Full text of Diaries of Charles S. Hamlin : Index-Digest of Charles S. Hamlin Diaries, Box 32, Volume 18, Reel 19, June 1, 1930-March 29, 1931

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

Collection Tixia

THE PAPERS OF

CHARLES SUMNER,
DIARIES

Series and/or Container

Shelf/Accession No.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

}C. - •C/fa2„3
0/,4
/ice 1,7/-f


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

PIDEZ-DIG&T
DIARY,
Volume 18

June 1. 1930 - Feb. 28 1931.
-AAcademy of Political Science
0.6.H. attends lunch to Sir Josiah Stamp, given by, at
Astor House, N. Y.
S.H. was seated with the main diners but later Mr. Thomas Lamont,
presiding, sent for him and placed him at head table beside
Lady Josiah Stala-.
Chairman Case was not at the head table, although Gov. Harrison and
Burgess wee.
June 2, 1 930. 18 - 1.
Acceptance houses, Englidh
Walter Stewart told Miller that Balk of Englan.L exercised sulervision
over acceptance houses along lines of direct pressure; also on
Fecuxity issues houses.
Feb. 7, 1931. 18 - 160.
Adams, Charles F. Secretary of Navy
C.S.H. calls on, New Year's Day.
Jan. 1, 1931. 18 - 140.
Addis, Sir Charles
C.S.H. dine- with Troll. Mayer to meet. We ttlked mer his visit to
Mrs. Markow at Bar Harbor, with C'rov. Strong, in 1921, when
Anna was in the hospital, and they frequently called on her.
Nov. 25, 1930. 18 - 119.
Affili,ttes
See - Bank of U.S.
Phoenix and Chatham National Bank.
Albany, N. Y.
H.P.H. left Washington for.
June 13, 1930. 18 - 15.
meets H.P.H., returning from Albany, in Boston.
June 1$, 1930. 18 - 20.
H.P.H. left Mattanoisett en route for Albany, via Boston.
Nov. 24, 1930. 18 - 118.
H.P.H. arrived at Washinpton from Albany and goes to Hay-Adaas House.
Dec. 1, 1930. 18 - 122.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

2.

Aldrich, Cong.
C.S.H. meets secretary of, on train going to Washineton.
He said Gerry was injured in his campaign for Senator by the
fact that in his divorce proceedings in Paris, he made
affidavit that he was a citizen of Paris.
Nov. 5, 1930. 18- 107.
Aldrich-Vreeland currency
Dr. Miller told Board that bankinr7 standards had steadily
deteriorated since passage of F.R. Act and that it was a
grave question whether the Federal Reserve Act should not
be repealed, and currency statilns established to issue
Aldrich-Vreeland emergency currency.
Feb. P7, 1931.18 - 172.
Alexander, James, N. Y.
C.S.H. feels, an admirable Choice for Federal .4.eserve Board in place
of Platt, resigned.
Sept. 1, 1930. 18 - 65, 66.
Gov. Meyer tells Board he had a talk with, in New York, who begged
him not to offer him the positi)n of Chairilan, Federal Reserve
Bank, New York.
Dec. 5, 1930. 18 - 123, 124.
Allen, Philip
Curtiss tells C.S.H. that bank politics was involved in choice
of Gov. Young for 'rovernor of federal Re!,
:erve Bank, Boston;
that Win, of First liational, had influenced Allen against
Curtiss as Governor.
Aug. 13, 1930. 18 - 49.
Aluminum comlany
?latt writes C.S.H. that Arthur W. Davis, Chairman of Board,
Aluminum Comoany of America, is one of directors of Marine
Midland Corporation, and he thinks this points to Sec. Mellon
as having arranged the offer to him through Davis.
Sept. 16, 1930. 18 - 73.
American Bar Association
Sec. of State invited C.S.H. and H.P.H. to a receition to members of.
Aug. 27, 1930. 18- 58.
American Security alu Trust Co.
Board considers application for interlocking director between
Munsey Trwt Company and
Went over.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

3.

American Security and Trust Co. (Cont'd.)
A similar application between National Metro)olit
an Bank and
Munsey Trust Co. was approved by Board on Jan. 29,
1931,
but Haxton certified he did not believe that
the competition
between thRil was substantial, which would have justi
fied
approval even apart froth the Clayton Act amendment
of 1928
"as to public interest."
Feb. 28, 1931. 18 - 173.
See- Clayton Act
National Metr000litan Bank
Anemia
Dr. Dunn, Dr. Ruffin's assistant, found O.S.H sligh
.
tly, but
not enough to be concerned about.
July 9, 1930. 18 - 29, 30.
Dec. 20, 1930. 18 - 132.
"Anna"
101, 105, 106, 174.
See - Hamlin, Anna.
Annual report, Federal Reserve Board, 1930.
Gov. Meyer criticises Goldenweiser's draft of, as impli
edly
approving idea of managed oarrency. He evidently
felt
the Board approved managed currency and wanted gradu
ally
to change this policy.
C.S.H. pointed out it was the Federal Reserve Bank
of New York and
not the Board which favored such a policy.
Miller said Keynes and rcKenna had Amen up f;Avor
ing a managed
currency.

.. .

. ..

We agreed that Gov. Meyer should F7o over the repor
t with
Goldenweiser and moaify anything looking towards appro
val of
managed currency, altho C.S.H. and Miller felt the
report was
not open to this criticism.
Feb. 17, 1931. 18 - 163.
Ashley, Mayor Charles S.
C.S.H. and H.P.H. go to tercentennary celebratio
n at New Bedford
as guests of.
C.S.H. stands in reviewing line with.
C.S.H. delivers address at Mayor's dinner in eveni
ng and H.P.H.
delivers address at Women's dinner given by
Miss Ashley.
July 28, 1930. 18- .44


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

4.

Athol, Duchess of.
Attends dinner given by Dr. Butler to thos
e who are to receive
honorary degrees from olumbia Universi
ty tomorrow.
C.S.H. also present.
June 2, 1930. 18 - 1.
H.P.H. attends lunch given by Mrs. Butl
er to Duchess of Athol.
June 3, 1930. 18
2.
Degree of L.L.D. given to.
June 3, 1930. 18 - 2, 3, 4.
C.S.H. oleased to have been honored rith
def,ree of L.L.D. in
company with.
June 3, 1930. 18 - 4.
She came over expressly to receive t As
degree, and sails back
at once.
C.S.H

found her a very attractive woman, of
distinct femininity,

A quiet but fluent talker, and
bright and animated.

Some one told C.S.H. that the Duke
of Athol kept a standing
army of 1000 retainers at his castle in Scot
land.
We bade good-bye to her at suwoer give
n by tne iaculty.
June 3, 1930. 18 - 4,. 5.
Atterbury, Pennsylvania R.R.
Bob Woolley told us that, put over onto
Hoover the approval of the
Trunk Line merger and used it as a club
to coerce the otner
railrods.
Jan. 1, 1931. 18 - 140.
Austin, Federal Reserve Agent, Federal Rese
rve Bank, Philadellaa
meets, at dinner given by Curtiss at Oarl
ton Hotel
Sept. 24, 1930. 18- 85.
Lunches with.
Mar. 3, 1931. 18 - 177.

•

I

•

•

I

•


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

5.

-B-

B. I. S.
See - Bank of International Set
tlements.
•

. .

Baker, First National Bank, New
York.
James told C.S.H. that, told Gov
. Young he would secure a
good position for him in New Yor
k; that Baker was
not satisfied with Jackson Reynol
ds as his President;
that Gov. Young finally applie
d to 'him but he had no
position or him.
Nov. 24, 1930. 18 - 118.
Baker, Ray Stannard 18 - 179
.
See - Wilson, Mrs.
Bank of America
The Bank of Italy, 15 months ago
, obtained from Board a permit
to establish a branch in London
.
The Bank of Italy took no act
ion ant merged with Bank of Americ
a.
The Bank of America last week ask
ed permission under above
permit granted to Bank of Italy,
to establish a branch at
a different location in London
, but under the Bank of Italy
permit.
The Bank of America had agreed
to buy the British-Italian bank
in London and wished to establ
ish it as a foreign branch,
Wyatt advised us - flat the Ban
k of America could use the old
permit
and possibly need not have aop
lied to us.
It did, howtwer, apply.
Question arose whether a grant
enacted upon for 15 months had
not elapsed, and whether at the
present time and under
present conditions it was advisa
tle for the Bank of America
to broaden out in this way.
It was stated that the Comptroll
er was examining the Bank of
America but had suspended furthe
r examination, fearing that
the examination might necessita
te closing the banK.
Federal Reserve A,Tent Newton
of San Francisco gave a rather
ambiguous report, but it seemed,
between tie lines,clearly
unfavorable.
Governor Meyer last week almost
bitterly objected to gran-ing
the nermit. He told some of the
officers that he did not
ap-)rove openinr of such a branch
in London, and that the


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

6.

Bank of America (Contld.)
Federal Reserve System would be
responsible for allowing
the London branch to open with toe
sign - "Member of the
Federal Reserve System".
The President of the bank is to see
us tomorrow.
This morning, how,ver, Governor
Meyer seemed to have completely
changed his mind and said he fear
ed a rejection might start
rumors which would injure the bank
, perhaps disastrously,
and tnat with general banking
conditions as disturbed as they
are, such course would be unwi
se.
Miller, who last week seemed disp
osed to grant the application, now
said should wait until the exam
ination of the Bank of America
was finished by the Comptroller.
Jan. 14, 1931. 18 - 144, 145, 146
.
C.S.H. suspects the Bank of Amer
ican Officials may have gone to the
White House and that Gov. Meyer has
received an intimtion
that the application should be
granted. Only for some such
reason could Governor Meyer shif
t his position.
Jan. 14, 1931. 18 - 146.
C.S.H. from the outset could not
see how granting the apnlication
could really injure the conditio
n of the Bank of America,
whatever the Comptroller's ex.m
ination might disclose, and he
feared a refusal might start trou
ble in the whole banking
situation.
Jan. 14, 1931. 18 - 146.
Governor Harrison said he did not
believe the Bank of America should
be allowed to open a branch in
London.
Jan. 20, 19,41. 18 - 1,16.
(Later the Board had some of the
officers before it and
finally granted the applicat
ion.)
Bank of England.
Governor Harrison said that Ban
k of France as glad to help Enpjand
but that the Bank of France and
Bank of England had not
yet completely got together; that
to obtain money from France,
England would have to issue bond
t payable in France, which
she was not willing to do; that
the Bank of England had been
very stupid; that she haa plen
ty of gold, - more than a year
ago, - but the coin was greater fine
ness than that of other
coultries; that she paid out coin
which France would not
accept but insisted on bars whic
h caused a bucking up in the
Mints, making great delay.
Dec. 20, 1930. 18 - 132 A
See - Norman, Governor.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

7.

Bank of England (Contld.)

•

Dr. Miller tells Board that Walter Stew
art had just told him
that the Bank of England exercises clos
e supervision, - akin to
our direct pressure, - on the British
acceptance houses, and
the issuing houses, which usually have
a liason officer to keep
in touch with the Bank of England; that
it did not exercise any
such supervisi-m over the large join
t stock banks, which latter,
in essence, are rivals and haNeno such
ielation to Bank of
England as ao the member banks to
the Federal reserve banks.
Feb. 7, 1931. 18 - 160.
See - Addis, Sir Charles.
Bank of France
Governor Harrison told Board he had
told tr_e Bank of France that
the Federal Reserve Bank of New York
would do all it could to
bring about exportation of long time
capital, but that the
Bank of France must also do its shar
e.
Dec. 20, 1930. 18 - 132 A.
Gov. Harrison said the only way a Fren
chman could get notes of
Bank of France was to present gold.
Dec. 20, 1930. 18 - 132 A (2)
Gov. Harrison said that While the
Bank of France wanted to help
England, yet it had not yet complete
ly got together with the
Bank of England; that the Bank of Engl
and oaid out coin which
the Bank of France would not acce
pt, insisting on bars, Which
caused delay.
Dec. 20, 1930. 18 - 132 A (
3)
See - France
lank of International Settlements
Gov. Harrison tol,. Board he had advi
sed that the B.I.S. statistics
should contain no reference to the Fede
ral Reserve Board.
April 16, 1930. 18 - 156.
(17 Diary 1324 (117))
C.S.H. dined with Gov. Meyer to
meet Sir Charles Addis, a director
of B.I.S.
Nov. :5, 1930. 18 - 119.
Kidder, Peabody & C.. were embarras •
sed by withdrawal of deposits
made by the B.I.S. in connection
with payments of British debt
to U.S.
Dec. 11, 1930. 18 - 127.
Senator Glass introduces a resoluti
on censuring State Department for
prohibitin7 any member of Federal Rese
rve System having connection
withthe B.I.S. etc.
Dec. 25, 1930. 18 - 135.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

8

Bank of International Settlements (Con
tld.)
Miller says Hoover asked :1im what
he thought of above action of
State Department; that he - Millerreplied that he approved
of the decision but that it interfer
ed with the province of the
Federal Reserve Board; that Hoover
said, "Your Board had its
'thence," - meaning that we knew of
the B.I.S. statutes tying up
the Federal Reserve Bank of New York
with the B.I.S. as to
placing its stock and approving
issues to be offered in U.S.
by B.I.S.
Dec. 25, 1930. 18 - 135.
C.S.H. told Miller the Board had no
representation on the Young
reparations Commission nor did it
know officially anything about
its plan, except that Burgess on
came before Board and
outlined briefly what the plan was
as to tne B.I.S., but told
our Board it called for no acti
on by us, but that he gave us the
information merely for our informat
ion; that he, C.S.H., did not
remember Burgess saying anythin
about approval by Federal
Reserve Bank of New York of issu
es of stock or bonds in U.S.
markets.
Dec. 25, 1930. 18 - 135.
C.S.H. looked up
diaries and found that Burgess came befo
re Board
on April 1, 1929, ,
,ind spoke about the B.I.S. but said
no
action was called for by the Fede
ral Recerve System except for
Federal Reserve Bank of New York
to enter into a correspondent
relation with it.
3.b.H. does not believe Burges ment
ioned a-roval by Feaeral Re. erve
Bank, New York, as to of erings
drstodk or bonds in U.S. markets.
16 Diary 13 (163)
Dec. 27, 1930. 18 - 136.
Owen D. Younf while on the Repa
ration Commission as-isted in preparing
the provision in B.I.S. statutes
as to approval by Federal Reserve
Bank, New York.
Jan. 26, 1931. 18 - 156.

...

Bank of Italy, California
See - Bank of America
McIntosh, Comntroller

123

Bank of Sweden
C.S.H. me ts Governor of, at dinn
er with Governor Meyer.
Nov. 5, 1930. 18 - 107.

•

•

4

Bank of United States
Gov. Meyer, returning from New Yor‹
, told Board of proposed merger of
Bank of U.S., Manufacturers Trust
Co., the Public National Bank
and the International Tru:t Co. - all
of New York.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

9.

Bank of United States (Contld.)
He said Warburg at first decide
d that the Manhattan Co. shculd
take it over; that many congra
tultted him on his public
spiritedness, which scared him
; that profit and not publicspiritedness was in his mind;
that finally he imposed condit
ions
which were Liyossible of fulfil
lment and. he got out of it.
Nov. 25, 1930. 18 - 120, 121.
Gov. Harrison came before Boa
rd and explained how above merger
plan
failed.
He said it because the Admiss
ion ComAttee of the Clearing
House
criticised severely and unjust
ly the worth of one of the other
banks in the proposed merger;
that the Clearing House Committee
would not overrule the Admiss
ion Committee as to the admission
of this bank.
He said there were charges
of nolitins, management, and fra
ud against
the Bank of U.S., and he feared
there might be something in
these charges.
He said the Bank had not been
borrowing from the Federal reserv
e bank
for some time; that he had for
ced it to take down its
rediscounts; that it was after
that that the acts complained
of occurred.
C.S.H. told Gov. Harrison that
the Bank of U.S. was subject tD
the
condition as to chane of assets
, etc.
Dec. 19, 1930. 18 - 129, 130, 131
, 132.
Gov. Harrison again told Board
as to collapse of the merger.
He said it had been practical
ly arranged to raie 30 millions
or to
gurarantee that amount for the
Bank of U.S., but that it all
hinged on the admission into
the Clearing System of the
'Manufacturers Trust Co. and
the Peooles Trust Co.; that the
Admission Committee refused to
admit the Manuf;tcturers Trust Co.
;
that it placed a value on thi
s Company far below its real value;
that both the Manufacturers
Trust Co. and the People's Trust
Co.
were now in good condition
, and he did not worry about the
m
unless new withdrawals should
occur, - which he dii not antici
pate.
He said the reports of the New
York State Exminer as to the Ban
k of
the U.S. gave no reason to sus
pect its solvency, altho the
Federal reserve lx.nk did not
like the managenent and did its
best to seaL'e a new managemen
t by merging it with the other
three
banks.
He said the offer of the Cle
aring House banks to loan 117 to
50% of the
deposits of the Bank of the
U.S. cleared the situation very muc
h,

10.

Bank of the United States (Contld.)
but the rate charged, - 5% - somewhat
dampened the enthusiasm.
Dec. PC), 1930. 18 - 132 A.
C.S.H0 told the Federal Advisory Coun
cil that its recommendation
as to examinations of member bank
s did not provide for
examination pending the regular exam
indtions, and pointed out
that the acts of the Bank of U.S. comp
lained of occurred after
the state examination.
Gov. Meyer denied this but C.S.H.
quoted Gov. Harrison's F- tatement
'above.
Feb. 17, 1931. 18 - 160.
See - Harrison, Gov.
Baltimore Sun.
Glass said Frank Kent had an arti
cle in the Baltimore Sun telling
how Gov. Meyer would inaugurate
new policies in the Federal
Reserve System; that he liked Gove
rnor Meyer and apoointed him
on the War Finance Corporation
after its work had practically
been finished; that he did good
work on it and that he
expected to vote for his confirma
tion, but that if he had the
idea of changing Federal reserve
2olicies he would vote Drinst
his confirmation; that he wrote
a letter to above effect to tne
Baltimore Sun and sent a copy to Gove
rnor Meyer .nd received
a satisfactory reAy from him.
Nov. 19, 1930. 18 - 116.
Bank of England
See - Norman, Gov.
Bank politics
See - Allen, Philip
Curtiss, Federal Reserve Agent.
•

1


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Bank profits
Federal Advisory Council and Boar
d members worried at lack of
bank profits under existing low
rates.
Sept. 16, 19.0. 18 - 76.
Bankers, N. Y.
James said Hoover knew that the,
had little use for him.
Nov. 24, 1930. 18 - 119.
Banking and Currency Committee
See - U. S. Senate


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

11.

Banking standards
Miller said, had steadily deteriorated unde
r Federal Reserve System.
Feb. 27, 1931. 16 - 172.
See - Federal Reserve System
Miller, Dr.
Banking uneasiness, New York.
Gov. Harrison said there was much.
Dec. 1P, 1930. 18 - 129.
Barnes, Mrs. Cecil
Dines with us to meet Gov. Young, Mattanoi
sett.
Aug. 2, 1930. 18 - 45.
Baruch, B.
C.S.H. wires Edith Helm objecting to refe
rence in her letters to
statement of, that Hoover wants Democrat
ic nomination,
and quoting Wilson's statement that Hoov
er was not
sufficiently able, etc.
June 24, 1930. 18 - 25, 26.
See - Helm, Edith.
James said the New York directors sent
, to Washington, to persuade
him to abandon direct nressure, but
that he convinced Baruch
that he was rip-ht.
Nov. 24, 1930. 18 - 119.
Bayard, Mrs.
Tells Rachel Hale thlt GertrIde Meyer
was the most cold, selfish
woman sne haa ever known.
July 23, 19,-0. 18 -42.
Beads, rIold. 124.
See - Pruyn, Erving.
Belmont, Perry
Mrs. Belmont gave a card party years
JE.o, for Wamaq's Democratic
Club, - open to all, - Reolblicans as
well as Democrats, to
Which Mrs. Wilson did not object.
June 11, 1930. 16 - 13.
See - Harriman, Mrs.
Wilson, Mrs.
Bethlehem aha)el
See - Washington Cathedral
Biddle, Lydia
We take Christ:as (noon) din,ler
with.
Dec. 25, 1900. 18 - 134


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

12.

Bill of lading time drafts
Our examiners renort disclosed that a North Carolina bank drew,
on Jackson & Co., Boston, secured by documents and discounted
it in Federal Reserve Bank, Ric}lmond, which sent it to
Federal Reserve Bank, Boston, for collection; that the latter
bank delivered the documents to Jackson Re Co. before acceptance
and payment and that this com --)any failed after delivery.
Loss to Federal Reserve Bank, Boston - $90,000.
The Federal Reserve Bank, Boston, admitted its liability.
Curtiss said this had been done even in case of sight drafts and
practice was started by Gov. Morns and continued by Governor
Harding.
Gov. Meyer said this could not be done an a sight draft as only
question was Immediate payment.
It was so done, however, tho not in this case.
Dec. 31, 1930. 18 - 138.
Birthday, C.S.H.
Aug. 30, 1930. 18 - 63.
Birthday, Catherine Irant.
Nov. 25. 18 - 118.
Black, Governor, Federal Reserve Bank, Atlanta
Objects to giving to non-member banks privilege of rediscounting
through member banks.
Sept. 23, 1930. 18 - 83.
Blaine, James G. Jr.
C.S.H. writes Rachel Hale as to Marion Dow, wife of.
Dec. 1, 1930. 18 - 122.
Blair & Co., New York. 123
See - McIntosh, Comptroller
•

Blair, Woodbury
pall bearer at funeral of Jeannie Riggs.
June 13, 1930. 18 - 16.
Blood pressure
179. July 9, 1930. 18 - 29
160. Dec. 30, 1930. le - 132.
Blood slgar
1013. July 9, 1930. 18 - 29
1013.4. Dec. 30, 1930. 18 - 102
mow.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

13.

Bolling, Randolph
Mrs. Harriman told C.S.H. she
believed that, was now Mrs. Wil
son's
adviser, that undoubtedly it
was his desire for mone:, that
caused the trouble over the
Wilson chronology; that Admira
l
Grayson told her that Presid
ent Wilson told him, whiie he
was
ill, that he couDftendure hav
ing Bolling come into his roam,
he detested him so.
July 9, 1930. 18 - 3.3, 34.
Bonus bill, Veterans
Dr. Miller agrees with C.S.H.
that a veto of, might go far
to
repair Hoover's fort.Lnes, but
Miller said Hoover could not
write well and that the veto
message would be bunpled,
so as
to please no one.
Feb. 20, 1931. 18 - 167.
Borrower
Traylor says that in Chicago,
differing from New York, broker
s are
given a regular line of cre
dit.
He also referred, apparently
with apnroval, to the belief
that
a customer with a good balanc
e, offering good collateral,
is
entitled to borrow all he wis
hes at prevailing discount rat
es.
Sept. 16, 1930. 18 - 75, 76.
BoF: ton
C.S.H. goes to.

.. .

•

June
June
Aug.
Nov.

5, 1930. 18 - 7.
17, 1930. 18 - 20
8, 1930. 18 - 48.
21, 1930. 18 - 117.

See - Brandeis
New England Railroads
Bowley, General. 42
See - Myer, Gertrude

•

•

•

•

Brackett, Jeffrey
Presides at dinner of Class
of 1883, Union Club, Boston
.
June 18, 1930. 18 - 20, 21.
Bradley, Miss
H.P.H. receives letter from,
sending a message from Ann
a.
Nov. 1, 1930. 18 - 105.
See - Hamlin, Anna.
Branch, Foreign
See - Bank of America


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

14.

Brandeis, Justice and Mrs.
We call on.
Jan. 26, 1931. 18 - 154.
We dine with. Mer. 7, 1931: 18 - 178,
180.
Brewer, Helen
We call on.

Cambridge.
June 7, 1930. 18-9.

Briand
See - Butler, Dr.
Bredkinridge, Mr. and Mrs.
We have, at dinner.
Mar. 10, 1931. 18 - 181.
Bribery
James said he was offered the Presidency
of a large business
corporation to get him of= the Foderal
Reserve Board - bribery.
Nov. 24, 1930. 18 - 119.
James says Comptroller McIntosh was rive
n a place in Blair & Q.
as reward for admitting Bank of Italy as
a national bank; that
1
this killed Cun'lingham.
-I
Dec. 2, 1930. 18 - 123.
.0
prfrk
61
)
See - McFadden
Broderick
GOv. Harrison told Board there was noth
ing in report of, on Bank
of U. S., to place Federal reserve Bank
on notice.
Feb. 17, 1931. 18 -162.
See - Bank of U.S.
Brokers loans
Traylor told Board that in Chicago,
differing from New York, brokers
are given a regular line of credit.
Sept. 16, 1930. 18 - 75.
C.S.H. did not tell Glass Committer, that
the directors of Federal
Reserve Bank, according to McGarrah,
as renorted in Board
records, were prep.lring a public stat
ement intimating that
the collateral behind, might nrovl
not to be liquid.
Jan. 26, 1931. 18 - 155.
Gov. Harrison was in error in stat
ing to Glass Committee that
neither brokers nor secarity loans
for account of New York City
banks were larger in 1929 than in 1928
.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

15.

Brokers loans (Contld.)
The customers loans were much litrger and while brokers loans in
1929 were about same as in 1928, yet between July, 1928, and
Jan, 1929, brokers loans increased some hundreds of millions,
althogh they recde.1 early in 1929. (See scrap book).
, 4, 1931. 18 - 159.
Pe.
Gov. Young also made error in saying in Point Comfort, Va. address
that New York City banks were loaning on securities in midale
of October, 1929, less than on same date in 1928. The total
security loans were many millions higher in Oct. 1929.
Feb. 4, 1931. 18 - 159.
(See saran book).
Brookhart, Senator
Attacks Meyer.

Jan. 23, 1931. 18 - 149.
Jan. 31, 1931. 18 - 157.

See - Meyer, Gov.
Bryant, Rose
C.S.H. and H.P.H. attend wedding of, to Edward Hamlin, Jr. at
Milton, Mass.
..)latherine Grant drove us out and back.
June 7, 1930. 18 - 9.
Bulkley, Senator
Glass says, acted cuecrly as to Federal Farm Loan Board and
angered Wilson, but he had confidence in hiLt.
Nov. 19, 1930. 18, 117.
We dine with Mr. and Mrs. George McClellan to met.
Feb. 20, 1931. 18 -167.
We give dinner to.

Mar. 10, 1931. 18 - 181.

Burgess, Assistant Federal Reserve Agent, N. Y.
Sat at head table at lunch ;riven to Sir Josiah Stamp in New York,
although Case, Chairman, sat with the crowd.
June 2, 1930. 18- 1.
Explained to Board about the B.I.S.
April 1, 1929. 18 - 135.
16 Diary 13 (163)
See - Bank of International Settlements
Burling,rs.
C.S.H. meets, at dinner with Mrs. Delano.
Nov. 27, 1930. 18 - 121.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

16.

Burrage,
C.
Sends C.S.H. tickets to private view of orchid display at
New Willard Hotel.
Oct. 15, 1930. 18 - 96.
Business depression
Miller sayz he told Hoover a week ago that if Federal Reserve
Bank of New York had smashed stock market by rapid increases
of discount rates, as it wanted to do,. it wculd have instantly
produced b -Isiness depression, and Hoover said he agreed that
this was correct.
.Feb. 20, 1931. 18- 166, 197.
See - Hoover
Butler, Mrs. Nicholas Murray
H.P.H. attends lunch given by, in honor of Dutchess of Athol.
June 3, 1930. 18 - 2.
Butler, Nicholas Murray
C.S.H. and H.P.H. dine with.
Dec. 8, 1930. 18 - 124.
C.S.H. resigns from Finance Committee of Carnegie Foundation
as not consistent with Federal reserve duties..
(Accepted Feb. 27, 1931).
Jan. 12, 1971. 18 - 144.
See

Columbia University.

By-lams, Federal Reserve Board.
Do not permit ex-officio members to be members of Ex-cutive
ConaLdttee. 18 - 187.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

17.

C-

Caldwell
Curtiss said Kidder, Peabody & Co. were embarrassed because of
dealings with, of Nashville, Tenn.
Dec. 11, 1930. 18 - 127.
Calhoun, Mrs.
Legal proceedings threatened against Owen Wister for libel in
his book on Roosevelt.
July 9, 1930: 18 - 31.
See- Wister, Oren
C.S.H. tells Rachel Hale about Mrs. Calhoun.
July 10, 1930. 18- 37.
Calkins, Gov. Federal Reserve Bank, San 3rancifeo
Votes igainst report of Open Market Conference Committee
quo."
Se,t.25, 1930. 18 - 85, 86.

statum

Carnegie Endowment
C.S.H. ttends meeting.
Received congratulations on his degree of L.L.D.
••

Dr. Butler told meeting that C.S.H.Is address to visiting
European Journalists created a profound impression, and
thz-t it would be printed.
ION

Transfer from old to new cor:oration perfected.
C.S.H. appointed Member of Finance Committee.
Dr. Butler gave interesting account of his trio abroad and
of his talk ,ith the Pope, and Briand.
He said the Pope, on June 2, would J.:sue an encyclical callinz
on all Catholics to rally to cause of Peace.
June 5, 1930. 18 - 6, 7.
Attended meeting in Nev York.
Dec. 8, 1930. 18 - 124.
C.S.H. resigns from Finance Co:mittee as incom,x-tible with
Federal reserve duties.
Jan. 12, 1931. 18 - 144.
(Acceited Fe73. 27, 1931).


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

18.

Case, Chairman, Federal Reserve Bank, New
York.
C.S.H. writes, askin=7 him to report on Ford
, Gummenger & Co.,
New York, which firm was behind Hodgdon,
of cow pasture.
June 21, 1930. lb- 21, 22.
Advises Platt that the Marine Midland grou
p are giod men.
Aug. 29, 1930. 18 - 62.
Testifies before Glass committee. Jan.
22, 1931. 18 - 149.
See - Federal Reserve Bank, New York.
Catholic Church
Edith EUstis joins..
See ut, Eustis, Edith.
Centennary, Ter. Boston. July 15, 1930
.
C.S.H. sencs Rachel Hale copies of addr
esses of Hon. nr. Fisher
and Sir Ronald Lindsay.
July 23, 1930. 18 - 43.
See - Fisher
Lindsay
Central bank
Dr. Miller has always preferred a, to
Federal Reserve Syt.tem.
Feb. 27, 1931. 18 - 172.
Central European banks
Dr. Miller doubts Whether a Federal
reserve bank has power to make
a direct loan to.
C.S.H. said power to deal in gob, cove
rs this.
Miller said this is a power to rece
ive and not to give.
Oct. 20, 1930. 18 - 98.
Miller says Glass may suggest legi
slation preventing conferences
with, except with consent of Fede
ral Reserve Board.
• • •

Miller asks Gov. Meyer whether Gov.
Harrison is going abroad to
attend the conference of.
Gov. Meyer said he did not know
whether he was going on a vacation or
not, but would find out.
Gov. Meyer never told Board why
Gov. Harrison was going.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

19.

Central European banks (Contld.)
The rumor is that he is going over to discuss
a dfbt
moratorium and C.z,.H. suspects he is goin
g with Hoover's
approval.
He certainly never ,
,wked nor received authority from the Boar
d.
Oct. 29, 1930. 18 - 102.
Chairman of Board.
Gov. Meyer said Alexander begged him not
to offer him, Federal
Reserve Bank, New York.
Dec. 5, 1930. 18 - 123, 124.
See - Federal Reserve Agents
Federal Rese.ve Bank, Boston
•

•

•

Chase, Hovland and Mary
C.S.H. meets, at dinner at Rachel Hale
's.
July 10, 1930. 18 - 37.
July 23, 1930. 18 - 41.
C.S.H. gets Rachel Hale's adaress in Penn
. from.
Aug. 6, 1930. 18 - 47.
To move to N. Y.
Mar. 5, 1931. 18 - 178.
See - Hale, Rachel
Chevy Chase Club
Platt said Gov. Young asked him a fey
weeks ago to try
to expedite his election into, thusshow
ing he had no
thought at that time, of resigning
from Federal Reserve Board.
Sept. 6, 1930. 18 - 70.
Child, Marion
Engagement to Mr. Sanger ann:)unced.
C.S.H. semis letter
and flowers.
Mar. 20, 1931. 18 - 188, 196, 197.
Chilton Club
C.S.H. lunlhes with H.P.H. at.
June 19, 1930. 18 - 21.
Christmas, 1930.
We dined at noon with Lydia Biddle
and in evening with
Mr. and Mrs. George McClellan.
Dec. 25, 1930. 18 - 135.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

20.

"Chubby"
See - Hale, Rachel
Clark, Jimmie
Gertrude Myer says she would like to sail Aith, who sails
July 5; that he had asked her and said he would drive
her in his machine from the dock to Nanhoim.
June 11, 1930. 18 - 15.
Gertrude Myer repeats above.

June 24, 1930. 18 - 26.

See - Hale, Rachel
Clarke, Justice John H.
Addresses Wilson Foundation meeting at National Theatr
e.
Later, with C.S.H., spoke to Mrs. Wilson. Later, he
came to our apartment.
Jan. 4, 1931. 18 - 141, 142.
Class of 1683, Harvard
C.S.H. attends dinner at Union Club, Boston.
Jeffry Brackett presided.
G.S.H. delivered short a—iress.
Prof. Arthur Lane referred to C. .H.ls deo-ree of L.L.D
.
June 18, 1930. 18 - 21.
•

Bent).* y Warren :.ays Geo
fine soeech at.
Dea h of George Winslow.

•

Winslow told him C.S.H. made a
June 22, 1930. 18 - 22.
Mar. 29, 1931. 18 - 201.

Clayton Anti-trust Act.
Board considered apnlilation for interlodking director
between
American Security & Trust Co. and Munsey Trust Co.
Hoxton certified it would not be ilpainst nublic intere
st.
C.S.H. for Committee certified he was inclined to favor
it but
referred it to Board for its dPternination.
reminded Board that early this year the Board approved
one between the National Metropolitan Bank and Munsey
Trust
Co., Hoxton certifying in that case that they were not
in substantial competition.
Gov. Meyer objected almost rudely and said to gr?nt
it would
be a direct violation of the law.
C.S.H. explained that the amendment of 1928 gave to
the Board
power to determine that, even where there is substa
ntial


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

21

Clayton Anti—Trust Act (Contld.)
competition, thus may be interlocking directors
if not
against oublic interest; '-hat Poole of the Feder
al Advisory
Council certified that tris was for the )ublic
advantage.
Gov. Meyer, however, would scarcely listen.and said
Hoxton should
be aslced to state all the facts 01 which he reste
d his
recommendation and C.S.H. said he would prepa
re a further
letter.
Feb. 21, 1931. 18 — 168, 169.

•

•

C.S.H. prepared a letter to Hoxton calling for all
facts in the
matter and it was read in the Board meeting.

•

...

Gov. Meyer then said it called for more informatio
n than the
Board needed, as did also Dr. Miller.
Go v. Meyer asked that it go over.

•

.

•

C.S.H. told Board the general classes of cpses
coming 'fore it
under Ilayton Act.
(See Scrap book)
The Board seemed to agree that the only doubt
ful cases were those
where there was admittedly substantial competitio
n but where
Federal Reserve Agent certified that the
Public interest would
not be jeopardized by granting the petit
ion.
Feb. 25, 1901. 18 — 170.
C.S.H. examined the records and found that
on Jan. 29, 1931, the
Board allowed an interlocking director betwe
en the National
Metr000litan Bank and Munsey Trust Co.
In this case Haxton certified:
"The National Metronolitan Bank is a strictly
commercial
bulk, and the Munsey Trust Co. is not.
While in some
respects they do the same class of business,
with similar
customers, I do not believe that the competitio
n is
substantial, or in any way prejudicial to
the public
interest."
In view of above finding that there was
no substantial competition
between them, the application could have been
decided wholly
apart from the amendment of 1928.
Should we decline the pending case,
we Shall have to revoke the
National :letropolitan Bank case.
Feb. 28, 191. 18 — 173, 174.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

22.

Clayton Anti-Trust Act (Contsd.)

•

.

•

C.S.H. called up Corcoran Thom, President of American Security
and Trust Co., who said that Mr. Wood was already a director
of Munsey Trust Co. when his ca7v)any elected him in January,
1931; that the two banks had different classes of customers;
that so far as he knew,tnere were no common depositors nor
borrowers; that his company an-y,inted Wood because he kept
a large, p:rowin=7 account with it; that 'while all banks in a
broad sense may be said to be competitors, there was absolutely
no substantial competition brtween these tvo, and competition
certainly would not be restrained in the slightest aegree by
this interlockinE director.
Mar. 2 , 1931. 18 - 176.
Corcoran Thom tells C.S.H. the American Security and Trust Co. is
not in substantial competition with the Munsey Trust Co:
Appeals to different class of customers. Wanted Wood as
director becsuse had a large and growing acount.
Mar. 2, 1931. 13 - 176
Board took up application for -n intrlocking director between
American Security and Trust Co. and Munsey Trust Co.
Haxton was present and said there was no clan:7er of restraint of
competition.
Gov. Meyer, who originally violently opposed it, now changed
completely and said the Clayton Act was really aimed at
New York and he could see no reason of public intered; for
declining this applieztion.
Board epproved it unanimously.
Mar. 21, 1931. 18 - 193.
Clearing house banks, 17ew York.
See - Bank of Ala3ri(la
Harrison, Gov.
Cleveland, Grover
and rs. Preston place flowers on grave of.
June 4, 1930. 18 - 5.
C.S.H. gives radio address on birthday of - Mar. 1-, 1931.
The proceedings took place in N. Y. over W.L.A.F.
David Robinson presided.
N.G. Rice also spoke.

6 p.m.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

23.

Cleveland, Grover (Conted.)
C.5.H. by arranement d,livered
his add-ess over W.R.C. in
Washington.
Richard Cleveland and H.P.H. were
with C.S.H. in the studio
when he snoke.
Preston (Cleveland) heard it at
her da,ugher's apartnent
(Mrs. Amen) in New York and wrot
e C.S.H. a most aporeciative
letter of thanks.
after the address, Richard Clev
eland dined with us at the Woman's
Democratic Club. Mr. & Mrs. Char
les Warren also dined with us.
Mar. 18, 1931. 18 — 185.
The Speako—O-Phone Co. of New York
made plates for a ohonograph,
thus nerpetuating forever 0...
H.'s address.
Mar. 19, 1931. 18 — 195.
F.W. Wile told C.S.H. that betw
een two and three millions of people
must have listened in.
Mar. 19, 1931. 18 — 195.
C. .H. gives a 1. tter of Clevelan
d to Mrs. Jouett Shouse.
Mar. 21, 1931. 18 — 192.
See — Cleveland, :1.13. Grover (Pre
ston)
Cleveland, Mrs. Grover (Presto'
)
We sex d day with, at PrLnceton.

Mr. Preston was away.
She met us at sVition and looked more
Charming than ever.
We rent to7ether to the cemetery afte
r Lunch and/iaced flowers
on MT. Cleveland's grave.
She soke very pleasantly of Prof
. Nevin who i writing a life
of Cleveland, but seemed to know litt
le about him.

She asked C.S.H. whether Prof. McElroy cons
ulted him when writing
the life
of Mr. Cleveland and seemed much surp
rised when
C.S.H. said No.

She authorized C.S.H. to present
to the Woman's
Club enlarged photograrihs of Mr. Clev
eland
a copy of Mr. Cleveland's letter abou
t the
June 4, 1930. 18

National Democratic
and herself, with
nhotograhs.
— 5, 6.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

24.

Cleveland, Mrs. Grover (Contld.)
Writes C.S.H. grateful letter as to radi
o address.
Mar. 23. 1931. 18 - 196.
Cleveland, Richard
See - Cleveland, Grover
Cleveland, Mrs. (Preston)
Colby, Bainbridge
Defends Wilson from attacks in Owen Wist
er's book on Roosevelt
and gives critical analysis of Roosevel
t's Character.
Currency History.
Aug. 1930. 18 - 44.
Columbia University, N. Y.
Dr. Butler gives dinner to those who
are to receive honorary
degrees tomorrow.
At end of dinner he aanounced the
names and paid a tribute to
saying that although very taciturn and
retiring, he had
rendered his country great service on
the Federal Reserve
Board and was a genui!e sttesman
.
June 2, 1930. 18 - 1, 2.
Commencement Day
C.S.H. attends an Alumni lunch.
H.P.H. attends lunch p:iven by Hrs. Butl
er to the Duchess of
Athol. The Duchess sat on his rifrht aa
H.P.H. on her left.
June 3, 1930. 18 - 2.
Commencement exercises.
Dr. H. P. Willis acted as escort to
C.S.H.
C.S.H. wore a &lown and mortar board
had loaned him by the
University.
At 5:30 all marched in and sat near
Dr. Butler.
C.S.H. sat next to Sir Josiah.Stamn and
next to him was
the Duchess of Athol.
H.P.H.

at with ::rs. Butler in the Presid.n
t's box.

There were 20,000 neople nresent.

A onderful pageant.

See - Scrap book.
Dr. Butler, presenting C.S.H. with
te degree of L.L.70. said:
"Charles Sumner Hamlin, Member of
the Federal Reserve Board:


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

25.

Columbia University, N. Y. (Contli.)
Commencement exercites (Contii.)

"

An honored son of Harvard, who at all times and
in many
ways has served the peo?le of his city, his state
, and
the United States; nrofoundly interested in all that
concerns the betterment of industrial relations
and the
firm establishment of international peace, - whose
work
as a member of the Federal Reserve :Board from
the time of
its institution has shown that he knows well the
applicams
tion to the American peolle of Byron's line
that:
"Ready money is an Alladdin's lamp."
While Dr. Butler was presentin;7 the degree, the Chief
Marshal
placed on C.S.H.Is shoulders the blue and White Hood,
the latter the gift of the University.
June 3, 1930. 18 - 2, 3, 4,
We took supper with Dr. and Mrs. Butler at
the Faculty Club.
Dr. and ill's. Willis drove us back to the
hotel.
June 3, 1960. 18 - 4.

• * •1•.

See - Hamlin, C. S.
Duches:, of Athol
Sir Josiah Stamp
Commencement
See - Columbia University
Hamlin, C.S.

...
Commercial loans
Glass said he wished some percentage could be
agreed on for a
bank's business as betwet-n comnercial and
security loans.
Nov. 19, 1930. 18 - 114.
Commodity rate
James, at meeting of Federal Advisory Counc
il suggested a
commodity rate.
The Council at first seened all opooged.
Gov. Meyer said it would be used only in
case of a revival of
speculative activity when aiscount rates
could be maintained
or increased and yet stapler could have a low
rate.
Most of the Council, tncluding Traylor, thougr
At this could be given
consideration should speculatiwi
revive.
Sept. 16, 1930. 18- 75.

26.

Commodity rate (Contld.)
Lippman, of San Francisco, said he could not agree
to have a
lower rate on certain eligible paper at the expe
nse of other
eligible paper.
Sent. 15, 190. 18 - 76.
Comptroller of Currency
Votes to permit New York to buy 25 millions of.Gover
mment securities
each week for 2 weeks.
June 3, 1930. 18 - 12
Voted against permitting Second National Bank of Bost
on to
subscribe to an Zdge Corporation to be organized with
only
$25,000 capital.
July 10, 1930. 18 - 36, 37.
James said Comotoller McIntosh was rewa
rded, for admitting Bank of
Italy as a national bank, by a position with
Blair & Co., New York,
and that he had made enougih to retire in affl
uence.
James said it was a clear case of bribery; that
Cunninl,ham said
on learning of the national bank charter
to the Bank of Italy,
said "What was McIntosh paid for it?"
Dec. 2, 1930. 18 - 123.
Gov. Strong claimed in 1921 that resronsibili
ty for improper
pract1c,.8 of a member bsnk was on the Comp
troller (Williams)
and not on the Federal reserve bank
.
Gov. Harrison said this probably was the orig
inal intent of Congress,
but that the public expected more than that
and that more must
be done.
Dec. 19, 1930. 18 - 131.
introduces Ex-Senator Thomas to, to ask
--)osition for Malburn.
Mar. 3, 1931. 18 - 177.
See - Federal National Bank
rcIntosh
Meyer, Gov.
18 - 182
Conference, Federal Reserve Agents and Govercrs
.
Board called together the Governors and
Federal Reserve Agents of
Atlanta, St. Louis, Dallas, and Kansas
City, to meet nrior to
the general collference of Open Market
Policy Committee, - to
consult as to cotton credit.
All agreed there was almile credit for
cotton and other ,taples and
it was agreed to prepare a statement
to be put out by Board after
consulting with full conference tomo
rrow.

!Ct.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

27.

Conference.

Federal Reserve Agents and Governors (Contld.)

Gov. Meyer said Legge, of the Federrl Farm Board, would give
out an asurance that the grain held by the Stabili7ation
Corporation would not be sold in the near future or until
conditions improved.
James said there was soon to be war to the knife betreentke small
cotton farmers and the cooptratives, the latter being led by
the Federal Farm Board; that the banks in the cotton districts,
especially in the Delta, were controlled by those Who hated the
cooperativ, B.
Discussion was had whether it was desirable to advise cotton farmers
to join the cooperatives. Most seemed to be against this.
Miller suggested a public sta-,ement, as above, as a matter of
psychology.
Federal Reserve Agent McClure suggested a susp ension, for a fixed
time, as to requirement forbidding member banks to discount
with Federal reserve banks eligible paper offered by non meMber
banks, as was done just after the war.
Many favored this.
Gov. Martin opposed as state banks would not join the System if
they had all the privileges while outside. He admitted, how-ver,
that he did not want many of the non—member banks in his district
to join.
Hoxton and Gov. Black also objected.
Sent. 23, 1930. 18 — 81, 82, 83.
Conference.
Open Market Policy Comittee.
Federal reserve agents present were invited to attend.
Gov. Talley and. Gov. Black reported araft of statement for Board
to publish as to cotton credits.
The conference voted 9 to 3 in favor continuance of status quo
policy, but gave executive comm Lttee authority to buy up to
100 millions to offset gold exports. Similar parer was
given to sell Government securities.
Gover.ors McDougal anu Calkins voted adversely.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

28.

Conference (Cont'd.)
Gov. McDonea1 thpupht rates were too low and felt a sligh
t
firming was advisable.
Gov. Calkins seemed to agree with Gov. Mc-ougal on some noint
s
but agreed that nothing should be done now.
Gwi. Talley did not vote but explained 'rlis views as
to ease of money
and credit.
Miller, without necessarily approvinp: it, thought
we should carefully
consider the deliberate purchase of say 100 millions
of
Government securities, thus making money easy and
start un
progress, - in other words, C.S.H. believes-credit
inflationl
Gov. i...eyer said if we did this and nrices were infla
ted, we would
lose our gold and be in a worse position than befor
e.
Miller said money is not really chew) or easy, it is simply asleep
and not working and we must do something to nut
it at work.
.S.H. feels this would be like ,criving a drunken
man asleep, .riore
liquor to revive him.
j.S.He after the meeting, told Gov. Meyer he would
prefer to have
Eurane try such an experiment; that she would
then lose more
gold to us and we could then saturate our neopl
e with it if
we so desired.
Gov. Meyer said there was nothing in Mille
r's suggestion.
feels Europe actually did this during the
war with deplorable
results and she was even angry with the U.S.
because, as she
claimed, it "sterilized!' the ,rold thus received;
tnat lermany
did something like this with the Mark.
On above quantitative theory, free silver
would have been justified
in 1896.

•

Gov. Harrison said some of his directors favor
ed such a nolicy.
He referred to this some time ago at
a Board conference.
He opposed it on ground that the
U.S. is not and can not be isolated
and that such inflation would only injure us
nless we could
brin- about similar inflation in Euro
)e.
Sept. 25, 1930. 18 - 85, , 6, 87, 88.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

29.

Conference.

Central European banks.

Gov. Meyer said he did not .now why Gov. Harrison was
going abroad but would rather have him go abroad to a
central bank conference than to have the conference here.
Oct. 22, 1930. 18- 99.
Gov. Harrison said the central European banks warted to come
over here, but that he consulted with Gov. Meyr, Mr. -filer
and Under Secretary Cotton and they all felt it would be better
for him to go over there.
(Gov. Meyer never reoorted this to the Board.)
Dec. 20, 1930. 18 - 132 (A)
He said the obje-t of the Conference was to discuss wotld
difficalties.
Dec. 20, 19,0 18 - 132-A (3)
and Miller think Glass may nut in an amendment
prohibiting conference except with consent of Bcerd.
Mar. 26, 1931. 18 Qee - Harrison, Gov.
Confirmation by Senate
Gov. Meyer.

Feb. 25, 1930. 18 - 171.

Coolidge, Senator, ilass.
We give dinner to Senator and Mrs. rt Woman's National Democratic
Club to hear Mrs. Ruth Owen (Bryan) sIeak.
Feb. 25, 1930. 18- 171.
CooperLAive marketing associations.
James said tnere was war to the knife between the small cotton
farmers and the, the latter being led by the Federal Farm
Board; that the banks in the cotton uistrict, especially.
the Delta, were controlled by those who hated the cooperatives.
Sept. 23, 1930. 18- 82.
Corcoran, George Eustis
Called us up on way to Provincetown and took lunch with us,
with his wife, daughter and a Miss King. After lunch they
began, uninvited, to ransack the Dutch chest in hall way.
Then Bertie took them u to see the doll house and brout
them down to our sitttnr room where she left then as they
asked to stay to see the pictures.
•

When Mrs. Corcoran was ready to go, H.P.H. called 13!) but they
had left the sitting MOM and had gone back uostairs where
H.P.H. found them with a cedar chest which they had opened
containing part of Mrs. Pruyn's trousseau, etc. and were
scattering the things all around.
They were very rude and ill bred.

Sept. 12, 1920. 18- 74.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

30.

Cosmopolitan Magazine
See - Helm, Edith
Cosmos Club
C.S.H. moves to, from Hay-Adams House.
June 13, 1930. 18 - 15.
Cow pasture, Boston
Hodgsdon asks for more time to pay for cow nasture.
George said Hodgdonis engineers made a very favorable re)ort on his
plan, exceot that they said it would cost 96 millions instead
of 48 millions as Hodgdon figured.
Hodgdon said. he did not want to show this report to his backers
until he had obtained actual bids, - which he could get, within
two weeks, which had already been given to hi unofficially,
and which would prove his figures were right.
•

.

•

George said :Ir. Day objected to

ivin

any further time.

Finally, George received a telegram from Ford, Guriunerg,en of New York
strongly urgin an extension of time and addirvz that the
financih,c7 was well under way.
wrote Gov. Case of Federal Reserve Bank, New York, confidentially,
as to above firm.
June 21, 1930. 16 - 21, 22.
(Gov. Case replied that the finn was a renutble firm but not of
the first strength.
George finally extended the time.)
George sid the Terminal Trust had again extended the time on understanding that within two months he should pay all toces due, about $30,000. The extension was for 6 months.
Nov. 1, 1930. 16-105.
C.S.H. signed extension of Hodgdon's option on land not covered by
Ter.linal Trust until !lay 15, 1931.
Nov. 15, 1930. 18- 110.
Cotton credits
Conference of Governors and Federal reserve a7ents re->ort draft of
statement for Board as to.
Sent. 23, 1930. 18 - 81, 82
Sept. 24, 1930. 18 - 83, 84.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

31.

Cotton, J. P.

Under Secretary of State

Charles Warren said he had recently met, and that he said
that
Eugene Meyer was needed in thP Federal Reserve Board
, and
that :,leyer agreed with Warburg that the Pe4eral reser
ve banks
should be reduced in number; that Cotton seemed
to have little
regard for the Board.
Sent. 18, 1930. 18 -78.
Gov. Harrison said the central European banks wante
d to came here
for a conference, but that he 11:=Id consulted with
Gov. Meyer,
Under Secret-lry Mills and Under Secretary Cotto
n, and they all
advised him to go over to Europe.
Gov. Meyer never reported this to the Bo.ird.
Dec. 20, 1930. 18 - 132-A
Couzens, Senator. 140
See - Trunk Line merger
Wooley, R.
.;ow pasture
Hodgdon't time for nayin,, taxes extenied to May
15, and naYment
of full amount to July 1, 1931.
Mar. 23, 19o1. 18 - 196.
Cowardice of Federal Reserve Board.
N. Y. Times misunderstanding Governor Harri
son's testimony,
criticised Board for, in refusing to perm-Lt incr
ewe of discount
rates to 0 in 1928.
Gov. Harrison in form said what could be infer
red as meaning this,
but as " fct the Federal reserve bank nev
r asked for an
increase between July 13, 1928 (when the
rate was increased to
54 to Feb. 14, 1929, when tne first ap)li
cation for 6i; was
made.
Jan. 25, 1931. 18 - 152.
See - Miller
. Y. Times
Crane, John
H. P. H. goes. to '.4rs. Miller's to meet
Italian Mother-in-law of.
Jan. 26, 19‘-)1. 18 - 154.
Credit, Bank
Traylor pointed out that there could be
e demand for speculative
credit without much dena for business
creait, for the latter
could be met to a large extent by corpo
rations withut recourse
to discounts.
Sent. 16, 1930. 18 - 76, 77.

1111P".V2ArrThalf


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Vall111MINOMI.

32.

Credit, Bank (Contia.)
Gov& neyer stiid the whole nuestion of redit today rag
largely nsychological.
Se2t. 16, 19o0. 18- 77.
Federal Advisory Council recommended that the credit situ:ition
will be best served if the national flow o: credit is
unhampered by either o,)en market cyler:Ations or by chanEes in
dicou
E
nt mttes.
Feb. 17, 1931. 18'- 161, 162.

.

Credit circular, Federal Re
See - Convention

-ve Bo;.rd. 18 - 63.

Credit, Cotton
18 - 81, 62.
See - Convention
Credit ex-iansion
lov. Harrison said before Ilass Committee that rate action
v.as
the oro-per way to curb.
Jan. 26
18 - 153.
See - Security loans
Sreculation
Credit, Federal reserve
See - Feueral rerorve credit
Credit situation
See - Credit
Security loans
Speculation
Federal Advi'ory Council
Federal Reserve Pa rd
Harrison, Gov.
Crissinr-er, D.R.
Sgested a kind of flying squad to do all exannation
s of
. tate member banks.
Dec; 19, 1930. 18 - 131.

. .

Crozier, Gen. William
We dine with Gen. and Lirs. at Wardman.Park Hotel
.
Fe')
- . 1, 1931. 18 - 157.
Cunninpham, EdTard
Corcratulates C.S.H. on L.L.D.
June 9, 1930. 18 - 10.
Voted against °emitting New Yor to buy
25 milli)ns of Govt.
securities ner week for 2 weeks.
Passed 4 to 3.
June ,-, 19.?0. 18 - 12.

1111/


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

33.

Cunnin4lan, ldward (Contld.)
Said that if Governor Harrison's reasons for lowering rates
to *57 - the desire to relieve business deore4sion, and
to help export trade, - a reveral to be promptly made if
conditions chaned, - he would vote in favor.
June 16, 1930. 18 - 18, 19.
Finally voted No on 0. .H. motion to apnrove 2
rate if
asked for by New York and a reduction of
at any other
Federal reserve ba k.
June 15, 1930. 18 - 20.
Said he might nossibly change his vote tomorrow When the
minutes were read.
June 16, 1930. 18 - 20.
3.6.H.Is motim passed, 3 to 2.
June 16, 1930. 18 - 20.
Voted against nermitting Secona Nati3nal Bank, Boston, to
subscribe to Adge Corporation hav4.ng only $25,000 capital.
June 16, 1930. 18- 36.
Agrees to vote to nermit above corporation to subscribe
nrovided the Ecle Cornoration capital is 'ixed at $500,000,
$100,000 to be paid in at start.
July 22, 1930. 18 - 4D.
Agrees to apnrove $35,000 salary for Stevens if an- inted
' Federal Reserve Agent at ChicaRo.
Oct. 3, 1930. 18 - 92.
Votes that C.S.H. should charge expenses of tri,) to Boston
to
confer with Directors, to the Federal Reserve Board.
Oct. 3, 1930. 18 - 92.
Attacks bitterly the easy money policy of 1927.
Oct. 15, 1930. 18 - 96.
Dies in his office, from a stroke, at 3:45 p.m.
Nov. 28, 1930. 18

122.

C,InninFham's last words to C.S.H., the day before his
death,
were that he never before had felt such bitter
dissatisfaction
with ih, tariff, as since the recent tacras
e.
Nov. 2E, 1930. 18 - 122.
C.S.H. attends funeral of, at Undertaker's establ
ishment 13th & N
Sta. James went with the family to Iowa, as aid
also
SDV, Young.
Nov. oO, 1930. Sunday. 18 - 122.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

34.

CunninEham, iward (Contld.)
James said that Cunningham - when he heard
that Comptroller McIntosh
had r-iven the -9ank of Italy a National chnrter,
said, "What
was he paid for it?"
Dec. 2, 1930. 18 - 123.
Curbing of speculation 18 - 153, 160.
See -Bark of En'-land
Direct pressure
Discount rates
&peculation
Stewart, Walter
Currency, Emergency
See - Emergency marrency
Currency, lhanrkEed
See - cjanaged currency
Curtis, Vice President
meets, gt dinner to

Marscall.
Nov. 10, 1930. 18 - 108.

Woolley says Hoover wants to drop, and
nominate Theodore
Roosevelt for Vice President. Curtis men are
furious.
Mar. 29, 1931. 18 - 201.
Curtiss,- Pederal Reserve Arent, Boston
C.S.H. with, at Federal Reserve Bank,
Boston.

-^

...

Said his directors were unanimous for him
for Governor, r4 that
he would acept .,rovided the Poard would
appoint in his
place same one in whom he had confiden
ce.
He said they all would like Pierre
Jay.
C.S.H. exIolained he

as ineligible beca7Ise of residence.

He had not heard of
degree but he got the N.Y. Times
and read it carefully.
He said it was shameful that Harv
ard had not given C.S.H. the same
degree.
June 6, 1930. 18 - 7, 8.
J.-.H. --oes to Boston to confer with
, as to new Federal Reserve
Agent, etc.
C-artiss said bank nolitics was cree
-oing into the election of
Governor.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

35.

Curtiss, Federal li&orve Agent, Boton (Contld.)
He said Wing had influenced Philip Allen in the matte
r.
Ripley told C.S.H. that Paddock and Curtiss would
not be
satisfactory as Governor and Federal Reserve Agent
.
Ripley praised Curtiss highly but seemed to doubt wheth
er he , ould
make a good Governor, that he thou-ht he was too
meticulous
and hair splitting.
He seemed to consider him ideal for Chairman.
Aug. 13, 1930. 18 — 48, 49.
C.S.H. has long conference with Curtiss in Boston
as to Governor and
Federal Reserve Agent.
Aug. 19, 1930. 18 — JO.
Gov. Young tells 0.S.H., just as he was leaving
for Mattaooisett,
that last evening in New York Curtis had offered
him the position
of Governor of Federal Reser e Bank, Boston.
Aug. 22, 1930. 18— 50.
C.S.H. called do Curtiss from :lattanoisett.
Clirtis said he had informally made the offer to Gov.
Young for his
Committee and anologized for not having spOken of it
to C.S.H.,
but said that when he last saw him, he knew nothi
ng about it.
C.S.H. said he had nothing to do with the apDointmen
t of governor
and, therefore, there was no reason why Curti
ss shpuld have
consAted him; that the only interest of the Board
was as to the
, alary to be paid; that Sec. Mellon told
him, through Ogden
Mills, that he had .avised Gov. Young to accep
t and hoped the
Board would a7)prove a salary of $35,000; that
C.E.H. said to
Mls this was for his Directors to settle, thLt
if they did he
would do all he could to have the Federal Reser
ve Board approve
that fiture, and that he would speak with Curtis
s: about it.
Curtiss flew up in the air at the mention of
$35,000 as Gov. Young's
salary, and said he would not remain in the
"Bank an instant
at only $20,000 salary; that his salary shoul
d be the same as
that of the Governor.
He finally said he would agree to $30,000 for
gov. Young and $25,000
for hi Iself, or, at $350000 and $30,000.
He said his Directors had left the "hole
matter to him and would
back him uo in anythin.: he recommende
d.
C.S.H. said he did not believe the Federal Reser
ve Board could be
induced to go higher than $25,00 for him even
if Gov. Young
were nven $35,000.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

36.

Curtiss, Federal Reserve Arent, Boston (Contld.)
Curtiss said he would instantly resign if this were done.
C.S.H. said Curtiss should have his directors vote formally
to
tender the apoointment to Governor Young, at their Lieeting
next Wednesday, recommending any .alary they saw fit, - that
his refer n ce to $35,000 was merely to let Curtiss, - our
representative - know how some of the Board, - Sec. ::.eLlon and
L;.S.H. felt.
C.S.H. advised ClIrtiss that his di..-ectors liould not make the offer
to aov. Young conditional on increasing his salary, As that was
entirely for the Federal Reserve Board to d,termiae; that if
it did not increase his salary - Which he felt it ought to do,
then of course he could take any action he saw fit.
Curtiss said he would have his board imnose this condition,
and that
it would lxick him up.
He said he had reason to believe that the Board's refusal
to
increase his salary in January, was because of Gov. Young'
s
oTy)osition.
He said his directors had nractically elected him governor
some
months ago; that this had become generally known to the public
and that it would embarrass him now not to be lov-rnor,
but
to remain Chairman at only $20,000 salary.
Curtiss was very high strung and nervous, and C.S.H. fears
trouble
is ahead.
Aug. 23, 1930. Sat.
18 - 50, 51, 52,53, 54.
0.6.H. calls up Curtiss and asks if he has heard from
Gov. Young.
He said No, but that 3ov. Young said he would teleh
one
Curtiss said that At his interview with Gov. Young in
New York, he
asked him if he could present his name to his dire:A
ors on
Wednesiay for the oosition of lovernor, - that his
Committe
had approved this.
C.-.H. asked that the vote of his directors would
be and whether
it would recommend any salary.
Curtiss said he was to talk with one of his directors and
would
call C.S.H. u? later; that he would tell this direct
or of
his trdk with C.S.H.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

37.

Curtiss, Federal Reserve Agen
t, Boston (Contld.)
C.6.H. said he had no desire to inte
rfere vith the decision
of the directors, but that the Boar
d would be interested in
the salary only, as it had to apro
ve it; that he had
merely told Curtiss in confidence how
Sec. Mellen and he felt.
Curtiss said he understood this
perfectly.
•
At 11:45 a.m. Curtiss called up
C.S.H. and said that if Gov.
Young is
to accent, the Comittee will recommend
his election to the Board of dire
ctors, and that the Board
would elect him on Wednesday, sil7
gesting a salary of $30,000;
that if he did not hear from "rov.
Young by tomorrow, he would
call hi— up.
He asked C.S.H. not to discuss
the matter with Gov. Young as he
wished to keer) it between his A.rector
s and Gov. Young.
C.S.H. exilained thnt he talked with
Gov. Young on Friday —
and that was the first he had hear
d of it, and heEgain told
Curtiss the message Sec. Mellon gave
him through Mills.
Curtiss said his salary should be
imediately increased and that
C.S.H. and Platt should fight for
it.
O. .H. said they 1-1.1Li both r peatedly
fought for it and would do
so again, now.
Curtiss said 1-, would be beneath his
dignity to remain at a
salary of $20,000 even tho Gov.Youn
g pot $30,000 instead of
$35,000.
C.').H. said he would be at the Some
rset Club, Boston, on
Wednesdv and subject to call if he
or his directors wanted
to talk with him, but that under
no circumstanc s .,ould be
attend the directors' meeting
unless sent for.
C.S.H. said he would try to have Plat
t in Boston on Wednesday
ready to discuss lov. Young's and
his salary.
Curtiss said he ho ,)ed we could be
there forthis nurpose.
At 4 -).m. C.S.H. called un Gov. Younf
r and asked him to come to
Mattaooisett this evening. He coul
d not as Mr. Young had
just written that her Father's trou
ble was cancer and not
prost:Ite.
He said he v.ould call uo Curtiss
tomorrow and would let me
know what he said.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

38.

Curtiss, Federal Reserve Agen
t, Boston (Cont1d)
C.S.H. told him he thought the offe
r would be $30,000. He asked
if C.S.H. had seen the director
s and C.S.H. said No, because
he felt they might feel the Boar
d was intruding, but that
he h3d asked Curtiss to tell his
dil.ectors that he and Sec.
Mellon would vote to ap?rove $35,
000 if the directors fixed
this as the salary.
At 6 p.m. Platt wrote that he
thouirht $30,000 for Gov. Young
and $25,000 for Curtiss would be all
right, but that he
was op)osed to $35,000 for lov.
Young.
His letter was dPted Sat. evening Aug.
23, 1930.
st1L:f. 25, 1930. Monday.
18 — 54, 55, 56, 57.
C.S.H. heard nothim, from Curtiss
altho he said he would let me
'mow the minute he heard from
Gov. Young.
At 5 p.m. C.S.H. called u-) 3ov.
Young but got not answer.
C.S.H. d cided, not having heard from
Curtiss, he would not go
to Boston tomorrow, and is angry with
Curtiss for not calling
him U.
C.S.H. feels there is something ouee
r in this business. He knows
that Curtiss, from what he said over
the telephone, is
bitterly disapoointed at not being
made governor, to which
months ago he was practically elec
ted.
Why then did he go to New York
to offer it to Goy. Young?
C.S.H. is beginning to suspect that
some one, perhaps Wing, has
been working to prevent Curtiss bein
g Governor and has started
the boom for Gov. Young. While Curt
iss said his directors
would not go over $30,000 for Gov.
Young, C.S.H. suspects
that Ogden Mills has been workin,
7 on the directors for $35,00G
Aug. 26, 1930. Tuevday.
18 — 57, 58.
C.S.H. did not En to Boston as Curt
iss did not call him up as
he agreed to do.
0..H. heard nothing from e 4 ther
Curtiss or Gov. Young toaay.
Aug. 27, 1930. Wedne-day. 18 — 58.
No word from either.
The morning paper announced
the -esirmation of Gov. Young
from
the Federal Reserve Board
and his election as Governor
of


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

WIMIP
1.1,141CAPM400,~
,

Curtiss, Federal Reserve Agent, Bost
on (Contld.)
the Federal Re,erve Bank, Boston.
C.S.H. called up Gov. Young at 12 ::. dayli
,p7ht savings time and
congratulated him, saying he had not heard from
Curtiss for
3 days and was :
. amewhat disturbed.
Gov. Youn sL..id he should have called
u) 0...H., but he had been
so busy he had forgottetto do so.
said he did not exnect to hear from him,
but taat Curtiss
should have kept him a,ivised.
Gov. Young said his lalarywas fixe
d t 30,000 with a somewhat
vague intimation that it might nossibly
be increased in the
future, but he asked
not to tell Cuthss this.
C..).H. told Gov. Young that elatt was
tomorrow.

to nattapoisett

Gov. Young said he thowht Platt was with
me the other day and that
he should h9ve told him about it.
C.6.H. said he had told Platt over the
teleqhone and this seeme,:
to relieve him greatly.
Curtim

alied up 0..;.H. at 12;:,0.

He said he called me

t the Somerset Club yesterd4y.

C.S.H. asked him how the matter of Gov.
Young started.
Curtiss said he first he.ird of it t.lro
ugh Owen Younr in New York,
who said there was p. chance of
rettine. Gov. Young for the
Boston bank; tht he prranged a meet
,_np. with Gov. Younp last
Thursday in New York, in behalf of his
directorsIthat ne
then offered him the nositiln.
He asked whether
later.

kn w of it, ano C.S.H. said No, not lati
l

Curtiss said he was satisfied that
Wing engineered this when in
Washington lately :Ind that ae talked
about it with Hoover.
0.6.H. said. Wing had never mentione
d it to him.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

40.

Curtiss, Federal Reserve Agent, Bost
on (Contd.)
Curtiss said he taou4:ht the matter star
ted when he told his
direvtors that he could not find a man to
take his place
as Chairman, and that he mi,ht have to
resign as Governor.
He said he had not been formally elec
ted as Governor, but the
directors had formally notified him that
he could have it.
He urged 0.6.H. to nush the matter of his
salary and said his
airectors wol_Ild soon communicate with
the Feeral .Reserve
Board as to this.
0.6.H. f:aid the directors must be nren
ared to answer the euestion
whether his duties were more imoortant
than, e.g. taose of
Federal Reserve Agent Newton of Atlant
.
He said the cost of livinr was hither
in 13o ton, also all p.eneral
salaries and wages,
He took the position that
Federal reserve agents shoula have
salaries as high as those of the Governor
, and said that not
to recognize this would be to admit that
the Board was
influenced at New York by pressure to mrlice
the salaries ecual.

. . .

C.S.H. said the question of relative
salaries of Chairmen and
Governors was a very broad, imeortan
t cuestion.
Aug. 28, 1930. Wednesday.
18- 58, 59, 60, 61.
Oartiss referred C.S.H. to a Mr. Mars
hall of Wellesley who had
black French poodles for sale, saying
he had a litter born
in May but wanted $150 &niece.
Sept. 10, 1930. 18 - 73.
See scrap book Vol. 111)
Curtiss tells 0.0.H. that he first hear
d that Gov. Young was
available from
iinley who said that Owen Young had so
telenhoned to Nelson Perkins, who told
Rioley; that Ripley
said to hL - Curtiss- that "we do
not know Gov. Young, and
if we take him it will be on ,i ,ur judI
nent and_ advice; that
he thereu7)on went to New York to
see Gov. Young and asked him
if he could ?resent his name to the
directors the next week.
Curtiss said that in his search fora
new Chairman he had broached
the aglitter confidentially to:
1. Jere Smith. 2. Eliot Wadsworth
3. Georp:e Munford. 4. Arthur
M. Heard of .,lanchester.
5. The President of a natinnal bank
in New Haven, Conn.
6. Allan Hollis, Present Class C
director. 7 . Janes Dean.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

41.

Curtiss, Federal Reserve Agent, Boston (Contld.)
Curtiss said none of the above would consiuer it; that Mumford was
now getti.ig $35,000 and could not afford to take it; that
the President of the Yew Haven bank was getting $30,000; that
tae others would not consider it for other reasons; that
:in. :earl said he as advised that it :as a )usely political
position, with no power nor dignity and he would not consider it.
C.S.H. dines with nr. and Lim. Curtiss at Oarlton Hotel. Federal
Reserve Agent Austin was also ti-..ere, and a hrs. Pratt of Boston.
Seit. 24, Wednesday.
18 - 84, 85.
C.S.H. ..ttends di.lectors ..reeting at Federal reserve bank an has
long conference with Curtiss and 'c)v. Young as to open market
mAtters and general conditions.
Oct. 8, 1930. 18 - 93.
C.E.H. has informal talk with Gov. ::.eyer, James, and hiller as to
Curtiss's salary.
James did not object to increasing it provided salary of Newton,
Federal Reserve Agent, *tlanta, was also increased.
sc,id Curti:,: was
increased, and he
the only chairman
was awreason for

a weak man and his salary should not be
would not adLait that the fact that he was
receivim , the same salary as a De,)uty Gov.
incresing it.

Gov. Lieyer s, id if he was a good man he ount to get $25,00,) and
if not North that, he should not be rea) ointed ,t all.
Gov.

eyer also told James he could not caupare a relatively small
bank like Atl:dita with Bo ton.

Finally James :aid he would vote :e-ainst any increase -t the
-)resent tile.
C.S.H. answered :Merit; dhre of unfitness by stating that
Curtiss as unanimusly o'ere6. the Governorshi ) b,/ his
director: that that he h -,:d acce)ted but :efused to Ave a-)
the Chairmanship until some one co .4 be found for it; that
he and C. .H. s ent mmths in a vain attem)t to s, cu-e a
good m4m; that -e could not ,let one although we apiroached
in confidence seven different Llen; h t ;he Bo ton bankers
felt that the Federal Reserve Board haa d nrived the orfice
of its dignity and imnortance by kee)ing the salary on a
lev-1 with that of De)uty lovern)r, - the only Chairman in
the 5ystem so treated; that when Curtiss heard t.pt Gov. Young
was available he voluntarily tve 11.) the
Governorshi) so that


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

42.

Curtiss, FederEl Re:;erve
iL'ent, Bo ton (Contld.)
his directors could ;I-) ,oin
t Gov. Young; tho.t for at least
a year )rior to 1-ov. T.1
d-iLth 1.1101 to the )resent time,
Curtiss haa practically filled
both offices.
We then adjourned to the Boar
d meeting and elected ,11101. redesieynate
d
all the Federal reserve agents
, leaving, how ver, the cuestion
of salaries to be taken ix) fte
r the first of tile coming year.
Dec. 11, 1930. 18 -.1-5, 126.
Curtiss called u) 0.3.H. and
said th;.t Kidder, Peabody & Co. ere
eMbarrassed by d-alings with Cald
well, of Nashville, and by
withdrawals of time de )osits
made with them by the B.I.S. in
connection with British debt paym
ents to -.T.S.; that they
had )ut in new canital and were
now all ri -rht.
Dec. 11, 1930. 18 - 127.
Last week the Board refused to
increase C'Irtiss' s salary.
0..H. aseced finally for
a merely nominal Increase to $23,000 to
raise the salary above that
of Deluty Governor 2voddock,$20,000, and /)ointed out that
he was the nly Chair- Ian
receivinr, as low a aalary as
a Den Lty Governor.
.d fully ex)ected that Gov. :ley
er would support him, as, but
for Curtiss's action in withdraw
ing from the Governorshi/?Oov.
Young could not have been ar)•
)ointed Governor, and thus
Gov. Meyer could not hive been
made Governor of the Federal
Re. erve Board, and Curtiss woul
d hive become ^taverner of the
Federal Reserve Bank of Boston
at a salary of at least $25,000.
Gov. Meyer, harever, did not seem
to be
- 11 interested, nd
told C.S.H. that while they
all a ) trecii:ted his local pride
in Yew England, they all felt ther
e should be no increases
this year, and ha_ consistently
-:.rried this out with the Bo
own an doyees in Washington.

s

They did not consider the meri
ts at all.
As Gov. Meyer, Miller nd Jame
s all said they would vote ax-..ins
t
any motion to increa:e Curtiss'
s salary,
did not "ant
to humiliLite Curtiss anu therefor
e made no fo2mal motion.
The Board at the -)resent time
'....)nsists oF Sec.
Gov. Meyer, James, :aller, and
C.7.H.

the Comotroller,

This makes 6 only, there beln.2 vacancies.
With Gov. Meyer, .1ler and Jame
s- voting No, C.S.H. could only get
3 votes, assumin- that
Sec. ellon and the Corn
Aroller voted -


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

43.

Curtiss, Federal Reserve
117ent, Boston (Contld.)
favorably and this would hav
e left the vote a tie, —
Lnd the motion would ilv
e failed.
Jan. 20, 1931. 18 — 148.

t`.

See — Federal National Ban
k, Boston
Federal Res-:-ve Bank, Bos
ton.
Customers loans
lovernor Harrison in error
in szying that collateral loans
dia not
increase in 1929 but had
remained stable.
While bro:zers loans had rem
ained, relatively stable at New
York
.3ity banks for own accoun
t, customers security loans hal
steadily increased. (See
scrap book).
Jan. 26, 1931. 18 — 153.
Gov. Young made a similar
error in his Old Point CoJfort add
re,2s.
See — Sera') book
See — Young, 7,0v.
Gov. Young in letter of A:9r
i1 9, 1929, to Board said the who
le
trouble arose from the increa
e of customers security
s7)eculative loans.
See - Young, 'yov.
So also, "clarrah by letter
to Board of .Ay 10, 1929, denied
that
the Federal reserve bank had
any ri,
7'it to examine into
customers security loan.
See — Mektrrah.
Cttting down number of Fe_
eral reserve districts.
Old controversy of 1915.
Uiller went over with C.S
.E. the old controversy of 1915.
He said he never a- reed to
vote to cut down the Feanral
reserve
banks;that he so told the
Committee.
He s2oke of a meeting at the
:detro-)olitan Club then the Com
mittee
urged him to (Ere. wi
-,hem,and finally induced him
to
prepare a araft of re)ort
.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

44.

Cuttine; clown number of Federal rest rve districts (Contid..)
He said. he finally did this but told the Co.ii.iiittee it would
surely fail; thit it as a mistake to brinr, in a ccwolicated
report in favor of cutting down; that the farthest the 3ou.ittee
s.iould have gone ',:ould hz:ve been to ask the Poard if it would
agree to take u) the nuestion of rediFtrictin ,-.
C,4o..lidittee thought and Yk.d reason to thirict.la.t
C. .H. believes
r was with tlEril.
Alt the meeting of November 15, 1915,
voted
motion asking tie Committee to state the f-cts
data on which its re :ort 1- 2-s founded, and this
indicate that at that tiie, at least, he sided

against
and produce the
1,iou1ci seem to
with the Coiam-Lttee.

again referred to the interviev, -Atli Sec. Lane on llonday
morning, he thought, 1;ov. 22, 1915. He aid bee. Lane a?ologized
for comin; to him at 'Nilson's recaet.
said he told Sec. Lane to tell President WL.son that the
Comtaittee -.)
. lan could not he L.Lo7)ted without his vote and that
he 1:ould. not sucnort it but would. vote J.- -ainst it.
Sept. 4, 1930. 18 - 68, 69.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

45.

-D-

Dr.ul erfiela, Fox
aaont to
,ratulates, on his en
aien Leona-Al humorously con,
Gertrude ,.yer who has entertained him much recently.
r.12, 191.
18 - 182, 18;3.
Davis, -rthur W.
t-yri that, Chairman of Board of Aluminum Com-)any, is one
of the directors of i.rine Adland Cor )oration, rilose offer
,iny
he has accented and he thinks ooints to bc. :e don as h:),
-)ut throu41 the offer.
SeT)t. 10, 1930. 18 - 73.
Davis, Norman
We meet Mr. and .:rs. at dinner of Dr. Butler in 'Jew York.
Dec. 8, 1950. 18 - 124
See - Wilson, Mrs. 18 - 179.
Deliffroi 18 - 104-.
See - cu11en, _Ass.
Dean, Ja:ues
Curtif's unable to )ersude, to become Chairman of F ideral Rerve
Sept. 24, 1930. 18 - 84, 85.
Bank, Boston.
Said he was advised that the position was a aurely )olitical one
without prestige or influence.
Sept. 7)4, 195.18 - 84, 85
Deaths
See - Oun.ingham
Howe, Henry
Rims, Jeannie
Decker,
See -

Deflation
Gov.

lov.
"roman, Gov.
Stevens, Mrs.
Winslow, .7.eorge
Committee for
o-)posed recluet of Oen
holdings of
its
time
to
time
fm
sell
'cio
authority
-ithout
done
be
could
it
if
s-curities
Gov-frmaent
the
market.
injurin

Feared it would be taken as a sign of a major ,olic of defl tion.
Jan. 21, 1931. 18 - 147, 201.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

46.

Delano, F. 4..
At aetin of Carnegie Eftdorme
nt, Delano ci:..me in LLte. He
did not congratulate C.-.H. on
:lie L.L.D. dxgree, but
very likely hLd not herd of
it.
June 3, 1930. 18 - 7.
Dines ';-ith us

t liattanoit-zett to meet Euene
Aug. 15, 1930. 18 - 49.

We meet :Ir. :lid Urs. Delano ct
dinner of Catherine ()rant,
Fairhaven.
Se )t. 13, 1930. 18 - 74.
We dine with ir. and :.rs. Dela
no.
Present:
Sen. H.nd .:rs. Reed, Pa.
Sen. and ::rs. Walcott, Conn.
-rs. Burlin
Nov. 27, 1930. 18 - 121.
H. P. H. lunches

-rs. Delano.
Dec. 2, 190. 18 - 13.

rs. Delano invited us to noon Christma
s dinn r, but we 1-id
A.ready accepted invitation of Lydi
a Biddle.
Dec. 25, 1970. 18 - 134
Democratic victory, 1930.
Democrats.

18 - 106.

'ov. ::eyer. 18 - 157.

See - Ueyer, by.
Uiller
Dep&stent of Commerce
says Hoover came under influence of, whic
h gave him
only fiFures they tLlo_Lrlit v. 1LL Jease
him.
::ar. 25, 1931. 18 - 198
Deouty lovernor.

18 - 125.

See - Curtiss, Federal Reerve Agen
t.
Di:Iners (See also lunches, rece)tio
ns, sunpers)
C.S.H. dines vdth Dr. Butler.
June 2, 1930. 18 - 1.
We dine v itI

ertrude

y r.
June 11, 1920. 18 - 15.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

47.

Dinners (Contid.)
:irs. MIL .1e:. Warren.
June 2. , 19:0. 18 - 123.

dines with

dine

with Rachel Hale.
July 10, 1930. 18 - 37.
July 2Z,, 1930. 18 - 41.

1.H. and H.P.H. dine at New Bedford Club as rueFts of
:.:a;;- or Ashley. Tercentennary.
July 28, 1930. 18 - 44.
We give di' qer to .1.av. Young, .Attapoisett.
Aug. 2, 1930. 18 - 45.
.H. dines with ?Tertrude ier, Washintln.
Aug. 5, 1930.18 - 46.
We give dinner to

r.-

_att. poisett.
18 - 49.
1930.
15,
Aug.

We dine with Ambassador Houghton.
Aug. 28, 190. 18 - 31.
C.S.H. dines witn Dr. :all r. Se-A. 4, 1930. 18 - 67.
We dined

Cathorine ;rant.
Se-)t. 12, 1930. 18 - 74.

We give dinner to Mrs. Winsor Weld, et als., Ma-.:tapoisett.
Sept. 1: , 1930. 18 - 74.
C.S.H. dines with Dr. Miller to meet Federal Advisory Council.
Set. 15, 1930. le - 74.
C.S.H. dines with Lir. and 1..irs. Curtiss. Carlton Hotel.
Sept. 2 , 1930. 18 - 85.
C.S.H. dines with

We h-ve

and Ertl. Warren.
Se?t. 30, 1930. 18 - 89.

.:rs. Pease at dinner.
Oct. 10, 1930. 18 - 3.

0 S.H. dines with lov. 1.:eyer to met lov. of Bank of Sweden.
Nov. 3, 19 O. 18 - 107


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

48.

Dinners (Contld.)
diner_ with With Helm.
Nov. 8, 1930. 16 - 108.
dinev

"rs. ThomL-s P. Walsh to meet _rs. Marshall.
Nov. 10, 1930. 18 - 108d

dine

with "rov. i.eier to meet .2ir Ch:
tddis.
Nov. 25, 19:0. 18 - 119.

dine

with :r.

•

nd Mrs. Delano.
Nov. 27, 1960. 18 - 121.

We dine with Edith Hel.

Dec. 4, 1920. 18 - 12.

We dine with Dr. Butler, 7. Y.
Dec. 8, 1930. 18 - 124.
We dine with Mrs. aordoni•Ciziaing.
Dec. 24, 1930. 18 - 134.
We take Christmas

We dine with

inner with Lydia Biddle, Noon.
Dec. 25, 1900. 18 - 1:4.

•

rs. leorce
Dec. 25, 1930. 18 - 134.

We dine with Mrs. HeerraLui to me ,t Sec. of State and Mrs. Stimsou.
Dec. 28, 1930. 18 - 137.
We dine • ith Mr.

nd Mrs. Charles Warren.
Jan. 18, 1931. 18 - 146.

We Line A.th With Helm.
We dine with %en. and

Jan. 22, 13. 1. 18 - 1.19.
Crozier.
Fe . 1, 1931. 18 - 157.

We dine with Mr. and :rs. Jouett Shouse.
Feb. 3, 1931. 18 - 158.
a - tends dinner of '17ashim.ton Earvard Jlub.
Feb.
191 18 - 159.
We dine

ith Mr. nct :rs. Chauncey Parker.
Fe. 11, 1931. 18 - 160.

'7e dined with

_rs. Van Ness 17-hL11).
Feb. 19, 1931. 18 - 113;.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

49.

Di aiers

Cont d.

We rive dinner to Richa:d ClPv-land at Woman's Yationr1
Democratic Club.
::arch lb, 1;Z1. 18 - 18.
We dine vith ir. and ..rs. Geo. ,Ic31e11an to meet Sen. -n. "rs.
Bulkley.
Feb. 20, 19.1. 18 - 167.
We dine 'ith Geon2T Foster Peabody at Shoreham Hotel.
Feb. 23, 1331. 18 - 170.
We dine at Woman's 'Aitional Democratic Club with Senator and
Mrs. Marcus Ooolidsm as our :--uests.
Feb. 25, 1931. 18 - 171.
We dine with Jwtice Brandeis.
Liar. 7, 1931. 18 - 178,

leo.

We give dinner to Senator and Mrs. Bulkley et als.
;lax. 10, 1931. 18 - 181.
We dine ,ith .Jen. an- I:rs. Cordell :
-.211.
:Iar. 15, 1931. 18 - 183.
Dirct action
Last week at te Joi:It Conference of Governors and Federal
rescrve a„.ents, 77,o. Harrison :-ot the Plovernors to
ap.yAnt
Ckwernors Co.11ittee to consider Federal
res.rve )olicier durimr the 1.cent nact and to sugget:t
further im,)roveAent:-.
C.S.H. fears lov. Harrison is tryin- to obtz_in a criticism of
Bo rd's dirr-ct actipn jolicy.
Se)t. 30, 1930. 18 - 88.
1:i11er an lov. Young, as to direct action, tried to carry water
on both f;houlderp, 0-))osinr: it in tlr Board and fTttim:
the -redit of it )ublicly.
:aller felt that the direct pressure incident raised the question
whether the Federal Reserve Bank, "gew York, is to
dominate the Federal Reserve Board as to rate policies.
Sept. 30, 1930. 18 - 89.
C.S.H. talks with 1.i1ler abut an
the history of.
t orouehly

fticle 0.5.H. is p_-eoaring on

.rwed.
Oct. 3, 1930. 18 - 31.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

50.

Direct action (Oontld.)
.Aller criticised Gov. Young for not helping Board as to.
Oct. 3, 1930. 18 - 91.
oes to :,:attz)oisett to complete his article on.
Oct. 3, 1930. 16 - 92.
.;.S.H. at work on.

Oct. 4, 1930. 18 - 93.

C.S.H. tells iller that he told Gov. Ueyer he was writing
an article on, and that Gov. :,:eyer said, nYou did not
think much of it, did your
C.S.H. replied th?t he thought everytl,ing of it and believed it
had sue-.!eeded.
0.b.H. got the idea that Gov.
Oct.

rove of it.
did not
19 -0. 18 - 100.

O.S.H. finishes his article on, and rave To des to Cunnin h:m
and MillEr in confidence.
Oct. 2:, 19:0. 18 - 101.
tells Glass his inve:ti -ration will reveal the trumn of
Boardls )olicy of
Nov. 18, 1930. 18 - 114.
C.S.H. said, reduced Federal reserve credit 1.-j r,lillions and
reduced security loans 350 millions, while comiercial loans
increased 400 millions. Nov. 19, 190. 16 -114.
James said Barney Baruch was sent down from N. Y. to Tn.su:...de him
to abandon, but that he pers1L de him, was
Nov. 24, 1930. 18 - 119.
Gov. Harrison said he did not believe in.
Jan. 24, 1930. 18 - lbl.
Owen :4 YounF told Glass Committee that, had failed, but he felt
that the Federal Reerve Board had reasonable 7.rounds for
Its elterlination to ado-A it.
Peb.4, 1931. 18 - 158.
Miller sa;:s Stewrt told him the Bank of Falland exercised
surveillance over the acceptance houses and i‘sue houses
lice or akin to our diect pressure.
Peo. 7, 1931. 18 - 160.
(Some time aFo iAller told O.S.H. that j:kr. Traylor told him
that the Board was right in its policy of dipct pressure.)
18 - 172.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

51.

Direct pressure (Cont 'a.)
sat:, Hoover sid he thanked God the Federal Reserve
Board ha:i. the courge to hold up the Fedr,1 Reeve Ban ,
New York.
Uar. 25, 19)1. 18 - 17.

Discount of Non-member bank paper
Fed,?r71 Reserve .tent .1cOlure favored suzpensi-n of. regulatIon
forbidding, through member banks for a fixed period.
Hoxton, 1:orton

Gov. Black objected.
Set. n, 13:i°. 18 - 82, 83

Discount T, olicy
Gov. Ideyer .efuses to commit himself on, to Senator Brooirt.
Jan. 31, 1931. 18 - 1b7.
See - Discounts
Discount rate controversy. Board L,11, Federal Reserve Bank, New York
See - Glass
C.S.
Discount 1.. ;-tes
Gov. Harrison spent 34 hours with C.3.H. at Cos:Jos Club to
persuade him to agree to aTrove v. reduction next Thursday
to 2N.
June 15, 19O. Sunday.
18 - 16.
•Gov. Harrison asks Bo rd to -1,Jrove 2N540 rate which is diectors
contemaate next Thursday. O.i.H. said Gov. Young- way f ,vored it.
1.f
)rove reduction or :5:;0
0..H. moved to --)Jrov, , and also to vp,
by any other Fed ral reserve ba4.
.H. motion pa-ed.
Aye:
No:

Sec. _ellon, Platt, C.S.H.
James, Ounai
ara

Ounlivham was f;iven right to chanFe his vote when minutes were
read at next meeting.
June 16, 1930. 18 - 19, 20.
Federal Advisory Council

See - Co.:1111Juit,/

nroves Board's discount 2o1icy.
Sept. 16, 19:.0. 18 - 74, 75.

52.

IT


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Discount r.tes (Contld.)
iiIllT said he drove with Hoover but that he Faid rithing to
indicate that he disa )roved of Board's refused increase,
at New York froa5 to 6%.
Sept. 30, 1930. 18 - 90.
Glass says, should not be .„vanced to sto-13 speculation.
Nov. 19, 1930. 18 -.113.
Board

)roved 2% for Fedr.1 Re. erve Bank, New York.
Dec. 23, 1900. 18 - 1:34.

New York Tt.les criticises Board for not :11owin7 New York to
increase to 0 in 1928.
An error, 'Jew York asked :'or no increae fram July 13, 192C (5'.3)
Jan. 25, 1:1. 18 - 152, 154.
to Feb. 144 1929.
See - Miller
New York Times
Gov. Harrison sz- id if 6: did not succeed he would live voted
Jan. 24, 1931. 18 - 151.
7.

or

Gov. Harrison and his directors on osed direct )resure and f vored
increase of, to curb speculation.
Jan. 26, 1931. 18 -153.
Ounnini.ik told ,;.S.H. that Gov. Harrison said to him that Gov. Norman
told him (Harrison) that Federal Reserve Bank, New
should go up to any extent, even to 10 or l2 to break the
Anril 18, 1929.
stock market.
June 28, 1929.
16 Diary 25, 124 (208).
When tilt. Federal Reserve Board asked for a heart to heart conference
as to increasinr. discount rates, lov. Harrison L'e lied
they would came but wished dtcount r tee incresed first.
18 - 155.
Walter Stewart told .Aller that Gov. Norman told him - Stewart that to try to curb the 1929 sneculati)n U.S. by increases
in discount r tey )uld be like spittin7 against a stran7 wind.
Feb. 7, 19:1. 18 - 160.
Gov. -eyer said the practice of Federal Reserve Bank, New York, in
imposing a condition, when initiating discount rates, of
immediate decision by the Feder. Reserve Board, was
indefensible and no s'nould tell lov. Harrison, with consent
of our Board, to drop the practice. No one objected.
Feb. 15, 19:1. 18 - 131.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

53.

Discount rates (Contla.)
Federal Advisory Council said the credit situation yould be be:7';
served if tile natural flow of credit is 1.12thempered by open
market operations or chE..nes in discount rtes.
Feb. 17, 1931. 18 — 162.
;.`rov. Younp- tells 3.3.H. that C;ov. Harrison said his directors were
positively o osed. to increasing, in Ja.i. 1929:
16, 1931. 18 — 184.
See — Direct zessure.
Discounts
Glass concedes iitt a ilember bank well managed sliould be allowed
discounts of eligible paper to build •Ltp reserves impaired in
part by a not =reasonable :Tlicylnt of specu.lative loans.
Nov. 19, 1130. 18 — 113.
Glass said Cong. Garner told. him he had. heard. th- t the Federal
any, in 13..ov.
Re: f-rve sank of Atlanta had refused to
Dec. 1.930.
C.S.H.c.iled-un F.
,c) told Tilass.
,

A7ent Newton 1,3ho atd this was false, and 0.6.H.
Jan. 6, 1971. 18 — 142

Glass put questions to 3ov. Harrison indicating that he believed.
a Federal res -rve bank could. not lawfully grant discounts of
eligible paper to a bank c...rrying• speculative loans.
Jan. 20, 1931. 18 — 146, 147.
Gov. Harrison said a iamb . 1. bank could not ascertain the use made by
customer of money borrowed, nor coula tlie Federal reser e bank.
Jan. 24, 1931. 18 — 131.
)ov.'er to Federal reserve hanks to
Owen T. Young f; vored.
to discipline a member bank.
suspend. the ,rivile;:m of di countin
Feb, 4, 1.931. 18 — 158.
Liscourtesy. 18 — 123
See —
Dodge, Col.
A pall bearer at funeral of Jeannie Rif; .s.
June 13, 1930. 18 — 16.
Lodge,
.H. meets, ; t dinner with ;:rs. Delano.
Nov. 27, 1930. 18 — 121


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

54.

Dole

nce
Gov. Harrison said that the dole, once a question of insura
had now become a pure gift.
Dec. 20, 1930. 18 - 132-A

Darr, George
We have, at dinner.

Mar. 10, 1931. 18 - 181.

Daw, Marion
C.S.H. writes Rachel Hale giving her history of, who married
Dec. 1, 1930. 18 - 122.
James G. Blaine, Jr.
Duchess of Athol
See - Athol, Duchess of
Dudley, Gov. Thomas
We attend unveiling of a tablet in memory 9f, at State House,
Boston.
•
or
Rev. Samuel Eliot delivered it to the state and Lt. Govern
June 7, 1930. 18 - 9.
Youngm.tn accepted it.
Mike of Wall Street
Gov. Meyer refers to Ca. Mitchell as the deposed.
Feb. 20, 1931. 18 - 167.
Dunn, Dr.
See - Blood pressure
Blood sugar


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

55.

Easy money policy of 1927.
Cunningham attacked, almost bitterly:Gov. Meyer said he
doubted whether the export trade at that time needed
the assistance claimed.
Oct. 15, 1930. 18 - 96.
Economic crisis
Gov. Harrison said Great Britain was almost destroyed by taxation;
that the dole, once insurance, had become a pure gift; that
her difficulties were greater than those of any other
Dec. 20, 1930. 18 - 132-A
country.
See - Great Britain.

Gov. Harrison said there was now an, in Prance which begpn only
a few weeks ago * * *; that prices were advancing very
Dec. 20, 1930. 18 - 132,A (2)
rapidly.
See - Prance.
Gov. Harrison said Italy was in a bad way as she could not
Dec. 20, 1930. 18-132-A (2)
balanace her budget.
See - Italy
Gov. Harrison said there was great depression in Germany and that
unemoloyment was increasing very rapidly; that a socialistic
movement was threatened which might imperil the capitalistic
Dec. 20, 1930. 18 - 132 A (2)
system.
See - Germany.
Election day, 1930.
We spent the evening with Mayor Ashley at City Hall.
Nov. 4, 1930. 18 - 106.
Eligible paper
Glass conceded that a member bank properly managed could
discount, to keep up its reserves impaired in not
unreasonable part by granting speculative loans.
Nov. 19, 1930. 18 - 113.
Glass puts questions to Gov. Harrison apparently inconsistent
with above.
Jan. 20, 1931. 18 - 146, 147.
3ov. Young reads a proposed amendment to make Stock Exchange
collateral eligible for member bank collateral notes.
Jan.21, 1931. 18 - 148.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

56.

Eligible paper (Oontli.)
Federal Advisory Council opposes making finance companies
paper eligible for discount.
Eliot, Rev. Samuel
Presents tablet in memory of Gov. Thomas Dudley to Mass.
June 7, 1930. 18 - 9.
Emergency currency
See - Aldrich-Vreeland notes.
Enions, Nelson
Approaches C.S.H. 6o buy land on Peco Beadh and developing our
Mattapoisett property to accommodate it. He intimated
his client might pay $10,000 for a little over 1 acre.
Sept. 21, 1930. 18 - 79, 93.
Ennone said it was for a Mr. Davis, an engineer.
Sept. 27, 1930. 18 - 88.
(Finally abandoned)
Ernst, Helen
C.S.H. calls on.
Writes C.S.H.

Oct. 15, 1930. 18 - 96.

Feb. 19, 1931.

Sends copy of his radio address to.
Mar. 16, 1931. 18 - 184.
Writes C.S.H. Mar. 19, 1931. 18 - 188
lerving, Langdon
C.S.H. tells the Warrens that the daughter ,was shot by her
brother, who is now in an insane asylum.
June 23, 1930. 18 - 24.
Eustis, Edith
Mrs. Harriman speaks of Mrs. Wilson's intimacy with, as
extraordinary.
She said that years ago she heard Edith Eustis say the most cruel
and abusive things about Mr. Wilson, not critiCism but
vicious attack; that Constance Lodge did the same but not
so viciously; that it btought tears to her eyes; that
Constance wrote her a letter of apology, which Miith Eustis
July 9, 1930. 18- 53, 34.
never did.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

57.

Eustis, Edith (Contld.)
Rachel Hale told C.S.H. to tell H.P.H. in confidence that,
has joined the Roman Cat'xilic church.
Oct. 14, 1930. 18 - 95
Rachel Hale said she had lunched with Edith Eustis and had a
good talk with her as to her joining the Raman Catholic
Church. She said Edith seemed very happy and said the
Church told her it would not interfere with her daughter's
confirmation in the Episcopal Church.
Oct. 30, 1930. 18 - 103.
European central banks.
•

•

•

18 - 132 A (3)

See - Central banks
Conference. Central European banks.
ft.-officio members. 18 - 187
See - By-laws.
Examination of member banks
Gov. Harrison said it was a grave
res.'.irve bank is responsible
state member bank which was
Dec. 19,

question Whether a Federal
for the condition of a
not borrowing from it.
1930. 18 - 131.

In 1921 during the dantroversy between John Skelton Williams
and Gov. Strong, Gov. Strang oontended that the
Comptroller through his examination was responsible for
the condition and banking practices of national member
banks.
Soy. Harrison said that was the intent of the Federal Reserve
Act but that the public now expected more from the
Federal reserve bank and that more must be done.
.131.
Dec. 19, 1930. 18
Gov. Meyer said the Federal Reserve System was responsible for
the soundness of banking methods of member banks Whether
they are, in fact, borrowing from Federal reserve bank or
Dec. 19, 1930. 18 - 131.
not.
Gov. Meyer seemed to feel that the Federal Reserve Board should
make all exauinations of member banks but said that
Dr. Miller opposed this for reason that the Peieral Reserve
Board was a supervising and not an operative Board.
C.S.H. gi,id Dr. Millicprobably objected to Gov. Crissingeris plan
of a Federal flying squad to make all examinations.
Gov. Meyer said bank sound.ness was a national question, - to which
C.S.H. agreed, but said the Federal reserve banks should

•••••••,•••=1•MM•••.•••••••••••••••••••••


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

B8.

Examination of member banks (Cont id.)
to the examining under supervision of Federal Reserve Board.
C.S.H. said that if the Federal Reserve System is responsible for
sound ban cing conditions, its responsibility applies to
national, as well as to state banks.
Gov. Mayer said Board would take this up later.
Dec. 19, 1930. 18 - 131, 132.
Owen D. Young favored all examinations of member banks, state
and national, by Federal reserve bank, and said that the
Federal reserve bank should be responsible for loaning
practices of member banks with authority, if necessary, to
suspend them fram privileges of discounting or refuse
discounts altogether.
Feb. 4, 1931. 18 - 158.
Federal Advisory Council reco,Jmended that Federal reserve banks
ihould take part in all examinations of member banks so as
to be cognizant of the quality of the investments and loaning
policy of the management.
C.S.H. pointed out that there was no reference as to between
examinations.
Miller suggested that the Council broaden its reconnendation.
The Council adopted this suggestion and finally recommended that
Federal reserve banks should be held responsible for the
loaning practices of member banks, without specific reference
to examinations.
This meant and was understood to mean, responsibility between
examinations as well as at examinations.
(See scrap book)
Feb. 17, 1931. 18 - 161, 162.
Executive session, Glass Comuittee
C.S.H. asks Glass Committee to consider any part of his testimony
in, if it so desired.
Jan. 24, 1931. 18 - 150.
Expansion, Credit
See.Credit expansion
Uport trade
Gov. Harrison said one reason for reducing to 2% was to revive.
June 16, 1930. 18., 19.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

59.

Failed banks
See - Weak banks
Fairhaven, Mass.
Catherine Grant writes they are to be in, the coming summer.
Feb. 28, 1931. 18 - 174.
leacher, Gov. Federal Reserve Bank, Cleveland
Told C.S.H. the Open Market Co:amittee felt it had power to buy
Government securities in any critical emergency but did not
wish to go contrary to recommendation of Federal Advisory
Dec. 20, 1930. 18 - 133.
Council.
Fascism
salaries
Gov. Harrison said Mussolini's policy of reducing
will be real test of.
.132-A (2)
Dec. 20, 1930. 18
Federal Advisory Council
of,
C.S.H. tells Gov. Meyer he is to preside at meeting
of the
list
a
Sept. 16. C.S.H. read him over telephone
72.
Sept. 6, 1930. 18
Council.
Meeting with Federal Reserve Board.
as
The members seemed generally to approve Baard's policy
asked
l
sPvera
but
to aiscount rates and open market operations,
bring about
whether the polio, was to keep the status quo, or to
further easing of credit.
quo, which
Gov. Meyer said the policy was to keep the status
seamed to satisfy them.
he feared
Traylor said the people were still stock minded and
the
felt
he
place
took
a revival of speculation, and that if it
by
eased
being
t
market should be allowed to suffer withou
purchases of Govt. securities.
.
He said stocks were still too high on their merits
James suggested a commodity rate.
rate, but
At first the Council seamed opposed to such a
except in ease
of
t
though
Gov. Mayer pointed out that it was not
us to
enable
would
rate
a
of a speculative revival, when such
tate.
lower
a
s
staple
held or increase other rates and yet give
Traylor and most of the other mmmbers agreed that this
would be a fair subject for consideration in event of revival of
speculative activity.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

60.

Federal Advisory Council (Contld.)
Traylor, in dixussing speculation, said that in Chicago differing from New York, - brokers are given a regular line
of credit, and he referred, apparently without disapproval, to the
bankers claim that a customer, maintaining a good balance and
offering good collateral, is entitled to borrow all he wants at
the prevailing discount rate.
The members aid inventories were generally low throughout
the country, but Traylor said this Was hardly true in Chicago,
Traylor had a discussion with Miller and out of it came the
statement that very likely prices would continue to fall, down
to the pre-war level and that business would have to readjust
itself accordingly.
The members all seemed worried at the lack of bank profits
at existing low rates.
Lippman of San Francisco opposed a commodity rate which would
give a preference over other eligible paper.
Traylor pointed out that there could be a demand for
speculotive credit, tithout much demand for businDss credit,
bmeause increased demand for businemicredit could be taken care
of to a large extent by corporations without necessity for
rediscounting.
Gov. Meyer said the question of credit was largely psychological
and that a comodity rate might help psychologically if not in fact.
Gov. Meyer praised James' work on War Industries Board, in
securing cotton moving loans from the War Finance Corporation,
starting prices upward.
James was almost crazy with delight at this econium.
Sept. 16, 1930. 18 - 74, 75, 76.
Meeting with Board.
Recommended that the present credit situation vill be best
served if the natural flow of credit is unhampered by open market
operations or by changes in discount rates; that the seasonal
demands during the balance of the year be met by rediscounting by
member banks.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

61.

lederal Advisory Council (Contld.)
Tne Council opposed making notes of finance companies
eligible for rediscount.
C.S.H. believes the recommendation above as to credit
policy is opposed to the policy agreed upon and being carried
out by te Open Market Policy Conferelee and the Federal Reserve
Board.
We agreed on keeping the status quo except in seasonal
credit strain and critical emergencies, when acceptances or even
Government securities could be bought.
While the Council agreed as to critical emergencies, it
squarely took the position that seasonal credit strain should
not be eased at all except through rediscounting by themeniber
banks.
Nov. 18, 1930. 18 - 110, 111.
Gov. rancher told C.S.H. just after meeting of Open Market
Polty Conference, that the Co..raittee felt it had power to buy
Government securities in any critical emergency but that they did
not intend to go counter to the Federal Advisory Council's
recommendation against further open market operations and favoring
rediscounting for seasonal needs.
Gov. Harrison, it seems, had bought 40 millions of Government
securities from the Peoples Trust Co. but the Committee regarded
this as an emergency.
Dec. 20, 1930. 18 - 133.
Meeting with Board.
Recommended that Federal reserve banks should take part in all
examinations of member banks so as to be cognisant of the quality
of investments and loans and the policy of the management.
It also reaffirmed the recommendations of last meeting held
Dec. 20, 1930.
C.S.H. pointed out .that it had said nothing as to the
responsibility of Pederal reserve beaks for conditions, loaning
policy etc. between examinations; that e.g. the Bank of U.S. did
most of its improper actions between examinations.
Gov. Meyer denied this but C.S.H. referred to Gov. Harrison's
statement to this effect.
See - Bank of 7.S.
18 - 132-A.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

62.

Pederal Advisory Council (Contld.)
Miller suggested that they broaden their recommendation to
include responsibility for loaning practices, etc. at
all times, leaving out particular reference to examinations.
The Council Changed its recommendation accordingly.
See - Scrap book, Vol. 211.
18 - 161, 162.
Poole, of federal Advisory Council, advised Haxton that American
Security and Trust Company was not in substantial competition
Ath the Munsey Trust Co.
Feb. 21, 1931. 18 - 169.
See- Clayton Act
Federal Farm Board
James says will soon be a fight to the death between the small
cotton fatmers and the cooperatives, the latter led by the.
Sept. 23, 1930. 18-83.
Federal Farm Loan Board. 18 - 181.
See - Meyer, Gov.
Federal National Bank, Boston
Curtiss told C.S.H. last week of the bad condition of.
He believes it is insolvent.
C.S.H. said he would speak to the Comptroller about it.
C.S.H. talked with the Comptroller.
The Comptroller brought the last report to our Board meeting
yesterday, and read a letter he had sent to the directors.
The Comptroller said he feared the bank was insolvent and that
the Boston Clearing House should be advise6 to take up
the matter.
The Comptroller said he felt that the failure of this bank: might
have a repercussion all over the country, and that the
Boston banks sho .1d take up the matter for their own
July 23, 1930. 18 - 41.
protection.
C.S.H. introduced Wing to Comptroller and asked Wing whether his
bank - the First National - would care to take it over.
He said No, at first, but later intimated he might do his share if
the other banks would get behind some bank which would
take it over.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

63.

Federal National Bank, Boston (Contid.)
He thought the National Shammut or Second National might be
willing to consider this.
Both the Comptroller and Wing felt that Maloney, the President,
would never consent to this, and would allow his bank to
be closed first.
July 23, 1930. 18 - 41:
Comptroller told Board about this bank,
C.S.H. advised him to go to Boston and talk with the Clearing
House Committee.
He said he would wait for answers to his letter to the Directors.
July 25, 1930. 18 - 43.
C.S.H. calls attention of Board to.
Mar. 9, 1931. 18 - 180.
Gov. Young tells C.S.H. the capital of, is impaired, but he can't
say on the record it is insolvent; that it has lost much
from depreciation of its inve,tment account, e.g. Chase
National Bank, National City Bank etc; that it has made
loans to irresponsible borrowers (dummies, Gov. Young thinks)
secured by stocks, and when not paid has taken over the
stocks for a *preexisting debt*: that it barrows only
moderately and is never short in its reserves; that Federal
reserve bank has no ground for asking Board to instruct
Comptroller to bring suit to forfeit charter; that best
course is to leave it to Comptroller to work out.
Mar. 16, 1931. 18 -184, 185.
Federal Reserve Act
Glass said Senator Hitchcock was a Republican as regards the
Federal Reserve Act, and led the Republicans in the Sen-te.
Nov. 19, 1930. 18 - 116, 117.
Gov. Harrison favored an amendment permitting a Federal reserve
bank to take over the sound but less liquid assets of a failed
bank.
He said a corporation had been formed in New York Whose stockholders
had agreed to pay a proportional share, by way of stock
subscription, towards a fund for this purpose.
A similar corporation has been formed in Phila.
Jan. 21, 1931. 18 - 148.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

64.

rederal Reserve Act (Contld.)
Gov. Young read a proposed amendment allowing advances on
manber bank collateral notes secured by stock exchange
collateral.
Jan. 21, 1931. 18 - 148.
See - Young, Owen D.
Federal Reserve Agent, Bo ton
See - Curtiss
Federal R.serve Agent, Chicago
See - Stevens
Federal reserve agents
Cartiss says should have same salary as Governors.
Aug. 28, 1930. 18 - 61.
See - Curtiss
C.S.H. says Board has lowered dignity of office of Chairman and
Federal Reserve Agent at Boston by keeping salary on a
level with that of the Deputy Governor.
Dec. 11, 1930. 18 - 126.
Federal Reserve Agents and Governors Conference
See - Conference, Federal Reserve Agents and Governors
Gov. Harrison had a Committee appointed to consider Federal
reserve policies and suggest iml)rovenents for future.
C.S.H. fears Gov. Harrison is trying to obtain a criticism of
Board's direct action policy.
Sept. 33, 1930. 18 - 68.
Federal Reserve Bank, Atlanta
Gov. Meyer said, could not be compared with Federal Reserve
Bank of Boston as to salaries.
Dec. 11, 1930. 18 - 125.
Glass says Cong. Garner told him the, had refused all rediscounts
in Novaiber and December.
C.S.H. called up Newton who said it was false.
Jan. 6, 1931. 118- 142.
See - Black, Gov.
Newton, Federal Reserve Agent.
Federal Reserve Bank, Boston
C.S.H. visits.

June 6, 1930. 18 - 7.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

65.

Federal Reserve Bank, Boston (Contld.)
Attends directors meeting.
June 18, 1930. 18 - 20.
C.S.H. asks Senator Metcalf as to best man for Class 0 director
in place of Manchester, deceased: at first he thought
Lippit was best but finally recommended Merriman.
July 11, 1930. 18 - 38.
C.S.H. visits.

Aug. 8, 1930. 18 - 48.

Attends directors meeting.
Aug. 13, 1930. 18 - 49.
.93.
Oct. 8, 1930. 18
See - Bill of lading time drafts
Curtiss
Young, Gov.
Federal Reserve Bank, Chicago
Policy is to help all banks showing possibility of recovery
in spite of some risk involved.
Stevens, F.R.A.
Mar. 31, 1931. 18 - 201.
Federal Reserve Bank, New York
C.S.H. spends morning at, with Gov. Harrison and (se.
June 2, 1930. 18 - 1.
C.S.H. goes to, and has talk with Gov. Harrison and Leffingwell.
June 4, 1930. 18 - 5.
Directors wish to reduce to 20.
June 5, 1930. 18 - 16.
Gov. Harrison explains reasons for reiuction.
June 16, 1930. 18 - 18, 19.
Federal Reserve Board approves reduction to 2.0.
June 16, 1930. 18 - D.
James Alps he believes the, engineered Governor Young's
appointment and that it will see that the Federal Reserve
Board is thorough1y reorganized in its interest.
Sept. 2,.1930. 18 - 64.
Gov. Harrison says some of his directors have long favored a
large purchase of Govt. securities to cheapen money.
Sept. 25, 1930. 18 - 87.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

66.

Federal Reserve Bank, New York (Contld.)
Gov. Harrison says his bank has bou,ght 25 millions of
sterling exchange and wants to buy more.
Oct. 15, 1930. 18 -95.
Zxplains method of b Ving sterling exchange.
Oct. 20, 1930. 18 - 97, 98.
Miller said no Governor should go abroad except with =sent of Board..
Oct. 22, 1930. 18 - 99.
Gov. Meyer said he did not know Why Gov. Harrison was going
abroad but that it was better for him to go over to a central
bank conference tnan to have the Conference came here.
Oct. 22, 1930. 18.99.
by. Meyer has never told Board Why Gov. Harrison is going abroad.
The rumor is that he is going to a conference of central
banks to discuss a debt moratorium and C.S.H. suspects he is
going with Hoover's approval.
Oct. 29, 1930. 18 - 102.
See - Conference; Central Zuropean banks.
C.S.H. asked Gov. Meyer about Gov. Harrison's trip abroad.
He said Gov. Harrison told him in a general way what he expected
to do abroad, and that he adA.sed him not to do certain of
these and that he told him Later he had omitted those
objected to by Gov. Meyer, in his programme.
Oct. 31, 1931.18 - 106.
Gov. Meyer eported that Alexander begged him not to offer him
the Chairmanship of the Federal Reserve Bank, New York.
Dec. 5, 1930. 18 - 123, 124.
Gov. Meyer said mysteriously that he Alas going aw for a few
days, but did not say where. C.S.H. believes he is going to
New York to ccnfer with Gov. Harrison.
Dec. 15, 1930. 18 - 127, 128.
Gov. Harrison told Gov. Meyer that there was much uneasiness in
banking circles in New York; that banks were heiitating in
selling acceptances to the Federal Reserve Bank, New York,
which required their imiorsanent, and they did not want to
guarantee the accepting bank; that it might be necessary to
buy some Government securities in view of this condition;


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

67.

Federal Reserve Bank, New York (Contid.)
that he did not, however, want to tell this to the
Open Market Policy Conference which meets on Saturday.
Dec. 18, 1930. 18 - 129.
Goy. Harrison bought 40 millions of Govt. securities from the
Peoples Trust Co. - an emergency.
Dec. 90, 1930. 18 - 133, 134.
Miller said Gov. Harrison should report to Board as to Open Market
Committee meeting.
It seems that Gov. Harrison had prorated the 40 millions bought
from Peoples Turst Co. among the other Federal reserve bank'.
Miller said he should not have done this, as it put the Federal
reserve banks in the position of helping out the New York
situation.
Dec. 22, 1930. 18 - 134.
Board approved 2% rate for New York.
Dec. 23, 1930. 18 - 154.
C. .H. looked up his diary and found that Burgess explained the
M.S. to the Federal Reserve BaIrd on April 1, 1929, but
said nothing was called for from the Federal Re erve System
except a correspondent relationship between the B.I.S. and
the Federal Reserve Bank, New York.
C.S.H. does not believe Burgess spoke of the proposed power vested
in Federal Reserve Bank of New York to approve or dissent
to offering of securities by B.I.S.in the markets of the U.S.
April 1, 1929.
16 Diary 13 (163) 18 - 136.
Gov. Case of Federal Reserve Bank, New York, testified before
Glass Committee.
Jan. 22, 1931. 18 - 149.
Miller told C.S.H. that Gov. Harrison's testimony justified him C.S.H. - in stating all the facts to the Glass Committee.
Jan. 24, 1931. 18.
151.
Gov. Harrison told Glass Committee that if 0 proved ineffective
be would have gladly voted for 7.
Jan. 24, 1931. 18 - 151.
Gov. Harrison strongly objected to the sup.sestion that a Federal
reserve bank should keep in touch with the loaning policies
of its member banks unless they were "out of line".
Jan. 24, 1931. 18 - 151.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

68.

Federal Reserve Bank, New York (Contid.)
Gov. Harrison said a member bank could not ascertain the use
to which its customers put the money they borrowed nor
could the Federal Reserve Bank of New York.
His whole manner was almost contemptuous or at least sarcastic
as to he Federal Reserve Board's position.
He spent much time trying to show likq direct action could not
have succeeded.
Jan. 24, 1931. 18 - 151.
Relying on What it supposed was Gov. Harrison's testimony before
Glass Committee, the New York Times severely arraigns Board
for cowardice in not permitting Federal Reserve Bank, New York,
to increase to 0 in 1928.
3ov. Harrison apparently gave the idea that Board did so refuse
but this is erroneous as Federal reserve bank never asked
any rate increase in 1928 after July 13, when rate was fixed
at O.
See

Miller.
152.
.
Jan. 25, 1931. 18

•

•

•

•

.

•

Glass tells C.S.R. he is satisfied that a majority of the Board
tried to protect the public interest but that the Federal
Reserve Bank of New Yotk was dominated by Wall Street.
Jan. 25, 1931. 18 - 153.
GOV. Harrison in testimony before Glass Committee said the
Federal Reserve Bank, New York, never warned its member
banks to reduce borrowings, because:
1.

Collateral loans of New York City banks had not
increased but had remained stable at about the amount
before the speculative period began.

2. Directors felt that the proper way to curb speculation
was through discount rates.
Gov. Harrison was in error:
1.

While brokers loans for own account were about same
figure in Jan. 1929 as in Jan. 1928, between July, 1928
and Jan. 1929, they increased 300 or 400 millions but
declined to former level in Jan. 1929.
On other hand customers s ,c,rity loans steadily increased.
See scrap book.
Jan. 26, 1931. 18 - 153.
(Between Oct. 1928 and 1929, brokers loans for
own account increased. See &a ad)


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

69.

York (Contld.)
Federal Reserve Bank, New
8
credit was expanding in 192
2. He also said that when
but
es
rat
up discount
and 1929 he wanted to put
Board disapproved.
l reserve bank asked for
In 1928 however, the Federa
y 13, when rate was
no increaFe in 1928 a7ter Jul
fixed at 0.
Board on above testimony
The New York Times attacked
erroneously.
.
Jan. 26,1931. 18 - 153, 154
See - Miller
New York Times
McGarrah
testimony the fact that
his
in
se
clo
dis
not
did
C.S.H.
statement
were preparing a public
told Board the directors
imation that
int
an
out
, and giving
ers
oth
for
ns
loa
ing
udk
att
to be
s loans might prove not
the collateral behind broker
liquid.
.
Jan. 26, 1931. 18 - 155
N.Y. directors
t once the Board asked the
tha
se
clo
dis
.H.
C.S
did
necessity
Nor
rt to heart talk about
to come town and have a hea
d for
that Gov. Harrison replie
of ix reasing to Op, but
e must
rat
the
t
tha
ld came but
the dirctors that they wou
first be increased to Og
Jan. 26, 1931. 18 - 155.
n abroad,
one of the directors, tha
ng,
You
n
Owe
es
iev
bel
.H.
bonds
C.S
so that German reparation
wanted a quick liquidation
could be placed in U.S.
Jan. 26, 1931. 18 - 155.
M.S.
Owen Young helped draw the
Nor did C.S.H. mention that
pass on
to
ht
rig
the
k
erve Ban
statutes givirv Federal Res
Federal
in U.S. and ignoring the
security offering by M.S.
Reserve Board.
Jan. 26, 1931. 18- 156.
Board that
Gov. Harrison once told our
t
tha
te
sta
.H.
C.S
did
in the
Nor
the Federal Reserve Board
he advised not mentioning
B.I.S. statutes.
See - Diary, 1929.
.
Jan. 26, 1931. 18 - 156
with
ary increases not in accord
Board holds up some small sal
.
Feb. 12, 1931. 18 - 161
the classification.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

70.

Federal Reser', Bank, New York (C)ntld.)
Governor Meyer said the practice of Federal Reserve bank of
forwarding a rate to Board conditional on immediate approval
by Board was wrong and that he Should advise Gov. Harrison
to stop it.
Feb. 13, 1931. 18 - 161.
C.S.H. and Miller point out that directors of New York Bank had
always fevored a managed currency.
Feb. 17, 1931. 18 - 163.
Miller told Hoover that if the Federal Re erve Bank of New York
had had its way and had been permitted by our Board to smash
the N. Y. stock: market, it would have at once precipitated
a business convulsion, and Hoover said he agreed that this
Feb. 20, 1931. 18 - 166.
Was so.
Gov. Meyer said, had prepared a strong letter to directors of
Phoenix and Chatham National Bank.
He advised them to take it up first with the President of the
Mar. 9, 1931. 18 - 180.
Bank.
See - Phoenix and Chatham NationilBAnk.
Gov. Young says directors of, positively refused to increase
Mar. 16, 1931. 18 - 184.
discount rates in Jan. 1929.
See - Case •
Direct pressure
Discount rates
Glass
Harrison, Gov.
Mitchell
Miller at first objected to, taking over an employee of the
Treasury secret service to look after protection of the
Bank.
He said the federal reserve banks he knew to be loaded up with
inefficient old gentlemen.
Mar. 21, 1931. 18 - 195.
Miller said Hoover thanked God that the Board had the courage to
bold up, as to discount rate increassin 1929.
4r. 25, 1931. 18 - 197.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

71.

Federal Reserve Bank, New York (Contld.)
Gov. Meyer, returning from New York, said Gov. Harrison wished to
cooperate with the Board, differing from Gov. Strong who
sought to dominate it.
Mar. 30, 1931. 18 - 200.
Miller sad if the, were to discuss any particular matter with
Gov. Norman, requiring further action or approval of our Board,
the Board should be duly informed.
Mar. 30, 1931. 18 - 200.
Federal Reserve Bank, Philadelphia
Has arrangement by which banks in trouble are immediately assisted
by other banks.
Jan. 21, 1931. 18 - 148.
See - Meyer, Gov. 18 - 166.
Federal Reserve Bank, Richmond.
See - Hoxton
Federal Reserve Bank, San Francisco
See - Calkins, Gov.
Newton, Federal Reserve Agent
Federal Reserve Bank, St. Louis
Charged with not having sufficient supply of currency in emergency.
Dec. 15, 1930. 18 - 127.
See - Martin, Gov.
Federal reserve banks
Redistricting controversy, 1915.
18 - 68, 78.
See - Miller
Discount of non-member bank paper.
18 - 82, 83.
See - Non...member banks
Miller denies power to loan gold to central European banks.
Oct. 20, 1930. 18 - 98.
Miller said he knew that the, were filled up with inefficient
old gentlemen.
Mar. 21, 1931. 18 - 195.
Responsibility for loaning policies of its member banks.
Gov. Harrison. Dec. 19, 1930. 18 - no.
Feb. 4, 1931. 18 - 158


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

72.

federal reserve banks (Cont'd.)
ld.)
Responsibility for loaning policies of its member banks (Cont
federal Advisory Council.
fob. 13, 1931. 18 — 161, 162
Young, Owen D.

Feb. 17, 1931. 18 — 161.

federal Reserve Board
See — Annual report
Bank of America
Burgess
Case
Clayton Act
Cunningham
Curtiss
Direct action
Discount rates
Discounts
Eligible paper
federal Advisory Council
federal Res rve Agents
federal Reserve Bank of Boston, New York, etc.
Pinning policy
Glass
Governor
Governors
Hamlin, C.S.
Harrison, Gov.
Hoover, President
James
Mcfaiden
McGarrah
Medber banks
Meyer, Gov.
Miller, Dr.
Mitchell, E.C.
New York Times
Non-camber banks
Norman, Gov.
Open mallet Committee
Platt
Power of Board
Responsibility, federal reserve banks
Salaries
Speculation
Use of discounts
Wiggin
Wyatt
Young, Gov.
Young, Owen D.
etc. etc.etc.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

73.

Federal reserve credit
Direct action reduced, 193 million.
Nov. 19, 1930. 18 - 114.
caused break in stock
If removal of, from speculative activity
market, Board should not have interfered.
Glass.
Nov. 19, 1930. 18 - 115.
Federal reserve notes
y of, for every
Hoxton and Curtiss say they have ample supol
Dec. 15, 1930. 18 - 127.
emergency.
notes should be al..owed
Gov. Harrison said member bank collateral
Dec. 19, 1930. 18 - 132.
to be collateral for.
See - Martin, Gov.
Federal reserve policy
nors to consider during
Gov. Harrison obtained a Committee of Gover
future.
recent past and to suggest improvements for
secure criticism of
C.S.H. fears Gov. Harrison is trying to
Sept. 30, 1930. 18 - 88.
direct action.
See - Direct action
Meyer, Gov.
Cunningham attacks, of 1907.

Zasy money.
Oct. 15, 1930. 18 - 96.

rate in putting every,
C.S.H. assures Gov. Meyer he 711:11 coope
Feb. 17, 1931. 18 - 171.
to acid test.
See - Direct action
Discount rates
Federal Advisory Council
Firming policy
Open Market Committee
Federal Reserve System
deteriorated since
Dr. Miller says banking has steadily
establishment.
Feb. 27, 1931.18 - 172.
Withdrawals from. 18 - 136.
See - Wyatt
See also - B.I.S.
Bank of U.S.
2xaminations
Federal reserve banks


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

74.

liduciary powers
See- Trust powers
Finance Committee
Carnegie indoment
C.S.H. appointed on.
C.S.H. resigns from.

June 5, 1930. 18 - 6
Jan. 21, 1931. 18 - 144.

Finance Company paper
Federal Advisory Council opposes making, eligible for rediscount.
Nov. 18, 1930. 18 - 110, 111.
Firming policy
Federal Reserve Bank, New York, chanced Board's, into an easing
policy by purchase of acceptances in inordinate amounts.
Jan. 25, 1931. 18 - 152.
First National Bank, Boston. 18 - 41.
See - Federal National Bank
Wing
First National Bank, New York
See - Baker
Fish, Miss
Agrees with Mrs. Bayard that Gertrude Myer is a cold, selfish woman.
July 23, 1930. 18 - 42.
Fisher, Right Hon. Mr.
C.:=.H. sends Rachel Hale a copy of address of, at Boston Tercentennury
July 23, 1930. 18 - 43.
celebration.
Fisher, Sir Warren
We meet, Under Secretary of British Cabinet, at dinner at 1Z-Ambassa4or
Aug. 28, 1930. 18 - 61.
Houghton's.
He lunches with us on C.S.H.'s birthday.
Aug. 30, 1930. 18 - 63.
Plying squadron, Examinations. 18 - 131.
See - Crissinger
Examinations
Foreign branch
18 - 144, 1=5, 146
See- Bank of America


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

75.

toreign loans and securities
Glass resolution.
Dec. 25, 1930. 18 - 135.
See - Glass
Hamlin, C. S. 18 - 186
State Department
'rano

Prance

ized the
Gov. Harrison said Tardieu had already practically stabil
it in
ize
stabil
not
franc and told Poincare that if he did
publia
issue
and
law as well as in fact, he would resign
statement; that Poincare reluctantly agreed.
Dec. 20, 1930. 18 - 133.
Gov. Harrison told Tardidu that future participation of the U.S.
of
in furnishing foreign capital depended on the attitude
France.
that
He said Tardieu agreed and said France would do all it oould;
people
French
the
but
Italy
to
it would like to make a loan
they
would only subc,cribe for loans to countries with which
and
loans
class
second
were
are in sympathy; that these
he pointed out the difficulty of getting political Govermmits
to meet economic crises.
Dec. 20, 1930. 18 - 132_A
France
Gov. Harrison said there was now an economic crisis in
ation of gold
import
the
at
ago;th
few
weeks
a
which began only
se of
into Prance was accompanied by an equivalent increa
some
that
d;
hoarde
being
was
cy
curren
currency; that such
sing
increa
by
caused
was
se
increa
claimed the currency
prices, but that there waa doubt as to this; that the only
present
way for a Frenchman to get Bank of France notes was to
gold.
rapidly ; that
Gov. Harrison said prices in France were rising very
that the
ago;
weeks
6
until
sed
Wholesale prices increa
se of prices
increa
an
itated
necess
the
franc
stabilization of
countries;
other
of
lents
equiva
gold
the
which were then below
1929, and
that retail prices readhed their peak about January,
had
then fell through April 1930; that from A2ri1 1930 there
ic
been a steady increase of prices, which caused an econom
that
crisis; that luxury business is practically suspended;
s
dresse
best
the
of
one
his
of
friend
a
d
one dressmaker offere
she
in the establishment for anequivalent in France of $40.
price.
any
at
was so eager insell


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

76.

France (Contld.)
Gov. Harrison said France had no fear of war with Italy but that
everyone feared Germany.
Gov. Harrison said Great Britain paid out coin which France would
not accept, which caused a backing up in the Mints and made
great delay.
Dec. 20, 1930. 18 - 132-A
Gov. Harrison also said that Tardieu had already pr-ctiCally
stabilized the franc, but not in law; that he told Poincare
that if he did not stabilize it in law he would resign and
issue a public statement; that Poincare reluctantly agreed.
Dec. 20, 1930. 18 - 133.
Freeman, Bishop
Told Gertrude !Ayer it was perfectly proper for her to go abroad with
some young man as secretary.
June 9, 1930. 18 - 11.
Trench poodle.
C.S.H. asks Mr. Marshall of Wellesly what he would charge for a
young, and he said $150. (Telephone Wellesly 1034).
Sept. 10, 1930. 18 - 73.
Funeral
See - Cunningham
Riggs, Jeannie
Furniture
We moved most of our, in Security Storaae Company, to the
Woman's National Democratic Club. The House Committee Mrs. Lansing, Chairman - said the Club would be glad to
have us store it and would accept no compensation in view
of the furniture we had loaned them.
Feb. 24, 1930. 18 - 172, 173.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

77.

-a-.

Gann, Dolly
C.S.H. meets, at dinner of Mrs. Thomas P. Walsh to Mrs. Marshall.
Nov. 16, 1930. 18 - 108.
Garden Party
Last week President and Mrs. Hoover invited us to a, at White House.
Aug. 31, 1930. 18 - 63.
Regretted.
Germany
Gov. Harrison said the people believed that the Young plan was the
cause of their depression; that unemployment was increasing
very rapidly, and that a socialistic movement was threatened
which illight imperil the capitalistic system; that the party
led by Hupner was not organized and that he had no real plan,
but that he was supported by the intellectuals and by those
living on fixed incomes; that in Berlin he dined with Luther
and other prominent men; that they were determined to go the
along the lines of the Young plan; that they did not
doubt Germany's capacity to pay, but the difficulty was in
transferring the payments; that there was danger that Germany
might be forced by public clamor to aak for a moratorium, Which,
however, they knew would mt be needed for two years or so, in
any event; that Germany did not need new long time money but
wished to fund her short time obliations which might be
called at any moment; that the lal:t band had beenvery helpful,
and capital was slowly returning to Germany; that Bruaning
did a good job.
tion
Gov. Harrison also said that that Germany really wanted was coopera
as
such
urope
stern
with the U.S. in financing countries of
Roumania, and even South America: that the Germans were angry
with 7rance for outdrawing money from Germany, but that he
Gov. Harrison - pointed out that these withdrawals were
relatively so small that they could not explain German's loss
of capital; that the real trouble was the export of German
capital because of fear of Hupner and his policies*
Gov. Harrison also said that Germany has 8 billion marks
term currency, or a net of about 5 billions; that
from Germany's agriculture far exceeded that from
but that agricultural mortgages ran 1.10 to 8 or 9%
agricultural income had very seriously declined.

in short
the income
industry,
and that

with
Gov. Harrison said Mussolini said Germany was in direct contact
Russia.
Dec. 20, 1930. 18 - 132-A (2)


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

78

Gerry
The Secretary of Cong. Aldrich told C.S.H. en train from Providence
to Washington that Gerry, in getting his divorce in Paris,
gave an affidavit that he .as a citizen of Paris and that this
seriously injured him in his Senatorial campaign.
Nov. 5, 1930. 18 — 107.
Gibson, Irene
Mrs. Harriman told C.S.H. that Col. House said, was his 'most loyal
friend; that she had often told Irene of Col. House's treachery
to Wilson; that Irene told her she believed he was treacherous
to Wilson but begged her never to say she had said so.
July 9, 1930. 18 — 35.
Gilbert, S. Parker
C.S.H. believes, will be appointed on Federal Reserve Board in
place of Platt.
Aug. 9, 1930.18 — 62.
Sept. 2, 1960. 18 — 65.
Gillett, Mr. and Mrs.
C.S.H. meets, at dinner with Gertrude Myer.
Aug. 5, 1930. 18 — 46.
Glass, Senator
C.S.H. calls on, at Raleigh Hotel by ap)ointment.
Sen. Glass said the woman who went over Warburg's, book for him
claimed a proprietary ownership in it as she had to reconstruct
it so completely; that she threatened legal proceedings; that
Warburg would have held up publication until the claim was
settled, but that he feared that Mass throu41 his Comnittee
might suggest amendments also favored by Warburg, and that he,
therefore, decided to publish it at once, and take
onthe law suit, in order that he might have the credit of the
amendments.
Sen. Glees said Warburg came to him just before his tern expired,
and begged him, almost Whiningly, to ask Presid-nt Wilson
to reappoint ht.,.
He said the woman said that Warburg was almost insane in his
bitterness towards Willis and C.S.H.
He said he appreciated the honor of being made Chairman of the
Senate SUbObmwittee by the Republicans.
H. seemed not at all excited over his ComlAttee investigation, but
evidently has in mind more possible changes in the law than
any investigation of the Board.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

79.

Glass, Senator (Gontld.)
He said discount rates should not be increased to stop speculation,
but that the Board and banks should curb it by controlling member
bank borrowing and that the Federal reserve banks should
constantly scrutinize the loaning practices of member banks;
that it was for this reason they had been given the right to
examine all member banks, under the Federal Reserve Act.
To C.S.H.'s surprise, he said he did not differ with C.S.H.'s position,that where a bank is conducting its affairs properly, it can
discount eligible paper to repair its reserves in part depleted
through speculative loans and real estate loans; but that it is
the duty of the Federal reserve bank to know its loaning practices
and when necessary to warn it or even to refuse it rediscounts
altogether.
He said he wished some percentage could be agreed upon as between
commercial and speculative loans.
C.S.H. said banks differ as to their class of business, .0 that some
do primarily a security loan business and others a commereial
business principally and that the Federal reserve bank must use
its judgment and apply the rule of reason, - to which he did not
dissent.
C.S.H. said the investigation would be a triumph for the Board's
policy of direct pressure; that while it was in force it reduced
Federal reserve credit outstanding 193 millions; it hau reduced
security loans 350 millions, and increased minnercial loans 400
millions.
He said he agreed with this but his chief criticism was that we did not
ranove C.E. Mitchell.
C.S.H. said that at that title direct pressure had been so successful
that if Mitchell had not intervened the stock market would
have collapsed; that the Board wanted reasonable liquidation and
not a crash which -,,ould have convulsed business.
Glass did not agree and said that if the withdrawal of Federal res rye
credit had threatened a stock crash, it was not the Board's
responsibility and that it should not have interfered.
C.S.H. pointed out that neither the Board nor the Federal reserve
bank interfered but that Mitchell, of his own volition, wnnt to
relief of the market; that C.S.H. felt that in the interest of
graduol liquidation it was not wrong cautiously to keep the market
from a sudden collapse.
C.S.H. said he objected more to what Mitchell said than to what he did.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

80.

Glass, Senator (Contid.)
He said he had no doubt but that the Federal Reserve Bank, New York,
wanted a stock crash, but if it had come it would promptly
have claimed that the Board was responsible for it.
C.S.H. advised Glass to call on the Federal Reserve Bank of New York
officials first as witnesses in the investiFation and have them
state their case, and Glass agreed to this, and said if any
witness uses the phrase "correct the situation," he would never
let him leave the stand until he admitted that he meant by those
words, "breaking the stock market."
He was bitterly incensed at the claim of officials of Federal Reserve
Bank of New York that it could examine into the loan practices
only Of those banks Whose ba rowings were "out of line", and that
if all banks were unduly expanding the Federal reserve bank could
do nothing.
Nov. 19, 1930. 18 - 112, 115
Glass said Hoover was utterly discredited and that the newspaper men
had only contempt for him, excepting only Hard, Mark Sullivan,
Rent and a few others.
He said he had written to a Baltimore paper protesting against a
letter in it by Frank Kent givingextravagant claims as to what
Gov. Meyer will do and clearly implying he will remold Federal
reserve policies. He said in the letter he liked Meyer, had
ap ,)ointed him on War Finance Corporation when he was Secretary
of Treasury, and expected to vote for his cmfirmation, but that,
if Meyer had any such idea of changing Federal reserve policies,
he would vote against his confirmation and do all he could to
have him rejected.
Glass said he had sent a copy of this letter to Meyer and received
a very good reply from him.
He said he thought Meyer would be a good man, if he would only
leave Warburg severely alone.
He said Willis and he were preparing an answer to Warburg.
He praised Maisie reply to Warburgis attacks on him - C.S.H.- in
his book, and added that he had often told Mrs. Hamlin that C.S.H.
was too much of a gentlanan. He said he was glad that C.S.H. at
last had struck out.
He said he was glad Senator Hitchcock was defe4ed for the Senate,
that, so far as the Federal Reserve Act was concerned, he was
a Republican and had led the Republicans.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

81.

Glass, Senator (Contld.)
He spoke well of Senator elect Buikley of Ohio, but said he acted
queerly, when in Congress, as to the Federal Farm Loan Board
and that Wilson lost confidence In him.
Nov. 19, 1930. 18 - 116, 117.
Introduces resolution in Senate calling on State Department to
state by What authority it passes on foreign issues placed in U.S.
and interferes with powers of Federal Reserve Board.
Dec. 25, 1930. 18 - 135.
Calls C.S.H. on telephone and says Cong. Garner toILhim that
Federal Reserve Bank, Atlanta, refused all discounts in NovaMber
and December.
C.S.H. called up Newton who said this was absolutely false and C.S.H.
so told Glass.
Jan. 6, 1931. 18 - 142.
/lass called up C.S.H. and said he
that his Comm ,Atee had not sent
Federal reserve banks; that one
that he had no ob ction to the
try and sand C.S.H. one.

was in error when he said yesterday
out a questionnaire to the
had been sant to each Chairman;
Board's having a com and would

He said he wanted to see C.S.H. within a few days.
Jan. 9, 1931. 18 - 143.
Glass Committee hearing.
Gov. Meyer and Comptroller appear.
Jan. 19, 1931. 18 - 146.
Gov. Harrison testifies.
Glass puts him question seaming to indicate Glass's belief that
a member bank having speculative loans had no right to
discount eligible paper to repair its reserves.
Jan. 20, 1931. 18 - 146, 147.
(See supra 18 - 113 when Glass took a different view.)
Gov. Case testifies.

Jan. 22, 1931. 18 - 149.

C.S.H. testifies.

Jan. 23, 1931. 18 - 149

See - H amlin, C. S.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

82.

Glass, Senator (Contid.)
Glass Committee hearing (Contld.)
y.
C.S.H. comment on Gov. Harrison testimon
Jan. 24, 1931. 18 - 151, 152, 153, 155.
no reason for not
Glass called up C.S.H. and said there was
said he was
publishing his - C.S.H.Is - testimony. He
to protect
used
d
satisfied that the majority of the Boar
Bank,
erve
Re
ral
the public interests and that the Fede
New York, was dominated by Wall Street.
Jan. 25, 1931. 18 - 152.
tell Committee.
C.-.H. enumerates certain facts he did not
- 155, 156.
18
.
Jan. 26, 1931
ittee.
Owen D. Young testified before Glass Coan
.
Feb. 4, 1931 18 - 158.
r say to Glass that
After the hearing C.S.H. heard Gov. Meye
testimony yet given
only
Owen Young's testimony was the
-.
ythin,;
which amounted to
Glass took issue with him.

Feb . 4, 1931. 18 - 158.

r forbidding a conference
C.S.H. and Miller think Glass may favo
of Board.
with central European banks without consent
199.
18
.
1931
26,
Mar.

Godmother
.
K.P.H. stood as, to Erving Pruynis daughter
18 - 124.
.
1930
7,
Dec.
Gold

laillions of Govt. securities
Gov. Meyer said that purchase of 500
as sug,lested would drive out our gold.
Sept. 25, 1930. 18 - 86.
it alleged, it sterilized gold
Europe was angry wlth U.S. because, as
Sept. 25, 1930. 18 - 87.
imports.
no power to loan gold to a
Dr. Millarsays Federal reserve bank has
central European bank.
14, Federal Reserve Act,
C.S.H. says power to del in gold, Sec.
Oct. 20, 1930. 18 - 98.
covers this.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

83.

Gold beads
H.P.H. gave daughter of Erving Pruyn some old gold beads for
christening but the Mother-in-law you'd not let her wear
then when christened. This was an old. Dutch custom.
Dec. 7, 1930. 18 - 124.
Golotanweiser
Present at Board meeting when aov. Harrison explained as to
Bank of U.S.
Dec. 19, 1930. 18 - 129.
Board discusses draft of annual report prepared by.
Feb. 17, 1931. 18 - 162, 163
Gourds
•

•

•

H.P.H. gives Rachel Hale a basket of.
Dec. 11, 1930. 18 - 127.
Government securities
EXecutive Committee voted 4 to 1 against further purchases of.
Gov. Harrison alone favored it.
June 23, 1930. 18 - 22.
Miller suggested, without necessrily approving it, careful
consideration as to whether business could not be revived
by the System deliberately buying say 100 millions, thus
increasing money ease.
C.S.H. believes this is simply deliberate credit inflation.
Gov. Meyer said if we did this it would drive out our gold.
Miller said money is not really cheap nor easy, - it is asleep
and not working and we must do something to put it at work.
C.S.H. feels such a remedy would be like giving a man almost
unconscims from drink, more liquor to revive him.
C.S.H. told. Gov. Meyer after the meeting that he should prefer
to have Europe try out Miller's suggestion, and then its
gold would pour out and came to us and then, if we so desired,
we would saturate our people with it.
Gov. Meyer said he saw nothing in Miller's suggeFtion.
C.S.H. feels this is just what Europe did during and since the
war with results deplorable to her and embarrassing to U.S.
Germany did something of the same nature with the Mark.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

84.

Government securities (Cbntld.)
On above theory, free silver in 1896 would have been justified.
d
Gov. Harrison said some of his directors favored this but he op)ose
ion
inflat
and
self
i
isolate
not
can
it for reason that U.S.
would inju .e us unless we could bring about similar inflation
in Europe.
Sept. 25, 1930.. 18 - 86.
Gov. Harrison said it might be necessary to buy some, as because
anes
of banking uneasiness banks were hesitating to sell accept
teeing
guaran
to Federal reserve banks because it ne'cessitated their
the
to
the accepting bank, but that he did want to :ell this
Open Market Comwittee which meets on Saturday.
Dec. 18, 1930. 18- 129.
bank
Gov. Harrison said the Gla.s plan for doing away tith member
would
he
collateral notes secured by, was dangerous, but that
favor preventing their being used as collateral for lederal
reserve notes, although thic, must be done very gradually.
Dec. 19, 1930. 18 -132.
right
Gov* Yancher said the Open Market CoLunittee felt it had the
go
to
intend
to buy, in any emergency, but that they did not
on
l
Counci
contra to :ecommendation of the Pedeml Advisory
November 17th against further open market operations.
Dec. 20, 1930. 18 - 133.
the
It seems that Gov. Harrison had bought 40 millions of, from
Peoples Trust Comcany as anemergenqy proposition.
Dec. 20, 1930. 18 - 134.
Miller insisted that Gov. Harrison should Apart to the Board as
ed
to said purchase of 40 million of, and should not have prorat
the
in
them
them among the Federal reserve banks as it put
position of helping out the N.Y. situation.
Dec. 22, 1930. 18 - 134.
to time its
Open Market Committee asked authority to sell from time
ng the
injuri
t
holdings of, provided it could be done withou
market.
would
Gov. Meyer objected for nearly an hour as he said the public
construe this as a major policy of deflation.
He said that While some millions could be sold without injury to
ing
the market, yet this desire of the Committee to take out someth
from the superabundant mass of credit would be met by


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Government securities (Contid.)
acceptances ihortly to fun off in large anounts.
The Governors, however, would not yield.
Jan. 21, 1931. 18 - 147.
Miller said that economically we should buy a large volume of,
to invest, but he feared the System would not reverse
Mar. 21, 1931. 18 - 194..
quickly enough.
Gov. Meyer opJosed.

Mar. 30, 1931. 18 - 200.

See - Federal Advisory Council
Meyer, Goy. 18 - 186
Open Market Policy Conference
Government transportation orders
Wyatt advised C.S.H. that, in view of his arranFement with Platt
that one or the other should always be at the Board every
other week, thus cutting down their official leave or
splitting it up, there was no question but that they cold use,
paying for their first t-id for their final trip back only.
Gov. Young first suggested this to C.S.H.
Aug. 5, 1930. 18 - 47.
C.S.H. used, returning from a week in Boston and Mattapoisett
engaged with Curtiss in finding a suitable Federal Reserve
Agent. He expected to take two weeks leave but hE,d to
return to make a quorum.
Sept. 1, 1930. 18 - 66.
going
C.S.H. asked Board if it was not proper to use, as he was
Miller,
ng
includi
All,
.
meeting
rs
to Boston to attend directo
said unequivocally Yes.
Oct. 3, 1930. 18 - 92, 93.
Returning, C.S.H. used.

Oct. 12, 1930. 18 - 94.

Reser*
0 S.H. went to Boston to attend stockholders meeting, Federal
used.
Bank of Boston, and
Nov. 21, 1930. 18 - 117.
Governor of Federal Reserve Board
See - Hamlin, C.S.
Meyer, Gov.
Young, Gov.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

86.

Governor, Federal Reserve Bank, Boston
Offered unanimously to Curtiss.
June 6, 1930. 18 - 7, 125, 126
See - Curtiss
Young, Gov.
Governors
CUrtiss claimed Federal reserve agents should have same' salary as.
Aug., 28, 1930. 18 - 61.
See - Conference, Governors and Federal ResPrve Agents.
Open Uarket Policy Conference.
Governors and Federal Reserve Agents
See - Conference, Governors and Federal Reserve Agents.
Grant, Catherine
C.S.H. calls up Catherine.
Columbia.

Told her of his L.L.D. from

She said she was overjoyed and asked C.S.H. to send her a
clipping about it, Which he did by special messenger.
June 6, 1930. 18 - 7.
We go out to, at 2 p.m.
She drove us out to the wedding of Edward Hamlin, Jr. and Rose Bryant
She then drives us back, with Judge Grant, to Cambridge where we
called on Helen Brewer.
June 7, 1930. 18 - 9.
C.S.H' wrote, a bread and butter letter.
June 11, 1930. 18 - 15.
Comes over to Mottapoisett in 9.m. and again in evening to see the
July 4, 1930. 18 - 27.,
fireworks.
Injures her hip and can not come to our dinner.
Am4. 2, 1930. 18 -45.
Dines with us to meet Mr. and 1.1rs. Ugene Meyer.
Aug. 15, 1930. 18 - 49.
We dine with, to meet Nrs. Roosevelt and the Delanos.
Sept. 13,1930. 18 - 74.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

87.

Grant, Catherine (Contld.)
Came down from Longwood and dines with us.
Oct. 11, 1930. 18 -94.
C.S.H. calls on, in Longwood.
Oct. 27, 1930. 18 - 102.
Lumdhes with us.

Nov. 15, 1930. 18 - 110.

C.S.H. sends, a birthday letter for her birthday, Nov..25.
Nov. 22, 1930. 18 - 118.
C.S.H. receives letter from.
Nov. 26, 1930. 18 - 121.
C.S.H. writeE Catherine. Dec. 26, 1930. 18 - 136.
C.S.H. receives long letter from.
Said she had sent me a present which has not yet came.
Dec. 27, 1930. 18 - 137.
C.S.H. receives answer to his questions contained in his letter
Dec. 30, 1930. 18 - 137.
of Dec. 26th.
C.S.H. writes Catherine. Feb. 25, 1930. 18 - 171.
C.S.H. sends another letter to, telling her Bertie does not want
her to mention that Mark Howe is considering writing a life
of Gov. Roosevelt.
Feb. 26, 1930. 18 - 171.
C.S.H

receives letter from.

Says she is coming to Washington in April and will be at Fairhaven
Feb. aB, 1930. 18 s. 17440
for the simmer.
C.S.H. writes, telling her of his radio address on Grover Cleveland.
March 18 at 6 p.ro• W•E•A•F•
Mar. 5, 1931. 18 - 178.
C.S.H. sends, a letter and cogy of his radio address.
Mar. 16, 1931. 18 - 184.
Writes C.S.H. as to radio bmddress.
Mar. 24, 1931. 18
C.S.H. answers. 18 - 197.

197.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

88.

Grant, Judge Robert
Congratulates C.S.H. sincerely on his degree of L.L.D.
June 6, 1930. 18 - 7.
Catherine drives us out, and also Jur'ge Grant to wedding of
Edward Hamlin, Jr. and Rose Bryant.
June 7, 1930. 18 - 9.
Grayson, Admiral
Mrs. Harriman says, told her once that President Wilson, when
ill, could not endure having Randolph Bolling oome into
his room, he so detested him.
July 9, 1930. 18.34.
Green, Frank. U.S. Marshall
A, pall bearer at funerl of Jeanie Riggs.
June 13, 1930. 18 - 16.
Green, Theodore Francis
Defeated for Governor of R.I. by a small majority.
Nov. 5, 1930. 18 - 107.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

89.

Hale, Chandler
Gertrude Myer tells C.S.H. that Rachel and, are to dine with
Nov. 7, 1930. 18 - 107.
her tonight.
C.S.H. meets, while calling on Rachel.
Nov. 9, 1930. 18 - 108.
Rachel says, is still with her.

Nov. 12, 190. 18 - 109.

Hale, Donald
has joined
Rachel asks C.S.H. to speak a good word to Platt who
Midland
the Marine Midland Group which controls the Marine
Trust Company by which Donald is employed.
Sept. 18, 1930. 18 - 78.
C.S.H. talks with Platt about.
He said he liked him.
rly he had
Also said some of the bank officials told that forme
him
been a heavy drinker, but said It did not agree with
to
ing
and that henceforth he would confine his drink
Saturday nights.
Nov. 12, 1930. 18 - 109.
Hale, Wary
See - Chase, Howland
Hale, Rachel
of C.S.H.Is
Gertrude Myer told Bertie that Rachel had told her
degree of L.L.D.
June 8, 1930. 18 - 10.
C.S.H. calls on.

June 9, 1930. 18- 10.

week:and
Rachel told C.S.H. she dined with Gertrude last
that hearing
nt;
that her nephew amnia Clark was prese
he was sailing
.aid
:
Gertrudels tale of woe, he innocently
that Gertrude
hil4
July 4th and why wouldn't she go with
one his
postp
at once took him up and said if he would
later she
that
and
him,
sailing one week she would op with
even wrote him about it.
not stay with
Rachel said she told Gertrude that her nephew covid
to no avant
all
but
her abroad as he had so many friends,
11.
.
18
June 9, 1930.
Gertrude.
C.S.H. writes Rachel telling of her talk with
- 11.
18
June 9, 1930.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

90.

Hale, Rachel (Contid.)
C.S.H. calls up Rachel and tells her of death of Jeannie Riggs.
June 11, 1930. 18 - 12
Rachel asked C.S.H. what Gertrude said as to her sailing plans.
She said her nephew sails an July 5e
June 11, 1930. 18 - 12.
Gertrude tells us she would prefer to sail with Rachel's nephew on
the Europa, July 5; that Jimmie Clark had asked her and even
said he would drive her in his machine from the Dock to Nanheim.
June 11, 1930. 18 - 15.
C.S.H. telephoned Rachel as to above.
June 12, 1930. 18 -15.
C.S.H. drives to Rachel's in the country.
Had long talk with her.
Told her about Gertrude Myer.
Told her in confidence about Mrs. Wilson and the Pageant, also
about Edith Helm's controversy with Mrs. Wilson.
June 24, 19,i0. 18 - 25.
Gertrude Myer seems delighted at chance of sailing with Rachel's
nephew; she told C.S.H. about his offer to drive her from the
June 25, 1930. 18 - 26.
dock.
C.S.H. called up Rachel and had a talk with her about Gertrude.
June 27, 1930. 18 - 27.
•

•

•

C.S.H. calls up Rachel.
She asks him to dinner on Thursday.
July 8, 1930. 18 - 29.
C.S.H. dtives over to Rachel's and dines with her.
Chase were there.

Howland and Mary

Michel spoke of Owen Wisteria book and C.S.H. told her that
Mrs. Calhoun was the woman Who caused the book to be withdrawn.
She said Wister was a gentlemen and would never have knowingly have
published a libellous statement about any one.
C.S.H. demurred to this and told her of Wisteria poem attacking
July 10, 1930. 18 - 37.
Wilson.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

91.

Hale, Rachel (Contid.)
C.S.H. writes Rachel sending a copy of Owen Waiter's vile poem.
July 11, 1930. 18 - 38.
C.S.H. "rites Rachel sending her a clio)ing from the Boston Herald
as to Owen Wister and Mrs. Calhoun.
Also sent her the August Cosmopolitan containing first'installment
of Edith Helm's letters on Wilson.
July 14, 1930. 18 - 38.
C.S.H. calls uo Rachel.
She said she had not heard a word from Gertrude for several days.
C.S.H. said H.P.H. advised him not to call Gerbille up and she said
that was good advice.
She asked C.S.H. to dinner tomorrow
July 21, 1930. 18 - 39.
C.').H. dines with Rachel.
Howland and Mary Chase were there.
Rachel said she had not heard from Gertrude for over a week and that
she became worried and called her up and that Gertrude
invited her to lunch; that instead of finding her prostrated
with heat, she found her in high spirits; that she never
even referred to the heat nor to her summer plans; that she
believed the reason was that Gen. Bowley had returned!
July 23, 1930. 18 - 41, 42.
Rachel said Mrs. Bayard and Miss Fish call,9d on her and that
Mrs. Bayard said Gertrude was the most coldly selfish woman
she had ever known; that Milis Fish said she had regretfully
reached the same conclusi:m.
July 23,1930. 18 - 42.
and
C..D.H. sends Rachel copies of address of Rt. Hon. Fisher
Sit' Ronald Lindsay at Boston Tercentennary.
July 23, 1330. 1 8 -43.
Rachel told

C.S.H.

that Gertrude •rEts to dine with her tonight.
July 24, 197,0. 18 - 42.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

92.

Has, Rachel (Contld.)
C.S.H. called up Rachel
She said Gertrude asked her at dinner if she had heard from C.S.H.:
thatshe said Yes and that C.S.H. was in Washington; that Gertrude
said, "I suppose he will call on me."
Rachel advised C.S.H. not to call un 7rertrude farher own salts but
to let her understand that she was not indispensable.
July. 25, 1930. 18 -43.
C.S.H. writes Rachel as to Miss Bayard's alleged remark about H.P.H.
Also sends her an article by Alice Longworth in World's Work.
July 24, 1930. 18 - 43.
H.P.H. writes Rachel describing the libels on Mrs. Calhoun which
were stricken out of Wister's first edition of his book on
July 30, 1930. 18 - 44.
Roosevelt.
C.S.H. sends Rachel the August number of Current History
containing Bainbridge Colby's article on Wisteris book and
July 30, 1930. 18 -44.
his attack on Wilson.
C.S.H. called up Rachel and found she had been driven out by the
heat and drought and had gone to her sisters in New Jersey.
46.
Aug. 5, 1930. 18
C.S.H. writes Rachel and encloses a co Iof a humorous letter
C.S.H. wrote Bertie as to Gertrude Myer.
C.&,.H. called up Howland Chase and got Rachel's aaureps, - care of
Mrs. J. William Clark,Peadhcraft, Bernardsville, N.J.
He said she would return shortly if the weather broke.
Aug. 6, 1930. 18 - 47.
Rachel answers HjI.H.'s note.

Aug. 7, 1930. 18 - 48.

C.S.H. receives a long, interesting letter -Pram Rachel from
Bernardsville, describing how she was driven from her place
by draught and heat.
She said she telephoned Gertrude through Mrs. Miller and also
wrote her when she arrived but had not heard from her.
Aug. 20, 1930. 18 - 50.
C.S.H. writes Rachel in reply*

Aug. 21, 1930. 18 - 50.

C.S.H. called up Rachel but she was still away not to return for
Sept. 3, 1930. 18 - 67.
another week.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

93.

Hale, Rachel (Contld.)
C.S.H. writes Rachel and asks if she has heard from lertrude
as we have not.
Sept. 4, 1930. 18 - 67.
C.S.H. writes Rachel asking if she has heard fran Gertrude.
Sept. 5, 1930. 18- 69.
Rachel writes C.S.H. a very humorous account of the wedding of
Nell Thoron and young 14aArea4h. At the end she asked me
to speak to Platt, - who is to be in the holding corn )any
owning the comaany in which Donald Hale is employed, - and
to speak a good word to him bout Donald.
Sept. 18, 1930. 18 - 78.
C.S.H. anso,ers Rachel's note and says will speak to Platt with much
Sept. 18, 1930. 18 - 78.
pleasure.
C.S.H. calls u) Rachel who has returned to her house in Washington.
She said she could not return to Marlboro this fall.
Made appointment for C.S.H. tomorrow.
Oct. 13, 1930. 18 - 95.
C.S.H. calls on Rachel.
She aEked me to tell H.P.H. in confidence that Edith Ntstis has
joined the Catholic Ohurdh.
Oct. 14, 1930. 18 - 35.
C.S.H. writes Rachel enclosing tickets to an orchid exhibition
C. Burrage.
given by
Oct. 15, 1930. 18 - 96.
C.S.H. called u) Rachel and made an appointment for tomorrow.
Oct. 22, 1930. 18 - 99.
C.S.H. calls on Rachel
She said Gertrude Myer earns back fran N. Y. Tuesday.
She advised me to se,. the play Michael and Mary and C.S.H. went
in the evening and enjoyed it very much.
Oct. 23, 1930. 18 - 1D0, 101.
C.S.H. calls up Rachel and talks over the play.
Oct. 24, 1930. 18 - 101.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

94.

Ills, Rachel (Contld.)
C.S.H. called up Rachel and made ap)ointment to -all tomorrow.
Oct. 29, 1930. 18 - 102
C.S.H. called on Rachel.
She said she drove down and lunched with Edith Eustis on
Tuesday and had a talk Ath her as to Ilea action: in joining
the Catholic Church.
She said Edith seemed very happy and said it would not interfere
with her daughter's confinnation in the Episcopal Church.
Oct. 30, 1930. 18 - 103.
C.S.H. calls up Rachel and tells her of his talk with Miss Maullen
about Jeannie Rigg's property as She had said she was much
interestdin the matter.
Oct. 31, 1930. 18 - 105.
C.S.H. calls up Rachel and has a talk with her.
Nov. 5, 1930. 18 - 107.
Gertrude gyer told C.S.H. that Rachel and Donald were to dine With
her tonight and altho C.S.H. had told her he was to be alone
as W.H. had an engagement at the Woman's Democratic Club
she did not invite C.S.H. to dine.
Nov. 7, 1930. 18 - 107.
C.S.H. called up Rachel and told her of above, and had a good
Nov. 7, 1930. 18 - 107.
laugh over it.
C.S.H. calls on Radhel
Chandler was there.
She loaned C.S.H. the letters of Henry Adams.
Nov. 9, 1930. 18 - 108.
C.S.H. called

In

Rachel.

She said Chandler was still there for the week.
C.S.H. said he would call her up next week.
Nov. 12, 1930. 18 - 109.
C.S.H. has long talk with Platt.
He said he liked Donald Hale; that he seemed interested in his work.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

95.

Hale, Rachel (Contld.)
He a lso said some of the bank officials told him that Donald formerly
had been a heavy drinker, but that it did not agree with him and
that henceforth he should confine his drinking to Saturday nights.
C.S.H. did not tell this to Rachel.
Nov. 12, 1930. 18 - 109.
C.S.H. calls up Rachel and makes appointment for Monday.
Nov. 18, 1930. 18 - 110.
C.S.H. called on Rachel and returned the letters of Henry Adams.
Nov. 20, 1930. 18 - 117.
C.S.H. calls up Rachel and has a talk with her. Told her he was not
going to Albany but that Mrs. Delano had asked him to Thanksgivirg
dinner.
She said she supposed I was going to Albany and was very sorry she
had not known C.S.H. was to be in Washington, as she would have
so enjoyed having him for dinner with her.
Nov. 24, 1930. 18 - 118.
C.S.H. wrote Rachel telling her about Marion Dow who married
James G. Blaine, Jr.
Dec. 1, 1930. 18 - 122.
C.S.H. and H.J. called on Rachel and gave her some fine gourds.
Dec. 11, 1930. 18 -127.
K.P.H. asks Rachel to dine at Woman's National Democratic Club on
Priday.
She accepted and is totake us in her auto.
Jan. 26, 1931. 18 - 154.
Rachel called up H.P.H. Wednesday p.m. and said she had a bad throat
and her Doctor would rot let her go to dinner on Itiday.
Jan. 30, 1931. 18 - 156.
3.S.H. called up Rachel who said her Doctor ordered her to bed for at
Feb. 4, 1931. 18 - 159.
least two weeks.
C.S.H. calls up Rachel and has a talk with her. She is still in bed.
reb. 17, 1931. 18 - 164.
At dinner at Mr. and Mrs. Van Ness Philip's Gertrude Myer was there
and was very indignant that we did not invite her to the dinner
at the Woman's Democratic Club, at which Bishop and Mrs. Rhinelander


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

916

Hale, Radael (Contld.)
and others were present.
She said Bertie had given out an announcement in the press and
had mentioned Rachel as one of the guests, although two days
before Rachel had told C.S.H. she could not come.
We had never seen the notice.
C.S.H. told her we never in our lives had given out any lists of
our dinner guests, but she still persisted in saying we had.
76b. 19, 1931. 18 - 164.
Bertie tells C.S.H. that Wednesday morning she was at the Club before Rachel told her she could not come, and told
Mrs. Grimsby she would not be at the Club again until the dinner
?ridgy evening; that Mrs. Grimsby asked if she could not help
her by making out the dinner cards and she gave her the list
of guests; that some one must have gien out the list, along
with other lists, to advertise the Club.
leb.19, 1931. 18 -165.
C.S.H. calls up Rachel and told her above and also other really
insulting renarks of Gertrude.
lob. 19, 1931. 18 - 165.
See - Myer, Gertrude
C.S.H. calls up Rachel to see if she was receiving.
She said she was allowed to go out half of the day; that she had
just returned from a drive amilwas on the way to bed.
C.S.H. said he would call in a few days.
She said any day after tomorrow and do surely came very soon.
lel). 28, 1931. 18 - 174.
C.S.H. called on Rachel, rang twice but no one answered the bell.
Later he telephoned her and she said her maid was olt and the
butler was upstairs and did not hear the bell.
She said she was taking tea all alone and would have been delighted
to have seen him.
C.S.H. said he would call again in a few days and she said why
not tomorrow - lehidh was agreed upon.
March 4, 1931. 18 - 177.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

97.

Hale, Rachel (Contld.)
C.S.H. called on Rachel and found Mary there and later Mrs. Wallach
called.
She said Gertrude Myer had just called up to say she would call in
half an hour.
Rachel said she had bad news to tell me, - that Howlana and Mary
were to move to New York, he to be in the same firm there as now,
with Paul Cravath.
C.S.H. said this was good news, not bad news.
Mrs. Wallach spoke of Constance Williams criticism of Gen. Pershing.
Rachel had not seen it and I said I would send her a copy, which
she said she would like very much.
C.S.H. told Rachel that On consideration he did not believe
Gertrude deliberately tried to insult him at the Van Ness Philip
dinner,as he had first supposed, but merely tried to be bright
and witty.
C.S.H. then got up to go.
Rachel and Mary both stid. I was afraid to meet Gertrude!
178.
Mar. 4, 1931. 18
C.S.H. writes Rachel and sends her a copy of Constance Williams
criticism of General Pershing, also a copy of Ambassador
Houghton's address on World Court.
C.S.H. also said he and K.P.H. had accepted Mrs. Newland's invitation
to dinner Sunday evening to meet Mrs. Wilson!
Mar.6, 1931. 18 - 178.
C.S.H. meets, pouring tea at Gertrude Myers.
Mar. 12. 1931.18 - 182.
C.L.H. calls on.
Mary Chase has moved with her baby to Rachel's, as Howland Chase
has moved to his firm in New York. She is to remain until
Mar. 14, 1931. 18 -183.
October.
Rachel asked C.S.H. why Nancy Warren so suddenly returned Chubby,
Rachel having loaned him to Nancy to sooth her feelings over
Mar. 14, 1931. 18.183.
the death of her cat.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

N.

Hale, Rachel (Contld.)
C.S.H. telephones Rachel through Bertie that the dog committed
so many nuisances, Nancy told him - that she had to return him.
Mar. 15, 191. 18 - 183.
C.S.H. sends Rachel a cov of his radio address on Grover Cleveland,
Mar. 16, 1931. 18 - 184.
H.P.H. meets, at Ellen Leonard's.

Rachel poured tea.
Mar. 19, 1931. 18 - 186.

C.S.H. calls on, and has a talk Ls to Gertrude Myer etc.
Mar. 20, 1931. 18 - 189
C.S.H. calls on. Met Donald Hale there.
WON 28, 1931. 18 - 200.
Hamlin, Anna
Dear Anna's birthday.
Oct. 26, 1930. 18 - 101.
Bertie received a letter from Miss Bradley, dated Oct. 26. 1930,
saying that the enclosed message came to her from Anna
a few days ago:
"Here is Annal Guides are many today, but I am so anxious
to say a few words. My mother needs a little comfort in
spite of her firm stand at being most - (not finished) ....
courageous and faithful. She never forgets and her love
never changes. Neither do I forget or change. There is no
one who is so dearly loved as they are by me. Love and hope
and be glad, for Anna lives and hopes and enjoys a bliss
unspeakable.
Anna"
Nov. 1, 1930. 18 - 105, 106.
C.S.H. dines with Gov. Meyer to meet Sir Charles Addis Who
remadbered perfectly calling with Gov. Strong on Anna when
she was in the Bar Ha/tor Hospital.
Nov. 25, 1930. 18 - 120.
K.P.H. receives letter from Miss Bradley dated Feb. 23, 1930,
enclosing a message from Anna:
"Guides are here.
decipherable).

E. Bond and Mrs. Wing too (Hardly

10.K. all well.
"Thefirst thing we do is to tell. The wider will be
the, wider will be the bridge between the tragedies and
the present. Wider will be the time. One can not see


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

99.

Hamlin, Anna (Conted.)
the light unless the light is burning.
"One can not see the good unless we see the motive behind
the occurrence.
"Therefore be glad of all.
"Lo for the best (underscored) and all

ill be well.

"My dear love to them.
Anna"
March 2, 1930. 18 - 139, 175.
H.P.H. on Monday, February 23, 1931, distinctly heard Annals voice
in the middle of the night, when half awake, saying:
"Motherl

I an here."
Feb. 23, 1931. 18 - 174.

Hamlin, C.S.
Receives L.L.D. fran Columbia.

Juno 3, 1930. 18 - 1 to 5.

We spend day with Mrs. Preston (Cleveland) at Princeton, N.J.
June 4, 1930. 18 - 5.
See - Preston, Mrs.
Herbert Putnam, Prof. Arthur Lane, and Platt congratulate C.S.H.
June 7, 1930. 18 - 9.
on L.L.D. degree.
Sec. Mellon, Gov. Young, James and Cunnincham congratulate C.S.H.
June 9, 19j). 18 - 10.
on L.L.D.
Receives oangratulations from Dr. Rowe, George Foster Peabody,
and John Mitchell, Federal Reserve Agent.
June 11, 1930. 18 - 15.
Moves to Cosmos Club from Hay-Adams House.
June 13, 1930. 18 -15.
Motion that Board gprove 20 rate at New York, and 0 reduction
at any other Federal reserve bank, passed.
June 16, 1930. 18 - 20.
Motion to permit 2nd Yational Ban., 7ioston, to subscribe tostock
in ledge Cornoration having only $25,000 capital, defeated.
July 10, 1930. 18 - 37.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

100.

Hamlin, C. S. (Contsd.)
Speaks at Tercentennary celebration, New Bedford.
July 28, 1930. 18 - 44.
Reads service in St. Phillip's Church, Mattapoisett.
Sept. 21, 1930. 18 - 79.
Renews lease, Hay-Adams House.
Oct. 23, 1930. 18- 101.
Testifies before Glass Sub-'Committee.
Jan. 23, 1931. 18 -149.
Sends radio address to Rachel Hale, Helen Rrnst et ale.
Mar. 16,1931. 18 - 184.
See - Carnegie Foundation
Clayton Act
Cleveland, Grover
Columbia University
gonferences
Curtiss, Federal Reserve Agent
Binners
Direct pressure
Discount rates
Dunn, Dr.
Federal Advisory Council
Federal National Bank
Federal Reserve Bank, Boston
Federal Reserve Bank, New York
Federal Reserve Board
Glass
Government transporatation
Grant, Catherine
Hale, Rachel
Hamlin, H.P.
Harriman, Lire. Borden
Harrison, Gov.
Mffe; Gov.
Myer, Gertrude
Open Market Corittee
Platt
Radio address
Second National Bank
Warburg
Wilson, Mrs.
Wister, Owen
Woolley, Robt.
Young, Gov.
Young, Owen D.
etc.etc. etc.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

3.01.

Hamlin, Edward
Disappointed because Bertie can't came to Edward Jr.ls
wedding. Bertie finally came.
June 6, 1930. 18 - 7.
Visits us in Washington.

Feb. 2, 1930. 18 - 157.

Hamlin, Edward Jr.
Married to Rose Bryant.

June 7, 1930. 18 - 9.

Hamlin, Hannibal
Calls on us.

Dec. 15, 1930. 18 - 128.

Hamlin, Harriet
Tells C.S.H., Edward Hamlin will be disappointed if H.P.H. does
not came to wedding of Edward Hamlin, Jr.
June 6, 1930. 18 - 7.
Hamlin, H.P.
Lunches with Mrs. Butler to meet Duchess of Athol. H.P.H. sat
on Mrs.Butler's left and the Duchess on her right.
June 3, 1930. 18 - 2.
At Oolunbia Commencement proceedings H.P.H. sat with Mrs. Butler
June 3, 1930. 18 - 4.
in her box.
Visits Mrs. Preston (Cloveland) at Princeton, N.J. with C.S.H.
June 4, 1930. 18 - 5.
Leaves New York for Washington.
June 5, 1930. 18 - 6.
C.S.H. calls up, and she says she will come to Boston for
Edward Hamlin Jr.'s wedding.
June 6, 1930. 18 - 7.
Arrives in Boston.
Attends wedding of Edward Hamlin, Jr. and Rose Brant.
Calls with C.S.H. on Helen Brewer.
Leaves on Federal Express with C.S.H. for Washington.
June 7, 1930. 18 - 9.
Is

present at meeting of Woman's National Democratic Club
Which accepted resignation of Mrs. Wilson. 18 - 14.

Leaves Washington for Albany, N.Y. en route to Mattapoisett.
June 13, 1930. 18 - 15.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

102.

Hamlin, I. P. (Contld.)
C.S.H. meets H.P.H. in Boston on her return from
Albany.
June 18, 1930. 18 - 20.
C.S.H. lunches with H.P.H. at Chilton Club.
June 19, 1930. 18 - 21.
Mrs. Harriman said Mrs. Wilson heard a woman critic
ising the food
at the Woman. Democratic Clun while H.P.:.
was Chairman
of the House Committee and saying "What does
Mrs. Hamlin
know about food any howl"; that Mrs. Wilson leaned over
and
said to the woman that she had spent weeks with H.P.H.
as
her guest; that she is the best housekeepr she had ever
known.
July 9, 1930. 18 - 33.
Gertrude Myer, some time ago, told H.P.H. that Mrs. Bayard critic
ised
her for leaving C.S.H. for all summer.
C.S.H. believes it was really Gertrude who said this to Mrs. Bayard
.
C.S.H. in calling on Mrs. Bayard explained that H.P.H' could
not
stand hot weather; that she wanted, however, to stay with
C.S.H. in Washington during the summer but that he would not
let her.
Mrs. Bayard said it would be absurd for H.P.H. to attemot such
a
thing, as she could not possibly stand it.
July 23, 1930. 18 -42.
H.P.H. writes Rachel Hale sending a co*, of both the expurg
ated and
the unexpurgated co )ies of Owen Wisteria book.
July 30, 1930. 18 - 44.
K.P.H. speaks at women's dinner at Tercentennary, New Bedford.
July 28, 1930. 18 - 45.
Leaves Mattapoisett for Albany, via Boston.
Nov. 24, 1930. 18 - 118.
Arrives in Washington, Hay-Adaws House.
Dec. 1, 1930. 18 - 122.
C.S.H. and H.P.H. go to New York.
Dec. 6, 1930; 18 - 124.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

103.

Hamlin, H. P. (Contld.)
Stands as Godmother to daughter of Irving Pru,yn.
Gave the baby a gold bead necklace - an heirloom - which Zrvingls
mother-.in-law would not allow the baby to wear.
Dec. 7, 1930. 18 - 124.
Receives letter from J. P. Morgan that the tea is delayed owing
to troubles in China.
Jan. 6, 1931. 18 - 141.
Gertrude Myer very angrey because Bertie did not invite her to
our dinner at Woman's Democratic Club.
She said Bertie gave out the list to the papers and included
Rachel Hale as a guest, altho she had told Bertie two days
before that she opuld not come.
H.P.H. explained to C.S.H. how it happened, and C.S.H. explained
Feb. 19, 1930. 18 - 164.
it to Rachel.
Bertie said she was at the Club Wednesday a.m. and told
Mrs.Grimsby she would not be at the Club again until the
dinner on Friday evening; that Mrs. Grimsby asked if she could
hot help her write the cards and Bertie gave her the list;
that later in the day Rachel telephoned she could not came;
that some one in the Club gave out the list, with other lists,
to help boom the Club.
Feb. 19, 1930. 18 - 165.
Bertie some days ago, asked the House Committee of the Woman's
Democratic Club if she could store some of our furniture,
now in the Security Storage Co. - in the attic of the Club,
offering to pay for the privilege.
Mrs. Lansing, Chairman told her the Committee would be glad to
have her use the roam and would accept no compensation, in
view of our kindness in loaning the Club so much valuable
furnitua, pictures, etc. etc. Bertie accordingly moved it in.
Feb. 24, 1931. 18 - 172, 173.
On Monday evening, February 23rd, Bartle distinctly heard Annals
voice, saying "Mother, I am here." It was in the middle of
Feb. 23, 1931. 18 - 174.
the night.
The Washington Herald said:"NO woman in the Democratic Club has contributed more to
its success than Mrs. Hamlin, who has, perhaps, the prettiest wit
of any woman in the capital."
Feb. 23, 1931. 18 - 176.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

104

Hamlin, H. P. (Contid.)
Gertrude Myer drives, home from Ellen Leonard's tea.
Mar. 19, 1931. 18 - 185.

See - Bradley, Mrs.
Dinners
Harriman, Mrs. Borden
Erving, Langdon
Helm, Edith
Kiplinger, Messrs. Longruan, Green etc.
Lunches
Suppers
Wilson, Mrs.
Hard, William
e
Glass said, was one of the few newspaper men who did not despis
116.
18
1930.
19,
Nov.
Hoover.
Harding, Gov.
ricting
C.S.H. tells Warburg that, would have voted against redist
Nov. 26, 1930. 18 - 120.
in 1915.
ally both
!Or a year preceding the death of, Curtiss was practic
Governor and Chairman of the Federal Reserve Bank, Boston.
Dec. 11, 1930. 18 - 126.
drafts before
Curtiss said the practice of eiving ul) bills of lading
ed by
continu
acceptance originated with Gov. Mores and was
Dec. 31, 1930. 18 - 138.
Gov. Harding.
Harkness fund. 18 - 61, 63
See - Jones, Dr.
Harriman, Mrs. Borden
aw her
Told Bertie she wrote Mrs. Wilson begging her to withdr
that
Club;
resignation from the Woman's National Democratic
ng
refusi
the received an absurd and almost childish note
had been
to withdraw the resignation,and complaining that there
have
could
no meeting of the Board at which Mrs. Harriman
presented it.
ainment
Mrs. Harriman said there had been a meeting of the entert
but no
of,
heard
Committee, which Mrs. Wilson had evidently
wrote
Wilson
meeting of the Board of Managers; that Mrs.
she had no reoollection of the Perry Belmont card party
to know
and that that very fact showed how hard she found it
what the Club was doinf7.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Harriman, Mrs. Borden (Cont'd.)
Mrs. Harriman said that in her letter to lire. Wilson she said if
she would withdrew her restonation the Club never again
would take action without first getting her approval; that
with child...like inconsistency she replieithat it was not
customary to consult honorary Presidonts and she did not
want to assume such a burden.
(C.S.H. - Why then did she maplain in her first letter,
not knowing anything about the Pageant until it was
settledl )
Mrs. Harriman said above at the Board meeting, at which were present:
Mrs, Harriman, H.P.7., Mrs. Rickey, Mrs. Dodd, Mrs. Burton
Wheeler, Mrs. Ebston Thompson, Mrs. Andrius Jones;
Mrs. Thompson, however, had left before this came up.
Mrs. Rickey said she was the one who told Mrs. Wilson as to
the Pageant.
Mrs. Wheeler said it was a very childish letter, to which
everyone agreed.
to accept the resignation with regret was unanimously
passed.

.41 Motion

Mrs. Harriman said, she is positive that Mrs. Wilson either went
to or subscribed to the Belmont card party.
In her letter to Mrs. Harriman Mrs. Wilson said she was sorry
Mrs. Harriman felt so sorry about giving up the Pagemt, but
that she thought it a rare piece of good lucki
June 11, 1930. 18 — 13, 14
C.S.H. called up Mrs. Harriman to advise her to get new paper for
the Democratic Club, fearing some one might merely stamp out
Mrs. Wilson's name.
She said she had already done so.
She said Mrs. Wilson called an her Friday and seemed ashamed of
her letters and expressed the hope the matter would not leak out;
thatthe told her she would simply say her temm had run out
or some other equivocal story.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

106.

Harriman, Mrs. Borden (Contld.)
C.S.H. told her Bertie had told Nancy Warren about it and it
seemed to disturb her although Nancy was a director altho
not at the meeting at which the resignation was accepted.
C.S.H. baid if she concealed it from the directors there would
be trouble and that in any event the minutes must be read
at the next meeting.
June 16, 1930. 18 - 17.
C.S.H. told Mrs. Harriman briefly of his dispute with Mrs. Wilson,
saying he had asked an interview which she declined in a civil
letter.
She said Bartle had hinted at this before.
She was just going to New York to her sick sister, but said she
would telephone me When she returned so that we could have a
good talk to-"ether.
She was very much surprised when C.S.H. said he had not called on
Mrs. Wilson for 3i years.
She said Mrs. Wilson told her not to believe any stories as to
Mrs. Pennington's dislike of her - Mrs. Harriman, - that
Mrs. Pennington really very much liked and respected her.
We both laughed at this.
June 16, 1930. 18 -17, 18.
C.S.H. called up Mrs. Harriman, who said her sister died last week.
She said she wanted very much to see C.S.H. Who said he would call
July 8, 1930. 18 - 129.
tomorrow.
C.S.H. called on Mrs. Harriman at 5 p.m.
She said the Woman's Democratic Club had collected $1000 of the
$1800 dues not paid; that she had done nothing about the bonds
as there was no money with Which to print than.
She said she had read the notice of Edith Helm's letters and at
first seemed surprised that a former secretary should write
them 6. considering her intimate relations with the Wilsons;
that she did not believe Mrs. Wilson had consented to their
publication.
C.S.H. quietly said he thoueit it was time now to print anything
known about Wilson, and this reply seemed to satisfy her.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

107.

Harriman, Mrs. Borden (Conttd.)
She said Owen Wisteria book was held up by a threatened libel
suite by a Mrs. Calhoun because of two pages describing how
a certain wmman manoevered to get President Roosevelt to call
on her at her house in Charleston, S. C.; that her name was
not mentioned but the description left no doubt as to her
identity.
She said Mrs. Wilson called after he nasty letter an told her how
much She thought of her; that the seamed ashamed of having
resigned as Honorary President, but would not reconsider it;
that the, Mrs. Wilson, said she hoped it would not became
public; that she (Mrs. Wilson) told her to say that her term
had expired.
C.S.H. told her briefly about his experience with Mrs. Wilson.
Mrs. Harriman said Bertie had hinted at it.
C.S.H. said what he told her was in absolute confidence, to which
she pledged herself.
C.S.H. said his outward relations with Mrs. Wilson were very cordial.
She said Mrs. Wilson's letter to C.S.H. was most shocking, especially
her implied charge of disloyalty to Mr. Wilson.
She said she had always known what a close friend C.S.H. had been
of Wilson, long before the present Mrs. Wilson even knew
Mr. Wilson.
She said Mrs. Wilson 11d no sense and asked C.S.H. if he did not
agree.
C.S.H. gave an equivocal reoly, saying he was much puzzled.
She said she was very fond. of Mrs. Wilson but felt she knew almost
nothing, - no educatton, - no knowledge of history, and no sense
at all.
She said Mrs. Wilson went
the Peace Conference,
reading "Lord Jim" by
heard either of "Lord

into a hospital with her in Paris during
and met there a wounded officer who was
Conrad; that she told him she had never
Jim" or of Conradt

She said Mrs. Wilson did well while Wilson was alive as she was
absolutely dominated by his brain, culture, and refinement, but
now that he was gone she had neither the sense nor the knowledge
to meet new conditions.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

108.

Harriman, Mrs. Borden (Contld.)
She said she believed that Randolph Bolling was now her ad jeer;
that he had no sense; that undoubtedly it was his thirst for
money that caused the trouble over the Wilson chronology.
as said Mrs. Wilson had never intimated to her that she had had
a dispute with C.S.H.
She said that about a year ago, at a dinner at the Woman's National
Democratic Club, Mrs. Wilson heard a woman diagonally across
from her, criticising the food and, thinking H.P.H. was still
on the House Comaittee, said - "What does Mrs. Hamlin know about
food, anywayl;" that Mrs. Wilson leaned over and said to the
woman, - "I have spent weeks at a time with Mrs. Hamlin, as her
guest; she is the best housekeeper I have ever known, and her
food is simply deliciousi"
Committee.
Mrs. Harriman said H.P.H. was not then a member of the House
saying
She also spoke of Mrs. Wilson's intimacy with Edith Eustis,
lunch
a
at
ago,
years
she,
that
it was most extraordinary;
,heard Edith Eustis say the most cruel things about Mr. Wilson
Lodge
ce
Constan
that
attack;
vicious
-wally
not criticism but
did the same but was not nearly so vicious as Edith Eustis;
the
that their vicious sayings brought tears to her eyes; that
next day Constance Lodge wrote her a letter of apology, but
Edith Zustis never did.
asked her
She said Admiral Grayson brought them together and once
to invite them together, which she did.
once told
She said Admira Gryaons once told her that Mr. Wilson
h Bolling
him, when ill, that he could not endure having Bandolp
come into his room, he so detested him.
to him
C.S.H. said he had giv-- Prof. Nevin a copy of a letter
terms,
highest
from Henry White praising Mrs. Wilson in the very
told
he
that
at the same time mildly criticising Mr. Wilson;
but not
Nevin he could print the part referring to Mrs. Wilson,
deal
to
the part referring to Mr. Wilson, as he preferred
Nevin
with that in his own - C.S.H.'s - reminiscences; that Prof.
agreed to this.
print all of it 1"
Mrs. Harriman said "You should have allowed him to


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

109.

Harriman, Mrs. Bolden (Gonted.)
Mrs. Harriman then berated Henry White. She sHid it had been
agreed that glihu Root should be on the Paris Peace Conference,
but that, at the last moment, Mrs. Wilson persuaded Mr. Wilson
to appoint Henry White; that White had cultivated Mrs. Wilson
and thus got the appointment.
She said White once gave a lecture at the State Department offices
on Diplomacy and that he laid down as the most important thing,
cultivation of the wives of high diplomatic officials.
Mrs. Harriman said White tried to marry many rich women, giving C.S.H.
a list of five or six. She said that one woman wo whorn Ihite
was very attentive asked him to drive with her but he regretted
owing to an important diplomatic engagement; that this 'diplomatic
engaganent" was a drive with Mrd. Wilson.
Mrs. Harriman said she saw than out driving and hap )ened to mention
this fact to the above woman, who then told her about the
"Ilplomatic engagement.*
She said that Col. House had said that Irene Gibson was his most
loyal friend; that she raninded Irene that she - Irene- had often
told her of Col. House's treachery to Wilson; that Irene said
she believed he had been treacherous but begged her never to
say that she had said so.
Mrs. Harriman said Col. House became very indignant when, having
asked her what she thought of his book, she replied that he
should never have written it.
She said that not long ago, Mrs. Wilson repeated to her some
particularly malevolent gossip Which she had been told; that
she had never known her to do this befor and it rather
distressed her.
The above is an abbreviation of an howls talk.
July 9,1930. 18- 30 to 36.
See - Cleveland, Grover
Radio
Harrison, Gov.
C.S.H. spenis morning at Federal Reserve Bonk, New York, with Case
June 2, i930. 18 - 1.
and.
Is given seat at head table at lunch of Academy of Science to
Sir Josiah Stamp while Chairman Case sat with the crowd.
June 2, 1930. 18 -1.
C.S.H. has talk with, at Federal Re.erve Bank, New York.
June 4, 1930. 18 - 5.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

110.

Harrison, Gov. (Contid.)
Gov. Harrison spends
hours with C.S.H. at Cosmos Club explaining
desire to reduce rates to 4%.
June 15, 1930 Sunday. 18 - 16.
Gov. Harrison explains to BoD.rd reasons for reducing rates to 2.
June 16, 1930. 18 - 18, 1'4, 20.
Gov. Harrison visits C.S.H. at Mattapoisett.
Aug. 2, 1930. 18 - 45.
James says he believes Gov. Harrison anE Federal Reserve Bank, New York,
engineered Gov. Young's call to Federal Re. erve Bank, Boston,
and would see to it that the Federal Reserve Boa rd is
thoroughly reorganized in its interest.
Sept. 2, 1930. 18 - 64.
Gov. Harrison told Board that some of his directors favored purchase
of large amount of Government securities to ease credit
conditions, but he opposed it for reason that U.S. is not and
can not be isolated and inflation would injure her unless she
could bring about similar inflation in Europe.
Sept. 25, 1930. 18 - 87.
Gov. Harrison at the close of the Joint Conference last week got
the Governors to appoint a Committee to consider past Federal
reserve policies and sugge t improvements for the futu.e.
Sept. ao, 1930. 18 - 88.
C.S.H. believes Gov. Harrison is trying to obtain a criticism of
Board action on direct pressure.
Sept. 30, 1930. 18 - 88.
Miller feels that the direct pressure policy of Board raised
clearly the issue, - whether the Federal ReLerve Bank, New York,
or the Board is dominant as to nhte policies
Sept. 30, 1930. 18 - 89.
Gov. Harrison tells Board he has bought some sterling bills and
wants to buy more, - up to 25 millions.
There was discussion whether this was or not an open market
operation requiring consideration by Open Mancet Policy
Conference.
It was pointed out that the Open Market Policy Conference declared
for the "status quo" and that the Committee had power to
buy Government secarities if the sterling purchases made the
market slop4.
Went over.
Oct. 13, 1930. 18 - 95, 96.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Harrison, Gov. (Contld.)
Gov. Harrison explains to Board the method used in buying sterling:
The Federal Reserve Bank, New York, buys a cable transfer from
a New York bank, which bank has a balance with a London bank.
The cable transfer directs the London bank to hold the amount
for the Federal Reserve Bank, New York.
The Federal Reserve Bank notifies the London bank to pay the
amount to the Bank of Igland.
The Bank of lngland,
1. Invests the money in bills for the Federal reserve bank
or
2. Holds it for account of Federal reserve bank paying an
agreed rate of interest.
Or, it may do both 1. and 2. Which alternative is taken by the
Bank of ngland depends an the London money market.
The transfer of the London Bank to Bank of lIngland tightens the
money market.
it
The Bank of England may replace the amount by buying bills or
may redeposit the money in ;he London bank.
Gov. Harrison said the transaction was the same as wien central
Zurapean banks deposit funds with the Federal reserve bank
which invests it by buying securities, except that the Federal
reserve bank pays no interest on time deposits.
member
If it did pay interest it would get into trouble with its
s.
deposit
banks Who receive no interest on their reserve
Dr. Miller put questions to Gov. Harrison based on the theory
of
that the Federal reserve bank was loaning money to the Bank
the
that
lngland but accepted Gov. Harrison's statement
our
transaction was in essence a transction in bills to help
export production.
a
Dr. Miller doubted Whether a Federal reserve bank oould make
Reserve
Federal
the
direct loan to a central ftropean bank under
to
power
a
is
Act, as its power to deal in gold oin and bullion
receive and not to give.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

112.

Harrison, Governor (Contld.)
C.S.H. said he believed the power given under Sec. 14 to deal]. in
gold, etc. would authorize a loan of gold.
Gov. Harrison agreed with C.S.H. that such purchases of sterling
help our exporters who have sterling bills to sell, but
points out that at the same time it would compel our
importers who have to buy sterling exchange to pay more
for it.
He also agreed with C.S.H. that importers would not be injured by
this temporary stimulation of exchange because at time of
export crop movenent, imports are not coming in in large
amounts.
Oct. 20, 1930. 18 - 97, 98.
Board discussed Gov. Harrison's proposed trip abroad.
Miller said no Governor shouli go abroad without the knowledge
and consent of Board.
Gov. Meyer said Gov. Harrison told him he was going but did not
say whether for business or pleasure, but that he would
inquire from him.
Gov. Meyer rather took the view that it was all right for
Gov. Harrison to attend a meeting of central EUropean banks,
and he would prefer this rather than to hwing the central
banks mine over here.
C.S.H. is rather surprised that Gov. Meyer hesitated to express
the authority of the Board in this matter.
Oct. 22, 1930. 18 - 99, 102.
Gov. Meyer has never told the Board why Gov. Harrison is going
abroad although C.S.H. believes he must know.
The rumor is that he is to attend a conference of central European
banks to discuss a debt moratorium, and C.S.H. suspects that
he is going with Hoover's knowledge and approval, and without
any authority from the Board.
Oct. 29, 1930. 18 - 102.
C.S.H. asked Gov. Meyer as to Gov. Harrison's trip.
He

said Gov. Harrison had told him in a general way what he
expected to do, and that he advised him not to do certain
of than, .11d that, later, Gov. Harrison said he hat omitted
those objected to by Gov. Meyer.
Oct. 31, 1930. 18 - 106.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

113.

H4rrison, Governor (Contld.)
Gov. Meyer said he was going away for a few days and C.S.H.
thinks he is going to confer with Gov. Harrigan in N.Y.
Dec. 15, 1930. 18 - 127.
Gov. Meyer says Gov. Harrison told him that there was much
banking uneasiness in New York; that bank were.hesitating
in selling acceptances to the Federal reserve banks as
they had to -ruarantee by their indorcement, the accepting
bank; that he felt it might be necessary to buy some
Government securities ,n view of this hesitancy; that he
did not want to tell this, however, to the Open Market
Committee which meets on Saturday.
Dec. 18, 1930. 18 - 129.
Gov. Harrison came before Board.
Present: - Gov. Meyer, James, C.S.R. and Goldenweiser.
'explained how the Bank of U.S. proposed merger failed.
Dec. 19, 1930. 18 - 129.
See - Bank of U.S.
Gov. Harrison said there was still much uneasiness over the
New York banking situation; that Willis haa published an
article in a London paper which caused uneasiness there
over the banking situation in the U.S.; that Willis
admitted that he did not write it but he signed it.
Gov. Harrison spoke further of the Bank of the U.S.
.129, 130.
Dec. 19, 1930. 18
See - Bank of U.S.
Gov. Harrison said it was a grave question Whether the Federal
reserve bank was responsible for the management of a
state member bank Which was not borrowing fram the
Federal reserve bank; that his directors, however, had
about reached the conclusion that they had responsibility.
Gov. Meyer said the Federal Reserve System was responsible for the
soundness of banking methods of every member bank, whether
borrowing or not from the Federal reserve bank.
Dec. 19, 1930. 18 - 130, 131.
Gov. Harrison said that in 1921 when Gov. Strong and Comptroller
Williams were in dispute, Williams claimed that the Federal
reserve bank should not discount for a bank engaging in


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

114.

Harrison, Governor (Contid.)
improper banking practices or in a doubtful condition,
unless the condition was rectified.
Gov. Harrison s -id that Gov.
Reserve Board sustained
correct unsound banking
and upon the state bank

Strong claimed, and that the Federal
him, that the responsibility to
practices was on the Comptroller
authorities.

f

In above dispute the Federal reserve bank and the Federal Reserve
Board found that the failure of tne Comptroller to examine
the Chase National Bank during the year was the cause of the
improper practices or at least that an examirEtion would have
revealed than.
Gov. Harrison said undoubtedly Congress origmally intended just
what Gov. Strong claimed, but that now the public expected
more from the Federal reserve bank and that more must be done.
Dec. 19, 1930. 18 -131.
Gov. Mayer seemed to feel that the Federal Reserve Board should
make all examinations but that Dr. Miller disagreed.
C.S.H. said Miller probably had in mind the flying squad theory
of Gov. Crissinger to which he and Miller objected.
Gov. Meyer said the question of examinations was a national questiq;
to which C.S.H. agreed, but said the Federal reserve banks
should do all examining under the supervisory power of the
Federal Reserve Board.
C.S.H. also said if the Federal Reserve System is responsible for
sound banking conditions, its responsibility is not limited
to state member banks but covers as well national banks.
Dec. 19, 1930. 18 - 131, 132.
Gov. Harrison said tne Glass bill was wrong in prActically doing
away with member bank collateral notes secured by Govermnent
bonds, but that he would favor an amendment preventing their
use as collateral for Federal reserve notes, - to be brought
about very gradually.
Dec. 19, 1930. 18 - 132.
C.S.H. told Gov. Harrison that the Bank of U.S. was admitted to
the System with the usual condition as to acts changing its
condition or the Character of its assets, etc.
Dec. 19, 1930. 18 - 132.
See - Bank of U.S.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Harrison, Gov. (Contid.)
At preliminary conference with Open Market Policy Conference,
Gov. Harrison explained the collapse of the Bank of U.S.
merger and gave an account of his European trip to EnOand,
France, Italy and Germany.
Dec. 2), 1930. 18 - 132-A.
Told Gov. Young his directors positively declined to increase
discount rates in Jan. 1929.
Mar. 16, 1931. 18 - 184.
See - Bank of England
Bank of France
Conference, Central European bank
France
Germany
Italy
Norman, Gov.
Phoenix and Chathan National 'Bank
Gov. Harrison said the central banks wanted to came over here,
but he consulted with Gov.? Meyer, Under Secretary Mills
and Under Secretary Cotton, who all felt it would be
better for him to go over than for the central banks to
came over here.
Gov. Meyer never reoorted this to the Federal Reserve Board.
Dec. 20, 1930. 18 - 132-A.
Gov. Harrison said that the object of the central bank conference
was to discuss world difficulties.
Dec. 20, 1930. 18 - 132-11 (3)
Gov. Harrison bought 40 millions of Government ser,urities from the
Peoples Trust Company, New York, but gradually sold same.
Dec. 20, 1930. 18 - 133, 134.
Burgess told Board that all that would be required by the M.S.
from the Federal Reserve System would be a correspondent
relationship with the Federal Reserve Bank, New York.
C.S.H° can not remember that he referred in any way to proposed
power granted by Federal Reserve Bank, New York, to pass
upon foreign securities offered by B.I.S. in New York.
April 1, 1929.
16 Diary 13. (163)
Dec. 27, 1930.18 - 136.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

116

Harrison, Gov. (Contld.)
Glass has dispute with Harrison before Mass Committee as to right
of member bankf:to rediscount eligible paper to restore its
reserves, vhile lending on speculative securities.
Jan. 20, 1931. 18 - 147.
Tells C.S.H. that customers rates had not been reduced following
the last reduction in Federal reserve discount rates.
Jan. 21, 1931. 18 - 147,.148.
Gov. Harrison favored an amendment to permit a Federal reserve
bank, in cases of emergency, to take over some of the sound
assets of a member bank in trouble.
He said a corporation had been formed in New York, whose stockholders
had agreed to pay a oroportimate share, by way of stock
subscription, far such purpose.
Philadelphia has a similar arrangement.
Jan. a, 1930. 18 - 148.
C.S.H. testifies before Gliss Committee and brings out attitude
of Governor Harrison and the Federal reserve bank on the
, 18 -149, 150.
Jan. 23, 193q1.
rate controversy.
Miller said Gov. Harrison's testimony before Glass Committee
justified C.S.H. in telling the Committee all the facts as
to the rate controversy. Jan. 24, 191b. 18 - 151.
Gov. Harrison told Committee that if Or did not suffice, he would
have voted for 7%.
He almost ridiculed direct action.
He said Federal reserve banks could not keep in touch with the
loan policies of member banks, unless they were 'lout of line..
He said that a member bank, - and much less a Federal reserve
bank, - could not ascertain the use which the customers of a
meMber bank made of money borrowed.
His whole manner was cynical and almost contemptuous as to the
position of the Federal Reserve Board.
He spent considerable time in showing why direct action muld not
Jan.24, 1931. 18 - 151.
succeed.
Gov. Harrison in his testimony used language which mould only be
interpreted as saying that the Federal Reserve Board refused
an application for increase to Or in 1928. In this the New York
Times criticised the Board severely.
Jan. 25, 1931. 18 - 152.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

U'

Harrison, Gov. (Contsd.)
As a fact, Gov. Harrison never Isked for any increase in discount
rates from July 13, 1928, - when the rate wa3 fixed at $% until Feb. 14, 1929 when he asked for the first time for 6%.
Jan. 25, 1931. 18 - 152.
As a fact, in August, 1928, Gov. Harrison asked authority to buy
acceptances to meet seasonal credit strain, but under this
authority the Federal Reserve Bank, New York, bought over
300 millions, holding for the first time, two-thirds of all
outstanding acceptances, and thus gave the member banks so
much money over and above the seasonal credit strain that they
were able to pay off 193 millions of rediscounts.
This created such ease that even customers rates fell and great ease
was brought about, contrary to the usual seasonal trend at
the end of the year.
,ed the firming policy of the System into an easing
This action chan,
policy and greatly encouraged speculation.
Jan. 25,1931. 18 - 152.
Glass told C.S.H. he was satisfied that the majority of the Board
had tried to protect the pdblic interst and that the Federal
Reserve Bank, New York, was dominated, by Wall Street.
Jan. 25, 1931. 18 - 152.
Gov. Harrison, in his testimony, said he never warned the N.Y.
City banks to reduce their loans because (1) collateral loans
for their own account had not increased but had remained
stable since speculation began; (2) his directors felt the
discount rate was the proper remedy, in addition to the
procedure outlined in McGarrahls letter of Mar. 21, 1929.
An extraordinary statement.
1. Brokers loans in 1929 were about same as a year before,
but between July 1928 and Jan. 1929, increased some
hundreds of millions, falling of - again, however, in
Jan. 1929.
Customers collateral loans, however, had increased
enormously and steadily.
2. The McGarrah letter of Mar. 21, 1929, stated that the
procedure described had not materially reduced Federal
reserve credit.
See - Sara-) book.
Jan. 26, 1931. 18 - 153.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

118.

Harrison, Gov. (Contld.)
Gov. Harrison also give, unintentionally of course, false
testimony as to asking for 6% rate in 1928.
See supra.
Jan. 26, 1931. 18 - 153, 154.
C.S.H. did not tell Committee certain facts:
1. McGarrah's statement to Board that his directors were
preparing a statement as to loans for others in which
they were to throw out the intimation that the collateral
behind security speculative loans was not liquid.
2. Gov. Harrison told Cunningham that Gov. Norman told him
(Gov. Harrison) that if he were Governor of the Federal
Reserve Bank, New York, he would put rates up to 9%
or even 10 or 12%, if necessary, to break the stock
market.
April 28, 192.
June 28, 1929.
16 Diary 25, 124 (208)
3. When the Board asked for a heart to heart talk with the
directors of Federal Reserve Bank, New York, Gov. Harding
told Gov. Young over the telephone that his directors
would be glad to came down, but that the discomt rates
must be increased to 6% first.
4.

C.S.H. believes Owen Young, then abroad, wanted a quick
liquidation of stock market to help place the proposed
German reparation bonds.

5. Owen Young helped draw the M.S. statutes giving to
Federal Reserve Bank, 1;ew York, the power to pass on
Issues made by B.I.S. in U.S. markets, thus deliberately
ignoring the fact that there was a Federal Reserve Board.
6. Gov. Harrison told Board he ‘7as consulted when abroad and
advised against referrInce to Federal Reserve Board in
M.S. statutes.
17 Diary 134 (117)
Jan.20, 1931. 18 - 155, 156.
Gov. Harrison's error as to collateral loans, above, is shown by
8meadIs table showing that there never was a moment in 1929 when
both brokers and customers security loansof N.Y. City banks for
own account were not larger than in 1928.
See scrap books
Peb.4, 1931. 18 - 159.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

119.

Harrison, Gov. (Contd.)
Board held up approval of certain small
increases in salaries
in New York not made in accordance with
salary classification.
Feb. 12, 1930. 18 - 161.
Gov. Meyer says he will inform Gov. Harrison that
the custom of
Federal Reserve Bank, New YorK, in attachiT
condition to
application for change in rates calling for
im-saiate action
of Federal Reserve Board is wrong and
must be stopped.
Board approved.
Feb. 13, 1931. 18 - 161.
Gov. Harrison told Board that the acts of the Bank
of U.S. complained
of occurred between examinations.
Feb. 17, 1931. le - 1E0.
C.S.H. and Miller pointed out that Gov. Harrison and
Federal Reserve Balk
New York, had always favored a managed currency.
Feb. 17, 1931. 18 - 163.
Miller said he told Hoover that if Board had allow
ed Federal Reserve
Bank of New York to break the stock market by repea
ted
increased rates it would have at once precipitated
a business
collapse, to which Hoover agreed.
Feb. 20, 1931. 18 - 166.
Gov. Meyer said Gov. Harrison and New York di:ectors
were not
satisfied with the condition of the Phoenix and Chath
am
National Bank, New York, as to its affiliates, altho
the
bank itself seemed in good condition; that they had prepa
red
a strong letter to be sent to the directors; that he advis
ed
them to go slowly and first take up the matter with
the
President of the Bank in cooperation with the Comptrolle
r,
as he feared that a letter to the directors might leak
out
and cause banking trouble in N. Y.
Miller said the directors were scared and inclined to
go to an
extreme.
Mar. 9, 1931. 18 - 180.
See - Conference, Central Suropean banks
Federal Reserve Bank, New York
Phoenix and Chatham National Bank
00v. Meyer said Gov. Harrison wanted to cooperate with
the
Federal Reserve Board, while Gov. Strong wanted to
dominate it.
Mar. 3D, 1931. 18 - 200.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

120.

Harvard Club, Washington
3.S.H.attends annual dinner of.
Feb. 4, 1931. 18 - 159.
Harvard University
See - Class of 1883.
Hty-Adams House
O.S.H. leaves, for Cosmos Club.
June 13, 1930. 18 - 15.
C.S.H. obtains option for lease beginning Dec. 1, 1930.
Oct. 24, 1930. 18 - 101.
We move into.

Dec. 1, 1930. 18 - 122.

Heard, Arthur M.
Declines offer of Chairman, Federal Reserve Bank, Boston.
Slimmer of 1930. 18 - 82.
Heat in Washington
leaffUl heat
Yesterday 106P official
105° "
Today
Departments are closed at noon.
July 21, 1930. 18

•

39.

Hagerman, Miss
We dine with, to meet Sec. of State Stimson.
Dec. 28,1930. 18 - 137.
We have, at dinner.

Mar. 10, 1931. 118 - 181

Helm, Mith
Wilson to
Writes that C.S.H. can tell of her troubles with Mrs.
two "personages" Amin O.S.H. does not specify.
June 23, 1930. 18 - 23.
C.S.H. tells Mr. and Mrs. Charles Warren of above.
and at
Mr. Warren had read the advertisement of the letters,
ary publish
first blush it shocked him to have a private secret
in any event
that
memories or letters so soon after Wilson's death;
's consent,
Wilson
they should not have been published without Mrs.
as the was private secretary at the time.
asked to consent,
C.S.H. said that Mrs. Wilson, altho never officially
ldith Helm
had never intimated any objection, altho she knew from
pencil,
blue
in
that she was to publish them, had corrected them
rooms
her
of
and even wrote the one chapter giving a description
es.
in Buckingham Palace which appeared in the articl


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

121.

Helm, Edith (Conted.)
Mr. Warren said it should have been made clear that Mrs. Wilson
had consented andit was not enough to say she raised no
objection.
C.S.H. thinks he took

a broader view of it after the discussion.
June 2.1, 1930. 18 — 23, 24.

C.S.H. receives telegram from Eiith Helm:
Grayville, Ill.
June 24, 1930.
'I see no -objection and hope you see none to having
all this paragraph remaining in my letters: "The question
came up of Herbert Hoover as a Presidential candidate, —
Democratic. Mr. Baruch seams to think he wants to run. The
President does not think:him a man sufficiently able to carry
the many questions to a practical conclusion as President
should.'
Edith Helm.
June 24, 1930.18 — 25.
C.S.H. wired Edith Helm:
June 25, 1930.
'See no objection to first part of paragraph but believe
the latter part, beginning "The President does not think'
etc. will give a political complexion to the letters which
would be unfortunate.'
C.S.H. also wrote her to same effect.
June 25, 1930. 18 — 25, 26.
C.S.H. receives letter from.

July 2, 1930. 18 — 27.

C.S.H. receives letter from, thanking him for her advice as to
Hoover reference.
July 3, 1930. 18 — 27.
C.S.H. receives letter from, stating that her lawyer thought the
Hoover reference was open for consideration whether or not to
strike out Wilson's reference; that he should consult two
friends, one a justice of N.Y. Supreme Court.
July 9, 1930. 18 — 30.
(Later, Edith told C.S.H. the judge advised not printing
the Hoover reference and it was not printed.)


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

122.

Helm, Edith (Contld.)
C.S.H. at once wrote Edith that he had no pride of
and that she must decide what to do.
July 9, 1930. 18 - 30.

Opinion

C.S.H. sends Rachel Hale a coy of the Cosmopolitan Magazine
containing Edith Helm's letters.
July 14, 1930. 18 - 38.
C.S.H. receives letter from, dated July 13, rather vaguely
worded but meaning, C.S.H. thinks, that the Cosmopolitan
AI to publish Wilson's comments on Hoover.
July 13, 1930. 1E. - 39.
Charles Warren told C.S.H. he haa heard nothing but criticism of
Edith Helm's letters; that everyone thought it was a great
mistake to publish at this time Wilson's criticisms of
foreign officials now living.
Aug. 7, 1930. 18 - 48.
Edith visits us at Mattapoisett.
Oct. 9, 1930. 18 - 93.
C.S.H. dines with.

Nov. 8, 1930. 18 - 108.
Dec. 4, 1930 18 - 123

We dine with.

June 22, 1931. 18 - 149.

Hickey, Mr.
Is attorney for Miss McMullein in Jeannie Riggs estate matters.
Oct. 31, 1930. 18 - 103.
Hill, David Jayne
We meet, at dinner at Miss Hegerman's
Dec. 28, 1930. 18 - 137.
Hitchcock, Sen.
as he
Glass said he was glad that, was defeated by Sen. ramie,
was a Republican as regards Federal Reserve Act and led the
Republicans against it.
Nov. 19, 1950. 18 - 116, 117.
Hodsdon
See - Cow pasture
Hollis, Allen
of
Tells C.S.H. Paddock is not out of the question for Governor
Federal Reserve Bank, Boston.
Aug. 13, 1930. 18 - 49.
Refuses to accept ChairmanOhip of P.R. Bank, Boston.
Summer of 1930. 18 - 84.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

123.

Holmes, Justice 0. W.
Justice McReynolds tells C.S.H. that, is in a pitiable condition;
that he dozes and sleeps most of the time on the Bench.
Nov. 10, 1930. 18 - 108.
Talks over radio on his 90th birthday.
Mar. 8, 1931. 18 - 179.
Honorary degree, L.L.D.
See- Columbia University
Hamlin, C.S.
Hoover, Mr. National Security and Trust Co.
Pall barer
Jeannie Riggs funeral.
June 13, 1930. 18 - 16.
Hoover, Mrs. Herbert
President and, invite us to a garden party at White House.
'!e regretted.
Aug. 1930. 18 - 63.
Hoover, President
C.S.H. advises Edith Helm to strike out fram her letters the
reference to Wilson's statement that Hoover was not
sufficiently able to administer office of President.
June 25, 1930.
, 18 - 25, 26, 27, 30.
Publishers of Helm letters refer matter to a judge of N.Y.
Supreme Court who advises excluding the reference and
it was omitted.
July 9,1930. 18- 30, 39.
See

Helm, liith

Curtiss says he is satisfied that Wing took up matter of
appointing Gov. Young as Governor of Federal Reserve Bank,
Boston, with Hoover on occasion of his visit to Washington.
Aug. 28, 1930. 18 - 60.
President and Mrs. Hoover invited us to a garden party last
Aug. 31, 1930. 18 - 63.
week. We regretted.
Sec. Mellon gave Platt to understand, not directly but by
necessary implication, that Hoover wished Platt to accept
offer of Marine Midland Co. as he had some one in ml ,d he
wished to appoint in his clace.
Sept. 2, 1930. 18 - 64.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

124.

Hoover, President (Contld.)
C.S.H. wonders Whom Hoover has in mind.
Sept. 2, 1930. 18 - 65.
Miller acted as if surprised that Hoover had not ta1ke4 with him
as to Meyer appointment.
Sept. 4, 1930. 18 - 68, 69.
- at hitherto he had
Platt told C.S.H. that Sec. Mellon told him 7
arranged all P.R. -ppointments, but ti.at in the case of Meyer,
Hoover had taken the matter to himself.
Sept. 19, 1930. 18 - 81.
Platt said that at his interview with Sec. Mellon in New York on
Labor Day, he told Mellon he did not wish to resign before
Oct. lst,but that Sec. Mellon said Hoover wanted him to
resign at once, as he desired his place for some one else.
Sept. 19, 1930. 18 - 81.
feels this is the first attempt of a President at political
manipulation of Federal Reserve Board.
Sept. 1, 1930. 18 - 81.
Miller told C.S.H. that Hoover considered Gov. Young a rather
Oct. 30, 1930. 18 - 89.
weak man.
Miller e.id he drove with Hoover to his camp last Saturday; that
undoubtedly Hoover had received many complaints of the
Pederal Res -rve Board for not allowing New York to put up
its discount rate from 5 to 6%.
Miller, however, said nothing to make C.S.H. believe that Hoover
thought we were wrong.
Miller had evidently seen Hoover's address on banking which he is
to deliver at Cleveland tomorrow, because he told C.S.H.
there was nothing in it in any way criticising the Federal
Sept. 30, 1930. 18 - 90.
Reserve Board.
Miller said it was vlerally felt that Gov. Young had been a failure,
and C.S.H. is satisfied this is Hoover's view.
Oct. 3, 1930. 18 - 91, 92.
The papers seam to think that Hoover appointed
some change in Federal reserve policy and
Reserve Board to the administration. (See
Oct. 10, 1930.

Meyer to bring about
to tie the Federal
scrap book).
18 - 93.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

125.

Hoover, President (Contld.)
C.S.j. fears the new policy of Hoover will be to pay scanty
attention to Federal Reserve Board, excepting Meyer.
Oct. 22, 1930. 18 - 100.
C.S.H. suspects that Gov. Harrison is going abroad to 4antral
ban.c conference with the approval of Hoover, but without
authority from Federal Reserve Board.
Oct. 29, 1930. 18 - 102.
C.S.H. meets Mr. Newton, Hoover's secretary, at dinner at
Nov. 4, 1930. 18 - 107.
Gov. Meyer's.
Glass says Hoover is utterly discredited and that the press
representatives, excepting only a few like Hard, Mark Sullivan,
Kent and a few others, have only contempt for him.
Nov. 19, 1930. 18 - 116.
James told C.S.H. he thought Hoover had appointed Meyer to keep
the Federal Reserve System away from the influence in New York
of the Morgan group; that Hoover fully understood that the
N. T. bankers had little use for him.
Nov. 24, 1930. 18 - 119.
C.S.H. fears Gov. Meyer thinks he and Hoover are the Federal Reserve
Dec. 15, 1930. 18 - 128.
Board.
It is 3 months since Gov. Meyer was sworn in (Sept. 16) and yet
Hoover has made no awointments to fill vacancies. This does
not look like the work of a "great engineer."
Dec. 16, 1930. 18 - 128.
Miller said Hoover asked him what he thought of the announcement
of the State Department that no member of Federal Reserve Systen
should be connected with the B.I.S.; that he replied he
approved the statement, but that it interfered with the duties
d' the Federal Reserve Board which should have made the
decision; that Hoover replied tiat the Federal Reserve Board
had had its chance, - meaning that Fe:Leral Reserve Board
was out on notice of the right given to the Federal Reserve Bank,
New York to pass upon issues offered by B.I.S. in markets of
U.S.
C.S.H. said that Burgess told Board very briefly about the B.I.S.
on April 1, 1929, but said no action would be called for by
Board except a corresoondent relation.
Miller thought Burgess did tell all about the M.S. states and
that the Board should then have interfered.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

126.

Hoover, President (Contld.)
C.S.H. said the Federal Reserve Board and also the State
Department had nothing to do with the Young plan and were
not represented upon it.
Dec. 25, 1930. 18 - 135..
See - Burgess
Woolley told Q.S.H. the Interstate Commerce Commission was furious
over Hoover's approval of the Trunk Line settlement; that
Attebury of the Pennsylvania Railroad put this over on
Hoover; that a justice of the U.S. Supreme Court told him
he was annoyed that Hoover had injected himself into the
matter; that Hoover would have the fight of his life over it.
Jan. 1, 1931. 18 - 140.
&Fadden demands Senate investigation of Hoover's ousting of Platt
and appointment of Meyer.
Jan. 9, 1931. 18 - 143
3.—H. believes, but has no proof, that the Bank of America
officials appealed to Hoover, who intimated to Gov. Meyer
to change his position.
Jan. 14, 1930. 18 - 146.
Miller said he had a talk witn Hoover a week ago, and explained
to him taat if the Board had allowed the Federal Reserve Bank
of New York to break th- stock market by increasing discount
rates, a business crisiswould have at once been precipitated;
that Hoover said he agreed with this.
Feb. 24, 1930. 18 - 166.
Miller said that Hoover, with all his skill, could not express
himself in writing; that his veto of bonus bill would be so
bungling as to take away all prestige from the veto of bonus
bill.
Feb. 20, 1931. 18 - 166, 167.
At dinner at Mrs. McClellan's, almo-_t all agreed that Hoover was
thoroughly discredited throughout the country.
Feb. 20, 1931. 18 - 167.
IX-Ambassador Houghton tells C.S.H. tnat Hoover was nothing but
a not over scrupulous pramoter;that his oarty distrusted him;
that if the Democrats nominated Owen D. Young he would come
out Allay and work for him.
Liarch 1, 1931. 118 - 175.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

127.

Hoover, President (Contld.)
C.S.H. fears that Gov. Meyer is working to produce a Hooverized
Federal Reserve Board.
Mar. 10, 1931. 18 - 181.
C.S.H. feels Hoover does not trust anyone Whom he has not ap)ointed.
Mar. 10, 1931. 18 - 181.
3.S.H. feels Federal Reserve Board has been Hooverized.
Mar. 19, 1931. 18 - 187.
James said Hoover sent for him some time ago and said he hoped he
would consent to serve another term and asked him to think
it over; that he thought he would tell Hoover When he returned
from Porto Rico, that he would consent to serve.
Mar. 24, 1931. 18 - 196, 197.
Miller told C.S.H. that Hoover was really angry with him for going
abroad last summer.
Mar. 25, 191. 18-137.
Miller said Hoover, a month ago, said to him he thanked God the
Board had the courage to hold up the Federal Reserve Bank of
New York as to disommat rates.
Mar. 25, 1931. 18 - 197.
Miller said Hoover was a very sensitive man; that Sec. Lamont gave
him only what he thought he wanted to hear.
Mar. 25, 1931. 18 - 197.
Miller mid Hoover at first would not agree with him thet the
business depression was a world trouble, but finally accepted
it and in first draft of his Cleveland address went to the
other extreme, as Miller and Robinson aavised him.
Mar. 25, 1931. 18 - 198.
Miller said Hoover had no political sense.
Mar. 25, 1931. 18 - 198.
Miller said Hoover, when Secretary of Commerce, had a wonderful
press bureau and once told him to come to him if he wanted
anything put out, and he would circulate it.
Mar. 25, 1931. 18 - 198.
Miller said Hoover was under the influence of the Department of
Commerce men who gave him only what they thought muld
please him and put him in a false position as to unemployment.
Mar. 25, 1931. 18 - 198.
Miller said Hoover once often spoke kindly of Sec. Houston but
after reading his book, said he knew less of current events
-1ring and after the war than anyone in Washington.
Mar. 25, 1931. 18 - 198.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

128.

Hoover, President (Contld.)
Woolley told C.S.H. that Hoover wanted to dispossess Curtis as
Vice President and substitute Theodore Roosevelt, because of
his name; that before going to Porto Rico, Hoover gave out
a statement to be released later, telline of the wonderful
work Roostvelt was doing in Porto aico.
Mar. 29, 1931. 18 - 201.
Houghton, Ix-Ambassador
We dine with.
Lunches with us.

Aug. 28, 1930. 18 - 61.
Aug. 30, 1930. 18 - 63.

We dine with.
He was very bitter at Hoover. Said would support
Owen D. Young if nominated by Democrats.
Mar. 1, 1931. 18 - 175.
C.S.H. sends Rachel Hale a copy of address of, on World Court.
Mar. 6, 1931. 18 - 178.
House, Col.
Said Irene Gibson was his most loyal friend, yet she often told
Mrs. Harriman that, was treacherous to Wilson.
July 9, 1930. 18 - 35.
Very angry at Mrs. Harriman because she told him he never should
have his book (Seymour).
July 9, 1930. 18 -35.
We meet, at dinner at Dr. Butler's.
He was evidently a very sick man.
Dec. 8, 1930. 18 - 124
C.S.H. tells Mrs. Wilson how ill Col. House looked at the Butler dinner.
Mar. 8, 1931. 18 - 179
Houston, Sec.
Hoover once praised, but said his book showed he knew less of
currency events in and after the war than any one in Washington.
Mar. 25, 1931. 18- 198.
Told Miller that Franklin Roosevelt was a demagogue.
Mar. 25, 1931. 18 - 198.
Harvard. Miss
Jeannie Riggs memorandum did not mention.
Oct. 31, 1930. 18 - 104.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

129.

How*, Henry
Dies at Longwood.
March 2, 1931. 18 - 177.
Howe, Mark DeWolfe
Praises Bertiels reminiscences very highly.
Is thinking of writing life of Gov. Roosevelt who has asked
him to Albany to talk it over.
C.S.H.*wrote of this to Catherine Grant and Bertie made him write
Catherine not to mention it.
Feb. 26, 1931. 118 - 171.
Hoxton, Federal Reserve Agent
Objects to making non-member bank paper eligible for discount
when offered by a member bank, for a limited time.
Sept. 23, 1930. 18 - 83.
C.S.H. warns, to keep ample supply of Federal reserve notes on hand.
Dec. 15, 1930. 18 - 127.
Certifies that American Security & Trust Co. ani Munsey Trust Co.
are not in substantial competition.
Feb. 28, 1951. 18 - 173
See- Clayton Act
Federal Reserve Bank, Richmond
Hull, Senator and Mrs. Cordell
We dine with.
Mar. 15, 19.-1. 18 - 183.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

130.

India

Club.
Dr. Richmond gives talk on, at Woman's National Democratic
144.
Jan. 12, 1931. 18 -

Inflation
ap,)roving it,
Miller suggests consideration, without necessarily
a large amount
of
ase
or deliberate,.y inflating credit by purch
tion.
t
situa
of Government securities to ease the credi
194.
-86,
18
Sept. 25, 1930.
Gov. Meyer opposes. 86, 194,201.
Initiation of discount rates.
Owen Young opposes power in Board for.
Feb. 4, 1931. 18 - 158.
Interlocking dinectors
See - Clayton Act
Interstate Trust Co., New York
of U.S.
One of the banks intended to be merged with Bank
Nov. 25, 1930. 18 - 120, 121.
Interstate Commerce Commission
Trunk Line merger.
Woolley says, is furious at Hoover's approval of
Jan. 1, 1931. 18 - 140.
Investments, Bank
e of Government
Miller said economically we should buy Ltrge volum
securities to force.
Mar. 21, 1931. 18 - 194.
Italy

e of war with Italy;
Gov. Harrison said there was no fear in Franc
feared Germany;
that no one thought of Italy, but everyone
consumption;
that Mussolini's speeches were purely for home
remembered
lini
thn.t a friend of Mussolini told him that Musso
Italian
that
his, - Gov. Harrison's - statement last March
tening
threa
was
bonds could not be placed in U.S. While Italy
not
could
war; that Italy was in a very bad way, as she
ally reduced
balance her budget; that Mussolini had gener
ies must soon
official salaries and reduction of other salar
that Italy
sm;
come; that this would be a real test of Fasci
to her, but
g
would like to fund the reparation payments comin
or 12%; that
10
that this could not be done at a rate lees than
only to
this
of
it was generally believed that Italy spoke
bring about a foreign loan to her.
Dec. 20, 1930. 18 - 132-A (2)


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

131.

-

Jacquelin, Mr. and Mre.
Lunch with us, together with Mr. and Mrs. Tom Thacher.
Aug. 27, 1930. 18 - 58.
James, George R.
Congratulates C.S.H. on his honorary degree.
June 9, 1930. 18 - 10.
Votes against peraLtting Federal Reserve Bank, New York, to buy
.
25 millions of Government securities each week for two weeks
12.
June 3, 1930. 18
and a
Votes against approval of a reduction at N.Y. to 2t%
.
reduction at other Federal reserve banks
June 16, 1930. 18 - 20.
Boston, to
Votes to disapprove application of 2nd National lank,
capital.
00
$25,0
only
with
buy stock in an Bige corporation
37.
18
July 10, 1930.
National Bank, Boston,
Agrees to vote favorably on application of 2nd
at $500,000
if the capital of the Bige Corporation is fixed
40.
18
1930.
with $100,000 paid in. July 22,
New York, engineered
Tells C.S.H. he believes Felaral Reserve Bank,
al Reserve Bank
Feder
of
nor
Gover
Gov. Young's appoAatment as
Reserve Board
al
Feder
the
that
it
of Boston, and will see to
is reorganized in its interest.
Sept. 2, 1930. 18 - 64.
.
C.S.H. can understand New York's antipathy to James
-66.
18
1930.
2,
Sept.
rate.
Suggests to Federal Advisory Council a commodity
Sept. 16, 1930. 18 - 75.
his War Industries
Much pleased at referenees of Governor Meyer to
Sept. 16, 1930. 18 - 77.
Board work.
small cotton fanners
Says this is to be a war to the knife between the
; that the banks
and the cooperatives, led by Federal Fern Board
, are controlled
in the cotton district, especially in the Delta
by those who hate the cooperatives.
Sept. 23, 1930. 18 - 82.
he did not care to
Tells C.S.H. he has notified Sec. Mellon that
expiration of
be reappointed on Federal Reserve Board after
his term, in April ,1931.
Sept. 25, 1930. 18 - 88.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

132.

James, George R. (Contld.)
Wants provision that Open iarket Committee must get approval of
Board before every open market operation.
Oct. 2, 1930. 18 - 91.
Finally :.grees that Open Market Committee Shall inform.executive
officer of the Board and consult with it before any important
action except cases of emergency.
Oct. 2, 1930. 18 - 91.
Agrees that C.S.H. should use Government transportation for trip to
Boston to attend directors meeting of Federal reserve bank.
Oct. 3, 1930. 18 - 92
Told C.S.H. that Gov. Young took the office of Governor of the
Federal Reserve Board on the understanding that he would remain
only two years; that he could not afford to remain longer; that
Baker of First National Bank, 7ew York, told him he would
find a good place for him in New York; that Baker was not
satisfied with Jackson Reynolds as his President; that Gov. Young
could not for two years accept any position in a national bank
or member bank; that Gov. Young applied to Baker but he could
do nothing for him; that soon after, Sec. Mellon tried to get
Wiggin to give him a position but he could find nothing (Available;
that finally a place was arranged for him in the Federal Reserve
Bank of Boston as Governor.
Nov. 24, 1930. 18 - 118, 119.
James said he thought Gov. Meyer's awointment was a good one and
that he was put there by Hoover to keep the Federal Reerve System
away from the influence in New York of the Morgan group;
that Hoover fully understood that the N. Y. bankers had little
use for him.
Nov. 24, 1930. 18 - 119.
James said great pressure had been brought on him to induce him to
give 1113 his advocacy of direct pressure; that Barney Baruch was
sent down to Washington to influence him, but that he convinced
Baruch that direct pressure was right.
Nov. 24, 1930. 18 - 119.
James said he was offered the Presidency of a business corporation
at a very high salary, to get him out of the Federal Reserve
Board; that this %as really an at-empt to bribe hum, - which,
of coursp, he declined.
Nov. 24, 1930. 18 - 119.
James goes to Iowa with Cudninghamls body.
Nov. 30, 1930. 18 - 122.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

133.

James, George R. (Contld.)
James said that Comptroller McIntosh, for giving a national
Charter to the Bank of Italy, was rewarded by a partners
hip
in Blair & Co., New York, and later in another Npw York
brokerage firm; that he soon had mede money enough to retire
in affluence; that it was a clear case of bribery.
Dec. 2,1930. 18.123.
James said that Cunningham, When he heard the Charter had been
granted by McIntosh, said, -"what was he paid for it
James later told C.S.H. that he believed the shock of the above
was what killed Cunningham.
Dec. 2, 1930. 18 - 123
James did not object to increase in Curtiss' salary if the salary
of Newton, Federal Reserve Agent, Atlanta, was also increased.
Gov. Meyer told James Atlanta was not comparable with Boston.
Finally James said he would oppose any increase for any
Federal Reserve Agent at the present time.
Dec. 11, 1930. 18 - 125.
James ill with a cold.

Dec. 16, 1930. 18 - 128.

Present at meeting When Gov. Harrison explained failure of
Bank of U.S. merger.
Dec. 19, 1930. 18 - 129.
James and C.S.H. told by Gov. Meyer that Gov. Harrison had
spoken to him of banking uneasiness in New York.
Dec. 18, 1930. 18 - 129.
Gov. Meyer sided with James and Miller against increasing
Curtiss's salary.
Jan. 20, 1930. 18 - 149.
Gov. Meyer approves holding up some minor salary icreases at
New York to please James.
Feb. 12, 1930. 18 - 161.
Congratulates C.S.H. on radio address.
Mar. 19, 1931. 18 - 188.
Marion Mild, granddaughter of, engaged to Mr. Sanger.
Mar. 20, 1931. 18 - 188.
Tells C.S.H. that Hoover some time ago sent for him and
expressed hope he would accept another term and asked
him to consi-er it; that when Hoover returned from Porto
Rico, he snould tell him he would accept.
Mar. 24, 1931. 18 - 196, 197.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

134.

Jay, Pierre
Curtiss said his directors all wanted,
for Mailman.
C.S.H. said this would please him, but
that the Federal Reserve
Act required a two years' residence
in the District, so
that, was not eligible.
June 6, 1930. 18 - 8.
Platt writes C.S.H. that, would have a
better man than Gov. Young
for Governor of Federal Reserve Bank of Bost
on, - an
ideal man.
Aug. 25, 1930. 18 - 57.
Joint Conference
Governors and Federal Reserve Agents.
18 - 81 to 89.
See.Conferences; Governors and F.R. Agen
ts
Jones, Dr.
C.S.H. meets, British representative of the Hialk
ness fund at
dinner with Ambassador Houghton.
Aug. 28, 1930. 18 - 61
Lunches with us.

Aug. 30, 1930. 18

63.

Jones, Mrs. Andrius
Present at meeting of Woman's National Democrat
ic Club which
accepted resignation of Mrs. Wilson as honorary
President.
June 3, 1930. 18 - 14.
Judge of N. Y. State Court
See - Helm, /Kith
Lansing, Mrs.
Justice of U.S. Supreme Court
See - McReynolds
Woolley, Robert


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

135.

Kent, 7. 18 - 116.
See-Glass, Son.
Keynes, J. M.
Miller says, has repudiated the idea of a managed ourrenc
y,
basing his repudiation on experience of U.S.
Feb. 17, 1930. 18
.163.
Kidder, Peabody & Co.
Curtiss said, was eMbarrassed by
Nashville, Tenn. and by the
time deposit; that the firm
was now all right.
Dec.

dealings with Caldwell of
calling by the B.I.S. of a
had put in new capital and
11, 1930. 18 - 127.

King Publishing Co., New York
See - Kiplinger, Mrs.
Kiplinger, Mts.
Bertie receives a note from Mrs. Kiplinger now connected with
Longmans, Green & Co., New York.
Bertie had met her two years ago when she did some work for
her in the Woman's National Democratic Club.
She asked Bertie if she did any writing other than her monthly
letter for the Woman's Democratic News.
Bertie tAD'Id her about her reminiscences, and she asked if she
could read them, and Bertie gave her a prt to read, and
later she said they were really delightful.
Later Mrs. Kiplinger talked with the King Publishing Co., New York
which wrote and asked Bertie to send it to the Company for
reading and criticism.
The King Publishing Company finally wrote Bertie that While the
reminiscences had decided merit, they were too long and
seemed to lack objective.
Bertie wrote thanking the company and stating she had no
present intention of publishing the manuscript.
The King Company replied that if she Changed her mind, to let it
krow.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

136.

Kiplinger, Mrs. (Contld.)
Mrs. Kiplinger later wrote Bertie that
she was now associated
with Longmans, Green & Co.; that she
had spoken to one of
the firm about the manuscriot and that
he expressed a
desire to see it and look it over
.
Bertie then sent her the first two sect
ions and some others in
different parts of the manuscri
pt.
On reb. 13, 1931, Mrs. Kiplinger wrote Bert
ie:
"I heard from a critic who saw it at the King
Company that it had all the possibilities
that I
have said all along that it has.
"This morning I told Mr. Duffy, of Longmens
, Green
& Co. about it and he said that, if still
available,
he would he most pleased if you would let him
see it.
"The matter of having it printed in the pres
ent
form is a most simple one, if a publisher
is interested
in the book from another angle, so that,
if it is not
yet printed, your sending it would automaticall
y cover
that necessity too.
"What I see in the book is a fascinating record
of
a sphere of American life. This phase needs to
be lifted
out of the book as it now stands.
NI think it is too long for general acceotance
and that a quantity of material Whidh is
not of general
interest would have to be edited aat of
it.
"Thus you would have two bodice, - one the intimate
record you want for yourself, and your frie
nds, - the other
a book for book stores
Feb. 13, 1931. 18 - 189, 190, 191.
On March 5, 1931, Mrs. Kiplinger wrote:
"Just a line to let you know that your delightful
manuscript is here and quite safe and being grea
tly enjoyed
by those who are able to look at it.
"A manuscript in this careful place has to be read
and passed on by several people before deci
sion concerning
it is reached..


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

137.

Kiplinger, Mrs. (Oontld.)
This is also a prayer that if you can spare any more
of the pages, and will send them along, you will give Longmans
a letter opportunity to visualize the value of it.
"If only you had two cooies and could spare me one **** "
Mar. 5, 1931. 18 - 191, 192.
On March 20, 1931, Urs. Kiplinger wrote:
"Your manuscript has quite delighted us, ana I am requested
by the editorial department to ask you if you would be so kind
as to send us the Whole work, together, if you will, with such
illustrations as you think should go into it.
"You really must print that book, even if it is never
published, but it Should be published tool
"It is a very happy gift to be able to delight peoplel"
Mar. 20, 1931. 18 - 192.
.----_-_


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

138.

-L-

L.L.D.
See - Columbia University
Hamlin, C.S.
Lamont, T.W.
Presides at lunch to Sir Josiah Stamp given by Academy of
Political Science,
Invites C.S.H. to sit at head table.
June 2, 1930. 18 - 1.
Lamont, Sec.
C.S.H. meets, at dinner of Gov. Meyer.
Nov. 5, 1931. 18 - 107.
Miller says, gives Hoover only what he thinks will please him,
and had given him false information as j001 unemployment.
Mar. 25, 1931. 18 - 197, 198.
Lane, Prof. Arthur
Congratulates C.S.H. on L.L.D.
June 7, 1930. 18 - 9.
In address at class of 1883 dinner refers to C.S.H.Is degree of L.L.D
June 18, 1900. 18 - 21.
Lane, Sec. 7ranklin. 18 - 69.
See - Miller, DT.
Lansing, Mrs. Robert
Told W.H. last week that Robert Lansing had written many
letters, criticift. Wilson, to a Republican N. Y. Judge,
who was about to write a book and that he intended to
publish these letters.
Mrs. Lansing said the letters were very indiacreet ezki, if
published, would ruin Mr. Lansing.
She WA she had written the judge not to publish them.
Jan. 6, 1931. 18 - 141.
As Chairman of House Committee, tells H.,P.H. the Committee will
be glad to have her store any part of her furniture now
stored in the Security Storage warehouse, in the attic
room of the Woman's National Democratic Club, and that
the Committee would not think of charging anything for this
privilege in view of H.P.H.'s kindness in loaning her


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

139.

Lansing, Mrs. Robert (Contld.)
furniture, pictures, etc. for the Club's use. H.P.H.
accordingly sent much of the stored things to the Club.
Feb. 24, 1931. 18 - 172, 173.
Lansing, Robert. 18 - 141.
See supra - Lansing, Mrs.
Lawrence, David. 18 - 116.
See - Glass, Sen.
Meyer, Gov.
Leffingrell, Russell
C.S.H. has talk with, at Federal Reserve Bank, New York.
Congratulates C.S.H. an L.L.D.
June 4, 1930. 18 - 5.
Legge
See

Federal Farm Board

Leonard, 111en
C.S.H. calls on.
Gives tea.

June 26, 1930. 18 - 27.
Mar. 19, 1931. 18 - 188.

Humorously contratulates Fox Dangerfield on his engagement to
Gertrude Myer, she having entertained him much lately.
Mar. 12, 1931. 18 - 182, 183.
Lindsay, Sir Ronald
C.S.H. sends Rachel Hale a co )y of address of, at Boston TerecentenarY
July 23, 1930. 18 - 43
Line of credit. Brokers
Traylor says that in Chicago, unlike N. Y. brokers are given a.
Sept. 16, 1930. 18 - 75.
Lippett, F;x-Senator
Sen. Metcalf at first favored, for Class C Director, Boston.
July 14, 1930. 18 - 39.
Lipman, Federal Advisory Council
Objects to a commodity rate.
Sept. 16, 1930. 18 - 76.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

140.

Liquid
Liquidation
Liquidity
McGarrah said N. Y. directors were preparing a public statement
intimating that the collateral behind brokers loans might
turn out not to be liquid.
18 - 155.
C.S.H. believes Owen Young wanted a quick, to enable reparation
bonds to be floated in U.S. market.
18 - 155.
Lloyd George
C.S.H. sees points of reseMblance between Gov. Meyer and.
Feb. 20, 1931. 18 - 166.
Loan of gold
Miller doubts whether a Federal reserve bank may lawfully make a,
to a central European bank.
C.S.H. finds he power in the power in Sec. 14, Federal Reserve
Act to deal in gold.
Oct. 20, 1930. 18 - 98.
Loan practices, Member banks
Glass was seriously incensed at the claim of N.Y. that it could not
examine into the, unless an individual bank was out of line.
Nov. 19, 1930. 18 - 115.
Gov. Harrison in testifying before Glass Com,ittee positively
objected to examining nto, unless those that were "out of line"
Jan. 24, 1930. 18 - 151.
Owen D. Young favored having all examinations made by the Federal
reserve bank and said they Should acquaint themselves with.
Feb. 4, 1931. 18 - 158.
The Federal Advisory Council recommended that the Federal reserve
banks should be held responsible for knowledge of.
Feb. 17, 1931. 18 - 161, 162.
The federal Advisory Council was unanimous that the Federal Reserve
Board had full power to place this responsibility on the
Federal reserve banks.
Feb. 17, 1931. 18 - 164.
Lodge, Constance. 18 - 33, 34
See - Williams, Constance
Lombard loans
Gov. Young reads to Federal Reserve Board a pr000sed amendment
to perait the discount of member bank collateral notes secured
by stock exchange collateral. Jan. 20, 1931. 18 - 148.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

141.

Longworth, Alice
C.S.H. sends Rachel Hale a copy of World's Work containing
an article by.
July 25, 1930. 18 -43.
Luce, Cong. Robert
Vigorously defends Gov. Meyer from McFadden's attadk.
Dec. 18, 1930. 18 - 129
Lunches (See dinners, suppers)
C.S.H. Academy of Political Science.
TO Sir Josiah Stamp.
June 2, 1930. 18 - 1.
C.S.H. Alumni lunch
Columbia University.

June 3, 1930. 18 - 2.

H.P.H. Mrs. Butler's lunch to Duchess of Athol.
June 3, 1930. 18 - 2.
We lunch with Mrs. Preston (Cleveland)
June 4, 1930. 18 - 5.
C.S.H. with directors of Pederal Reserve Beak of Boston.
June 18,1930. 18 - 20
Mr. and Mrs. Jacquelin and Mr. and Mrs. Tom Thadher lunch with us.
Aug. 27, 1930. 18 - 58.
Amb. Houghton, Sir Warren Fisher, and Dr. Jones lunch with us.
Aug. 30, 1930. 18 - 63.
Mr. and Mrs. George Ourtis Corcoran and family lunch with us.
Sept. 12, 1930. 18 - 74.
Catherine Grant lunches with us.
Nov. 15, 1930. 18 - 110.
Bertie lunches with Mrs. Delano.
Dec. 2, 1930. 18 - 123.
C.S.H. lunches with bLecutive Committee of Open Market Committee
at Metropolitan Club as guest of Gov. Meyer.
Dec. 20, 1930. 18 - 133.
We lunch with Herbert Putnam at Library of Congress.
Jan. 10, 1931. 18 - 144


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

142.

Lunches (Contli.)
We lunch at Woman's National Democratic ell& to hear Dr. Richmond
speak on India.
Jan. 12, 1931. 18 - 144.
We lunch with Bishop and Mrs. Rhinelander.
Feb. 8, 1931. 18 - 160.
C.S.H. lunches with Gov. Meyer at Metropolitan Club to meet
Federal Reserve Agents Stevens and Austin.
Mar. 3, 1931. 18 - 177.
We lunch with Mr. and Mrs. McClintock.
Mar. 8, 1931. 18 - 179.
See - Dinners
Suppers
Luther
Gov. Harrison said he dined in Berlin with, and other prominent men;
that they were determined to go to the limit along the lines
of the Young plan; that they did not doubt Germany's capacity
to pay; that the difficulty was in transferring the payments;
that there was danger that Germany might be forced by public
clamor to ask for e moratorium, which, however, they knew would
not be needed for two years or so in any event; that Germany did
not need long term money but needed to fund her short time
obligations which may be called at any moment; that the last
loan had been very helpful; that capital was slowly returning
to Germany; that Bruening did a good job.
Dec. 20, 1930. 132-A (2,3)

See
.Germany
Harrison, Gov.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

143.

Malburn, W. P.
E..Senator Thomas told C.S.E. that, has lost his position
by merger of his bank in New York and badly needs some work.
Calls on C.S.H. Who introduces him to Comptroller who can give
him not much hope.
Comptroller told C.S.H. some days ago that record of, as Chief
National Bank Examiner at New York was not a good one.
Mar. 3, 1931. 18 - 177.
Maloney
See - Federal National Bank, Boston
Managed currency
Gov. Meyer objects to Goldenweiserls draft of annual report on
ground that it seams too much like a defense of.
Miller said Keynes and McKenna had given uo their belief in a,
largely because of result of that policy in U.S.
C.S.H. and Miller told Gov. Moyer the Federal Reserve Bank of
New York was obscessed with idea of a, and not the 7.3. Board.
lob. 17, 1931. 18 - 163.
Manhattan Trust Co. 18 - 121.
See - Warburg
Manufacturers Trust Co., N.Y.
Originally planned to be merged with Bank of U.S.
Nov. 25, 1930. 18 - 120.
Gov. Harrison says, is now in good condition.
Dec. 20, 1930. 18 - 132-A
Maxine Midland Corporation. 18 - 62.
See - Platt
Marlow, Mrs.
Sir Charles Addis visited, at Bar Harbor, with Gov. Strong in
Nov. 25, 1930. 18 - 119, 120.
1921.
Marshall, Mr.
Owns PrenCh poodles but will sell only for $150.
Sept. 10, 1930. 18 - 73.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

144.

Marshall, Mrs. Thomas P.
C.S.H. dines with Mrs. Walsh to meet.
Nov. 10, 1930. 18 - 108.
Martin, Gov. P.R. Bank, St. Louis
Objects to general circular allowing mlmber banks to discount
paper of non-member banks.
Sept. 23, 1930. 18 - 83.
See - P.R. Bank, ST. Louis
Mattapoisett
H.P.H. leaves Washington for, via Albany, N.Y.
June 13, 1930. 18 - 15.
C.S.H. and H.P.H. go to, via New Bedford.
June 19, 1930. 18 - 21.
C.S.H. leaves Washington for.
June 27, 1930. 18 - 27.
C.S.H. at Mattapoisett
June 28 - July 6, 1930. 18 - 27.
C..H. leaves ;.lattapoisett for Washington.
July 6, Sunday 130. 18 - 27
C.S.H. leaves Washington for Mattapoisett.
July 11, 1930. 18 - 38.
C.S.H. in Mattapoisett.
July 12 - 20,1930. 18 - 38, 39.
Leaves, for Washington. July 20, 1930. 18 - 39.
July 25, 19.30. 18 - 43.
Gov. Young visits us at Mattapoisett.
Aug.1, 1930. 18 - 45.
Gov. Harrison of Federal Reserve Bank, N.Y. visits us.
Aug. 2, 1930. 18 - 45.
Gov. Harrison leaves, Sunday 9:30 a.m.
Aug. 3, 1930. 18 - 45.
C.S.H. goes to Boston.to Federal Reserve Bank to confer with
Curtiss as to P.R. Agent.
. Aug. 8, 1930. 18 - 48.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

145.

Mattapoisett (Conttd.)
Mr. and Mrs.

ugene Meyer come to Mattapoisett on yacht.

We lunch with them.
They dined with us.
Aug. 15, 1930. 18 - 49.
C.S.H. in Mattapoisett

Aug. 9,-18.
18 - 49, 50.

C.S.H. leaves for Washington.

Aug. 18, 1930. 18 - 50.

C.S.H. leaves for Boston and Mattapoisett.
Aug. 22, 1930. 18 - 50.
Mr. and Mrs. Jacquelin and Mr. and Mrs. To Thecher lunch with us.
Aug. 27, 1930. 18.58.
We dine with Ambassador and Mrs. Houghton.
Aug. 28, 1930. 18 - 61.
Mr. and Mrs. Platt visit us.

Aug. 29, 1930. 18 - 62.

We have Ambassador Houghton, Sir Warren Fisher, Dr. Jones, at lunch
to meet Mr. and Mrs. Platt.
Aug. 30, 1930. 18 - 63.
The Platte leave us.

Aug. 31, Sunday, 1930. 18 - 63.

C.S.H. leaves for Washington Labor Day.
Sept. 1, 1930. 18 - 63.
C.S.H. leavAs for Mattapoisett.
Sept. 5, 1930. 18 - 69.
Mr. George Zhstis Corcoran and family lunch with us.
Sept. 12, 1930. 18 - 74.
We dine with Catherine Grant to meet Mrs. James Roosevelt and
Mr. and Mrs. Delano.
Sept. 13, 1930. 18 - 74.
C.S.H. leaves, for Washington.
Sept. 14, 1930. 18 - 74.
C.S.H. in Mattapoisett.

Sept. 6 - 14, 1930. 18 - 74.

C.S.H. leaves for Mattapoisett. Sept. 19, 1930. 18 - 78.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

146.

Mattapoisett (Contid.
C.S.H. receives letter from Nelson Emmo
ns as to purchase of
Mattapoisett land.
Sept. 20, 1930. 18 - 79.
C.S.H. leaves for Washington.
Sept. 22, 1930. 18 - 81.
C.S.H. in Mattapoisett.

Sept. 19 - 22, 1930. 18 - 81

Gertrude Myer drives down and lunches with
H.P.H.
Sept. 25, 1930. 18 - 88.

C.S.H. not there.

C.S.H. leaves for Mattapoisett.
Sept. 26, 1930. 18 - 88.
C.S.H. at Mattapoisett.

Sept. 27 - 29, 1930. 18 - 88.

C.S.H. leaves for Washington.

Sept. 29, 1930. 18 - 88.

C.S.H. leaves for Mattapoisett.

Oct. 3, 1930. 18 - 93.

C.S.H. attends meeting of directors of Fede
ral Reserve Bank, Boston.
Oct. 8, 1930. 18 - 93.
Edith Helm visits us.

Oct. 9, 1930. 18 - 93.

Mr. and Mrs. Pease dine with us.
Oct. 10, 1930. 18 - 93.
Catherine Grant dines with us.
Oct. 11, 1930. 18- 94.
C.S.H. at Mattapoisett.

Oct. 4, - 11. 1930. 18 - 94

C.S.H. leaves for Washington.
Oct. 12, 1930. 18 - 94.
C.S.H. leaves for Mattapoisett.
Oct. 17, 1930. 18 - 96.
C.S.H. in Mattapoisett. Oct. 18 and 19. 1930. 18
- 96.
C.S.H. leaves for Washington.

Oct. 19, 1930. 18 - 97.

C.S.H. leaves for Mattapoisett. Oct. 24, 1930.
18 - 101.
Annals birthday.

Oct. 26, 1930. 18 - 101.

).S.H. in Mattapoisett.

Oct. 20 - 27, 1930. 18 - 102.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

147.

Mittapoisett (Contid.)
C.S.H. leaves for Washington.
Oct. 27, 1930. 18 - 102.
C.S.H. leaves for Mattapoisett. Oct. 31, 1930. 18 - 105.
C.S.H. in Mattapoisett. Nov. 1 - 4, 1930. 18 - 107.
C.S.H. leaves for Washington.

Nov. 5, 1930. 18 - 107.

C.S.H. leaves for Mattapoisett. Nov. 13, 1930. 18 - 110.
Catherine Grant lunches with us.
Nov. 15, 1930. 18 - 110.
C.S.H. at Mattapoisett. Nov. 13 - 16, 1930. 18 - 110.
C.S.H. leaves for Washington.

Nov. 16, 1930. 18 - 110.

C.S.H. leaves for Boston to address Stockholders Meeting, P.R.
Bank, Boston.
Nov. 20, 1930. 18 - 117.
C.S.B. addresses Stockholders Meeting.
Nov. 21, 1930. 18 - 117.
C.S.H. in Mattapoisett.

Nov. 20 - 23, 1930. 18 - 116.

C.S.H. leaves for Washington.
Nov. 23, 1930. 18 - 116.
K.P.H. leaves Mattapoisett for Washington via Albany.
Nov. 24, 1930. 18 - 118
H.P.H. arrives Washington.
.122.
Dec. 1, 1930. 18
We meet Mrs. Stimson at dinner who once spent a summer in
Mattapoisett with her father, Dr. Stimson, lather of
Sec. of State Stimson.
Dec. 28, 1930. 18 - 137.
Lillian P. Wellesley commits suicide throwing herself off our
dock in Mattapoisett. (See scrap book, Vol. 210)
18 - 144.
210 Scrap book. 72, 98.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

148.

Mazeryt, Madame
Galls on us at Mattapoisett.
Aug. 30, 1930. 18 - 63.
MoAdoo, Ellen
See McAdoo, W. J.
McAdoo, W. J.
Nancy Warren told C.S.H. that Ellen
McAdoo had caused a great scandal
by a liaison with a Hollywood actor;
that she was drinking
heavily; that Mr., once went into a
Santa Barbara house with
a "lady" and another man and "lady"
and that Ellen followed him
and pulled him out.
June 23, 1930. 18 - 24.
C.S.H. told Warburg that Gov. Harding
told McAdoo that he should vote
against Warburg's plan for reducing the
number of Pederal
reserve banks.
Nov. 26, 1930. 18 - 120.
McAllister, The Misses ((Ivan)
We give a small dinner at Woman's Demo
cratic Club to hear the.
Jan. 26, 1930. 18 - 154.
McClellan, Mr. and Mrs. George
We take Christmas dinner in evening.
Dec. 25, 1930. 18 - 134.
We dine with to meet Sen. and Mrs.
Bulkley.
hob. 20, 1931. 18 - 167.
McClelland, E.M.
C.S.H. is much disturbed because Gov. Meye
r is opposed to promoting,
to Secretaryship of Board when Eddy's leav
e expires.
Mar. 10, 1931. 18 - 181.
McClintock, Mr. and Mrs.
We lunch with.

Mar. 8, 1931. 18 - 179.

McClure, P.R. Agent
Wants suspension against prohibition of
discount of non-member
bank paper through member banks, except by
special permission.
Hoxton and Martin and Gov. of P.R. Bank
of Atlanta object.
Sept. 23, 1930. 18 - 82.
McDougal, Gov.
Objects to recommendation of Open Market Comm
ittee to continua
status quo. Thinks a slight firming would
be better.
Gov. Calkins practical y agreed with.
Sept. 25, 1930. 18 - 85, 86.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

149.

McElroy, Prof.
Mrs. Preston (Cleveland) asked C.S.H. if, consulted him while
writing his life of Mr. Cleveland and seemed much surpri
sed
when C.S.H. said he had not.
June 4, 1930. 18 - 5.
McFadden, Cong.
Opposes Gov. Meyer's confirmation.
Dec. 16, 1930. 18 - 128
Jan. 9, 1930. 18 - 143.
McGarrah, Gates
C.S.H. did not tell Gass Committee that, told Board his directors
were preparing a public statement intimating that the
collateral
behind brokers loans might turn out not to be liquid.
Jan. 26, 1930. 18 - 155.
McIntosh, Comptroller
James told C.S.H. that, as a reward for giving a national charter
to Bank of Italy, was made a partner of Blair & Co., New York,
and later an appointment in another brokerage 'imm, and soon
was able to retire in affluence; that Cunningham, when he heard
of the Charter, said "What was McIntosh paid for it?'
Later, James said this really was the cause of Cunningham's
death.
Dec. 2, 1930. 18 - 123.
See - Comptroller
McKenna, Reginald
Miller says, has repudiated his advocacy of a managed currency,
because of experience of Federal Reserve System.
Feb. 17, 1931. 18 - 163.
Gov. Meyer scoffed at, as an economist and Miller defended him.
Peb. 20, 1931. 18 - 166.
McMullen, Miss
Asks C.S.R. to be a pall bearer at Jeannie Riggs funeral.
June 11, 1930. 18 - 12.
C.S.H. calls on, by appointment, in evening.
She said the National Security & Trust Co. and Alfred Riggs were
executors under will of Jeannie Riggs.
June 14, 1930. 18 - 16.
C.S.R. calls on, by appointment, at suggestion of H.P.H.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

150.

McMullen, Miss (Contld.)
She said she had consulted a lawyer,
- a Mr. Hickey, and that
he had advised her that she had a lega
l right to all the contents
in Jeannie Riggs house, which were not spec
ified in.the memorandum.
She said the memorandum was made some
years before Jeanniels will was
executed, and that the will referred
to it specifically.
She said that the memorandum, after mentioni
ng a few, specific things,
a watch and other things, - stated that
Miss McMullen and the two
Riggs boys would have the -furniture.
Thus Miss McMullen was clearly intended by
Jeannie to be a beneficiary
in addition to her specific legacy.
This will raise an interesting Question , whether "furniture"
covers pictures, some of which in the hous
e are very valuable.
Jeannie in her will specifically disposed
of certain family
portraits.
Miss McMullen said that immediately after
Jeannie's death, the
Trust Company presented to her a written stat
ement that she held
the contents of the house as a trustee, and
that, without thinking
anything about it, she signed it.
She said the memorandum did not mention the
deGeffrai's nor the
Howard', and Miss McMullen said she felt they
should share in the
contents of the house as well as the two Rigg
s Brothers.
She said she wanted to avoid any legal dispute;
that she hoped the
contents could be sold and the proceeds divi
ded equitably between
the heirs of Jeannie and herself.
She said, in response to a question of C.S.H., that
she had no
objection to his telling the factp to any one,
- C.S.H. had
specifically asked as to Gertrude Myer and
Mrs. Col. Alexander
Rodgers.
C.S.H. later called up Rachel Hale and told her
of above, as she
was interested in hearing about it.
(C.S.H., at one of the Carnegie lndowment meetings
in N.Y. - he thinks
the meeting held on
, spoke to Austen Fox,
a great friend of Jeannie Riggs, about the construc
tion of the
word "furniture" in Jeanniels memorandum.
Mr. Fox said he was once Referee in an important
will case and
decided that a very valuable plaq
ue containing the coat of
arms


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

151.

McMullen, Miss (Contld.)
of certain Dutch cities, meant to hang on the walls, passed
under the description "furniture"; that he thought that all
the pictures in Jeannie's house, other than the family
portraits specifically bequeathed would pass under, the word
"furniture.")
Gertrude Myer complained to C.S.H. because she said he had advised
Mies McMullen that She was entitled to all the things in the
house; she said that the Raphael painting alone was worth
$200,000.
ieb. 19, 1931. 18 - 165.
(As a matter of fact C.S.H. never saw this memorandum, but relied
entirely on Miss McMullen's description of it. He told
Miss McMullen that he could not &wise her but that she should
get legal advice at once; that on the facts, as she stated them,
he was inclined to the belief that Jeannie clearly intended that
she should be a beneficiary under her will in addition to the
specific bequest; that he was inclined to think that the word
"furniture" would be construed to cover pictures, etc. not
specifically bequeathed; that this, however, was not in any sense
a legal opinion.)
McReynolds, Justice
C.S.H. meets, at dinner given by Mrs. Walsh to Mrs. Thomas Marshall.
He toad C.S.H. that Justice Holmes was in a pitiable condition; that
he dosed or slept most of the time on the Bench.
Nov. 10, 1930. 18 - 108.
Mellon, Sec.
Congratulates C.S.H. on L.L.D.
June 9, 1930. 18 - 10.
Votes to permit N.Y. to buy 25 millions of Govt. securities each week
June 3, 1930. 18 - 12.
for 2 weeks.
at any other
Votes to approve 2i% rate at N.Y. and reduction of
June 16, 1930. 18 - 20.
7.R. bank.
Ogden Mills calls up C.S.H. and says Sec. Mellon had left town but
had asked him to say to C.S.H. that he earnestly hoped the
Board will agree to approve a salary of $35,000 for Gov. Young
as Gov. of lederal Reserve Bank, Boston.
C.S.H. said he would do his best.
Aug. 22, 1930. 18 - 51.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

152.

Mellon, Sec. (Contld.)
C.S.H. tells Curtiss of Sec. Mellon's message. Asks him to tell
his directors.
Aug. 23 1930. 18 - 51, 53, 57.
Gov. Young calls up Platt at C.S.H.Is home, Mattapoisett, and
says Sec. Mellon wishes to meet him in N.Y. tomorrow, Saturday
morning.
C.S.H. and his guests thought possibly Sec. Mellon wanted to offer
Platt the Governorship of the Federal Reserve Board.
C.S.H. has a suspicion that Sec. Mellon may want to induce Platt
to resign so that Parker Gilbert may be appointed in his place.
Platt finally made an appointment with Sec. Mellon in New York on
Monday p.m. Labor Day.
Aug. 29, 1930. 18 - 62, 63.
C.S.H. has long talk with Platt as to his interview in N.Y. with
Sec. Mellon.
Platt said Mellon began by saying that he had heard of the offer to
Platt from the Marine Midland group; that Mellon said they were
first class men and he hoped Platt would ac et.
Platt sctid that later, Sec. Mellon gave him to understand, perhaps
not directly, but by necessary implication, that President Hoover
hoped he would accept, as he had some one he desired to appoint
in his place.

•

Platt said he intimated to Mellon that he might accept.
•
Platt told C.S.H& he had written the Marine Compary suggPsting a
salary of $24,000 instead of '120,000, but practically accepting.
Sept. 2, 1930. 18.. 63, 64.
C.S.H. feels it is extraordinary for Hoover and Mellon practically
to force Platt of the Board in this manner, in order to get
his place for some one else.
Sept. 2, 1930. 18 - 64.

•

Sec. Mellon tells newspaper men that Eugene Meyer is to be appointed,
provided Platt resigns; tnat Platt had an offer from a banking
concern which Mellon thought he would accept.
Sept. 4, 1930. 18 - 67.

•

.

•

•

•

C.S.H. called up Platt at Madison, Conn.

•
•

Platt said he had accepted the bank offer at a salary of $22,000; that
he would formally resign from the F.R. Board so uhat Gov. Meyer


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

153.

Mellon, Sec. (Contid.)
could preside at the meeting of the Federal Advisory Council
on Sept. 16th; that he wanted to resign to take effect on
October 1st, but that Sec. Mellon opposed this, and this seemed
to irritate Platt somewhat.
Platt said Mellon told him that it was contemplated some time ago
to appoint Meyer as a resident of Washington in the Federal
Reserve District of Richmond; that a legal opinion had been
rendered that this could be done.
Platt said to C.S.H., - If they make any more fuss about it, I may
not resign at all%

Ile said again he told Mellon he would like to resign effective
Oct. let, but that Mellon pressed him to resign at once.
Sept.6, 1930. 18 - 70, 71.
Platt writes C.S.H. that one of the directors of the Marine Midland
is Arthur W. Davis, Chairman of the Board of the Aluminum Company
of America, and that this points to Sec. Mellon as having
arranged the offer to him.
C.S.H. believes this is probably true.
Sept. 10, 1930. 18 - 73.
C.S.H. has long talk with Platt.
Platt said he had no doubt but that the offer to him had been
engineered from Washington.
Platt said Sec. Mellon told him that, up to the present time, he
had arranged all Federal reserve appointments, but that in
this case Hoover had taken charge himself.
Platt said again that, when he told Mellon on Labor Dqv that he did
not wish to resign before October 1st, Mellon said Hoover
wanted him to resign at once, as he desired his place for
some one else.
C.z;.H. feels this is an injection of policies into the Federal
Reserve System by Hoover end Mellon.
.81.
Sept. 19, 1930. 18
James tells, he does not care to be reappointed on Federal Reserve Board.
Sept. 25, 1930. 18 - 88.
Schacht, in Washington, confers with °ec. Mellon and Gov. Meyer,


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

154.

Mellon, Sec. (Contld.)
but with no other Member of the Board.
Oct. 22, 1930. 18 - 100.
C.S.H., Sec. Mellon, et als, dine with Gov. Meyer to meet Governor
of Bank of Sweden.
Nov. 5, 1930. 18 - 107.
James said Sec. Mellon tried to get a position for Gov. Young in
Chase _Zational Bank, but that Wiggin could find nothing
Nov. 24, 1930. 18 -•118.
for hial.
Member bank, Banks.
Entitled to interest from date of last dividend up to time of
withdrawal, altho current dividend has not been earned. Wyatt
.136, 137, 138.
Dec. 25, 1930. 18
contra.
Gov. Harrison said it was a grave question whether a Federal
Reserve Bank was responsible for the management and loan
policy of a state member bank which was not borrowing from
the Federal reserve bank; that his Director had about came
to the conclusion that the Federal reserve bank was responsible.
Gov. Meyer said it was responsible.
Gov. Harrison said in 1921 Gov. Strong took the position that the
loaning policy of a member bank was primarily the responsibility
of the Comptroller and State Bank Superintendent, and that
the Federal Reserve Board so ruled; that this was probably
the intent 3f Congress, but that the public expected more and
that more must be done.
Gov. Meyer felt the Federal Reserve Board should make all examinations,
but that Miller did not agree to this.
a
C.S.H. said he and Miller objected to Gov. OunninFham's plan of
flying examination squad.
007.

Meyer mid soundness of a member bank was a national question,
to Which C.S.H. or reed.

C.S.H. said the Federal reserve banks should do all examining subject
to the supervision of the Federal Reserve Board.
C.S.H. said if the Federal Reserve System is responsible for sourd
banking conditions of member banks, its responsibility applies
to national banks as well as to state member banks.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

I•v

156.

}Lauber bank, Banks (Contld.)
Agreed to consider this later.
Dec. 19, 1930. 18 - 130, 131, 132.
Gov. Harrison strongly objected to claim of Federal Reserve Board
that the Federal reserve bank should keep in touch with the
loan policies of its member banks, unless they were "out of line";
he said that a member bank could not ascertain the use to
which redi.comts were put, and much less could a Federal reserve
bank.
Jan. 24, 1930. 18 - 151.
Owen D. Young, testifying before Glass Committee, favored all
exaninatiors to be by Federal reserve banks who should keep in
touch with the loan policies of member banks and should be
given power to suspend rediscounts or refuse them altogether,
if necessary.
He said his directors eould find no power to do this under present
law.
Feb. 4, 1931. 18 - 158.
Federal Advisory Council advised that Federal reserve banks should
be responsible for knowing the conditions and loan practices
of member banks at all times.
Feb. 17, 1931. 18 - 161, 162.
Also advised that Federal Reserve Board had authority under present
law to impose this responsibility.
Feb. 17, 1931. 18 - 164.
See - Reporting member banks, New York City. 18 - 159.
mead.. 18 - 159.
Msiber bank 15-day collateral notes.
Gov. Harrison opposed plan to prevent increase of, when banks have
speculative loans outstanding.
Dec. 19, 1930. 18 - 132.
Gov. Harrison said he would favor an amendment preventing use of,
as collateral for Federal reserve notes, but it should be
done very gradually. Dec. 19, 1930. 18 - 132
Gov. Young presented draft of a proposed amendment p?rmitting
discount of, secured by stock exchange collateral.
Jan. 21, 1931. 18 - 148.
Merger of four New York banks.
18 - 129, 132-A
See - Banks of U.S.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

156.

Merriman, Mr.
C.S.H. asks Senator Metcalf as to, for Class C Directors Federal
Reserve Bank, Boston.
Senator Metcalf finally approves.
July 14, 1930. 18 Metcalf, Senator
See supra- Merriman
Meyer, ugene, Governor, Federal Reserve Board.
Mr. and Mrs. visit us at Mattapoisett on their yacht.
We lunch with them.
We give than a dinner in evening.
Aug. 15, 1930. 18 - 49.
Gossip has it that Hoover wants, for Platt's place.
Sept. 2, 1930. 18 -65.
C.S.H• believes, would be a good man although not a practical
banker. Thinks he might be persona non grata to New York.
Sept. 2, 1930. 18 - 65.
Secretary Mellon tells newspaper reporters that, is to be appointed
on the Federal Reserve Board, provided Platt decides to
resign to accept a banking position, which Mellon thought he
would accent.
Sept. 4, 1930. 18 - 67.
C.S.H. feels this is a carefully worked out plan to get, on the
Federal Reserve Board.
To carry this out, Gov. Young had to be sidetracked and Platt forced
to resign.
C.S.H. thinks Platt's offer was engineered by interests favorable
to Meyer.
C.S.H. believes Meyer is able and fit to be Governor of Board; feels
the only drawback is the manner of bringing it about.
Sept. 4, 1930. 18 - 67.
Dr. Miller told C.S.H. that appointment of Meyer would be agora
disappointment to Warburg, iiho did not like him, and perhaps was
envious of him as a Jew.
Sept. 4, 1930. 18 - 68.
C.S.H. thinks Miller really knew little as to Meyer a poi ntment and
is somewhat disturbed at the "strong arm" method of getting
Sept. 4, 1930. 18 - 69.
Platt.
See - Miller

1


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

157.

Meyer,

ugene (Contid.)

N. Y. Times praises appointment.
Says Board was timorous in its treatment of the speculative mania,
and that Meyer's appointment means a more vigorous policy.
Sept. 6, 1930. 18 - 69, 70.
New York Well/praises Meyer. Sept. 6, 1930. 18 - 69.
Platt told C.S.H. that Sec. Mellon t-aid it was contemplated some
time ago to appoilit Meyer as a resident of Washington and
member of the Federal Reserve District of Richmond; that he
had had legal advice that this could be done.
Sept. 6, 1930. 18 - 70.
C.S.H., after talking with H.P.H., sent Meyer a telegram:
To Hon. Eugene Meyer,
Mount Kisco,
Westchester County, N.Y.
Mrs. Hamlin joins me in most sincere congratulations.
When will you came down to Washington? I now expect
to be there Monday morning, Sept. 15, but will gladly
go on at once if I can be of any assistance. Wire me
or telephone, Mattapoisett, Mass.
Charles S. Hamlin
Sept. 6, 1930. 18 - 71
(Saturday)*
At 7 p.m. Meyer called up C.S.H. from Mt. Kisco. He said he was
ready to go to Washington any time after tomorrow, and asked
when Platt would resign, as he did not know.
C.S.H. said Platt told him he would be in Washington Tuesday and
would resign to take effect Monday, September 15th, so that
Meyer could preside at meeting of Feeral Advisory Council on
September 16th.
He asked C.S.H. who were on the Council and C.S.H. read him a list.
He said he should always turn to C.S.H. for advice and help.
C.S.H. said he felt sure they would work together well.
He finally said he would be in Washington Monday, Sept. 15th, and
C.S.H. agreed to be there also.
Sept. 6, Saturday, 1930. 18 - 71, 72.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

158.

Meyer, Eugene (Contld.)
C.S.H. dines with Dr. Miller to meet Gov. Meyer and Federal
Advisory Council,
Sept. 15, 1930. 18 - 74.
Gov. Meyer took oath of office under recess appointment.
Sept. 16, 1930. 18 - 74.
Gov. Meyer tells Council that the open market policy is to
maintain the status quo.
Sept. 16, 1930. 18 - 75.
Tells Council consideration ofa comiodity rate is only on
possibility of revival of speculation.
Sept. 16, 1930. 18 - 75.
Tells Council that question of credit is largely psychological
and a commodity rate, even though not needed, miht
help psychologically.
Sept. 16, 1930. 18 - 77.
Tells Council of work done by James when on War Industries Board,
to delight o James.
C.S.H. believes Gov. Meyer did this to win James over.
Gov. Mwer is certainly shrewal
Sept. 16, 1930. 18 - 77.
Gov. Meyer takes hold of his work with perfect assurance, and
Shows a tendency to be a little arbitrary at times.
Sept. 18, 1930. 18 - 77, 78.
Charles Warren tells C.S.H. that he met Under Secretary Cotton
at dinner and that he said Meyer was needed on the Federal
Reserve Board; that Meyer agreed with Warburg that the Federal
reserve banks should be reduced in nudber.
Warren said Cotton seemed to have little regard for the Federal
Sept. 18, 1930. 18 - 78.
Reserve Board.
Tells Board that Legge of the Federal Farm Board would soon announce
that the grain held by the stabilization corporation would
not be sold in the near future or until conditions improved.
Sept. 23, 1930. 18 - 82.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

159.

Meyer, Nugene (Contld.)
C.S.H. was told by Meyer that he saw nothing in Miller's
suggestion of considering the purchase of a large amount
of Government securities to ease credit conditions; that
it would drive gold out of the country.
Sept. 25, 1930. 18 - 87.
Asks C.S.H. to came up to his house for a talk and C.S.H. went up
and had a general talk over Board matters.
Oct. 1, 1930. 18 - 90.
The papers seem to believe that Hoover appointed Meyer in order to
bring about some change in Federal reserve policies and to
tie the Board up to the administration.
(See scrap book, Vol. 206) Oct. ID, 1930. 18 - 93,
Gov. Meyer, so far, has shown no sign of having any fixed policy.
Some papers say he believes in more credit for bu:iness, but he
accepted without any dissent the Governors recommendation for
holdine the status quo.
He also disagreed with Miller's su-gestion for consideration of
buying more Government securities to further ease credit
conditions.
He also said the Federal Reserve Board had nothing to do with the
stock market or the general money market.
C.S.H. believes he has no clear a)nvictions at present.
Oct. 10, 1930. 18 - 94.
Meyer, in answer to Miller, said that Gov. Harrison had told him
he was going abroad but did not say whether for business or
pleasure, but he would inquire.
Oct. 22, 1930. 18 - 99
Gov. Meyer apparently takes the view that it was all right for
Gov. Harrison to go abroad to attend a conference of central
banks, and seemed to prefer it rather than to iv-ive the central
banks cane over to U.S.
C.S.H. is somewhat surprised at Gov. Meyer's apparent hesitation
to express the authority of the Board as to these trips abroad.
Oct. 22, 1930. 18 - 99.
Mr. Schacht, in Washington, confers with Sec. Mellon, Gov. Meyer
and Miller, but with no other mmbercf the Board.
Oct. 22, 1930. 18 - 100.

I.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

160.

Meyer, Gov* (Contld.)
Dr. 14iller tells C.S.H. that he saw an interview of Gov. Meyer
st,Lting that the Federal Reserve System had nothing to do
with Wall Weet, but Should confine itself to Federal reFerve
credit.
Oct. 23, 1930. 18 - 100.
C.S.H. told Miller that same time ago he told Gov. MeyPr he was
writing an article on direct pressure; that Gov. Meyer said, "You
did not think much of that, did your; that re replied that he
thought everything of it and believed it h?,d been successful.
C6S.H. rather gathered that Gov. Meyer did not approve of it.
Oct. 23, 1930. 18 - 100.
Meyer told Miller on Oct. 22, 1930 (See supra) that he did not know
why Gov. Harrison was going abroad.
He has never told the Board as to Gov. Harrison's trio.
C.S.H. believes he must know.
C.S.H. suspects he is going with the approval of Hoover and
Gov. Meyer.
Oct. 29, 1930. 18 - 102.
C.S.H. asked Gov. Meyer, not in Board meeting, just why Gov.
Harrison is going Abroad.
Gov. Meyer said Gov. Harrison had told him in a general way what he
expected to do abroad; that he advised him not to do certain of
the things he mentioned; that Gov. Harrison later told him he
had omitted what Meyer objected to.
Oct. 31, 1930. 18 - 106.
C.S.H. dines with, to meet Governor of Bank of Sweden.
Nov. 6, 1930. 18 - 107.
Glass told C.S.H. he had written to the Baltimore Sun protesting
against a letter written by either David Lawrence or Frank Kent,
predicting the new policies Meyer would have adopted by Federal
Reserve Board; that he said he liked Lleyer and appointed him on
War Finance Corporation when he - Glass -was Secretary of the
Treasury; that he expected to vote for his confirmation, but if
he had the preconceived idea of chancing Federal reserve policies
he would vote against and fight the confirmation; that he sent
a copy of this 1 ,tter to Gov. Meyer and received a very satisfactory
reply from him; that he thought Meyer would be a good man, if only
he v,ould le-ve Warburg severely alone.
Nov. 19, 1930. 16 - 116.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

161.

Meyer, Eugene (Contld.)
James told C.S.H. that Mr was a good man and that Hoover had
appointed him to pull the Federal Reserve System away from
the influence of the New York bankers.
Nov. 24, 1930. 18 - 119. .
C.S.H. dines with, to meet Sir Charles Addis.
Nov. 25, 1930. 18 - 119.
Tells Board about the proposed merger of Bank of U.S. and other
New York banks.
He said Warburg had decided to have the Manhattan Co. take over the
Bank of U.S.; that many congratulated him on his public spirit;
that this scared him as it was ',Profit and not piblic spiritedness
he was after; that finally he got out of it by imposing some
impossible conditions.
Nov. 25, 1930. 18 - 120, 121.
Gov. Meyer, returning from New York, was in the corridor talking with
Dr. Miller when C.S.H. passed and stopped to speaklikh them.
Gov. Meyer turned to go into his office asking Miller to go in with him.
Gov. Meyer evidently wanted to talk over with Miller his N. Y. trip.
Gov. Meyer, in above,was very discourteous to C.S.H.
In afternoon, Gov. Meyer told Board that Alexander begged him not to
offer him the Chairmansnip of Federal Reserve Bank, New York.
Dec. 5, 1930. 18 - 123, 124.
Gov. Meyer said that if Curtiss was a goad man he should receive
$25,000 salary, and if not a good man, he should not be
reappointed.
Gov. Meyer also told James that Atlanta and Boston were not comparable.
Dec. 11, 1930. 18 - 125.
Tells Board, very mysteriously, that he is going away for a couple
of days but would not or did not say where.
C.S.H. believes he is going to New York to con ult with Gov. Harrison.
C.S.H. sees faint signs that i.leyer thinks Hoover and he consitute the
Federal Reserve Board.
C.S.H. fears trouble in the future.
Meyer's manner seems to be changing into a form of mild despotism.
Dec. 15, 1930. 18 - 127, 128.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

162.

Meyer, Eugene (Oontld.)
It is now 3 months since he was sworn in (Sept. 16) and yet
Hoover has made no new appointments.
Gov. Meyer may know as to this but he won't talk if he does know.
Dec. 16, 1930. 18 - 128.
McFadden attacks Meyer and opposes his confirmation.(See 209 sc. bodice)
Dec. 16, 1930. 18 - 128, 129.
Cong. Luce vigorously defends Meyer against Maaddenls attack.
Dec. 18, 1930. 18 - 129.
Tells Board Gov. Harrison says there is oonsidemble unrest in
banking circles in New York.
Dec. 18, 1930. 18 - 129.
See - Harrison, Gov.
Gov. Meyer says the Federal reserve banks are responsible for the
somdness of the banking methods of every member bank, whether
or not borrowing from the Federal reserve bank.
Gov. Meyer seemed to feel that the Federal Reserve Board should
make all examinations, but that Miller disagreed, as the Board
functions were merely supervisory.
C.S.H. said Miller and he both op osed Gov. Critsingeris proposed
flying examining squad.
Gov. Meyersaid the question of bank soundness was a national question,to Which C.S.H. agreed.
Dec. 19, 1930. 18 - 130, 131.
Gov. Meyer agreed this must be taken up later.
Dec. 19, 1930. 18 - 132.
Gov. Harrison said he consulted with Gov. Meyer, Under Secretary
Mills and Tinder Secretary Cotton as to this trip abroad; that
they both felt it was better flr him to go over to the Conference
of central European banks than to have than come over here.
Gov. Meyer never reported this to the F.T. Board.
Dec. 20, 1930. 18 - 132-A.
The Executive Committee of the Open Market Committee met and had
meeting with Board and Gov. Meyer had us all at lunch at
Metropolitan Club.
The Committee made no final report to Board.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

163.

Meyer, Eugene (Contld.)
C.S.H. just before lunch found Gov. Meyer in conference with the
ftecutive Committee.
The conference should have been between the Board and the EXecutive
Committee.
Dec. 30, 1930. 18 - 133.
Gov. Meyer said Gov. Harrison had pro-rated the 40 millions of
Government securities bought in an emergency for the.Peoples
Trust Co.
Dr. Miller said he should not have done so, as it put the Federal
reserve banks in position of assisting in helping out the
New York situation.
Dec. 20, 1930. 18 - 134.
Gov. Meyer rather discourteously denied C.S.H.Is statement that
Federal Reserve Bank of Boston had given up time and sight
bill of lading drafts sent to it for collection, before
acceptance or payment.
Dec. 31, 1930. 18 - 139.
Gov. Meyer goes to Chicago, giving the Board sane inconsequential
reason.
C.S.H. believes it is in connection with Board appointments.
He had a long talk with Miller before leaving.
Gov. Meyer's secretiveness is becoming more and more disagreeable.
Jan. 9, 1931. 18 - 143.
The papers say Cong. McFadden has asked Senate to investigate
the manner of putting Meyer on the Board and ouSting Platt.
Jan. 9, 1931. 18 - 143.
Gov. Meyer back from Chicago.
Did not tell us why he went there, but incidentally said he had
attended a Directors meeting of the Federal reserve bank
and/or dined with the airectors.
Jan. 12, 1931. 18 - 144.
Gov. Meer almost bitterly opposed application of Bank of America
to open a branch in London.
Later he said he had talked with one of the officers and told him
they ought not to open a branch in London and that the


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

164.

Meyer,

ngene (ContIcl.
Federal Re$,erve System would be responsible for
letting the branch advertise membership in the System.

This a.m. Governor Meyer had completely changed, and Laid that to
refuse the application might seriously injure the Company,
and that in view of present banking unrest, At would be
unwise.
C.S.H. has the suspicion that the bank official may have gone to the
White House and th-it Gov. Meyer may have received an
intimatton from that source, which may have induced him to
chang;e his o)inion, for nothing sAort of this could have
so completely changed him.
Jan. 14, 1931. 18 - 145, 146.
Gov. Meyer opposes vigorously the request of Open Market Committee
for authority to sell from time to time its holdings of
Government securities, provided it could be done without
injury to the market.
He said the public would talcs psychologically as a sign of a major
policy of deflation.
40 said if credit was super-abundant the liquidation of
acceptances shortly to run off, would accomplish the
purpose.
He did not, however, convince the GovernorS'
Jan. 21, 1931. 18 - 147.
Gov. Meyer did not help
S.H. in getting Curtiss's salary
incrdased, but agreed with Miller and James that no salary
increases should be mcle this year.
When the matter came up in December (see supra) C.S.H. thou4it
Gov. Meyer was sympathetic.
Had it not been for Curtissis withdrawal from Governorship of the
Federal Reserve Bank of Boston in favor of Gov. Young,
Gov. Meyer would not now be Governor.
Jan. 21, 1931.
18 - 148, 149.
The Senate voted to refer back Gov. Meyer's nomina4ion to the
Senate Com..iittee.
Done by unanimous oonsent On motion of Sen. Norbeck, Chairman.
Jan. 22, 1931. 18 - 149.
The Sub-Committee on Meyer case is to meet next Tuesday.
Jan. 23, 1931. 18 - 149.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

165.

Meyer,

ugene (Contld.)

Gov. Meyer was present when C.S.H. testified b-fore Glass
Committee but said nothing to 3.S.H. about his testimony,
after C.S.H. had closed.
C.S.H. feels Meyer did not approve his g)ing into detail
as to
the facts, but omission to do so would have made the Board
ridiculous.
Jan. 23, 1931. 18 - 149, 150.
Senate Sub-Committee opened the hearings on Meyer
today.
Jan. 26, 1931. 18 - 156.
Miller told C.S.H. he had heard o a good authority that the Democra
ts
had secured same information as to Gov. Meyer's appointment,
which they regarded as so I.00d, that they had decided not to
make it public until the next campaign.
C.S.H. can't imagine what it is unless Platt may have written some
indiscreet letter.
Jan. 31, 1931. 18 - 157.
Gov. Meyer before Sub-Committee.
Refused to answer Brookhart as to his policy towards discount rates
Jan. 31, 1931. 18 - 157.
Gov. Meyer before Stio-Committee.
Feb. 2, 1931. 18 - 157.
C.S.H., after Owen D. Young testified, heard Meyer say to Glass
that Owen Young's testimony was the only te:timolywhich
amounted to anything; that Glass at once took issue with Meyer
Feb. 4, 1931. 18 - 158.
Gov. Meyer was requested to hold up salaries of minor bank officials
of Federal Reserve Bank, New York.
Gov. Meyer favored this merely to please James.
Feb. 12, 1931. 18 - 16..
Gov. Meyer denied C.S.H. statement that the wrongful acts of the
Bank of U.S. were done between examinations.
C.S.H. replied that Gov. Harrison had so stated.
Feb. 13, 1931. 18 - 162.
Gov. Meyer criticised Goldenweiser's draft of Annual Report because
it seemed to ak)rove the policy of a managed currency.
and Miller did not agree with Gov. Meyer's evident belief


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

166.

Meyer, Governor (Contld.)
that the Federal Reserve Board in the past favored such a
policy.
Feb. 17, 19,71. 18 - 163.
This was the first intimation by Gov. Meyer which seemed to look
towards a new Federal reserve policy.
C.S.H. believes he made out a better case against Federal Reserve Bank,
New York, than against the Board.
Feb 17, 1931. 16 - 163, 164.
Agreed that Gov. Meyer should go over Annual Report and suggest
what he wanted cut out.
Feb. 17, 1931. 18
.163.
Gov. Meyer scoffed at same of Regina]. McKenna as an economist.
Feb. 20, 1931. 18 - 166.
C.S.H. thinks Meyer an opportunist, something like Lloyd-George.
He constantly speaks of the psychological effect of the Board's action.
C.S.H. believes he is keeping his ear to the ground, trying to sail
before the wind of varying public o )in on.

i

Meyer sad today he never should be bound by precedent, not even his
own precedent.
He is ready, apparently, to jump on either side of any great question.
His manner is generally discourteous even to his asvociates.
He acts as if his will were paramount.
Feb. 20, 1931. 18 - 166.
C.6.H. asked Mwer, - who had just been attacking C.E. Mitchell, as
an utterly di:credited man,-whether the Federal Reserve Board
should have removed him, but he dodged, saying "that is another I
matter."
This is the third time C.S.H. has put him this question and each time
he avoided a direct answer.
Some time ago, Meyer said he told a friend that he was surprised that
Mitchell had not resigned voluntarily sane time asp.
He referred to Mitchell today as the deposed Duke of Wall Street.
Feb. 20, 1931. 18 -167.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

167.

Meyer, Zugene (Contid.)
Gov. Meyer was rude and offensive when the Clayton Act application
of the American Security & Trust Co. and Munsey Trust Co. was
considered by Board.
C.S.H. had held it for full Board, saying he was rather inclined to
think it should be approved.
He almost snarled out that to grant it would be a deliberate violation
of law.
C.S.H. started to explain the law to him, but he would not listen,
and said he would hold up the decision and consider it at his
leisure.
Feb. 21, 1931. 18 - 168, 169.
Gov. Meyer's manners are sometimes so rade and almost insulting that
D.S.H. almost fears for the Federal Reserve System if he is
confirmed by the Senate.
C.S.H. fears also he wants to run the System as if it were a central
bank in which he has all the power.
His manner towards his as:7ociates is often like that of a General Co
his subordinate officers.
C.S.H. fears trouble aheadl
Feb. 21, 1931. 18 - 170
C.S.H. prepared for Board a letter to Hoxton asking for all details
as to Munsey Trust Co. Clayton Act application.
The letter was exactly what Gov. Meyer at last meeting said he
wanted sent.
Gov. Meyer said we did not need the i,Ifonmation called fort
Matter went over.
Feb. 25, 1931. 18 - 170.
Gov. Meyer was confirmed by Senate. Vote approximately 73 to 12.
Feb. 25, 1931. 18 - 170.
C.S.H. called up Mrs. Meyer and contratulated her, -with some secret
apprehension as to Gov. Meyer's new policies etc.
Feb. 25, 1931. 18 - 171.
C.S.H. lunches with, at Metro ,olitan Club. Federal Reserve Agents
Stevens and Austin also there.
Mar. 3, 1931. 18 - 177.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

168.

Meyer, Bugene (Contld.)
Gov. Meyer said directors of Federal Reserve Bank, New York, were
not satisfied with condition of affiliates of Chatham & Phoenix
National Bank, although the bank itself seemed in good condition;
that the airectors had drawn a sharp letter to be sent to such
directors; that he advised them to take up matter with the
President of the bank first, in cooperation vdth the Comptroller,
as a letter to all the directors might leak out, and under
present banking conditions, might cause trouble.
Mar. 9, 1931. 18 — 180.
C.S.H. in Board meeting asked Gov. Meyer as to the Federal National
Bark, Boston, saying that the Federal reserve bank was charged
with responsibility for knowledge of its condition. He said
he had discussed it with Gov. Young; that it had made little
pr6gress in improving i ts condition.
Mar. 9, 1931. 18 — 180.
Gov. Meyer came in and said he had a wonderful man for Secretary of the
Board when Eddy went out, — the Secretary, and Counsel of the
Federal Farm Loan Board.
C.S.H. said McClelland, now acting Secretary, was a splendid man and
deserved pramition; that he had practically been the real
secretary for over two years.
He said McClelland was too young, and oven said he would not favor
increasing his present salary Of $9000.
Gov. Meyr said he would bring the matter up formally later.
Max. 10, 1931. 18 — 181.
The above disturbs C.S.H. greatly.
He fears that Gov. Meyer is like Hoover, — distrustful of all wham he
does not appoint himself.
Should he persist, however, C.S.H. sees no way to object as the
Governor is fairly entitled to be satisfied with the Secretary
who is in daily touch with him, and the Board must give him his
head cr it will be held up as obstructionist.
C.S.H. believes that next he will want
even Miller and C.S.H. himself.

o supplant Wyatt and perhans

The Hooverizing of the Federal Reserve Board has apparently begpnl
Mar. 10, 1931. 18 — 181.
The regular meeting fixed for 11 a.m. was not called today until 12:15
noon and then it was postponed until afternoon as Gov. Meyer was
tied up with same Congressman.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

169.

Meyer, Eugene (Contid.)
Board met at 3:30 p.m. and then Gov. Meyer left at a little
before 4 to catch the 4:25 for New York.
The above is typical of what is occurring almost every dayl
At the Board meting we sent for an officer of the Comntroller
to explain a trust application which the Comptmller had
approved.
Gov. Meyer so brow-beated the poor man that he finally told us
he had no personal interest in the apdication.

1

Gov. Meyer is brow-beating towards his subordinates, and often
even to the Comptroller himself.
Mar. 12, 1931. 18 - 182.
Gov. Meyer at Phil?delnhia.
Mar. 18, 1931. 18 - 185.
Gov. Meyer said the Philadel thia directors f, vored buying
large volume of government securities , but that he dissuaded
them saying it would raise interest rates but might raise hell'
Mar. 19, 1931. 18 - 186.
Gov. Meyer did not think much of
suggestion of a move to
encourage nurchase in this country of foreign securities issued
for productive uu.roseb apnroved by the foreign lovernments,
the proceeds to be spent in this country.
Gov. Meyer asked ,hat could be accomolished by this and 0.6.H. said
it would help our agriculturists and manufacturers.
Gov. Meyer said large amounts of manufactures are now sold abroad.
s..S.H. said the plan might bring abodt a general revival in this
county and restore normal -,onditions by the fall of 1932,
but Gov. Meyer did not seem at all interested.
Mar. 19, 1931. 18 - 186.
1.0v. Meyer a n)unced that if there was no objection he was going
with his wife ana daughters to PalcBeach, Florida, for a short
visit.
James told him to be sure and visit Jacksonville anj Atlanta and
he said he would on his :eturn journey.
It was pointed out that if Miller remained ill there would be only
two memb-rs of Executive Committee,as the ex-officio members,
under the by-laws can not serve on executive am:Attee.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

170.

Meyer, Sugene (Contld.)
away at this
C.S.H. feels if any other members pro,)osed to
critical time, Gov. bagyer would aecidedly object, but
we said we would function anywv.
Gov. Meyer thanked C.S.H. for the c py of his radio speech.
Mar. 19, 1931. 18 - 187, 188
C.S.H. asked Meyer if there was any likelihood of the new
apointments soon, and his jovial manner in talking about
PalaBeadh suddenly ceased and in a decidedly temperish manner
he almost snarled, - "When the President is away, how can
he make ap/ointments?"
Then he added more quietly that Hoover had the matter in mind.
C.S.H. almost has reeiched the conclusion that the Governor should
be elected by the Board.
1d help
C.S.H. asked Gov. Meyer whether recognition of Russia
revive our industries but he gave an evasive answer saying
it was a grave question.
James cqngratulated C.S.H. on his radio addres:. He said 0..H.Is
voice was marvellously clear and that he had sent the
gave him to his granddawihter, ::,arion Child,
copy
at Wellesley.
Mar. 19, 1931. 18 - 186, 167
Originally bitterly opposed granting an interloAinp director
between American Security & Trust Co. and Munsey Tru:t Co.,
I
but this morning changed completely, said the Clayton Act
no
reason
saw
he
that
and
York,
was aimeu chiefly at New
in the public interest for not granting the application.
Board approves unanimously.
21, 1931. 18 - 193.
Leaves with wife and fly for Palm Beach, Florida.
Mar. 21, 191.. 18 - 193.
Washinr ton Star says Gov. Norman is to visit 1-ov.*:eyer to obtain
an agreeme:t to keep our rates low so as to protect the
gold standard.
A copyrighted article by Decker.
Mar. 21, 1931. 18 - 193.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

171.

Meyer, Eupene (Contld.)
If Gov. Norman is sailing today, as the article st.lted
, Gov. Meyer
must know of this as he was in New York yesterday with
Gov. Harrison.
Yet he has never mentioned it to Federal Reserve
Boardi
This seeds extraordinary.
Mar.

, 1931. 18 - 194.

Gov. Meyer opposes Miller's suegeFtion of conFiae in advisa
bility
of buying a large volume of Government securities to
force
banks to incr'ase their investments. He said that
investaients,
relatively, were incr
Mar. -1, 1931. 18 - 194, 195
3., .H. worries wer lov. Meyer's pleasure trin to 1)8.1m Beach
at this
critical time - especially the Detroit and Michigan bankin
g
situation.
Mar. 21, 1931. 18 - 196.
McClelland tells C. .H. that lo. Meyer readies Washington
from
Palm Beach tomorrow, Friiay, at about 11:30 but that he 7ill
take
the 12:30 for New York.
3.-.H. can hardly believe but fears he is going on to meet Gov.
Norman.
Mar. 26, 1931. 18 - 198.
Miller tells C.c,.H. he can not believe that Gov. Meyer is going
to
New York to meet Gov. Norman; that it would be a derogatiaaof
the dignity of the Board and very injurious to him personally.
Mar. 26, 1931. 18 - 199.
Miller tells
station
he said
friend;

Board that Gov. Meyer called him up from the railroad
in Washington this morning en route for New York; that
he was going there with his daughter and to see a sick
that ne should make no special effort to see Goy. Norman.
Mar. 27, 1931. 18 - 199.

Miller said he told Gov. Meyer he should make a special effort not
to
see Gov. Norman.
Miller said Goy. Meyer said he wanted to give Gov. Norman a dinner
in Washington the Saturday b-fore Easter, - April 4th.
Miller said he told him to be careful not to be dragged into an
interview with Gov. Norman throu41 sending the invitation.

1


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

172.

Meyer, Eugene (Contld.)
Miller said Gov. Meyer said he unders'ood the situation perfectly;
that he was going direct to Mt. Kisco; that he WOuld be back
on Monday.
Mar. 27, 1931. 18 - 199, 200.
Gov. Meyer told the Board that he saw Gov. Harrison in New York, but
that he did not see Gov. Norman, as he was in Philadel hia
visiting a friend (evidently Mrs. Markoe); that Gov. Norman
was coming to Washington; that he would give him a dinner on
Monday ever ing, April 6th.
Mar. 30, 1931. 18 - 200.
C.S.H. asked lov. Meyer for what purpose Gov. Norman had came over.
Gov. Meyer said he had no idea, but assumed he had come over merely
to have a general talk with Gov. Harrison. The Bard agreed that
this was perfectly pro)er.
Mar. 30, 1931. 18 - 200.
Miller said, hownver, that if Gov. Norman had 0=0 over to discuss
any particular question concerning which the Board might later
have to pass, the Boardehould be informed, with an opportunity to
join in, if it so desired. All agreed to this.
Mar. 28, 1931. 18 - 2DO.
Gov. Meyer said he thoue:ht Gov. Harrison wished to cooperate with the L
Federal Reserve Board in every way, but that Gov. Stronc, wished
to dominate it.
Mar. 30, 1931. 18 - 200.
Gov. Meyer again objected to Miller's suggestion of buying a large
amount of Govt. securities. He said psychologically it would
make people think that the System had entered into a campaign of[
inflation which would cause much uneasiness.
Gov. Meyer now opposes inflation, while at the Governors Conference
on Jan.. 21, 1931, he op9osed even the appearance of deflation.
This may be consistent, - watchful waiting, - but does not bear
out the prediction of many papers that he came into the Board
Wlth new policies which he would speedily out through.
He evidently has his esrs close to the ground!
Mar. 30, 1931. 18 - 201.
Gov. Meyer was discourteous to C.S.H. and F.R. Agent Stevens this
morning in abruptly cutting us off from a dLcussion of the


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

173.

Meyer,

ugene (Contld.)
Michigan banking situation and ordering McClelland to
proceed with the business of the Board.

C.S.H. attributes this to his dominating nerso ,lality ana feeling
that as he felt the matter had been thrashed out, no one else
could continue.
Mar. 31, 1931. 18 - 202.
Michigan banking situation
Federal Reserve Agent Stevens discusses.
Mar. 31, 1931. 18 - 201.
Miller, Dr.
C.
Votes against permitting F. deral Reserve Bank, New York, to buy
25 millions of Government securities each week for two weeks.
Passed by Board.
Jume 3, 1930. 18 - 12.
C.S.H. dines with.
He seemed tm think some potent force was behind the resignations
of Governor Young and Platt.
He struck C.S.H. as surprised that Hoover had not talked with him.
He said Meyer's aopointment would be a sore disapp)intment to
Warburg, who did not like Meyer and was perhaps envious of
as a member of the Jewish race.
POlo-. 4, 1930. 18 - 67, 68.
n ferred to the tedistricting dispute of 1915, ana said
that he never as-reed to vote with the Comin ttee in favor of
cutting down the number of Federal reserve banks; that a
meeting was heldat the Metropolitan Club when the Committee
urged him to sipport it, and finally persuaded him to draft
a favorable re ,ort; that he told the ,;ommittee it co -ald not
succeed; that it .as a mistake to bring in a complex report
in favor of cutting down the Federal reserve banks; that the
farthest the Committee should go would be to at:k the Board
if it would agree to take u)the question of reduction.
believes the Committee thou ht, and had same reason to
think that :Uller was with them.
At the meeting of Nov. 15th, Miller voted against asking the
Cam .ittee to nroduce the facts and aata on which it based its
report.
Sept. 4, 19:-,0. 18 - 67, 68.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

174.

Miller, Dr. A. C. (Contld.)
Miller, at dinner, referred to an interview with Sec. Lane,
which took place, he thinks, Monday morning, Nov. 22, 1915.
He said Lane r!ame to him stating that he illne for Prnsident Wilson;
that Lane apologized for seeming to try to influence the
action of a mPmber of the Federal Reserve Board; that Wilson
was much worried as to the Board's action; that he had been
informnl that Miller had drafted the Committee report, td that,
if a proper question, 1.o should like to know whether lailler
intended to vote for the report.
Miller said he told Lane to tell Mr. Wilson that the plan a)uld
not succeed without his vote and that he should vote against
it.
Sept. 4, 1930. 18 - 69.
C.S.H. believes Miller knew little about the Meyer appointment and
is somewhat moved by the ao-oarent "strong arm" methods used
In getting Platt out, and somewhat piqued becuse Hoover
did not confer with him about it.
Sept.4, 1930. 18 - 69.
C.S.H. dines with, to meet Gov. Meyer and Federal Advisory Council.
Sept. 15, 1930. 18 - 74.
At Federal Advisory Council meeting Miller starts a discu-sion
with Traylor ending with the prediction that prices will fall
to the pre-war level and that the country must adjust itself
accordingly.
Sept. 16, 1930. 18 - 76.
Suggests a public statement by Board as to cotton credits as a
matter of psychology.
Sept. 23, 1930. 18 - 82.
C.S.H. asked Miller why he had been designated as Vice Governor.
He said he did not want it nor would he have taken the Governorship,
if offered, and he intimated he could have had it.
HA said he was getting old and trying to lighten his work; that he
having serious trouble from hemorrhages in his eyes;that he
aid not see how he could pass another slmObr in Washim-ton.
Sept. 24, 1930. 18 - 83, 84.

Was

Miller told the joint conference øf Governors and Federal Reserve
Agents that, without necessarily aporoving it, the Board
should carefully consider whether trade could not be started up
by deliberately purchasing a large volume, say 100 millions of
Government securities, thus making credit conditions easier
and putting up prices.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

175.

Miller, Dr. A. C. (Contld.)
Miller said money is not really cheap, - it is asleep and not
working and we must do something to put it to work.
C.S.H. feels this would be like giving liquor to a drunken man to
liffhim out of a stupor.
Gov. Meyer told C.S.H. after the meeting that there was nothing in
Miller's suggestion, - that it =ad drive gold out of the
country.
Sept. 25, 1930. 18 - 86, 87.
Miller
Platt.

with C.S.H. about the resisnation of Gov. Young and

Miller said Hoover considered Gov. Young a rather weak man.
Miller thought Wing, of First National Bank, Boston, had samethi7g
to do with Gov. Young'e call to Boston.
Miller said, as to direct pressure, that Gov. Young tried to carry
water on both shoulders, opposing it in the Boatibut getting
credit for it publicly.
Miller said direct pressure raised the simple question whether the
Federal Reserve Bank of New York is to dominate the Board as to
its rate policies.
Sept. 30, 1930. 18 - 89.
:Allier said he drove with Hoover to his camp last Saturday;that
undoubtedly Hoover had received many complaints against the
Federal Reserve Board for not yielding to Federal Reserve Bank,
New York, as to the increase in the discount rate.
Miller said nothing, however, to lead C..;.H. to believe that Hoover
felt the Board was wrong.
Miller said there was nothing in oover's adares to be delivered
in Cleveland tomorrow, in any way critical of the Federal
Reserve Board.
Sept. :30 ,1930. 18 -90.
Miller wanted a provision that every open market operation must first
be approved by Board, but C.S.H. pointed out that the Board had
long since decided it would give a leeway of discretion to the
Open market Committee.
Finally it was agreed that the Calnittee should inform the
Executive officer of the Board and consult with him, before any
important action, excenting emergencies, should be carried out.
Oct. 2, 1930. 18 - 91.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

176.

Miller, Dr. A. C. (Contld.)
C.S.H. talks with Miller about an article he is writing on
direct pressure.
Miller strongly approved the idaa.
Oct. 3, 1930. 18 - 91.
Miller said it was generally felt that Gov. Young had failed
as Governor; that he tried to carry water on both shoulders;
that he did not help the Boerd in direct pressure.
Oct. 3, 1930. 18 - 91.
Miller discusses pro2osed salary for Stevens if he accepts
Federal Reserve Agency, Chicago.
Oct. 3, 1930. 18 - 92.
Tells C.S.H. he has a clear right to use Government transportation
when going to Federal Reserve Bank, Boston.
Oct. 3, 1930. 18 - 92.
Miller's suggestion of buying large volume of Government
securities to ease credit situation, not favored by Governor
Meyer.
Oct. 10, 1930. 18 - 94.
Miller guts questions to Gov. Harrison based on the theory that
purchases of sterling are rwaly a direct loan to a central
bank, which he believed was beyond power of a Federal reserve
bank.
C.S.H. said the power to deal in Fold coin and bullion covered
this.
Oct. 20, 1930. 18 - 98.
Schacht comes to Washington and confers with Sec. Mellon, Gov.
Oct. 22, 1930. 18 - 100.
Meyer and Miller.
Miller told C.S.H. he had seen an interview of Gov. Meyer
to effect that Federal Reserve System has nothing to do with
Wall Street and should confine itself to Federal reserve
Oct. 23, 1930. 18 - 100.
credit.
Miller asks Gov. Meyer for what ourpose Gov. Harrison is
going abroad.
He says a Governor should never nvo, abroad without knowledge
Oct. 29, 1930. 18 - 102.
ana consent of Board.
See - Meyer, Gov.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

177.

Miller, Dr. A. C. (Contld.)
Gov. Meyer asked Miller to go into his office, leaving
C.S.H. alone, rather discourteously.
C.S.H. thinks he wants to talk over new ap)ointments.
Dec. 5, 1950. 18 - 123.
Miller said Curtiss was a weak man and trl t his salary should not
be increased.
C.S.H. answered Miller by stating, that the Bostcn directors
unanimously offered Curtiss the Gorernorship.
Dec. 11, 1930. 18 - 125.
Miller ill with a cold.

Dec. 16, 1930. 18 -

Gov. Meyer says Miller opposes having all examinations made by
Federal Reserve Board, as it is merely a supervisory body.
Dec. 19, 1930. 18 -131.
said he arld Miller opposed Gov. Crissingeris prov:osed
flying examination squad.
Dec. 19, 1930. 18 - 131.
Miller insisted on having a record made of Open Mamet Co-mittee
meeting.
Dec. 22, 1930. 18 -134.
Miller said Hoover once asked him what he thoueht of the State
Department announcement that no one connected with the
Federal Reserve System should have any connection with the
B.I.S.; that he said he approved the decision but that it
interfered with the prerogatives of the Federal Reserve Board;
that Hoover replied, "Your Board had its chance," meaning
that the Board knew of the M.S. statutes as to the
Federal Reserve Bank, New York.
C.S.H. said Burgess talked to Board on April 1, 1929, about the
M.S. but said no action was called for by the Board except
to approve a correspondent relationshi:).
Miller thought the Board should then have interfered.
C.S.H. explained aspin as above.
•

Dec. 25, 190. 18 - 135, 136.
C.S.H. verifies his statement to Miller above.
Dec. 25, 1930. 18 - 136.
See 1 6 Diary 13 (163)


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

178.

Miller, DT. A. C. (Contld.)
Gov. Meyer had a long talk with Miller before leaving for
Chicago.
Jan. 9, 1931. 18 - 143.
Miller at first was inclined to apnrove but later opnosed
the petition of Bank of America for a London brand', on
ground that we should await examination of the bank by
Camptroller,now pending.
He finally agreed to grant it.

Jan. 14, 1931. 18 445, 146.

Opposes increase in Curtiss's salary and as Coy. Meyer and James
side with him, O.S.H. Ayes up attempt.
Jan. 20, 1931. 18 - 148, 149.
0.6.H. asks Miller whether he ought to ask Class to keen part of
his testimony from the record and nut it under executive
session.
Miller said No; that Gov. Harrison's testimony justified and
comoelled C.0.H. to state all the facts.
Jan. 24, 1930. 18 - 151.
Miller explains to Oulahan of the New York Times that Noyes
thought Gov* Harrison testified that Board refused to approve
increase to 6-t, asked by N.Y. in 1928, whereas no increase
was asked for by N.Y. between July 13, 1928 and Feb. 14, 1929.
Jan. 26, 1931. 18 - 154.
H.P.H. goes to Mrs. Miller's to meet the Mother-in-law of Jack Crane.
Jan. 26, 1931. 18 - 154.
Miller said he had it on Food authority that the Democrats had some
information as to Gov. Meyer's anp)intment which was so
important and good that they were to keep it quiet for the
next campaign.
C.S.H. can't imagine what it is unless Platt has been writing letters.
Jan. 31, 1930. 18 - 157.
Miller says Walter Stuart told him that the Bank of England
exercises careful supervision over the acceotance and
issue houses; that they have a liason officer so as to keep
in touch with the Bank of England; that the Bank of
England exercises no such supervision over the joint stock
banks, which are rivals of it.
Feb. 7, 1931. 18 - 160.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

179.

Miller, Dr. A. 3. (Contld.)
Miller said Stewart told him that Gov. Norman once said to
him
that trying to curb a speculative mania such as existed in
U.S. through discount rate increa es muld be like spitting
against a strong wind.
Feb. 7, 1931. 18 — 160.
Miller suggests to Federal Advisory Council that it modify its
recommendation as to responsibility of F.R. banks for
knowledge of banking conditions revealed by examinations,
by recanmending in lieu thereof, that the Federal reserve
banks were responsible for knowing the condition of and
loaning practices of member banks at all times.
The Federal Advisory Council accepted this.
Feb. 17, 1931. 18 — 163, 164.
Miller says Keynes and McKenna have ceased advocating a
managed currency because of U.S. experience.
Feb. 13, 1931. 18 — 163.
Miller and C.S.H. don't agree with Gov. Meyer that Board has
favored a managed currency, but they feel that Federal
Reserve Bank, New York, has always been obscessed with the
idea.
Deb. 13, 1931. 18 — 163.
Miller defends McKenna against Gov. Meyer's attack.
Feb. 20, 1931. 18 — 166.
Miller says he had a talk with Hoovlr and explained to him that
if the Federal.Resenve Bank of New York had had its way in
increasing discount rates it wo7ild have smashed the stock market
but would at the same time have precipitated a business
convulsion; that Hoover said he fully agreed with Miller.
Feb. 20, 1931. 18 — 166.
Miller also said that Hoover, with all his ability, could not
express himself with any facility in writing, as could Roosevelt
or Wilson.
Miller agreed with CeS.H, that by vetoeing the Veterans Bureau. bill
Hoover might retrieve his fortunes, but said he feared the
message would be in such bun -ling shape that it would do more
harm than good.
Feb. 20, 1931. 18 — 166, 167.
(Same time ago Miller told
that Mr. Traylor told him
that the Board was right in its policy of direct pressure.)


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

180.

lAller, Dr. A. C. (Contld.)
Miller, at the Board meeting, said that banking standa
rds had
steadily deteriorated since the adoption of the
Federal
Reserve Act; that it was a grave question Whether
it would not
be better to abolish the Act and substitute curren
cy stations
for Aldrich Vreeland emergency currency.
Some one asked him what would have been present bankin
g conditions
had there been no Federal Reserve System, and
he said they would
not be worse and probably better&
Dr. Miller has often :aid he belie, ed in one centra
l bank.
Feb. 27, 1931. 18 - 172.
See - Diaries
C.S.H. believes leyer would like to see both Miller and
C.S.H. off
the Board.
Mar. ID, 1931. 18 - 181.
(Miller has been ill at home for several days.)
Mar. 16, 1931.
At first objected but finally agreed to let Federal Reserve
Bank,
New York, over an employee of the Secret Service to help it
against robbery, etc., fearing it was a move to dump some
inefficient Treasury Employee on the Federal reserve bank.
Miller said he kner the Federal reserve banks were loaded up
with
inefficient "old gentlemen".
Mar. 21, 1931. 18 - 195.
Miller told C.S.H. tit ioover was really angry with him for going
abroad last summer; that Justice Stone who went on same ship
also to1..5. hin this.
Mar. 25, 19'61. 18 -.197.
Miller said that when he talked with Hoover a month ago he - Hooverw
.
thanked God that the Board had the courage to hold up the
Federal Reserve Bank, 7ew York, as to aiscount rates.
Mar. 25, 1931. 18 - 197.
Miller said that Hoover was a very sensitive man; that Sec. Lamont
told him only what he thought he would lice to hear.
Mar. 25, 1931. 18 - 197, 198.
Miller said Hoover at first would not accept his view that the
business depression was a world and not merely a local problem,
but that he finally agreed and in the first draft ofhis
Cleveland address went too far in the op:)osite direction, as
Miller and Robinson so advised him.
Mar. 25, 1931. 18 - 198.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

181.

Dr. A. C. (Contid.)
Miller said Hoover had absolutely no political
sense; that when
Secretary of Commerce he had a wonderful press
bureau and
once said to him that if he had anything
to put out, to give it
to him and he would circulate it.
Mar. 25, 1931. 18 - 198.
Miller said Hoover was under the influence of the
Department of
Commerce men, who give hin only vhat they thought
you'd please
him, and haa put him in a false )osition as
to unem:)loyment.
Mar. 25, 1931. 18 - 198.
Miller said Hoover had often spoken well of Sec.
Houston but once
said that after reading his book he thought that
Houston
knew less of what was rroina: on in Washington auring
and after
the war than any one else in Washington.
Mar. 25,1931. 18 - 198.
Miller said he could not believe that Gov. Meyer ,as
going to
New York in order to neet lay. Norman; that this would
lower
the dignity of the Board and would injure Gov. Meyer
personally.
Mar. ')6, l91. 18 - 199.
Miller said a hint to Glass would result in legislation
forbidding
a Federal reserve bank to consult with a central ItIropean bank
except with the consent of the Federal Reserve Board.
Mar. 26, 1931. 18 - 199.
Miller said Gov. Meyer called him up from the Railroad
station,
returning from Pal. Beach, and said he was going to New York
with his daughter and to see a sick friend; that he should
make no effort in New York to meet Gov. Norman; that Miller
told him he should make every effort not to see him; that he
should be careful not to be drawn into an interview through
his desire to invite Norman to dinner in Washington; that
Gov. Meyer said he understood the situk-tion perfectly; that
he should go direct to 11t. Kisco.
Miller said there was some one in his room when he was at the
teleTihone,
C.S.H. thinks it was Federal Reserve Agent Stevens
of Chicago, - and that therefore he could not be as specific as
he desired.
Mar. 27, 1931. 18 - 199, 200.
Miller s-lld in Board meeting there was, of course, no reason why
Gov. Norman should not come over and confer with the Feieral
Reserve Bank, New York, but that if he discussed any specific
question, reouirin future action of the Federal Reserve Board,
the Boerd should be arvised and be (7iven an o,)oortunity to
participate if it desired.
All agreed to this.

Dlr. 30, 1931. 18 - POO.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

182.

Miller, Dr. A. C. (ContId.)
Gov. Meyer objected again to Miller's suge:estion of considering
the purchase of a large v)lume of Government securities, so
as to forte the bank- to increase their inveLtments.
Mar. 30, 1931. 18 -201,
Mills, 'gden
Tells
Sec. Mellon hopes Board will anprove a salary of
$35000 for Gov. Youna. at Federal Reserve Bank, Poston, and
asks him to tell the directors.
C.S.H. said he would do n11 he could.
Aug. 22, 1930. 18 - 51.
.11. thinks Ogden balls may be in Sec. Mellon's mind for
Governor of Federal Reserve Board.
A very able man but his appointment might savor of politics.

Sept. 2, 1930. 18 - 65.
Gov. Harrison said he consulted, as to gging abroad to the
conference of central European banks
Dec. 20, 1930. 18 - 132-A
Mitchell, C. E.
O.S.H. told Glass that direct -)ressure hk,..d been so successful
that the market would have '1011apsed if 1Atchel1 had n-)t
relieved it; that the Board did not want a collapse; that
what it wanted was a ,radual liquidation following the withdrawal of Federal reserve credit which had seened into the
market; tAat 3.S.H. did not object so much to hat Mitchell
.id as to what he said; that his statement gave great
encouragement to speculation; that C.S.H. feared his removal
might have precipitated a panic and crash.
Glass felt that if removal of Federal reserve credit should
cause a collapse, the Board should not have interfered as it
would not have been responsible.
Yov. 19, 1930. 18 - 114, 115.
Gov. Meyer said Mitchell was utterly discredited.
C.S.H. asked him if the Board should have removed him and he
answered evasively saying that was another matter.
This is third time that Gov. Meyer has dodged this answer.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

183.

Mitchell, C. E. (Contld.)
Some time ago he said he haa told a friend he was surprised that
Mitchell had not resigned some time aqo voluntarily.
He referred today to 1;dtche1l as one of the deoosed•Dukes of
Wall Street.
Feb. 20, 1931. 18 - 167.
Mitchell, John, Federal Reserve Agent
Congratulates C.S.H. on L.L.D. June 11, 1930. 18 - 15.
Moratorium
Rumored that Gov. Harrison was A-oing to central bank conference
to discuss a debt.
Oct. 29, 1930. 18 - 1)2.
Luther told Gov. Harrison that public clamor _ILght force Germany
to ask for a, which, however, would not be needed for two years
or more.
Dec. 20, 1930. 18 - 132-A (3)
Morgan, J.P. & Co.
James said Hoover anoointed neyer to null the Federal Reserve System
in New York away from the Morgan group.
Nov. 24, 1930. 18 - 119.
J. P. Morgan writes H.P.H. that his tea was late because of the
troubles in China; that it would come in soon; that he had a
small surplus and could. let her have 5 or 6 lbs. if her
su2)1y was exhausted.
Jan. 6, 1931. 18 - 141.
Morrison, Dr.
C.S.H. goes to.

Sept. 5, 1930. 18 - 69.

C..H. goes to.
He said C.b.H.Is eyes had i.aproved very much in
vision and in every other ,ay. He gave me stronger
lasses to use for desk work. Said no need to put
dro)s in for examination.
Nov. 11, 1930. 18 - 109
Morse, Gov. Federal Reserve Bank, Boston
Curtiss said, started practice of giving un time bill & Lading
arafts before acceptance.
Dec. 31, 1930. 18 - 138, 139.
Munford, George
Refused to consider offer of ahairmanshi,), Federal Reserve Bank,
Boston.
Summer of 1930. 18 - 84.
Munsey Trust Co. 18 - 173.
ee - Clayton Act


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

1E4.
Mussolini. 18 - 132-A (2) (3).
See - Italy
Munsey Trust Co.
See - Clayton Act
Myer, Gertrude
Tells Bertie that Rachel Hale told her of C.
.H• receiving L.L.D.
June 7 9 1930. 18 - 10.
C..H.

up, and. s e congratulated him -)n L.L.D.

Said she was too busy making calla to see C.S.H.
today.
C.b.H. said he would wait until she called him
up.
She said she hoped we would come in to tea some aftern
oon.
C.S.H.

id to call us up and we would be .lad to come.

She mumbled something about being too busy to call us up,
uid
C.S.H. left it at that.
She said she was getting ready to sail but could not go before
July =irst; that she was engaging passage and getting
a
passport.
She said Bishop Freeman told her it would be nerfectly
proper to
go over with some young man as secretary. She said she
thought of going with Miss Sargent.
When she first came to the tele:Alone she addressed C..H.
as
"Mr. Ha:Ain" but whether in joke or in earnest C.S.H.
doesn't know.
June 9, 1930. 18 - 10, 11.
Rachel told me she dined with Gertrude last week; that her
nephew, Jimmie Clark, was present; that on haring Gertrude's
tales of woe, he innocently said he was sailing about July 4,
and asked Why she didn't sail with him; that Gertrude at
once took him up and said if he would put off sailing one
week, she would go with him; that later she wrote him to same
ef'ect.
Rachel said she told Gertrude that her ne2hew could not stay with
her abro%d, as he had so many friends etc. etc. but all to
no avail.
June 9, 1930. 18 - 11.
C.S.H. writes Rachel as to his talk with Gertrude.
June 9, 1930. 18 - 11.
Tells C.S.H. of death of Jeannie Riggs and asks C.S.H. to dinner
quietly tonight.
June 11, 1930. 18 - 12.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

185.

Myer, Gertrude (Corttld.)
C.S.H. called up Rachel who asked him to let her know what
Gertrude says at dinner tonight as to her plane.
She said her nephew sailed July 5.
June 11, 1930. 18 - 12.
We dine with Gertrude.
She said she might sail with Miss Sargent and Lizzie Patterson
on the Minnetoska but would prefer to sail with Rachel Hale's
nephew, Zimmie Clark, on the Europa on July 5; tsrlat Clark
had asked her and said he would drive her in her machine
from the dock to Nanheim; that her only trouble would be to
get a good maid or some one else to acompany her.
June 11, 1930. 18 - 15.
C.S.H. telephoned above to Rachel.
June 12, 1930. 18 - 15.
C.S.H. calls on.

June 13, 1930. 18 - 16.

C.S.H. oslls up.
She cf,id she had not perfected her plans for sailing.
C.S.H. asked if she would be at home this p.m. and she said No,
but that C.S.H. could came some afternoon to tea.
C.S.H. said she could call him up any time but she said No, C.S.H.
must call her up.
She seened a little pleasanter than last time, but left no doubt
in C.S.H.'s mind that she did not particularly care to see
him. C.S.H. wonders *hat has come over herl
June 23, 1930. 18 - 22, 23.
C.S.H. drives over to Rachel and has a long talk about Gertrude.
June 24, 1930. 18 - 25.
C.S.H. calls on, by appointment, in evening.
She said Dr. Ruffin was not satisfied with her heart and blood
pressure and advised her to po to Nanhein with a trained
nurse•
She said she would never take a trained nurse.
She seemed delighted at the op ortmity of sai1/n.0- on July 5th on
Europa with Jiamie Clark.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Myer, Gertrude (Contid.)
She said he had offered to tp.ke her from the
dock at
Southhampton to London in his machine.
She said she would like to go over and return on
the next steamer;
that Mrs. Canon Stokes was returning about that
time and haa
asked her to cable her and they would return
together, but
that she could not endure :Ire. Stokes and would
not do it.
She said she might g'.ve uo, Europe and po to Boston
.bout August 1.

&e said over and over again, she could not make up her mind.
June 25, 1930. 18 - 26.
called up Rachel and told her as to Gertrude.
June 27, 1930. 18 - 27.
C.S.H. called up.
bhe said She wanted to sail on the EUropa with Jimmy Clark
to look
after her but she could not stand the return voyage with
Mrs. Stokes.
July 7, 1930.
- 28.
C.S.H. asked her if she would be at home this evening.
She said she
t be invited to dine on the roof garden of the
Army and Navy Club.
C.S.H. said he would cal 11,) at 8 p.m.
C.S.H. °ailed up and went over to see her.
She was puite cordial, but she is evidently absorbed with her
military friends, one of whom had her at dinner at Army and
Navy Club.
She said She would leave for Boston Tuesday, August 4th; that she
would lake a suite at the Ritz Hotel.
She asked C.S.H. to out her un
lunch there.

t the Somerset Club so she could

She evidently still has some use for us.
July 7, 1930. 18 - 28.
C.S.H. called up Rachel Who said she had not hlard a word for
some time from Gertrude.
C.S.H. ssid Bertie asked him not to call her up and Rachel said
this was right.
July 21, 19:0. 18 - 39.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

187.

Myer, Gertrude (Contld.)
C.S.H. dined with Rachel who said she had not heard from Gertrude
for a wee and became . orried and called her upd; that Gertrude
invited her to lunch; that instead of finding her prostrat
ed
with the fearful hat, She found her in high soirits, and
she
never even .eferred to the heat nor to her mummer plans;
that
the reason was, - General Bowley has returnedi
July 23, 1930. 18 - 41, 42.
Rachel said Mrs. Bayard and Mrs. Janet Fish called an her recently
and that Mrs. Bayard said that Gertrude was the most coldly
selfish woman she had evern known, and that Mrs. Fish said
she regretfully lvd reached the same conclusion.
July 23, 1930. 18 - 42.
Rachel told C.S.H. that Gertrude is to dine with her tonight.
July 24, 1910. 18
42.
Gertrude, some time ago, told Bertie that Mrs. Bayard had
criticised her for leaving C.S.H. alone in Washington all summer.
C.S.H. made an appointment with Mrs. Bayard by telOhone and
called this evening.
She ..:as delighted to see 0.5.H. ana said she had just received a
letter from Bertie tellime how overcome she was with the heat.
O. .H. told her that Bertie wanted to spend the summery ith him in
Wadhington, but that he positively forbad her, as she could
not possibly stand the heat of Washingtdin in sum er.
Mrs. Bayard said such an idea was absurd as Bertie could not
possibly stand it.
C.S.H. is satisfied that Gertrude really sal this to birs. Bayard
and not :irs. Bayard to Gertrude.
July 24, 1930. 18 - 42.
C.S.H. called an Rachel who said ertrudd dined with her and
asked her if she had heard from C.S.H.; that She said C.S.H.
was in Washington; that Gertrude said, "Well, I sup)ose he
will call me up."
Rachel advised C.S.H. not to cell her up for her own Fella), but to
let her understand that she was not indispensable.
July 75, 1930. 18 - 43.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

188.

10er, Gertrude (Contld.)
writes Rachel as to what ::rs. Bp,yrd said.
July 25, 1930. 18 -3.
C.s.H. writes Gertrude a letter
asking her as to her sumner plan
s.
July 30, 1930. 18 - 45.
C.3.H. calls up Gertrude.
She asked C.S.H. to call at 4 p.m.
She said she would leave next week
and take a suite at the Ritz
Oarlton, Boston.
She Laid she probably would not visi
t us, excent, nerhpps, for a day;
that she had 9 or 10 invitations for
visits, and must accept
all, if any.
She said she wanted rest.
Later she said she might pp to the
North Shore.
She asiced C.D.H. whether Walden's
th-ath there should prevent her.
C. .H. saia No.
..H. believes she expects to have a
great time visiting friends
and feels she will not need us.
She asked C..H. to din er tomorrow to meet
a Mr. & Mrs.Gillett.
Aug. 4, 1930. 18 - 46.
C.S.H. dines with Gertrude to meet Hr.
& Mrs. Gillette, rho was
Miss Mason of Troy.
Aup./16, 1930. 18 - 46.
C.S.H. writes Rachel enclosing a copy of
'art of a letter he has
written to Bertie about Gertrude.
Aug. 6, 1930. 18 - 47.
Rachel writes C.S.H. fro: Bernardsville, ayin
g she telelhoned
Gertrude, through Miss Hiller, just when levy
ing Washington
and wrote her when she arrived 'it Bernardsvill
e, but had not
heard from her.
Aug. 20, 1930. 18 - 60.
C.6.H. writes Rachel anedno; if she has heard from Gert
rudo, as we
have not.
Sept. 4, 1930. 18 -67, 69.
Gertrude calls up Bertie at Mattapoisett, and said
she might drive
down prom Boston to lunc: some day with Mrs.
Wharton.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

189.

Myer, Gertraie (Cont Id.)
Bertie replied very tactfully thEt she would
, of course, be
glad to see them at any time; that she knew
Gertrude did
not like .iattapoisett, but had heard nothi
ng from her.
Gertrude at once replied that she had heard
nothing from us.
Bertie explained that C.S.H. had written her
weeks ago, and
later called on her, when she said. she
could not visit
us this summer, except nossibly to drive down
for lunch.
Gertrude said she never received C.S.H.Is lette
r.
Bertie reminded her that she told C.S.H. she had
recPived it,
but did not feel it would be possible for her
to visit
Mattapoisett.
Bertie ad .ed that we had called her up in Bosto
n from Mattapoisett
about ten ,a,,ys ago, but that she was e.ay for the
week-end.
Gertrude said the Hotel never told her.
Bertie belives she still would prefer not to go to Matta
poisett,
but that her invitations have run out and that she
was
"fishing" for an invitation to go to Mattapoisett.
Bertie thinks Gertrud
from her.

was much --)uzzled at her careless treatment

Gertrude did not ask for, nor did Bertie mention C.S.H
.
Sept. 9, 1930. 18 - 72, 73.
Gertrude drives down with Lucy Stone and lunches with Bertie.
C.S.H. was in Washin,,ton.
Sept. 25, 1930. 18 - 88.
;.S.H. calls up Gertrude in Washington.
She did not seem particularly plea ed at hearing C.S.-{.Is voice.
C.S.H. said he would call soon.
We are evidently in Gertrudels "black boolet
Oct. 13, 1330. 18 - 94, 95.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Myer, Gertrude (Contld.)
C.S.H. calls on Rachel in Washing,ton and has a
talk, chiefly
about Gertrude.
Oct. 14, 1930. 18 - 95.
C.S.H• calls on (ertrude.
Col. Taylor was there.
She did not seem p-rticularly pleased to see
C.S.H.
Col. Taylor was there when C.S.H. arrived and
remained after he
had left.
Oct. 16, 1930. 18 - 96.
C.S.H. calls on Rachel on said Gertrude had come
back from New York
yesterday.
Oct. 23, 1930. 18 - 100.
C.S.H. called uo Gertrude, but the maid said she was
entertainin
guest.
Oct. 28, 1930. 16 - 102.

a

Miss McMullen said C.S.H. could explain her affairs
to Gertrude and
anyone else.
Oct. 31, 1V30. 18 - 104.
C.S.H. Calls on Rachel and has a talk with her about
Gertrude.
Nov. 5, 19,i0. 18 - 107.
C.S.H. calls up Gertrude.
She said Rachel and Chandler Hale -ere dining with her
tonight.
She did not invite 0..H., hor.ver.
Nov. 7, 1930. 18 - 107.
C.S.H. called u) Rachel and told her of Above and they hat
a good laugh
over it.
Nov. 7, 1930. 18 - 107.
Gertrude gives us a scientific book as a Christmas prese
nt.
Dec. 25, 19,0. 18 - 134.
Zarly last week Gertrude c-lled on us with :rs. Rhine
lander.
Last night we returned the call.
Jan. 5, 194. 18 - 157.
We dined with Mr. and Mrs. Van Ness Philip.
Gertrude was there.
Although she knew we were to be there, she (lia not ring
uo to ask
us to go wi.th her or to ro with us.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

191.

Myer, Gertrude (Contld.)
Gertrude seemed very angry because we had not invited
her to a
little dinner we had given at the Woman's Nationa
l Democratic
Club shortly before at which Bishop and Mrs. Rhinela
nder
and others wee present, and for Which Rachel had
accepted but
later regretted because of illness.
She said sneerindy that Bertie had put a notice of it
in the
paper and mentioned Rachel as one of the guests, although
Rachel
had told Bertie two days before that she could not
dome.
C.:).H. said we had never seen any such announcement; that we
had
never ,iven out this dinner or any dinner in our lives
to the
press.
She still persisted in her statement.
Bertie explained to C.S.H. and :;.H.H. later to Rachel that on
Wednesday mornil,
,
, January 28th, she was at the Club and told
Mrs. Grimsby that she we id not be at the Club again until the
dinner Friday; that Mrs. Grimsby asked if she could not help
Bertie by writing out the dinner cards and that, accordingly,
Bertie give her the list which included Rachel's name; that,
returning she received Rachel's message that she could not,
after aLl, go to the dinner; that some one in the Publicity
Department of the Club gave out that and other lists of diners
to help advertise the Club.
Feb. 19, 1931. 18 - 164, 165.
C.S.H., at above dinner, asked Gertrude to 3E111 him up some
afternoon so he could come over and see the changes in her
garden and the repairs she had made in her house.
Gertrude answered very evasively and finally said with a smile, but
as C.S.H. thinks, a somewhat bitter and sarcastic smile, that
she asked
to call When she needed his advice on legal
matters, but that she did not value nor want his advice on
architectural matters%
Feb. 19, 1931. 18 - 165.
Gertrui , also complained that C.S.H. had told Miss McMullen that
she was entitlted to all the things in Jeannie Riggs home
under Jeannie's memorandum.
Gertrude said Jeannie's Raphael picture alone was worth $200,000.
Feb. 19, 1931.18 - 165.
J.S.H. dia not answer Gertrude's tilvie as above, as it deserved,
as he was a Fuest in Mr. Philip's house.
Feb. 19, 1931. 18 - 165.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

192.

Gertrude (Conticl.)
rer,
.S.H. called up Rachel itid told her he felt that Gertrude had
deliberately intendel to insult him. She agreed that her
conduct was most extraordiwItT.
Fol. 19, 1931. 18 - 165.
Gertrude invites us to a tea in honor of Mrs. Loois.
Mar. 4, 1931. 18 - 177.
We both attend Gertrudels tea.
Rachel Hale and Ellen Leonard poured..
Ellen Leonard facetiously corwratulated Fox Darwerfield on his
engagement to Gertrude, and asked when it wouli be announced,
much to his embarrassment.
It seems that Gertrude had been having him and Gerald Johnston mlite
frecaently at dinner.
Mar. 12, 1931. 18 - 18.
.
We call on Gertrude but sh,

as out.
Mar. 14, 1931. 18 - i93.

We cal pn Rachel who told us about Ellen Leonard,above.
Mar. 14, 1931. 18 - 183.
Bertie goes to tea at Ellen Leonards and meets Rachel and Gertrude
there.
Gertrude drives Bertie home.
Mar. 19, 1931.18 - 18E.
C.S.H. calls uo Rachel and talks about Gertrude.
She said Gertrude had lost 15 pounds and seemed very nervous.
Bertie later told me she felt Gertrude was an ill woman.
Mar. 19, 1931. 18 - 188.
3.S.H. calls on Ra:hel Hale and has a talk about Gertrude.
Mar. 20, 1931. 18 - 189.
H.P.H. calls on, but she wa. in New York.
Mar.7,4, 1931. 18 - 197.
Myers, Mrs.
C.S.H. attends a musicale in ).m. at, hcuse, S Street.
Mar. 23, 1931. 18 - 136.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

193.

Nagle, Mr. and Mrs.
C.S.H. calls on Mrs. Nagle vho has been ill.
Aug. 21, 1930. 18 - 50.
National banks
says if Federal reserve bank is responsible for
condition,
loaning policy, etc. of its member banks, it must includ
e
n,tional banks as well.
Dec. 19, 1930. 18 - 132.
National ketropolitan Bank
See - Clayton Act
National question
Gov. Meyer says banking soundness is a, - to which C.S.H. a,rrees.
-Jec. 19, 1930. 18 - 131.
National Shavraut Bank, Boston
Wing says, could take over Federal National Bank.
July 23, 1930. 18 - 41.
Nevins, Prof.
Mrs. Preston spoke rell of, to 0..H.
June

4,

1950. 18 - 5.

C.S.H. tells Mrs. Harrtou.n that he gave to, Henry White's letter
to him, nraising Mrs. Wilson, on condition that he should not
use the part criticising Mr. Wilson.
She said

-.H. should have let him use all of it.
July 9, 1930. 18 - 34.

Sends C.S.H. a cooy of his life of Henry White.
In the preface he acknowledges 0.6.H.Is assistance.
He did not use the letter as to Mrs. Wilson.
Nov. 20,1930. 18 - 117.
New Bedford
C.S.H. and H.P.H. s2eak at Tercentenary exercises.
July 28, 1930. 18 - 44.
New lEngla.nd railroads
Justice Brandeis said we had a Democratic Governor and that there
would be no merger of.
Mar. 7, 19...1. 18 -178.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

194.

New England Terminal Trust
See - Cow pasture
New Year's reception - Tate House
C.S.H. attends.
Jan. 1, 1931. 18 - 140.
New York
C.S.H. ana H.P.H. go to.
Dec. 7, 1930. 18 - 124.
New 'Yorkbankers
James said Hoover knew that, had little use for him.
Nov. 24, 1930. 18 - 119.
New York City banks
Gov. Harrison wronAT, in statinf):, that there was no need of warning,
because their total security loans for own account were
no larqer in 1928 than when speculation began.
Feb. 4, 1931. 18 - 159.
See - Harrison, Gov.
mead
New York Clearing Howe banks.
See - Bank of U.S.

18 - 132-A

New York judge
See - Helm, Edith
Lansin.z, Mrs.
N.Y. N.H. & H. Railroad
Justice Brandeis says purchase of stock of, by Penna. H.R.
does not disturb him.
Mar. 7, 19.1. 16 - 178.
N. Y. Stock Exdhanf7e
C..H. told Glass that direct pressure had been so successful
that there would have been a collapse on, had not Mitchell
helped the market.
Glass said if withdrawal of Federal reserve -credit caused a
collapse the Federal Reserve Board was not resnonsible
and should not have interfered.
Nov. 19, 1930. 18 - 115.
Miller told Hoover if the Board had allowed Federal Reserve Balk,
New :cork to smash the, as it wanted to io, business would
have collapsed.
Hoover said he agseed.
Feb. 20, 1931. 18 - 166, 197
rrescure
Direct
See Discount rates


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

195.

New York Stock achange (Contld.)
See - Direct pressure
Discount rates
Federal Reserve Bank, New York
Glass
Speculation

•

.I.ew York Times
Praises Meyer's a)ointment and says Board was
timorous in
treating the speculative mania and that :Aeyer's
ary,ointment
means a more vigorous ,)olicy.
Sept. 6, 1230. 18 - 69, 70.
Savage editorial sustaining Gov. Harrison and condem
ning Federal
Reserve Board for not ,axinp the speculative craze
in hand
early in 1928.
It did not seam to know that the Federal Reserve Bank,
New York
asked for no rate incre-se between July 13,1928
(5c4) and
Feb. 14, 1929.
Nor did it seem to know that in Fall of 1928 the Federa
l Reserve Bank,
New York,misused its authority from the Board to
buy
acceptances merely to ease any possible seasonal strain
, by
buying nearly 300 millions, so that it held two-thirds
of
all acceptances outstanding, - an unprecedented amount
,and thus give the banks so much money that they not
only
met the seasonal strain but also took down 193 millio
ns of
redisNunts, thus changir“; the policy from one of firmness
into
one of ease, and greatly encouraging specitlation.
Jan425, Sunday, 1931. 18 - 152.
The basis of above editorial was Governor Harrison's
testimony
before Glass Committee, which Ipparently said the New York
Bank
wanted to increase to 0 in 1928 but the Board disano
roved.
Jan. 26, 197;1. 18 - 154.
Miller called Up Oulahan of the N. Y. Times and exulained matter
;
he also wrote Noyee, who apolopized for the error.
Jan. 26, 1931. 18 - 154.
0,0.H. meets Oulahan of N. Y. Times at dinner at Geo. licClellan's
and exnlained the matter further to him.
He seemed to think some political influence, - e.p. the Secret ry
of the Treasury, dominated the Board.
Feb. 20, 1931. 18 - 167, 168.
New York World
Prises Meyer's appointment.

Sept. 6, 1930. 18 - 69.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

196.

Newlands, Mrs.
.
We dine with, to meet Mrs. Wilson
Mar.

1931. 18 - 178, 179.

Atlanta
Newton, Federal Reserve Agent,
s
fair to comnare salaries of Curtis
not
es
Jam
ls
Gov. Meyer tel
.
125
18
0.
193
'Oec. 11,
and.
to Glass that Federal Reserve
Denies statement of Cong. Garner
ounts.
Bank, Atlanta, has declined all redisc
18 - 142.
1.
193
6,
Jan.
San Francisco
Uwton, Fe-eral Res live Agent,
a
petition of Bank of America for
ed
rov
apo
dis
Practically
ed.
rov
y
apo
London Branch, which Board finall
Jan. 14, 1931. 18 - 145.
Newton, Mr.
ver, at dinner at Gov. :.leyEquis.
C.S.H. meets, Secretary of Hoo
Nov. 5, 1930. 18 - 107.
Non-..member banks
ar
swzested that Board by circul
Federal Reserve Agent, McClure,
of,
er
pan
of
ege of discount
extend for fixed period the privil
and
,
Black, Gov. Martin
'offered by member banks. Gov.
ected.
obj
ton
Federal Reserve AEent Hox
Sept. 23, 19:q). 18 - 82, 83.
Norbedk, Senator. 18 - 149.
See - Meyer, Gov.
Norman, 7,ov. Bank of ZnEland.
starting
press desnatches that, after
Gov. Harrison exnlained the
end to
int
not
did
ing that,
for U.S. was called back, by say
meet
to
nce
Fra
to
the steamer
go to U.S. but merely went on
but
is,
Par
to
him
went with
him - Gov. Harrison - and later
accomolished nothing.
(3)
Dec. 20, 1930. 18 - 132-A
Cunningham.
. Harrison told him Gov
t
tha
.H.
C.S
d
tol
m
8ha
lin
Cum
were
Gov. Harrison - that if he
that Gov. Nornan told him ld out
wou
he
k
Yor
New
of
e Bank
Governor of the Federal Reserv
trol
12%, if necessary, to con
discount rates up to 9,10, or
the speculative movement.
25 (208)
Anril 28, 1929. 16 Diary
124 (208)
June 28, 1929. 16 Diery
18 - 155.

Ail


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

197.

Norman, Goverapr, Bank of England (Contsd.)
Stewart told Dr. Miller that, once said to him that to try to
cult a speculative mania, such as that in the U.S. in 1929,
by increasing di:count rates,wolld be like sp itiing against
a strong wind.
Feb. 7, 1931. 18 - 166.
An article signed by A. R. Decker, copyrighted, in the Washington
Evening Star, stated that Gov. Norman sails for the U.S. today
on the Gerengaria; that he is to visit Eugene Meyer to obtain
an agreement, similar to that once made with lov. Strong, that
we should keep our rates down so as not to be a drain on the
pound sterling; that he wants to see to it that the chance in
the Federal Reserve Board head does not mean a change in the
relations of the Federal Reserve System with the Bank of
&gland; that this shows that the anxiety of the American
Congress to have a real American heading the Fe_eral Reserve
System is well founded, etc. etc.
(See scrap book, Vol. 112).
Mar. 21, 1931. 1P - 193, 194.
Gov. Meyer was in N. Y. yesterday and told C.S.H. he was going for
personal reasons; if gov. Norman is comin over he must have
known it.
C.S.H. believes he rent to New York to arrange this mtter of
Gov. Norman's visit.
Gov. Norman left this p.m. with his wife and family for Palm Beach.
Gov. Meyer has never mentioned Gov. Norman's visit to the Federal
Reserve Board'
It seems extraordinary'
Mar.21, Sat. 1931.
18 - 193, 194.
McClelland says Nov. Meer returns from Palm Beach tomorrow, but
will at once go to 1:ew York.
.S.H. fears he is i.oing on to see Gov. Norman.
Mar. 26, 1931. 18 - 198.
laller told 0.0.H. he knew nothing of r'rov. Norman's visit except
what he had read in the papers. He said that he could not
believe Gov. Meyer was going to New York (McClelland told him
just what he told C.S.H.) - to meet Gov. Norman; that it would
be a derogation of the dignity of the Board and very injurious
to 30v. Meyer oersonally.
Mar. 26, 1931. 18 - 199.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

198.

Norman, Governor, Bank of England (Contld.)
Miller said Gov. Meyer teleohoned him fram the railroad
station
that he was going to New York with his daughter and to
see a
sick friend and would p,t) direct to Mt. Kisco; that he
would
make no effort to see lov. Norman.
Miller said he told him to mke every effort not to se
him.
Mar.27, 1931. 16 - 199.
Miller said Gov. Meyer said he wanted to give Gov. Norman
a dinner
in Washington; that he warned him not to be dreF.,?ed into
an
interview with Gov. Norman through extendin7. this
invitation.
Mar. 27, 1931. 18 - 1*).
Gov. Meyer said he understood the situation perfectly and would
be
back in Washington on Monday.
Mar. 27, 1931. 18 - 200.
Gay. Meyer said he saw Gov. Harrison in New York but did not see
Gov. Norman; that Gov. Norman was in Philadelphia visitin
friend (C.S.H. believes :ais. Markoe); that Gov. Norman was
coming to Washington and that he would P-i've him a ainner
Monday evening April 9.
30, 1931. 18 - 200.
C.S.H. asked Gov. Meyer for what purpose Gay. Norman had came over.
Gov. Meyer said he had no idea, but assumed he had a)me over merely
to have a general talk with Gov. Harrison.
We all agreed this was peffectly proper.
Mar. 30, 1931. 18 - 200.
Miller said, however, that if lov.Norman came over to di cuss any
specific question on which the Federal Reserve Board later
might be called on to pas", the Board should have been informed
and !riven an opportunity of participating in, if it so desired.
All agreed to this.
Mar. 30, 1930. 16 - 200.
"Not voting"
Platt at first recorded himself as not voting on motion to allow
N. Y. to buy 25 millions of Govt. securities each week for
two weeks, and this made motion fail on a tie vote.
Then he changed and voteiAye which carried the motion.
June 3, 1930. 18 - 12.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

199.

Ridhard
Olney, Richard
O.S.H• meets, on train going to Washington.
July 6, 1930. 18 - 28.
He calls at office and borrows

O.

He told C.,3.H. he was trying for a position on new Tariff Commission.
Gertrude Myer said he called on her and said he was dead broke.
July 7, 19'.i0. 18 - 28, 29.
Calls again and borrowed $15 more.
Said he had to stay over to see Sen. Robinson, vho ras away, and did
not bring money enough.
C.S.H. fears he may be playing cards at the Metropolitan Club.
July 8, 1930. 18 - 29.
(Later he sent his check for above)
Charles Warren said he saw in the papers that Hoover had dropped,
from consideration for the Tariff Commission; that Olney had
no Democratic support; that Swager Sherly told him that Olney
voteiin H.R. wtth the Republicans on almost all tariff matters.
Sept. 30, 1930. 18 - 89, 90.
Open market operations
See- Government securities
Open market policy
See- Open market Policy Conference
Open Market Policy Conference
Board voted to authorize Coa.ittee to buy 75 mi11ins of Government
securities each week for two weeks.
At first failed. Tie vote.
Aye: Sec. Miller, Gov. Young,Comptroller
No: Miller, James, Cun-linham
Not voting: Platt
Then Platt voted Aye, which carried the motion.
June 3, 1930. 18 - 12.
Meeting with EXecutive Committee of.
The Committee voted 4 to 1 against further purchases of Go,fernment
securities, qov. Harrison alone voting Aye.
June 23, 19,0. 16 - 22.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

ce (Contld.)
Open Market Policy Conferen
r the policy of Board
Federal Advisory Council seemed to favo
d ,:hether the
and Open biarket Committee, but several aske
the status quo.
4ng
policy really meant further ease or kee
status quo.
Gov. Meyer said the policy was to keep
ld revive, the market Should
Mr. Traylor said if speculation shou
securities, but banks
not be eased by purchase of Government
should rediFcount.
Sept. 16, 1930. 16 - 74, 75.
Meeting with Board.
attend.
Federal Reserve Agents were invited to
inuing status quo but
Conference voted 9 to 3 in favor of cont
buy Government securities
to
y
orit
auth
gave Executive Committee
rts etc. and also gave
up to 100 million, to offset -old expo
authority to sell, if necessary.
nst this report.
Gov. McDougal and Calkins voted agai
as he believed rates rere
Gov. McDougal favored a slight firming
too low.
ugal but agreed that nothing
Gov. Calkins sympathized with Gov. Mco
should be done now.
n
estion that consideration be rive
Lone dixussion on :1i1ler's sugg
it
cred
ease
rities to
to buying large volume of Govt. secu
situation.
See - Miller.

Sent. 25, 1930. 18 - 85, 86.

favoring the status quo, but
Board approved renort of Corx.iittee
100 millions of Govt.
with authority to buy or sell up to
securities to maintain the status quo.
ent that appli-.!ation must be
Miller and James favored requirem
any operation.
made to Board for approval before
, since decided that the
pointed out that the Board had lonr
retionary powers.
disc
wed
Olomaittee could and should be allo
report but on understanang that the
Finally all agreed to approve
chief exe utive officer and
Comittee shall inform the Board's
y, before acting.
consult with him, except in emergenc
Oct. 2, 19:0. 16 - 91.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

201.

Onen Market Policy Conference (Contsd.)
Gov. Harrison told Board he had boueat some sterling exchange
and wanted to buy more, - un to 25 million.
Board discussed whether this was not an open marAet oper.tions
requiring ecproval of Onen Market Policy Conference.
It was pointed out that the Conference approved the status quo
and that New York had power to sell Government securities
if the purchase of sterna, made the market sloppy.
Oct. 15, 1930. 18 - 95, 96.
Federal Advisory Councilaavised that the credit situation would
be best served, if the natural flow of credit is left
unhampered by open market operations or by charwes in disco int
rates; that seasonal demands should be met by rediscounting
on nart of member banks.
C.S.H. believes above recommendation is op-)osed to the nolicy
agreed to by Board and Open Market Call!ittee, that seasonal
credit strain may be eased in order to keep the status quo.
Neither the Council nor the Board members seemed to realize this.
Nov. 18, 1930. 18 - 110, 111.
Gov. Harrison told Gov. Meyer he might have to buy Government
securities to allay the banking uneasiness in New York;
that the banks hesitated to sell acceotances to the
Federal reserve bank as they had to p!uaranty the accenting
bank by their indorsement.
Gov. Harrison said, however, he did not rant to teal this to the
Open Market Policy Conference which convenes on Saturday.
Dec. 16, 1930. 18 - 129.
Preliminary Conference with Executive Co mittee.
Gov. Harrison's remarks.
See - Bank of U.S.
Conference, Central European banks
France
Great Britain
Italy
Dec. 2), 19'60. 18 - 132-A.
We lunch at Metropolitan Club.
Executive Committee met anart from noard in a.m.
The Committee made no report to Board.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

202.

Open Market Policy Conference (Contld.)
Gov. Meyer, however, sat with Committee before lunch.
Gov. Fandher told C.S.H. in z,fternoon that Co:2:.ittee.felt it
had power to buy Govt. securities in any emergency, referring to Gov. Harrison's 7)urchase of 40 millions of
Govt. securities from the Peoples Trust Co. as an euergency
transaction; - that they did not intend to go counter to
the recommendation of the Federal Advisory Council against
further open market purchases to meet seasonal needs, but
that the banks should rediscount for such needs.
Dec. 20, 1930. 18 - 133, 134.
Miller in Board meetin,insisted that there should be a record
in Board's minutes of above meeting, to which all finally
agreed.
Gov. Meyer said Gov. Harrison had pro-rated the above 40 millions
between the P.R. banks.
Millermid this should not have been done as it put the banks in
p,sition of helping to adjust the New York situation.
Dec. 22, 1930. 18 - 134.
Board meets with Committee.
Committee asks for authority to sell, from time to time, its holdings
of Government securities, whenever possible, witnout
disturbing the market.
Gov. Meyer for an hour objected to this, as he felt the :Idblic would
take it as a declaration of a major policy of deflation.
He said if the Coalmittee wanted to take out something from the mass
of super-abundant credit, the result wo -ad be accomplished by
acceptances which will run off in large amounts shortly.
The Governors, however, would not yield.
Jan. 21, 1931. 18 - 147, 148.
See - Harrison, Gov.
Tounf7, Gov.
Open market operations
Miller said Board should consider propriety of buying a large volume
of Gorernment securities to ease credit conditions.
Sept. 25, 1930. 18- 86
See - -iller.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

203.

Open market operations (Contid.)
3ov. Meyer said the Phila. directors favored nurchase of a
large v3lume of Government sec.lrities to help credit
conditions; that he told them this would not raise r.tes
nor prices but might raise hell!
March 19, 1931. 18 -1.86.
See - Government securities
Open mArket nolicy Conference
Oulahan, Mr. N. Y. Times
18 - 154, 167, 168
See - New York Time
Owen, Mrs. Ruth Bryan
Addresses Woman's National Democratic Club
An admirable address.
leb.25, 1931. 18 - 171.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

204.

-p_

?,1dodk, Deouty Governor, F. R. Bank, Boston
, an. Paadodk would not make a
Ripley told J.s.H. that Curtis:
team.
strorv
sufficiently
Hollis said he could not say that Paddock vas definitely out of
consi“-ration for Governor.
Aug. 13, 1930. 18 - 49.
See - Curtiss
Pageant, 7:ornanl s National Democratic Club.
See - Wilson, Mrs.
Palm Beach, Florida
Gov. Meyer and family leave for, today.
Mar. 21, 1930. 18 - 187, 193, 196.
Returns. Mar. 27, 1931. 18 - 199
Paris Commission, World War
,
Mrs. Harriman said it was all agreed that Root should be appointed
to
Mr.
Wilson
but at the last moment Mrs. Wilson pPrsu;ided
appoint Henry White.
Jaly 9, 1930. 18 - 34.
Parker, Mr. & Mrs. Chauncey
We dine with.
Feb. 11, 1931. 18 - 160.
iatten, The Misses
'.7e call on.
They com,-ratulate C.:).H. on L.L.D.
June 8, 19:0. 18 - 10.
Patterson, Lizzie
Gertrude Mzrer said she might 47o abroaa with.
June 11, 1, O. 18 - 15.
Penbody, George Foster
Congratul•ttes C.S.H. on L.L.D.

June 11, 1930. 18 - 15.

daughter.
'comes to Washington and we dine with him Lnd his adonted
170.
18
1931.
23,
Feb.
Pease, Mr. ana Mrs. Z. W.
Dine with us.

Oct. 10, 1930. 18 - 93.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

205.

l'eltz, Mr. & Mrs.
Dine with us.
Sent. 12, 1930. 18 - 74.
kennsylvania Railrond
Woolley says Attebury, of, nersc,de 1 Hoover to an)rove the
Trunk Line merger.
Jan. 1, 1931. 18 - 140.
Justice Brandeis says the purchase by, of 7.Y.7.u.. & H. railroad
stock does not disturb him.
Mar. 7, 1931. 18 - 178.
Pennington, Mrs.
Mrs. Harriman said Mrs. Wilson told her not to believe any rumors
as to, disliking her; thRt she liked and respected her.
June 16, 1330. 18 - 18.
People- Trust Co.
18 - 132-A, 134
See - Bank of U.S.
Harrison, Gov.
Perkins, Thomas Nelson
Ripley told Curtiss that Owen Young had telephoned from New York to,
saying Gov. Young was available for Governor of Federal Res-rve
Bank of Bost)n, ,ind he told him.
Sent. 24, 1930. 16 - 84.
Pershing, General
C.S.H. sends Rachel Hale a copy of Constance Williams criticism of.
Mar. 5, 1971. lb - 178.
Mr. & Mrs. Van Ness
We dine with.
Feb. 19, 1930. 18 - 164.
See - Myer, Gertrude
Dine with us at -omans Natl. Dem. Club.
10, 1931. 18 - 181.
Phoenix and Chatham National Bank
Gov. Meyer said directors of FR Bank, N.Y. were troubled
condition of affiliates of, althoutth the bank itself was
in good condition; that they prepared a sharp letter to be
sent to the directors, but that he persuded them to take
the matter first vith the President of the bank, in


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

D6.

?hoenix & ahatham iTational Bank (Contld.)

=junction with the Comptroller, as a letter to the
directors might leak out and cause trouble in the strained
banking conaitions.
March 9, 1931.

le —

180.

Platt, Bdmand
Writes corwmtulating C.S.H. on L.L.D.
June 7, 1960. 18 — 9.
Votes at first aainst allowing Nev; York to buy 25 millions of
Government securities each week for two weeks, and ties
tie vote. Then changes and votes Aye and motion was carried.
June 3, 19,0. 18 — 12.
rate for New York and
Votes for C..).H. motion to approve 2
res
,rve bank.
1-eduction at any other Federal
18 — 20.
16,
1930.
June
Votes with C.S.H. to arr)rove annlication of Second Natiolial Bank,
bscriba to stock in an alge corporation having
Boston, to
:only $25,000 capital. Lost.
July 10, 1930. 18 — 37
Votes that Board will approve atydication of oecond National Bank,
Boston, if the capital of theEdge corporation is made
$500,000, but with required Laid in ciE..)ital of $100,000.
July 22, 1930. 18 — 40.
to have,
tells Curtiss from :attapoisett that he will
directors
the
case
in
him,
with
Boston
in
be
,nd
on
come
wanted to talk about Curtiss' salary.
Aug. 25, 1930. 18 — 56.
Platt -rites C.S.H. he is surprised at Gov. Young's election as
Governor of re,:.eral Reserve Bank, Boston; that he did not
think he would get along with Curtiss; that Pierrn Jay would
have been the ideal man; that he did not favor a salary of
$35,000 for Gov. Young; that he thought $30,000 for Gov. Young
and $25,00 for Curtiss about right.
The letter was posted Saturday evening.
Aug. 25, Monday, 1930. 18 — 57.
0.3.H. told Gov. Yount that Platt

s co.in

to Mattmoisett tomorrow.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

20V.

Platt, Bdmund (Contld.)
tt.e other day,
Gov. Young said he thought Platt was with
and that he should have told him about his offer from
Federal Reserve Bank of Boston.
a told ilatt over the t'eleihone and
0.0.H. told Gov. Young he
seem(d
to
this
relieve Govt Young.
Aug. 28, Thursday, 1930. 18 — 59.
:ar. and 1rs. Platt

rrive at Matta loisett for a visit at 4:30.

Before we left, Gov. Young called u9 from Washington and said
Sec. Mellon wanted Platt to meet him in New York tomorrow
morning,Saturday.
Platt said he could not but finally arranged to meet Sec. Mellon
at the Biltmore Hotel, New York, ::onday, La.':.or Day, at 3 p.m.
Aug. 29, Friday, 1930. 18 — 62.
that Mr. Rand, a banker from Buffalo, met him in
Platt told
New York last week and offered him the Vice Presidency of
a holding company ownirw banks in New York City and in
Buffalo, Rochester, etc; :hat the oosition was to be economic
advises, with a salary of at least V0,000.
Platt .aid he inquired ,:bout the ;omuany through Case of Federal
Reserve Bank, New York, and he praised the company and the
men tontrolling it in the hi4iest terms.
Platt seemed disposed to acceut it.
Aug. P9, Frith, 1930. 18 — 62.
C..H. hazards a ,liess that Sec. Mellon may want to get Platt to
resign so as to put Parker Gilbert in and make him Gover. or.
Aug. 29, 1930. Friday.
18 — 62, 63.
We have C.-.H. birthday lunch at which Mr. & Mrs. Platt, Amb.
Houghton et al. were present.
At lunch ,:lattis al),) intment with sec. Mellon was discussed and
Houghton thought it 1,as clearly for the purpose of offering
Platt the Governorship.
Mrs. Platt said she was willin to have her husband Governor for
a short time but did not want to have him hold the office
permanently.
Aug. 30, 1930. Saturday.
18 — 63.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

208.

fLatt, Edmund (Cbn,Id.)
The Platte leave us.
au,*. 31, 1930,6unday. 18 - 63.
has long talk with Platt in Washington.
Platt said Sec. Mellon bean by saying he had heard Of the o:fer
made him by the i.larine qroup, that they were first class men,
and that he honed Platt would accept the offer; that later,
perhaps not expressly but by necessary imnliction, he gave
Platt to understand that Hoover hoped he v:ould acce9t, as he
had some one he wanted to ap,) ,int in his plane.
Platt said he intimated to 1:.e11on that he light accept the offer.
Platt told C.S.H. he had written the Company pr,ctically ,ccenting
but suggesting a salary of $24,000 instead of $20,000.
Se-A. 2, 1930, Tues.ay. 18 - 63, 64.
It seems extraordinary that Hoover and 1:.ellon should practic.a1.1y
force Platt off the Federal Reserve Boai.d in order to )at
someone in his place.
PLitt had eight years left of his ten to serve and has been a
faithful and sound member.
In the Board dispute with the New York Bank 1-1att sided with the Bank
so no one could accuse him of being radical.
has ever
Platt was one of the most courageous and fearless men
and
fair
reasonable.
met. At times he was almost pugnacious but
C..H. discusses rumor as to Plattlt, successor, - Ogden :.:ills, (ilbert,
Waliourg, Alexander, etc.
64-)t. 2, 1930. le — 63, 64, 65.
fears that the iederal Reserve Bank of New York has nersuaded
to reorganize the Board in inter t of ,- :ew Yor-.
C.:).H. feels that bank .)olitics of some kind is resp:nsible for the
prpctical removal of Platt.
Sept. 2, 1930. lE - 66.
Sec. Mellon tells Press that Meyer was to be ap)ointed ,,rovided
Platt decided to resign; that Platt had an offer from a banking
concern which Mellon thought he would accept.
spt. 4, 1930. 18 - 67.
To 0.-.H, it looks like a broad nlan, careful y worked oat to get
Meyer into our Board. To do this Gov. Young had to be sidetracked am. Platt 'orcsia to .?sin.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

209.

Platt, Zimund (Contld.)
C.:).H. believes the banking offer to Platt was enojneered by
interests favorable to Meyer.
Sept. 4, mo. 18 - 67.
Miller told C.S.H. there mast have been some notent force
behind Platt and .1.ov. Young.
Sept. 4, 1X,O. 18 - 68.
C.S.H. knows Miller knows little about Meyer apeeintment but
is soteewhat disturbed by the strong nrm method of :7etting Platt
out.
Sent. 4, l90. 18 - 69
C.S.H. calls un Platt at Madison, Conn.
platt said he had accepted the offer, the salary to be $22,000;
that he ha- not yet formally r-siened but You'd do so to take
effect Se- t. 15th, so that Meyer could pl'eside at the meting
of the Federel Advisory Council on Tue:day, 1-3e-,,t. 16th.
He said he wanted to resign to take effect October let, but Mellon
was op osed to this, and this seemed to irritate Platt.
Sept. 6, 1930. 'Jaturday. 18 - 70.
?latt seid 4ov. Young asked him, only a few weeks ago, to expedite
his election into the Chevy Chase Club, - showing that un to
that ttee he 11:Jd no thought of le:ivine the Federal Reserve Boar
Sept. 6, 1930. 18 - 70.
He said Mellon ;
- old him that some time ago, it was centemnlated
a:.e,ointin Meyer as a resident of Washington, D. C., end that
he had a legal cylinior that this could be done.
Sent. 6, 1930. 18 - 70.
Speaking of his resim‘tion, Platt showed some irritation, end
said, "If they make any more fuss abut it, I may not l'esign
at alit"
He said he told Mellon he would like to have is resienation
take effect on October 1st, but ;;at -ellon pressed him to
resin at once.
Platt has certainly been made to ralk the olankt
Sept. 6, 1930. 18 - 71.
ilatt
that he finds that Arthur W. Davis, one of
the Marine Company directors, is Chairrnan of the Board of
the Aluminum Company of America, in Which Mellon is interested,
and that this points to Mellon as having brought out the offer.
0..H. believes this is probably true.
Sept. 10, 1930. 18 - 73.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

210.

i'latt, Sum^

(Contla.)

Board passed resolutions on resi,:n tion of Platt znd 7rov. Young,
offered by
Sept. 17, 1900. 18 - 77.
Rachel Hale asks C.z:.H. to speak a good word to Pltitt for her
son Donald who is in Lir. llaine's bank, contr,lled by
1.arine Cholla). O.S.H. relied he would.
Se-A. 1 , 1930. 18 - 78.
as a long talk with 1?1att.
He said he had little do.„Ibt
but that his new apiointment had been engineered from
Washington; t'qi-t
hak, told him that, up to the present
time, he- :dellon - had managed all Federal reserve appointments,
but that in Platt's caLe oover had t—cen the matter in hand
himself.
He also said that, when he told Mel ion, - on Labor Day- that he did
not wish to resign until October 1st,
told him that
Hoover wanted him to 1.esign at onc, as lie d sired his place
for some one else.
This is the first attempt of a President to inject banking politics
into the Federal Res-rve Board.
Sept. 19, 1930. 18 - 81.
has talk 1,ith Aatt.
He L'aicl he had met and liked Donald Hale; that he seemed to be
interested in his work; ,liat some of his bank officials had
told him that Donald formerly had been quite a hezmy drinker,
but that ne said now it had not agreed vdth his work and that
he s.iJuld confine his drinking hereafter, to Satarday nights.
Nov. 1, 1930. 18 - 10J.
licFadden demands investigation of matter of Hoover's apiointment
to Meyer and oustin of Platt.
fears this will cause a sensation.
Jan. 9, 1931. 18 - 143.
fears
sttament as to '6he Democrats having
infomation as to Meyer's ap)ointment so good that they wL1
hold it back until Mie next campaign, - may rest on
indiscreet letters of rlatt.
3.,J.H. hears lie has •,:ritten a number of letters on the subject.
Jan. "ta, 19...1. 18 - 157.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

211.

18 — 1'03.
Poincare
See — France
Policy6 e
Discount rolicy
Feaeral Advisory Council
Federal rese,-ve olicy
Loan polilies of member banks
Open market Policy Conference
Politics
See — Bank of America
_latt
:foole, Jo Li
Says not against ,Aiblic interest to have interlocking director
between 1:imerican Security & Trust Company and Munsey Trust
Coill any, Washington.
Feb. 21,1931. 18 — 169.
,ope of Rome
.Jee — Butler, Dr.
Po.er of Federal reerve banea
See — Gold
er of FederLa Reserve Boarc:.
Federal advisory Council unanimous in oAnion th-t Federal Reserve
Board has pow r to place u,)on Federal reserve banks
res-o)nsibility for knowing condition and loan nrmctices
of membr,r banks.
Feb. 17, 191. l& — 164.
,recedents
7;ov. Meyer says he ,-zres nothimr for, not even his own.
Feb. 20, 1931. 18 — 166.
L-r,-ston, .rs. Thomas J. Jr.
We take lunch with, t Princeton, . J.
She met us at the station.
s)oke well o: .crof. Nevins ho is writing a life of
President Cleveland but did not seem to know very much
about him.
5he asked 0.3.H. whether i'rof. Maim 1-vl„ consulted him While
writing his life of Mr. Clevelandand seemed very much
surprised when C.S.H. said he hal not.
After lunch Lirs, Bayard Stockton ctaled to s e us.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

212.

Pr ston, lire. Thomas J. Jr. (Contld.)
bhe said she would be glad to have 0..H. ores nt to the
Woman's National Deaocratic Club a picture of her enlar4ed
by Bureau of Zngrav1ng and Printing, as a comoani )n piece tx)
hr. Cleveland's picture, C.S.H. had previously given o the Club.
C.b.H. promised to send her a cony of each picture: and also a
photograph of t .e letter of Lir. Cleveland sending it to C.S.H.
(C.-.H. finds that he gave the last cony he had to Richard
Cleveland after tile radio address of ..ar. 18, 1931.)
June 4, 190. 18 - 5, 6.
C.S.H. receives a deli 'fitful letter from, thanking him :or his
radio zietress. She said she listened to the address at her
daug.hter, -rs. .ig.len's apartment.
larch 25, 1901. 18 - 196.
bee - Cleveland, Grover
Radio
?rices
So.e of Federal aldvisory Council expressed the o
that, will
drop to the nre-v,ar 1(-vel
that business riaw,t adjust itself
accordingly.
Sept. 16, 1930. 18 - 76.
and Gov. :.:eyer point out that if Board, as had been
suggested, should buy a large volume of Gov.:?rnment s curities
to ease credit and raise prices, it would result ia expelling
gold from t.,e country.
Sent. 25, 190. 18 - 86.
Gov. .deyer tells directors of Ped,:al Re. erve Bank, rhiladel Ma,
who favored above, t. at it would not raise intere: t rtes
nor prices, but Lti,:ht raise Hell%
Uar. 19, 1931. 18 - 186.
Profits, Bank
:he Federal
off of.

Adviso ry

Council members expressed concern at falling
Sent. 16, 1930. 18 - 76.

iropaganda. 18 - 142
bee - Federal Res rve Bank, atlalitc:
Pruyn, i;rving
Bertie acts as Godmother at Christeniiv of the daughter of, in
New York.
She gave the child some old, beautiful €;old beads Which Anna
and other!. had word at their christening, - an old Dutch
custom, - but hit; _other-in-law would not allow them to be
worn, - to Bertie's keen disap) intment.
Dec. 7, 1930. 18 - 124.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

213.

csychology.
Gov. Meyer is always talking of the psychological efect of any
proposed policy, but C.S.H.'suspects this ri,eans little
more
than KLeding one's ear to the rround, - a la :!.(1Kin1ey1
Feb. 20, 1931. 18 - 166.
0..}i. tells Gov. Meyer of the i? ossible 1)sydholo4cal effect of
soon
increasing dicount rates, - as encoura,Ang belief that times
have !hanged for better.
"ov. Meyer said what if times do not Change.
Mar. 19, 1931. 18 - 186.
0.0.H. said he believed if a move was undertaken to encourage the
people to buy foreign securities, perhaps certif ied by
foreign governments to be for possibly productive -purposes,
and possibly stipulating: thL,.t the proceeds must be used in
it might have a vast psychological effect in turnin the
tide of depression.
Gov. -eyer asked what
•
meant by productive lAir;oEes and C.S.H.
said agricultural and manu-r,cturinv ,mmoses.
CTov. -eyer said we are exporting manufactured products now, and took
no interest in
•
suggestion.
C.S.H. believes, however, that some Arne 7Tov. Meyer will a,..vocate
this as his own 2uggestion.
0.6.H. believes .rov. Leyeris idea of psycholo:v is Keeping his ear
to the ground.
,dar. 30, 1331.18 - 201.
_Ifolic interest
cae - Clayton "ct
National Bank, New York.
18 - 120.
bee - Bank of
z'utnara, Herbert
Writes 0..H., congratulating him on L.L.1J.
June 7, 1900.16 - 9.
dinner at .Ass Hegermanis.
Dec. 26, 1930. 18 - 137.
'de lunch with, at the Congressi,nal Library.
Jan. 10, 1931. 18 - 144.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

214.

Quantitative theory
87.
See- Government securities.
,uestion aire
Glass told 0..H. at first he had sent no question
naire to
officers of the Federal Reserve banks,but later said
he
had and would send one to C.S.H.
He did not send one, but Curtiss sent 3..H. a co y of his,
and la.er some P.R. banks sent the Board a coy of
their
replies.
Jan. 7, 1;G1. 18 - 143.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

215.

Radio address
Hamlin, O.
See - Cleveland, Grover
Hawdin, 3. 3.
Speak-O-Phone Co.
Holmes, Justice
See same
Railroads
18 - 140.
Hoover
See - Trunk Line

greelent

Railroads, New 2ngland. 18 - 178.
See - Brandeis
Pennsylvania Railroad
T. Y. N. H. & H. Railroads
Trunk Line agreement
Rand, „Aarine .Adland lrou.)
18 -.62
See - ilatt
Raphael
Gertrude kiyer says painting by, oned by Jenie Ris,
is
worth $200,0".)
Feb. 19, 1931. 18 - 165.
Receotions
The Secretary of State invites us to a,
Jlasociation. Regretted.
Au., ?7, 19:0. 18 - 58.

ALAorican

President and rg. Hoover invited us last week to a ,7arden party
ut the White House. Regretted.
Aug. 31, 1300. 18
C.3.H. aL,tends New Year's recel)tion ,t White House.
Jan. 1, 1931. 18 - 140.
Recognition of Russia
Charles Warren seemingly f,lvored.
Said he t.-.ought
was wrong in not recognizing Huerta.
18, 1901. 18 - 185.
asiced Gov. ,..eyer if he favored.
He gave an evasive answer, swing it was a grave question.
19, 1931. 18 -


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

216.*

Redistricting controversy, 1915.
18 - 68, 78.
See - Miller
Warburg
Reed, Senator, Penna
C.,.H. meets, at diner

t the Delanos.
Nov. 27, 1330. 18 - 121.

Refusal to grant rediscounts. 18- 142, 158.
See - Discounts
Reminiscences of Albany, H.P.H.
See - Kiplinger, nrs.
Reparations
Luther tok: Gov. Harrison -7,-flat nublic clauor may force Gemany
)ayments, which,
to ask for a moratorium as to reparation ,
however, they knew would not be needecl for two years or so
in any event.
(3)
Dec. 20, 1930. 18 C.S.H. belives Owen Young wanted a quick stock market linuiation
.
so that repant.on b .nds could be placed in
Jan. 26, l961. 18 - 153.
See - Moo.
Hoover
Reseries
Glass admitted to C.rj.H. that a bank well managed, with only a
reasona-cde a..ount of security loans, had a rielt to discount
eli4tle paper to make good a sho tace in.
Nov. 19, 1930. 18 - 113.
Glass put questiJns to Gov. Harrison which seemed to be based on
)er
belief that a bank has no right to rediscount eligible pa,
loans.
speculative
any
a.:king
is
it
if
to resto,
146, 147.
Jan. 20, 1931. 18
See - Discounts
Resialations
Gov' Young.
Resigns from Federal Reserve Board.
Aug. 28, 19.0. 18 - 68.
Platt.

Sept. 15, 19.0. 18 - 70.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

217.

Resignations (Contld.)
Bonrd resolution on above.
Sept. 17, 1930. 18 — 77.
Wilson resigns .9.E' Honorary l'resident of aomanis gational
June 11, 1330. 18 — 13.
Democratic flub.
Responsibility of Federal reserve banks.
Condition and lo;inin,: policy of member banks.
1-ov. Harrison said it was a gn,ve question whether the iederal
reserve bank was responsible for the management of a
state memberbank not borrowing from it; that his directors
had about re,-ched the conclusion that they had a responsibility.
Dec. 19, 1930. 18 — 130.
Gov. neyer said the Federal Res rite System as responsible for
soundness of the banking methods of every member bank ':.hether
or not borrowing from it.
Dec. 19, 1930. 18 — 131.
Gov. Harrison said that in 1921, when Crov. Strong ana Cam,)troller
Williams were in dispute as to pn,ctice of the Chase :ational
Bank, New York, 3.ov. Strong contended, and the Federal Resecve
,Board sustained him, tlat the Couotroller was )rimarily
responsible for national banks and the State Bank Superintendent
for state member banks.
Gov. Harrison said this was clearly the intent of Congress but
that the peo,:le expected more, and. that more must be done.
Dec. 19, 1930. 18 — 131.
C..H. said if the Peden.l reerve bank was responsible it was
res?onsible as to nation4 as well as to state member banks.
Dec. 19, 1330. 16 — 132.
Federal Advisory Council said our Board should place responsibility
on Federal reserve balks for knowirg condition and loaning
policy of all its member banks, at all times.
Feb. 17, 1931. 18 — 131, 162.
The Fedt.ral Advisory council said there was no doubt but that,
under the present law, the ieaeral Reserve Board had power to
place this reso,ns_bility as above.
Feb. 17, 1331. 18 — 164.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

218.

Responsibility of Federal r_serve ban _s (Contld.)
Owen Young testified before ;lass CoLcAttee that all examin .tions
should be ia
by tAe Federal .2eserve
banks, that they should
ccivaint themselves with the loaning ,_)oliciet:, of their member
banks, h.fia should have power to suspend a manber bank from
privilege of rediscounting or refuse it altogether, alth.)ugh
his airectors could find no such power under the present law.
Feb. 4, 1931. 18 - 158.
Reynolas, Jackson
James said Baker was not satisfied with, as kresident cc: First
National Bank, New York.
Nov. 24, 1930. 18 - 118.
Rhinelander, Bishop an,1
Gertrude 4yer calls on as with hrs. Rhinelander.
Jan. 1 5
. , 1931. 18 - 152.
,Ane with us at Woman's National DemocrAic Club.
Jan. 30, 1931.18 - lLu.
';:e lunched with.

Feb. 8, 1931. 18 - 160.

Rhodes, -r. and _rs.
We meet, at di.lher at _rs. Newlands.
Mar. 8, 1931. 18 - 179.
Rice, W. G.
Visits Washinc;ton and dines with us at dimier of leor,.e Foster
keabody.
Feb. 23, 1931. 18 - 170.
Soea,cs over radio in 3ew York on Cleveland's birthday, after O.-.H.
spoke in Washington.
Mar. 18, 1931. 18 - 185.
bee - Cleveland, Grover
Richmona, rdr. Charlet:
Listened to talk on India by, ,t 7:oman1 s rational 2emocratic Club.
Jan. 12, 1931. 18 - 144.
Rickey,
Tells Board of Woman's Democratic .aub that she was the one who told
Wilson abut the proposed pagealt in the old British
3mbassy.
June 11, 1930. 18 - 14.
Riggs, 4t1fred
National Security & Trust Co.

and, are executors of Jeannie hi,-gs will
June 14, 1...K O. 18 - 16.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

219.

Riggs, Jeannie
Died early this :_iorning.
June 1 1, l9 O. 18 - 12.
Gertrude ..,iyer calls up

and tells him.
June 11, 190. 18 - 12.

Rachel Hale.
Junell, 1930. 18 - 12
1fred Rigs of Baltimore and rational Security & Trust Co.
are
executors.
June 14, 1930. 18 -1.
Washington Post said she left over one million of dollars.
June 2( , 19(0. 18 - 24.
C.S.H. has interview with .,iss
Oct. 31, 1930. 18 - 103, 104.
See - McMullen, lass.
C.S.H•

ells Rachel Hale of interview.
Oct. 31, 2.D0. 18 - 105.

Gertrude „yer complrins to
L.?.cause, as he said, he had
,x1,11.111en that she was entitled to all the things
in the house; - that the Raphael painting was worth 200,00 ;.
Zeb. 19, 1331. 18 - 165.
Ripley, A. Federal Reserve Bank, Boston
3._.H. asks, if Paadock i o.t of the ouestion for lovernor.
He :aid raddock anu Curtiss would not be sufficiently strong.
He praised Curtiss highly but scorned to doubt whether he would wake
a good Govcrnor.
He taout Curtiss

too L,eticulous and hair-splitting.

he E,eemed to think Curtiss was ideal for Chainaan and Federal
Reerms Aent.
He ttated ;)ositively he would neither accept the loveraorshi7) or
C,Jairmanshil).
Aug. 13, 1930. 18 - 49.
Curtiss said he first heard of availability of ov. Young
that Owen Young telephoned :homas relson Perkins, who
RiTapy; that Ripley said to him that the directors do
Gov. Young and if theytake him it A.11 be on Curtiss'
and advice.
Sept.
1930. 18 - 84.

from Aipley;
told
not -mow
judgment


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

220*

Robinson, David
See O. S.
Clevelan-, Grover
aobinson, Henry
Rumor that, of Los ;Lngeles, i1 be au
,)ointed un Federal
Reserve Board.
Seot. , 19,0. 18 - 65.
See also - Aller. 18 - 198
Rodgers, 1rs. 4i2.exandr,r
Miss I.Idlaullen tells O.5.H. he can speki
k to, about her oosition
as to Jeannie Rigp.s1 estate.
Oct. 31, 1930. 18 - 104.
Roos,velt, Gov.
Oulahan, of 1Tew York Times, said it vas
believed that Raskob,
and Shouse were booming Owen D. Young
but merely as a
stalking horse for Gov. Al Smith, and
thL..t, was absolutely
out of it.
Oulnan said Tammany was divided as
to, - that although not
unfriendly to Tan.iany he had not s-cured
its suo7)ort.
Feb. 20, 1931. -18 - 168.
writes Catllerine Grunt not to mention what
he wrote her
as to
writing a life of.
Feb. 26, 1931. 18 - 171.
:Jec. Houston t1c1 Miller that, ;ias a
demagogue.
Mar. 26, 1931. 18 - 198.
Roosevelt, Mrs. James
We dine with Catherine Grant to meet.
Sept. 15, 1930. 18 - 74.
Roos velt, President
See - Wister, Owen
Roosevelt, 2neodo re
'7,o1ley says

oover wants, nominated for Vice Presiden
t.
18 ... 201. Mar. 29, 1931.

Root, aihu
Harriman said it ;is.s :1 1 Axed th,lt, should
go to
Paris on the J?eace Oorni ion, but that at the
leu t
moment .rs. Wilson persuaded
.-ilson to apioint
Henry White.
July 9, 1930. 18 - 34.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

221

Booth, Gov.
18 - 107.
See - Bank of Sweden
Meyer, Gov.
Rou,ania
See - Rumania
Rowe, Dr.
Congratulates C.S.H. on L.L.2.
June 11, 1930. 18 - 15
Ruffin, J.
Told Gertrude I4yer he was not w.tisfied with
her heart and
blood pressure, .nd on..ered her to go to
EranheL: A.th a
trained nurse, - which, she told C.S.., she
would never do.
June 25, 1330. 18 - 26.
Blood pressure
179. July 8, 1")30. 18 - 29
160 Dec. 3(), l9,-)0. 18 - 12.
Blood suf,:ar,
1013. olly 9, 1930. 18 - 20
1013.4. Dec. 30, 19 0. la jee - Dunn, Dr.
Todd, Dr.
Alma
C.:).H. calls on.
June 1, 1930. 18 - 16.
.5.H. meets, at Charles Warren's.
Nov. 27, 1930. 18 - 121.
C.S.H. calls on.
Nov. 28, 1930. 13 - 122.
0.3.H. weets,at Mrs. Myer's musicale. We invit
e her to dinner tomorrow
Tuesday - and she acce9ted but firrAliy re,Tetted
as she
was very tired and had to leave Wedne-,day for
ra. sailing for
Italy.
She said she would write us from time to
time.
Mar. 23, 1931. 18 - 196.

1


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

222.

Rlaan-La
Gov. Harrison said Germcny wanted cooperation tith the
U.6. in
financing countries of Eastern Europe, slich as.
Dec. 20, 1930. 16 - 132-A (3)
Runs on banks
Cor)orations formed in N. Y. lria phil:ci.el ,hia
to tcfke care of.
Ja . 20, 1931. 18 - 148.
Russia
Gov. Harrison
contact , ith.

t -assolini told hira thz,t Germany was in direc
t
Dec. 20, 1930. 18 - 132-A (3)

Charles Warren stroncay favors recognition of.
Mar. 18, 19.a. 18 - 165.
acs 'Tov...1eyer if he favors recogniti,m of Russia,
but he
evaded an answer and said it was a gr&ve criestion.
Mar. 19, 1931. 18 - 168.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

.Jal&ries
Federd Reserve Agent Curtiss
18 - 52 to 36, 61, M, 126, 14E.
See - Curtiss
Federal Reserve apent, Stevens, Chicago. 18 - 92.
See - Stevens
Board decides to increase no, for 1931.
Dec. 11, 1930. 18 - 126.
Jan. 20, 1931. 16 - 148.
Board holxls up small salary artjustments in Y. Y.
Feb. 12, 1931. 18 - 161.
Sanger, Richard
N. Y. Tir.es announces engagement of Marion Child to, son of
Zlliara Cary anger.
Marion Child is the granddaugher of
Board.

r. James of Federal Reserve

writes her and sends flo-Prs.
14arch 20, 1931. 18 - 128.
.H.
Marion writes thanlcing
24, 19-1. 18- 196.
Sanger, William Cary
See - Sanger, Richard
-argent, nit-s
Gertrude nyer says she thinks of sailin, with.
June 9, 1930. 18 - 11.
June 11, 1930. 16 - 15.
Alma Ru=-les is visitin,.
Mar. 20, 1931. 1P - 196.
Schacht
Colaes to Washington.
:Jed. Stimson frave him a 1,Al2.11.
He conferred with Sec. Mellon, lov. Meyer and Dr. Miller.
The "new ?olicy" seems to ic:nore most of the Boardt
Oct. 22, 1930. 18 - 100.
Scott, James Brown
Presides at meeting of Wilson Founiation, at National Thnotre.
Jan. 4, 19d1. 18 - 141.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

224

Seconal n•eds
Federal Advisory Council recommended thnt banks should be
forced to discount to get credit for.
Nov. 18, 1930. 18 - 110.
Fancher tells C.S.H. the Open 14arket Conlmittee , oes not want to
rim counter to above recoramen.ation.
Oct. 20• 1930. 18 - 133.
Second National Bank, Boston.
Board some time ago denied application of, to subscribe to all
the stock of an Edge Corporation with only $25,000 capital.
Ye:terday
.H. L.oved ap)roval if Edge Corporation oz.ipital
as made 100,000.
Rejected:
No:

Platt
ComJtroller, James, Cunningham

C.S.H. said he would later move for reconsideration.
tol, Curtiss he was sure Board would E, , • ,rove if
capital were made $500,000 but only $100,000 paid in.
July 10, 1930. 18 - 36, 7.
B. 1orirw Young a.,peL.red as Counsel for.
Baird unanimously agreed that C.S.H. sh)uld tell him that if
the bank files application to purchase stock in the Edge
Corporation, whose czudtal is to be $500,000, but only
$100,000 to be naid in, the Board will approve.
liresent: Gccr. Young, Co:Aptroller, C.S.F.
Platt, James.
July 22, 1930. 18 - 40.
6,?carity loans
lass told 3.J.H. trlat e would agree that a well managed
bank could restore reserws by rediountin: eligible paper,
even thcilvh it had made, reasonable 1m tin:taunt.
Nov. 19, 1930. 18 - 114.
Glass said if the bank was making an unreasonable PL.ount of,
the Federal Reserve bank Should 1,arn it and, if necessary,
refuse it rediscounts.
Nov. 19, 1930. 18 - 124.
Glass said he wished some percentage could be agreed 11 )on
between co'l-ercial and speculative loans.
Nov. 19, 1930. 18 - 114.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

225.

Security loans (ContId.)
31uv. Harrison said he had not rarned the New York city
banks
because their, for own account, had rempined stable
at about
same figure as when speculation began.
An extraordinary statement.
It is true that the bankers, loans for own account
were rAbout the
same in early TyTt of 1929 for two years preced
ing.
In latter part of 1928 these loans increased greatly hut fell off
again in ez.rly patt of 1929.
The security customers loans, how, ver, steadily increased.
See - Scrao books
Smead.
Jan. 26, 1931. 18 - 153, 154, 159.
There was no mo%lent in 1929 When both brokers and customers
security
loans N-ere not larger than in 1928. Smead.
See - Scrap books
Speculation.
Feb. 4, 1931. 18 - 159.
Security Storage Co.
We send much of our furniture stored in, to Woman's Nationa
l
Democratic Club to be stored in attic.
Bertie asked House Committee if she could do this ani 1rs. Lansin
g
for the Committee said the Club would be glad to have her
do
this and would acce-ot no compensation, which Bertie ha
of:ered, in view of the furniture Bertie had loaned the
Club.
Feb. 24, 19S1. 18 - 172, 173.
Senate
See - U.S. Senate
Shouse, Jouett
We dine with.
Feb. 3, 1931. 18 - 158.
Rumor that Raskob and, are favoring Oven Young as a stalkin
g horse
for Troy. Swith, and are op)osed to '7,0v. Roosevelt.
Saouse eoo.ce deprecatingly to Bertie b ut lov. Roosevelt, - said
he was a sick man, etc.
F. 20, 1931. 18 - 168.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

226.

Shpuse, Jouett (Contsd.)

"6iam, King of. 18 — 180.
See — Stevens
Stm)son, Federal Reierve Bari.c, Chicap
Strongly endorses Stevens for Chairmen
Board authorixes hir.1 to offer it to Steve
ns at salary of $35,000.
Oct. 3, 190. 18 — 92.
Sme ad
S.i. statistics to show that there neve
r was a moment in 1929,
when total security loans of New York
City reportim- member
bank were not higher than in 1928.

Brokers loans, from beinnin of 1926
until the stock crash of 1929
fluctuated around 1 billion dollars, but
total :•ecurity loans
(incluing customer2 loans) from spring
of 1927 until the n-adh
of 1929 increased about 1 billion doll
ars, or 50740.
Smead.
Feb. 4, 19,1. 18 — 159.
See — Scrap books.
Smead in a memorandum
figure:

1
,

::rs. 6:house as2ced Bertie if C.S.H. would
ive her a letter of
Grover Cleveland, and C.S.H. sent her
one, which she gratefully
acknowledged.
Mar. 21, 1931. 18,— 192.

Gives

.

dated Jan.

,C), 1931, gave the following

Renorting Member Banks, New Yolk City.
For own account.
To brokers
1928, Oct. 17
890 milli)ns
1929, Oct. 16
Increase ........

4

Total -ecurity lons
2Z-)51
millions

1095

*

2964

205

if

4413

*

anith, Governor Al, N. Y.
Rumor that Raskob L..nd Shouse are -yuttin.- forw
ard Owen D. Young
as a stalking horse for.
Feb. 30, 1931. 1E — 168.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

227.

Smith, Grant
0..;.H. meets, z.t dinner rith Van
Ness Philin.
Feb. 19, 1931. 18 - 164.
Hoke
Told C..H. hat Harding told hlia he
should vote against the
Comuittee reort favoring redu
ction in number of F.R. banks.
Nov. 26, 1930. 18 -120. '
Smith, Jere
Declined to consider offer of Chai
r2an of Federal Res-rve Bank, Bost
on.
Slra:-er of 1930. 18 - 84.
Somerset Club
0.6.H. sleeps at.

June 18, 1930. 18 - 21.

Gertrude 4rer asks C.S.H. to .- )ut her
down at.
Soundness, Banking
:
10v. Meyer says, is a national oliertio
n, to which O.S.H. agrees.
Dec. 1J, 1930. 18 - 131.
South Atilerica
'rov. Harrison says Germany would
like opoi)eration o 7 7.S. in giving
credits to.
Dec. 20, 1930. 18 - 132 A (3)
soeak-O-Phone Co., New York
Prepares'a dial for ,)honoEranh ith
coul)lcte record of C.:5.H. radio
ad-ress. Clevelandis birthday
.
Mar. 19 , 1931. 18 - 195.
Soec- dat ion
Trlor said the peonle are still
stock minded and he feared a revival
of stock speculation;that if
this ocrrurred the market should be
allowed to suffer without easing
by open market operPtions.
Sept. 16, 1930. 18 - 75.
Glass opposed increase of discount
rates to curb.
Nov. 19, 1930. 18 - 113.
Specula.tive loans
Gov. Harrison said a member bank
could not tell whetner customers loans
w- re si)eculative or not.
Jan. 24, 1931. 18 - 151.
See - Discounts
Security loans
&lead
St. rhilios Church, Mattapoisett
0._.H. reads service -t.
Se)t. 21, 19,0. 18 - 7.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

228.

Stabilization corporation
Legge, of 7ederal harm Board, oafs the, will not sell its
stores of Wheat in the near future or until conditions improved.
Sept. 23, 1930. 18 - 82.
Stabilization of franc. 18 - 133.
See - Trance
Stackpole, Mr. and Mrs. Lewis
Dine with us to meet Eugene Meyer.
Aug. 15, 1930. 18 - 49.
Stamp, Sir Josiah
3.S.H. attends lunch of Academy of Science, N.Y. to. Sat next to
Lady Stamp.
June 2, 1930. 18 - 1.
C.S.H. meets, at dinner given by Dr. Butler.
June 2, 1930. 18 -2.
C.S.H. sits next to, at giving of Degrees of L.LD. by Coludbia
University.
June 3, 1930. 18 -3.
Receives L.L.D.

June 3, 1930. 18 - 4.

State bank superintendents
Considered primarily responsible for mndition of sate member banks.
18 - 131.
See - Responsibility
State Department
18 -135
Ss. - Glass
Hoover
'Status quo'
,
Joint Conference of Governors and lederal Reserve Agents votes
9 to 3 in favor of continuing.
Gov. McDougal, Calkins and Talley dissent.
Sept. 25, 1930. 18 - 85.
Bard approves report of Open Market Omnmittee favoring.
Oct. 2, 1930. 18 - 91.
Gov. Meyer accepted above report without dissent although the
papers feel he wants more credit.
He also opposed Miller's suggestion as to buying a large volume of
Gov. Securities to ease credit.
Oct. 10, 1930. 18 - 94.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

229.

0Status quo'
It was pointed out that if purchase of ster
ling exchange affected
the market, Government secuxities coul
d be sold to maintain the.
Oct. 15, 19304 18 - 95
See - Fandher
Open Market Policy Conference.
Sterling exchange
Gov. Harrison tells Board he has bought
some, and wants to buy more, up to 25 millions of dollars.
Some discussion as to whether these
were not open market operations
requiring action by Open Market Oomm
ittee.
It was pointed out that if these purc
hases made a sloppy market,
New York could sell Govt. securities
to maintain the status quo.
Oct. 15, 1930. 18 - 95.
Gov. Harrison explained method of buying
sterling exchange: Tele Federal Reserve:Bank:buys a cable
transfer from a
New York broker or bank; this bank:has
a
Lmdon bank; the cable directs the Lond balance in a
on bank to hold
the deposit to credit of rederal Reserve
Bank, New York;
the leieral Reserve Bank notifies the
London bank to
pay it to Bank of England; the Bank of Engl
and (1) invests
the mcney in bills for the Federal rese
rve bank, or (2)
holds it for the Federal reserve bank
paying interest.
The attitude of the Bank of England depe
nds on the London
money market.
The transfer from the London bank to the Bank
of England tends
to tighten the London market.
The Bank of England may put the money back
into the market,
(1) by buying bills, or (2) redepositing
in the London bank:.
Gov. Harrison said the transaction was the same
as Where
Federal reserve banks receive deposits from
foreign central
banks and invest them in securities, exce
pt that the
federal reserve bank pays no interest on
such deposits,
for if it should the member banks would dema
nd interest
on these reserve deposits.
Dr. Miller put questions to Gov.
Harrison based on the theory that
the rederal reserve banks were loaning mone
y directly to the
Balk of England, but apparently accepted
the explanation that
it was essentially a transaction in bills
to help our exports.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

gterling exchalge (Gontld.)
Dr. Miller doubted Whether a Tederal reserve bank could make
a
direct loan to a foreign central bank, as the power to
deal
in gold was a power to receive and not to lend.
C.S.H. believed the power in Sec. 14 of Federal Recerve
Act, - to
deal in gold etc. covered both receiving and. lending.
Gov° Harrison agreed with C.S.H. that such purchases help
our
exporters Who have British exchange to sell.
C.S.H. pointed out that it would or might force our impart
ers who
have to buy foreign exchange, to pay more for it, but
that
importers are not buying many bil1,. at the time our export
s
are going abroad.
Gov. Harrison agreed with C.S.H.

oot. ao, 1930.

18 - 97, 98.

Stevens, Federal Reserve Agent, Chicago
Board authorised Simpson to offer Chairmanthip to, at
$35,000 salary.
Oct 3, 1930. 18 - 92.
C.S.H. meets, at Metropolitan Club at lunch with
Gov.Meyer.
Mar. 3, 1931. 18 - 177.
Tells Board of Michigan banking situation and policy
as to weak
banks.
Mar. 31, 1931. 18 - 201.
Oov.ileyer was discourteous to, and C.S.H.
Mar. 31, 1931. 18 - 201.
See - Meyer, Gov.
Stevens, Mrs. Bryan
Dies at Lenox, Mass.
May 31, 1930. 18 - 1.
Stevens, Mr.
C.S.H. meets, the adviser of King of Siam,at dinner with Justic
e
Brandeis.
Mar. 7, 1931. 18 - 180.
Stinson, Miss
We meet, daughter of DT. Stimson, who once were at
Mattapoisett,
at dinner at Miss Hegermans.
Dec. 28, 1930. 18 - 137.
Stinson, Sec.
Invites us to :eception to meet American Bar AF:sociation
. Regretted.
Aug. 27, 1930. 18 - 58.
We meet, at dimer at Miss Hagerman's.
Dec. 28, 1930. 18 - 137.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

231.

Stock market
See - Glass
N. Y. Stock &change
Speculation
Stock exchange collateral
Gov. Young reads proposal amendment permating advances on member bank
collateral notes secured by.
Jan. 21, 1931. 18 - 148.
Stockholders meeting
See - Federal Reserve Bank, Boston
Stone, Susie
Gertrude Myer drives down from Boston with, and lunches with H.P.H.
Sept. 25, 1930. 18 - 88.
Storage of furniture. 18 - 172, 173
See - Security Storage Co.
Woman's National Democratic Club.
Strong, Gov.
C.S.H. meets Sir. Charles Addis who called with, on Anna in Bar Harbor
hospital in 1921.
Nov. 25, 1930. 18 - 120.
Gov. Harrison said, had a dispute with Comptroller Williams in 1921
and contended that the responsibility for member bank conditions
and practides were primarily an ComAroller and State Be&
Superintendents, and that the Federal Reserve Board sustained him.
Dec. 19, 1930. 18 - 131.
Said that Gov. Norman wants agreement with Board for easy money
Just as he made with Gov. Strong in 1927.
Mar. 21, 1931. 18- 193.
Gov. Meyer said Gov. Strong wanted to dominate the Federal Reserve
Board.
Mar. 30, 1931. 18 - 200.
Sub-Cbmittee, U.S. Senate
See - Glass
Sullivan, Mark
C.S.H. masts, at dinner at Gov. Meyer's.
He said Rep. defeat was after all not worse then following Harding
administration. He almost called it a Republican victory. The
Republicans present smiled at him wearily.
Nov. 6, 1930. 18 - 107.
Glass said the newspaper men, with exception of Sullivan, Hard and
and Kent had only contempt for Hoover.
Nov. 19, 1930. 18 - 116.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

232.

Suppers

We have supper at /acuity Club, Coludbia University.
June 3, 1930. 18 - 4.
With Mr. and Mrs. Charles Warren.
Jib. 8, 1931.18 - 160.

Suspend on of rediacounts
See - Discounts
Sweden
See - Bank of Sweden
Swedish Minister
Is present at Meyer dinner to Gov. Rooth of Bank of Sweden.
Nov. 6, 1930. 18 - 107.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

233.

-T-

Tallw, Gov. Federal Reserve Bonk, Dallas
Reports draft of Board circular as to cotton credits.
Sept. 24, 1930. 18 - 83.
Does not vote at Joint Conference on report favoring status quo
but explains his views - much like Gov. McDougal's.
Sept. 25, 1930. 18 - 85.
Oulahan, of New Tork Times, said that while Gov. Roosevelt
had not been unfriendly to Tammany, it was divided as to him.
Feb. 20, 1931. 18 - 168.
Tardieu
18-133.
See - Prance
Tariff
Cunningham said there was bitter apposition to, in Iowa.
Nov. 28, 1930. 18 - 122.
Taylor, Ool.
Pall bearer at Jeannie Riggs funeral.
June 13, 1930. 18 - 16.
C.S.R. meets, at Gertrude Myers.
Oct. 16, 1930. 18 - 96.
Tea
J. P. Morgan writes Bertie that his tea is delayed because of
troubles in China, but can give her 6 lbs. if she is out of it.
She wrOte she had enough for the present.
Jan. 6, 1931. 18 - 141.
Teas
We attend at tea at Gertrude gyerls.
Mu. 12, 1931. 18 - 182.
R.P.E. attends, at Alen Leonard's.
Mar. 19, 1931. 18 - 188.
Ter Centennary, New Bedford
C.S.N. speaks atlases dinner and H.P.R. at 'icemen's.
July 28, 1930. 18 - 44.
Thanksgivin: Day, 1930.
dines with the Delanols
Could not go to Albany.
Nov. 27, 1930. 18 - 121.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

234.

Thacher, Tom. Mr. & Mrs.
Lunch with us.
Aug. 26, 1930. 18.58.
?nom,
0(
0:15.H. that American Security & Trust Company is not in
substantial competition with Munsey Trust Co:
Mar. 2, 1931. 18 - 176.
See- Clayton Act
Thomas, C. S. it-Senator
Asks C.S.H. to get poadinfor his son-in-law, Malburn.
C.S.H. introduces him to Comptroller.
Mar. 3, 1931. 18 - 177.
See - Malburn, W. P.
Thompson, Mrs. Huston
Mrs. Harriman said, had left Board meeting of Woman's National
Democratic Club before Mrs. Wilsons, resignation as Honorary
President was accepted.
June 1 1, 1930. 18- 14.
Thoron, Nell
Rachel Hale writes C.S.H. a very humorous letter as to wedding of,
to Mr. MacTeagh4
Sept. 18, 1930. 18 - 78
Tie vote
Platt voted against permitting 74deral Reserve Bank, New York, to
buar 25 millions of Government securities each week for 2 weeks
and created a tie, defeating the motion.
Than he reconsidered and voted Aye, carrying the motion.
June 3, 1930. 18 - 12.
aho-7,
Todd, Dr.
Found C.S.H. blood pressure 180; blood sugar 1013.4. Practically
normal. Pound a little anemia but not enough to require
attention.
Dec. 20, 1930. 18 - 132.
r4aaetA,1.1 11,T
•-•

See - Ruffin, Dr.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

235.

Traylor, M. A. 7irst National Bank, Chicago
Said that in Chicago, differing fran N. Y.brakers were given regular
lines of credit.
He also mentioned fact that banks give good customers, having a good
balance,offering good collateral, all the money the, want at
existing discount rate.
Sept. 16, 1930. 18 - 75, 76.
During discussing between Dr. Miller and Traylor it was brought out
that many believe prices will go down and stay at pre-war
level, and that business must accommodate itself to then.
Sept. 16, 1930. 18 - 76.
Trunk Line R.R. agreement. 18 - 140.
See - Hoover
Wodlley
Trust powers
Board discussed ap911 ation from Minn. district and summoned
officer - Mr. Hoff - of Comptroller's office, and held up
matter pending further information from Comptroller.
Mer.13, 1931. 18 - 182.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

236.

Unemployment
Miller said Lamont and Department of Commerce give Hoover false
figures as to, and put him in an embarrassing position.
Mar. 25, 1931. 18 - 197, 198
United States Senate
Gov. Meyer confirmed, 73 to 12.
hob. 25, 1931. 18 - 171.
Use made of rediscounts
Gov. Harrison said member banks could not determine, by their
borrowers.
Jan. 24, 1931. 18 - 151.
See - Discounts


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

237.

Versailles Treaty
See - Paris Commission
Veterans Bonus bill
Miller agrees with C.S.H. that a vigorous veto of,. would help and
not injure Hoover.
Feb. 20, 1931. 18 - 167.
Vice Governor, Federal Reserve Board.
Miller told C.S.H. be wants neither to be Governor nor.
Sept. 24, 1930. 18 - 83.
No Vice Governor appointed yet.
Dec. 16, 1930. 18 - 128.
Vice-President
C.S.H. meets Vice President Curtis at dinner of Mrs. Walsh.
Nov. 10, 1930. 18 - 108.
Woolley says Hoover wants to nominate Theodore Roosevelt instead of
Mar. 29, 1931. 18 - 201.
Curtis.
Votes
To permit N. Y. to buy 25 millions of Govt. securities each week for
two weeks.
Failed on tie:
Aye: Sec. Mellon, Gov. Young, Comptroller
No: Miller, James, Cunningham
Not voting: Platt
11len Platt voted and motion carried.
June 3, 1930. 18 - 12.
To approve 20 at New York and a reduction of
Federal reserve bank.

of 1% at any °the r

Passed:
Aye: Sec. Mellon, Platt, C.S.H.
Not James, Cunningham
June 16, 1930. 18 .20.
Open Market Committee votes 4 to 1 against further purchases of
Government securities.
June 23, 1930. 18 - 22.
To approve purchase by 2nd National Bank, Boston, of all stock of
age Corporation having inly $26,000 capital.
ailed:
Aye: Platt, C.S.H.
No: Comptroller, Janes, Cunningham
July 10. 1930. 18 - 37.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

238.

Votes (Contsd.)
has 500.000
To approve above application if Bige Corporation
in.
capital with $100,000 paid
Unanimous.

July 22, 1930. 18 - 40.

•
1•••••••••••••••••11

•

•

•

•

00

•

4.

•

•

•

•

•

•

•

• • -


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

239.

-W-

Wadsworth, Eliot
Betimes to consider offer of Chairmanship of Federal Reserve
Bank of Boston. Summer of 1930. 18 - 84.
laid, Mrs. Jessie (leanor Hamlin)
C.S.H. sends to, copy of radio address on Cleveland and receives
nice reply.
Mar. 16, 1930. 18 - 184.
Walcott, Sen.
C.S.H. meets, at dinner at Mrs. Delano's.
Nov. 27, 1930. 18 - 121.
Wall Street
Glass tells C.S.H. he is satisfied that the Federal Reserve Bank,
New Yotk, is dominated by.
Jan. 25, 1931. 18 - 153.
Gov. Meyer refers to C.F. Mitchell as a deposed Duke of Wall Street.
Feb. 20, 1931. 18 - 167.
Wallach, Mrs.
C.S.H. meets, at Rachel Hale's.
Mar. 5, 1931. 18 - 178.
Dines with us at Woman's National Democratic Club, after C.S.H.'s
radio address to meet Richard Cleveland.
Mar. 18, 1931. 18 - 185.
Walsh, Mrs. Thomas
C.S.H. attends dinner of, to Mrs. Marshall, widow of Vice President
Marshall.
Nov. 10, 1930. 18 - 108.
She invites C.S.H. to dinner and to theatre.
Regretted.

Going to Mattapoisett.
Nov. 12, 1930. 18 - 109.

Warburg, Paul.
Rumor that, may be appointed on Federal Reserve Board to succeed
Would not be acceptable.
Able and of practical banking experience.
A German imperialist.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Warburg, Paul (Contld.)
Advocate of central bank would make Federal Reserve Board a
central bank, - he himself the central figure - and would treat
rederal reserve banks as mere branches.

J.;
e

.ao4.1)4

.‘
d:

•
•
•

I
!.1•
•

'0:.

.1C
•WA

•

•

gi4•

•

.J4.1 - 21 .-

Loyal only to himself.

1
•4'19
'

•

I

I

•

Sept. 2, 1930. 18 - 65.

Miller says Meyer's appointment will be a sore disappointment to
Warburg, who does not like him and, perhaps, is envious of him.
Sept. 4, 1930. 18 - 68.
Glass tells C.S.H. that a woman Who called on him some time ago said
that a young woman tho had gone over WaAourgis book for him
claimed a proprietary ownership in it, as she practically had to
rewrite it; that she threatened injunction proceedings because
Warburg bad tot paid Uri that Warburg mould have held batik
publication until a settlement with the woman was made; that
Warburg feared that Glass appointed on Senate Sub Committee to
investigate the wotkings of the Federal Reserve System m_ght
suggest amendments similar to those favored by him; that he
decided, therefore, to publish the book at am) and take his
chances as to the woman's claim, and thus to get credit for his
proposed amendments.
Nov. 19, 1930. 18 - 112.

*

•

- •

Would revive old ideas of reducing number of Federal reserve banks.

d
•11.
.

ere&.%yh4 191=1;

1),
$141.111.1:

•

411•

,

Glass told C.S.H. that Warburg went to him just before his torsi on
the lederal Reserve Board expired and bvged him to ask Nilson to
Nov. 19, 1930. 18 - 112.
reappoint him.

ea,

Glass said the above referred to woman said that Taxburg was almost
insanely bitter towards Willis and C.S.H.
Nov. 19, 1930. 18 - 113.

r

Glass said Willis and he would probably answer some of the statements
in Walburg's book.
Nov. 19, 1930. 18 - 116.

•

. 'I

1:6 ,!.•;;:,

-1c.1 •

fr(47

.InvE

Glass praised highly C.S.H.os draft of reply to charges of Warburg
against him in Warbures book.
He said to C.S.H. that he had often said to Mrs. Hamlin that C.S.H.
Was too much of a gentleman.
Nov. 19, 1930. 18 - 116.

=

•

Wad.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

241.

Warburg, Paul (Contid.)
Warburg calls on C.S.H.
He said he was sorry he had to publish in his book the statements
as to C.S.H. in the redistricting controversy, but there were so
many false statements in theboOks of Glass and Willis that he
felt obliged to answer them.

“

C.S.H. said very casually that, of course, he had a right to publish
whatever he pleased and that he, - O.S.H. - had an equal right to
reply, upon which he was now at work.
Warburg seemed very much perturbed at this.
C.S.H. said to Warburg that it was not primarily the adverse opinion
of the Attorney General which defeated Warturgle efforts, but that
Mr. Harding, one of Warbures Committee, had told Sec. McAdoo
and Sen. Hokelanith that he Should vote,at the meeting of Monday,
Nov. 22, 1915, to dismiss the Whole matter.

:

4.7E401
•

43.11

44

PV

C 41.
'

Warburg was tremendously wrought up over this statement and. said
that Harding, then, was a traitor and had betrayed his Committee,
and begged C.S.H. not to publish this fact.
Nov. 26, 1930. le - 120.

ti

•

•

• ;4,

.4"

GOV. Meyer told Board that Walburg, originally, decided to take over
the Bank of the U.S. for the Manhattan Company; that zany
congratulated him for his publie spirit: that this seared Warburg,
for it was profit and not Dublio spirit which dominated him; that
he finally imposed such impossible conditions that the plan fell
Nov. 25, 1930. le - 121.
through.
(Some time ago, Gov. Meyer said that Warbtuig did not favor same
matters on which he was speaking, and added - 'Ha favors
nothing which he does not propose himself.')
(Waeburg some time ago semi me the annual report of the
International Acceptance Bank for 1930. This showed that
between 1927 and 1930 the oollateral loans had increased 150.
Warburg thus was doing the very thing he was criticising other
banks for doing.

•

•

See - Scrap book.)

40,10Vz

Warning of federal Reserve Board
Gov. Harrison says he did not warn the New York City member banks
because their security loans had not increased but had remained
stable since speculation set in.
This was an error.
While brokers loans for account of Now York City banks did not
On the whole vary much from 1 billion dollars, yet in last part
of 1928 they incr4ised materially and customers security loans
increased steadily.
Sneed, in a memorandum dated Jan. 30, 1931, gives the following
figures:
N. Y. City -Rep. member banks
Por own account.
Security loans.
Total including
customers security
loans.

To brokers

2551 million.
2964
N

1928, Oct. 1? 890 million.
1929, Oct. 16.1095 "

•

Increase

205

0
.153.
Jan. 26, 1931. 18

•

•

Illarren, Bentley
C.S.R. meets, at Somerset Club, Boston.
He says George Winslow told him that C.S.H. made a fine address
Am. 22, 1930. 18 - 22.
at class dinner.
Warren, Mr. and Mrs. Charles
Lunches with C.S.H. at Cosmos Club.
C.S.H. tells him of his dispute with Mrs. Wilson.

•


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Re was amazed.
June 12, 1930. 18 -15.
R.P.R. told Nanny about the resignation of Mrs. Wilson as
Honorary President of Woman's National Democratic Club.
June 16, 1930. 18 - 17.

243.

Alr 'CA

Warren, Mr. and Mrs. Charles (Contod.)
C.S.H. dines with.
C.S.H. tells then of Mrs. Wilson and the Pageant.
C.S.H. tells them of laith Helm's dispute with Mrs. Wilson.
They had read an advertliement of his letters, and said at first
blush they were shocked at having a private secretary publish,
at this time, the letters, - so soon after Wilson's death;
that in any event they should not have been published without
Mrs. Wilson's consent, as Mith Helm acquired her knowledge
as private secretary.

—
•.

;

eT.

• 4.1,

•
C.S.H. pointed out that although Mrs. Wilson had never specifically
been asked to consent, yet she knew from ldith Helm that
she intended to publish them, and had never intimated any
objection, had had than for months at a time, had corrected
them with blue pencil and had even given her for insert ion
a description of her roams in Buckingham Palace.
Charles Warren said it should have been made clear that Mrs. Wilson
consented and not merely raised no objection.
After the discussion C.S.H. thinks they took a broader view of the
matter.
June 23, 1930. 18 - 23. '

•

•


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Nancy told C.S.R. there was a terrible scandal in Los Angeles; that
lleanor McAdoo was having a liaison with a Hollywood actor;
publicly and disgracefully; that the was drinking heavily
that McAdoo once went to a Santa Barbara house with a °lade
and another man and woman, and that Zleanor followed him and
June 23, 1930.18 - 24.
dragged him out.

• .•

'"•

Charles said he saw in Washington Post that Jeannie Riggs left over
a million dollars.
June 23, 1933. 18 - 24.

,

C.S.H. told them that Langdon Srving's daughter had been killed by
her brother, who was now in an insane asylum.
June 23, 1930. 18 - 24.
C.S.H. dines with.

..r

•

Charles said everyone was criticising liith Helm's letters; that
the thought it a great mistake to have published at this time
Wilson's criticisms of foreign officials, many now living.
Aug. 7, 1930. 18 - 48.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

244.

Warren, Mr. and Mrs. Charles (Oontid.)
G.S.H. dines with Charles at Metropolitan Club.

,

He said he had recently met Under Secretary Cotton who said
that 4gene Mayer was needed in the Federal Reserve Board
and that Meyer agreed with Warburg that the Federal reserve
banks should be reduced in number; that Cotton seemed to
have little regari for the Federal Reserve Board.
Sept. 18, 1930. 18 - 78.
G.S.H. dines with.
Charles said he saw in paper that Hoover had dropped Richard Olney
from consideration for Tariff Gannission; that he had no
Democratic support; that Swager Sherly told him that Olney
voted in H.R. with the Republicans an almost every tariff
setter.
Sept. 30, 1930. 18 - 89, 90.

•

G.S.H. and H.P.H. dine with.

Jan. 18, 1931. 18 - 146.

We take supper with.

Feb. 8, 1931. 18 - 160.

11

Nancy dines with us at Woman's National Democratic Club.
Mar. 10, 1931. 18 - 181.

•

•

We call on.
Nancy said that she borrowed *Chubby" from Rachel Hale for a
visit, but he committed so many nuisances in the home that
she had to return him at once.
G.S.H. and H.P.H. call up Rachel and tell her in confidence.
Mar. 15, 1931. 18 - 183.
Wahine= Oathearal
We leave a wreath at Wilson's tomb.
C.S.H. gave his name to the attendant.
Feb. 3, 1931. 18 - 158.
laihington Herald
States:
"No woman in the Democratic GlUb contributes more
to its success than Mrs. Hamlin, who has, perhaps, the
prettiest wit of any woman in the capital."
Yob. 22, 1931. 18 - 176.
Washington Star
18 - 193, 194.
See - Norman, Coy.

245.

Weak banks
Policy of rederal Reserve Bank, Chicago. 18 - 201.
See -railed banks.
Weddings
See - Hamlin, laward Jr.
Thoron, Nell
Wellesley College
See - Child, Marion
Weld., Mr. and Mrs. Winsor
Dine with us.
Sept. 12, 1930. 18 - 74.
Wheeler, Mrs. Burton
Told Boari of Woman's National Democratic Club that Mrs. Wilson's
letter resigning as Honorary President was very Childish, to
which all agreed.
June 11, 1930. 18 - 14.
White, Hilary
C.S.H. told Mrs. Harriman he gave to Prof. Nevins a letter of, to
him praising Mrs. Wilson in highest degree but mildly criticising
Mr. Wilson; that C.I.A. said he must not use the part criticising
Mr. Wilson as he would take care of that *hen his - C.S.H.'s memoirs were pUblikhed; that Prof. Nevins agreed with this, but
did not use the letter.

•


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Mrs. Harriman said C.S.H. should have allowed him to use all of the
letter.
.1110.y 9, 1930. 18 - 34.
Mrs. Harriman then berated Henry White.
• •

•

She said it was settled that Root Should be ap9ointed on Paris
Conference Commission, but that at the last moment, Mrs. Wilson
persuaded Wilson to appoint Henry White; that he had cultivated
Mrs. Wilson and thus got the apvointment; that White once gave
a lecture to State Department officials an diplomacy and laid
down as the most important thing, the cultivation of the wives of
diplomatic officers.
She said White tried to marry many rich women, giving C.S.H. a list
of 5 or 6 names; that one woman, to Wham White was very attentive,
asked him to drive with her but he regretted because of an
important diplomatic engagement; thst this engagement was a drive
with Mrs. Wilson, as she - Mrs. Harriman- saw them &riving together
and happened to mention this to the woman, who then told her of
White's "diplomatic engagement"i
July 9, 1930. 18 - 38.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

246.

White, Henry (Contld.)
!".

Prof. Nevins sends C.S.H. a copy of his life of Henry White.
In the preface he acknowledged C.S.H.os help.
Nov. 20, 1930. 18 - 117.
White House
C.N.H.attends Now Year's reception.
Jan. 1, 1931. 18 - 140.
Wickersham, George
C.S.H. meets, at dinner at Miss Newland*.
March 8, 1931. 18 - 179.
Wiggin, A.
James says Sec. Mellon asked, to secure some place for Gov. Young
but he could not find a place.
Nov. 24, 1930. 18 - 118.
Wile, Frederic W.
Told C.S.H. between 2 and 3 million people listened to his radio
address on Cleveland.
Mar. 19, 1931. 18 - 195.
&

Willard, Daniel 18 - 140.
See.lbolley
Williams, Comptroller John Skelton. 18 - 131.
See.Strong, Gov.
Williams, Constance (Lodge)
Mrs. Harriman said, once at lunch, bitterly attacks* Wilson
but later wrote her apologising.
July 9, 1930. 18 - 33,34.
Letter in Boston Herald severely criticising Gen. Perthingls book.
Mar. 6, 1930. 18 - 178.
Willis, H. Parker
Acted as escort for C.S.H. at Coluabia Uhiversity, L.L.D.
June 3, 1930. 18 - 2.
After the ceremony, Dr. and Mrs. Willis drove us back to the hotel.
June 3, 1930. 18 - 4.
Glass mid he and Willis were to answer Warburg.
Nov. 19, 1930. 18- 116.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

247.

Willis, H. Parker (Cont'd.)
Gov. Harrison said Willis had published a letter in a foreign
paper - London - which caused much uneasiness as to
conditions in U.S.; that said he signed the letter but
did not write it.
Dec. 19, 1930. 18 - 130.
Wilson "'Aeration
Meeting in National Theatre, Washington.
James Brown Scott presided.
1044ustics John Clarke spoke.
Jan. 4, 1931. 18 - 141.
Wilson, Mrs. Woodrow
Mrs. Harriman told H.P.H. she wrote, begging her to withdraw her
resignation as Honorary President of Woman's National
Democratic Club; that she received in reply a note that
was almost childish; that in it she refused to withdraw
her resignation; that she complained that there had been
one meeting of the Board at which Mrs. Harriman could have
presented her resignation; (this was a meeting of the
intertainment Committee and not of the Board); that she had
no recollection of the Perry Belmont card party; that that
showed how hard it was for her to know what the Club was
doing.
Mts. Harriman said that in her letter to Mrs. Wilson she said that if
*would withdraw her resignation the Club would never agiin
take action without first getting her approval, but that with
childlike inconsistency she replied that it was not the custom
to consult Honorary Presidents, and she did not wish to assume
suCh a burden.
•

•

Yet this was the very thing she complained of in her first letter, not knowing anything about the proposed Pageant until it had
been settled!
Mrs.Harriman laid above before the Board meeting at which were
presents
Mrs. Harriman, H.P.H., Mrs. Rickey, Mrs. Dodd, Mrs. Burton
Wheeler, Mrs. Andrieus Jones, and Mrs. Huston Thompson.
Mrs. Thompson had left the meeting before Mrs. Harriman spike
of it.
Mrs. Rickey said she was the one who told Mrs. Wilson of the
proposed Pagent.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

248.

Wilson, Mrs. Woodrow (Contld.)
Mrs. Burton Wheeler said Mrs. Wilson's letter was very childish, to which all agreed.
linally a motion to accept the resignation with regret was moved
and passed unanimously.
June il, 1930. 18 - 13, 14.
Mrs. Harriman says she is positive that Mrs. Wilson either went to
the Perry Belmont oar& party or subscribed to it.
June 11, 1930. 18 - 14.

•

Mrs. Wilson also said in her lEtter to Mrs. Harriman she regretted
that Mrs. Harriman was so disappointed at the failure of the
Pageant, but that She thought it was a rare piece of good luck.
June 11, 1930. 18 - 14.
C.S.H. tells Charles Warren all about his dispute with. He was
amazed and said he never had suspected any such thing.
June 12, 1930. 18 - 15.
C.S.H. called up Mrs. Harriman to tell her to get new paper for
the Woman's Democratic Club with Mrs. Wilson's name left off.
She said she had already done this.

A wsztk.
to3dtf
Jaleam__

She also said that Mrs. Wilson called on her Friday and seamed rather
ashamed of her letters, and expressed the hope the matter would
not leak out: that she said Mrs. Harriman could say her term had
expired.
June 16, 1930. 18 - 17.
C.S.H. told Mrs. Harriman that H.P.H. had told Rangy Warren about
it and Mrs. Harriman seemed rather surprised. but C.S.H. said
the news could not be concealed fran the Board meMbers who were
not at the meeting, as they had a right to know, and sooner or •
later must know when the minutes were read at the next meeting.
June 16, 1930. 18 - 17.
C.S.H. tells Mrs. Harriman very briefly of his dispute with
Mrs. Wilson, - how he had asked for an interview and the cruel
letter she sent him. She said Bertie had once hinted at this to
her.
C.S.H. told her that he had not called on Mrs. Wilson for over 3i
years.
She seemed perfectly amazed and shocked at what C.S.H. told her.
She seemed very much depressed over Mrs. Wilson's resignation.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

149.

Wilson, Mrs. Woodrow (Contld.)

Shs said Mrs. Wilson told her not to believe any stories she

might hear as to Mrs. Pennington disliking her,.Mrs. Harrim
an;
that Mrs. Pennington very much liked and respected her. We both
laughed at this.
JUne 16, 1930.18 - 17, 18.

Bath Helm writes C.S.H. she has no objection to his consulting
two
upersonsN as to her dispute with Mrs. Wilson, in confidence.
June 23, 1930. 18 - 23.
C.S.H. told Charles and Nancy Warren as to the resignation of
Mrs. Wilson and the Pageant.
June 23, 1930. 18 - 23.
C.S.H. tells the Warrens as to With Helm's letters and
the
dispute with Mrs. Wilson about them.
June 23, 1930. 18 - 23.
See- Warren, Charles
C.S.H. tells Rachel Hale as to the Pageant controversy with
Mrs. Wilson, and also Kith Helm's controversy.
June 24, 1930. 18 - 25.
Mrs. Harriman said she did not believe Mrs. Wilson had consented
to the publication of Kith Holes letters, and C.S.H. explai
ned
to her the whole situation.
July 9, 1930. 18 - 30, 31.
Mrs. Harriman said Mrs. Wilson called on her after her nasty letter
and told her how much she thought of her; that she seemed
aihamed
of having resigned but would not reconsider it; that she said
she hoped it would not leak out and advised Mrs. Harriman
to
say her term had run out.
July 9, 1930. 18 - 31.
C.S.H. told Mrs. Harriman briefly About his dispute with Mrs.
Wilson,
in absolute confidence, to which she agreed.
13he said Bertie had once hinted at it.
C.S.H. said outwardly their relations were perfectly cordia
l.
Mrs. Harriman said that Mrs. Wilson's letter to C.S.H. was
most
shoeking, especially the implied Charge of disloyalty to
Mr. Wilson; that she knew C.S.H. was a trusted friend of
Mr. Wilson long before the present Mrs. Wilson had even met
him.
July 9, 1930. 18 - 32.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

250.

Wilson, Mrs. Woodrow (Contld.)
Mrs. Harriman said Mrs. Wilson had no sense and asked C.S.H.
if he did not agree to this.
C.S.H. gave an equivocal reply swing he was much perplexed.
Mrs. Harriman said she was very fond of Mrs. -Wilson but she felt
she knew almost nothing, - no education, no knowledge of
history, and, in short, no sense.
She said she went with Mrs. Wilson once in Paris during the
Conference, into a hospital where they met a wounded officer
who was reading "Lord Jim! by Conrad; that she told the officer
she never had even heard of "Lori Jim" or of Conrad!
She said Mrs. Wilson did well while Mr. Wilson was living, as she
was dominated by his brain, culture, and refinement, but now
that he was gone, she had neither the knowledge nor the sense
to carry on under new conditions.
She said she believed that Randolph Bolling was now Mrs. Wilson's
adviser; that he had no sense; that undotibtedly it was his
erase for money that caused the trouble with Mrs. Wilson over
the Chronology.
She said Mts. Wilson had never referred to her dispute with C.S.H.
She said that almost a year ago, at a dinner of the Woman's
Democratic Club, lire. Wilson heard a woman diagonally across
from her criticising the food, and, thinking H.P.H. was on
the House Committee (which she was not) saying what does
Mrs. Hamlin know about food, egyway1; that Mrs. Wilson leaned
over and said to the woman, - "I have spent weeks at a time
with Mrs. Hamlin as her guest, - she is the best housekeeper
I have ever blown and her food was simply delicious!"
She spoke of Mrs. Wilson's intimacy with !Kith Ratio and said it
was most extraordinary; that she had heard Riiht ftstis, at a
lunch some rars ago, say the most cruel and abusive things
about Mr. Wilson; lot criticism but really vicious and false
attacik;that Constance Lodge did the same but was not nearly
so vicious; that it brought tears to her eyes; that Constance
wrote and apologised the next day, but With Bustis never did.
She said Admiral Grayson once told her that Mr. Wilson once told him,
when he was ill, that he could not endure having Randolph
Bolling in the room, he so detested him.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

251.

Wilson, Mrs. Woodrow (Contld.)
C.S.H. told her he gave to Prof. Nevins for his
a letter of White to C.S.H. praising Mrs.
terms but rather critical of Wilson; that
use only the part relating to Mrs. Wilson
but that he did not use it in the book.

book an Henry White
Wilson in the highest
he told Nevins he could
- to which he agreed, -

Mrs. Harriman said C.S.H. ihould have allowed him to print the whole
letter.
She said it was settled that Root should go on the Paris Omnference, but
that at the lett moment, Mrs. Wilson persuaded Mr. Wilson to
appoint Henry White; that Henry White had cultivated Mrs. Wilson
and thus got his apdointment.
She said White was invited to drive by a lady to whom he was very
attentive but regretted because of an important "diplomatic
engsgment"; that she later told this woman she saw White
riding with Mrs. Wilson and the lady told her this was the
"diplomatic engagement."
She said that not long ago Mrs. Wilson repeated to her some particularly
unsavory, malevolent gossip which she had been told; that
Mrs. Wilson never before had said such things and it very much
disturbed her.
July 9, 1920. 18 - 33 to 36.
Mrs. Marshall told C.S.H. she had lunched. with Mrs. Wilson and attended
a meeting at the Woman's Democratic Club as her guest.
Nov. 10, 1930. 18 - 108, 109.
C.S.H0 and Justice Clarke waited for Mrs. Wilson and spoke to her at
the Wilson ?adoration meeting.
She addressed C.S.H. as "Mr." Hamlin.
Jan. 4,1931. 18 - 141. 142.
C.S.H. writes Rachel Hale they are to dine at Mrs. Newlemils to meet
Mrs. Wilson.
Mar. 6, 1931. 18 - 178.
We dine at Mrs. Newland' to meet Mrs. Wilson.
After dinner C.S.H. sat beside her and had a long talk, telling all
his humorous stories, and even telling her how he had mot
Col. House in New York.
She seamed very glad to see C.S.H., and talked about Ray Stanaard Baker,
the wet...ding of Norman Davis's daughter, etc. etc.
When she arose to go she gave C.S.H. her hand and said that it had
been a great pleasure to her to have had this good talk with him.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

252.

Wilson, Mrs. Woodrow (Contld.)
C.S.E. and H.P.H* handed her into her auto and she repeated the
above expression.
March 8, 1931. 18 - 179.

(Since then Bertie has mot her several times. At a lunch
given by Mrs. Shouse, she was diagonally opposite
Bertie and kept leaning over and talking to her, always calling her nertien very conspicuously.)
She told Woman's Democratic Club she would not open her house and
grounds,in aid of the 1lub, as she considered it a shrine
which should not be commercialized.
March 24, 1931. 18 - 197.
(Some time ago Mrs. Samuel Hirridk, President of Woman's
National Democratic Club, told Bertie she was a distant
connection of Mrs. Wilson, that she was brought up
with her; that she knew her well; that she was the idol
of her family; that she was very good hearted but
headstrong and very easily influenced; that her brother
Randolph was a poor stick who had never earned a dollar
in his life and was absolutely dependent an Mrs. Wilson.
Her step-mother was Mrs. Wilson's aunt.
Fib. 1931.)
See - Helm, Mith
Wilson, Woodrow
Adith Halm wires C.S.H. whether he objects to her printing in her
letters the statement of Wilson that Hbover was not
sufficiently able to carry the wilily questions to a practical
conclusion as a President should.
Jtne 24, 1930. 18 - 23.
C.S.H. wires back that it would give Apolitical =plosion to
the letters which would be unfortunate.
Jan. 25, 1930. 18 - 25.
C.S.H. wrote Adith Helm to same effect.
Jan. 25, 1930. 18 - 25.
Mrs. Harriman tells C.S.H. that the implied Charge in Mrs. Wilson's
letter to C.S.H. of disloyalty to Wilson is shocking;
that she well knew that C.S.H. was a very close friend af
Mr. Wilson, long before the present Mrs. Wilson had even met
him.
July 9, 1930. 18 - 31, 32.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

253.

Wilson, Woodrow (Oont'd.)
Mrs. Harriman said she once at a lunch heard liith Bustis and
Constance Lodge (Williams) say the most cruel, false, and
abusive thing! About Mr. Wilson, - *4 criticism, but really
vicious remarks: that it brought tears to her eyes; that the
next day Oonstance Lodge wrote apologizing but With istis
never did.
July 9, 1930. 18 - 33, 34.
Mrs. Harriman said Admiral Grayson once told her that Mr. Wilson,
when ill, told him he could not endure having Randolph Bolling
came into his roan, he so detested him.
July 9, 1930. 18 - 34.
C.S.H. told Mrs. Harriman that he gave a co4 to' Prov. Nevins
of a letter of Henry !hits to him praising Mrs. Wilson in
the highest degree, but very mildly criticising Mr. Wilson:
that he told him, he could not use the part relating to
Mr. Wilson as he would take care of that in his own
lsminiscencess that Prof. Nevins agreed to this, but did not
in fact use the letter.
Hrs. Harriman said C.S.H. should have let Prof. Nevins use all of
the letter.
July 9, 1930. 18 - 34.
C.S.H. demurred to Rachel Hales statement that Owen lister was a
gentleman who would never knowingly publish a libelsbout
anyone, and told her of Retorts poem vilely attacking Wilson.
July 10, 1930. 18 - 37.
Mrs. Harriman told C.S.H. that it was all settled that Root should
be put on the Paris Commission, but that, at the very last
mament,Mrs. Wilson persuaded Mr. Wilson to appoint Henry White.
July 9, 1930. 18 - 34.
Mrs. Harriman said that While Mr. Wilson was living Mrs. Wilson
was dominated by his brain, culture and refinement.
July 9, 1930. 18 - 32.
C.S.H. sends Rachel Hale a copy of Wisteria poem attacking Wilson
in 1916.
July 11, 1930. 18 - 38.
Hiller said Secretary Lane came to him, on Monday morning, Nov. 22,
1918, and told him that Wilson was much disturbed over the
contest in the Board as to reducing the number of rederal
reserve banks: that he had heard that Miller had drawn the
°committee report in its favor, and, if it was a proper question,
he wished to ilmow whether the Omnmittee report in fact
represented his personal views; that he told Lane to tell Wilson


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Wilson, Woodrow (Contld.)
that the attempt could not succeed without his vote and that
he should vote against it.
Sept. 4, 1930. 18 - 69
See - Miller, A. C.
Glass told C.S.R. that 'Nilson thought pulkley had not acted fairly
in the matter of the Farm Loan Board and he had lost confidence
Yav. 19, 1930. 18 - 117.
in him.
We place a wreath on Wilsonls tomb, and O.S.H. gave his name to
the attendant.
Feb. 3, 1931. 18 - 158.
Miller said Hoover could not express himself in writing as could
Wilson or Roosevelt.
74b. 33, 1931. 18 - 166, 167.
See - Helm, Edith
Wilstach, Mr.
We meet the author, at dinner at Mrs. lowlands.
Mar. 8, 1931. 18 - 179.
Wing, D. First National Bank, Boston.
C.S.H. has a talk with, as to the Federal National Bark, Boston.
July 23, 1930. 18 - 41.
C.S.H. suspects that, is working to prevent Curtiss being made
Governor of Moral Reserve Bank, Boston.
Aug. 25, 1930. 18 - 58.
Curtiss tells C.S.K. he is satisfied that, engineered the appointment
of Gov. Young as Gov. of the Federal Reserve Bank, Boston.
Aug. 28, 1930. 18 - 93.
(Same time towards end of August, Wing called on C.S.H.
and said he was spending the night with Hoover. C.S.H.
believes he talked over Curtiss and Gov. Yong then.)
Miller told C.S.H. he thought Wing hei something to do with
Gov. Young's appointment at Federal Reserve Bank, Boston.
Sept. 30, 1930. 18 - 89.
Winslow, George
Bentley Warren told C.S.H. at Somerset Olub that, said C.S.H. had
made a fine address at the Clads dinner.
June 22, 1930. 18 - 22.
Death of.

Mar. 27, 1931. 18 - 231.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

255.

lister, Owen
Mrs. Harriman told C.S.H. that book of, on Roosevelt, WO4 held up by
a threatenei libel suit brought by Mrs. Calhoun, - Whose name
was not specifically mentioned but no doubt existed as to identity
July 9, 1930. 18 - 31.
Rachel Halle spoke of Vaster and C.S.H. told her Mrs. Calhoun
was the woman who held up the book, which she had not heard before.
She said Itster was a gentleman who would never libel anyone
intentionally.
C.E.H. demurred and told her about Wisteria poem in 1916, vilely
July 10, 1930. 18 - 37.
libelling Wilson.
0.$.H. sends Rachel Hale a copy of above poem.
July 11, 1930. 18 - 38.
H.P.H. writes BMW Hale describing the pages in first edition of
Rater's bock which libelled. Mrs. Calhoun and whichwere omitted
from second edition.
July 30, 1930. 18 44
Withdrawals from Yederal Reserve System.
18 - 136, 137, 138.
8041.Wyatt
Woman's Rational Democratic Club
O.S.H. gives enlarged picture of Mrs. Cleveland to, as a companion
piece to picture of President Cleveland.
June 4, 1930. 18 - 6.
Mrs. Harriman tells C.S.H. that WOO of the $1800 unpaid dues had
been collected: that she had done nothing about the funds as
there was no money out of which to print them.
July 9, 1930. 18 - 30.
Mrs. Marshall lunches at.with Mks. Wilson.
Nov. 10, 1930. 18 - 108.
Dr. Richmond gives address on India at.
Jes4 12, 1931. 18 - 144.
We give dinner at, to hear the Misses loAllister.
Jan. 25, 1931. 18 - 154.
See - Hale, Rachel
Myer, Gertrude
We dine at, with Sen. & Mrs. Coolidge as our guests to hear
Feb. 25, 1931. 18 - 171.
Cong. Ruth (Bryan) Owes.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

256.

Woman's National Democratic Club (Contld.)
K.P.H. asked House Committee if she could store some of her
furniture now in the Security Storage Co., in the other roam
of the, offering to pay what the Committee should fix as a fair
ramtal.
Mrs. Lansing, for the Committee, said the Club would be glad to have
hr do this and would accept no rental in view of the furniture
etc. H.P.H. had loaned the Club for its use.
K.P.H. accordingly moved some of the furniture to the Club.
Pen. 24, 1931. 18 - 172, 173.
We give a dinner at, in honar of Senator and Mrs. Bey.
Present:

C•S•Ii• 11•P•IL, Sen. and Mrs. Buckley, Mr. and
Mrs. Van Ness Philip, Mr. & Mrs. Breckinridge,
Miss Higemman, Gov. Meyer, and George Darr.
Mar. 10, 1931. 18 - 181.

We have Richard Cleveland at dinner at, after C.S.H. radio address.
Mr. and Mrs. Charles Warren also present.
Mar. 18, 1931. 18 - 185.
See - Harriman, Mrs.
Wilson, Mrs.
Mrs. Wilson declined to open her house and grounds for the benefit
of the Club, stating that she considered it a shrine and that
she could not commercialize it.
(How about Monticello and Mt. Vernon")
Mar. 24, 1931. 18 - 197.
See - Harriman, Mrs.
Wilson,Mrs.

•
lbollow, Robert
*ale up R.P.R.
Said that Interstate Commerce Commission was furious at Hoover's
approval of the Railroad Trunk line merger; that Atterbury
of Pennsylvania Railroad put this over an Hoover and used him
as a Club over the other Railroads; that Willard of B & 0
Railroad went to Sen. Couzens and assured him he - Willard had "clean skirts" in the matter; that a Supreme Court Justice,
not a radical, told him he was amazed that Hoover had injected
himself into the matter, and that he - Hoover,- would have the
fight of his life.
Jan. 1, 1931. 18 -140.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

257.

Woolley, Robert (Contid.)
We call on Mr. and Mrs.
Ii'. Woolley said Hoover wants to dispossess Curtis as VicePresident and substitute Theodore Roosevelt because of his
name; that this had made the Curtis men furious.
Msr. 29, 1931. 18 - 201.
World Court
C.S.H. sends Rachel Hale a co4 of Ambassador Houghton's address on.
Mar. 5, 1931. 18 - 178.
Wyatt
Advises C.S.H. that, in view of his practice of confining his
vacation to week,ends and occasional weeks in order to
accommodate the other Board members Who live farther away
from Washington, and in view of fact that C.S.H. holds himself
in readiness to be in Washington at any time the day following
a summons, he has clearly a legal right to use Government
transportation; that he Should pay personally only his first
trip away from Washington on leave and his last trip returning
to Washington.
Gov. Young first suggested this to C.S.H.
Aug. 5, 1930. 18 - 47, 48
Board rules, Wyatt believing matter in doubt and probably a)ntra, that
where a msmberbank withdraws between dividend dates, it is
entitled to interest of e of 1%,per month from payment of last
dividend, even though dividends are not being earned at time
of withdrawal.
Board felt that opinion of Attorney General that dividends could be
paid out of surplus, created a status as if dividends were
actually being earned.
Board withdrew request for Wyattls opinion.
Dec. 25, 1930. 18 - 136, 137, 138.
Ruled that Bank of America need file no new petition for a branch
in London, as its predecessor, the Bank of Italy, had been
granted a license.
Jan. 14, 1931. 18 - 145.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

258.

Young, B. Loring
Cdmes down to represent the Second National Bank, - Rdge Corporation
matter.
Dines with C.S.H• at Metropolitan Club.
.
July 22, 1930. 18 - 40.
See - Second National Bank, Boston
Young, Gov.
Congratulates C.S.H. on L.L.D.
June 9, 1930. 18 - 10.
Votes in favor of allowing New York to buy 25 millions of
Government securities each week for two weeks.
June 3, 1930. 18 - 12.
C.S.H. calls special meeting, in absence of, to hear Gov. Harrison
as to reducing rates.
June 16, 1930. 18 - 18.
C.S.H. says if au one insists on a full Board he will wire, to
June 16, 1930. 18 - 19.
return.
C.S.H. told Board Gov. Harrison said, favored reduction, and
said he would so write the Board and knew they would take
no advantage of his absence.
June 16, 1930. 18 - 19.
Votes in favor of granting application of Second National Bank,
Boston, to subscribe to lige Corporation stock if ogital
is made 000,000 with 400,000 paid in.
Ally 22, 1930. 18 - 40.
Visits C.S.H. at Mattapoisett.
Aug. 1, 1930.18 - 45.
Suggests to C.S.H. to use Government transportation to and frma
Mattapoisett as he broke up his annual leave into week end
and occasionally weekly visits to ensure a quorum and help
other members living farther away from Washington.
Aug. al, 1930. 18 - 47, 48.
See - Wyatt
Tells C.S.H. he met Curtiss, by appointment ,in New York yesterday
and that Curtiss had informally offered him the position of
Governor of rederal Reserve Bank, Boston.
C.S.H. adivsed him not to refuse it without careful consideration,
and to consult Sec. Mellon.

259.

Young, Gov. (Contod.)
-

-

*

Hs said nothing as to Whether he had oonsulted him or not.
14 asked C.S.H. if he knew &tout it and C.S.U. said he had never
heard of it, -that Curtiss had never talked with him about it.
Aug. 22, Priday, 1930.
18 - 50. 51.

•

•

-

•

a

•

a

Wen Mills called up C.S.H. at Cosmos Club - he was preparing
to leave for Msttapoisett - and said that Sec. Mallon had
advised Gov. Young to accept the offer; that the Secretary had
just left town and asked. him to expressto C.S.H. his profound
hope that the Federal Reserve Board will approve a salary of
$35,000 for Gov. Young.
C.S.H. said he would do what he oould and would take it wiwith
Curtiss next weak.
Aug. 22, 1930. 18 - 51.
C.S.H. calls up Curtiss from Mattapoisett.
Curtiss said he had made the offer to Gov. Young for his Committee;
he apologised for not having told C.S.H. about it; he said he
knew nothing about it when he last saw C.S.H.

•

C.S.H. said there was no reason for consulting him as the lacteal
Reserve Board had nothing to do with the election ae a Governor;
that its only iAirest was as to his salary.
3.S.H. repeated to Curtiss the message Sec. Mellon sent him through
Ogden Mills.

•

C.S.H. said Sec. Mellon adtised Gov. Young to accept and hoped the
Board would approve a salary of $35,000.
•

••

C.S.H. said it was for the directors to recommend any salary they
wished, and he told Mallon that if they recommended $35,000 he
would do all he could to hive the Federal Reserve Board approve
it.
Curtiss flail" into the air at the mention of $35,000 and said he
would net remain an instant at a salaryof $20,000; that his
salary should be the same as that of the Governor; Curtiss final)
said he would agree to $30,000 for Gov. Young and $25,000 for
himself.
e4'e

,


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

260.

Young, Gov. (Cont'd.)
C.S.H. said he did not believe the Board would possibly go over
$25,000 for him even if Gov. Young's salaxy were fixed at $35,000.
Curtiss said in that case he would immediately resign.
C.S.H. said the Boston directors ahould vote to make the offer to
Gov. Young at their meeting next week., recommending any salary they
saw fit; that his mention of $35,000 was simply to let the directors
Imow how Sec. Mellon and he felt.
C.S.H. advised Curtiss that his directors in recommending a salary for
Gov. Young, Should not attach any condition to it as to his Cuatiss's - salary.
Curtiss said he would have his directors make just such a condition and
that his directors would babk him up in it.
HA said Gov. Young was largely responsible for Board's failure to
increase his saary before this.
Aug. 23, 1930. 18 - 51, 52, 53.
See - Curtiss
C.S.H. calls up Curtiss who said he had not heard from Gov. Young but
that he would telephone him.
Curtiss said he asked Gov. Young if he could present his name to their
directors on Wednesday; that his Com-ittee approved this.
C.S.H. asked if the vote of the directors mould mention the salary.
Curtiss said he would talk with his directors and let than know of
his talk with C.S.H. as to salary.
C.S.H. said the Board was interested oniy in the salary and he had
talked with Curtiss confidentially merely to let him know haw
Mellon and C.S.R. felt about it.
Curtiss said he understood this perfectly.
Aug. 23, 1930. 18 - 54, 55.
Curtiss called up C.S.H.
He said that if Gov. Young will accept,the Committee will recommend his
election to the directors, who will elect him on Wednesday; that
the Ommaittee will recomm*nd a salary of $30,000.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

261.

Young, Gov. (Cont'..)
Curtiss said he mould call up Gov. Young if he had not heard
from him by tomorrow.
•

He asked C.S.H. not to discuss the matter with Gov. Young as he wished
to keep the matter between him - Gov. Young. and his directors.
C.S.H. explained that Gov. Young talked with him on Pridacy, which was
the first he had heard of it, and repeated the message of
Sec. Mellon.
Curtiss said it would be beneath his dignity to be content with
$20,0003 even though Gov. Young only got $30,000.

•

C.S.H. said he would try to have Platt in Boston with him tomorrow to
discuss Gov. Young's and Curtiss's salary.
Aug. 23, 1930. 18 - 56.
C.S.K. called up Gov. Young.
Asked him to ammo to Mattapoisett that night.
Re could not as Mrs. Young had Just written him that her father's
trouble was cancer, and not his prostate.
Re said he would call up Curtiss tomorrow and let C.S.R. know what
he said.
C.S.H. told him the salary would probably be $30,000.
Re asked if C.S.R. had talked with the director.
C.S.H. said No as he thought the directors would think it interfering
but that he told Curtiss to tell them how Mellon and he stood.
Aug. 23, 1930. 18 - 56, 57.
Platt writes C.S.R. he is surprised at the election of Gov. Young;
that he did not think he would get along with Curtiss; that Pierre Ja3
would have been the ideal man; that he did not favor $35,000
salary; that $30,000, with $25,000 for Curtiss would be about right.
Aug. 23, Imo. 18 - 57.

•

•

•

t -

0

•

C.S.R. heard nothing from Curtiss and called up Gov. Young in
Washington but could get no answer.
Aug. 26, 1930. 5 pal.
18 - 57.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

262.

Young, Gov. (Contid.)
0.8.H. feels there is something queer about Goy. Young's
resignation from Board and appointment at Boston. HA knows
CUrtiss feels bitterly disappointed at not being male Governor,
and wonders why he personally went to New York to offer the
place to Gov. Young.
C.S.H. suspects that some one is working, perhaps Wing, to put in
Gov. Young to prevent Curtiss from getting it.
C.S.H. also suspects that Ogden Mills may be working on the directors
to get $35,000 for Gov. Young.
Aug '26, 1930. 18 - 57, 58.
NO word from Gov. Young nor Curtiss.
The morning papers announced the resignation of Gov. Young and his
election as Governor of Federal Reserve Bank, Boston.
C.S.H. called up Gov. Young and congratulated him, saying he had not
heard from Curtiss for 3 days and was disturbed.
Young said he should have called C.S.H. up but had been so
busy he had forgotten it.

00y.

C.S.H. said he had not expected to hear from him but felt Curtiss
should have kept him informed.
Gov. Young told C.S.H. his salary was fixed at $30,000, with a
somewhat vague intimation that possibly it might be increased
in the future, but he asked C.S.H. not to tell this to Curtiss.
Aug. 28, 1930. 18 - 58, 59.
C.S.H. told Gov. Young that Platt was coning to Mattapoisett
tatICITTOIN

Gov. Young said he thought Platt was with C.S.H. the other day and
that he Should have told him about his resignation.
C.S.H. said he had told Platt over the telephone which seaned
greatly to relieve him.
Aug. 28, 1930.18- 59.
Curtiss called up C.S.H. and said he called him up yesterday at
Somerset Club.
0.S.H. asked him how the miter of Gov. Young's appointment started.

263.

1411116 Gov. (Contod.)
114 said the first news came through Owen Young, in Now York, who
said that there was a chance of getting Gov. Young for Boston;
that he arranged a meeting with Gov. Young in New York for last
Thursday; that on behalf of his directors he offered him the
position; that he had asked C.S.B. if he knew of it and he said
No.
J

Curtiss said he was satisfied that Wing engineered this When lately
in Washington when he talked it over with Hoover.

•

C.S.K. said Wing called on him at that time but did not mention the
matter.

•

Curtiss said the matter probably- started when he told his directors
he could not find a man to take.his place as Chairman, and that
he must resign as Governor.

•

•

•

He said ths not formally elected Governor, he had been formally
notified that he could have it.
Lug. 28, 1930. 18 - SD, 61.

•

Oov. Young calls up Platt at C.S.Los house, Mattapoisett, and says
Sac. Mellon wishes Platt to meet him tomorrow - Saturday - in
New York.
Platt could not do this and an appointment was finally arranged for
Monday, Labor Day, at 3 p.m. at Hotel Biltmore, N. Y.
Aug. 29, 1930, Friday.
18 - 62.

. . .
•


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

•
•

•

• •

•

•

•

I

Jams tells C.S.H. he believes that the Federal Reserve Bank, New York,
had engineered Onv.Youngle appointment and would see to it that
the Federal Baserve Board is thoroughly reorganised in its interest.
Sept. 2, 1930. 18 - 64.
Young tells C.S.B. he Should use Government transportation for
his trips to Mattapoisett as he has split up his leave into week-ends
and occasional weeks, to accommodate other members of Board..
Sept.2, 1930. 18 - 66.

.. .

00T.

C.S.E. feels that there has been a deliberate plan to maks Mayer
Governor and that to do this Gov. Young had to be sidetradked as
also Platt.
Sept. 4, 1930. 18.67.
•

•

•

Miller told. C.S.H.he believed there was some potent force behind both
Gov. Young and Platt.
Sept. 4, 1930. 18 -.. 68.

Young, Gov. (Contid.)
Platt said Gov. Young's resignation cane very suddenly; that
Gov. Young only a few weeks ago asked him to expedite his election
into the Chevy Chase Club, - showing he then had no thought of
resigning.
Sept. 4, 1930. 18 - 70.
Board passives resolutions on resignation of Gov. Young and Platt.
Sept. 17, 1930. 18 - 77.
Cartiss said today that he first heard that Gov.Young was available
for Boston from Mr. Ripley, who said Owen Young had telephoned
to that effect to T. Nelson Perkins, Who told Ripley; that Ripley
said to him - Curtiss- that the directors did not know Gov. Young
and if they elected him it would be an his - Curtiss's-judgment;
that he thereupon went to New York to see Gov. Young and asked if
he could present his name to the directors next week.
Sept. 24, 1930. 18 - 84.
Miller told C.S.E. that Hoover regarded Gov. Young as a rather weak man.
Sept. 30, 1930. 18 - 89.
Miller thought Wing had something to do with it.
Sept. 30, 1930.

•

Miller said that, as to direct pressure, Gov. Young tried to carry
water on both Shoulders, opposing it in the Board and yet getting
credit for it before the public.
Sept. 30, 1930. 18 - 89.

•

C.S.R. does not feel this ',sky and would give Gov* Young credit for
doing the best he could under very difficult circumstances.
•


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

"in
-r

9E1.1

Lt. tr,..!..t

.

(
r,

Miller tole C.S.H. it was generally felt that Gov. Young had proved a
failure; that he carried water on both shoulders; that he could not
and did not help the Board as regards direct pressure.
Oct. 3, 1930. 18 - 91.
C.S.R. feels that the above is really Hoover's view, and that the
facts substantially justify it.

C.-•• alt.;

•'

01140%0%.; tt.44.1?,
0

It is of course true, however, that if we had had a Governor who
believed in direct pressure without increadng discount rates, it
would have been much better for the reiera1 Reserve System, as
such a Governor could have helped "sell" the idea, much more
effectively than mould Gov. Young who did not believe IA it.
Sept. 30, 1930. 18 - 89.

I

•


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

265.

Young, Gov. (Contid.)
Gov. Young, at a most critical time, went to San Francisco via the
Panama Canal, and when he reached San Francisco, he wired the
Board denouncing its "nagging' of the banks, and even gave out
an interview predicting higher disoaunt rates*
Oat. 3, 1930. 18 - 91, 92.
C.S.H. telephones Curtiss and Gov. Young in Boston.
Oct. 6, 1930. 18 - 93.

•

•

C.S.H. attends directors meeting in Boston and has long conference
with Gov. Young and Curtiss on general conditions.
Oct. 8, 1930. 18 - 93.
Janes told C.S.H. that Gov. Young became Governor on understanding
that he was to remain only two years; that he could not afford
to stay longer; that Mr. Baker, of First National Bank, New York,
told him he would secure a good position for him in New York;
that Baker was not satisfied with Jackson Reynolds as its President;
Gov. Young could not accept a position in a manber bank for two
years after resignation; that Gov. Young applied to Biker for
some position, but he could do nothing for him; that his friends,
including Sec. Mellon, tried to get Wiggin of the Chase National
Bank to give him a position, but he oould find nothing for hi.;
that finally a place was fixed for him in Federal Reserve Bank,
Nov. 24, 1930. 18 - 118, 119.
Boston.

•

• -1.i-

C.S.R. tells Board, pleading for a higher salary for Curtiss, that
for a, year before Gov. Harding's death and since, Curtiss has
practically been the Governor; that the Boston directors
unanimously offered him the Governorship when Gov. Harding died,
and that he accepted it, but would not take office until he had
helped Board secure a new Chairman, but that when he heard Gov.
Young was available, he at once withdrew and offered the position
for his directors, to Gov. Young.
Dec. 11, 1930. 18 126.

:1

Told C.S.H. at Open Matket Committee meeting, that customers rates
had not been reduced since last reduction of discount rates.
Jan. 21, 1931. 18 -147, 148.

F!e7
o'

•

Presents draft of amendment to Federal Reserve Act permitting advances
to meMber banks on their 15-day notes secured by approved stock
Jan. 21, 1931. 18 - 148.
collateral.

A (

•

Gov. Meyer said he had discussed the Federal National Bank of Boston
with Gov. Young; that little progress had been made in its condition.
Mar. 9, 1931. 18 - 180.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

266.

Young, Gov. (Contld.)
Gov. Young called and told C.S.R. that in Jan. 1929, Gov. Harrison
told him his directors would never agree to increase discount
rates, but that they wanted to increase acceptance buying rates.
Ur. 16.1931. 18 - 184.
•

•

•

6

C.S.H. impressed on Gov. Young that there was a responsibility on
Federal Reserve Bank, Boston, for knowing the condition and
loaning practices of the Federal National Bank.
Hs said the bank's capital was undoubtedly impaired, but that from
the Comptroller's reports it could not be said to be insolvent.
14 said it borrowed only very moderately from the Federal reserve
bank; that its reserve balances were never deficient; that it was
not violating any Federal reserve law.
He said depreciation in its bond account was one of its troubles; also
that it loaned money secured by stocks to irresponsible people probably dummies, and When the loan was not paid it took over
the collateral as for a Npreextutine debt.
II said the only thing the Federal reserve bank could do would be to
asik the Federal Reserve Board to order the Comptroller to
bring suit to forfeit its charter, and that there was no
violation of law to warrant this.
Hs said he felt it should be left to the Comptroller to work out.
Mar. 16, 1931. 18 - 184, 185.
Gov. Young in his address at Old Point Comfort, Va., May 7, 1930, said
that the total security loans for own account of the N.Y. City
banks in the middle of Oct. 1929, were less than in Oct. 1928
(Index, Scr. blsk. 1930 p. 332)
This was an error.
Taking averages for 4 weeks, comparing 1929 with 1928, total security
loons had increased 390 millions, customers security loans
increased 245 millions, aid loans to brokers for own account
increased 143 millions.
(Index to so. Woo. 1930, p. 332).
See also- Harrison, Gov.
!head.

18 - 159.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

267.

Young, Gov. (Contld.)
Smiled in, memorandum dated Mar. 30, 1931. gave following figures:
Reporting Medber banks, few York.City
For own account.
To brokers
1928, Oct. 17
1929, Oct. 16
Increase

890 millions.

'"

12%

N

206

01

Total security loans
2551 millions
2964 "
413

See - Scrap books
Tog, Owen D.
Galled up T. Nelson, Perkins in Boston and told him that Gov. Young
was available for Federal Reserve Bonk, Boston, wanted him;
Perkins told Ripley and Ripley told Curtiss.
Aug. 28, 1931. 18
.60.
Sept.24, 1931. 18 - 84
C.S.H.. believes, then abroad wanted quick incisive increase in
discount rates to smash the stock market quickly and make
money easy to help place reparation bonds in U.S.
Jan. 26, 1931. 18- 156.
While abroad on the Young reparations Committee. helped B.I.S. draw
its statutes giving power to New York bank to approve or disapprove
placing of reparation bonds in U.S. markets and delibetately
ignoring the existence of the Federal Reserve Board.
Gov. Harrison told the Board on April 16, 1930, that he - Governor
Harrison - While abroad advised against mentioning the Federal
Reserve Board in the B.I.S. statutes.
17 Diary 134 (117)
Jan. 26, 1931. 18 - 156.
Testifies before Senate Sub-Committee.
He said direct action had failed but that the Federal Reserve Board
had reasonable grounds for determining to try direct pressure.
He believes every bank of deposit &mid be forced to join the
Federal Reserve System, and favored amendment of the U.S.
constitution, if necessary, for their purpose.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

268.

Young, Owen D. (Contld.)
He favored having all examinations of member banks made by the
Federal reserve banks placing upon the latter the responsibility
of knowing the condition and loan practices of all member banks.
He favored giving the Federal reerve bank powers to discipline member
banks by suspending them from privilege.of rediscounting or
refusing discountsaltogether.
He said his directors could find no power to do above under present law.
He opposed initiation of rates by Federal Reserve Board.
lab.4, 1931. 18 - 158.
After the hearing, C.S.H. heard Gov. Meyer tell Glass that Owen Young't
testimony was the only testimony yet offered which anounted to
agything.
Quite a slap at Miller and C.S.H.1
Sen. Glass, however, radically disagreei with him.
Fib. 4, 1931. 18 - 158.
Oulihan said at dinner at George B. McClellan's that Raskob, !house,
it 01, were booking, as a Presidential candidate nominally, but
really as a stalking horse against Gov. Roosevelt and for Gov.
Al Smith.
Feb. 20, 1931. 18 - 168.
.. .
is.Ambessador Houghton told C.S.H. at dinner that if the Democmatio
Party nominated, for Precident, he would came out for him, 'rode
for him, and vote for him.
Mar. 1,1931. 18 175.

(The end.)
14o

•S

S

•