received letter from Catherine in reply to his of Dec. 21.
Dec. 25, 1929. 66
C.S.H. wrote Catherine.
Feb. 25, 1930. 106
C.S.H. calls on Catherine and we all dine with Judge and Mrs. Grant.
Alexander drove C.S.H. to Railroad station. They :aid they would be
at rairhaven for the manner.
April 6, 1930. 127
Catherine writes C.S.H. answering his letter.
April 23, 1930. 142
We meet Catherine who had unexpectedly came to Washington at the
dedication of the Washington Cathedral steps.
May 16, 19Z70. 157
We lundh with Mrs. Delano to meet Catherine.
May 17, 1930. 158
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Federal Reserve Bank of St. Louis
78.
Grant, ChristoPher. 6, 8
Birthday is July 22. Born July 22, 1929.
See
Grant, Catherine
Grant, Judge Robert. 127
See - Grant, Catherine
Grant, Pat. 8
See - Grant, Catherine
•
Grayson, Admiral
Glass says, he thinks told him of the friction between C.S.H.
and Mrs. Wilson over the Wilson Chronology.
April 19, 1930. 136
C.S.H. feels that any objection to Edith Helm's letters being
published would also apply to, were he to publish his diary.
May 2, 1930. 148
Greece
See - Bank of Athens Trust Co.
Green, Mite 36
See -Auld Lang Syne
Green, Theodore Francis
Dines with us.
May 7, 1930. 151
Greenaway,Gen.
We attend unveiling of statue to, at Capital.
May 24, 1930. 171
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Federal Reserve Bank of St. Louis
79.
Hale, Rachel
C.S.H. calls up, and makes appointment to drive over tnis
afternoon.
Nov. 6, 1929. 2
C.S.H. has long talk with.
She said Mrs. Wilson's letter to C.S.H. was really shooing; that,
charming as the knew her to be, the letter revealed a defect
in her character and a lack of sound sense; that the was not
disposed, however, to oonstrue the letter, - as C.S.H. did as a charge of disloyalty to President Wilson and herself,
but rather as an impulsive expression of anger; that while she
did not defend her in any way, she pointed out that women in
anger often say and even write things they do not really mean;
that the real fault lay in putting in writing What they could say
orally and then have it out with the person.
She said the believed that Mrs. Wilson was wholly
knew it, but that probably she was trying to
that she believed Mrs. Wilson thought C.S.H.
call on her the same as ever, and that their
be broken.
wrong, and
shield her brother;
would continua to
friendship would not
She was decidedly averse to C.S.H.Is suggestion of notifying
Mrs. Wilson appointing a fixed time to call an her and have it
out with her. She said this would stir up all tne Indian in her
and might result in a:permanent estrangement; that, knowing she
was in the wrong, the would nevertheless never confess it.
She said the matter, of course, must be cleared up; that it was
unthinkable that such an estrangement thouli go on permanently.
She said the best way was to let things rung along and await some
casual opportunity for having a talk with her and clearing the
whole matter up.
C.S.H. asked if in such a talk, he should offer to wipe out the
past and let bygones be bygones. She said that even if C.S.H.
could feel this way, it would be very difficult to wipe out the
past as there would always be a sear; that she personally could
hardly do this, but saw no reason why C.S.H. should not if he
really felt this way; that if Mrs. Wilson made such an offer
she thought C.S.H. might well accept it.
Nov. 6, 1929. 2, 3, 4.
While C.S.H. was with Rachel, Ellen Leonard called
with Mrs. Dodge,
the mother of Mrs. Charles Eliot, and she Whispere
d to C.S.H.
that Mrs. Eliot was about to go to the hospital
and that the
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
80.
Hale, Rachel (Contld.)
Doctor said she was to have twins.
Nov. 6, 1929. 4
C.S.H. writes Rachel a letter thanking her for her good advice.
Nov. 7, 1929. 5
Bertie wrote Rachel a letter thanking her for her advice to
C.S.H. and for her many kindnesses to him during the summer.
Nov. 9, 1929. 7, 8
C.S.H. called up Rachel but her line was out of order.
Nov. 13, 1929. 22
C.S.H. called up Rachel.
She said she was much pleased at Bertiels letter.
C.S.H. suggested driving over this P.M. but she said she was
coming up to town.
C.S.H. said he would call up again next week and fix a time, and
she said she would be delighted to see him.
Nov. 14, 1929. 22
Rachel writes Bertie every fine letter acknowledging hers.
Nov. 16, 1929. 26
C.S.H. milled up Rachel.
She asked When he was miming over again, and we fixed on tomorrow.
Nov. 19, 1929. 29
C.S.H. drives over. Had very pleasant call. We talked over
Mrs. Wilson and also Sir Cecil Spring-Rice, whose biography
has just been published. She talked very interestingly of
hr life as a girl in the Cameron House, now the site of the
Cosmos Club.
Nov. 20, 1929. 29, 30
C.S.H. writes Rachel telling her that Hoover impressed him very
favorably at the White House Conference.
Nov. 21, 1929. 30
C.S.H. calls up Rachel to wish her a pleasant Thanksgiving.
Had a nice talk.
Nov. 25, 1929. 37
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Federal Reserve Bank of St. Louis
81.
Hale, Rachel (Contld.)
C.S.H. drives over to Rachel's.
Pleasant talk.
Nov. 30, 1929. 47
C.S.H. strongly advised Gertrude Myer to tell Rachel of her talks
With Gen. Bowley, but she said she did not feel that
Rachel could help her.
Nov. 30, 1929. 48
Wrote Rachel a letter about Gertrude and Gen. Bowley.
Dec. 1, 1929.
49
C.S.H. told Gertrude she certainly ought to tell Rachel
about her talks with Gen. Bowley,but she would not agree
to do it.
Dec. 8, 1929. 55
She again refused, saying she feared Rachel would invite Gen.
Bowley to dinner amd rot invite her.
C.6.H. feels it his duty to tell Rachel, as one of her executors.
Dec. 8, 1929. 56
C.S.H. called up Rachel.
She said she moved up an Monday ard her house was still in disorder;
that Gertrude had called her up and said things were not
going well with her; that C.S.H. had told her she must talk
it over with her (Rachel).
C.S.H. said he would call soon and asked if he could send her a
box of Somerset Club cigarettes and she said she would be
delighted to have them.
Dec. 12, 1929. 57
C.S.H. calls on Rachel for an hour.
She said Gertrude told her that C.S.H. asked her to ask Rachel
to invite Gen. Bowley to a tate a tete dinner.
C.S.H. told Rachel that Gertrude said she did not want to tell
Rachel about her quarrel with Gen. Bowley for fear Rachel
might .nvite the General to dinner without asking her; that
C.S.H. told her the surest way to prevent this would be to
tell Rachel the Whole story.
Rachel said Gertrude telephoned her telling her in a general way
about her quarrel with Gen. Bowley but not in any detail.
C.S.H. then told Rachel the Whole story.
Dec. 14, 1929. 61
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Federal Reserve Bank of St. Louis
82.
Hale, Rachel (Contli.)
C.S.H. calls up Rachel and had a long talk with her. She said
she surely hoped to see him before Christmas.
Dec. 19, 1929. 64
Rachel calls on us at Hay-Adams House.
C.S.H. had to go to see Dr. Simpson and when leaving said to
Bertie - "Rachel is going to call, and if she does, tell
her I will be back soon and to wait for me."
C.S.H. felt something was being told him as to her ealling1
Dec. 20, 1929. 64, 66
Rachel bends us a Christmas card.
Dec. 24, 1929. 65
C.S.H. calls on Rachel.
Gave her some gourds from Bertie. Told her of my address
tomorrow at National Theatre - Wilson Foundation.
She said She had seen references to it in the papers.
She said she met Mrs. Wilson at the ball at Edith Etstacels for
Miss Zustace, ale sat with her for nearly an hour; that
Mrs. W. did not, of course, mention us.
C.6.H. had little opportunity to speak to her as Mr. and Mrs.
Howland Chase and Mr. Rogers and his children came in. They
spoke of Rachel's birthday, and evidently it must be very nean
C.S.H. told Rachel of his presentiment that she was going to call
on us and she was very lunch astonished and impressed by it.
Jan. 4, 1930. 69
Rachel writes a charming note to Bertie, thanking her and "Charlie"
for the gourds.
Jan. 5, 1930. 71
C.S.H. calls up Rachel and has a nicetalx with her.
Jan. 11, 1930. 75
C.S.H. writes Rachel.
&closes copy of nis Wilson address at National Theatre.
Also sends clipping giving interview of Constance Lodge to
effect that her Father, Senator Lodge, had always been
against the League of Nations and drew his reservations
knowing they would not be acc:epted by the other Nations.
Jan. 13, 1930. 77
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Federal Reserve Bank of St. Louis
ea.
Hale, Rachel (Cont'd.)
C.S.H. called up Rachel.
She had gone out of town.
Jan. 16, 1930. 83
calls uo Rachel but she was still away.
Jan. 20, 1930. 83
calls up Rachel and has a good talk.
Ttob. 2, 1930. 95
C.S.H. calls u) Rachel. Long talk.
Feb. 6, 1930. 95
C.S.H. calls on Rachel. Long talk.
Feb. 6, 1930. 95
C.S.H. calls on Rachel.
She was out at a Concert.
Feb. 18, 1930. 102
C.S.H. calls on Rachel
She said Gertrude had asked her to dinner tamorrow night, and that,
as usual, she expected to be the only cuest.
C.S.H. said Bertie was to be out at a dinner at Woman's Democratic
Club tomorrow night, and that he should tele?hone Gertrude
and tell her in hope that she wyuld invite him.
C.S.H. called up Gertrude and told her pathetically he woil.ld be
alone for dinner tomorrow evening, btt to no avant
J'eb. 19, 1930. 102, 103
C.a.H. called up Rachel and told her of above, and they had a good
Feb. 20, 1930. 103
laugh over it.
Bertie met Rachel at lunch at Mrs. McCagg's and Rachel told her
of her lonely dinner but said Gertrude was in fine spirits.
Feb. 21, 1930. 103
C.S.H.calls on Rachel.
Talked about Mrs. Wilson.
She said C.S.H. was right in going to the dinner in Mrs. Wilson's
honor at Woman's Democratic Club.
Feb. 27, 1930. 110
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Federal Reserve Bank of St. Louis
84.
Hale, Rachel (Contid.)
Rachel calls us up and asks us to lunch tomorrow to meet
Mrs. Bradley.
Mar. 1, 1930. 110
We lunch with Rachel.
Presents Col. and Mrs. Rodgers and rs. Bradley.
Mar. 2, 1930. 110
C.S.H. calls on Rachel.
Gertrude Myer came in before C.S.H. left.
Mar. 11, 1930. 116
C.S.H. calls on Rachel.
She was ill in bad for the afternoon.
Later, C.S.H. called her up and had a good talk.
Mar. 22, 1930. 121
C.S.R. writes Rachel.
Sends her a N.Y. Times editorial on the new Ambassador, Sir
Ronald Lindsay.
Mar. 25,1930. 124
Bertie and C.S.H. call on Rachel.
Mar. 30, 1930. 125
C.S.H. calls up Rachel and has a good talk.
April 4, 1930. 125
C.S.H. calls on Rachel, but she was out.
Apri1.15, 1930. 132
C.S.H. calls on Rachel and has a good talk.
April 17, 1930. 134
calls on Rachel.
April 30, 1930. 144
C.S.H. writes Rachel
Tells her he has sent her another box of cigarettes.
Talks about Gertrude.
May 6, 1930. 150
C.S.H. and H.P.H. drive over to Rachel's
She said Theodore Frances Green had called recently with a friend.
May 23, 1930. 171
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Federal Reserve Bank of St. Louis
85.
Rae, norence
Mrs. Wilson told Bertie at Woman's Democratic Club that she
had met Ilorence Hale in Japan and had messages from her
for Bertie.
Dec. 23, 1929. 65
Hamlin, Anna
We attend. special service at St. Agnes Church, Washington lather Anderson - Mr. Harrington, Mrs. Rice, Harriet Hamlin
and the Conrads sent flowers.
April 26, 1930. 142
Brun, the Daniel Minister, spoke affectionately of Anna at the
May 26, 1930. 175
Carnegie dinner.
Hamlin, Anna Gertrude
See - Connolly, Monseignor
Hamlin, C. S.
Godfather to Christopher Grant.
Nov. 10, 1929. 7, 8, 9
Votes to authorize open market committee to buy Government securities
up to 200 million, repealing the 25 million weekly authority.
Nov. 13, 1929. 21
Nov. 25, 1929. 40
Moves for and votes approval for 4% discount rate, P.R. Bank, N.Y.
Nov. 14, 1929. 24
Votes to cancel agreement of First National Bank, Boston, for
examination of its subsidiary corporation, under Sec. 25,
Dec. 14, 1929. 60, 61
P.R. Act.
Presides at Wilson Foundation meeting. Address.
Jan. 5, 1930. 70
•
Voted against increasing Gov. Harrison's salary to $60,000.
Jan. 14, 1930. 78
Jan. 16, 1930. 79
Voted to increase Carl Synder's salary tlY $2000.
Jan. 16, 1930. 79
Votes to increase Gov. McDougal's salary by $2000.
Jan. 13, 1930. 80
Votes and moves no increase in salaries of F.R. Agents.
Jan. 13, 1930. 80
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Federal Reserve Bank of St. Louis
86
Hamlin, C. S. (Contld.)
Votes to approve Open Market Policy Conference circular.
Jan. 16, 1930. 82
Moves to reconsider approval of Open Market Policy Confer:ince.
Jan. 16, 1930. 82
Votes to approve a 3i% mininun bill rate, at N. Y.
Jan. 30, 1930. 86
Voted to approve 4% discount rate, N. Y.
Jan. 30, 1930. 87
Moved to anend record& of last meeting to show ent Gov. Harrison
and Burgess said they wanted a lower bill rate to keep status
quo and not to lay foundation for a lower discount rate.
Jan. 31, 1930. 92, 93
Voted to approve 4% rate for N. Y.
7eb. 7, 1930. 96, 97
Moved to reconsider Board's refusal to admit Bank of Athens Trust 0o.
Feb. 12, 1930. 101
Voted against reconsideration of refusal to increase Gov. Harrison's
salary to $60,000.
ieb. 21, 1930. 103
Voted to reconsider.
lob. 21, 1930. 103
Voted on merits against increasing Gov. Harrison's salary to $80,000.
7eb. 21, 1930. 104
Voted to give Wichita a J.R. branch bank.
/ob. 21, 1930. 105
Voted to approve text of Annual Report of Board for 1929 with
references to direct pressure added.
lob. 21, 1930. 106
Votes forcOase for 7.R. Agent, N. Y. in place of McGarrah resigned.
Lob. 27, 1930. 109
Dr. Butler writes that trustees of Columbia University have
unanimously voted to give C.S.H. the honorary degree of
L.L.D. at Commencement, June 3, 1930.
Max. 3, 1930. 110, 111, 112, 114
Deliver address to Justice Holmes on his 89th birthday in behalf
of Associated Harvard Clubs.
Mar. 8, 1930. 115
z7.!
87.
•
1
•
lam1ta4 0. S. (Oontld.)
Votes to approve N. Y. reduction to 3%. Unanimous.
Mar. 13, 1930. 117
Votes against Platt motion to approve Annual Report without
additions as to direct pressure.
Mar. 17, 1930. 118
Votes for Annual Report with direct pressure references adied•
Mar. 17, 1930. 118
C.SZ. sends Sec. Mellon a letter on his 75th birthday, liar. 24.
Mar. 22, law. 121
Votes to approve Open Market Policy circular.
Mar. 26, 1930. 124
•
Votes for Miller's changes in Annual Report. Direct pressure.
April 6, 1930. 127
•
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Federal Reserve Bank of St. Louis
Attends Gov. Hardines funeral at Boston.
April 9, 1930. 131
•
C.S.H.'s B.I.S. resolution.
April 15, 1930. 133 (3)
Votes against informing P.R. Bank, New York, that as Beard is not
clear as to its responsibility and pwer, the P.R. Bank may
take responsibility of answering the B.I.S. as to placing its
stock in U.S. etc.
April 20, 1930. 138
Votes to disapprove 3% rate for N. Y.
.
April 24, 1930. 141
Votes to approve a minimum bill rate of 241% as a compromise.
April 30, 1930. 143
Votes to approve 3% rate for N.Y.
May 1, 1930. 146
Votes to call meeting of Open Market Policy Conference.
May 15, 1930. 157
•
•
.
Presided at Carnegie dinner to Suropean Journalists.
May 26, 1930. 175
Address.
Vote,, to extend Addy's leave of absence through the calendar year.
May 27, 1930.175
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Federal Reserve Bank of St. Louis
Hamlin, C. S. (Contld.)
See also: Anemia
Annual report
Bill rates
Carnegie Zodoiment
Columbia University
Comptroller of Currency,
Discount rates
7ederal Advisory Council
Governnent securities
Governors Conference
Grant, Catherine
Hale, Rachel
HeLn, Diith
Eiden, Dr.
Hoover, President
International Settlements Bank
MoClemahan, Dr.
Memoranda
Morrison, Dr.
Myer, Gertrude
Nevin, Prof.
Open aarket Committee
Open Market ?olicy Conference
Pacif. S.. Trust & Savings Bank
Ruffin, Dr.
Simpson, Dr.
Trust powers
Warburg
Wilson loundation
Hamlin, Rawer&
Sends Bertie a check for $900 for six Sheratin chairs.
Dec. 8, 1929. 53
Sends us a book for Christmas present.
Dec. 34, 1929. 66
Arrives
in Washington to stay with the Conrads.
Mar, 26, 1930. 124
See - Cow pasture
Hamlin, George P.
Sends us Christmas present. Cigars
Dec. 24, 1929. 66
lxtends Hodsdonis term for paying for cow pasture to June 15, 1930.
May 14, 1930. 155
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Federal Reserve Bank of St. Louis
89.
Hamlin, Harriet G.
C.S.H. spends night at Marion with.
April 5, 1930. 126
Arrived yesterday at Washington to stay with Goniads.
April 24, 1930. 141
Dines with us. .
April 25, 1930. 142
Sends us flowers in memory of Anna. April 26, 1930. 142
Hamlin, H. P.
Writes Rachel Hale thanking her for her advice to C.S.H. no to
Mrs. Wilson, and for her kindness to C.S.H. during the summer.
Nov. 9, 1929. 7, 8
Arrives at Washington from Albany, N. Y.
Dec. 2, 1929. 50
Edward Hamlin• sends, a check for $900 for 6 Sheraton chairs.
Dec. 8, 1929. 53
Dr. Hiden tests blood.
Feb. 3, 1930. 95
Goes to New York with C.S.H.
Calls on Edmund Marvin
Dines with Mrs. Stevens
Feb. 10, 1930. 97, 98
Tells Bertha Bolling she can sit at our table at Woman's National
Democratic 01Ub dinner.
Feb. 26, 1930. 107
Elected Vice President of Woman's National Democratic Club
Received 2 votes more than did
Mrs. Harriman
for President.
Feb. 26, 1930. 107
Drives with C.S.H. to call on Rachel Hale.
May 23, 1930. 171
Meets Sir Slavin Lutyens Who is at Hay-Adams House.
Calls and says he toll Sir Ronald Lindsay about the proposed
pageant at British 'Massy; that Sir Ronald said it was
his house and that no pageant would be held there.
Lutyens said the Edbassy property would probabp not be turned over
to Wardman before March 1, 1931.
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Federal Reserve Bank of St. Louis
90.
Hamlin, H. P. (Contld.)
Said the ftbassy naturally wants to help Wardman and by
keeping back the transfer until the last moment would
save Wardman's paying taxes on it.
Bertie told Sir liwin that Mrs. Harriman had talked with Lady
Lindsay Who thought the plan a very good one.
Sir Edwin told Bertie that a lady with a hyphenated name, Mrs. Minnei,orade•Andrew,
had written Sir Ronald inviting
him to the Pageant, - whereupon Sir Ronald made the above
statement.
Bertie at once called up Mrs. Dougherty who said she had a letter
frau Mr. Waltman giving permission to hold the Pageant in
the EMbassy Building; she also called up Lire. Keating to have
her get Mr. Wile to kill a prepared statement for the Press.
Later we got in touch with Wile and. he agreed to kill it.
C.S.H. also telephoned Noyes the Manager of Evening Star.
Bertie got in touch with Mrs. Harriman in N. Y.
May 31, 1930. 180, 181, 182, 183, 184
See - Harriman, Mrs. Borden
Harding, Governor
Curtiss says, hew been ordered to the hospital again.
Nov. 15, 1929. 25
C.S.H. visits, at the Trudbull hospital, Brookline.
. Nov. 18, 1929. 27
Curtiss says Doctor of, said he would never leave the hospital.
Nov. 29, 1929. 44
Tells Gov. Young of strong feeling in Boston for reduction to 4%
in discount rates.
reb. 7, 1930. 96
Curtiss telephones C.S.H. that, can live only a few hours.
April 4, 1930. 125
;.S.H. has interview with, at Algonquin Club. He was only half
April 5, 1930. 125
conscious.
C.S.H. has interview with,at 4130 p.m. Sunday
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Federal Reserve Bank of St. Louis
91.
Harding, Gov. (Contld.)
He seemed. much better and. said he felt his feet were on the
ground again and that he was going to pull through.
He said he had
and they
he could
he would
asked his Doctors how long this trouble could last,
told him only a day or two. They evidently meant
live only a day or two, but he thought they meant
be all right in a day or two.
C.S.H. told him how deeply interested the Board members were
him and it pleased him very much.
C.S.H. told him the H.R. Banking and Currency Committee was now
investigating the Board, and, with a smile, he said, "I
suppose Miller will again let loose the dogs of war on the
Committee.$
These were practically his last words to C.S.H.
C.S.H. s..id he was glad to find him improved, and that he would be
on again in a few days and they would perhaps take a drive
together.
They did take a drive a few days later, but Gov. Harding was In the
hearse!
Sunday, April 6, 1930. 126
C.S.H. met Mr. and Mrs.
Ugene Thayer at Algonquin Club.
April 6, 1930. 126
Curtiss telephones that Gov. Harding died this Monday morning
April 7, 1930. 127
at 4:30 a.m.
Gov. Young, C.S.H. and Platt attend Gov. Hardingls funeral at
Boston.
Gov. Norriss, P.R. Agent Austin, and 1.. Agent Case were the only
officers of the other P.R. banks present.
April 9, 1930. 131
Harriman, Mrs. Borden
H.P.H. received for Vice Preident of Woman's National Democratic
Club 2 votes more than, received for President.
Feb. 26, 1930. 107
See - Ham1in,H. P.
Wilson, Mrs.
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Federal Reserve Bank of St. Louis
92•
Harrison, Gov. (See also, Y.R. Bank, N. Y.)
Index (references are to nuMbers in dige:t following the index)
Acceptances. 51
Allied debts. 55
B. I. S.
See - International Settlements Bank
Bank of England. 38
See - Great Britain
Norman, Gov.
Bank of France
See - Prance
Bank of Italy 41
See - Italy
Basic commoxlity prices. 26
Bill rates. 12, 19, 20, 22
Bond market. 53, 67
Bonds. 31, 37
See - Reparation bonds
Boston. 27
British Government. 8
Brokerage failures. 3
Disiness recession. 6, 51, 54
Calkins, Gov. 67
Capital shortage. 26
Central European bankers. 26
Coal. 27
Commodity prices, Basic. 26
Corn Exchange National Bank. 6, 7
Cost of production. 27
Cotton, Under Secretary. 44, 46
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Federal Reserve Bank of St. Louis
93.
Harrison, Gov. (Contid.)
Index (Contld.)
Credit
See - Long term credit
Short term credit
Credit embargo, Russia. 27
Credits to Russia. 27
Customers rates. 9
See - Discount rates
Czechoslovakia. 62
Deflation 26
Discount policy 25
Discount rates. 9, 12, 18,19, 20, 21, 22, 25, 26, 50, 54, 57, 59, 61
64, 68
Dumping. 27
larnings,Bank. 68, 69
lasing of market. 71
lasy money policy* 1, 2, 5, 11, 18, 26, 52, 71
abargp of credits to Russia. 27
lurope. 55, 56
ltport trade. 56
Federal Farm Board. 26
Federal Reserve Bank, New York. 2, 14, 15, 20, 21
See - P.R. Bank, N. Y.
Federal Reserve Board. 13, 14, 46, 60, 63, 70
Federal reserve credit. 9, 65, 66
Federal reserve policy. 54
See - Zan! money policy
7breign bonds. 31
See - nreign securities
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Federal Reserve Bank of St. Louis
94.
Harrison, Gov. (Contld.)
Index (Cont'd.)
Poreign exchange
35
Poreign securities. 30, 31, 33
Prance. 29, 30, 31, 32, 34, 36, 58
?ranch bankers. 29
General Ilectric Co. 8
Germany. 34, 58
See - Luther, Dr.
Gold. 1, 28, 29, 55
Government securities. 1, 4, 5, 8, 9, 10, 11, 13, 14, 16, 53
65, 67, 69
Great Britain. 39
Hanain, C. S. 16, 20, 22, 47, 70
Income tax on securities. France. 30
Inflation. 54
International Settlements Bank. 24, 40, 47, 48, 49, 60, 62, 63, 70
Italy.42, 43
See - Bank of Italy
Liquidation of security loans. 57
London. 32
London Joint stock banks. 38
Long term borrowing. 26, 28, 29, 59
Lumber prices. 27
Luther, Dr. 40
Miller, Dr. 11, 18, 52, 54, 66, 71
Mills, Ogden. 46
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Federal Reserve Bank of St. Louis
95.
Harrison, Gov. (Contld.)
Index (Contid.)
Mitchell, C. Z. 7,71
See - National City Bank
Moreau, Gov. 29, 30
See - Bank of Prance
Prance
Morgan, J. P. 8
Mussolini. 42
National City Bank. 6, 7
New York Bxchange. 35
New York Stock Nxchange. 35, 54
See - Brokerage failures
Norman, Gov. 7
Open market operations. 13, 14, 53
Open market Policy Conference. 10, 33, 61, 64, 69
Panama bonds. 31
Politics. 8
Prices. 26, 27, 51,53, 54
Production costs. 27
Psychology of 3% discount rate. 54
Purchasing, power of Nurops. 5, 56
Raeburn. 13
Rediscounts. 5, 9, 71
Regulation.
Governnent securities. 16
Reparation bonds. 32, 33, 34, 36, 40, 44, 45, 46, 47, 58, 60
Resolutions. 2
See- Hamlin, C. S.
Rome. 40
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Federal Reserve Bank of St. Louis
96.
Harrison, Gov.(Contl d.)
Index (Oontid.)
Run on banks. 6
Russia. 27
Salary of Gov. Harrison. 17, 23
Security loans. 57
Short term borrowing. 26, 29, 59
Soviet Russia. 27
Speculation. 26
Stabilization
Italian franc. 43
Prices. 26
State Department. 32, 46
Status quo. 19
Sweden. 27, 32
Tariffs, High. 55
Tax
Foreign securities. France. 30
Income tax. France. 30
Wheat. 27
Young, Owen D. 8, 13
Young plan. 34
Harrison, Governor (See F.R. Bank, New York)
1. Says many of his directors want a policy of easy money,
tArough purchase of acceptances or Government securities
preliminary to lowering discount rates; that such a
policy might encourage gold exports, but felt that a
loss of 100 millions of gold would not be troublesome.
Nov. 11, 1929. 10
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Federal Reserve Bank of St. Louis
97.
Harrison, Governor (Gonted.)
2. Reads unanimous resolution of P.R. Bank of New York favoring
easy money.
See - P.R. Bank, N. Y.
Nov. 11, 1929. 18
3. Said it was surprising that no brokerage houses failed during
the crisis in October; that he suspected one reason was
that they were so far behind in their accounts; that although
really insolvent, when these books were made up values
had increased.
4. Referred to Smead's table showing ability of P.R. System to give
relief by purchase of Government securities.
5. Said that the billion dollars of rediscounts made banks less
liberal in accommodating business; that if say 200 millions
were paid off through purchase of Government securities, it
would make the easing policy more effective.
6. Said that while things were certainly much better, we were not
out of the woods yet; that there were some elements of
uncertainty as regards the banking situation; that the
refusal of the National City Bank stockholders to ratify
the Corn xChange Be)* merger had caused uneasiness and some
fear of a run on banks genera4y.
Nov. 11, 1929.11, 12.
7. Told Gov. Young that Gov. Norman cabled him asking at possible
explanation he could give to his friends as to the collapse
of the National City-Corn Rxchange merger; that Gov. Harrison
wanted to show this to C.E. Mitchell but he aavised him not
to do it, as Mitchell's back was against the wall, that he was
the most diecredited man in New York and that he would be
quick to use Gov. Norman's cable to his own advantage.
Nov. 12, 1929. 13
8. Gov. Young said the 53 millions of Govt. securities purchased
by Gov. Harrison the other day, were bought from J. P. Morgan
and the General llectric Co.; that it was very difficult at
the time to get Government oscurities; that the action of
Owen Young and Morgan was undoubtedly patriotic but that it
never could be explained politically; that Morgan got the
Government securities by exchanging with the British Govt.
long tern for short term securities.
Nov. 12, 1929. 13
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Federal Reserve Bank of St. Louis
98.
Harrison, Governor (Contld.)
9. Said he wanted lower discount rates as soon as possib
le but that,
with a billion of rediscounts, the banks would be very
slow in reducing customers rates; that even if the whole
200 millions asked for were bought now, - he did not
claim this necessary, - it would not add to P.R. credit
but would merely reduce rediscounts and make the banks feel
easier, and pave the way for lower discount rates.
Nov. 12, 1929. 15
10. Gov. Young at first objected to giving Open Market
Committee or
P.R. Bank of New York any authority to buy Govt. securi
ties
even in an emergency, saying it might be called a
'crisis"
whenever they wanted to buy.
Nov. 12, 1929. 17
11. Miller dictates letter to, that Board will give
continuous
consideration to question of easing market; that it would
act
promptly in an emergency; that in any acute crisis Board
would not object to purchase of 'Govt. securities,
if no
opportunity to consult Board prior to action.
Nov. 13, 1929. 19, 20
12. Gov. Young telephones from N. Y. that Gov. Harris
on wants to
reduce discount rate to 40 and to lower bill rates.
Nov. 14, 1929. 23
See
.Discount rates
13. Owen Young and Rasburn agree that Board,
except in acute
emergencies, should approve all major operations in open
market.
Nov. 22, 1929. 32
14.
Tells Gov. Young that if Board gives general discre
tion to
Open Market Committee to buy Govt. securities up
to 200
millions he will advise his directors to agree not to
buy
Govt. securities for account of P.R. Bank, N. Y. withou
t
approval of Board.
Nov. 24, 1929. 35
15. Gov. Young repeats above.
.ov. 25, 1929. 38
16.
C.6.H. favored above as P.R. Bank, New York, would surren
der
its clear right to deal in Govt. securities until
Board
limited it by regulation.
Nov. 25, 1929. 39
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Federal Reserve Bank of St. Louis
Harrison, Gov. (Oontld.)
on.
17. Board disapproves salary of $60,000 for Gov. Harris
Jan, 14, 1930. 78
Jan. 16, 1930. 79
Feb. 21, 1930 103, 04
view to
18. Miller said policy of, was an easing policy with a
lower discount rates.
Jan. 33, 1930. 85
19.
20.
21.
22.
Said purpose of lowering bill rates was merely to keep status
quo and not to bring about reduction in discount rates.
Jan. 30, 1930. 88
Open
C.S.H. feels Gov. Harrison did not intend to deceive the
rates
bill
m
minimu
lower
Market Comwittee into favoring
by giving false impression that it was not to pave way
deceived.
for lower discount but that nevertheless they were
The directors of F.R. Bank of N.Y. by soon after establishing
on.
lower discount rates put Gov. Harrison in an equivocal positi
91
1930.
30,
Jan.
Gov. Harrison told Gov. Young he did all he could over the
at
telephone to persuade his directors not to reduce just
Jan. 30, 1930. 91
this time.
C.S.H. at reading of records of above meeting criticised them
as apparenti.l.y showing that it was generally felt that N.Y.
wanted to reduce rates, and that Gov. Harrison had in
effect so stated. He had records amended to show that
Gov. Harrison said that lower bill mtes were not wanted
be
in order to reduce discount rates, but the sables could
left to the course of nature.
Gov. Young said Gov.
would be reduced,
to the future and
was not suggested
Harrison did say that discount rates
but C.S.H. said this statement was confined
not to the present; that a present reduction
nor hinted at.
Jan. 31, 1930. 92, 93
23. Board refuses to increase salary of, to $60,000.
Feb. 21, 1930. 103, 104
24.
Gov. Harrison's cable to Int. Settlements Bank.
Feb. 25, 1930. 107, 108
See.International Settlements Bank
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Federal Reserve Bank of St. Louis
Harrison, Governor (Cont'd.)
25.
C.S.H. says if Gov. Young intends to file any dissent When
he signs the Annual Report, C.S.H. will move to add
to report Gov. Harrison's letter to Board as to an
affirmative increasing rate policy.
April 6, 1930. 128, 129
26.
Told Board of trip abroad.
Central Zuropean bankers claim no great shortage of capital
in world, but bad distribution.
Great deflation and price collapse abroad.
Low rates for short term borrowing will help long term borrowing.
Recognize danger of encouraging speculation by easy money.
Basic commodities have fallen in price all over world.
Purchasing power lowered.
Denial that banking policy abroad caused deflation.
Denial of any obligation to stabilize prices.
Central bankers curious to know how far Federal Farm Board
would go.
A world situation which Yarn Board can't control.
April 15, 1930. 133
27. Russia is selling raw materials abroad far below cost in order
to get capital.
Sells lumber at prices which Sweden can not meet.
Really no "cost of production in Russia."
Russia is ship Aug coal to Boston at less than our domestic prices.
If Russia should dump Wheat abroad the situation would become
intolerable.
U.S. is giving credits to RUSSIA on extremely low terns.
U.S. credits ihould be embargoed.
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Federal Reserve Bank of St. Louis
101.
Harrison, Governor (Contld.)
U.S. banks got 50% osib, which protected them, - all else
in shape
of notes was profit.
April 15, 1930. 133 .
28. Gold and long term credit policy is the vital question.
U.S. and some foreign countries can afford to lose gold
if it
is shipped to countries needing it.
April 15, 1930. 133
29. Gov. Moreau said Prance had more gold than she neede
d; that she
is encouraging gold exports and developing short time
loans
abroad; that she is encouraging rrench bankers to confe
r
with N. Y. to help place long term loans.
April 15, 1930. 133 (1, 2)
30. !ranch tax on foreign securities has been reduc
ed one-half, to 4.
Gov. Moreau would like it reduced to 1%.
4211 15, 1930. 133 (2)
Prance has income tax of 25% onforeign securities as
against 10
on domestic bonds.
Gov. Moreau would like to have tax uniform, but tax on
foreign
securities must be higher as there is a domestic transfer
tax.
April 15, 1930. 133 (2)
31. Some prejudice in Prance against foreign bonds
, e.g. Panama bonds,
although those were really domestic bonds.
32. Reparation bonds, - 300 millions to be issued.
Hoped London will take 60, Amsterdam 25, other countr
ies 15 100 millions balance - 200 millions, mtst be taken by
rest of world, chiefly by Prance and U.S.
Sweden may take more than now anticipated.
Czechoslovakia may take some.
France will take about 80 millions.
U.S. should take 120 millions.
Our State Dept. has said that America would not take
millions.
April 15, 1930. 133 (2)
of 300
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Federal Reserve Bank of St. Louis
102
Harrison, Gov. (Oontld.)
33. Peeling in U.S. we have taken too many foreign securities.
100 millions would be maximum of reparation bonds which
could be placed in U.S.
April 15, 1930. 133 (2)
34. Of the amount realized, 100 millions is to go to Germany, and
the other 200 millions would capitalize future
unconditional payments by Germany under Young plan;
that Prance will probably get 5/6 of this.
April 15, 1930. 133 (2)
35. Bank of France now has one billion of foreign exchange, ofwhidh
1/2 is N. Y. exchange.
36. Frame wants a world market for reparation bonds in order to
pay her international debts with the proceeds.
Prance would like to buy French bonds held in U.S. XXact
amount of these holdings not known.
April 15, 1930. 133 (2)
37. May be danger from over issue of bonds in U.S.
April 15, 1930. 133 (2)
38. Bank of
ngland is loaning directly to corporations and
individuals on certain conditions as to psItting
borrowers in good condition, reorganization, etc.
Bank of &gland later hopes - to get joint stock banks to take
over these loans.
April 15, 1930. 133 (2)
30. &gland is being underbid in steel because of her high wages
and poor organization.
April 15, 1930. 133 (2)
40. Had satisfactory talk in Rome with Luther as to B.I.S. etc.
He told Luther that there should be more harmony in Urope before
asking U.S. investors to take reparation bonds at
reasonable rates.
April 15, 1930. 133 (3)
41. He said he conferred with Bank of Italy officials; that they
wanted 100 millions for 5 years.
April 15, 1930. 133 (3)
42. Had talk with Mussolini who asked many reasonable questions.
April 15, 1930. 133 (3)
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Federal Reserve Bank of St. Louis
103.
Harrison, Gov. (Contsd.)
43. Italy talks of stabilizing at a lower rate than 19 to the dollar.
April 15, 1930. 133 (3)
44. Did not know whether Oottonis talk with hip as to placing
reparation bonds in U.S. was official or not; that Cotton
spoke to him about placing reparation bonds in U.S.
before he sailed.
April 15, 1930. 133 (3)
45. Later said Cotton's talk was official.
Aril 15, 1930. 133 (3)
46. Said Ogden Mills was much excited over relations between State
Department, Treasury, and 7.3. Board in reparation bond
matters.
April 15, 1930. 133 (3)
47.
Continued discussion over B.I.S.
C.S.H.Is position
C.S.H.lat resolution.
April 16, 1930. 133 (3)
See - International Settlements Bank
48. Reads cable from McGarrah as to B.I.S.
April 16, 1930. 134
See - International Settlements Bank
49. To Board on opening an account with M.S.
41'11 21, 1930. 137, 138
See - International Settlements Bank
50.
Gives Board reasons for wanting 3% rate.
Board disapproves
April 24, 1930. 139, 140
51. Discusses business conditions with Board.
Prices falling all over world.
Ratio of decline greater each month
Acceptances drawn have fallen off 200 millions as compared
with a year ago.
If tide does not turn by July let, the depression will be
long continued.
Temporary depressions usually do not last over a year.
What can be dolt?
lhat power can Board use?
May 14, 1930. 153
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Federal Reserve Bank of St. Louis
104.
Harrison, Gov. (Contid.)
52.
Uiller said Board can do nothing and the easy money policy
already adopted would cause mischief in future.
May 14, 1930. 153
53.
Gov. Harrison maw no method except a bold open market operation
deliberately designed to put up prices, thus Improving also
the bond market.
May 14, 1930. 153
54. Miller said P.R. policy caused the lebruary and March stook
market inflation; that a state of mental depression can
set in which exaggerates the real depression.
Gov. Harrison agreed with Miller that the psychology of the
reduction to 3% so far has been bearish rather than bullish.''.
Gov. Harrison said his directors did not believe they could
increase prices or revive business, but felt they should
de all they could, even if unavailing.
May 14, 1930. 153
55.
Gov. Harrison said Europe has to pay us 500 millions each year
as debt interest; that some want to prevent her ming is
in goods by high tariffs; that paying us in gold would
disrupt the gold standard; that many believe we must loan
Swope money to increase its purchasing power for our goods.
May 14, 1930. 153
56.
Gov. Harrison said our export trade had fallen off considerably
for loss of Ittropean purchasing power.
May 14, 1930. 153
57. Gov. Harrison said higher discount rates
to liquidate their security loans;
liquidate at any rate would simply
custome rs•
May 14, 1930.
woald help the banks
that an attempt to
cause loss of banking
153 (2)
58. Gov. Harrison said 100 millions of proceeds of the reparation
bonds goes to Germany and the remainder distributed among
the other countries; that Trance would receive 5/6 but is
willing to let half of it go to other naticas; that U.S.
will be asked to take about 75 millions, after allowing
for the discount and Prance will probably take same amount;
that the bonds can easily be placed in U.S. as this ye?,
between January and April 1, 1'330, 1400 millions of stock
issues and 400 millions of bonds have been placed.
May 14, 1930. 153 (2)
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Federal Reserve Bank of St. Louis
Harrison, Gov. (Contid.)
59. Said that a 3% discount rate might not help short term
borrowing; it would help long term borrowing at more
reasonable rates permitting the placing of securities;
that there is plenty of money for short time borrowing
but rates are relatively high for long term borrowing.
May 14, 1930. 153 (2)
60. Said that when request came from B.I.S. as to offering
reparation bonds in U.S., he would prepare a cablegram
and letter to be submitted to Board for approval or
disapproval, and if disapproved it would not be sent.
May 14, 1930. 153(2)
See - International Settlements Bank
61. Says expression of opinion as to dismount rates by Open Market
Policy Conference does not bind any P.R. bank. All agree as
to this.
May 21, 1930. 165
62. All of Board agree that C.S.H. may show, proposed letter to
May 21, 1930. 165, 166
as to B.I.S.
63. C.S.H. shows draft to Gov. Harrison. He agreed to it generalLy
but saw no reason why Board should specifically reserve all
rights to protect the credit situation.
May 21, 1930. 166
See - International Settlements Bank
64. Gov. Harrison reported for Open Market Policy Conference, that
the Conference unanimously agrees that recommendations as
to discount rates is not within province of the Open Market
Policy aonference but should be left to the individual
P.R. bank and the Board.
May 22, 1930. 168
65. Said he saw no reason for present purchase of Govt. securities,
but it should be taken up when the late summer and fall
discount for P.R. credit arose.
May 22,1930. 168
66. Vigorously objects to Dr. Miller's suggestion of keeping
outstanding a fixed amoung - say 1 billion dollars- of P.R.
credit.
May 22, 1930. 168
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Federal Reserve Bank of St. Louis
106.
Harrison, Gov. (Contsd.)
67. In reply to Gov. Calkins, Gov. Harrison said that the
purchase of 150 millions of Govt. securities now would
help the bond market.
May 22, 1930. 169
68.
Said that lower discount rates might deprive banks of needed
earnings.
May 22, 1930. 169
69. Said the open market policy conference believed that need of
earnings was no justification for P.R. banks buying
Govt. securities.
May 22, 1930. 169
70.
Gov. Harrison intimates to C.S.H that proposed cable to B.I.S.
will use phrase "no grounds% for dissent."
C.S.H. said this would in effect be an approval which the Board
would never agree to.
May 22, 1930. 169, 170
71. Miller says C.P. Mitchell called up Gov.
market and that Gov. Harrison told
the policy of his bank, and agreed
rediscounts.
May 28, 1930.
Harrison as to relief of
him he should determine
togive him the necessary
179
Harrington, George W.
Sends us a book of poems called, 'The Tower Stair. dedicated to Vat
"To our neighbors
Hon. and Mrs. Charles S. Hamlin
Whose house is set upon a rock a furlong
from Nedls Point Light and whose lives
of good will
Devoted to mankind
Like that Beacon
Safeguard and sustain
As no man knoweth."
Dec. 25, 1929. 67
Sends us flowers in memory of Anna.
April 26, 1930. 142
Harvard Club, Washington
C.S.H. attends annual dinner.
Tab. 6, 1930. 95
HO-Adalms House
H.P.H. arrives at. from Albany, N.Y
Dec. 2, 1929. 50
C.S.H. moves from Cosmos Club to.
Dec. 3, 1929. 50
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Federal Reserve Bank of St. Louis
107
Hearst
See.
Butler, Dr.
Churchill, Winston
Hegerman, Miss
We dine with.
Jan. 29, 1930. 85
Helm, ldith
back to
C.S.H. has, at dinner at Cosmos Club, and later went
her apartment.
Nov. 11, 1929. 12
C.S.H. dines with.
Nov. 19, 1929. 29
C.S.H. meets, at dinner with Justice and Mrs. Brandeis.
Nov. 21, 1929. 30
next week
Oalls and says she is to have Helen Bones at dinner
but explained to Bertie she could not ask us as Mrs. Wilson
was to be therel
Feb. 16, 1930. 101
Dines with us.
April 20, 1930. 137
Calls on us. April 27, 1930. 142
Calls and has a talk about her letters to Admiral Helm.
a.m.
C.S.H. made an appointment with her tomorrow at 10
May 1, 1930. 147
C.S.H. goes to, at 9:45 a.m.
Met there a representative of the Cosmopolitan Magazine.
articles
Looked over a propose& contract to print a minimum of three
the same
at
chose,
so
it
if
es
articl
for $5000 and additional
rate.
absolute
C.6.H. thought the contract as drawn gave the company the
agreed
right to print the letters in bock form, at terms to be
upon.
should
suggested a slight change to effect that the Company
agree to publish the letters in a book later, if ldith so
wished, AA terms to be agreed upon.
The Company representative agreed to redraft if.
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Federal Reserve Bank of St. Louis
108.
Helm, Edith (Contid.)
'
C.S.H. suggested to Edith to say that after examining it she should
mail it to him, and this would give C. .H. a chance to go
over it.
C.S.H. told Edith he felt she should strike out:
1. The humorous refereace to Mrs. Wilson powdering her nose;
2. The remark of Baruch that Hoover wanted the Danocratic
nomination in 1920.
C.S.H. said, he noticed
Wilson's ranatk
be President, added that both
that she haa already stricken out President
that Hoover was not sufficiently equipped to
to which he had previously objected, - and he
statements should be stricken out.
The Company representative begged her to le-ve both in.
C.S.H. fears Mrs. Wilson will break with Maith over this matter and
perhaps try to enjoin her.
C.S.H. can see no reason why she should not publish the letters as
the was paid as Secretary not by the Wilsons b.lt by the U.S.
Government.
On the same principle, Admiral Grayson would be debarred from
writing a book on the subject.
May 2, Friday, 1930. 147
Edith called up C.S.H. later and said she had signed the contract this
morning.
C.S.H. is sorry she did not hold it up as he suggested this morning,
until he could look it over.
C.S.H. wonders what would happen if, e.g. publication were enjoined by
Mrs. Wilson.
C.S.H. supposes the Ompany would have no claim for damages, for Edith
has delivered to it the letters as she agreed, and she
certainly never agreed to warrant or guarantee that she had a
right to publish the letters written by herself.
MAy2, 1930. 148, 149
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Federal Reserve Bank of St. Louis
109.
Helm, ldith (Contld.)
With called on us at 9:30 a.m.
She said she had written Mrs. Wilson almost exactly according to
the draft C.S.H. prepared for her; that She .had just received
a reply frau
Wilson Which she read. (See scrapbook)
It was a coldly insulting, cruel letter.
C.-6.H. advised her to answer it and show that Mrs. Wilson knew all
along that she was to publish the letters.
She did not want to do this but said she would consider it.
C.S.H. advised her to consult the lawyer of the Trust Company and
also her N. Y. lawyer Whether she was under any legal obligation
to tell the Cosmopolitan representative of Mrs. Wilson's letter.
She said she would see the Trust Company lawyer this a.m. and that
she was going to N. Y. tomorrow and would put the question to
her N. Y. lawyer.
She also showed me a memorandum showing that Mrs. Wilson knew of her
intention to publish the letters and even by necessary
implication referred to this intention in one letter. This
memorandum gave all the essential details. She then took this
letter and memorandum and said she would give them to me later.
May 6, 1930. 149, 150
Called her up in evening.
She said the Trust Company lawyer was very indignant at Mrs. Wilson's
letter and said she must answer it.
She said nothing as to having asked his opinion as to Whether she
owed any duty to Cosmopolitan Company to mention Mrs. Wilson's
letter but she said she would put this question to her N.Y. lawyer.
C.S.H. told her she could tell Helen Bones in N.Y. inconfidence about
his ttouble with Mrs. Wilson and Mrs. Pennington as to the Wilson
dhronology.
She intimated to us that Mies Bones also had had a difference with
Mrs. Wilson.
May 6, 1930. 150
Dines with us.
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Federal Reserve Bank of St. Louis
110.
Helm, Edith (Contsd.)
Said she had just returned from N. Y.; that her lawyer said she was
under no legal obligation to inform the Cosmopolitan of
Mrs. Wilson's letter; tnat he had held upthe.book contract
as he did not like a part of it.
She said she saw Helen Bones and told her in oonfidence of C.S.H.'s
difference with Mrs. Wilson; that Helen Bones also had a dispute
with Mrs. Wilson which had been adjusted; that Mrs. Wilion
also had had a disagreement with Margaret Wilson. She left a
memorandum with C.S.H. giving all essentbal facts.
Edith Helm called and read us a short letter to Mrs. Wilson expressing
surprise at her objection to the pdblication of the letters
and stating that she had told her many times of her intention to
publish them. The letter was short but well phrased. She said
she would mall it tonight.
May 14, 1930. 155
Edith Helm called and read us another letter fram Mrs. Wilson flatly
contradicting Edith's last latter.
C.S.H. took it to his office, had co)ies made, and returned it to Baia
at Washington Loan and Trust Co.
C.S.H. also mailed Edith a draft of reply, although he wrote he thought
no reply was really necessary.
May 17, 1930. 157, 158
Edith Helm told Bertie - *hat she had never mentioned before - that
at the time of C...H.Is disagreement with Mrs. Wilson, she
(Mrs. W.) told her she was very angry with Mrs. Pennington for
putting her in a false' position as regards the Wilson chronologyl
May 17, 1930. 159
C.S.H. writes Edith, who is at Grawville, Ill, about Mrs. Wilson's
actions as to the suggested pageant at the old British Adbassy
house.
Mir 24, 1930. 171
Sidon, Dr.
Blood pressure. 170
Blood sugar
1020
Sugar in urine
0
Dec. 13, 1929. 62
Blood pressure 168
Blood sugar
1019
Sugar in urine
0
Dec. 23, 1929.
65
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Federal Reserve Bank of St. Louis
111
Eiden, Dr. (Contld.)
Blood pressure
175
Blood sugar
1019
Sugar in urine
9
Jan. 12, 1930. 77
Blood pressure
170
Blood sugar
1018
Sugar in urine
0
Jan. 26, 1930. 84
Blood pressure
170
Feb. 3, 1930. 95
Tested H.P.H. blood for anemia
Yob. 3, 1930. 95
Hinsdale, Mrs.
H.P.H. meets, at Catherine Grant's
Nov. 29, 1929. 44
Hodgdon
See - Cow pasture
Holding companies
Comptroller to a& Congress for authority to examine, owing a majority
of stock of a member bank.
Nov. 5, 1929. 1, 2
Holmes, Justice
C.:.H. lunches with Committee of Associated Harvard Clubs to
prepare greeting to, on 89th birthday.
The Committee was:
1.
2.
3.
4.
5.
6.
7.
8.
9.
Sec. of State Stimson $89
Sec. of Navy, Adams
188
Postmaster General Brown. 192
Under Secretary of State Cotton. 196
Adbassador to %many, Sackett. L.L.B. tg2
Warren, Charles 189
C.S.H. $83
Judge Mee°, $82
Roscoe Pound (L.L. 1920)
Present, 1, 2, 4, 5, 7
Dec. 31, 1929. 68
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Federal Reserve Bank of St. Louis
112.
Holmes, Justice (Contld.)
C.S.H. read greetings of Committee on 89th birthday.
Warren.
Justice Holmes responded.
Mar. 8, 1930. 115
Written by
Those ppesent were:
C.S.H. 183
Brown, W. 7. 192
Warren, Charles 189
Mar. 8, 1930. 115
C.S.H. read the greeting as senior member.
Mar. 8, 1930. 115
Hooper, Mrs. William
C.S.H. meets, at christening of Christopher Grant.
Nov. 10, 1929. 8
Hoover, President
Gov. Young thinks Ogden Mills wrote Hoover's statement following
stock market crash of Oct. 1929.
Nov. 1, 1929. 1
Gov. Young and Ogden Mills were with Hoover yesterday according
to the papers, .1:mit Gov. Young never mentioned this to Board.
Nov. 14, 1929. 23
Board and federal Advisory Council had a conference with, at
White House.
Hoover discussed the business depression and asked all to urge
municipalities to push public works.
The Federal Advisory Council and Board said the P.R. banks would
do all they could to help.
Hoover read a statement prepared by Gov. Young and Wetmore.
Nov. 19, 1929. 29
C.S.H. writes Rachel Hale that Hoover impressed her very favorably
at above Conference.
Nov. 21,1929. 30
Gov. Young said he was at the White House yesterday with Hoover
and his industrial conference; that Wooley and Raeburn
Nov.22, 1929. 31
were there.
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Federal Reserve Bank of St. Louis
113.
Hoover, President (Oontld.)
Some one told O.S.H. that Robinson of Pacific S.W. Trust and
Savings bank, was a great friend of Hoover.
Nov. 22, 1929. 33
Janes openly and derisively flouted Hoover's efforts to ward
off the business dqpression.
Nov. 25, 1929. 39
Board decided not to reappoint Lens as Class 0 Director at
Federal Reserve Bank, Dallas, in spite of the
insistence of Oreager and Love.
Hoover has not intervened, in any way in this matter.
Dec. 13, 1929. 62
George McClellan said Hoover had no tc=ct, was daninating and
preferred to wreck any plan of his rather than change
Dec. 15, 1929. 62
his views.
Delano invited Hoover to the Wilson Foundation meeting at National
Theater, sending him tickets for a box.
Hoover's secretary replied in a redbling note to effect that if
the weather was good Hoover felt he ought to take some
vacation on that day, but vaguely intimated that if the
weather was bad he might COMA.
The Secretary said he held the tickets subject to Delano's disposal
Delano replied that he hoped that Hoover would use the tickets
for other friends if he could not go. The letter was
never answered. At the last moment the Committee sold this
box to others.
Jan. 5, 1930. 70
C.S.H. presided at above meeting and went out of his way to praise
Hoover, which caused great applause.
Jan. 5, 1930. 71
David Hunter Miller told C.S.H. ha WA in his address joined
Wilson and Hoover together most artistically without
any perceptible gap.
Jan. 8, 1930. 73
C.S.H. sends to Newton, Secretary of Hoover, his address at
National Theatre and. his references to Hoover.
Newton replied he would call it to Hoover's attention
and Imew it wOuld please him.
Jan. 13, 1930. 79
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Federal Reserve Bank of St. Louis
114.
Hoover, Preldent (Contld.)
Glass denied right of State Department to announce that Federal
Reserve System could have no connection with the M.S.
but did not specifically deny that Hoover had such right.
April 17, 1930. 134, 135
C.S.H. advised idith Helm to strike out from her letters BaruChIs
renark that Hoover wanted the Democratic nomination in 1920.
She had already, before signing the publishing contract, stricken
out, on C.S.H.Is suggestion - the reference to President
Wilson's remark that Hoover was not sufficiently equipped to
be President.
May 2, 1930. 148
C.S.H., in address to the foreign journalists at Carnegie dinner,
praised work of Hoover in organising to allay business
depression, as the work of a great engineer and builder, and
that the organisation of all forces, agricultural, business,
etc. was one of most successful in world history; that it
succeeded in eliminating fear and that without tt the
recession would have been infinitely worse.
(Sewscrep book) May 26, 1930. 175
P.W. Wile told C.S.H. his tribute to Hoover was most gracious.
May 26, 1930. 178
Hoppin, Nina
We call on, in New York
lob. 10, 1930. 97
House, Col.
Warburg told his idea of a central rederal Reserve Board to
Morganthau who told it to Col. House. Three months earlier,
however, Wilson and Glass had settled as to this Board.
April 17, 1950. 135
See - Glass
Home, George
&P.R. receives call from, former chauffeur of Woe Wilson.
See - Wilson, Mrs.
Hull, Cordell
We meet, at dinner at Woman's National Democratic Crib,
Web. 26, 1930. 107
111.1.111.D.11.•ow MP Oda
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Federal Reserve Bank of St. Louis
115.
Inflation
Gov. Harrison saw no way of helping business depression except
a hold open market operation deliberately intended to
produce inflation of prices.
May 14, 1930. 153 .
See -
sy money
International Settlanents, Bank of
Gov. Young said McGarr& would shortly resign to accept
Presidenty of.
Jan. 33, 1930. 90
Gov. Harrison quotes to Board a cablegram from Sir Charles
Addis asking:
1. Whether the 7.-i. Bank of New York would. appoint
the American directors of the B.I.b.
2. If no, would F.R. Bank, N. Y. approve or disapprove
the B.I.S. Choice of American directors.
Gov. Harrison said he had answered No to 1, but said nothing
as to 2.
The Board felt he should answer the 2nd quertion by stating
that the P.R. Bank, New York had no authority, either
to approve or disapprove. The Board directed Gov. Young
to send the cable to State Department with the above
expression of Boards opinion.
Fib. 25, 1930. 107
Gov. Young yesterday told Gov. Case that the F.R. Bank, N.Y.
should advise the Governors of the central banks who were
about to appoint a President and Directors of the B.I.S.,
that P.R. Bank, New York, had no authority either to
approve or disapprove the choice of the B.I.S. as to
President and directors.
Gov. Young said Underseere.Cotton had agreed to this.
lob. 27, 1930. 108
Gov. Young, this morning read a cable from the Federal Reserve
Bank, N. Y. to the B.I.S. to the effect that it did not
object to the American directors Chosen.
The Board voted to send this reply to Cotton.
116.
International Settlements Bank (Contld.)
Gov. Young said he had already talked with Cotton about
it and that Cotton said the reply was all right.
G.S.H. and Miller said the P.R. Bank, New York, by this reply
had in effect approved the selection of the American
directors and that this violated the statement of
Secretary Stimson that the P.R. System should not be
connected with the B.I.S.; they added, however, that if
the State Department did not object to the reply, that
there was nothing more to be done.
70. 27,1930. 108, 109
Gov. Harrison said he had a satisfactory talk with Dr. Luther,
in Rosul, as to the B.I.S.
April 15, 1930. 133 (2)
•
Gov. Harrison said Cotton's talk with him as to the B.I.S. was
April 15, 1930. 133 (3)
official.
•
Gov. Harrison said Ogden Mills was mmch excited as to the relation
of the State Department, Treasury Dept. amd the Federal
Reserve Board in regard to M.S. matters.
April 15, 1930. 133 (3)
Gov. Harrison continued his discussion with Board as to the B.I.S.
No a:mansion reached, he went back to Na. to meet his directors
tomorrow morning and said he would advise the Board fully.
April 16, 1930. 133 (3)
•
•
C.S.H. took position that the fact that the B.I.S. statutes gave
right to F.R. Bank, N. Y. to approve or disapprove proposed
placing of reparation bonds by B.I.S. in markets of U.S„
gave the 7.H.lan1r, N. Y. no authority to pass upon such
issues as a condition precedent to their being offered in
U.S. markets.
C.S.H. stated he felt certain that any approval by the P.R. Bank,
New York, would or might embarrass the P.R. Board as to its
future credit policies.
April 16, 1930. 133 (3)
C.S.H. introduced, informally, a resolution, as follows:
"In enacting the P.R. Act, Congress gave to the P.R.
System, whether acting through the P.R. Board or
through the individual P.R. banks, no power to pass
upon the propriety of proposed offerings of either
foreign or domestic securities in the markets of the
U.S., as a condition precedent to such offerings,
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Federal Reserve Bank of St. Louis
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
116.
International Settlements Beak (Contld.)
Gov. Young said he had already talked with Cotton about
it and that Cotton said the reply was all right.
C.S.H. and Miller said the P.R. Bank, New York, r this reply
had in effect approved the selection of the American
directors and that this violated the statement of
Secretary Stimson that the P.R. Systen should not be
connected with the B.I.S.; they added, however, that if
the State Department did not object to the reply, that
there was nothing more to be done.
Peb. 27,1930. 108, 109
Oov. Harrison said he had a satisfactory talk with Dr. Luther,
In Rosul, as to the B.I.S.
April 15, 1930. 133 (2)
Gov. Harrison said Cotton's talk with him as to the B.I.S. was
April 15, 1930. 133 (3)
official.
Gov. Harrison said Ogden Mills was mmch excited as to the relation
of the State Department, Treasury Dept. and. the Tederal
Reserve Board in regard to B.I.S. matters.
April 15, 1930. 133 (3)
Gov. Harrison continued his discussion with Board as to the M.S.
NO conclusion reached, he went back to N.Y. to meet his directors
tomorrow morning and said he would advise the Board fully.
April 16, 1930. 133 (3)';
C.S.H. took position that the fact that the B.I.S. statutes gave
right to P.R. Bank, N. Y. to approve or disapprove proposed
placIng of reparation bonds by B.I.S. in markets of U.S.,
gave the 7.H.lank, N. Y. no authority to pass on such
issues as a condition precedent to their being offered in
U.S. markets.
C.S.H. stated he felt certain that any approval by the P.R. Bank,
New York, would or might embarrass the P.R. Board as to its
future credit policies.
April 16, 1930. 133 (3)
C.S.H. introduced, informally, a resolution, as follows:
"In enacting the P.R. Act, Congress gave to the P.R.
System, whether acting through the 7.1t. Board or
through the individual P.R. banks, no power to pass
upon the propriety of proposed. offerings of either
foreign or domestic securities in the markets of the
U.S., as a condition precedent to such offerings,
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
)
International Settlements Bank (Cont'd.
l policy or
whether upon grounds of internationa
ns.
atio
ider
strictly domestic cons
Issues Cannittee,
Since the dissolution of the Capital
the U.S. have
on August 30, 1919, the markets of
System is
P.R.
been open, at least as far as the
issues, whether
rity
concerned, to offerings of all secu
domestic or foreign.
g one laropean central
The fact that the Statutes governin
shall be made
bank have provided that no offerings
oval by one of the
by it in the U.S. except after appr
York - which action
P.R. banks, - the P.R. Bank of New
Statutes governing
may speedily be followed by similar
not, in the opinion
other foreign central banks, - does
Board or to any
the
of the P.R. Board, give either to
oval or disapproval,
appr
P.R. Bank any such authority. The
, of any such
Bank
either by the Board or by any P.R.
o oinicn of the
the
in
,
t
foreign security offerings, migh
to the future credit
Board, entail serious consequences
System in its future
situstion,and might hamper the P.R.
creditpolicies.
ld, therefore, be
The Yederal Reeerve Bank of New York shou
ional Settlements
advised to notify the Bank of Internat
well, the other
as
in reply to its communication, and
by the Board or by
principal central banks, that approval
ition precedent to
cond
a
any Y.R. bank is not necessary as
of the U.S., and
ets
mark
making security offerings in the
rtake to
unde
not
will
s
that such Board and P.R. bank
pass upon such offerings.
ine itself tothe duty
The Federal Reserve System will conf
ecting and stabilising
imposed upon it by Congress of prot
and will use all its
credit conditions throughout the U.S.
ion that any
opin
powers to this end. Should it be of
in anount than
ter
grea
are
offerings of foreign securities
tending to
thus
s,
stor
inve
can reasonably be absorbed by
will not
it
id,
liqu
make the banks of the country less
prior
any
by
ed
mper
unha
ic,
hesitate to caution the pabl
such
offerings of
approval or disapproval of proposed
securities.
April 16, 1930. 133 (3,4)
consulted, - he did
Gov. Harrison told the Board that he was
S. statutes
not say by wham, - as to whether the B.I.
rve Board,
Rese
ral
should mention gpecifically the Fede
and that he advised against it.
April 16, 1930. 134
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Federal Reserve Bank of St. Louis
118.
International Settlements Bank (Oonted.)
Gov. Harrison read to Board a cablegram from acGarrah asking (1)
whether the P.R. Bank, New York, would interpose objection to
the plaing by the B.I.S. of part of its capital stock in
the U.S.; (2) whether the Federal Reserve Bank New York, would
permit the B.I.S. to open an account with it. Board discussed
this briefly but expressed no final conclusion as its views
were somewhat divergent.
April 16, 1930. 134
Glass told C.S.H. that the State Department had no right to announce
that the F.R. System could have no connection with the B.I.S.,
although he did not specifically deny that Hoover had such
April 17, 1930. 134, 135
right.
Glass said the Federal Reserve Bank, New York, had no right to
approve or disapprove the application of the B.I.S. to place
securities in U.S. markets.
April 17, 1930. 135
Gov. Harrison gave the Board the suggested reply of the P.R. Bank,
New York, to the B.I.S. as to:
1. Opening an account On its books for the B.I.S.
2. Placing of its stock in U.S., the proceeds to be put
in F.R. bank and tweeted for it.
3. Apoointinc the First National Bank, New York,to vote
on its stock placed in U.S.
The proposed answer stated that the Federal Reserve Bank, New
York, did not dissent to either 1, 2, or 3. Board voted
to approve 1, provided it could be tenninated at any time.
Board discussed #e at some length.
C.S.H. offered a resolution that the F.R. Bank, New York, did not
dissent but that the failure to dissent should not be
on the validity or worth of the
construed as a passing
stock or of any future issue of bonds,t.e. reparation bonds.
Gov. Harrison agreed with C.S.H. as to future issues of rparation
bonds, but felt Board should not concern itself with such
relatively trivial details as to the placing in the U.S. of
only 2 millions of its stock.
C.S.H. said it had to do with stock in which the First National Bank
of New York had the voting power, - which made the question
an important one.
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Federal Reserve Bank of St. Louis
119.
International Settlements Bank (Contid.)
rve bank that it could
Miller moved to infonn the Federal Rese
matter, as the Board,
act on its own responsibility in the
Attorney General, was
until it secured an opinion fram the
.'
not clear as to its power in the premises
Failed on tie votes
t, Miller
Avet Sec. Mellon, Comptroller, Plat
ingham
Cunn
s,
NO: Gov. Young, C.S.H., Jame
notified the M.S. it did not
C.S.H. insisted that if the F.R. Bank
to dissent did not
dissent, it must state that the failure
imply approval.
were directed to try to
Finally, Gov. Young and Gov. Harrison
prepare a reply.
April 21, 1930. 137, 138
to MoGarrah aR)roving opening
%v. Young reported a proposed letter
central bank terms,
an account with the B.I.S. on the usual
stock in U.S. the P.R.
adding that, as to placing the M.S.
(See scrap book)
bank could neither assent or dissent.
April 22, 1930. 138
P.R. Bank, New York, had
Wyatt said that neither the Board nor the
on any offering of
authority under the F.R. Act to pass
resolution.
securities; that he agreed with C.S.H.Is
139
138,
April 22, 1930.
F.R. bank had such power
C.S.H. said that even if the Board and
Federal Reserve Bank,
and desired to give its approval, the
could not prescribii
New York alone, of all the 12 P.R. banks,
ld be offered in U.S.
the terms on which reparation bonds shou
B.I.S. should have
markets, and that the inquiries of the
d.
been directed to the Federal Reserve Boar
April 22, 1930. 139
cane from the B.I.S. as
Gov. Harrison said that when the request
an answer by cable and
are
to reparation bonds, he would prep
oval or disapiroval
appr
for
letter to be submitted to Board
sent.
be
not
d
and if Board disapproved it woul
(2)
153
.
1930
May 14,
General be asked as to the
James insisted that opinion of Attorney
Bank, New York, or
power of the Board, the Federal Reserve
no dissent to its
both, to inform the B.I.S. that it offered
of the U.S.
placing reparation bonds in the markets
IIlir
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
120.
ntld.)
International Settlements Bank (0o
ly by
n containing a tentative rep
C.S.H. offered another resolutio
t
to the B.I.S.:to be sen by
Federal Reserve Bank, New York,
l Reserve Bank, New York..
way of suggestion to the Federa
book)
ap
(See scr
.. .
table pending study of it by the
G.S.H. agreed to let it lay on
Board members.
M.S.
Bank, New York, would inform the
James said the Federal Reserve
ty
uni
ort
opp
an
rd
Boa
giving the
taat it did not dissent before
le.
cab
ed
pro?os
of approving or disapproving the
be made
rd yesterday no reply would
C.S.H. said Gov. Harrison told Boa
if the Board disapproved..
Gov. Young confirmed this.
May 15, 1930. 15.5, 156
as
be sent similar to the letter
Gov. Young said a letter should
.
to placing the B.I.S. stock in U.S
t this
C.S.H. said he would vote agains
for the previous letter.
Gov. Young said C.S.H. vored
expressly
the previous letter the Board
C.S.H. said that in approving
statement
ued
str
con
he
t
precedent; tha
stated it should not create a
pds
am
no
had
Y.
N.
F.R. Bank,
in this previous letter that the
the
t
tha
;
ent
ass
or
dissent
for dissent, to mean no power to
stated in any future letter
y
arl
cle
e
mor
be
phraseology must
as to reparation bonds.
May 15, 1930. 1.56
New Yoes., tO
to the reply of P.R. Bank,
Miller introduces a lasolution as
told
.H.
.H.Is language. C.S
the B.I.S. sligfttly changing 0.8
this.
Miller on Saturday he would accept
n from Attorney General
Janes again insisted on an opinio
The matter went over.
May 19, 1900. 158
. ..
--.--...7,==i11111111,
rd had power
ng the conclusion that the Boa
Wyatt told C.S.H. he was reachi
U.:).
cing of reparation bonds in
to examine into the proposed pla
n
wee
bet
respondent relationship
markets under the agency and cor
ever,
how
t,
fac
a
e Bank, New York. As
the B.I.S. and the Federal Reserv
n
wee
bet
t
created, - an accoun
no such relationship has yet been
k, New York merely, has been
Ban
e
the B.I.S. and Federal Reserv
May 19, 1930. 158, 159
established.
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Federal Reserve Bank of St. Louis
121.
International Settlements Bank (Oontid.)
Hserve Bank, New York,
C.S.H. showed a new draft of letter to Federal
tondo, to Janes
tion
repara
to the B.I.S., drawn by him, as to
it, but Janes
for
vote
would
and Cumninghan who both said they
ey General.
Attorn
the
from
on
opini
reserved right to insist on an
book)
Miller and Platt had already agreed to it. (See scrap
t to h i •3howing
C.S.H. asked James and Cunningham if they would objec
it to Gov. Harrison.
May 21, 1930. 165
nal, confidential
C.S.H. showed this draft to Gov. Harrison as a perso
had agreed to it.
rs
membe
Board
suggestion, not mentioning that other
consider it. He
Gov. Harrison said he was glad to have it and would
the Board's
for
n
reaso
no
saw
he
said
and
looked over it hastily
all knew it
reserving all rights to protect credit conditions, as
had. that right.
he thought it
C.S.H. said the B.I.S. might not know this, and that
might be better expressly to meal.= it.
the expression.
C.S.H. told Harrison the Board would never approve
r.
r
lette
forme
the
"no grounds for dissent, used in
166
1930.
21,
May
.
Gov. Young at 3:30 p.m. called a special misting of Board
the B.I.S.
He said the State Department had received, a cable from
tion bonds
repara
asking if it had any objections to the placing of
objections.
no
had
it
in U.S. markets, and that it would reply today
by Sec. Mellon,
James insisted that a statement to this effect, O.K.'d
for C.S.H.18
vote
would
he
be placed in the records, and that then
he had
g
sayin
,
Board
the
to
raad
draft, which C.S.H. had just
son.
Harri
Gov.
to
,
also given a copy, in confidence
to draft a
Board then adjourned to give Gov. Young an opportunity
get Sec. Mellon
statement asked for by Japes, for the record and to
to O.K. it.
May 21, 1930. 166, 167
At 6:30 Board convened again.
for the records.
Gov. Young read a proposed statement
osed any objection
In it he asked the State Department whether it Interp
cable of the
the
ring
answe
York
of
New
to the Board and P.R. Bank
M.S. when it should arrive, - presumablr tomorrow.
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Federal Reserve Bank of St. Louis
122,
International Settlements Bank (Contld.)
At the end of the statement the Board pat in the short draft of C.S.H.,
except that the words "stabilisation of credit" were changed to
"credit conditions" to which C.S.H. agreed.
The whole Board favored C.S.H.Is short draft.
Board aajourned until tomorrow when we expect from N.Y. proposed letter
and cable to M.S.
May 21, 1930. 167
Prior to last meeting, Gov. Young was in session with Ogden Mills,
- presumably about the M.S.
May 21, 1930. 168
C.S.H. talked with Gov. Harrison, after the Open MeAret Conference,
as to the reply of P.R. Bank, N. Y. as to reparation bonds.
Gov. Harrison said he felt the Board might not want to pass upon any
specific form of cable, but that the P.R. Bank should merely
inform the Board as to the general nature of its reply.
Gov. Harrison in referring to the proposed cable, referred to th,!t
expression. —"no grounds for dissent" as used in the former letter.
C.S.H. said he did notlelieve the Board would approve such an
expression, as it would be, in effect, if not in law, an expression
of approval of the issue.
Gov. Harrison said we could scarcely be said to approve an issue when
we know little or nothing About the terms and conditions.
C.S.H. replied that this was an added reason for not using language
w,lich conceivably might be construed as an approval.
Gov. Harrison finally said he thought some form of cable could be
used to overcome C.S.H.Is objections.
May 22, 1930. 169, 170
Gov. Harrison wires Board as to proposed reply to B.I.S., whose
inquiry has been received.
After stating the amount of bonds allocated, it added:
• "Considering the matter quite apart from its political or
Governmental aspects, which it is understood in this instance
have come before the Department of State for its decision,
our Directors have today authorized the offifers of this bank
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Federal Reserve Bank of St. Louis
123.
International Settlements Bank (Contid.)
to inform the B.I.S., when the loan is ready for issue
itself
in this market, that, while the federal Reserve bank
and
terms
the
to
does not assume any responsibility as
Bank of
conditions and issue of the proposed loan, the 7.R.
its
to
ion
object
any
ose
New York does not wish to interp
issue in this market.
would be
It was agreed by our directors that advice to CWs effect
advises
Board
e
Reserv
l
ledera
the
unless
cabled to the B.I.S.
of such
)
(block
us that it objects to the issue of a otrahche"
a loan in this market.
Harrison."
3124 p.m.
May 25, 4114 p.m. (Daylight saving time)
173, 174
Meeting of full Board.
interposes
C.S.H. introduced a resolution to effect that Board
that
no objection to the proposed cable, and stating at end
cable
in
Board construes terns, conditions, and issue"
ty
as necessarily carrying with it a refusal of responsibili
Board
of
e
failur
the
that
for the worth of the securities, and
the
to object is not to be considered a waiver of any right of
ions.
condit
credit
t
Board or the 7.R. System to protec
(See scrap book)
ed.
Gov. Young suggested slight modifications which C.S.H. accept
(See scrapbook)
Tele resolution was passed unanimously.
Aye: Sec. Mellon, Gov. Young, C.S.H., ;liner, Comptroller,
James, Cunningham
May 27, 1930. 174, 175
Irwin, May
C.S.R. meets the actress, at dinner at Lotus Club, N. Y.
161), 10, 1930. 97
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Federal Reserve Bank of St. Louis
124
James, George R.
Board considers James' draft of open market operations.
over.
James agrees to confine than to Govt. securities. Matter went
1
1929.
Nov. 4,
Opposes granting any emergency power to Open Market Committee to
buy Govt. securities without consent of Board.
Novo 12, 1929. 15
'louts and ridicules Hoover's efforts to check business recession.
Nov. 25, 1929. 39
Says large number of cancelled orders in his business.
Nov. 25, 1929. 39
Opposed Gov. Young's motion to authorize Open Market Committee to buy
Goverment securities up to 200 milliones.
Nov. 25, 1929. 39
Voted against Gov. Young's motion.
Nov. 25, 1929. 40
Said he voted for original letter of Board cancelling agreement
of First National Bank, Boston, to permit examination of its
security corporation unier Sec. 25, Federal Reserve Act, but
bust have been negligent or asleep at the time.
Dec. 14, 1929. 59
Voted against cancelling above agreement.
Dec. 14, 1929. 60, 61
Voted against increasing Gov. Harrisonis
Jan. 14, 1930.
Jan. 16, 1930.
70. 21, 1930.
salary to $60,000.
78
79
103, 104
Voted against small increases in salary of other Officers of
Videral Reserve Bank, New York
Jan. 14, 1930. 78
Jan. 16, 1930. 79
Voted to exchange whole record Otabove and take it up When full
Board is present. Jan. 14, 1930. 78
Voted to increase salaries at N. Y. except Gov. Harrison and Snyder.'
Jan. 16, 1933. 79
Voted against increasing salary of Carl Snyder.
Jan. 16, 1930. 79
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Federal Reserve Bank of St. Louis
125.
James, George R. (Oontld.)
Voted against increasing Gov. McDougalls salary.
Jan. 16, 1933. 80
no Federal
Voted, C.S.H. thinks, in favor of 0.S.H. motion that
h personally
althoug
ed,
increas
be
s
salarie
reserve agents'
he favored increase for Newton of Federal Reserve Bank,
Jan. 16, 1933. 80
Atlanta.
Federal
Says Miller's open market regulation draft muld prevent
securities
ent
Governm
Reserve Bank, New York, from buy iing
even in an acute emergency.
Jan. 16, 1930. 81
s draft.
Voted against reconsideration of vote approving Miller'
Jan. 16, 1930. 82
n
•
for an
Votes to approve plan 3 of Yedere.1 Reserve Bank, Richmond,
addition to bank.
Jan. 16, 1930. 82
% minimum bill
Utes against compromise motion of Miller for a 2.7/8
86
1930.
30,
Jan.
rate.
4
rate.
Voted against Gov. Young's motion for a 3i minimum bill
Jan. 30, 1930. 86
Voted ogsinst approval of 0 discount rate for New Toxic.
Jgp. 30, 1930. 87
lob. 7, 1930. 96,97
Bank of
Voted against reconsideration of Board's refusal to admit
System.
Reserve
Athens Trust Company into rederal
lob. 12, 1930. 100
31 to 30
Voted against reducing minimum bill rate at New York from
Yeb. 12,1930. 100
Report
Opposes C.S.E. suggestion that an addition be made to Annual
cowering direct pressure.
re% 12, 1930. 101
Voted against reconsideration of vote disapproving proposed salary
of $60,000 for Gov. Harrison.
Feb. 21, 1930. 103
e.
Board voted to reconsider, and James voted again against the increas
Feb. 21, 1930. 104
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Federal Reserve Bank of St. Louis
126.
James
'George R. (Ctntld.)
Voted against Wichita Federal reserve branch bank.
Votes to add matter as to direct pressure to Goldenweiser draft
of Annual Report for 1929.
Feb. 21, 1930. 106
Casts straw vote for Alexander for Chairman, Federal. Reserve Bank,
New York.
74b. 27, 1930. 109
Finally votes for Case.
Feb. 27, 1930. 110
C.S.H. called up Gov. Martin who said his directors were not
agreeable to appointment of Janes as Federal Reserve Agent.
Mar. 17, 1930. 117
Voted against Plattls motion to adopt Goldenweiserls Annual Report
without an addition as to direct pressure.
Mar. 17, 1930. 118
Voted for Miller's motion to add to Annual Report memoranda asto
direct pressure.
Mar. 17, 1930. 118
Gov. Martin said. his directors did not want James as lade'al Reserve
Agent, Mar. 17, 1930. 119
Gov. Martin told James he would hurt himself loaccept Federal Reserve
Agent, St. Louis.
Mar. 17, 1930. 119
Cunningham said
JaMOS
told him he had dropped matter.
Mar. 17, 1930. 119
See — Martin, Gov.
Moves to approve draft of Open Market Policy Conference as agreel
upon by Gov. Young and the Open Market Committee.
Mar. 26, 1930. 123
Votes for above motion.
Mar. 26, 1930. 124
Votes to adapt additions as to direct pressure in draft of
Annual Report.
April 6, 1930. 127
Votes against Miller motion that Board permit Federal Reserve Bank,
New York, to take responsibility of answering the B.IS. as to
reparation bonds.
April 21, 1930. 138
Votes to disapprove 3% discount rate for New York.
Passed unanimously.
April 24, 1930. 141
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Federal Reserve Bank of St. Louis
127.
James, George R. (Contld.)
Votes against 3% rate, but Board approves reduction.
May 1, 1930. 146
2b4.
Votes against reducing minimum bill rate from 21 to
146
May 1, 1930.
power of Board,
Insists on asking opinion of Attorney General as to
answer to
to
as
both
or
York,
New
Pederal Reserve Bank,
bonds.
tion
B. I. S. on repara
May 15, 1930. 155
May 19, 1930. 158
g for
llsgys Gov. Harrison will send cable to R.I.S. without waitin
156
May 15, 1930. 155,
Board's approval.
Votes against calling Open Market Policy Conference.
May 15, 1930. 157
e Bank,
Agrees to vote for C.S.H. draft of letter to Federal Reserv
B.I.S.
to
reply
New totk, as to
May 21, 1930. 165
to Gov.
Agrees that C.S.H. should show this draft in confidence
May 211 3,930 165, 166
Hanson.
has sent
Insists that Gov. Young's statement that State Department
in U.S.
bonds
tion
repard
will not object to B.I.S. placing
.
Mellon
Sec.
by
be placed in reoords, O.K.'d
May 21, 1930. 166
reply
Says if this is done he will vote for C.S.H. short draft of
New
York.
e
Bank,
to rederal Reserv
May 21, 1930. 166, 167
Votes for C.S.H. draft.
Unanimous vote.
May 27, 1930. 174, 175
Jameson, Dr.
Auld. Lang Syne
See
Japanese Commission, Naval Conference
We moot, at tea at Perry Belmontis.
Dec. 17, 1929. 63
Japanese ftbassy
We take tea at
Jan. 31, 1933. 94
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
128.
Jay, Pierre
C.S.N. would have suggested, for appointment as Chairman of
Board, lederal Reserve Bank, New York, in place at McGarrah
restgeed., but Gov. Norris told. him yesterday that Jay had made
other arrangements.
Jan. 30, 1930. 91
Johnston, Mrs. James Marion
We lunch with, to meet Mr. and 14s. Wickersham
Anril 15, 1930. 132
Joint Conference, Governors and Federal Reserve Agents. 57, 58
See - federal Reserve Agents
Governors
Julian Petroleum Co.
See - Pacific Southwest Trust and Savings Bank
•
•
•
•
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
-X-
Keating, Mrs. 182
See - Wile, 7. W.
Kellogg, Sec.
Dr. Butler says, originally opposed the Briand Pact. saying it was
a Pacifist measure, btt Dr. Butler went west, started a movement
for it, and finally Kellogg had to accept it and now is in line
for the Nobel Prize because of it; that Briand laughed at the
mentian of the Briandpaellogg pact, saying he should never refer
to Kellogg as one of its authors.
Dec. 6, 1929. 52
•••••••••••••••••
1,i
tr,
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
0.0
L.L.D.
.Coludbia University
See
Hamlin, 0. S.
•
r
,
0
Lone, Secretary. 143, 144
See - Miller, Dr.
Lanier, Miss
C.S.H. meets, at dinner at Ellen Leonard's.
Dec. 1, 1929. 49
Lansing, Mts. Robert
We dine with.
Mar. 16, 1930.117
Loy, Fannie
Calls on us with Gertrude Myer to meet Theodore Francis Greene.
May 7, 1930. 151
League of Nations
Mrs.Constance Williams denies statement of Mrs. Corinne Roosevelt
Robinson that President Wilson prevented ratification of
Versailles Treaty containing the League of Nations by -instructing
Democratic Senators to vote against ratification.
Mrs. Williams said her father, Senator Lodge, was always hostile
to the League of Nations, and that the so-called Lodge
resolutions were franed expressly to defeat it, as Senator Lodge
knew that the foreign nations would never accept them; that
Senator Lodge was delighted when the treaty failed and took all
responsibility for its failure. (See scrap book)
Jan* 7, 1930. 72
C.S.H. sends copy of Mrs. Williams statement to Rachel Hale.
Jan. 13, 1930. 77
Learned, Mr. and Mrs.
We dine with, to meet Prof. Webster.
Jan. 7, 1930. 72
Lee, Nigginson & Co.
Under Secretary Cotton asks Board's opinion as to advisability of
State Derartment approving a proposed Gennan loan for 125
millions, arranged by. Board differed in opinion.
Mar. 25, 1930. 122, 123
See - Cotton
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
131.
Lahinan, Lt. Gov., New York.
CeS.H.meets, in Albany.
Nov. 28, 1929. 42
k
Lohman, Solicitor General
to tlfect that a national ban
Miller refers to old opinion of,
ry
idia
subs
k organised as a
can not own stock in another ban
security corporation.
Dec. 14, 1929. 59
Lens
See — lederal Reserve Bank, Dallas
Leonard, Ellen
,
C.S.H. meets, at Rachel Hale's
Mrs. Charles Eliot was
She told C.S.H. the Doctor said that
would have twinst
and
ital
about to go to the hosp
4
9.
192
6,
.
Nov
1929. 9
Ellen Leonard was right. Nov. 10,
re.
C.S.H. calls on and meets Dodge the
Nov. 22, 1929. 34
Mr. and Mrs. Horace Washington,
C.S.R. dines with, meeting there
ine Beale.
Miss Lanier, Mr. Jay and Mrs. Bla
49
9.
192
1,
.
Dec
of her Mother's in remedbrance
Gives C.S.H. a silver pin cushion
.
of her. C.S.H. wrote grateful thanks
Dec. 5, 1929. 50
Lindsay, Lady
• erliallPiirlfietsiiiii*teit
tola Sir ldwin Lutyens
proposed pageant in the
and that she thought it
May
the
tnat Mrs. Harriman told, about
ago
s
week
two
ssy
Edba
h
old Britis
a very good idea.
31, 1930. 181
See — Pageant
ador
Lindsay, Sir Ronald, British Ambass
he spoke to, about the Pageant;
.H.
Sir Edwin Lutyens told K.P
name, Mrs. Msrrtgode.
that he said a lady with a hyphenated
to the Pageant; that he
Andrews, had written blm inviting him
his house and there
was
told Sir Malvin who said the EMbassy
would be no pageant held in it.
i.:ay 31, 1930. 180, 181, 182
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Federal Reserve Bank of St. Louis
132.
Lindsay, Sir Ronald (Contld.)
conveyed
C.S.H. fears the rather brusque statement of Sir Ronald,
who wanted
one
some
by
ed
prompt
been
through Sir liwin may have
to have the pageant fail'
May 31, 1930. 184
Liquidation of security loans
that any
Gov. Harrison says, not helped by higA discount rates;
ers
custom
attempt at, would cause the banks to lose
May 14, 1930. 153 (1, 2)
tot..4.404.4"Z4,...4.4.1,...
4 cAo
Lodge reservations 72
See.League of Nations
Lodge, Senator 72
See - Leagued
Nations
Loeb, Ur.
favored
As a member of Federal Advisory Council from Philadelphia,
reply of
to
York,
New
C.S.H. proposal of Federal Reserve Bank,
B.I.S. as to reparation bons.
May 20, 1930. 160
Lombard loans
Federal Advisory Council in favoring broadening of eligible paper
did not have in mind, but Sec. 5200 U.S. Revised Statutes;
Nov. 19, 1929. 23
Lotus Club
C.S.H. dines at, New York, as guest of DT. Butler.
the actor and May Irwin.
Feb. 10, 1930. 97
Meets Gillette
Love, Mr.
See - Federal Reserve Bank, Dallas
Lunches (See also, dinners, suppers, teas)
C.S.S. with P. H. Curtiss, Boston
Nov. 18, 1929. 27
C.S.H. with Dr. Butler, N. Y.
Dec. 6, 1929. 52
We had Christmas noon dinner with Lydia Biddle.
Dec. 25, 1929. 66
greeting.
O.S.H. with Azso. Harvard Clubs Committee. Justice Holmes
Dee. 31, 1929. 69
We lunched with Mr. and Mrs. George McClellan
Feb. 16, 1930. 101
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Federal Reserve Bank of St. Louis
133.
Lunches, etc. (Contld.)
H.P.H. lunches with Mrs. McCagg.
Yob. 21, 1930. 103
We lunched with Rachel Hale.
Mar. 2, 1930. 110
We lunched with Canon and Mrs. Stokes.
Mar. 9, 1930. 116
Prestient
C.S.H. with Canadian Minister to meet Mr. Beattie,
124
1930.
29,
Mar.
of C.P. RY. Co.
We lunch with Sen. and Mrs. Bruce at Buxton, Md.
April 13, 1930. 132
and Mrs. Wickershma
We lunch with Mrs. James Marian Johnston. to meet Mr.
132
1930.
April 15,
Luther, Dr.
Gov. Harrison has talk with, in Rune as to B.I.b.
April 15, 1930. 133 (2)
Lutyens, Sir lftwin. 180
Lindsay, Sir Ronald.
See
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
400!***
134.
Marion, Mass.
Hamlin at.
C.S.H. spends night with Harriet
April 5, 1930. 126
Massey, Canadian Minister
Co.
Beattie, PresidPnt of C. P. Ry.
C.S.H. lunches with, to meet Mr.
Mar. 29, 1930. 124
Bank, St. Louis
Martin, Governor, Federal Reserve
it
he told James in St. Louis that
that
s
Telephones from St. Loui
is
Lou
St.
of
ship
Chairman
would hurt him very much to take
would say he wanted a job and
yone
ever
as
k,
Ban
e
Federal Reserv
get a better job.
resigned from the Board merely to
1930. 119
17,
Mar.
s
er in person that his director
Told C.S.H. over telephone and lat
nt.
ral Reserve Age
were not favorable to James as Fede
Mar. 13, 1930. 117
Mar. 17, 1930. 119
York
that Federal Reserve Bank, New
Says it is being said in West
market
the
are
prep
to
er
ord
reduced its disoount late to 3%, in
for the reparation bond issues.
May 22, 1930. 170
Marvin, limund
We call on, in New York.
Mattapoisett
C.S.H. leaves, for Washington.
O.S.H. leaves Washington for.
Feb. 10, 1930. 97
Nov.4, 1929. 1
Nov. 7, 1929. 7
ington. Nov. 10,1929. 10
C.6.H. leaves Mattapoisett for Wash
apoisett. Nov. 15, 1929. 25
C..H. leaves Washington for Matt
ington. Nov. 18, 1929. 27
C.S.H. leaves Mattapoisett for Wash
ral
McAdoo, W. G.
charge in his book, - the Fede
C.S.H. spoke to Miller of larburgis
said
and
oo,
Med
by
d
Reserve System - that he waa daminate
on as to McAdoo;
Wils
ent
sid
?re
to
d
este
prot
that once he
in same bed with
pt
sle
that some Board members thought he
ly had differences
uent
freq
he
t
McAdoo and Williams but as a fac
April 30, 1930. 144
with him.
135.
McAdoo, W. G. (Contld.)
e in 1915 to prove that
Asks C.S.H. for copy of Watburgis tabl
possibly provide needed
not
the southern F.R. banks could
to make F.R. notes lawful
credits unless F.R. Act was amended
to be kept in F.R. banks.
reserve, and to require all reserves
•
•
.
C.0.1r found a co4 and sent it to him.
May 28, 1950. 178
McCagg, Mrs.
H.P.H. lunches with.
McClellan, George B. Mr. and Mrs.
We dined with.
•
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Federal Reserve Bank of St. Louis
TO. 21, 1930. 103
Dec. 15, 1929. 62
Dec. 25, 1929. 66
s case as Christmas present.
Mrs. McClellan gave me an Aye glas
Dec. 25, 1329. 66
We lunch with.
McClanahan, DT. J. T.
fttraoted two infected teeth.
Feb. 16, 1930. 101
Jan. 21, 1930. 84
McCoy, Judge Walter
about C.S.H.Is brilliant
Tells C.S.H. all Washington is talking
address before Wilson Foundation.
Jan. 9, 1930. 73
See also: Holmes, Justice
68, 115
McDougal, Governor
See — F.R. Bank, Chicago
Wadden, Cong. 73
See — A:Laminations
McGarrah, Federal Reserve Bank, New York
money to facilitate placing
C.S.H. believes, is working for easy
of reparation bonds in U.S. markets.
Jan. 30, 1930. 90
accept Presidency of B.I.S.
3ov. Young said, would soon r sign to
Jan. 50, 19..0. 90
Board appoalts Case to succeed.
Feb. 27, 1930. 109
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Federal Reserve Bank of St. Louis
1364
MoGarrah, Federal Reserve Bank, New York (Contld.)
C.S.H. calls Board's attention to the official statement of,
made some time ago, that directors of Federal Reserve Bank,
New York, contemplated issuing a statement expressing doubt
as to the soundness of the collateral for brokers loans.
April 7, 1930, 129
See - Federal Res rve Bank, New York
McLane, Charles ,
We call on, returning from lunch with Senator and Mrs. Bruce.
April 18, 1930. 132
Moab, U. S. District Attorney
See - Pacific S.W. Tryst and Savings Bank
Mellon, Secretary
Favored easing the market by Goverment security purchases to help
the bond market, - an iminediate, pressing problem.
Nov. 11, 1929. 11
Supported C.S.H.Is view that Openliarket Committee be authorised to
'buy Government securiuies up to 030 millions.
Nov. 12, 1929. 16
Initials a memorandum - no objection to N.Y. reducing to 40.
Nov. 14, 1929. 23
Favored reduction though not present when approved.
Nov. 14, 1929. 24
Told C.S.R. that, under leadership of Owen D. Young, the National City
Bank, New York, had been thoroudily examined and found to be
over 6% liquid, and in first class condition; that this would
be published if found necessary; that there had been and were
many rumors as to this bank and public confidence in it had
became sheken,but he hoped and believed that confidence in
Nov. 14, 1929. 25
it would revive.
Gov. Young has talk with Woolley and Raeburn and Sec. e1lon in his
office, as to general power of Board over transactions in
Government securities bythe P.R. banks; that Mellon said he
wished to give the Directors of the F.R. Bank, New York, the
widest discretion but that he realized that the Board had
both rights and duties in the matter.
Nov. 22, 1929. 31, 32
See - Government securities
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Federal Reserve Bank of St. Louis
137.
Mellon, Secretary (Contsd.)
Gov. Harrison and Sec.
Gov. Young said he would talk this over with
Mellon alone tomorrow.
Nov. 22, 1929. 32
ment securities
Voted to authorize Open Market Committee to buy Govern
40
1929.
25,
Nov.
up to 200 millions.
on bills. Lost.
Votes for minimum rate, as a compromise, of 3-7/8%
Jan. 30, 1930. 86
Votes for 31 rate. Passed. Jan. 30, 1930. 86
market.
Asks Miller if he does not haliswe in some easing of
Miller said Yes, but should be done very cautiously.
Jan. 30, 1930. 87
Votes to approve 4% discount rate for New York.
Lost on tie vote.
Jan. 30, 1930. 87
of N. Y.
Agreed with C.S.H. better not to overrule unanimous vote
reason
directors except for some clear, strong
Jan. 30, 1930. 87
Said U.S. share of reparation bonis would be 60 millions.
Jan. 30, 1930. 90
at first lost
Votes to approve N. Y. reduction to 4%. Passed, tho
on tie vote. Cunningham changed to Aye.
Feb. 7, 1930. 96, 97
rate for
Not present when Board finally approved 3% minimum bill
Feb. 12, 1930. 100
New York.
Harrison's salary.
Votes to reconsider aaverse vote on increase of Gov.
Passed by C.S.H. changing vote.
lob. 21, 1930. 103
Votes to increase Gov. Harrison's salary to $60,000.
7eb. 21, 1930. 104
reserve
At first opposed actively the petition of Wichita for a Federal
or
sooner
that,
branch bank; finally said he agreed with Miller
some
hed
abolis
we
later, we would have to approve it, unless
existing branches, which he believed could not be done.
He asked, however, to be recorded as Not voting.
Feb. 21, 1930. 105
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Federal Reserve Bank of St. Louis
138.
Mellon, Secretary (Oontld.)
Bank,
Votes for Case, as Federal Reserve Agent for Federal Reserve
d.
h,
resigne
McGarra
of
place
in
New York,
Feb. 27, 1930. 109
Monday C.S.H. writes congratulating Mellon on his 75th birthday 121
Mar. 22, 1930.
March 24th.
Sec. Mellon replied in a charming letter.
See scrap book.
New York,
Voted for Miller's motion to inform Federal Reserve Bank,
B.I.S.
to
g
replyin
in
ibility
respons
own
it could act on
as to reparation tands, as Board oould not agree as to its rielt
and duty unless and until advised by Attorney General.
April 21, 1930. 138
Absent when Board disapproved 3% rate for New York
April 24, 1930. 141
Votes, by way of compromise, for a 44 minimumbtll rate.
April 30, 1930. 143
Votes to approve 3% discount rate for N.Y. Passed.
May 1, 1930. 146
Miller told Sec. Mellon that the public needed protection from the
May 9, 1930. 152
Federal Reserve Board'
ent had
Janes insisted that Gov. Young's statement that State Departm
ion
reparat
of
on
flotati
M.S.
approved or would approve the
in
the
put
and
Mellon
Sec.
by
bonds in U.S. should be O.K.'s
166
1930.
21,
May
record.
letter
Voted for C.S.H. draft, slightly amendrld by Gov. Young, of a
on
flotati
to
as
B.I.S.
to
d
reply
propose
to
as
Bank
to F.R.
of reparation bonds in U.S.
Unanimous vote of Board.
May 29, 1930. 174, 175
Meredith, Fred
meets, of Montreal, at lunch at the Canadian Minister's, to
meet Mr. Beattie, President of C. P. Ry.
Mar. 29, 1930. 124
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Federal Reserve Bank of St. Louis
139.
Meyer, ugene
Reserve Agent of
Gov. Young suggests,for Chairman and Federal
ah,resigned.
Federal Reserve Bank, New York, in place of McGarr
Jan. 30, 1930. 90
Michelson, Mr.
that he was writing
Told C.S.H. at dinnerwith Justice Brandeis
rs of Con Tess, including
membe
ratic
Democ
for
tariff interviews
Democratic
Senator 6immons who waned to get back into the
Nov. 21, 1929. 30, 31
fold.
Miller, Javid Hunter
n Foundation at
Told C.S.H. he made a wonderful aidress to Wilso
tact in the transition
rare
d
showe
National Theatre, and that he
from Wilson to Hoover.
Jan. 8, 1930. 73
Miller, Dr. Adolph
Index
(figures refer to nuMbers on margin)
Abdication of power. 13
Alexander, James. 8, 46
Anaconda Copper Co. 73
54, 62
Annual report, 1929. 30, 38, 44, 51, 52, 53,
Attorney General. 63
"B.I.S."
82, 83, 88
Bank of International Settlements 45, 63, 64,
36
Bank of Athens Trust Co.
Bank of England. 29
Bank of France. 29
Bill rates, Minimum. 25, 37 48, 67, 72, 87
Bond market. 32
Business recession. 28, 32, 48, 73, 74, 78, 79
47
Case, J. H. Federal Reserve Agent, N. Y?
Charters, National bank. 1
Cheap money.
By money
See Contraction, Credit. 86
Cotton, Under Secretary 45
Credit situation, Contraction. 86
Cutting down P.R. banks. 1915. 69, 81i
Deflation of stock market. 90
Delano, P.A. 69, 81i
62
Direct pressure. 30, 38, 44, 51, 52, 53, 54,
34, 48, 50, 65, 66, 71,
33,
32,
Discount rates. 7, 8, 27, 28, 29, 31,
75, 76, 80
Domination of C.S.H. 70
Domination OT 7. A. Bank, N.Y.
By Bank of England. 29
Of P.R. Board. 74
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
140,
Miller, Dr. Adolat (Oontid.)
lasing of market. By C.E. Mitchell. 90
Easy money. 4, 5, 13, 24, 26, 32, 74, 78, 87, 89
Eligibility, Broadening of. 9
Amergency purchases of Govt. securities. 2, 3, 4, b.
Federal Advisory Council. 9
Federal Reserve Agent, New York. 46
Federal Reserve Agents. Salaries. 20
Federal Reserve Bank, New York. 13, 29, 45, 49, 90
Federal reserve banks. Gutting down controversy, 1915. 69, 81i
Federal Reserve Board
Abdication of. 13
76
Timidity
Public needs protection from 77
Federal reserve credit. 66, 84, 85, 86
Federal reserve 2olicy. 4, 13, 76, 78, 79
See - Betsy money
First National 1-;ank, Boston. 15, 16
Government securities. 2, 3, 13, 14, 49, 66, 85, 86
Governor of Federal Reserve Board. 5, 21
Hamlin, C. S. 3, 23, 28, 30, 70
Harding, Gov. 61
Harrison, Gov. 5, 17, 20, 24, 39, 40, 78, 90
Sal,ry of. 17, 20, 39, 40
Hoover. .10
Inflation 66, 78, 79, 81
See - Sissy money
Lane, Sec. 69
Lehman, Solicitor General. 15
Lear. 69
Lombard loans. 9
McAdoo, Sec. 70
McDougal, Gov. 19
McNabb.
See - Pacific S.W. Trust & Savings Bank
Mellon, Sec. 26, 43, 77
Mitchell, C.E. 90
National Bank ,tharters. 1
"Not voting" 25, 72
Obscession for easy =nay.
Federal reserve bank, New York. 74
Open Market Committee
See - Open Market Policy Conference
Open market operations. 5, 81, 84
See - Government securities
Open Market Policy Confer-nce
3, 4, 13, 14, 21, 22, 24, 49, 55, 56, 57, 58, 59, 60, 81, 84
Pacific S.W. Trust & Savings Bank. 11, 12
Panic of 1929. 33
Policy
See - Easy money
F R. credit
F.R. policy
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
141.
Miller, Dr. Adolph (Contld.)
Prices, Stock. 33
Psychology of reduction to 3%. SO
Redistricting fight, 1915. 68, 8*
Reparation bonds
See - B.I.L.
Responsibility for discount rates, Relieved of. 75
Reynolds, Jackson. 90
Trust & Savings Banjo, 10, 11, 12
Robinson, Pacific
Salaries. 17, 18, 19, 20, 39, 40, 89
Gov. Harrison. 17, 20, 39, 40
Sec. 5200, U.S. Revised Statutes. 9
Snyder, Carl. 18, 84
Solicitor General Lehman. 15
Speculation. 33
Status quo. 24
Stock market. 33, 90
Stock price increase. 33
Subsidiary corporation
See - First National Bank, Boston
Ten per cent limitation, Sec. 5200, Revised Statutes. 9
Timidity of F.R. Board. 76
Trust powers. 1
U.S. District Attorney McNabb. 11
U.S. Revised Statute, Sec. 5200. 9
Votes. 6,7, 14, 16, 17, 18, 19, 20, 22, 23, 25, 27, 31
34, 35, 36, 37, 39, 40, 41, 42, 46, 47, 48, 50, 55, 56
57, 58, 59, 62, 63, 64, 65, 67, 69, 91, 72, 81, 87, 88, 89.
Warburg, Paul. 68, 69, 70
Wichita, Kas. rederal reserve branch petition 41, 42
Williams, John Skelton. 70
Wilson, Woodrow. 69, 70
1. Claimed that a national bank: might be entitled to a
charter and yet not be entitled to tryst powers.
Nov. 5, 1929. 2
2. Claimed no necessity for affirmatively granting authority
for purchase of Govt. securities in an emergency without consent
of Board, for it was understood that any P.R. bank would do this in
an emergency and take the responsibility.
Nov. 11, 1929. 15
3. Offers a substitute to C.S.H. motion granting authority
to Open Ma*et Comaittee to buy Govt. securities up to 200 millions,
on understanding that, except in acute emerFfencies, the Committee
would act with or after consultation with Board. It was about the
same as 0.-.H. motion except that the Board would give orom?t
consideration to any request.
Nov. 11, 1929. lb, 16
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Federal Reserve Bank of St. Louis
142.
Miller, Dr. Adolph (Contld.)
4. Says the report of Open Market Committee was a policy of
easing the markets, in addition to emergency authority, and that the
question of policy could await further consideration.
Nov. 13, 1929.19
5. Dictated a letter to Gov. Harrison that Board will give
continuous consideration to question of easing the market and would
consult with the Committee from time to time; that the Board
appreciates the possibility of an emergency; that it will be prepared
to act promptly on any application; that it has authorized the Governor
or Acting ftecutive officer to act in its behalf; that in case of an
emergency so sudden and so acute that it was impossible to confer
with the Board or the Governor, the Board would interpose no objection
to a purchase operation being undertaken, on the understanding that
prompt advice to Board be made of any such action.
•
Miller said he preferred not to have the emergency clause
but would vote for it.
Nov. 13, 1929. 19, 20.
6. Miller votes for above resolution, and it was passed.
Nov. 13, 1929. 21
7. Votes to approve reduction at New York to 40. Passed
Nov. 14, 1929. 24
unanimously.
401.
*iv
S. Miller said he had talked with Alexander who did not favor
a reduction in discount rates at this time.
Nov. 14, 1929. 24
.V. 0
weir
—
riefier
0,01mv-
m...4A440.014gimAlieue-oir
9. Miller asked Federal Advisory Council whether, in fivoring
broadening eligibility, it referred to Lombard loans. I replied
No, that it had in wind the exceptions to U.S. Revised Statutes,
Sec. 5200 - making notes which a member bank can take over the 10%,
eligible for rediscount at F.R. banks.
Nov. 19, 1929. 28
*J4ewi*OW aidislit. Ain
-11~s#egg' .11.Mt,44 *owlOf
•
•
10. Mr. Robinson, of Los Angeles, a great friend of Hoover and
Nov. 22, 1929. 33
Miller is in town.
Irmigaglogin.
1 140Ww741**040
1
11.11
.
RelirE.eilLfrc,
4141"
11. Miller was very quiet and non-committal on question whether
Board should advise Attorney General there was no reason for lroceeding
criminally in matter of Pacific S.W. Trust & Savings Bank.
Nov. 22, 1929. 34
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Federal Reserve Bank of St. Louis
143.
Miller, Dr. Adolph (Contld.)
12. McCleiand told. C.S.H. that Robinson, of Pacific
Southwest Trust and Savings Bank lunched with Miller
yesterday.
Nov. 23, 1929. 35
13. Miller opposed authority to Open Market Camittee to buy
Government securities up to 200 million; he said money
was very cneap and would be much cheaper, and that
purchase of Government securities would be a bad policy;
that giving such authority would be an abdication in
favor of the F.R. Bank, New York.
Nov. 25, 1929. 38
14. Voted against Gov. Young's motion giving above authority.
Nov. 25, 1929. 40
15. Cites old cminion of Solicitor General Lehman as authority
for claiming that First National Bank, Boston, had not
divested itself of its holdings of its subsidiary security
canpany, but in equity remained the owner.
Dec. 14, 1929. 59
16.
Votes against cancelling Board agreement with First National
Bank, Boston, as to above.
Dec. 14, 1929. 50, 61
17. Voted against increasing Gov. Harrison's salary to $60,000.
Jan. 14, 1930. 78
Jan. 16, 1930. 79
18. Voted against increase in Carl Snyder's salary.
Jan. 16, 1930. 7J
19. Voted against increase in Gov. McDougal's salary.
Jan. 16, 1930. BO
20.
Voted against increase in any F.R. Agents salary.
Jan. 16, 1930. BO
21. Miller offered new draft of circular concerning the
Open Market Policy Conference and moved its tentative
adoption and that it be sent to F.,Bank for aniroval
or disapproval.
This draft eliminated the former clause making the Governor
of Federal Reserve Board Chairman, retained the right of
each F.3. bank to choose its representa.ive on the Committee.
It also made all of the 12 banks members of the Policy
Conference.
Jan. 16, 1930. 81
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Federal Reserve Bank of St. Louis
144.
Miller, Dr. Adolph (Contli.)
22.
Voted for above draft.
Jan. 16, 1930. 82
23.
motion to reconsiaer in order to take up
Voted against
again 3ov. Young's objections.
Jan. 16, 1930. 82
24.
Miller said that Gov. Harrison's policy was an affirmative
policy of easing the market.
We all agreed that 8 out of 11 of tne Governors at their recent
meeting (one being absent) opposed further easing and
favored keeping 110 the status quo only.
Jan. 30, 1930. 85
25.
N. Y. asked for a 3% minimum bill rate.
Gov. Young moved as a compromise to approve a 31o rate.
Miller moved and voted for a 3-7/0 rate. Lost on a tie.
On Gov. Young's motion for a 3% minimum rate, Miller was
redorded as not voting.
Jan. 30, 1930. 86
26. Sec. Mellon asked Miller Whether he did not believe in same
easing, and he replied, Yes, but it should be treated very
Jun. 30, 1930. 87
cautiously.
27.
Votes against approving a 4% discount rate established by N. Y.
Jan. 30, 1930. 87
28.
C.S.H. asked Miller if all economists agreed that while business
was receding, lower discount rates would not help it.
Miller said most but not all eoonamists were of that opinion.
Jan. 30, 1930. 87
29.
Miller said the N. Y. airectors evidently were dominated by the
Bank of ftgland and the Bank of France; the latter reduced
yesterday to 2i%and the former has let it be known that a
reduction is impending.
Jan. 60, 1930. 89, 90
30. Agrees with C.S.H. that Annual Report Should be chaived by
adding something definite about result of direct pressure.
Jan. 31, 1930. 93
31.
N. Y. established a 4% discount rate.
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Federal Reserve Bank of St. Louis
145.
Miller, Dr. Adolph (Contld.)
•
Miller agreed the rate would have to be reduced before
long; that he would probably be willing to vote for it
in two weeks and, perhaps, next week.
Feb. 7, 1930. 95, 96
•
32.
Miller said many bankers feel that the Federal Reserve Board
and Federal Reserve Bank, New York, are striving for
artificial ease to help the bond market and stimulate
business; that lower discount mates would not stimulate
Feb. 7, 1930. 96
business.
33.
Miller said that to reduce rates now would cause an immediate
response in the stock market, when prices haa increased on
the average, 40% over the prices prevailing just after the
crash of October 1929.
Feb. 7, 1930. 96
34.
Voted against red-action of disoount rates at New York to
Feb. 7, 1930. 96
Lost on tie.
4.
35. Finally Cunningham changed his vote to Aye, and the 4% rate
was approved, but Miller again voted No.
Feb. 7, 1930. 97
.;
•
4
•
•
36.
Votes against reconsideration of Board's vote against admission
of Bank of Athens Trust Co. irto Federal Reserve System.
Feb. 7, 1930. 100
37.
Votes against reducing minimum bill rate at New York from 31 to
Feb. 12, 1930. 100
34%. Passed.
38. Miller agrees with C.S.H. that a menorandun as to effect of
direct pressure should be inserted in the Annual Report.
Feb. 12, 1930. 101
39.
• _
•
Votes against reconsideration of vote rejecting Gov. Harrison's
proposed salary of $80,000.
Feb. 19, 1930. lao
40. Board having voted to reconsider, Miller voted against proposed
Feb. 21, 1930. 104
increase.
41. Board took up application for Wichita Federal reserve branch.
Miller said the arguments in favor were the same arkuments
which Board had accepted for other applications; that altho
had had always opposed new P.R. branches, he Should vote
for the Wichita branch in order to avoid a radical Change
in Board policy and one difficult to explain.
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Federal Reserve Bank of St. Louis
146.
Miller, Dr. Adolph (Gontid.)
He therefore said he would vote for it, and further advocated
a resolution that hereafter. Federal reserve branches should
be voted on only when a full Board i- present - thus
necessitating 5 affirmative votes to establish a new branch.
42. Voted for G.S.H.Is motion to create P.R. branch for WiChita.
Peb.21, 1930. 104, 105
43. Sec. Mellon agreed with Miller but asked to be recorded as
Feb. 21, 1930. 105
Not voting.
44.
Votes in favor of Annual Report with his addition as to
Feb. 21, 1930. 106
direct pressure.
45.
Agreed with O.S.H. that the proposed cable of P.R. Bank of
New York - that it did not object to the American directors
chosen by the M.S., - in effect was an approval of the choice,
and also violated the injunction of State Department that tie
Federal Reserve System should have no connection with the B.I.S.
The Board had sent this cable to Under Secretary Cotton who said
it was all right.
C.S.R. and Miller added that if the State Department did not
object to the cable, there was nothing more to be done.
Feb. 27, 1930. 108
46.
Oasts straw vote for Alexander as Chairman and Federal Reserve
Agent, Federal Reserve Bank, New York
Feb. 27, 1930. 109
47.
Votes formally for Case.
Unanimous vote.
Feb. 27, 1930. 109, 110
48. Miller sag. the business recession was much graver than he
anticipated, and that we should carefully consider whether
the Federal Reserve System could not be helpful.
Re said he would vote to approve a 3i% rate.
In reply to Gov. Young he said the bill rate should be left
above the discount rate.
Mar. 5, 1930. 113
49.
Miller alone objected to Gov. Youngls suggestion that F.R. Bank,
New York, be authorized to buy up to 50 millions of Govt.
securities between now and Mar. 24th when an Open Market
Policy Conference snould be called.
Mar. 5, 1930. 113
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Federal Reserve Bank of St. Louis
147.
Miller, Dr. Adolph (Contl d.)
50.
Votes to approve 3% rate established by New York.
Unanimous vote.
Mar. 13, 1930. 117.
51.
Goldenweiser reported a draft of Annual Report containing
Miller's additions on direct pressure.
Mar. 17, 1930. 117
52. Miller moved to adopt it. Platt moved as substitute to strike
out Miller's additions as to direct pressure.
Mar. 17, 1930. 118
53.
Voted against Platt substitute.
Mar. 17, 1930. 118
54.
Voted to adopt report with additions as to direct pressure.
Mar. 17, 1930. 118
55.
James moved to adopt draft covering Open Market Policy
Conference, as agreed won by Gov. Young and the Governors.
Miller moved as a sUbstitutet.(a) Taking away right of lxecutive Comiaittee Woall
meetings of full Committee.
Miller voted for (a) Lost.
Mar. 26, 1930. 123
56.
(b) Strike out provision that a P.R. bank dissenting
as to any policy shail at once advise Chairman of
ftecutive Committee.
Miller voted for above. Lost.
Mar. 26, 1930. 123
57.
58.
(c) strike out provision for meetings of ftecutive Committee
with lederal Reserve Board. Miller voted for this.
Mar. 26, 1930. 124
Lost.
James motion of approval was then voted on.
Miller voted Aye. Passed.
Mar. 26, 1930. 124
59.
Miller at first objected to phrase - "Board accepts the
suggestions of the P.R. banks "and finally C.6.H. suggested
'adopts' *hi& Miller and a 11 agreed to.
Mar. 26, 1930. 124
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Federal Reserve Bank of St. Louis
148.
Miller, Dr. Adolph (Contld.)
60. (Miller, on Jan. 16, 1930, offered a new draft of circular
as to Open Market Policy Conference which contained
all that he objected to above') 81
61.
in interview with Gov. Hardine at the Algonquin Club,
Sunday p.m. at 4130 (Gov. Harding died Monday 4100 a.m.)
told Gov. Harding of the Board's being inveEtigated
by the H.R. Banking and Currency Committee in hearings
as to branch banks.
Gov. Harding sniling feebly, acids —NI supposeMiller will let
loose the dogs of war again on the Committeet"
These were pr,xttically the last words he said to C.S.H.
April 6, 1930. 126
62. Annual Report was adopted with Miller's additions as to direct
pressure.
Miller voted Aye.
April 7, 1930. 127
63. Miller moved that Board inform the P.R. Bank, New York, that
it could act on its own responsibility in cdoling the
B.I.S. as to proposed placing of regalia ion bonds in U.S.,
as the Board could not determine its power and authority
until and unless it obtained an opinion from the Attorney
General.
Miller voted Aye. Lost on tie vote.
April 21, 1930. 138
64. Miller voted to permit federal Reserve Bank, New York, to open
an account with B.I.S. on usual terms.
April 21, 1930. 138
65. federal Reserve Bank, Yew York, established 3% rate and asked
Board approval.
Miller voted No. Unanimous.
April 24, 1930. 141
66.
Miller said if the 500 millions or more Govt. securities held by
the P.R. System Gould be reduced materially , he would
not object to any reduction in discount rates, - even below
3%, but with the P.R. credit outstanding it was a aifferent
April 24, 1930.140
proposition.
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Federal Reserve Bank of St. Louis
149.
Miller, Dr. Adolph (Contid.)
67.
Federal Reserve Bank, New York, asked for reduction in
minimum bill rate from 3% to 20.
Miller and C.S.H. did not see how this would help.
Sec. Mellon suggested 2% as a compromise.
Miller voted against this.
April 30, 1930. 143
68.
Just before above meeting came to order, in presence of
Gov. Young and Cunningham, Miller said Warburg, some
time ago, asked him to go over the proof of his new
book - "The Federal Reserve System;"that he looked it
over and declined and advised Warbmrg not to publish it.
April 30, 1930. 143
69. Miller said Waxturgis chapter on the cutting down of Federal
reserve banks oontroverdy was full of errors, especially
as regarded the references to himself (Miller).
Miller said that one Sunday Sec. Lane called on him and said
that President Wilson hrad read the Committee report
favoring cutting down some of the existing 7;77. banks,
that he (Wilson) understood that Miller had drafted the
• report, that he, (Wilson) was much disturbed by it, and
that he (Wilson) if it was a proper question, wished to
know whether he (Miller) intended to vote for the retort.
Miller said he told Secretary Lane that the Committee showed
him its first draft of report aid that he told the Committee it
was very poorly put together and inconclusive; that the Committt
begged him togo over it and recast it, - which he finalv
did, but that he told the Committee that he would not
sup)ort it and that it could not succeedi
April 30, 1930. 143, 144
(Delano said Miller lied in swing would vote against
Committee report, Aay 17, 1930. 158 )
70. C.a.& then told Miller of Waeurgos attack on him (C.S.H.)
in the book, - the charge being that he (C.$.R.)
was dominated by McAdoo and John aselton Williams.
C.S.H. told Miller that he once xent to Presidert Wilson
and asked him to remove Williams and that at the same
time he protested to Wilson against certsin things
McAdoo haa done.
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Federal Reserve Bank of St. Louis
150.
Miller, Dr. Adolph (Gontid..)
members
0.6.H. said undoubtedly Warburg and perhaps some other
Wtlliams,
and
McAdoo
with
bed
same
the
in
thought he slept
than, but
with
ed
differ
ntly
freque
he
fact,
a
but that, as
kept these differences to himself.
ent
O.S.H. also told Miller that when he (C.S.E.) asked Presid
las
Genara
ey
Attorn
Wilson to call for the opinion of the
F.R.
the
ol
number
the
down
to the pnwer of the Board to cut
him
told
McAdoo
ary
Secret
e
banks he made this request becaus
do
so.
to
the President desired him
April 30, 1930. 144
e 3% discount
71. Federal Reserve Bank, New York, again established
rate and asked approval of Board.
Miller opposed approval.
Miller based his opposition chiefly on the ground that he
l
feared the Federal Reserve Beak, New York, and the redtra
se
increa
and
e
revers
to
timid
Reserve Board wculd be too
rates when the time for such action came.
reason
Sec. Mellon told Miller that was scarcely a saitsf-ctory
not
for refusing to approve a rate plainly justified, and
denied by Miller, under present conditions.
Miller voted against approval, but the rate was approved.
May 1, 1930. 145, 146
72.
Miller
On motion to reduce minimum bill rate fram 21 to 20
was recorded as not voting.
May 1, 1930. 146
73. Miller at Board meeting said conditions were much worse
than
instead of better; that by fall conditions would be worse
and
$35
for
for many years; that Anaconda would be selling
would hardly be worth that.
May 9, 1930. 151
New York,
74. Miller said the directors of Federal Reserve Bank,
help
will
money
cheap
that
were obscesced with the belief
e Board.
Reserv
l
Federa
the
ted
domina
the situation; that they
May 9, 1930. 151
for
75. Miller said the majority must now assume responsibility
through;
was
approving the 3% discount rate, intimating that he
felt
he
that he never was 63 happy atout going abroad as
action of majority had taken all responsibility off his
rate within tlho weeks.
shoulders; that he fully exdected a
May 9, 1930. 151
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Federal Reserve Bank of St. Louis
151.
Miller, Dr. Adolph (Contld.)
76. (Yet Miller said on May let, that the only reason he did not
favor the 3% rate was from fear the Board and Federal
Reserve Bank, New York, rould be too timid to reverse
when the time camel 145, 146 supra)
77.
Miller said to sec. Mellon that the public needed protection
from the Federal Reserve Boaril
May 8, 1930. 152
78.
Miller told Harrison the Board and Federal Reserve Bank, New York,
could do nothing to help the existing depression and
that its easy money policy would bring mischief for us
May 14, 1930. 153
in the future.
79.
Miller told Gov. Harrison the February and March inflation of
the stockmarket WAS brought about by prior Federal reserve
policy; that a state of mental depression had set in *itch
exaggerated the real depression.
May 14, 1930. 151
80. Gov. Harrison agreed with Miller that the psychology of the
reduction to 3% has been bearish rather than burnt*.
May 14, 1930. 153
81. Board voted to call meeting of Open Market Policy Conference
in view of Gov. Harrison's statement yesterday as to
possibility of a bold major open market operation.
Miller hesitated a long time but finally reluctantly voted for it.
May 15, 1930. 157
82. Delano said Miller lied when he said. he told Redistricting
Committee in 1915 he would vote against report.
May 17, 1930. 158
83. Miller introduces a substitute for C.S.H. resolution as to
reply of Federal Reserve Bank, New York, to B.I.S. as to
reparation bonds.
It only slightly changed C.S.H.Is draft and he told Miller
Saturday he would accept it.
May 19, 1930. 158
84.
C.S.H. prepared a condensed draft of his sug7ested letter of
Federal Reserve Bank, Yew York, to B.I.S., to which Miller
May21, 1930. 165
had agreed.
04iF
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Federal Reserve Bank of St. Louis
3.52.
Miller, Dr. Adolph (Contl d.)
85. Miller, at Open Market Policy Conference meeting suggested
fixing a certain amount, - say 1 billion of dollars - of
Federal reserve credit, thich should always be kept out
through Open market operations.
Gov. Harrison vigorously opposed it.
C.6.H. said Miller had adopted Carl Snyder's tneory which
made ,4il1er very angry.
May 22, 1930. 168
86. (This suggestion of Miller meant increased Government security
purchases, as Federal reserve credit was now les than
1 billion dollars.)
87.
Miller said that the present credit situation is acting as a
passive contractive force and that he was inclined to
favor purchase of Govt. securities.
May 22, 1930. 169
88. (why then did iller vote against lower discount rates and
lower minim= bill rAest
WhY has he repeatedly scored Board and 7.R. Bank, New York
for its policy of easy moneyi
See supra for his votes.)
89.. Miller votes for C.S.H. draft of reply to 7.q. Bank, New York,
as to ics cable to B.I.S. - reparation bonds.
Unanimous vote of full Board.
May 27, 1930. 174
90.
Miller alone voted against extending Secretary Eddy's let ve of
absence for remainder of this calendar year.
May
1930. 175
91.
Miller, about a week ago, told C.S.H. that when C.E. Mitchell
wanted to help the stodk market in the early part of 1929,
he (Mitchell) called up Gov. Harrison to advise with him;
that Gov. Harrison said it was for him to decide as to his
banking policy; that Gov. Harrison, however, agreed to
give him the necessary rediscounts.
Miller said the directors of the P.R. Bank, New York, had all
along wanted radically to deflate the stock market, but
When this opiortunity come they quietly backed down and
did not dare try to persuade Mitchell to give 1.1,) his plan
of assistance, but, on the contrary, allowed him to
rediscount for this purpose.
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Federal Reserve Bank of St. Louis
153.
Miller, Dr. Adolph (Contl d.)
Miller said Jackson Reynolds, one of the directors, told him
they had everything in their own hands until.Mitchell acted.
C.S.H. thinks .ailler said he was at the Federal Reserve Bank, N. Y.
at the time and heard this. He may, however, have said he got
it from one of the Directors.
May 28, 1930. 179
Mills, Ogden
Gov. Young thinks, wrote Hoover's statement as to the stock market
Nov. 1, 1929. 1
crash.
GOV. Young and, were with Hoover yesterday.
Nov. 14, 1929. 23
Gov. Harrieon said, was much excited as to relations between
Treasury, State Department, and 7.R. Board as to the B.I.S.
April 15, 1930. 133 (3)
Ogden Mills plan for compromise as to M.S.
See — Ocrap book
Gov. Young consults, as to -eply to B.I.S.
May 21, 1930. 168
Minnegorode, Andrew, Mrs.
Invites British Ambassador to proposed Pageant in old British
Ahibassy without knowledge of Committee and Ambassador said
it was his house and that there would be no pageant in it.
Str &twin Lutyens told this to H.P.H.
May 31,1930. 181
Mitchell, Attorney General
Justice Brandeis told C.S.H. that, was the best Solicitor General
the U.S. had had in his time; that he was a dignified
gentleman, a fitting representative of the U.S., a lawyer
of the first rank, and, in his opinion, would be a most
efficient Attorney General.
Nov. 21, 1929. 3), 31
See — International Settlements Bank
Mitchell, C.E. National City Bank, New York
Gov. Young said Gov. Harrison had received a cable from Gov. Norman
asking what possible explanation he coula give for the
failure of the National City and Corn Exchange merger to
eventuate; that Gov. Harrison wanted to show it to Latchell,
but Gov. Young advised him not to do it as Mitchell's back was
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Federal Reserve Bank of St. Louis
154.
Mitchell, C. Z. (Contid.)
un against the wall and wcrAld be Quick to use the cable to
protect himself.
Nov. 12, 1929. 13
Miller, a week ago, said that when Mitchell wanted to help the
iaomey market in the earlier part of 1929 he called up Gov.
Harrisod to talk with him about it, but that Gov. Harrison
told him it was for him to determine his bank's policy, but
that he agreed to give him the necessary discounts for this
purpose.
Ailler said the New York directors all along had wanted to deflate
radically the stock market, but When the above opportunity
cane they did not dare to do it and allowed Mitchell to
rediscount to help him and the market.
0.6.H. thinks Miller said he was at the Federal Reserve Bank, 1,4w York
and heard this but he may have said he got it from some of the
directors. He did say that Jackson Reynolds told him that the
directors had the matter in hand until Mitchell acted.
May 28, 1930. 179
Montague, Gov.
C.S.H. meets, at Carnegie dinner to laropean Journalists. He praised
address enthusiastically.
May 26, 1930. 175
Moran, Miss
Harriet Rice takes, to Washington as her guest.
April 24, 1930. 141
•
Moreau, Gov. Bank of Prance. 133
See - Harrison, Gov.
Morgan, J. P.
Gov. Young said that Gov. Harrison got the 50 million of Govt.
securities he recently bought fram J. P. Morgan and Co. and
the General Xlectric Co.; that Morgan got the bonds by
exchanging long term for short term bonds held by the British
Government; that the action of Morgan and Owen D. Young was
undoubtedly patriotic but that it would be difficult to
explain the transaction politically.
Nov. 12, 1929. 13
See - Auld Lang Syne
Morgenthau. 136
See - Glass
Warburg
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Federal Reserve Bank of St. Louis
155.
Morse, Dr. Fidward
Attends Bishop Atwood, ill at Cosmos Club.
Nov. 13, 1929. 22
"Moses"
Death of our dog.
Feb. 1, 1930. 95
Mussolini 133 (3)
See - Harrison, Gov.
Myer, Gertrude
C.b.H. _dines with.
Mar. 30, 1930.
125
Nov.
Nov.
Nov.
Nov.
6, 1929.
12,1929.
24,1929.
30,1929.
5
17
37
47
Is very angry at Gen. Bowley because while visiting his sister in
California , he had been introduced to the first wife of her
nephew, - an old friend of Gen. Bowley's sister. This woman had.
divorced Gertrudels nephew. She told Gen. Bowley that her
Lawyer tn her divorce suit, - a Mr. Hale, of Maine, forced her
to agree that the nephew should have his children for a part
of each year; that they were now with him in Washington; that
she tried to induce Gen. Bowley to go and see the children and
let .her know how they were getting along, - which Gen. Bowley
said he could not do.
Gertrude said she berated Gen. Bowleysouaily and that she would never
again invite him to dinner, unless he himself asked to come.
She said he called her up the day before Thanksgiving and dined with
her Thanksgiving evening.
She admitted, however, that they parted without any definite break,
"Never call me Aunt Gertrudet"
•••
C.S.H. defenied the General and said he might be entirely innocent
in the matter.
Gertrude refused to accept this althouh she finally said she
thouAht she had explained to him fully her relations with her
nephew, but she did not seem very positive about it.
She said as between the first wife and her nephew she would stand by
the nephew; that the woman told Gen. Bowley she was caning to
Washington, but that, if General Bowley called an her she would
never see him again.
She said she believed her nephew had lived rith his present wife before
he married her.
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Federal Reserve Bank of St. Louis
156.
Myer, Gertrude (Gontld.)
C.S.H. thinks Gen. Bowley may have shown poor judgment but that
Gertrude has no reason for condemning him so fiercely.
•
'‘..t.• •
C.S.H. wrOte Rachel Hale a letter as to above.
Dec. 1, 1929. 49
, 1r
•
•
begged Gertrude to consult Rachel Hale, but she said she
could not help her.
Nov. 30, 1929. 47, 48
,.•
0
Gertrude called up C.S.H. at his office. She said she had had
General Bowley at dinner and they had had quite a bitter
dispute as to Mrs. Myer. She admitted swing to him practically
everything C.S.H. warned her not to say; that :Ten. Bowley said.
she was the most vindictive woman he had ever met; that they had
parted in an unfriendly manner.
i)ec. 7, 1929. 53
••
, 0,0.
•a
id Lif,
r.*
•,
•
:r
hAr
.401100
-
1t
f
Gertrude gave C.S.H. an account of the above dinner ithich took place
t Thursday or Pridv night.
17.2ifel
• rt$ r
"1"•ar
AN::•••
S
..;.
111:
„
1- 1Pr
•
I•
She said. she attacked the first Mrs. Myer; that Gen. Bowley defended
her with equal warmth.
She said she told him that her nephew, while abroad in the service
during the war, often had with him in his bedroom a young Swedish
woman; that she had no doubt that Mrs. Myer - not then married
to Myer - also went up to his bedroom.
She admitted to C.S.H. that the bedroom was also used as a sitting room.
She said Gen. Bowley grew black in tie face, lifted up his ann and
smashed it down on the chair, with force almost sufficient to
break it, and roared out, "Madam, that is absolutely falset"
She said he also said she was the hardest, most vindictive woman he
had ever met.
Gertrude said they had a terrible row and admitted to C.S.H. that
she had done everything he warned her not to do.
C.S.H. told Gertrude she had done herself an almost irretrievable
injury, as her nephew if ever he knew of this row and if he
snould ever contest her will, Gen. Bowley might be summoned as
a witness against her.
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Federal Reserve Bank of St. Louis
157.
Myer, Gertrude (Contid.)
She said that when Gen. Howley left he said he would not came again
unless she sent for him and that she told him she would never
ask him to came.
C.S.H. advised her to tell Rachel Hale at ono., but she would not
agree to do this.
C.S.H. finally said she must tell Rachel.
She said she would wait a weak, as C.J.H. had said Gen. Bowley miRht,
call her up and came over and apologize fcrWhat he had said.
G.S.H. believes Gertrude is jealous of this "roman and believes she
has taken Gen. Bowley from her.
She said Gen. Bowley acted as if infatuated by this woman.
Purther discussion with Gertrude is useless.
she pleases.
She does exactly what
She said she quoted Mr. ClePhane to General Bowley to effect that the
court never gives the custody of the children to the guilty party.
She would not agree to C.S.H.Is suggestion that he :should talk the
matter over with Radhol, her executrix.
She again expressed her feat that Rachel might invite General Bowley
to dinner without inviting her.
She said, before M.P.H., that she was confidmt her nephew would try
to break her will, if he survived her, on the ground that she was
not of sound mind.
J.S.H. feels it is his duty to tell Rachel of this, as executrix, as
she out to know everything.
What fools jealousy makes of pecolel
H.F.H. was present during the above interview.
Dec. 8, 1929. Sunday
53, 54, 55, 56
Gertrude called up C.S.H. and said General Bowley had telephoned her
and was to dine with her tonight. C.S.H. said he prol-lably would
bear an olive branch and advised her to meet him half way.
ii
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Federal Reserve Bank of St. Louis
1401111.1•1111"1141411044i4
158.
Myer, Gertrude (Contld.)
She said she would tell him that if he called on Mrs. Myer,
not to call on her again.
C.S.H. begged her not to mix up in this meat, but iaidundipubtedly
she would do as she pleasedt
She seemed delighted that he was coming and even said she was fond
of him.
Dec. It, 1929. 57
C.S.H. called up Rachel Hale who t'aid that Gertrude had telephoned
her that things were not going well with her, and that C..J.H.
had told her she must consult with her, - Rachel.
Dec. 12,1929. 57
We called on Rachel who said that Gertrude told her that C.S.H. asked
her to ask Rachel to invite her and Gen. Bowley to a tete a tete
dinner.
C.S.H. explained that Gertrude said she did not want to tell Rachel
about her quarrel with Gen. Bowe, for fear she might invite
him to dinner without inviting her; that he told Gertrude the
snmmd; way to prevent this would be to tell Rachel the whole
story.
Dec. 14, 1929. 59
Rachel said Gertrude telephoned her stating in a most general way,
but not in detail, her quarrel with Gea. Bowley.
C.6.8:. then told Rachel the whole story.
Dec. 14, 1929. 61
Sends C.S.H. the "Good Companion" as a Christmas present.
Dec. 24, 1929. 66
Gertrude dines with us.
Dec. 29, 1.92:-. 68
Calls up C.S.E. ant said she was sorry she could not go to the
Wilson Founaation meeting to hear C.S.H.'s address.
C.S.H. Aaid he also was very sorry and cut her short, swing he was
Vein& massaged.
Jan.6, 1960. 71, 72
K.P.H. invited Gertrude and her gests, Mr. and Mrs. Richard Olney
to dinner at Woman's National Democratic Club to hear
Frank Kent.
Jan. 9, 1930. 75
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Federal Reserve Bank of St. Louis
159.
Mter, Gertrude (Contld.)
Gertrude called up C.S.H. and said Mr. and Mrs. Olney would have
to leave directly after dinner to go to the White House reception.
When H.P.H. came in, she called up Gertrude and cancelled her
invitation.
Gertrudels cook had left her and she had to take the Olney's to the
Carlton to dinner.
Gertrude said the Olney's scoured the town to get invitations to the
White House reception.
Gertrude said she had to buy comforters, etc. to accaamoiate the
Olneys and their two children.
They gave Gertrude a raw deal.
Gertrude says Olney is crazy to get some office in Washington.
Jan. 11, 1930. 75, 76, 77
Tells H.P.H. she went to a tea at Madame Peters to Mrs. Wilson
but only about ten peoJle were there.
Jan. 18, 1930. 83
O.6.H. called up Rachel who said dhe was to dine with Gertrude
tomorrow night, and that, as was usually the ceee, she expected
to be the only person there.
C.S.H. said he woliLd call up Gertrude and tell her he would be
alone tomorrow night as Bertie was to be out for dinner at the
Democratic ado, in hopes that Gertrude would ask him to dinner
also.
C. .H. called up Gertrude and inquired for her cold, and told her how
lonely he would be tomorrow night with Bertie out for dinner, but
she did not invite him to dinner.
lab. 19, 1930. 102, 103
C..H. -.ailed up Rachel and told hf-r of his failure and they had a
rood laugh over it.
Feb. 20, 1930. 103
Rachel tola Bertie at lunch with Mrs. McCagg that she dined with
Gertrude alone.
Feb. 21, 1930. 103
C.S.H. calls on Rachel Hale and While there Gertrude called also.
Mar. 11, 1930, 116
C.6.H. calls on Gertrucle.:lar. 22, 1930. 121
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Federal Reserve Bank of St. Louis
Myer, Gertrude (Oontld.)
W$ dine with.
Mar. 30, 1930 125
G.S.H. calls on.
Out.
April 4, 1930. 125
G.S.H. calls on. April 15, 1930 132
Gertrude and Liss Lay call on us after dinner to meet
Theodore Francis Green who dined
us.
May 7, 1930. 151
G.S.H. had asked Gertrude to dinner, but she was just sitting down
to her dinner.
May 7, 1930. 151
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Federal Reserve Bank of St. Louis
161
-N-
Nagle, Mrs. (Miss limning)
Gives C.S.H. slippers for Christmas present.
Dec. 24, 1929. 66
National banks
C.S.H. said that when Couptroller gives a charter with the name
Trust Company include L, the Board is almost forced to give
trust powers to the bank and therefore the Board should have
something to say as to granting the Charter.
Nov. 5, 1929. 2
Miller says, might be fit to have a Charter and yet not fit to have
trust powers.
Nov. 5, 1929. 2
See - Charters
Comptroller
Trust powers
National City Bank, N. Y.
Gov. Harrison said the refusal of the stockholders of, to ratify
the Corn Exchange merger had caused Uneasiness and distrust
.which might precipitate a run.
Nov. 11, 1929. 12
Gov. Young said there was danger of banking trouble for the failure
of above merger.
Nov. 12, 1929. 16
Gov. Norman 'tables Gov. Harrison asking what explanation he ma
give as to the rejection of the Corn Exchange and, merger
Nov. 12, 1929. 13
See - Harrison, Gov.
Norman, Gov.
Sec. Mellon told C.S.H. that under keadership of Owen D. Young the
National City Bank:had been thoroughly exmhined and found to
be over 60% liquid - in first-class condition; that a statement
would be made to this effect, if nPcessary.
Nov. 14, 1929. 25
See - Mitchell, C. E.
N_tional Theatre
See - Wilson Foundation
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Federal Reserve Bank of St. Louis
162.
National viewpoint
Board dallies it its duty to consider discount -ate from.
April 24, 1930. 139, 140
Naval Conference
We go to tea at Perry Belmont's to meet Japanese delegates to.
Dec. 17, 1929. 63
Nevin, Prof.
of
0.5.H. allows, to in: pect his crap books and diaries for his life
Cleveland.
White praising
C.S.H. also gave him a o02y of a letter from
Mrs. Wilson on condition that he should not use the latter part
containing a mild criticism of rresident Wilson, as 0.6.H.
preferred to take that up in his reminiscences. Prof. Nevin
agreed only to use the part as to Mrs. Wilson.
May 28, 1930. 178
May 29, 1930. 180
New England Terminal Trust
See — Cow pasture
New York Stock Uchange
Gov. Young thinks Ogden Mills wrote Hoover's statement following
the collapse on, in October, 1929.
Nov. 1, 1929. 1
GOV. Young said there was a rumor that the, would not open tomorrow.
Nov. 12, 1929. 16
Nose rapidly — looks as if the storm was over.
Nov. 14, 1929. 25
Miller said, prices were on average 40% above the low prices during
Feb. 7, 1930. 96
the break.
C.S.H. reminds Board of
the.
desire of lederal Reserve Bank, N. Y. to break
April 7, 1930. 129
Gov. Harrison recognizes the danger of a reduction to 3% in
stimulating the, but feels it better to revive the bond market
rather than to worry about security loans which E•oon must drop
April 24, 1930. 140
anyway.
Miller said the rebruary and Liar& inflation on, was caused by prior
May 1-", 1930. 153
F.R. policy.
Miller said the P.R. Bank, New York, wanted from the first radically
to deflate stock loans, and had the opportunity when C.F. Mitchell
wanted to ease the stack market, but they did not dare to do it
ard allowed Mitchell to rediscount to ease the market.
Hay 28, 1930. 179
—
Miller
See
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Federal Reserve Bank of St. Louis
163.
New York Ames
0..H. sends Rachel Hale an editorial from, on Sir Ronald Lindsay
Mar. 25, 1930
124
Newton, Federal Reserve Agent, San irancitico
See — Pacific b. W. Trust & Savings Bank
Nobel prise. 52
See — Butler, Dr.
Kellogg, Sec.
Norman, Gov. Bank of England
Cables Gov. Harrison asking what possible explanation he — Gov.
Norman — can give to his friends for the collapse of the
Corn EXcharwe — National City Bank merger. Gov. Harrison
wanted to show it to C.1E. Mitchell, but Gov. Young advised
against it, as Mitchell's back was up against the wall and
he would be qui& to use the cable to his own advantage.
Nov. 12, 1929. 13
Norris, Governor, Federal Reserve Bank, Philadelphia
Told C.S.H. be knew Jay had made definitenlans and was not to be
considered for Federal Reserve Agent, N. Y.
Jan. 30, 1930. 91
Attends Gov. Harding's funeral.
April 9, 1930. 131
Norway, Minister of
Attends Carnegie dinner to visiting foreign journalists.
May 26, 1930. 175
"Not
voting"Miller
Motion to fix minimum bill rates at 3%
Jan. 30, 1930. 86
Sec. Mellon
Wichita Federal reserve branch
Feb. 21, 105
Miller
Motion to fix minimum bill rate to 2h.%
May 1, 1930. 146
Nourse, Annie
C.S.H. dines with, at Chilton Club
Nov. 4,1929. 1
0.o.H. calls on.
April 6, 1930. 126
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Federal Reserve Bank of St. Louis
164
Noyes, Theodore
C.S.H. arranges vd.th, to kill article of Wile on pro Dosed
pageant in British ftbassy.
May 31, 1930. 183
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Federal Reserve Bank of St. Louis
165.
-0-
Olney, Mr. and Mrs. Richard
Visit Gertrude Myer, with their two daughters, on a night's notice.
They all called at Treasury on C.S.H. Bertie asked then to
dine at the Woman's Democratic Club to hear Prank Kent of the
Baltimore Sun, and they accepted. Later they called up and
asked if they could bring their two daughters to dinner.
Bertie said Yes, and with great difficulty secure 5 seats to take
them all, including Gertruie.
Gertrude called up at 3 p.m. - Bertie was out. She told C.S.H. that
Mr. Olney asked her to tall Bertie they would have to leave
directly after dinner to attend the recention at the White House.
Bertie ceturned at 4130 and called up Gertrude saying it would be
considered discourteous to the speaker to leave directly after
dinner, and infair to use the seats merely for dinner, thts keeping
out many applicats who wanted both to line and to listen; that she
must, therefore, recall her invitation and ask others for the 5
places.
Gertrude's cook had left and she had to take then to the Canton for
dinner.
later that they actually scoured the town to
Gertrude told
get invitations for the White House reception; that Olney tried
Miss Randolph and others without any success; that finally ge got
the invitations through Asst. Sec. Robbins.
Gertrude said they originally asked to visit her without mentioning
the daughters; that when they arrived Mrs. Olney tried to place
their daughters elsewhere without success, and finally casually told
Gertrude they would have to stay with her.
Gertrude said she had to buy comforters and other thines Lo fix a roan
for the daughters.
Gertrude also said that once Mrs. Olney hld accepted a dinner invitation,
but later received another she liked better and promptly withdrew
from the firsti
Gertrude said Olney was crazy to secure some position in Washington.
They gave Gertrude and W.H. a raw deal, but H.P.H. put them in their
proper place.
Later Olney wrote Bertie a letter practically putting all the blame
on Gertrude, which angered Gertrude and H.P.H. as well.
Jan. 11, 1930. 75, 76, 77
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Federal Reserve Bank of St. Louis
166.
Market Policy Conference
Open Market Cammittee. Open
Meeting with Board.
credit liquidation was
CammAtee report stated that the security
were already
a threat to business stability; that there
the Federal Resorve
indications of a business recession; that
market holdings,
System should be prepared to increase open
if not possible
and
through purchase of bills, if possible,
can be done
this
that
;
through 9urchar,e of Govt. securities
to the intere - ts
y
safet
with
and
without encouraging speculation,
as an emergency
of business; that it may also be necessary,
ness stability, to
busi
and.
ing
bank
of
measure, in the interest
to avoid undue
purchase large amounts of Govt. securities
stringency of credit.
the present limitation of 25
The Committee recommended the repeal of
general authority to
millions per month, and, in lieu thereof,
ssary, but on the
nece
purchase up to 200 millions, as and when
careful, current
a
be
distinct understanding that there shall
effect of any
the
to
as
ttee
review by the Board and the Commi
d When deemed
calle
be
ng
meeti
er
such purchases; and that anoth
in no event to be
desirable by the Board or the Committee, in Ja uary, 1930. (See scrap book)
later than the first we
Nov. 12, 1929. 13, 14
Long discussion on this report.
soon as possible, but
Gov. Harrison said all wanted lower rates as
s would go
that, with a billion of rediscounts, the bank
whole 200
the
if
that
slowly in reducing customers rates;
ssary, - it
nece
not
was
millions were purchased now, - which
in taking
used
be
would
but
it,
would add nothing to P.R. cred
make the banks feel
down rediscounts; that this, however, would
easier and pave the way for lower rates.
James opposed granting even emergency powers.
powers, for it was
Miller said not necessary to grant emergency
act in an emergency
clearly understood that the P.R. banks would
and take the responsibility.
\
rs asked, subject to
C.6.H. introduced a resolution granting the powe
notice, on
nable
reaso
on
change at any time by the Board
s, the Committee
encie
emerg
e
acut
in
t
the understanding that, exce)
Governor of the
would act in or after consultation with the
Board.
resolution,adding
Miller moved a substitute, much like C.S.H.os
any request.
that Board would give prompt consideration to
111111111111111
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Federal Reserve Bank of St. Louis
167.
Open
Market Comnittee (Contld.)
Gov. Young said there was a rumor that the Stock adhange would
not open tomorrow; that there was danger in the banking
situation growing out of the collapse of the Corn Exchange, National City Bank merger.
C.S.R. said he feared immediate business recession and even trouble
in the banking situation; that anergencies might arise calling
for quick action; that he would like to hear from the Federal
Advisory Council next Tuesday before taking finP1 action; that
his resolution gave the Committee full authority to act, until
the Board finally determined the policy, in any acute emergencies
where there was not time in which to =suit the Board.
Secretary Mellon strongly favored C.S.H.Is resolution, and Cunningham
seemed inclined not to oppose as a teur?orary arrangement, pending
the meeting of the federal Advisory Council.
Gov. Young put questions revealing his feeling that the report
favored the immediate purdhase of 200 millions, - which it did
not; he also opposed granting any emergency authority, saying
the Committee would justify any action by calling it a crisis.
The Board finally adjourned without action.
This failure to act leaves the Committee still subject to the 25
million limitation.
It also leaves Federal Reserve Bank, New York, free to act on its own
volition as Board has never enacted regulations governing
purchases of Government securities.
C.S.R. will not oppose a fair regulation as to Govt. securities; he
simply wants to provide for acute, critical emergencies
requiring quick action.
Nov. 12, 1929. 15, 16, 17
Boari again takes up report.
C.6.R. moved his resolution of yesterday.
Miller said the report recommended an easing policy in addition to
asking emergency powers which la*r could await further
consiueration.
C.S.H. agreed and said he had in mind primarily the emergency power.
C.S.H. then changed his resolution to read, - the emergency authority
granted, etc.
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Federal Reserve Bank of St. Louis
168.
Open Market Committee (Contid.)
er then dictated a
Gov. Young started to write a draft. Hill
the Board will give
letter to Gov. Harrison to the effect that
tion as to the
continuous consideration to the general ques
ult with the
cons
desirability of easing the market and will
eciates the
appr
d
Boar
Committee from time to time; that the
ared to act
prep
was
it
that
possibility of an acute emergency;
the Governor
ed
oris
auth
has
it
prlmptly on any application; that
if any
that
lf;
beha
its
in
act
to
or active executive officer,
ble
tica
would not be prac
acute emergency should arise where it
ction
Obje
no
e
interpos
to confer with the Governor, the Board will
g
ndin
rsta
unde
on the
to a purchase operation being undertaken,
This
d.
Boar
the
to
n
that prompt advice of such purchase be give
y granted on Sept. 24,
orit
auth
the
es
rsed
supe
d
Boar
action of the
than 25 millions
more
1929, to purchase Govt. securities, — not
per week.
emergency clause but Auld
Miller said he would prefer not to have any
vote for his proposed letter, as Above.
ious authority to buy 25
The last clause, as to superseding the prev
of Gov. Young.
millions per week, was put in at the instance
Cunningham said he
G.S.H. and Platt opposed this last clause but
not inserted.
were
would vote against the resolution if it
ssary that he would vote for
C.S.H. said an emergency power was so nece
rted.
the resolution even with the last clause inse
away the right of any
Gov. Young said the resolution did not take
as no regulation
rederal reserve bank to buy Govt. securities,
by tne Board.
controlling such right had been enacted
The resolution was then passed.
Ayes Gov. Young, Miller, C.S.H., Cunningham
No: Platt
authority to buy up to
Platt voted No because of the repeal of the
25 millions per week.
judgment as he
Gov. Young said he voted Aye but against his best
as to prevent
believed no emergency could arise so suddenly
consultation with the Board.
vote far ay resolution
Cunningham said at first that he would not
the stability of
the result of which might be to underwrite
the resolution with
for
the stock market, but finally he voted
much reluctance.
Nov. 13, 1929. 19, ao, 21, 22
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Federal Reserve Bank of St. Louis
169
Open Market Committee (Cont11.)
Gov. Harrison told Gov. Young that if general discretion were
given to Open Market Comulittee to buy Govt. securities fran
time to time, not exceeding 200 millions, he would advise his
directors to agree not to buy Govt. securities for themselves
without consent of the Board.
Gov. Young said he was inclined to agree to this, as did also C.S.H.
Nov. 24, 1929. 35, 36
Gov. Young said the Committee should be increased to represent each
of the Governors of the 12 Federal reserve banks, they to choose
an executive Committee.
Nov. 24, 1929. 36
Board considers Gov. Young's proposed authorization to Committee to
buy Govt. securities from time to time, up to 200 millions.
Gov. Young said Gov. Harrison had agreed to advise his Directors, if
this were done, to agree not to buy Govt. securities for their
own account without pemmission from the Board.
Gov. Young urged his proposition and said if N.Y. directors did not
agree as above the Board at any time could revoke the ditcretion
given to the ComAittee.
Long debate.
Gov. Young said the F.R. banks wanted to reduce their rediscounts, now 880 million', as they tended to tighten credit.
. Mill-r objected; said money was now cheap and would be made Cheaper
by purchase of Govt. s curities and it would be bad Federal
reserve policy; that it would be an abdication in favor of
the F.. Bank, New fork.
Nov. 25, 1929. 38
U.S.H. said the F.A. Bank, New York, if it falowed Gov. Harrison's
recommendation, would thereby surrendex its clear right to deal
in Govt. securities until, at least, the Board enacted a
regulation, - which would be very difficult to draw; that henceforth the Board would be dealing with an Open Market Committee
representing the 12 P.R. banks; that Gov. Young's proposition
merely laid down a general policy to be worked out by the Committee;
that he recognized that it was an eaAng policy but that he
believed in it; that the Board could put an end to it at any time.
Platt read a substitute for Gov. Young's motion, granting the authority
but on condition that the Jurchases be resold at the beginning
of next year; that Vle Board in granting the authority intended
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Federal Reserve Bank of St. Louis
170.
Open Market Committee (Contld.)
to guard against tight money, e.g. fran gold exports, rather
than to create easy =may.
Nov. 25, 1929. 39
All agreed that call money was very Cheap now, but Gov. Young thought
it probably would soon be absorbed.
Platt did not press his resolution.
Gov. Young's motion was carried.
Ayes Sec. Mellon, Gov. Young, C.S.H., Comptroller, Platt
NoCMiller, James, Cunningham
Nov. 25, 1929. 39, 40
giller offered a new draft creating an Open Uarket Policy Conference.
This draft eliminated, the clause making the Governor of the Board
Chalrman of the Cannittee, but retained the right of each
7ederal reserve bank, by necessary implication, to decide Who
should represent it on the Committee. It also made every P.R. Bank
&member.
Miller moved its adoption, to be sent to each F.R. bank for ratification
or suggestion.
C. .H. asked whether this would debar e.g. N.Y. from buying Govt.
securities when there was not time to consult with the Board.
James said it excluded such right.
The other members said it did not exclude such right, but that if the
Board disapproved it could force a subsequent sale.
C.S.H. on that understanding, said he would vote Bp!' it.
Gov. Young spoke of a conference he was having with Sec. Mellon and
the New York bank on this question;that he may have been
negligent in not presiing it.
Gov. Young seemed to attach little importance to this and C.S.H.
assumed he would vote for Miller's motion.
Gov. Young, however, voted No although all the others voted Aye.
0.6.H. asked why he voted No and he said it left him in a very
aribarrassing position with Sec. Mellon and the P.R. Bank, New York,
in view of the pending conference he was hRving with than.
0.6.11. said he would move:
4.
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Federal Reserve Bank of St. Louis
171.
Open
•
Market Committee (Contld.)
1. To reconsider
2. That Miller's
Governor
the P.R.
and then
•
draft be approved tentatively, the
to take it up with Sec. Mellon and
Bank, N.Y. and get their reaction,
report back to Board for a final vote
.
C.S.H.Ismotion to reconsider was lost
by a tie vote:
Aye: Gov. Young, e.s.H., Platt
No: Miller, James, Cunningham
This ended the matter.
Jan.16, 1930. 81 , 82
Conference with Board
8 out of 11 Governors (1 absent) oppo
sed further easing
through bill purchases, their intent bein
g merely
to offset maturing bills and maintain
the statue quo.
They favored, however, a lower minimum
bill rate giving a
reasonable spread to prevent contraction
through
maturing bills and to provide for any stif
fening of
business credit demand.
Jan. 28, 1930. 84
Miller said the F.R. Bank, New York,
was the greatest advocate of
easy money in the P.R. System.
Jan. 28, 1930. 85
Board took up report of the Governor
s in Open Market Committee.
•
.
•
Miller said Gov. Harrison's policy was
an affirmative easing policy
looking toward lower discount rate
s.
We all agreed that 8 out of the 11
Governors were opposed to an
easing policy and merely wanted to keep
the status quo.
Gov. Young said any lowering of mini
mum bill rates meant an easing
policy anti ultimately lower discount
rates.
C.S.H. said present conditions meant
hardening of credit from
maturing bills;that a 3-7/8 rate woul
d not bring in many
bills into the F.R. bank; that the pres
ent mat rate of 4%
was purely artificial and would soon
drop to 3.7/8%; that
with the same rate, - 3-7/0 - for
P.R. bank rate and also in
the market it would probably not
possible to offset the maturing
bills; that he would prefer a
minimum rate, - N.Y. asked for
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Federal Reserve Bank of St. Louis
172.
Open Market Committee (Cont 'd.)
3% - but he was willing to vote for a 31 rate as a compromise,
making two bites of the cherry.
Gov. Young moved to approve a 3t% minimum rate.
Miller moved to substitute a 3-7/8%.
Miller's motion was lost on tie.
Aye: C.S.H., Miller, James, Cunningham
No: Secalellon, Gov. Young, Platt, kole
Gov. Young's motion was passed.
Aye: Sec. Mellon, Gov. Young, C.S.N4 Platt, Comptroller
No: James, Cunningham
Not voting: Miller
Jan. 30, 1930. 85, 86
Sec. Mellon asked Miller if he did not believe there should be some
easing of tae market. Miller said Yes but it should be eased
very cautiously.
Jan. 30, 1930. 87
At the above conference, km. Harrison sated that his desire for lower
bill rates was not to bring about lower discount rates but
merely to keep the status quo and prevent hardening of credit
through maturing bills; that while he believed that ultimately
di count rates must be reduced, this was not now in his mind,- that
as to discount rates, nature should be allowed to rim its course.
Burgess said practically the same.
Burgess did sew that the business directors would like lower discount
rates, but that the bank directors opposed.
Burgess gave no intimation that lower bill rates were wanted as a means
of making lower discount rates until, at least, the lower bill
rates were tried out.
Jan. 30, 1930.88
C.0.H. was astounded at action of ;:.Y. in establishing a 4% discount
rate.
Had Gov. Harrison or Burgess at above Open Market Committee conference
even intimated that a lower discount rate was in minds of the
N.Y. directors, the conference would have voted 9 to 2 against
an y reduction of the bill rates.
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Federal Reserve Bank of St. Louis
173.
Open Market Committee (Contid.)
C.S.H. feels that the favorable attitude of the Conference towards
lower minimum bill rates was brought about by a deception of
the Governors by Gov. Harrison and Burgess.
Jan. 30, 1930. 87, 89
.).S.H. believes Gov. Harrison and Burgess did not intend to deceive
the Governors and doubtless believed that the N.Y. directors
did not have in mind any innediate reduction of discount rates,
but C.S.H. feels the N.Y. directors, unknown to Gov. Harrison
(who had been away) and Burgess, must have had in mind such a
reduction; that after knowing what Harrison and Burgess had
said to the Governors, as disclosed by than by Burgess, their
action in establishing a 4% discount rate was a repudiation of
Harrison and Burges-, and that these latter should have resigned
at once.
Gov. Young said Harrison was still in town and had told him that he
did all he could over the telephone, to persuade his directors
not to put in the 4% rate in view of what had transpired at the
meeting of the Governors. C.S.H. is glad, therefore, the Board
did not approve the 0 rate.
Jan. 50, 1930. 91
The minutes of the last meeting were read and C.:d.H. objected saying
they read as if it was expected by all that N.Y. intended at
once to reduce discount rates, and that Gov. Harrison and
Burgess had said rothing at the Governors Conference inconsistent
with such intent.
C.S.H. asked to have added a statanent that Gov. Harrison and Burgess
disclaimed any intention of N. Y. to reduce discount rates in
the immediate future, but that lower bill rates were desired
merely to keep the status quo, leaving discount rates, as Gov.
Harrison said— left to the ODUXSA of nature.
Gov. Young said his recollection was just the op .osite and that
Harrison and Burgess said discount rates would be reduced.
said they did say that discount rates would probably ultimately
be reduced but any immediate action As sot referred to or
even hinted at.
Miller and Cunningham agreed with C.S.H.
Jan. 31, 1950. 92, 93
Miller said business recession was increasing, that he would vote to
reduce discount rates to ai% but that bill rates should
renain above the discount rates.
Mar. 5, 1930. 113
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Federal Reserve Bank of St. Louis
174
Open
UarIcet Committee (Contld.)
Gov. Young suggested telling the N.Y. Bank that Board will call a
meeting of the Committee for Mar. 24th and that the Board would
not object to. its buying, on its own volition, between now
and March 24th, Govt. securities from time to time up to 50
millions.
Miller opposed this, but the other members favored it and Gov. Young
was directed so to info= Gov. Case.
Mar, 5, 1930. 113
C.S.H. felt a meeting of Ixecutive Committee of Open Market Coumittee
should first be called, but it was pointed out that the new
Committee, - the Open Malket Policy Conference- is now practica4y
in existence, having been approved by Board subject only to
suggestions of the P.R. banks as to changes, and that it has
chosen no Paecutive Committee.
Mar. 5, Iwo. 113, 114
Meeting of Open 4.arket Coanittee with the Board.
The report of Cannittee favored a 20 minimum bill rate but advised
against buying any bills under 3%.
Great opposition expressed to action of P.R. Bank, approved by Board,
in buying 50 millions of Govt. securities.
Gov. Case explained that they were bought to offset maturing bills.
The Governors felt that it was unwise, in view of present easy muney
conditions, to buy Govt. securities.
Mar. 24, 1930. 121
The Conference then considered the Board letter creating an Open
Market eolicy Conference, sent to all P.a. banks for expression
of assent or dissent.
e
•
.
0.0.H. read his digest of replies of the F.i. banks.
The Governors had Egreed to most of the Board's draft of circular
and Miller poirted out bo then the radical nature of some of
the changes from existing procedure to which they now agreed.
Mar. 24, 1930. 122
After long discussion it was voted unanimously that Gov. Young
should confer with the Governors of the P.R. banks in the evening
at the Carlton Hotel and try to agree on a form creating the
Open -arket Polity Conference.
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Federal Reserve Bank of St. Louis
175.
Open Market Committee (Contsd.)
Gov. Young presented a draft to which the Governors agreed at the
meeting last evening. Board voted to consider this later.
Mar,25, 1930. 122
Board takes up proposed draft slibmitted by Gov. Young for himself
and for the Governors.
James moved to approve the draft and that it be sent to e-ch 7.R. bank
for ratification by the directors.
Miller moved a substitute:
Sec. 3:
Take away right of kEecutive Cammitte, to call
a meeting of full Committee.
(C.S.H. mnstrues original draft to provide that
meetings can not be called by Akecutive Cocmittee)
Lost:
.Are: Miller, Cunningham
No: Gov. Young, C.S.H., Platt, James
Mar. 26, 1930. 123
Sec. 6
Strike out provision that a F.R. bank dissenting as to
any policy shall advise Chairman of Bxecutive Committee
Lost: Same vote as above
Sec. 7.
Strike out provision for meetings of Ixecutive Comm Lttee
with the Board.
Lost: Same vote as above.
Mar. 26, 1930. 124
James motion to approve was then pass&i.
Aye: Gov. Young, C.S.H., James, Platt, Miller
No: Cunningham
Mar.flo, 1930. 124
*win
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Federal Reserve Bank of St. Louis
176.
Open garket Cannittee (Contid.)
Miller objected to words in James motion - "Board accepts suggestions
of Governors.
0.6.H. suggested and Board voted for "adapted."
Mar. 26, 1930. 124
Gov. Harrison told Board he saw no renedy for existing business
depression unless, possibly, a bold open market operation
deliberately designed to put up prices.
1ay 14, 1930. 153
In view of above statement of Gov. Harrison, Board finally voted
to call a meeting of Open Market Policy Conference.
Aye: Gov. Young, Miller, C.S.H.
No: James, Cunningham
•
•
•
Miller hesitated for a long time but finally voted Aye.
May 15, 1930. 157
Meeting of Open Market Policy Conference.
Gov. Young said he hesitated in voting to approve a 3% rate at New
York in view of the expressions of the conference of
Mar. 24, 1930 against an easing policy and in favor of
maintaining the status quo.
e
GOV. Harrison replied that expressions of Open Market Policy Conferenc
certainly
as to discount rates were not binding on a F.R. bank,
not under changed conditions 3 weeks later.
All the Governors agreed to this.
The Governorz then proceeded to discuss other questions put by Board
and the Board withdrew.
Mar. 21, 1930. 166
Conference reamed.
Governor garrison reported for Committee that recommendations as to
discount rates were not within the province of t'fie Conference,
but should be determined by the Board and by the respective
P.R. banks.
Miller favored fixing a certain amount of F.R. credit, - say 1 billion
of dollars, - and keeping that amount always outstanding
throu44 open market operations.
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Federal Reserve Bank of St. Louis
177.
Open Market Committee (Contld.)
GOV. Harrison vigorously objected.
•
•
•
,
reminded i.aller that this was, in effect, atirl Snyder's
proposition, - which seened to disturb Miller.
Miller said present credit conditions seemed to him rilther Hcontra
ctivo
and that he was inclined to favor buying Govt. securities now.
(Why then did 41ler vote against reduction of discount rate to 30)
Gov. Calkinseaked Gov. Harrison what good multi be accomplished by
buying at once, say 150 millions of Govt. securities.
Gov. Harrison said it wou/d materially help the bond. market, but
that
lomering discount rates might deprive the banks of needed earnings
.
Gov. Harrison reported that the Conference felt that need of earnings
was no justification for present purchase of Govt. securities by any
F.R. bank.
May. 22, 1930. 168, 169
Board took up James draft of open mprket regulations
Gov. Young urged that it be confined to Govt. securities to whidh
James agreed and the matter went over.
Nov. 5, 1929. 1
Open market operations
Federal Advisory Council favored limiting, to keeping the status ouo.
May 3D, 1930. 160
See.
Open Market Committee
Open Market Policy Conference
Open -market Policy Conference
See - Open Market Committee
Open market regulations
Board took up Janes draft of open market regulations.
Gov. Young urged that it be confined to Govt. securities to which
James agreed and the matter went over.
Nov. 5, 1929. 1
dee - Govt. securities
Open Market Committee
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Federal Reserve Bank of St. Louis
178.
Pacific South West Trust & Savings Bank
lederal Reserve Agent Newton writes Board that McNabb, U.S. District
Attorney wants him to state Whether it would be wise for the U.S.
to prosecute criminal proceedinps against officers of the, in
connection with the Julian Petroleum Co. matter, in view of
present conditions throu4hout the country.
McNabb's letter was read to the Board. It was evident from Maabbis
letter that he did not want to prosecute and hoped the Board would
reply in such a way as to justify him in dro?Ding the matter.
In this connection, some one told C.S.H. that Robinson, the former
Presid, nt and a close friend of Hoover and Dr. Miller was in town.
Board discussed the matter and felt that the responsibility for action
or nonp.action rested with the Dept. of Justice and that the Board
should make no recousnen a tion.
Board voted that Gov. Young, after consulting the Comptroller, prepare
draft of a letter to this effect.
Over a year ago, Federal Reserve Agent Newton asked the Board hether
he should report the alleged criminal acts to the Department of
Justice,stating that if he did, while a merger was being arranged,
it might cause great injury to innocent people.
The Board at that time told him he could use his discretion as to when
he should report the facts to the U.S. District Attorney, but that
he must finally report it, and he must be sure so to report it
before the Statute of Limitations had run.
C.S.H. believes Robinson is on :here to have proceedings dropped.
While the investigation was going on, Robinson was abroad on the League
of Nations loonomio Confereivip.
C.S.H. feels he n ver should have gone abroad, but sliould have
renamed, at home at his place of duty.
Dr. Miller said nothing during the di:cussion, but was evidently
interested in the attitude of the Boards
0.3.H. believe:-, the Board should decidedly not a,vise that the
proceedings shoal be dropped.
Nov. 22, 1929. 32, 33, 34
McClelland told CeSale that Robinson lunched with Dr. Miller yesterday
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Federal Reserve Bank of St. Louis
179.
pacific S. W. Trust & Satings Bank (Contld.)
C.S.R. ammnined Board's record and found an opinion from Agnew,
Counsel of F.R. Bank, San Francisco, that the period of
Statute of Limitations was 3 years and that action must be
begun some time during 1929, and before July 1, 1929, as
Grand Jury meets on4 twice a year, to avoid 'the Statute.
McNabb was duly informed by F.R. Agent Newton of the allegbd crises
before the expiration of the 3.year period.
McNabb, however, has held the matter up and C.S.E. fears the Statute
may have already run.
Nov. 23, 1929. 35
Gov. Young told. Board that the Comptroller would inform McNabb
that there was no reason for prosecution.
C.6.H. said he did not concur with the Comptroller's view; that
there were violations charged of the Federal Statutes, and
of the Federal Reserve Act:
1. Illegal loans of over one million dollars.
2. Failure to report these loans to the state superintendent.
3.
ilure to mention them in the call reports to Board.
4. Receiving fees in connection with loans granted.
5. Improper use of trust funds.
Gov. Young said the Board should decline to advise the U.S. District
Attorney,,as t he responsibility is on his shoulders; that
if the Comptroller saw fit to advise him, he must take that
resp3nsibility.
Nov. 24, 1929. 36
Board considered draft of letter as to Julian Petrolem Co.
Gov. Young said Comptroller said he should advise District Attorney
that there was no need of prosecutiol, in the pdblic interest.
Board voted unanimously that it had discharged its duty in directing
Federal reserve Agent Newton to report the matter to the U.S.
District Attorney, and that it was for the Dept. of Justice to
decide whether prosecution was demanded in the public interest.
C.S.H. pointed out the necessity of quick action as the Statute of
Limitati3ns already had run or mould have run ly Jan. 1, 1930.
Nov. 25, 1929. 40
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Federal Reserve Bank of St. Louis
180.
Pacific South West Trust and Savings Bank (Contld.)
The essential dates in above matter were:
1923, April 4:
General order of Board to report to U.S. District
Attorney all violations of F.R. Act and U.S.
Revised Statutes.
1927, June 20.
Federal Reserve Agent Newton to Board.
Begs not to be forced to take such drastic action as
reporting to U.6. District Attorney at this time.
June 27.
Newton reports that the state has indicted some of the
officers.
June 28.
Newton asks authority to delay report to U.S. District
Attorney for fear of injury to new national bank
which is being formed.
July 5.
Board directs Newton to report but leaves tiAs of doing
so to his discretion, - within period of Statute of
Limitations.
Oct. 14.
Board again votes as above.
Nov. 23.
Newton says Agnew has filed opinion that action must be
taken during 1929 and probably before July 1, 1929,
as Grand Jury meets only twice a year.
1928, October 10.
Board informs Attorney General of alleged violations and
encloses copy of Newton's letter to U.S. District
Attorney reporting same.
Nov. 25, 190. 41, 42
(Later in 1930 Mr. Gianini called and told C.S.H. that in
his opinion Robinson knew of the alleged violations
all along and intimated that Robinson participated
in them.)
C.S.R. fears there has been a miscarriage of justicel
Nov. 25, 1929. 42
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Federal Reserve Bank of St. Louis
181.
Pageant at old British Hinbassy.
172, 180, 181, 182
See - Hmmlin, H. P.
Harriman, Mrs. Borden
Lutyens, Sir dwin
Wilson, Mrs.
Pennington, Mrs.
Sends C.S.H., Trustee, a check for $2.10 - royalties on Wilson
chronology.
April 4, 1930. 125
List of royalties received fran Wilson chronology.
1927.
1928
1929
1930
Sept. 30.
June 1
Nov. 12
April 11
April 4
$62.50
45.30
5.78
2.10
_ 2.28
$117.96
April 22, 1930. 139
tdith Helm tells H.P.H. - what she had never mentioned before, - •
that Mrs. Wilson once told her that she was very angry with
Mrs. Pennington as she had put her in a false position as
regards the Wilson chronology.
She might well have been&
May 17, 1930. 159
reter. Madame
Invites H.P.H. to a tea in honor of Mrs. Wilson, - only about 10
persons invited. Bertie did not go, but Gertrude Myer did
and said ally a very snail number were present. This was
Jan. 18, 1930. 83
some time ago.
Philippe, William
Frank Simonds at dinner at Lira. McClellan's spoke very disparagingly
about.
Dec. 15,1929. 62
Pilgrim steps
0.6.H. and H.P.H. attend dedication of, at Washington Cathedral.
May 16, 1930. 157
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Federal Reserve Bank of St. Louis
122.
Platt, Wimund.
Opposed resolutiong putting an end to aathority granted to Open
Maket Committee on Sept. 24, 1929, to buy 25 millions per
week of Govt. securities.
Nov. 13, 1929. 21
Votes against above resolution.
Nov. 13, 1929. 21
Votes to approve N.Y. discount rate reduction to 4%.
Nov. 14, 1929. 24
Gov. Young moved. authority to Open Market Committee to buy Govt.
securities up to 200 millions.
Platt offers substitute granting the authority but stipulating that
any Govt. securities purchased should be sold at beginning of
next year; that the Board, in granting the authority, did not
intend to ease but to guard against possible tightening of credit.
Platt, howver, did not press his substitute.
Nov. 25, 1929. 39
Votes for Gov. Young's motion. Nov. 25, 1929. 40
Votes for cancellation of a6reement with First National Bank, Boston,
providing for examination of subsidiary corporation under ec. 25
Federal Reserve Al.ct.
Dec. 14, 1929. 60, 61
Votes against increase of Gov. Harrison's salary to $60,000.
Jan. 14, 1930. 78
Votes for increase in salaries of other officers of P.R. Bank, N.Y.
Jan. 14, 1930. 78
Votes for increase of salary of Carl Snyder, P.R. Bank, • Y.
Jan. 14, 1930. 79
Votes for increase of Gov. Harrison's salary to $60,000.
Jan. 16, 1930. 79
Votes for increase in salary of any P.R. Agents.
Jan. 16, 1930. 80
Votes for Miller's draft of circular creating Open Mari:et Policy
Conference.
Jan. 16, 1930. 82
Vozes to reconsider, in view to-r Gov. Young's statanent.
Jan. 16, 1930. 82
Votes to approve plan 3 of directors of i.t. Bank, Richmond, for
addition to the Bank building.
Jan. 16, 1930. 82
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Federal Reserve Bank of St. Louis
183
Platt, Admund (ConAd.)
Totes
Miller's motion for a 3.7/81i minimum bill rte.
Jan. 29, 1930. 86
Votes for 3i% minimum bill
rate,NIL
. 86
.
71,,
Votes against to discount rate for New York.
Jan. ao, 1960. 87
Feb. 7, 1930. 96, 97
Voted to admit Bank of Athens Trust Company into Federal Reserve
6ystem.
Jan. 7, 1930. 99
Feb. 12, 1930. 100
Votes for minimum bill rate at New York of akis.
Feb. 12, 1930. 100
Inclined at first to agree that might be well to expand annual report
by adding reference to direct presure.
Feb. 12, 1930. 101
Votes against reconsidering increase of Gov.Harrison's salary to
$60,000.
Feb. 21, 1930. 103
Board reconsidered above.
Platt said he feared Gov. Harrison had not yet quite grown up to the
job.
Feb. 21, 1930. 104
Voted against increasing Gov. Harrison's salary.
Feb. 21, 1930. 104
Votes against proposed Federal reserve branch at Wichita.
Feb. 21, 1930. 105
Votes against Miller's addition to Annual Report as to direct
pressure.
Feb. 21, 1930. 106
Favored Case as Chairman of Federal Reserve Ban, N. Y. by teleohone.
Feb. 27, 1930. 109
Votes to ao,rove 31-", discount rate for N.Y.
Mar. 13, 1930. 117
Platt moved to substitute Goldenweiver's original draft of Annual
Report, slightly amended, for .aller's draft containing reference
to t,uccess of direct pressure, anu so voted.
Liar. 17, 1930.118
Votes
against MAler draft.
Mar. 17, 1930.118
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Federal Reserve Bank of St. Louis
184.
Platt, Edmund (Contld.)
Voted against Miller's motion amending draft of circular
creating Open Market Policy Oonference.
Mar. 26, 1930. 123, 12i
Voted for ap)roval of circular letter.
Mar. 26, 1930. 124
Votes against addition to Annual Report of i4iller's references to
April 6, 1930. 127
direct presiure.
Attends funeral of Governor Harding.
April 9, 1930. 1-1
Voted for Miller's motion that Federal Reserve Bank, :ew York, be
informed it could act on its own responsibility as regards the
reply to the B.I.S. as to reparation bonds, the Board not being
able to settle as to its nower until and unless Attorney General
advises it.
April A, 1930. 138
Votes against
di count rate for N. Y.
April 24, 1930. 141
, but matter went over.
Moved to lower minimum bill rate to 2),,4
April 24, 1930. 141
Votes to approve 3%) rate for New York.
May 1, 1930. 146
Votes to reduce m.nimum bill rate to 24%.
May 1, 1930. 146
Agrees to C.S.H. draft of letter to Federal Rest rve Bank, Zew York,
as to answer to B.I.S.
May 21, 19o0. 165
Votes for C.S.H. draft of reply to Federal Reserve Bank, i:ew York,
as to B.I.S.
Unanimous vote.
gay 27, 1900. 174
Politics. 13
See - General Electric Co.
Morgan, J. P.
Young, Owen D.
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Federal Reserve Bank of St. Louis
185.
Pope of Rome
Dr. Butler has a conference with, as to an encyclical calling on
all Catholics to sud)ort tile Briandp-Kellogg pact; says Pope
has requested another conference next April or ::11;7 when such
an encyclical may be issued.
Dec. 6, 1929. 52.
Potter, Guaranty Trust Co.
Tells Federal Advisory Council security loans are still too hicb
and that too easy money through open market onerations might
hamper the banks in reducing such loans.
Nov. 19, 1929. 28, 29
Tells C..H. he approves his proposed draft of reply to Federal
Reserve Bank, New York, as to M.S.
May ap, 1900. 160
Tells 0.$.H. a Federal reserve rate higher than tnat of Bank of
England and Bank of France, other things being equal, would
tend to draw gold to U.S.
May20, 1930. 160
Pound, Dean Roscoe.
On Committee of Associated Harvard clubs to give greeting to
Justice Holmes on his 89th birthday.
Mar. 8, 1930. 115
Walks home with C.S.H. and calls on H.P.H.
Mar. 8, 1960. 116
Dines with us.
April 2, 1900. 125
towers of Federal Reserve Board
See - Federal Reserve Bank, 4. Y.
International Settlements zank
Reparation Bonds
Preston, Mrs. Thomas, Jr. (Mrs. Cleveland)
Mrs. Bruce invites us to lunch at Buxton, 14d.
o meet.
Had to regret because of severe cold of
Jan. 25, 1930. 84
See - Amen, Mrs.
Prices
Gov. Harrison says, of basic commodities have fallen all over the
world.
April 15, 1930. 133
Ii
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Federal Reserve Bank of St. Louis
186
prices (Contld.)
Governor Harrison in arguing for 3i, discount rate, said co.-amodity
prices had fallen all over the world and were lovyer than at
any time since 1916.
April ?4, 19',i0. 139
Governor Harrison says prices are falling all over the world; that
nothing can be done except possibly a bold open market operation
deliberately designed to increase prices.
May 14, 1930. 150
See - New York Stock &change
Protest
Governor Young files ?rotest against action of Board in adding
Miller's memoranda as to direct pressure to draft of Annual
Report for 1929.
Mar. 17, 1930. 117
Protests against signing Annual Report with additionsas to direct
pressure.
April 7, 1930. 128
See-. Governor Young
,-ruyn, Bessie
Re ca1,1 on, in New York
leb. 10, 1930. 98
rruyn, :trying
We dine with, in New York.
ieb. 10, 1930. 98
rrIlyn, Hendrick
Wilson told us that, had sent her two Letters inviting her to
lunch to meet "sane Newport friends"; that he sizned the
first letter with his new name ani the second vith his old name.
lob. 26, 1930. 107, 108
rsychic
See - Beale, Mrs. Blaine
Squire, General
67, 68
Radio
178
See - Wile, Y.W.
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Federal Reserve Bank of St. Louis
187.
Rediscounts
See— Discounts
.
Regulations
1, 8, 17, 20, 81
See — Govt. securities
Open Liarket Committee
Reichsbank, Loan 122, 123
See — Lee, Higginson & Co.
state Department
Reparation bonds
C.S.H. believes Owen Young and McGarrah favor easy money to
facilitate placing of, in U.S. markets.
Jan. 30, 1930. 90
Gov. Harrison says the issue of, is to be 300 millions of dollars
of which London is to take 60, Amsterdam 25, other colntries 15
millions; that 200 millions must be taken by the rest of the
world, chiefly by France and U.S.; that Sweden may t,ce more
than is now anticipated; that Czechoslovakia may take some:
should
that France will take about 80 millions and the
take about 120 millions; that our State Department has said
the United States will not sake 150 millions, that 100 would
be the maximum; that of the proceeds, 100 millions is to go
to Genaany; that the 200 millions would capitalize future
unconditional payments by lemony under the Young plan; that
France would probably get 5/6 of the proceeds.
Gov. Harrison said he told Luther that it was essential to have
more harmony in Europe before asking American investors to
take reparation bonds.
Gov. Harrison said Under Secretary Cotton's talk with Aim as to
reparation bonds vas official.
April 15, 1150. 133
Gov. Harrison said the reparation issue would he 300 millions, of
the proceeds of which 100 millions goes to Germany, :ne rest
being distributed anong other countries; that France would
receive 5/6 of the remaining 200 millions, but she is willing
to let 1/2 go to other nations; that the United States till be
asked to subscribe to aout 75 millions net after allowing
for the discount; tnat France lhould probably subscribe for
the same :mount; that the U.S. could easily take its share,
as this very rar, between January and April 1, about 1400
millions of cock md 400 millions of bonds had been placed.
May 14, 1930. 153
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Federal Reserve Bank of St. Louis
188.
Reparation bonds (Contld.)
.
Gov. Martin of Federal Reserve Bank of t. Louis told J.6.H
Bank,
serve
al,Re
that
Feder
that it was generally believed
market
New York reduced its discount rate to 30 to prepare the
.
for the reparation bond issue
May 22, 19'00. 170
C.S.H. is inclined to believe above.
May 22, 1430. 170
See - International 6ett1ements Bank
Reserves
, in 1915 favored making F.R. notes reserve money.
Warbur;
May 28, 1900. 176
•
Resignations
ed their,
feels Gov. Harrison and Burgess should have tender
t the
when the F.R. Bank, N. Y. in spite of what they said
its
d
lowere
Governors Open Itiattet Conference, deliberately
discount rate to
Jan. 30, 1930. 91
s Jational
Mrs. Wilson resif;ns as honorary ?reAdent of Woman'
1930.
21,
May
Democratic Club.
161, 162, 163, 171, 172
Resolutions
0..H. Open -Larket Committee
tting Coailittee
Repealing 25 millionF per week limitation and permi
the Committee,
that
g
to buy from time to time, on understandin
consultation
after
only
except in acute emergencies would act
.
Board
e
Reserv
al
with the Governor of the Feder
Nov. 12, 1929. 15
Federal Res rve Bank, New York
o
In favor of easing through purchase of bills or
securities.
Nov. 9, 1929. 18
o!te) - Federal Reserve Bank, New York
Harrison, Gov.
-filer
Purcaase of Govt. securities.
Nov. 10, 1929. 310
Goverment
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Federal Reserve Bank of St. Louis
189.
Resolutions (ContId.)
Ylatt
Authority to Open Market Committee to buy up to 200 millions
of Govt. securities on conaition that they be sold at
beginaing of next year. Not pressed.
Nov. 25, 1929. 39
Right of Board and Federal Reserve Bank, N. Y. as to reply to
B.1.. question as to reparation bonus.
April 15, 1930. 133 (3)
Miller
Giving F.R. Bank, New York, discretionto use its own judgment
as to reply to 3.I.6. - reparation bonds.
April 21, 1930. 138
0.0.H.
Tenttive draft of reply for Federal Reserve Ban, Nev; York,
to B.I.0. as to reparation b)nds.
May 15, 190. 155
Condensed draft of redly to B.I3.
May 21, 1930. 165
0..H. resolution, slightly amendod at su,:
- estion of Gov. Youn,
unanimously adopted as reLily to Federal Reserve Bank,
B.I.S. repration bonus.
May 27, 1930. 174
Rayburn, Director, F.R. Bank, N.Y.
Govcrnor Young said he met, yesterday, at the Industrial Conference
at the White House; that later he had a talk with, Woolley, and
Owen Young at Secretary McAdoo's office; that he - Reyhurn agreed with Owen Young diet, apart from emergencies, tae Federal
Re. erve Bank of New York should e:Igage in Govt. s, curity
transactions nly with consent of the Board.
Nov. 22, 1929.31, 32
Reynolds, Jackson, arector,
Ban, N.Y. .
Told Miller the Federal Res rve Bank had matter of deflating
stock exchange loans in its own hands, until C.E. Mitchell
relieved the market.
May 28, 1930. 179
Rhoades, r. and Mrs. Charles
We dine with, to meet Mr. and Mrs. Wright of Philadelihia, Who Jlet
Mrs. Wilson returninE; from Japan.
Jan.o, 1930. 71
Rhodes, Lady
We meet, at dinner at Mrs. Corbin's
Fe. 7, 1./30. 97
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Federal Reserve Bank of St. Louis
190.
Rhodes, Lady (ContId.)
e have, and Mrs. Corbin at dinner at Womans National Democratic Club.
Feb. 13, 1930. 101
Rice, William G.
Sends us books as Christmas present: Weir nitchell, Lady
Augustus Stanley, Pere Marquette.
Dec. 24, 1929. 66
Mrs. Rice mules to Washington to meet 1. G. Jr. and Rosamond.
April 24, 19‘0. 141
Mrs. Rice sends us flowers in memory of Anna.
April 26, 1900. 142
'airs. Rice calls on Mrs. Wilson, but she was out.
April 28, 1930. 142
Rice, ,. G. Jr.
Comes to Washington with Rosamond.
Take rooms at-Womans National Democratic Club.
. April 24, 1930. 141
Riggs, Jearinie
Ne aine wi Gh.
Ale. 8, 1929.
-to-Anson, Mr. 33, 34, 35, 72
See — Pacific S.W. Trust and Savings Bank
Rodgers, Mr.
0.0.H. meets
at Rachel Hale's.
Jan. 4, 1930. 69
Rodgers, Col.
We meet, and Mrs. Rodgers at lunch with Rachel Hale.
Mar. 2, 1930. 110
Roosevelt, Mrs. James
meets, at christening of Christaphtr Grant.
Nov. 10, 1929. 8
Roosevelt, Theodore
Admiral Qtaunton called on us and said he had a niece rho was a
very Close friend of a woman whose husband was interest,
perhaps as a director, in some of the Sinclair Oil companies;
that he, Admiral Staunton, asked his niece to find out from
this woman what,if any, salary young Roosevelt received for
his services as director in Sinclair's oil colaQanies; that
his niece asiced this woman, who :aid she did not know, but
that she did know that once L)inclair or one of his officers
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Federal Reserve Bank of St. Louis
191.
Roosevelt, Theodore (Oontld.)
asked. Roosevelt to get him an introduction to a man Whom
he wished to become interested in the Sinclftir Oil companies;
that Roos(-Nelt gave a dinner and brought them together;
that later Roosevelt sent the Sinclair Corn any a bill for
$250,000 for this service; that the officers of the coupany
were astounded, but decided it was better to pay the bill and
that the check was duly returned with Roosevelt's indorsement
on itl
March 17, 1930. 119, Lao
Rome
Governor Harrison describes a talk with Dr. Luther in ,r,ome.
April 15, 1930. 133 (2)
Royalties, Wilson dhronology
125, 139
- Pennington, Mrs.
Ruffin, Dr. Sterling
Attends C.o.H. for bad cold and fall in bath tub.
At first ae thought 0.:3.H. ha broken his sacio iliac joint,
but finally found it was only a quite severe bruise.
He said C.S.H. was in 7cod condition and he would be satisfied
if the blood sugar did not go above 20.
He said C.S.H.Is blood pressure of 170 was high but not alarming
and probably was caused by pain, the cold, and the bruise.
Dec. 17, 1929. 63, 64
Dr. Ruffin's nurse begins injections of arseniclbr slight anemia.
Feb. 1, 1930. 95
oee - Hiden,
br.
Russia
Gov. Harrison said Russia was sfiling abroad raw materials far
below cost in order to acquire capital; that she was selling
lumber at prices which Sweden could not meet; that there was
really no "cost of productioe in Russia in our sense of the
term; that she was shipping coal to Boston at less than
domestic prices; that if she should dump wheat abroad the
situation would became intolerable; that the central bankers
see no remedyfor this situation except that American thould
cease giving Russia such exceediqgly liberal credit tenas; that
our credit shoUd be eMbargoed; that Americans usually get
.)0o cash, Which protects than, anu all else - in shape of
notes - is pure profit; that we should cut down Russia credits.
JOril 15, 1930. 133
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Federal Reserve Bank of St. Louis
192.
-8..
Sacket, Ambassador to Germpny
On Commiti;ee to great Justice Holmes on his 89th birthiay.
Liar. 8, 19'60. llbd
Sacio Iliac joint
J.s.H. had narrow escne from breaking;fAl in b.th tub.
Dec. 17, 1929. 63
sailer, Deputy Governor, i.R. Bank, N.Y.
See - Auld Lang Syne
salaries
Board approved all recommendations except for F.R. Agents,
Governors and bnyder.
Jan. 16, 1J60. 79, 80
See- Federal Reserve Bank, N. Y.
Harrison, Gov.
McDougal, Gov.
Snyder
sanford, Justice
Death.
ilar. 8, 1i0. 115
Scott, James Brown
Congratulates
s.H. on ;idaress to foreign journalists.
May 26, 1930. 175
ecreteiry of War
Departments closed because of death of Secretary of War Good.
Nog. 20, 1930. 29
section 26, Federal Res rve Act
See - First National Bank, Boston
Section 5200, U.3. Revised Statutes. 28
See - Federal Advisory Council
Securities, Govt.
See- Govt. securities
hecurities, Taxes on French. 133
security loans
Federal Advisory 0ounci1 feels the 5-/ banks s!.ould go slowly
in reducing di count rates to help the banks reduce their
security loans.
Nov. 19, L f29. 28
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Federal Reserve Bank of St. Louis
193
Security loans (Cont 1d.)
Potter tells Federal Advisory Council that, are still too hiel
aria that easy Money through open market operations might hamper
the banks in reducing such loans.
Nov. 19, 1929. 26, 29
C.z,.H. reminds Board of desire of Federal Resi'rve Bank, New York,
radically to reduce.
April 6, 1930. 129
Governor Harrison favors lomer discount rates and does not fear
increase of security loans.
A9ril 24, 1930. 140
Governor Harrison said higher discount rates will not heln banks
to reduce, and that an attempt of banks to liquidate, at any
discount rate, would siwAy result in loss of banking custoraer
s.
:lay 14, 1960. 153
Sheraton chairs
MdwFxd Hamlin pays H.P.H. $900 for six.
Dec. 8, 1929. t;,5
Sheridan,
Gives C..H. an electric reading lamp for Christina.
Dec. 24, 1929. 65
shouse, Jouett
Congratulates C.S.H. on his address at the Wilson Foundation League.
He said he would have Prof. Webster!s aidress put in Congressional
Record.
Jan. 3, 1960. 71
We attend tea to Mrs. Shouse at •oman's National Democratic Club.
Jan. 31, 1930. 94
Bertie and .:rs. Harriman agree to consult, about the pageant at old
British Mmbassy and if he objects, to it, to tell him he
must guarantee that the Club will have sufficient funds.
May 21, 1930. 163
:In. Harriman sid Snouse anqroved tne Pageant and said Lin.
Alson
would not resign.
May 21, 1930. 163
Mrs. Harriman says she will consult, about Mrs. 71i1scm's resi'nti on
as Honorary President of Woman's National Democratid Club.
May 24, 1930. 171
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Federal Reserve Bank of St. Louis
194
house, Jouett (Cont'd.)
Harriman will ask, to see :!ris. Wilson when File returns as to
her resignation.
May 25,19.'0. 173
Si=„ons, Senator
Mr. nichelson tells U.S.H. he has prenared ariff interviews for
Danocratic Conrresamen to sign, especially Senator ‘si .ons,
who wants to get back into Democratic fold.
Nov. 21, 1929. 31
simnson, Dr.
C. .H. begins L.ray treiAtment with, fol. eczema.
Dec. 13, 1929. 62
jinclair Oil Co.
oee — Roosevelt, Theodore
Sir Ronald Lindsay. 124
See — Hamlin, H. F.
Harriman, Mrs. Borden
Lutyens, Sir dwin
PAgeant
Smeau
Reference to tible of, showing amount of gold 1..e could lose
t:Iraugh exports.
Nov. 11, 1929. 11
Snyder, Carl
Board refuses to increasE salary e.
Jan. 16, 1930. 79
Dr. Miller makes sucpfestion si_ilar to Snyder, of kee-Ang out a
fixed amount of Federal reserve credit.
May 22, 1930. 168
solicitor General Lehman
lailer refers to old o Anion of, that national banks can not
acquire stock in other banks through a securities com...)any.
Administration of Taft and Wilson never followed this ooinon.
Dec. 14, 1929. 59
Solicitor General of United States
See —Mitchell
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Federal Reserve Bank of St. Louis
195.
6oeculation, Speculative loans
Gov. Harrison laid he did not fear any revile of, from further
easing policy.
Nov. 11, 1929. 10
Open Malket Committee favors increased open market holdings and
believes this can be done without encoura4.ng sp-culation.
Nov. 12, 1929. 14
Gov. Young objects to approval of direct pressure in Annual Report
on ,;round that speculative loans had increased greatly fter
June 15th.
C.o.H. pointed out 'fiat about that time the Board agreed to suspend
direct pressure.
Mar. 17, 1930. 117
J.J.H. calls attention of Board to desire of Federal Reserve Bank,
New York, to radically deflate.
Aoril 7, 1930. 129
Gov. Young agrees that Board's policy of di ect pl.es ure was
followed by a reduction of speculative loans but he di
believe direct pressure brought this about.
April 7, 1930. 129
not
Gov. Harrison said the central bankers of Europe recognized that
easy money may encourage speculation.
April 15, 1930. 133
Gov. Harrison in giving reasons for rate reduction to 3;4 said his
directors recognize the danger of encouraging speculation
but deem it advisable to encourage the bond market and not
to worry about security loans which soon must drop anyway.
April 24, 1960. 140
ller says Februkiry and ;larch stock 4.rket inflati.m was ceused
by Board's prior nolicy.
May 14, 1930. 153
Gov. Harrison says hi her discount rates won't help bans reduce
speculative boars; that if they try to reduce security loans
they will merely lose customers.
May 14, 1930. 153
Squire, General
We meet General squire at dinner at George McClellan. He told
C.S.H. of his new radio invention which elim_naten all static.
0,.H. told him of the Bishop of Ripin giving messagef_= to his wife
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Federal Reserve Bank of St. Louis
196.
Squire, General (Contld.)
in Albert Hall, London, and asked General Squire if this
was possible.
General Squire said in his °Anion it was not impossible; that
we are merely on the threthhold of radio science; that there
may be short waves of Which we now know nothlng, which could
explain this; „Ilat he could not deny the people can send
messages to one another.
C.-.H. asked why everyone could not receive their messages.
General Squire said only those who are attuned could get them.
He called C.,.H.Is attention to the fact that by looking intently
at a person some distance away, you can often make him look
at you; that he would know some one was looking at him.
Dec.2D, 1929. 67, 66
St. Agnes Church
We have special services at, in memory of Anna. Father ,:mderson
April 26, 1930. 142
presided.
otabilization Society
0.:.H. attends dinner of, given to Delano and makes short address.
May 30, 1930. 68
Stalling of Federal Reserve Board. 130
See — Direct presl,ure
Young, Gov.
Stanton, Admiral 119, 120
See — Roosevelt, Theodore
state Denartment (See Cotton
Stimson)
and laller feel that action of Gov, Harrison in cabling
that he had no objection to the American directors chosen
by the B.I.S., was in violation of the stateNent of
State Department that F.R. System should have no connection
with the B.I.S.
Feb. 27, 1930. 106,
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Federal Reserve Bank of St. Louis
197.
State Department (COnt'd.)
Glass told 0.S.H. the State Dept. had no right
tp issue such a
statement although he did not expressly deny that
Hoover
could have issued it.
April 17, 1930. 134, 135
Gov. Harrison said our State Department had said the
U.S. Yould
not take one—half of the 300 millions of repara
tion bonds; that
100 millions would be the maximum which could be
placed in
this country.
April 15, 1930. 133
Board votes to send to State Dent. copy of cable
sent Harrison by
B.I.S. as to American directors, asking if N.Y. bank
7ould
choose the American directors and (2) whether it would
adprove
choice of B.I.6.
Gov. Harrison said he answered first question No
and had not
answered second.
Board felt he should have answered both No and so
auvised State
De2artment.
Feb. 25, 1900. 107.
Gov. Young said the State Department had received a cable
fra.,
the B.I.S. asking if it had any objection to its jlacin
of
reparation bonds in U.S. markets and that it haa replie
d or
would reply today that it had none.
Yeay 21, 1930. 166
Gov. Young prepares a statement asking the State Depart
ment whether
it has any objection to the Board and the
Bank, New York,
answering the cable of the B.I.s., i.e. whethe
r it would be
in derogation of the State Department statement that
the i.R.
System should have no connection rith the M.S.
May 21, 1930. 167
(later we here ad-vised that the State De2artment had
no
objection an this an ears on Board records.)
Status quo
92
See— Open ,Arket Committee
Statute of Lii,iitations
See — Pacific S..% Trust and Savings bank
SteAs, Pilgrim
see —Pilgrim steps
otevens, Bessie
e call on, . 1.
Feb. 10, 1930. 98
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Federal Reserve Bank of St. Louis
198.
i.tevens, Mr. and ::rs. Frank (Bessie Oliver)
Call on us in Washington.
April 26, 1930. 142
stevens, Mrs. Bryan
Bertie dines with, N. Y.
Feb. 10, 1930. 98
Aimson, Secretary
Frank Simonds s verely criticises.
•
Says he does not know wnat it is all r-tbout.
Jec. 15, 1929. 62
Ap7ointed on Committee of Associated Harvard Clubs to give
greeting to Justice Holmes on his 89th birthday.
Attends lunch of Committee at Cosmos Club.
Dec. '01, 1929. 68
Is abroz.d when Coamittee extends greeting to Justice Holmes.
Mar. 8, 1930. 116
See - Cotton
otate Department
Stockholders meeting
See - Federal Reserve Bank, Roston
Stokes, Canon
We lunch with Canon and .1rs.
Mar. 9, 1930. 116
stressanan
Dr. Butler speaks of interview with.
Dec. 6, 1929. 51
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Federal Reserve Bank of St. Louis
199.
-T.-
Taft, 1X-Presid,nt
0.0.H. saw funeral procession pass by Hay-Adams House ana
later at Treasury.
Mar. 11, 1930. 116 '
jappan, Robert
Dines with us at Washington
Feb. 5, 1930. 95
•
•
Tax on French secux.ities. 133
See - Harrison, ,iov.
Taxes
181
See - Lutyens, sir &ward
Wardman
Teas (See also dinners, suppers)
We attend tea at Perry Nilmont's to meet Japanese delegaes
to Naval Conference, London.
Dec. 17, 1929. 63
We go to the tea at Woman's National Democratic Club in honor
of Mrs. Shouae
Jan. 31, 1930. 94
We took tea at Jaanese Acibasey
Jan. 61, 1930. 94
Thayer, &V.R. .1r. and Mrs.
127, 131
See - Harding, Gov.
Thompson, Huston
Wrote 0.6.H. congratulating hila on his addresr before
Wilson Feaeration.
Jan. 7, 1900. 72
Tie vote
Cunningham changes from No to Aye, approving reduction at N.Y.
to 4,0, in order to prevent.
Feb. 7, 19,Z. 97
Treaties
See 7 Versailles treaty
Williams, Constance
Trust powers
Comptroller told Board he should aavise Oongress, in his
annual report to t(Aw away the granting of trust powers
from F.'A. Board.
Nov. 5, 1329. 1
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Federal Reserve Bank of St. Louis
200.
Trust powers (Contld.)
C.S.H. said that when Co:aptroller ,7rants a charter containing
word "trust" in its name, he feels practically bound
to give the new bank trust powers.
Nov. 0, 1929. 2
C.6.H. feels therefore the Board should be consulted ;As to
granting tlie dharter.
Nov. 5, 1929. 2
Miller claimed that a bank might be entitled to a charter and
yet not to trust powers.
Nov. 5, 1929. 2
Board feels that trust powers should be given to Comptroller
but that if not, it should be consulted as to charters.
Nov. 5, 1929. 2
The Maadden examination bill tikes trust powers from F.R. Board.
Jan. 8, 1930. 74
Twins
See- Eliot, Mrs. Charles
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Federal Reserve Bank of St. Louis
201.
-U-
United States
See is State Denartment
United States Revised Statutes, 6ec. 5200 28
See - Federal Advisory Council
-VVan Rennsalaer, Dr.
Tells C.S.R. ill Washington is tallcing tout his brilliant
address at Wilson Foundation meeting.
Jan. 9, 1930. 73
Van Royen, Dutch Minister
1,15 meet, and Maaam Van Royen at dinner with Mrs. Frazer.
Jan. 28, 1930. 85
Vel..ailles Treaty. 72
See - Lodge, Senator
Williams, Constance
Wilson
Votes of Board, Important
Index
(Figures refer to figures on margin.)
Alexander. 35
Annual report.33, 38, 39,42
Bank of Athens Trust Co. 25, 26
Bank of International Settlements.
34, 43, 44, 45, 51
Bill rates, i%lintmum
19, 20, 27, 2B, 47, 49
•
See - Discount rates
Branches, F.R.
Wichita. 31, 32
Case, Yederal Reserve Agent, 3.Y. 35, 36
Discount rates
2, 21, 22, 23, 24, 37, 46, 48
See - Bill rates
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Federal Reserve Bank of St. Louis
Votes of Board, Important (Contld.)
Federal Reserve Agent, N. Y.
Case 35
Federal Reserve Agents salaries. 15
Federal Reserve Bank, Richmond. k8
Federal reserve branches, Wichita. 31, 32
First National Bank, Boston. 5, 6
Government securities 1, 3
Harrison, Gov. 7, 10, 13, 29, 30
McDou-al, Gov, 14
Open -larket Polioy Conference
16, 17, 22, 40, 41, 50
Pacific S.W. Trust and Savings Ban*. 4
Salaries
7, 8, 9, 10, 11, 12, 13, 14, 15, 29, 30
Snyder, Carl. 12
State Department. 34
Tie votes
5, 8, 9, 14, 17, 19, 21, 23, 26, 27, 29, 44
1. Suspending authority to open market aymmittee to buy 25 minims
per week of Govt. securities, and makinL- all purchases
subject to Board's arnroval, except in acute emergencies.
Passed.
Aye: Gov. Youk;, :Aller,
No: Platt
Nov. 13, 1929. 21
2.
H
Cuniiiham
Ap9roving N.Y. reduction of discount rate to 4%
Unanimous
Nov. 14, 1929. 24
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Federal Reserve Bank of St. Louis
203.
Votes of Board (Contld.)
3.
To authorize Open 14arket Oomnittee to buy
Govt. securities
from time to time up to 200 mill
ions..
Passed
Aye: Sec. .4eLlon, Gov. Young, C.S.
H., Platt, Comptrliler
No:
Miller, Cunningham, James
Nov. 25, 1929. 40
4.
To inform Dept. of Justice that Board will
not advise it as to
further prosecution in connection with
the Pacific
Trust and Savings Bank.
Unanimous
Nov.
5.
1929. 40
To cancel agreement with First National Bank
, Boston, as to
examination of its subsidiary corporation
under Sec.
Federal Reserve 4ict.
Lost on tie.
Aye: Gov. Young, 0.6.-f. Platt
No. Miller, James, Cunninham
Dec. 14, 1929. 60
6.
Comptroller came in and on a ner vote it ras
parsed, Cunningham
also changing his vote.
Ave: Gov. Young, 0.S.H., Platt, Comptrol
ler, Oundingham
No:
il1er, James
Dec. 14, 1929. 61
7.
To increase Gov. Harrison's salary to $60,
000.
Aye: Gov. Young
No: All the others
Jan. 14, 1930. 78
8.
To approve other small increases in
Lost on tie vote.
Aye: 01140. Young,
Platt
No: Miller, James, Cunningham
Jan. 14, 1930. 78
9.
To ask inform:Ai n from P.R. banks as to
all in:reasee.
haled by same vote as above.
Jan. 14, 1930. 78
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Federal Reserve Bank of St. Louis
204.
Votes of Board (Contld.)
10.
Agreed to wipe out above
votes.
Jan. 14, 1930. 78
U. To approve all increases
except as to Governors
, TedPral
Reserve Agents, and
Snyder. Pasved unanim
ously.
Jan. 16, 1310. 79
12. To increase Snyder
's salary.
railed.
kV's: C.S.H., Platt
No: Gov. Young, Miller
, James, Ounninham
Jan. 16, 1930. 79
13. To increase Governor
Harrison's salary to $60
.000.
Failed:
Are: Gov. Young
NO: Miller, Platt, C.S
.H., James, Cunningham
Jan. 15, 1960. 79
14. To increase Gov. McD
ougalls salary.
Failed by a tie.
Aye: Gov. Youn, C..H
., ilatt
No: Miller, James, Cun
n'„nc;ham
Jan. 16, 1900. 80
15. To increase no sal
aries of F.R. Agents.
Unanimous, except 7ossib
ly James.
Jan. 16, 19:-00. Do
16. Miller draft - Open
Market Policy Conferenc
e
Passed.
No: Gov. Young
Aye: All the others
Jan. 16, 1930. 82
17. To reconsider above
vote.
Failed by tie vote.
Aye: Gov. Young, 0.S.H.
, Platt
No: Miller, James, Cunnin
dlam
Jan. 16, 1930. 82
18. To approve plan for
addition to P.R. Bark, Ric
hmond
Unanimously passed.
Jan. 16, 1930. 82
19. Miler's substitut
e motion to fix 3-7/8P as
minimum bill rate
at New York instead of ai
as asked by Ne“ York.
Failed on tie.
Aye: C.S.H., IAller, James,
Cui ,inghata
No: Sec. Mellon, Gov. You
ng, rlatt, Comptroller.
Jan. 50, i930. 86
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Federal Reserve Bank of St. Louis
205.
Votes of Board (Contld.)
20.
To approve a 3i minimum bill rate at New York.
Passed
Aye: Sec. laellon, Gov. Younp., Platt,
No: James, Cunningham
Not voting Miller
Jan. 30, 1930. 86
Comptroller
21.
To approve reduction to 4 in New York:discount rate.
Lost on tie vote.
Aye: Gov. Young, Sec. Mellon, C.S.H., Comptroller
No: Miller, James, Platt, Cunningham
Jan. 30, 1960, 87
22.
GoNernor, Open :ilarket Conference stood 9 to 2 (I absent)
against any reduction of discount rites or any reduction
in bill rates except to preserve status quo.
Jan. 30, 1930. 88
23.
To approve
reduction to 4,
Lost on tie vote
Aye: Sec. Lellon, Gov. Young, C..H., Comptroller
No: Platt, ;Aller, James, JunningLam
Feb. 7, 1930. 96
24.
Finally Cunlint;mam charked his vo,e and 4% rite was aoproved.
Cunningham did this to avoid a tie vote.
Comptroller, Cunningham
Aye: Sec. Mellon, Gov. Young,
No: Platt,
James
Feb. 7, 19300 97
25.
Notion to approve admission of Bank of Athens Trust Corn Any into
Federal Re:-erve System.
Palled:
Aye: Platt
No: All other members
Jan.?, 1930, 99
26. lAotion to reconsider above
railed on tie vote.
Ayes Gov. Young,
Platt
No: Miller, James, Cunningham
Jan. 12, 1930. 100
•
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Federal Reserve Bank of St. Louis
206.
Votes of Board (Contld.)
27. :lotion to reduce minimum buying rate on bills
from 3i to 3i%
Lost on tie vote
Aye: Gov. Young, 0.0.H., Platt
No: Miller, James, Cumningam
Feb. 12, 1930. 100
28.
Comptroller came igto meeting.
New vote.
Passed:
Aye: Gov. Young, C.S.H., Platt, Comptroller
No: Miller, James, Cunningham
Feb. 12, 1930. 100
29.
To reconsider increasing Gov. Harrison's salary to
$60,000
railed by tie vote
Aye: Sec. Mellon, Gov. Young, Comptroller, Platt
No: Miller, James, Cunningham, C..H.
Feb. 19, 1930. 103
30.
C.S.H. changed vote and reconsideration was order
ed.
Motion to approve increase to $60,000
Yelled
Aye: Sec. Mellon, Go- . Young, Comptroller
No: Miller, C.S.H., Platt, James, Cunningham
Feb. 21, 1930. 104
31.
That hereafter aTlications for P.R. Ilranches shall
be
determined only by the full Board.
Feb. 21, 1930. 105
32.
To approve Wichita F.R. branch.
Failed.
Aye: C.S.H., Miller
To: Gov. Young, Platt, James, Cunnincham, Comptroller
Not voting: Sec. Mellon
Feb, 21, 1930. 105
33.
it. •
.;.
To approve draft of Annual Report with .allerls addit
i n as to
effect of direct pressure.
•
Passed.
Aye: C.S.H., Miller, James, Cunningham
No: Gov. Young, Platt
Feb. 21, 1930. 106
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Federal Reserve Bank of St. Louis
20'?,
Votes of Board (Contld.)
34.
To send co )y of Harrison's cable from B.I.6. to State
Department asking whether the F. t. Bank, New York, would
choose the American directors or if it would object to
those chosen by
Passed unanimously.
Feb. 25, 1930. 107
35.
Straw vote.
Alexander or Case for P.R. Agent, N.Y.
Alexander, - Miller, James, Cun-irOmm
Case:
Gov. Young, C.).i.
Sec. Mellon and Comptroller came in and voted for Case.
Platt sent word he favored Case.
36.
Case appointed unanimously.
Feb. 27, 1930. 109
37. Board approves 3i% discount rate for N.Y.
Unanimous
Ayes Gov. Young, Miller, 0.0.H., Platt, Cunningham
Mar. 13, 1930, 117
38, idlatt motion to sUbstitiv,e Goldenweiserts draft of Annual Report
without the additions as to direct pressure.
Jailed
Aye: Gov. Young, Platt
No: Miller, C.S.H., James, Cunningham
Mar. 17, 1930. 118
39. Motion to approve Annual Report with additions as to direct
pressure.
Passed:
Aye: Miller, C.S.H., James, Cunningham
No: Gov. Young, Platt
Mar. 17, 1930. 116
40. -iller motion to anend draft as to Open Market Policy Conference
by certain omissions
Failed:
Aye: Miller, Cunningham
No: Gov. Young, C.S.E., Platt, James
Mar. 26, 1930. 23, 124
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Federal Reserve Bank of St. Louis
208.
Votes of Board (Contld.)
41.
Motion to avrove draft as above.
Passed.
Aye: Gov. Young, C.6.H., dames, rlatt, Allier
No: Cunninpjlam
Mar. 26, 1)30. 124
42.
Final aaoption of Annual Report with additions as to direct
pressure.
Passed.
Aye: Miller,
James, Cunningham
No: Gov. Young, Playy •
April 6, 1930. 127
43.
Motion to approve F.R. Bank, Nev York, opening an account
for
Unantrous.
April 21, 19()O. 137
44.
Miller motion to advise :\T.Y. it could act on its own responsibility
in answering the B.I.S. as to 4acing stock of the B.I.S. in
markets of
as Board could not determine its renonsibility
unless and until the Attorney General acNised it.
Failed on tie vote.
Aye: Sec. 14e11on, Platt, :aller, Coaptroller
No: Gov. Young, C.S.H., James, Cunninpsham
April 21, 1930. 138
45
tin to ap-.1rove draft of letters drawn by Gov. Young and
Gov. Harrison to effect that F.R. Bank, -ew York, led no
grounds for objecting to placing stock of B.I.V in marke-,s
of U.S.
Passed:
Ayes Sec. Mellon, Gov. Young, C.S.H., ilatt, Comptroller,
James, Hiller
Not votin:0 Cunninc-ham
April 22 1930. 138
46.
47.
Disap-nroval of 3;42 rate for Na.
Unanimous
Gov. Young, Miller,
Platt, James, jamptroller
April '4, 1960. 141
To make mlnimum bill rate 2%
N. Y. asked 2k%
Passed:
Aye: sec. Mellon, Gov. Young, J..H.
No: lalier, Cun:.inghan
April 30, 1930. 14;.-;
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Federal Reserve Bank of St. Louis
209.
Votes of Board (Contld.)
48. Board approved
discount rate for N.Y.
Aye: Sec. Mellon, Gov. Young, 0.
_6._H., 1latt, Comi}trolier
No: Miller, James, Cunnin,sham
May 1, 1930. 146
49.
Board reduced m_nimum bill rate from at% to
Aye: Sec. .4ellon, Gov. Young, .6.H., Platt, Comptrolle
r
No: James, Cunningham
Not voting: Miller
May 1, 1930. 146
50. Board callea conference with Open Market Polic Confe
y
rence:
Aye: by. Young,
Miller
No: James, Cunninelam
May 15, 1960. 187
51. Board voted to send C.S.H.Is draft of re:31y
to F.H. Bank,
as to answer to B.I.S. as to renan tion bonds.
Unanimous
Aye: Sec. Mellon, Gov. Young,
Hiller, Comptroller
James, ,linningham
May 27, 1930. 174, 175
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Federal Reserve Bank of St. Louis
210.
Wadsworth, Mr. and Mrs. Zliot
eets, at christening of Christopher Grnnt.
Nov. 10, 1929. 8
Wages
Gov. Harrison said
of high wages.
ngland was being underbidden in steel because
April 15, 1960. 133 (2)
'Neigh, Senator
Mrs. Harrison said she once praised a certain woman to la's.
Wilson,
who thereunon told her *hat that woman had said about
her (Mrs.H.);
that Senator Walsh said this changed his opinion about nrs.
Wilson.
Warburg, Paul
Gov. Young calls on, in New York
Nov. 14, 1929. 23
Senator Glass said a very ihtelligent woman called on him with
a letter from Dr. Willis, and she said Warburg hired a
Columbia
Professor to write his book on the Federp.1 Reserve Systaa;
that
he was not satisfied with it and added much to it; that
Jacobsen,
formerly connected with the Fe_eral Reserve Board also worked
on it; that finally he hired a woman (Glass believe this
s
woman)
to go over it and practically rewrote it; that the ;.cUill
an Co.
advertised it for publi:ation; that VJarburg had not settled with
her and that she wrote the McMillan Com7any tilat she had a
property
right in it and forbade their publishing it; that tne McMilla
n
Company then suspended publication; that the book as finally
published, was filled with attacks on Glass and Willis.
April 17, 1930. 135
Glass said Warburg once wrote him that he (Warburg) firFt
sug ..ested
the idea of a central Pe era). Reserve Board when he appeare
d
before the Banking and Currency Committee, - giving the date;
that
he first spoke of it to 2orgent4.0 who told it to Col.
House.
Glass said he replied that three months 9rior to that date Wilson
and
he had agreed on a central Board of that kind; tat at
the
hearing Viarburg mentioned, he - Wafburg - advocated one central
bank.
April 17, 19:0. 135, 136
Miller said Warburg asked him to go over the proof of his book
and
make any suggestions he cared bo; that he looked at it and
declined
and advised Warburg not to prAt it.
said the chapter entitled, "The Redil- trictinc Intermezzo"
was
full of errors, especially as to himself, niller.
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Federal Reserve Bank of St. Louis
211.
Warburg, Paul (Contld.)
Miller said on unday before the Board was to vote on ouestion
of cutting down the Districts and P.R. banks, Sec. Lane
called on him and said President Wilson had read the Committe
e
report favoring cutting down and was =Loh disturbed at it; that
he (Wilson) understood Miller had written the report, and,
if the question as a proper one, he should like to know whether
Miller intentha to vote to approve it.
Miller said he told Sec.Lane the original report .as shown to him
and was in very poor form; that Warburg and the other members
of the Comitee asked him to redraw it, which he did, but
that he told them it could not succeed and taut he could not
vote for it.
April 30, 1930. 143, 144
C.6.H. told Miller of ;1 4srburgis attack on nim, - in the
book, - that he was dominated by McAdoo and Williams;that
as a fact, he once protested to Wilson a7ainst certain
proposed action of McAdoo and even asked Wilson to remove
Williams; that altho he was ca very friendly terms with each
of them,he frequently disagreed with theta but said nothing of
these disagreements to the other Board members.
also told 'mailer that Wilson asked him to ask for ai opinion
from the Attorney General.
April 30, 1930. 14, 144
McAdoo writes asking C..H. to send him a cony of a sttement by
Warburg in 1916 trying to prove that the southern F.1-:* banks
could not possibly provide credit sufficient for their
member banks unless required to keep all their reserves in the
F.R• banks and unless the F.R. Act was amended to make F.R.
notes reserve money.
sent him a co y.
April 28, 1930. 178
Warder, Mrs.
Ellen Leonard gives 0. .H. a silver pin cushion belonging to, her
mother.
C.S.H. wrote a grateful letter of thanks.
Dec. 5, 1929. 50
Wardman, Mr.
Gave permission to Noman's Democratic Club to hold a Pageant in old
British Embassy, in writing, but the title had not yet passed
to him and the British Ambassador refused to give permission.
May 31, l90. 1E1, 183
See - Hamlin, H.P.
Harrison, .a.s. Borden
Lutyens, Sir Edwin
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Federal Reserve Bank of St. Louis
212
Warren, Mr. and Mrs. Charles
C.,.H. dines with, to meet Bishop Atwood.
Nov. 13, 1929. 22
bee - Atwood, Bishop
C.S.H. calls an Nancy, who had been ill for 3 weeks.
Nov. 24, 1929. 37
C.S.H. calls on.
.)ec. 1, 1929. 49
We dine with.
Dec. 22, 1929. 64
0.0.H. lunches at Cosmos Clun with, and Coi,unittee of Associated
Harvard Clubs.
Dec. 31, 1929. 68
See - Holmes, Justice
Writes C.b.H. congratulating him on his Wilson Youndation meeting
address.
Jan. 7, 1930,
72
We dine with, and
Mrs. Wilson.
tells Nancy as to his f-lling out with
Be. 16, 19,0. 101
?repares greeting to Justice Golmes on his 89th birthday.
Mar. 8, 1930. 115
We take supper with.
Warren, Winslow
Death.
Mar. 9, 1930. 116
April 3, 1930. 126
C.S.H. attends funeral at Dedham.
April 5, 1930. 126
Washinerton Cathedral
We attend dedication of the Pilgrim steps at.
May 16, 1930. 167
See - Wilson
Waihington, Horace. Mr. and Mrs.
C.o.H. meets, at dinner with Ellen Leonard.
Dec. 1, 1929. 49
Washington Star
C..D.H. arranges with, not to print Wile's atticle on ?r000sed
pageant in old British Embassy.
May 31, 1930. 182, 183
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Federal Reserve Bank of St. Louis
Webster, rrof. Charles Kingsl
ey
Addresses Wilson xoundation at
National Theptre.
and makes aduress.
Jan. b, 1930. 70
O. .H. presides
Jouett Shouse tells
he will have Prof. KinEsl
eyis address
nut in Con,Tessional Record,
which later was done.
Jan. 6, 1930. 71
We dined with Professor and
nrs. Learned to meet.
Jan. 7,1930. 72
fietmore, Frank, Federal Adviso
ry Council
Opposes Glass plan for extra
dividends to member bank as it
roulu
tend to induce F.R. banks to
work for greater earninp-s, and
to bring about hi7her discount
rates and Increase camnetition
with member banks.
Nov. 21, 1929. 50
See — Federal Advisory Counci
l
lhite, Henry
C.S.H. allowed Prof. Nevin to
coy a letter to him from, )raisill
Mrs. Wilson but criticising
Mr. !Iilson, on condition tha
t he
Should use in his books on Hen
ry White only the nart relating
to Mrs. Wilson, — to which
Prof. Nevin agreed.
May 28, 1930. 178, 180
Wichita, F.kt. Branch
Board holds hearing on petiti
on.
Gov. Young bluntly told Pet
itioners he saw no reaton for ap'?
rovin7,
but added these were his per
sonal views merely. C.S.H. fee
ls
this was uncalled for.
Dec. 16, 1929. 65
Board considered netition.
3ov. Young moved to postpo
ne until Board by axaminin,7 operat
ion of
present branches, could determ
ine Whether its past policy
was correct or should be
changed.
said this would be virtually
a promise to give Wichita a
branch un less Board disest
ablighed some existing branches
no more entitled to existence
than was 7achita on the eviden
ce.
Most of Board agreed with 0..
.H. as to this.
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Federal Reserve Bank of St. Louis
214.
Wichita, Federal reserve branch (Contld.)
A resolution urawn by Wyatt to about the
sine ef_ect was objected
to anu dropped.
-iller said the Wichita argunents were preci
sely the same as those
wnich had been accepted as to other petit
ions; that to
avoid inconsistency in rejecting Wichita he
should vote
to grant the petition.
He %vored grantinp: the petition and then votin
g that hereafter
Federal reserve branches snould be determined only
when a
full 'Board is present, - thus requiring five affir
mative
votes. The latter part was carried.
0..H. favored the petition because it would furtn
er the d-centralisltion
of credit.
C.S.H. moved
arynrove
Lost:
Aye: 0._.H., Miller
No; Gov. Young, ?lett, Comptroller, James, ,;unni
nP.nam
Sec. Mellon was onposed, but finally asked to be recor
ded as not voting,
but agreed with Liiller that, 1.00ner or later
we mieht have
to grant tne petition as we probably could not
abolish any
existing branches.
Nov. 21, 190. 104, 105
Wickerthan, George
We meet Mr. and Mrs. at lunch rith ,urs. James Mario
n Johnson
April 15, 1930. 13:'
Congratulates C.s.H. on nis addres. to Suxopean Journ
alists.
Lay 26, 1930. 175
Wile, Frederick W.
Congratulates C.S.H. an addresl, to ftropean journalist
s.
May 26, 1930. 175
Told 0. a. his tribute to Hoover in the addreEr was
most gracious,
and asked
for a co y.
May 27, 1930. 178
Agrees not to nublish his article set up for V:ashi
n,-ton Star about the
proposed pageant in old BritIsh labassy.
.lay 31, 1150. 182, 18
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Federal Reserve Bank of St. Louis
215.
Willi&is, sirs. Constance (Lodge
)
Writes let,er to Washington i'os
t and denied Yrs. Corinne
Roosevelt Robinsoni s statemen
t that Wilson prevented
ratification of Versailles Trea
ty by instructing Democrats
to vote aE-inst it, with the
Loge reservations. She said
her father, senator Lodge, waP
always op )osed to the League
of Nations and put in his reservat
ions expressly to defe,it
it, believing that they would be
rejected by the Allied
Nations, and that he was deliP.ht
ed when the Treaty failed.
This is an important historical
document. (See scrap book)
Jan. 7, 1930. 72
C.,).H. sends a copy to Rachel
Hale.
Jan. 13, 1930. 77
Williams, John Skelton
0..H. told Maier he once aske
d Wilson to remove.
April 30, 1930. 144
Wilson chronology
Mrs. Pennine-ton sends check for
$2.10.
Anril 4, 13, 0. 125
Glass tells J.,s.H. he heard of fric
tion between
and
Wilson over. T.links he heard it
from Admiral Grayson.
April 17, 1950. lo6
List of rvalties (A-) received from
•
1927.
1928
1929
1930
Sept. 30
June 1
Nov. 12
April 11
April 4
Penzdn{,,
:ton.
$62.50
46.30
t7
1)
(3
2.28
$117.96
April 22, 1930. 139
taith Helm told us, - what she had
never mentioned before, - that
Mrs. Wilson told her once that
she was very angry with
Mrs. Pennington for having put
:ler in a false position as
regards the Wilson dnronology.
Mar. 17: 1930. 159
Wilson Foundation, Zew York
H.P.H. elected members of Saec
utive Committee
Dec. 5, 1929. 50
Ii
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Federal Reserve Bank of St. Louis
216.
Wilson Founation, New York (Contsd.)
C. .H. presides at meeting of, at rational
Theatre, Washington,
and delivers address.
Prof. Charles Kingsley Webster delivered
nrincinal address.
Meeting eas well attended.
Sir Zama Howard was present.
Jan. 5, 1930. 70
was congratulated for his address:
Shouse, Jouett
Abrams, lire.
Warren, Charles
Thamnson, Huston
Miller, Davia Hunter
Jan. 6, 1930. 71
Jan. 6, 1930. 71
Jan. 8, 19'00. 72, 73
McCoy, Judge
Van Rennslaer, Jr.
Jan. 9, 1930. 73
0.-.H. sends Hoover a cony of his addre
ss.
Jan. 13, 1930. 79
See — Hamlin, C.0.
debster, Prof. C. K.
Delano drives C.-.H. and H.P.H. out to Washington
Cathedral
to put a wreath on Wilson's tomb in behalf
of.
May 30, 190. 179
Wilson, Margaret
Adith Helm says Are. Wilson had a disagreeri
ent with.
May 11, 1930. 152
Wilson, Mrs. Woourow
tells Rachel Hale of his dispute with. She said
Lire. Wilson'*
letter to J..).H. was really s.lockin:; that Charm
inp in
many ways as she knew her to be, it revealed
a defect in her
character, anu a lack of good sense; that she was
not
aisposed to construe the letter, as C.S.H. did, as
a charge
of disloyalty to president or 1:irs. Wilson, but
looked on it
rather as an impulsive expcesEion of anger.
While she severely criticised her, shlpointed
out that women, wnen
very angry often say things they do not reail
y mean; that it
was very foolish of her to rlut such a state
ment in writing;
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Federal Reserve Bank of St. Louis
217.
Wilson, Lire. Woodrow (Contld.)
that she might better have said it and then have it out with
C.S.H.
She said she believed Mrs. Wilson was wholly wrong and knew
it,
but she felt she was tryinz to shield her brother.
She further suid that, in her opinion, Mrs. Wilson really thoug:It
0.6.H. would not be so stirred up about it and that their
friandship would not be broken.
&le was decidedly against C.S.H.'s suvef. tion of notifying -rs. Wilson
and apo'inting a day when he would call and have the matter
out.
She said this would stir up the Indian in Mrs. Wilson and
probably lead to a permanent estrangement; that Mrs. Wilson, knowtag
she was in tae wrong, yet would never admit it.
She said that, of course, the matter must be cleared up in some vr.y,
that it was unthinkable that such an estrangement should continue
permanently; that the best way was to let the matter run along
and await some good opportunity of Iv.ving a ood talk with her
and of clearing up the matter.
0.0.H. asked her if he ought to suggest to her to wipe out the past
and let bygones be bygones. She reolied that even if C.s.H. felt
he could wipe out the naE,t, a scar would always remain.
Q.J.H. then asked her, - supnosing Mrs. Wilson, on her part, made
such an offer, what should he do?
She said that was a different question, and seemed to feel tnat it
might be better for 0.b.H. to meet her half way and accept the
suggestion.
Nov. 6, 1929. 2, 3, 4
0..H. has another talk with Rachel Hale about Mrs. Wilson.
Nov. 20, 1929. 29, 30
Bertie mat Lire. Wilson at Woman's National Democratic Club. S-rie was
most cordial and asked after "Charlie."
he said she had seen
something of Florence Hall in Ja!)an and had massages from her
to Bartle.
Dec. 23, 1929. 65
•
Rachel Hale said she mot Mrs. Wilson at Edith Eustis's ball for her
daughter, and was with her, off and on, for nearly two hours; tnt
she, of course, did not mention us.
Jan. 4, 1960. 69
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Federal Reserve Bank of St. Louis
218.
Wilson, Mrs. Woodrow (Contld.)
We dined with
and Mrs. Charles Rhoades to meet Mr. and Mrs.
Wright of Philadel ihia who met irs. Alson returning from Japan,
and wece completely captivated by her.
Jen. 4, 19,0. 71
Madame Peter asks us to a small tea to meet iss. Alson. We regretted.
Gertrude Myer went and said only about 10 peo)le were oresent,
Just as Na4Ame Peter said there would be.
Jan. 18, 1:47,0,
. 83
We dine at Woman's 1:att.:nal Democratic Club t:,.kin;L: :.rs. Amen
(Marion Cleveland) as our guest.
irs. Wilson was there and
ran into her most unexpectedly.
She was very cordial and said, "Charlie, how nice to see youl
How are yout"
She also met Bertie who introduced hrs. Amen to her, as a daughter
of resident Clevdand, and she was most cordial to her.
nen tie lecturer, Charles Eliot referred to President Wilson,
Mrs. Amen applauded most earnestly.
tried to keep 1.:r8. Amen away from Lass. Wilson, fearing she might
not want to meet her, and onl,/ when we were driving home did
bertie tell
that she introduced tnem while C.S.H. was out
of the room temc)orarily.
Jan. 30, 1960. 92
meets rs. Wilson at a tea to Mrs. Jouett shouse at the
Woman's iati)nal Democratic Club, and had a short, pleasant talk
with her.
saia he cauj, t a terrible cold at the Wilson
Foundation meeting and had been lati up nearly 6 weeks.
She expressed regret but said it was in a good cause and was sorry
she could not have been at the 4.ecting. She did not mention
address.
Jan. 31, 1930. 94
0.,.H. told Nancy Warren about
difference with Mrs. Illson and
she was greatly shocked. She said they hack never even suspected
such a thing.
Peb. 16, 1930. 101
We attend
dinner at .joiman's Ilational Democratic Club, after the
annual election, at which Mrs. *Illson was the guest of honor.
•
Bertha Boliing haa previously told Bertie she had no one to -o with
and asked if she coAld sit rith her,to wiiich Bertie said Yes.
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Federal Reserve Bank of St. Louis
219.
Wilson, -rs. Woodrow (Cont'd.)
Mrs. Cordell Hull and Bertha Bolling sat at our table but we
were all moved to Gne heaa table.
;ire. Wilson was very cordial.
She tole. us Hendrick Prvn hau sent her two letters inviting her
to lunch to meet "some Newport friends."
ohe said he signed the first letter with his new name and the
second with his old name.
Feb. 26, 1J30. 107, 108
„alks with Rachel Hale.
She _aid he dia just right in goin{): to the Democratic Club dinner
in honor of Lrs. WilsDn.
Feb. 27, 190. 110
Mrs. Wilson's former chauffeur called on Bertie and said he nail
left Mrs. Wilson and wanted work, anu asked Bertie to let him
know if she heard of any vacancy. He did not say, nor diu
:bertie ask him, why he had left
ilson.
Mar. 17, 1960. 120.
0..1.H. tells Glass about nis dispute with —rs. Wilson.
Glass saia he was once cold, ne thinks by Admiral Grayson, tl.at
there hau been some i:riction between them growing out of
the ilson chronology.
April 17, 1930. 136
Harriet Rice told us :he haa called on Mrs. uilson but she ,:as out.
We are a little surnrised at this.
April 28, 3.9'00. 142
.H., after reaaing Edith Helm's lettel% proposed for odblication,
suggests the fol....owing which should be stricken out:
1.
The reference (humorous) to irs. Alson Powdering her nose.
2. Baruch's remarK that Hoover wanted the Democratic nomination
in 1920.
C..H. told Edith helm L.hat he was glad she h:Ad stricken out with
lead pencil, the reference to Wilson's remark that he did not
consider Hoover sufficiently equiryned to be President.
c.;.:).H. had advisea her to strike this out sAme ti.te arro.
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Federal Reserve Bank of St. Louis
220.
Wilson, Mrs. 7ioodrow (Contla.)
The Cosmopolitan agent begged her to leave bath in.
The above was oefore Edith siened the contract.
4ay 2, 1930. 14e
,.0.H. fears that Mrs. Wilson will break with Edith over this cm,
may even try to get an injunction.
can not see why the letters shouJA not be oliblished, as Edith
was not paid by the Wilsons as 6ecretary and travelling
comoanion, but by the U.. Government.
The same argument would debar Admiral Grayson from publisning his
:lay 2, 1930. 148
diaries.
0
f,,els that even if Mrs. Wilson co -ild have the publication
enjoined, the Cosmopolitan Coml)any would ha ye no leral claia.
against Edith.
i.lay 2, 1930. 149
Edith helm calls on us at 9:30 a.m.
Wilson that she had signed a contract
She said she had written
for )ublication of the letters and begged her to go over them
again and mae any su„;.gestions for omission or addition she
cared to.
She
id she foliowed almost literally a draft J.o.H. had made for
her.
v.hich she
She said she aau just received a rely from .rs.
scral
book).
let'.er.
(see
read. It as a cruelly abusive
0..H. aavisea her to answer it and state, - what Alith hau told him
before, that She had often told Mrs. ':;ilson and that she
knew perfectly well that she intend,:". to 2tblish the letLers.
At first She seemed averse to making any re7ay but finally said she
woad consider it.
advised her to as the lawyer of aer Trust Com Llany whether she
was under any 1eral obligation to te 1 the Cosmopolitan t.:ompany
of Lars. ,ilson's letter. •
one said she would do this ana also consult her New York lawyer.
goes to N. Y. tomorrow.
oae
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Federal Reserve Bank of St. Louis
221.
Wilson, Mrs. Woodrow (Contld.)
She showed 0.s.H. a long memorandum oovering tne whole ouestion,
which incidentally revealed Mrs. Wilson's knowledge of his
intention to publish the letters ,
r nd it referred to one letter
of i:Ars. Wilson which by necessary tmpliation, • t
referred to the inatter of nublication.
J.J.H. called Edith up in the evening and she -aid the Trust Comoany
lawyer was very indignant at ;Ire. Wilson's letter and said she
must nnswer it.
Sne s.id nothing as to asking him whether she was legally bouna to
inform the Coam000litan Company of Mrs. ':iilsonl s letter.
May 6, 1930. 149, 150
Edith Helm dined witn us.
She had just returned from New York and said that her lawyer had
advised her that she was under no lefT1 oblir9tion to tell
the Gos,lopolitan Gamnany of ;Are. Wilson's letter.
she left with J.„).H. tile long memorandum above referred to,
said he would prepare a draft of renly.
May 9, 1930. 152
ltdith Helm called and read a short letter to "rs. Wilson, expressinsurprise at the tone of her letter and her objection to the
publication.
She said in the letter tnat she hacL told —rs. Wilson many tilaes of
her intention to publish the letters.
It was a snort but well written letter.
May 14, 19,,O. 155
Edith Helm called and read us a letter from :re. Wilson in reply to
above flatly contradicting tlditn's statements.
J. .H. to)k this reply to his office, oonied it and returned it to
Adith at the Trust Cam!,lany.
May 17, 190. 157, 158
J.„..H. also mailed Edith a long draft of rely to irs. Wilson,
although he rather agreed with her that no further corresnondenm
was necessary.
nag 17, 1930. 158
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Federal Reserve Bank of St. Louis
222.
Wilson, Mrs. Woodrow (Contid.)
Mrs. Borden Harriman calleu up Bertie mu told her of a very
unpleasant talk sl'Ie had had with 1-re. llson. She said she
called up Mrs. Wilson and asked her to come out and see her
new house;that Mrs. Wilson replied rather coldly that sne had
already invited almost everybody except herself to see it; that
she told Mrs. Wilson that she had several times tried to get her,
but that she was out of town.
Mrs. Harriman saia she tnen told her of ,:he proposed Pageant of the
Woman's National Democratic Club at the old British Bmbassy; taat
"ars. Wilson objected to the rageant most vigorously, caving she
thought it a very objectionable plan, and that, al, Honorary
President, she could not approve of it; that some roman (nrs.Rickey)
had spoken to her about it over two weeks ago protesting against
it; that she - Mrs. Wilson - could never agree to having any
entertainment for the Club at which Aeoublicans would be present;
that she - Mrs. Harriman - told her she hoped Re?ublicans would
cosae; that she - .rs. Wilson-'said she would not now say sae would
resign as Honorary .eresident, ,- ,hat, of course, sae LiAL-at change
her mind, but that sae v.ould certninly hive seDious consideration
to resigning. Lire. Harriman said she told her the Club would
give up the -ageant if she objected, but sae said she iould not
think of this.
Mrs. Harriman then told her the Club must have money; that sae said
she knew this and was sorry she could not give any money. She also
said she was going away for 2 weeks but avoided tellinp her where
she .as 7oing.
Mrs. Harriman believ s Raniolph Bolling is at the bottom of this.
May 21, 1960. 160, 161
Mrs. Harriman said that Mrs. Wilson in the past had said very
disagreeable things to her: 1.
At a dinner at which she, Mrs. Harriman, was presiuing,
are...ilson leaned over and in a loud voice, said sae had
received a letter from a member saying it as terrible
for ..1rs. Harriman to be 1-resident of the Club because she
was a "Red" and had Mr. Libby, a "lied" address tne Club;
that she replied that Li .4 was endorsed by Mrs. Malcom Forbes
and many other proMinent eace auvocates, and that later
she sent a maaoranduravn Lib y to her, for which sae wrote
an thanked her.
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Federal Reserve Bank of St. Louis
223.
Wilson, Mrs. Woodrow (Contld.)
2.
Mrs. Harriman said one aay she was ?raisin p: a cert n
woman to Mrs. '1i.son, when she (Mrs. Wilson) told her
certain things the woman 11.c, said about her;that
Senator Walsh said this had chanted his opinion about
Mrs. Wilson.
3.
Mrs. Harriman said Mrs. Wilson said a.woman told her what it
was terrible to have Mrs. Douiterty run ;he Pageant; that
sne ran every Pageant; that She, Mrs. Harriman, renlied
that she and not rs. Dou44,hterty vas runnin7 the Pageant.
Bertie told :sirs. H?rriman she would back her to tne finish and they
agreed to see Jouett house, )1A4. if he objected to the Pageant
anu sided with r.rs.
tney would tell aim he must guarantee
that the Olub would have sufficient fundc.
May :A, 1960. 161, 162, 163
Mrs. Harriman and Bertie saw Jwiett jhouse and he said there vas no
reason vdly they snoulu not go aheaa with tne Pageant, - thrit was a splendid idea. Mrs. Harriman told him about -re. Wilson
and he quietly said sne would not resipm. He Advised them to
say nothing abort Mrs. Wilson to anyone but to .o right anead.
May 21, 1930. 163
grs. Harriman said that while l'resident Wilson lived, Mrs. Wilson
showed good judgment on lines mapped out by Mr. Wilson, but that
in other matters, since his death, her judgment has been ver,: poor.
We both agree with this stLtement.
believes Mrs. Wilson was jealous because she was not consulted
originally about the :ageant and takes this way of snowing it!
Another unfortum:Ite chapter in our relations with Mrs. ilsonl
May 21, 19:0. 163, 164
M
- rs. Harriman also said she told Mrs. Wilson that the Club once had a
card party at Perry Belmont's, at which all cmme Who paid the
admissi)n charge, - Republicans as well as Democrats, - and also
had card parties at the Club to which Mrs. Wilson took tickets,
and also, She thinks came and played, - but all to no avail.
.Ay 21, 1930. 164
Mrs. Harriman tells Bertie that nrs. Wilson has resigned as Honorary
President of the Democratic Club; that she sent a formal typewritten
letter tendering her resi nation, to be accepted L.;...eiiately, L:na
a personel letter expressing regret but she cherished the honored
name of her husband, etc. etc.
171.
May 22, 1
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Federal Reserve Bank of St. Louis
22.4.
Mson,
7oodrow (Cont'..)
O. ).H. writes With Helm telling of
"alsonts resi n,tion.
May :!4, 1930. 171
We drive out to .4rs. H(rriman's to a meting of the lai,ent Co„1—ittee.
Ohe showed mc the two letters from :rs. Wilson, each ,Lsted
Lay 21, 1330.
The formal letter stated her re.sicnkttion was to be acce)ted
immediately, an C.:.H. said hrs. Harrimen must )resent it to
the Bmrd of Directors as its ; cce)tance by the Board as
necessary.
The letter, in lon.hanc, was as :rs. HL,rrila:n
aid., really childish.
In it she said the na.ie of Wilson was a sacred heritage, i,i.ayin7 that
the L agent. She
the Club had dishonored the name by setting
:-lso said she h.A. /Inver been infor...ed of it as Honorary ..'resent
until after all the plons were unier my. She said she dU
not esign from the Club, but :lerely as Honorary Pre-ident.
Harriman said she would hold the letter until the ncsct meeting
of the Board, r.nd might asi: Jo-aett -:holle to talc with ::rs. Iilson
when she returned.
25, 19:-0. 172
7ives to 2rof. Nevin Who has just -f'inished a life of Henry Thite
strongly nraising
a coly of a 1 tter from Thite to
'ilson.
nrs. Wilson indmiltly critici7in7
This was given on oroLlise of Prof. Nevin only to use the 2art relating
to "rs. 7i1son to which rof. Nevin agreed.
said he wised to:I:els-3 the references to .'r. A.lson for his
Nevin s-id he only
own raminiscencns when published.
mated the part relating to ::rs. i1son, as he had nothing in
his "pools on this subject and he felt this eart of the letter
would be very valuable to him.
May 2E:, 1)20. 178, 180
had vrevented the )ublie:tion
Harriman said she was very clad
by :r. "ile of his rticle on the -2roqosed par-eant in the old
British AMbassy as She feared it might contain some reference
ti *ire. Wilson as Hon)rary Iresident of the Deocrz.,tic Club, he
not knowiw: of her resinat_on.
1:ay :1, 1930. 183
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Federal Reserve Bank of St. Louis
225.
Wilson, Woodrow
1..rs. Constance rilliams (Lod.es) writes Tashi-i,eton ost thet
the claim of .1rs. C;orinne RooseveLt Robinson that 7.'ilson
was res onsil-)le for the d.efe: t of the Versailles Treaty
because he airectod. the Democratic '6erretors to vote air„.:inst
is not true; that her 2ather, Servetor Lodge,
was elm7s o eeoscd to the Leveetie ce-' Nations •-nd drew his
reservations for the ere)ress pureose of, d.•featine it, believine
that they would 'be rejected by the other nations; '1-eat he ras
Leli,-.thted at the defept of the Treaty end took all res )onsibility
it.
Jan. 7, 1930. 72
id Wilson _nd. he _ - reed on a central Federal Reecrve Board.
Ilass
three months 'before We.I4oure claimed to have suezested the idea.
A ). ril 17, 19-0. l5, 136
illrr .seld thet one Sunday in 1915 ".'llson sent Secretary Lane to
him to fine. whether he intended to vote for the Coeraittee report
t he
fievorime reducinte the number of Federal eeserve banes;
told Lane he should vote ee,., _in:It it.
ILK", 144
ee -
_ler
told. :aller he once ,rotested. to 9alson, es to '.:c,;deo, end
asked. him to remove John 7.:e1ton
1930. 144.
.rs. HrrLn e aid. that
good juliel-dent
jud!eaent.
rs. ilson, do..dre.ted. by '.7ilsor, shoved
ho was alive, but after his Le th, very noor
:lay 21, 19..0. 16:.7.
Delano .rives us to 'Plashin ton Cathedral to at a wreath on tomb of
Mlson, for -ilson Foun-ation.
:.ay 30, 1930. 179
'vroraans National Demo cratic Club
H.P.H. elected Vice 1s-resident receiving two more votes than did Mrs.
_ resident.
Harrtaan
Feb. 26, 1930. 107
See also:
linen, ::re
Olney, Riciv_:rd
2?en-eington, rs.
Rice, '7. 1.. Jr.
".'ilson, :1rs.
92, 94, 103, 107, 141
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Federal Reserve Bank of St. Louis
226.
,roo11 y, Fed.eni Reserve Bank, New York. 31 32
ee - Youn, -ov.
Writ,
71e dine with ;:r. and lIrs. Charles Rhoades, to i:leet, of
rho returned from Ja- )an with :`.rs.
Jan. 5, 9:'0. 71
Wyatt, Walter
Advises Bocrd it c;in not take Federal reserve note functions fro:.1
Chaiman of Board. without ;.. .- elld:.ient to Federal Res rye act.
Jan. 31,190. 93, 94
,
,
- dvises Board it s:ioulci state reasons for refusin7 to atizait the
Bank of .4.thens Trust Cora ',any into rocler:-.1 Reserve .'ystem, as
otherwise the Court mieht rule it h:d_ exceeded its lawful
ncr,-,ers.
IPWo. 12, 1
Board that neither the Ft-lc-Lord Reserve Banic, :Tew York,
nor the Board had -lower to -oass on any offerin -: ef securities
in the markets of the
by the B.I.S.
22, 1930. 138
airlvises
Tells Board he is
the conclusion t.1.•t it has norer to examine
into the pro iosed placinT of rergtration bondi:. in 1. . markets
by the B.I.S., und - r the :_.,-"ency rind correspondent .i)owers
between the B.T..S• and. tTle Federal Re'- rye
:7er York.
2:eiy 19, 1D.-0. 158
Xr-ray tre. tment
C. .H. ....eceives, from Dr. Stm.)son.
nee. 13, 1929. 62
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Federal Reserve Bank of St. Louis
-y-
Young, lov.
Index
(Figures refer to marc4n of text)
:Jaendment, Y.%. 21.ct. 49
Annual Reort, F.R. Board, 1929
55, 60, 61, 37, 74, 7z3, 76, 77, in, 79, El
Bank of ;ithens. 52
Bank of Ennland. 89
tsee - Norman, 1ov.
Bank of Internntioni-1 Settlements
45 , 62, 62, 64, 82, 83, 90, 93, 94, 95, 9.3
BanId.nr trouble
6
Bill rates, .1inimum
14, 41, 42, 43, 53, 54, 88
Case, F.R.
N. Y. 65
Chaiman of Board. 49
Cou.)trollor. 21, 28, 29, 7..?
Corn '.1xch.T.nTe mtniger.
6
.;otton, Under Secret.:„ry of State
63, 34, 71, 72
Deart.:,ent of Justice. 21, 22, 25
Dircct )ressure
See - .Z1.nnua1 Re)ort
Discount rates
14, 41, 44, 47, 46, 50,31, 80, 76, 84, 85, 83, 92
Easing -)olicy. 41
•
Examintion
3cFact,.en. 26, 29
Feieral 44visory
ounril. 13
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Federal Reserve Bank of St. Louis
228.
Young, Gov. (Wald.)
Federal Reserve Act amendment 49
Federal Reserve Agent. 49
Federal Reserve Agent, N. T. 46, 65
Federal Reslrve Agent, St. Louis 68
Federal Reserve Agents. 37
Federal Reserve Banc, New York. 18, 22, 47, 76
Federal Reserve Bank, Richnond. 40
General Ilectric 00. 4
German loan. 71,72
Governnent securities. 2, 4, 7, 8, 9, 10, 11, 17, 18, 22, 24
Hamlin, C.S. 15, 48, 67, 76, 79, 96
Harding, Gov. 80.
Harrison, Gov. 3, 18, 35, 47, 48, 56, 57, 62, 83
Hoover, President. 1, 13, 16, 17
James. 1, 68
Julian Petrolet= Co. 22, 25
See - Pacific S.W. Trust & Savings Bank
Lane, Sec. 86
Lee, Higginson & Co. 71, 72
McDougal, Gov. 36
Malbadden examination bill. 28, 29
McGarrah. 45, 46
Mellon, Sec. 17, 94
Mills, Ogden. 1, 96
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Federal Reserve Bank of St. Louis
229.
I
Young, Gov. (Canted.)
Morgan, J. P. 4
Meyer, Atone. 46
National City Bank. 3, 6
Jew Yolk Stock Mxchange. 5
Iomman, Gov. 3
See - Bank of
hgland
Open market
fee
.Government securities
Open Market Committee, Open Market Policy Conference
7, 8, 9, 10, 12, 18, 19,22, 24, 38, 39, 48, 69, 70, 73, 91, 92
Open Market Policy Conference
See - Open Market Committee
Pacific S.W. Trust and Savings Beak. 20, 21, 22
Protest. 67, 75
Raeburn. 17
Rediscounts. 23
Regulations. 1, 11
See- Government securities
Reparation bonds
See - Dank of International Settlements
Salaries
30, 31, 32, 33, 34, 35, 36, 37, 56, 57
Snyder, earl 34
Stalling of Board. 79
State Delartment. 62, 71, 72, 93
Stock collapse. 1
Totes
Annual report. 60, 67, 74
Bank of Athens Trust Co. 52
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Federal Reserve Bank of St. Louis
Young, Gov. (ContId.)
Totes (Contld.)
Bank of International Settlements. 82, 97
Bill rates, Minimum. 42, 43, 53, 54, 85, 88
Discount rates.
44, 50, 51
66
84, 87
Federal Reserve Bank, Richmond. 40
Pint National Bank, Boston. Sec. 25, P.R. Act. 26
Harrison, Gov. Salary. 30, 35, 56, 57
Open Market Committee
Open Market Policy Conference
12, 38, 39, 73
Salaries
31, 32, 33, 34
Warburg. 86
Wichita branch. 27, 58, 59
Woolley. 17
Watt 49
Mum, Owen D. 4, 17
Young, Governor
1. Thinks Ogden Mills wrote Hoover's statement bllowing the
stock collapse.
Nov. 1, 1929. 1
2. Urges James to confine his proposed open market regulations to
Government securities,to which James agrees.
Nov. 4, 1929. 1
3. Tells Board of Gov. Norman's cable to Goy. Harrison as to
failure of Corn Mzchange-National City Bank merger.
Nov. 12, 1929. 13
See - Harrison, Gov.
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Federal Reserve Bank of St. Louis
231.
4. Tolls Board that the 50 millions of Government securi
ties
bought by Federal Reserve Bank, New York, were boujht from
J. P. Morgan and General Rectric Co.; that it was difficult
at the time to get Government securities; that the latter
acted patriotically but it was a transaction hard to
explain politically; that Morgan got the securities from
British Government by exchanging long term bonds.
Nov. 12, 1929. 13'
5. Tells Board of rumor that stodk exchangp won't open
tomorrow.
Nov. 12, 1929. 16
5. Says there is danger of banking trouble from failure of
Corn achange and National City Bank: merger.
Nov. 12, 1929. 16
7. Put questions showing that he considered the Open
Market
Committee report as favoring immediate purchase of 200 millio
ns
of Govt. securities, - ihidh it was not.
Nov. 12, 1929. 17
6. Opposed granting any energengy authority to Open Market
Committee
to purchase Government securities.
Nov. 12, 1929. 17
9. Starts to prepare draft of instructions to Open
Market Committee.
Nov. 12, 1929. 19
10. Inserts an adding clause that right to purchase 25
millions per
week, granted Sept. 24, 1929, is abrogated.
Nov. 12, 1929. 20
11. Said the Board vote did not take away right of any
7.R. Bank to
buy Govt. securities, as Board had not enacted any regula
tion
limiting it.
Nov. 13, 1929. 21
12.
Votes for the Open Market Committee resolution, says, however,
it is against his best judgment as no emergency mould arise
so sud4en1y as to prevent consultation with Board.
Nov. 13, 1929. 21
13. Papers said he was in consultation with Hoover yesterday.
Did
not mention this to Board.
.
Nov. 13, 1929. 23
14. Went to New York last night without mentioning it
to Board.
Telephoned that New York wishes to reduce discount rates
to 4i*,
also a reduction in bill rates. Asks for expression from
Board
Nov. 14, 1929. 23
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Federal Reserve Bank of St. Louis
232.
15.
C.S.H. tries to get, in New York, but he was
out calling on
Warburg. C.S.H. left word that he was leavi
ng tonight
for Mattapoisett but would stay over if he
wanted a meeting
tomorrow.
Nov. 14, 1929. 23, 24
•
16. Issues press stdament of conference at White
House with Hoover
and Federal Advisory Council.
Nov. 19, 1929. 29
•
•
•
•
•
•
•
17. Tolls C.S.L he was at White House yesterday
with Hoover and
Industrial Conference; that Owen Young, Woolley
and Raeburn
were thorn); that later he had a talk with them
in Sec. Mellon's
office over the power of the Board over Government
securities;
that they all agreed that, except in emergencie
s, purchases
ihould only be made with approval of Board.
Said he was to
talk this over further with Governor Harrison
and Sec. Mellon
tomorrow.
Nov. 22, 1929. 31, 32
•
•
•
•
•
16. ToX10.6.8:. he bad oonferred with Gov. Harri
son yesterday and that
he agreed to reoannend to his dir ctors that,
if general
authority were given to Open Market Oonnittee
to buy from time
to time Government securities not in excess of
200 millions,
they should agree not to buy on own account witho
ut °meant
of Board.
Gov. Young said he was inclined to agree to this.
Nov. 24, 1929. 35
19. Believes it necessary to put every Feder
al Reserve bank on Open
Market Committee.
Nov. 24, 1929. 36
20. Tells Board the national bank succeeding
the Pacific S.W. Trust
and Savings Bank:has a strong man,- Sartari at its head
and is in very fair condition.
Nov.24, 1929. 36
•
21. Spirs Comptroller will advise U.S. Distr
ict Attorney that there
is no reason in the public interest for furth
er criminal
proceedings in matter of Julian, Petroleum Company
and
Pacific S.W. Trust and Savings bank, but that the
Board should
make no recommesdation4
Nov. 24, 1929. 36
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Federal Reserve Bank of St. Louis
233.
Young, Gov. (Contld.)
82. Favors giving authority to Open Maticet Committee to buy up to
200 millions of Government securities, saying Y.R. Bark,
New York, had agreed not to buy on its own account, if
above authority granted, without consent of Board.
Said if New York did not agree to above,Board could revoke
authority to Open Market Committee at any time.
Nov. 25, 1929. 38
23. Says Federal reserve banks wanted to reduce the 880 millions of
rediscounts as they tended to make credit tighter.
Nov. 25, 1929. 38
24.
Votes to gile authority to buy up to 200 millions.
Nov. 25, 1929. 40
25. Board instructs, to prepare letter to effect that Board will not
advise Departnent of Justice as to further criminal
prosecutions in connection with Julian Petroleum Company and
Pacific S.W. Trust and Savings Bank.
Nov. 25, 1929. 40
26.
Votes to cancel agreement with First National Bank, Boston, under
Sec. 25, P.R. lot. Nov. 14, 1929. 61
27. Bluntly tells Petitioners for P.R. Branch bank at Wichita that
he saw no reason for granting the petition. Vevfill
advised., C.S.H. thinks.
Dec. 15, 1929.63
28. Thinks Comptroller responsible for Moladdenss examination bill.
Jan. 8, 1930. 73
29. Later, said Comptroller's office had nothing to do with it.
Jan. 8, 1930. 74
30. Totes is favor of increasing Governor Harrison's salary to $60,000.
Jan. 14, 1930. 78
31.
Votes for other general increases.
Jan. 14, 1930. 78
32.
Votes to ask reasons of F.R. banks for all increases.
Jan. 14, 1930. 78
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Federal Reserve Bank of St. Louis
234.
Young, Gov. (Cont0d.)
33.
.34.
Votes to approve all increases except Governors, federal
Agents and Synder.
Jan. 16, 1930. 79
RetiVVO
Votes against increasing Carl Snyder's salary.
Jan. 16, 1930. 79
M. Votes to increase Gov. Harrison's salary to $60,000.
Jan. 16, 1930. 79
•.•
36.
Votes to increase Gov. McDougal's salary.
Jan. 16, 1930. 80
37.
Votes against any increase in 7. R. Agents salaries.
Jan. 16, 1930. 80
38. Votes against approval of Miller's draft on Open Market
Policy
Conference as it put him in aibarrassing pognion with
Sec.Mellon and federal Reserve Bank, New York.
Jan. 16, 1930. 81, 82
39. Votes
to
reconsider Board's approval of above.
Jan. 16, 1930. 82
•
40.
4
•
Votes to approve plan 3 for adding to federal Reserve Bank of
Riohmond's building.
Jan. 16, 1930. 82
41. Says any lowering of minimum bill rates means a policy of
ease and ultimately lover discount rates.
Jan. 33, 1930. 85
42.
Totes Against Miller's substitute motion for a 3-7/8% bill rate.
Jan. 30, 1930. 86
43. Moves to approve a
Votes for motion.
31% minimum bill
rate.
Jan. 30, 1930. 86
44. Moves to approve 4A dismunt rate, New York, and so votes. Lost.
Jan. 30, 1930. 87
45.
Tolls Board McGarrah will soon resign to become President of M.S.
jark• 33,1930. 90
46. Suggests fugene Meyer for federal Reserve Agent, New York, in
olace of McGarrah. Considers him the best man for the place.
Jan. 30, 1930. 90
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Federal Reserve Bank of St. Louis
235.
Young, Gov. (Oontsd.)
47. Says Gov. Harrison by telephoned tried to persuade his
director* not to put in the 4% rate at this time.
Jan. 30, 1930. 91
48. Disagrees with C.S.H. and claims Gov. Harrison told Open Market
Committee that discount rates would be reduced.
C.S.H. said Yes, but not in near future. Miller and Cunningham
agreed with C.S.H.
Jan. 31, 1930. 93
49. Abandons his plan for taking away F.R. note duties from Chairman
of Board, lyatt advising that it required amendment of
74deral Reserve Act.
Jan. 31, 1930. 93, 94
50.
Votes to approve N. Y. redaction to 4%. Lost.
Mb. 7, 1930. 96
61. linally carried.
62.
Cunningham Changing his vote.
rob. 7, 1930. 97
Votes to reconsider refusal of Board to admit Bank of Athens
Trust Company into P.R. System. Lost.
Feb. 12, 1930. 100
63. Votes to reduce minimum bill rate to 30. Lost.
rib. 12. 1930. 100
54. Laker, Comptroller came in and vote Aye. Passed.
la. 12, 1930. 100
66. Opposes reference to direct pressure in Annual Report.
?fib. 12, 1930. 101
56. Moves to reconsider refusal of Board to approve 60,000 salary
for Governor Harrison. railed.
lob. 21, 1930. 103
57. Reconsideration ordered, C.S.H. changing his vote.
Voted to approve $60,000 salary. Lost.
lob. 21, 1930. 103, 104
58. Moves to postpone consideration of Wichita branch until
examination of pzesent branches and determination Whether
policy up to now has been wise. Palled.
!fib. 21, 1930. 104
59.
Votes against Wichita branch.
lob. 21, 1930. 105.
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Federal Reserve Bank of St. Louis
236.
Young, Governor (Oontid.)
60. Moves to approve draft of Annual Report without addition as
to direct pressure.
Totes against Miller's substitute to approve with references
to direct pressure. Passed.
Young was very angry.
Feb. 21, 1930. 106
61. Said Annual Report does not state facts as to direct pressure
accurately.
Feb. 21, 1930. 106
62. Totes to send Governor Harrisonla letter and copy of cable from
B.I.S. to State Department.
lab. 25, 1930. 107
63. Suggests to Gov. Oase that reply be made to B.I.S. that Federal
Reserve Bank, New York, has no authority to approve or
disapprove the American directors chosen by B.I.S.
Says Cotton agrees to this.
Feb. 27, 1930. 108
64. Reads to Board cable of Federal Reserve Bank, New York,to T.I.S.
that it does not object to American directors chosen.
Said Cotton told him the reply was all right.
Feb. 27, 1930. 108
66. Reports with Platt in favor of Oase for Fit. Agent, N. Y.
Peb. 27, 1930. 109
66.
Totes to approve New York: discount rate of 34%.
Mgr. 13, 1930. 117
Unanimous.
67. Files protest against vote of Board approving Annual Report
with additions as to direct pressure.
B. said speculators loans increased after June 15th.
C.S.H. pointed out that Board agreed to suspend direct pressure
at about that time, leaving the discretion in the 7.R. Bark
of New York.
•
•
Totes against Annual Report and in favor of Platt motion substituting
original draft without reference to direct pressure.
Mar. 17, 1930. 118
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Federal Reserve Bank of St. Louis
237.
Young, Governor (Contod.)
68. Says Janes told him he has given up all thougAt of becomin
g
Federal Reserve Agent of St. Louis.
Mar. 17, 1930. 119
69. Board asks Gofernor Young to sit with the other Governors
and
agree on a draft for Open Market Policy conference.
Mar. 24, 1930. 122
•
•
••
70. Presents a draft agreed to by himself and the Governors.
Mar. 25, 1930. 122
•
71. Refers to Board question submitted by Cotton as to advisab
ility
of State Depirtment approving a German loan for 125 millions
to be placed by Lee, Higginson & Co.
Mar. 25, 1930. 122
•
•
72. Reports that he told Cotton the feeling of the Board and that
he
asked if Board would take responsibility of disapproving
the loan; that he replied that that question had not been
put to the Board.
Mar. 26, 1930. 123
73.
Votes for draft as to Open Market Policy Conference, and against
Miller's substitute motions.
Mar. 26, 1930. 123, 124.
74.
Votes against final disapproval of Annual Repot with additions
as to direct pressure. April 6, 1930. 127
75. Reads against his protest at above vote. Says again speculative
loans increased after June 15th.
•
•
C.S.E. replies that direct pressure was suspended about that time,
and banks were allowed to use own judgment, resulting in a
great Increase of speculative loans.
April 7, 1930. 128
75. Says will not sign the Annual Report even 'by direction of Board.'
•
I
*
Suggestion made that he sign but state that he dissents from
certain parts.
C.S.K. says he can clearly sign, 'By direction of Board' and be
free to state to any one the forts he dissented from.
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Federal Reserve Bank of St. Louis
238.
Young, Governor (Oont'd.)
76. (Contld.)
• C.S.H. says if Gov. Young dissents he will want to amplify
the report showing Clearly the differences between Board
and rederal Reserve Bank, New York, etc. etc.
April 6, 1930. 128
•
:4
Governor Young said he agreed that the Yederal Reserve Bank of
New York had. managed its campaign for higher discount rates
rottenly, as to the reasons given; he agreed that the direct
pressure policy had been followed by reduction in speculative
loans, but that he was not willing to credit direct pressure
with this result.
April 6, 1930. 129
••I
•
77. Gov. Young finally said he would consider again whether he would
sign the Report.
April 6, 1930. 129
78. Gov. Young said he was not at all sure that a majority of the
full Board favored this report.
79.
•
C.S.H. pointed out that a majority all along had favored direct
pressure and that the only possibility of not approving
this Anal Report would came from the Comptroller's Changing
his vote, which would make the ex—officio members responsible
for stalling the Board, with a result that there would either
be no Annual Reports or two different ones..
April 7, 1930. 129, 130
80. Attends funeral of Gov. Harding at Boston.
April 9, 1930. 131
...
81. GOT. Young signs Annual Report putting "By direction of Board"
at beginning instead eat the end as was customary.
April 17, 1930. 136
82.
•
.
•
Votes against Miller's motion to permit leieral Reserve Bank, New
York to answer B.I.S. on its own responsibility.
April 21, 1930. 138
83. leads draft of letter to F.H. Bs*, New York, prepared after
consultation with Governor Harrison as to choice of American
directors and placing of stock in U.S. by B.I.S. stating
that 7.R.JBank has no ground for objection.
April 22, 1930. 138
84.
Votes against 3% discount rate, New York. Unanimous.
April 24, 1930. 141
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Federal Reserve Bank of St. Louis
239.
Young, Governor (Contld.)
85.
Votes for 20 minimum bill rate at New York.
April 30, 1930. 143
86.
Was present when Miller told us of his talk with Warburg and
Secretary Lane in 1915 as to cutting down of P.R. banks.
April 30, 1930. 143
See - Miller
67. Votes to approve 3% discount rate, New York. Passed.
May 1, 1930. 146
88. Votes to fix minimum bill rate at 20. Passed.
May 1, 1930. 146
89.
Tolls Board Bank of lirgland will loier it. discount rate tomorrow.
May 1, 1930. 147
90.
Gov. Young favored sending a letter to Tederal BASOTVO Bank,
New York, as to its reply to B.I.S. as to reparation bonds,
exactly like previous letter on placing B.I.S. stock. C.S.H.
refused to agree as he did not like "no grounds for dissent"
in previous letter, altho he construed this as no "power"
to dissent and voted for it on this construction.
May 15, 1930. 156
91.
Votes to call meeting of Open Market Policy Conference.
May 15, 1930. 157
92. Told Open Market Conference he hesitated to approve 3% rate for
New York in view of opinion of Conference on Mar. 24.
May 21, 1930. 166
93. Tells Board State Department has received cable from B.I.S.
and will inform it it has no objections to placing the
Reparation bonds in U.S.
May 21, 1930. 166
94. Prepares draft for Board records as above to, be O.K.'d by
Secretary Mellon. States how he thinks Board Should answer
Federal Reserve Bank, New York.
May 21, 1930. 167
95. Reads draft prepared by him to Board.
May 21, 1930. 167
96. Prior to this meeting Gov. Young was in conference with Ogden Mills.
May 21, 1930. 167, 168.
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Federal Reserve Bank of St. Louis
24G
Young, Governor (Oont'd.)
97. Totes for C.S.H.'s draft of reply to B.I.S. as to reparation
bonds, slightly Changed by him. Unanimous.
May 27, 1930. 174
Young, Owen D.
Sold Federal Reserve Bank, New York, 25 millions of Government
securities for General Electric Company.
Nov. 12, 1929. 13
Arram,ed for examination of National City Bank, New York.- found it 0
liquid - in fine condition, Will have this published if necessary
Nov. 14, 1929. 25
Agrees with Governor Young at Secretary Mellon's office, that, apart
from energencies, the Federal Reserve Bank, New York, will not
buy Govt. securities except with pennission of 7.R. Board.
Nov. 22, 1929. 31, 32
C.S.H. feels, is working for easy money to help place reparAion bonds
Jan. 30, 1930. 90
in U.S.
Gov. Young would like to take away r.R. note matters from Chairman
and make Chairman of lederal Reserve Bank, New York, a man
like Owen D. Young, on understanding he would not be expected
to give all his time to the 7edera1 Reserve Bank.
Jan. 31, 1930. 93
(aid. of Volume 17)
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