mss52019_117_004.pdf
TRANSCRIPT
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The Papers of Eugene Meyer (mss52019)
117_04_001- Subject File, Federal Reserve Board, General Correspondence, 1930
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German EmbassyNashinaton D.C., September 23,1930.
The hon.:Eugene :ieyer,Governor of the Federal iteserve 3oard,4ashington D.C.
My dear Mr.Meyer:
Pursuant to our telephone conversation oftoday I have pleasure in sending you enclosedfor your personal information the program ofDr.Schachtts visit in the united atates. I pre-sume he will be wishing to include ashingtonin his itinerary and that his visit here willbe made during his first stay in New xork.
The President of the .Leichsbank, nr.Luther,is due to arrive in the first half of Novemberand will probably restrict his program to ashort stay in New Iork for business conversationsand a visit here to pay his respects to you andalso to the President and the Secretary of theTreasury.
I shall not fail to advise you of any fur-ther details regarding the visits which might beof interest to you and meanwhile remain
Very sincer ours,
P.S. I was happy to hear that an extensive tele-graphic report on the situation in Germany hadjust been received in New lork from the Aeichs -kredit,Gesellschaft, in which fears entertainedwith respect to the slump in German quotations ofthe last days are allayed and the complete confi-dence of German business leaders in the Governmentand its ability is voiced.
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Arrive October Second: Leave November 26. Expect address pond
Club before others on financial situation. Please communicate about
date with their President Lindsay. Thereafter think best address
Council Foreign qelations on Reparation Problem; thereafter think
lectures should follow at Columbia Harvard, Chicago, Minnesota
and not too many others in English or uerman language at their
choice on following subjects:
1. Die Waehrunespolitik der Deutschen -,:eichsbank
2. Die Kooperation der Centralnotenbanken
3. Die Aufgabe der Bank fuer internationalen i,ahlungsausgleich
4. Die Ueld und Kapitalmaerkte der aelt nach den Kriege
5. Die Staatliche Jeeinflussuna der airtsehaft
6. Die Pan Europaeische Idee
7. Moderne Kolonialpolitik
S. Die Artschaftliche -,eite des separations Problems.
Thereafter would like ending journey by addressing Philadelphia
Academy and New Iork : oreian Policy Association or similar New york
3ody. ik)uld prefer avoid any other invitations for speeches if it
can be done without offense. Please communicate about foregoing with
Kiep LLmbassy and .ellwarz Consulate.
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October 15, 1930.
Judge M. H.President: !SAFFederal Land Bank,Houston, Texas.
My dear Judge Gossett:
I presented your letter of October 8 to me,
together with the attached copy of your letter of
October 7 to Mt. James Shaw, Banking Commissioner
at Austin, Texas, to Mr. J. W. Pole, Comptroller
of the Currency. Mt. Pole has replied to me as
per enclosed copy.
It would seem to me that there is a good
deal of merit in Mr. Pole's point of view in connec-
tion with this matter.
nith cordial regards and best wishes, I remain
Very truly yours,
Governor.
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COMPTROLLER OF THE CURRENCY
ADDRESS REPLY TO
"COMPTROLLER OF THE CURRENCY"
TREASURY DEPARTMENT
WASH I NGTON
October 14, 1930.
My dear Governor:
I return herewith letter from Mr. Gossett, President of the
Federal Land Bank of Houston, and enclosure, asking for the number
of defalcations of officers of national banks in Texas over the past
thirteen and one-half years.
As I understand, it is Mr. Gossett's intention to use any
figures he may obtain from us, together with State figures, as a
coMparison with the number of defalcations in National Farm Loan
Associations in Texas. I feel that it would be most unwise to call
npecific attention to these defalcations through publicity at this
particular time. The mind of the public is a peculiar thing and
while no harm might come out of it, it seems to me it would be the
better part of discretion not to ,ive any publicity to such figures.
I have, therefore, not compiled the data requested.
Very tr.y yours
Hon. Eugene Meyer, Governor,Federal Reserve Board,Washington, D. C.
J. N. POLE,Comptroller.
RECEIVED
LCT 1 5 1930OFFICE OFakevrRNOR
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EXECUTIVE OFFICERS THE FEDERAL LAND BANK OF HOUSTONM. H. GOSSETT, PRESIDENTR. D. JOHNSON VICE-PRES AND TREAS.JOHN V. VAN DE MARK ,VICC-PRES.ANDSECY.
LEON L .MOTT, ASSISTANT TO PRESIDENTLEWIS ROGER GENERAL ArroRNEyA. K. 5 H OPT, CONSERVATION ANDTERRACING AGENT
E. F. S HROP5HIRE,CHIEr APPRAISER
J. H. BRANARD,ReeisTRAR
DISTRICT No 10, STATE OF TEXAS
ADDRESS ALL COMMUNICATIONS TO THE BANK
HOUSTON, TEXAS
October 8, 1930.
Hon. Eugene Meyer, Governor,Federal Reserve Board,Washington, D. C.
Dear Mr. Meyer:
May I trouble you to ask Mr. Pole,Comptroller of the Currency, to supply the informa-tion requested in the enclosed copy of letter toour state banking commissioner, as it applies todefalcations of executive officers of national banksoperating in Texas.
Since the system of Federal Land Banksis under criticism and inefficiency on the part ofsccretary-treasurers of farm loan associations isthe occasion of frequent comment, I think it would
be interesting to have the data requested.
Pardon me for troubling you with thiscomparatively unimportant subject, but I am sure
that if you will kindly pass this letter to Mr. Poll,
he will be more inclined to reply than if it went
direct from ne.
MHG:EC
Yours very truly,
President.
D I RECTORS
S. A. LI NDSEY, CHAIRMAN
ROY C.ARCHER
M. H. GOSSETT
W.C.HURST
RD. JOHNSON
R.S. RODGERS
JOHN V.VAN DE MARK
RECEIVED
CC1 1. 1, 19:30OFFICE", OF
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November 10, 1930.
Mr. J. Ti.President, The Harriman National
Banl lAnd Trust Company,New York City.
Dear Mr. Harriman:
Please accept my thanks for your letter of
November 6, which was brought to my attention upon
my return to the office after a few days absence.
It ';as zood of you to write tome about my appoint-
ment as Governor of the Federal Reserve Board, and
I greatly appreciate your ciongratulations and gener-
ous expressions.
I noted with interest the suggestion made recent-
ly by Mr. T. B. Macauley, President of the Sun Life
Assirance Company of Canada, but I am sorry to say that
it would not be possible for me to undertake to comment
an the matter at this time.
I hope to have the pleasure of seeing you sometime
when you are in tashington.
rith cordial regards, I am
Very truly yours.
(Signed) Eugene Meyer
Governor.
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November 7, 1930.
Mr. J. W. Harriman,President, The HarrimanNational Bank & Trust Co.,New York City.
Dear Mr. Harrirsn:
In the absence of Mr. Meyer, I sm taking
the liberty of acknowledging the receipt of your
letter of November 6. I shall take pleasure in
bringing the letter to Mr. Meyer's attention upon
his return.
Very truly yours,
Secretary to the Governor.
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THE HARRIMAN NATIONAL BANK E, TRUST CO-1FANYNEW YORK
OFFICE OF liE PRESIDENT
Honorable Eliene 7,eye:,Gove:r.or, Fedecal Reserve Board7a:3hinzton, D. C.
r)er-r Mr. Meyer:
1:ov7:11"..---; • 71TO
rIpsnce from :;ev: To::k ha .s prevented me from
sending you an eerlier letter of conzratulation upor, your ap—
poiAment a Gove-.-nol- 0: t 2.1c I Reserve Board.
I •:.:a :11JJed to 2ee you where you no; are, for
countr:i needs in that ctfic;e, !A timee, but partirmlarly
nor, a man or7isim nn,-! ability, r1r2 77,7 oulTt77-1],:
man.
Perl-tai:: -jou Lave eeen the suestioll of T. B.
jacaulay, PresVelit of the Sun Life :Uourance Company of Canada,
for the revival of pro2kerity. I thin;:.th.L ,!.n exc. 7'
E4nd should like to receive, t rUJ ,o;,venience, your
upon it.
r!"-,17r‘P" !It err
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December 1, 1930
Mr. J. H. Case,Deputy Governor,Federal Reserve Bank,New York City.
My dear Mr, Case:
I am obliged to you for your confidential
letter of November 29 with the figures from the
daily reports of the four merging banks, which I
have read with interest.
I am also interested to know that you are
looking for good progress in connection with the
merger and the ratification.
With cordial regards, I remain
Very truly yours,
Eugene Meyer
Governor
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THIRTY THREE LIBERTY STREET
NEW YORK
CONFIDENTIAL
November 29, 1930.
Dear Governor Meyer:
I have arranged to have the four merging banks
send me daily reports showing the changes in important
items in their balance sheets.
Reports have been received up to Wednesday,
November 26, and a comparative tabulation has been pre-
pared as well as a consolidated report of all four banks.
Copies of these reports are enclosed for your information.
These reports will enable us to review any important
changes in the respective positions of the four banks. I
shall undertake to keep you informed of any important de-
velopments.
The lawyers are at mork an the merger agreements,
and I hope that they may have them ready for signing and for
ratification by the directors of the respective banks within
the next few days.
Sincerely yours,
J. H. CASE
Honorable Eugene Meyer,Federal Reserve Board,Washington, D. C.
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11/29/30.
000 omitted
LOANS AND DISCOUNTS
C ONSOLIDATED REPORT
Sat urotay MoAday11/22/31/
,/ /11/240 1D15,16,
(a) Secured loans to brokers 83,942 82,114 80,174 83,758
(b) Other Secured Loans 112,224 112,921 112,467 112,664
(c) Bond and mortgage andreal estate loans 52,907 52,906 52,911 52,301
(d) All other loans 263,563 263,814 271,822 263,483
Total loans and Discounts 512,636 511,755 508,415 512,206
U. S. Government Securities 73,151 72,948 72,772 71,783
Other Securities 126,913
Cash and due from Banks 99,879
Demand Deposits 295,452
Time Deposits evidenced bypass-book 317,719 316,742 316,023 315,684
All other time deposits
to to banks, etc.
Total Deposits 657,394 687,705 672,150 669,413
Borrowings at F. R. Bank o o o o
Federal Funds Purchased 2,000 5,150 2,700 1,000
Federal Funds Sold 500 0 60o 0
126,923 127,000 126,976
132,329 120,216 114,899
299,984 293,174 292,734
14,447 14,449 14,456 14,510
29,777 56,530 48,497 46,484
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11/?9/30
000 omitted
BANK OF UNITED STATES
NEW YORK, N.Y.
LOANS AND DISCOUNTS
_!2:7
Wednesdayqt/g,1 11 24 12 ii,r5r26 11/26430_...................
(a) Secured loans to brokers 5,922 5,940 5,970 6,215
(b) Other Secured Loans 33,913 33,824 33,313 33,645
(c) Bond and mortgage andreal estate loans
(d) All other loans
Total Loans and Discounts
U. S. Government Securities
Other Securities
Cash and due from Banks
Demand Deposits
Time Deposits evidenced bypass-book 99,550 99,137 98,637 98,309
All other time deposits
Due to banks, etc.
Total Deposits
Borrowings at F. R. Bank
Federal Funds Purchased
Federal Funds Sold
18,190 18,191 18,259 18,259
115,441 115,131 115,343 115,388
173,466 173,086 172,885 173,507
1,587 1,588 1,588 1,588
21,762 21,754 21,824 21,847
32,434 34,935 32,388 31,658
82,808 83,345 81,416 80,801
2,492 2,494 2,500 2,554
2,981 4,730 4,554 5,168
187,831 189,706 187,107 186,832
0 0 0 0
0 0 0 0
0 0 0 0
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11/29/30.
MANUFACTURERS TRUST COMPANY000 omitted
LOANS AND DISCOUNTS
(a) Secured loans t o brokers
NEW YORK, N.Y.
Saturday Mondsiy , Tuesday Wednesday11/22/30 11/24/30 11/25/32 11/26/30
38,088 36,011 35,648 35,468
(b) Other Secured Loans 54,849 55,609 55,645 55,587
(c) Bond and mortgage andreal estate loans 31,308 31,308 31,245 30,635
(d) All other loans
Total loans and Discounts
U. S. Government Securities
Other Securities
Cash and due from Banks
Demand Deposits
Time Deposits evidenced bypass-book
121,211 121,165 121,180 121,796
245,456 244,093 243,717 243,06
43,999 43,795 43,619 42,630
58,663 58,681 58,688 58,641
42,561 51,083 49,355 49,233
151,508 154,037 151,680 151,516
135,570 135,019 134,833 134,782
All other time deposits 8,825 8,825 8,826 8,826
Due to banks, etc. 16,920 22,002 21,850 19,473
Total Deposits 312,822 319,883 317,189 314,598
Borrowings at F. R. Bank 0 o o o
Federal Funds Purchased 1,500 3,650 1,600 1,000
Federal Funds Sold 0 0 0 0
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11/29/30
PUBLIC
000 Omitted
LOALS A1 DISCOUTS
NATIONAL BANK & TRUST
NEW YORK, N. Y.
Saturday 1:on1ey
COMPANY
The sday Wednesday
11/22/30 11/24/30 11/25/30 11/26/30
(a) Secured loans to brokers 36,762 39,203 37,616 41,135
(b) Cther secured loans
(c) Bond end mortgage and
real estate loans
18,642
15
18,774
15
18,863
15
16,785
15
(d) All other loans23,939 24,587 23,413 23,398
Total Loans and Discounts 61,358 82,57:: 79,924 83,333
U. 3. uovernnent Sec.,rities 27,565 27,565 27,565 27,565
OtLe: securities43,812 43,812 43,812 43,812
Cash ad due from Banks 21,391 42,072 34,167 29,655
Demand Deposits 54,175 55,462 53,066 53,448
Time Deposits evidenced by
pass-book 79,417 79,409 79,374 79,417
All Other Time Deposits 2,438 2,438 2,438 2,438
DUB to banks, etc. 9,218 28,911 21,124 20,751
Totel Deposits 145,248 166,220 156,002 1t3,054
i;orrowings at F. R. .bene. 0 0 0 0
Federal funds Purchased 500 1,500 1,100 0
lederal Funds old 500 0 600 0
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11/29/::0.
INTERNATIONAL
000 mitted
LOANS AM-) DISCOUNTS
TRUST
NEW YORE, N. Y.
Saturday11/22/30
COYPANY
::onday11/24/30
Tuesday11/25/30
Wednesday11/26/30
(s) Secured loans to brokers 1,170 960 940 940
(b) Other secured loans
(c) Bond and mortgage endreal estnte loans
4,820
3,394
4,714
3,392
4,626
3,392
4,647
3,392
(d) All other loans 2,972 2,931 2,931 2,901
Total Loans and Discounts 12,356 11,997 11,889 11,880
U. S. Government Securities 0 0 0 0
Other Securities 2,676 2,676 2,676 2,676
Cash and Due from Banks 3,493 4,239 4,306 4,10530
Demand Deposits 6,961 7,140 7,012 6,969
Time Deposits evidenced bypass-book 3,182 3,177 3,179 3,176
211 Other Time Deposits 692 692 692 692
Due to Banks, etc. 658 887 969 1,092
Total Deposits 11,493 11,896 11,852 11,929
Borrowings at F. R. 3ank 0 0 0 0
Federal Funds Purchased 0 0 0 0
Federal Funds Sold 0 0 0 0
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December 2, 1930.
Mr. Alfred Harcourt,Harcourt, Brace & Co.,383 Madison Avenue,New York City.
Dear Mr. Harcourt:
Please accept my thanks for your letter
of November 28 and for your courtesy in sending
me an advance copy of J. M. Keynes' "A Treatise
on Morey'. The books have just been received
and I an very glad to have them.
In connection with your suggestion that
our organization may want to purchase further
copies of this work, I find that our Library has
already entered an order for the books so that
they may be available for the members of our
staff.
Vdth kind regards, I am
Very truly yours,
Governor.
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•
HARCOURT, BRACE AND COMPANY, INC.PUBLISHERS
383 MADISON AVENUE,NEW YORK
Telephone: Eldorado 7920
Cable Address. Harbrace. New York
November 26, 1930.
Mr. Eugene Meyer, Governor,Federal Reserve Bank,Washington, D. C.
Dear Mr. Meyer:
I am taking the liberty of sending to you personally,under a separate cover an advance copy of J. M. Keynes'"A Treatise on Money" which, after many delays, we
are finally publishing next Thursday.
I enclose a prospectus which gives the table of contents.
I think the work will interest you specially, and itoccurs to me that your organization may want topurchase further copies for members of its staff.
Very truly yours,
aLtr-A-0{, ii--at..414Ak"
AH:EK
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Just ready. In two volumes. 8vo. $8.00 the set.
A TREATISE ON MONEY
BY
JOHN MAYNARD KEYNESFELLOW OF KING'S COLLEGE, CAMBRIDGE
Author of "The Economic Consequences of the Peace"
VoL. I. THE PURE THEORY OF MONEY
VOL. II. THE APPLIED THEORY OF MONEY
BO' Although the subject of this treatise is of enormous prac-tical importance to the renewed well-being of the world,and although it is being lectured upon in every universityof the world, there has existed hitherto no work in anylanguage which deals systematically and thoroughly withthe theory and facts of representative money as it exists inthe modern -world.
The publication of this work may be one of the importantevents in the economic history of our decade.
HARCOURT, BRACE AND COMPANY383 Madison Avenue New York
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• mir IMO
A TREATISE ON MONEY
By JOHN MAYNARD KEYNES
In the first volume of this Treatise, which deals withThe Pure Theory of Money, the author proposes a novelmeans of approach to the fundamental problems of monetarytheory. His object has been to find a method which is usefulin describing not merely the characteristics of static equilibrium,but also those of disequilibrium, and to discover the dynamicallaws governing the passage of a monetary system from oneposition of equilibrium to another.
In the course of this investigation he proposes a theoryof the mechanism of the Credit Cycle, and deals also at somelength with problems of international disequilibrium, and theTheory of International Trade. The precise modus operandiof Bank-rate as a method of managing a currency system isalso fully dealt with.
In the second volume, entitled The Applied Theory ofMoney, the author has endeavored to combine the quantitativemethod with the qualitative and to make an estimate of theorder of magnitude of the principal monetary factors, on thebasis, mainly, of present-day facts in the United States andGreat Britain.
In illustration of the general theories of the Treatise anumber of historical periods are examined, beginning withthe rise of prices of the sixteenth century and concluding withth,e events of the post-war period and the slump of 1930.
Finally, in Book VII, which occupies half of the secondvolume, the salient features of modern banking and monetarysystems are described, and the objects and methods of mone-tary management in the practical sphere are discussed.
Although the subject of this Treatise is being lecturedupon in every University of the world, there has existed hithertono work in any language which deals systematically and thor-oughly with the theory and facts of representative money as itexists in the modern world. Yet a right understanding of thetopics of this book is of enormous practical importance to thewell-being of the world.
CONTENTS
VoL. I. THE PURE THEORY OF MONEYArranged in Four Books
Bow( I. THE NATURE OF MONEY
1. THE CLASSIFICATION OF MONEY2. BANK-MONEY3. THE ANALYSIS OF BANK MONEY
Bow( II. THE VALUE OF MONEY
4. THE PURCIIASING POWER OF MONEY5. THE PLURALITY OF SECONDARY PRICE-LEVELS6. CURRENCY STANDARDS7. THE DIFFUSION OF PRICE-LEVELS8. THE THEORY OF COMPARISONS OF PURCHASING
POWER
BooK III. THE FUNDAMENTAL EQUATIONS OF MONEY
9. CERTAIN DEFINITIONS10. THE FUNDAMENTAL EQUATIONS FOR THE
VALUE OF MONEY11. THE CONDITIONS OF EQUILIBRIUM12. DIGRESSION ON SAVINGS AND INVESTMENT13. THE "MODUS OPERANDI" OF BANK-RATE14. ALTERNATIVE FORMS OF THE FUNDAMENTAL
EQUATION
BooK IV. THE DYNAMICS OF THE PRICE-LEVEL
15. THE INDUSTRIAL CIRCULATION AND THEFINANCIAL CIRCULATION
16. A CLASSIFICATION OF THE CAUSES OF ADISEQUILIBRIUM IN THE PURCIIASINGPOWER OF MONEY
17. CHANGES DUE TO MONETARY FACTORS18. CHANGES DUE TO INVESTMENT FACTORS19. SOME SPECIAL ASPECTS OF PROFIT INFLA-
TION20. AN EXERCISE IN THE PURE TIIEORY OF THE
CREDIT CYCLE21. CIIANGES DUE TO INTER•NATIONAL DIS-
EQUILIBRIUM
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MID
CONTENTS—continued
Vol,. II. THE APPLIED THEORY OF MONEYArranged in Three Books
BOOK V. MONETARY FACTORS AND THEIR FLUC-TUATIONS22. THE APPLIED THEORY OF MONEY23. THE PROPORTION OF SAVINGS-DEPOSITS TO
CASH-DEPOSITS24. THE VELOCITIES OF CIRCULATION •25. THE RATES OF BANK-MONEY TO RESERVE-
MONEY26. THE ACTIVITY OF BUSINESS
BOOK VI. THE RATE OF INVESTMENT AND ITSFLUCTUATIONS
27. FLUCTUATIONS IN THE RATE OF INVEST-MENT—I. FIXED CAPITAL
28. FLUCTUATIONS IN THE RATE OF INVEST-MENT—H. WORKING CAPITAL
29. FLUCTUATIONS IN THE RATE OF INVEST-MENT—III. LIQUID CAPITAL
30. HISTORICAL ILLUSTRATIONS
BOOK VII. THE MANAGEMENT OF MONEY31. THE PROBLEM OF THE MANAGEMENT OF
MONEY32. PROBLEMS OF NATIONAL MANAGEMENT—
I. THE CONTROL OF THE MEMBER BANKS33. PROBLEMS OF NATIONAL MANAGEMENT—
II. THE REGULATION OF THE CENTRALRESERVES
34. PROBLEMS OF INTERNATIONAL MANAGE-MENT—I. THE RELATION OF CENTRALBANKS TO ONE ANOTHER
35. PROBLEMS OF INTERNATIONAL MANAGE-MENT—II. THE GOLD STANDARD
36. PROBLEMS OF INTERNATIONAL MANAGE-MENT—III. TIIE PROBLEM OF NATIONALAUTONOMY
37. PROBLEMS OF NATIONAL MANAGEMENT—IV. THE CONTROL OF THE RATE OFINTEREST
38. PROBLEMS OF SUPERNATIONAL MANAGEMENTINDEX
HARCOURT, BRACE AND COMPANY383 Madison Avenue New York
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RECEIVED AT
4
TRINITY TOWERS BRANCN3019-14TH ST.. N. W.TILLILPHONE NATL. 6600
BR. 36STANDARD TIM
INDICATED ON THIS NIIESIACM
FormleTP
1)o,gtalTleyraph
ALL AM F. F2 II A
CAII LE S
w69Q LOUISVILLE KY DEC 5
EUGENE MFYFR=1624 CRESCENT PLACE GOVERNOR FEDERAL RESERVE BOARD=--
COM MERCIAL
CABLES
This I. a Nil rate Telegram or Cablegram anles. otherwiseindicated by signal in the check or in the address
BLUE DAY LETTER
NL NIGHT LETTER
NITE NIGHT MESSAGE
LCO DEFERRED CABLE
NLT NIGHT CABLE LETTER
WLT • WEEK END CABLE LETTER
1930 DEC 5 PM
:VERY GLAD TO SEE YOU NI NE THIRTY MONDAY MORNING
RALPH G IFFORD-9
-1/
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Form 148 A
• FEDERAL RESERVE BOARDLEASED WIRE SERVICE
WAS H IN GTO N
The telegram given below is hereby confirmed.
2-9454a 01.0
December 5, 1930
Mr. Ralph C. Gifford,First National Bank,Louisville, Kentucky
Lill be glad to see you at nine thirty Monday morning
December oight STOP Please vire if this will be
convenient
EUGENE MEYER
(Official business - Govt. Rates - Charge Federal Reserve Board)
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POSTAL TELEGRAM
2-37S7 • ,
Ereasurg Brpartmrtit
Zglegraph (Dffire
lpo kd 19 nm
Louisville Kentucky Dec 4 1930
1:LFahy(emxunitet,le)
Secretary to Governor Meyer Federal Board Washington
Have just learned I will be in Washington Monday morning
would prefer appointment in the morning instead of afternoon
Ralph C Gifford
831a Dec A5
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Form 148 A
FEDERAL RESERVE BOARDLEASED WIRE SERVICE
WAS H IN GTO N
The telegram given below is hereby confirmed.
December 4, 1930.
Mr. Ralph Gifford,First National Bank,Louisville, Kentucky
Your -wire received in absence of Governor Meyer STOP YAll
bring it to his attention upon his return tomorrow
F. L. Fahy, Secretary
—a2L-94540. o P0
(Official Business - Govt. Rates - Charge Federal Reserve Board)
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RECEIVED Al;a
STANDARD TOME
INDICATED ON THIS imuis*Cit
Postal Telegra"11 L 11 RI( .1
t Atli US
OfkiP.ILUl
ILAtill is
ph "This full rate Teletram or Cablegram nal.* otherwiseindicated by signal in the check or in the salvia.
DL DAY LETTER
N L NIGHT LETTER
NM NIGHT MESSAGE
LCO DEFERRED CABLE
NLT NIGHT CABLE LETTER
VILT WEEK END CABLE LETTER
Form16
W46 22 DL Q LOUISVILLE KY DECEMBER 4 1930 1225P
EUGENE MEYER GOVERNOR=
FEDERAL RESERVE BOARD(TRANS BLDG):
=I PLAN TO BE IN WASHINGTON NEXT MONDAY AT NOON WOULD LIKE
TO MAKE APPOINTMENT WITH YOU ANY TIME AFTER ONE °CLOCK=
RALPH GIFFORD.
241P
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December 6, 1930.
Mr. J. H. Case,Chairman, Federal Reserve Bank,New York City.
Dear Mr. Case:
Please accept my thanks for your letter
of December 4 enclosing a comparative tabulation
and consolidated report of the four merging banks
up to the close of business December 3, 1930,
which I have noted with much interest.
Sincerely yours,
EUGENE MEYER
Governor
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THIRTY THREE LIBERTY STREET
NEW YORK
CONFIDENTIAL
December 4, 1930
Dear Governor Meyer:
Supplementing my letter of November 29, I =enclosing
for your information a comparative tabulation, together with a
consolidated report, of the four merging banks, up to the close
of business 7Tednesday, December 3, 1930.
You will observe from the statements that, with regard
to the Bank of United States and the Manufacturers Trust Company,
there appears to be a slight seepage of deposits going on.
I have boon holding daily meetings in my office with
Mr. Nathan Jonas, Mr. H. C. Von Elm and Er. E. Chester Gersten in
an endeavor to iron out the many problems that confront us. At
the meeting today, the attorneys, Mr. Henry Moses and Mr. Ralph
Jonas, joined us.
We are very hopeful that definite merger agreements may
be reached very shortly.
Sincerely yours,
J. H. CASE
Honorable Eugene Meyer,Federal Reserve Board,Washington, D. C.
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MANUFACTURERS TRUST COMPANY
NEW YORK, N.Y.
(000 WITTED)
LOANS AND DISCOUNTS
(a) Secured loans to brokers
(b) Other Secured Loans
(c) Bond and mortgage and reel estate loans
(d) All Other Loans
Total loans and discounts
U. S. Government Securities
Other Securities
Cash and due from banks
Demand Deposits
Time Deposits evidenced by pass book
All other time deposits
Lue to banks, etc.
Total deposits
Borrowinps at F. R. Bank
Federal Funds Purchased
Federal Funds Sold
12/4/30
Friday Saturday Monday Tuesday Wednesday11/28/30 ,11/29/30 1.2/1/30 12/2/30 12/3/30
32,780
55,645
30,574
120,968
239,967
42,646
58,649
56,407
154,408
134,680
8,827
18,942
316,857
1,000
2,000
0
32,780
54,450
30,577
121,595
239,402
42,646
58,659
52,330
152,776
133,639
8,952
19,414
314,781
1,500
33,019
56,279
30,576
119,469
239,343
42,607
58,662
54,076
154,251
133,374
8,246
21,098
316,969
32,660
56,203
30,578
119,162
238,603
43,696
56,686
51,449
148,557
133,500
8,262
21,678
311,997
2,600
0
0
30,507
56,135
30,576
119,860
237,078
43,696
58,703
49,513
147,313
133,627
8,268
18,656
307,864
1,000
2,500
0
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12/4/30.
100 omitted
LOANS AND DISCOUNTS
BANK OF UNITED STATESNEW YORK, N.Y.
Friday Saturday rodulo Tuesday Wednesday11/28/2 11/29/30 12/ 2/10 121 1/10
(a) Secured loans to brokers 6,192 6,192 6,621 6,726 6,972
(b) Other Secured Loans 32,841 32,832 32,594 32,795 32,699
(c) Bond and mortgage andreal estate loans 18,259
(d) All other loans 115,398
Total Loans and Discounts 172,690
U. S. Government Securities 1,588
Other Securities 21,953
Cash and due from Banks 32,484
Demand Deposits 8o,68o
Time Deposits evidenced bypass-book
All other time deposits
Due to banks, etc.
Total Deposits
Borrowings at F. R. Bank
Federal Funds Purchased
Federal Funds Sold
18,260 18,254 18,315 18,311
115,463 115,196 114,926 114,729
172,747 172,665 172,762 172,711
1,588 1,588 1,588 1,588
21,953 22,044 22,065 22,129
31,057 33,607 32,312 30,685
78,722 79,206 76,608 75,803
97,919 97,788 97,505 97,460 97,398
2,563
4,598
185,760
1,400 3,000 3,500 5,000 5,000
O o o o o
0 0 0 0 0
2,530 2,532 2,358 2,355
3,689 5,522 5,600 4,848
182,729 184,765 182,026 180,404
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PUBLIC NATIONAL BANK & TRUST COMPANY
NEW YORK, N. Y.
(000 Omitted)
LOANS AND DISCOUNTS Friday11/28/30
Saturday11/29/30
I,Tonday12/1/30
Tuesday12/2/30
Wednesday12/3/30
(a) Secured loans to brokers 38,038 38,068 58,249 39,830 37,845
(b) Other secured loans 17,901 17,843 17,773 17,880 18,072
(c) Bond and mortgage and real estate loans 15 15 15 15 15
(d) All other loans 23,463 23,442 23,369 22,944 22,730
Total loans and discounts 79,417 79,368 79,406 80,669 78,662
U. S. Government Securities 27,561 27,561 27,562 27,562 27,562
Other securities 43,808 43,431 43,203 43,203 43,203
Cash and Due from banks 37,413 21,633 44,844 41,582 37,075
Demand Deposits 53,896 52,124 53,004 52,168 51,027
Time Deposits evidenced by pass book 79,307 79,301 79,283 79,322 79,369
All other Time Deposits 2,438 2,323 2,287 2,288 2,288
Due to Banks, etc. 20,666 9,847 29,246 30,107 24,009
Total Deposits 156,307 143,595 163,820 163,885 156,693
Borrowings at F. R. Bank 0 0 0 0 0
Federal Funds Purchased 4,000 1,000 3,400 1,200 1,500
Federal Funds Sold 0 0 226 0 0
12/4/30
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INTERNATIONAL
NEW
LOANS AND DISCOUNTS
(a) Secured loans to brokers
(b) Other secured loans
(c) Bond and mortgage and real estate loans
(d) All other loans
Total loans and discounts
U. S. Government Securities
Other Securities
Cash and Due from Banks
Demand Deposits
Tine Deposits evidenced by pass-book
All Other Time Deposits
Due to Banks, etc.
Total Deposits
TRUST COMPANY
YORK, N.Y.
(000 Quitted)
Friday Saturday Monday
11/28/30 11/29/30 12/1/30
Tuesday12/2/30
V
•
•
Wednesday12/3/30
916
4,673
3,343
3,080
12,012
0
2,676
4,077
6,810
3,145
671
1,025
11,651
1,266
4,576
3,346
3,180
12,368
0
2,676
4,185
6,845
3,144
676
1,488
12,153
937
4,673
3,390
3,097
12,097
0
2,676
4,243
7,019
3,168
677
1,141
12,005
937
4,684
3,389
3,089
12,099
0
2,676
3,737
6,889
3,165
671
748
11,473
917
4,671
3,343
3,072
12,003
0
2,676
4,343
6,948
3,147
671
1,226
11,992
Borrowings at F. R. Bank0 0 0 0 0
Federal Funds Purchased0 0 0 0 0
0 0 0 0 0
Federal Funds Sold
12/4/30
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CONSOLIDATED REPORT
000 omitted
LOANS AND DISCOUNTS
12/4/30.
Friday Saturday Monday Tuesday Wednesday
11/28/30 11/29/10 12/ 1/30 12/ 2/30 12/ /30
(a) Secured loans to brokers 77,947 77,977 78,806 80,132 76,590
(b) Other Secured Loans 111,060 109,809 111,317 111,551 111,482
(c) Bond and mortgage andreal estate loans 52,238 52,241 52,188 52,251 52,248
(d) All other loans 262,926 263,589 261,106 260,112 260,499
Total Loans and Discounts 504,171 503,616 503,417 504,046 500,819
All other time deposits 14,505 14,476
Due to banks, etc. 45,347 33,698
Total Deposits 670,929 652,578
Borrowings at F. R. Bank 2,400 3,000
Federal Funds Purchased 6,000 1,000
Federal Funds Sold 0 1,500
(d) All other loans 262,926 263,589 261,106 260,112 260,499
Total Loans and Discounts 504,171 503,616 503,417 504,046 500,819
All other time deposits
Due to banks, etc.
14,505
45,347
14,476
33,698
Total Deposits 670,929 652,578
Borrowings at F. R. Bank 2,400 3,000
Federal Funds Purchased 6,000 1,000
Federal Funds Sold 0 1,500
79 13,587
57,092 58,410 49,001
677,546 669,559 657,114
3,400 7,600 6,000
3,500 1,200 4,000
226 0 0
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