Pierre Jay to William G. McAdoo
Title
Pierre Jay to William G. McAdoo
Creator
Pierre Jay
Identifier
WWP18556
Date
1917 April 2
Description
Pierre Jay, writes William G. McAdoo regarding the interest rate on the war bond issue.
Source
Benjamin Strong Jr. Papers, New York Federal Reserve Bank
Language
English
Text
Copy for Governor Strong.
Dear Mr. Secretary:
We received at noon to-dayGovernor Harding’s telegram stating that the rate on the certificates had been changed from 2 1/2% to 3%, and promptly communicated with the various institutions in this city which yesterday had given us subscriptions aggregating over $100,000,000. They all expressed great satisfaction at the change in rate and were especially pleased to learn that both you and the Federal Reserve Board had appreciated their response to the issue on the original basis.
Please accept our warmest appreciation of your decision. It has completely changed the public attitude towards the new certificates, will greatly increase the number of buyers, and will create a broad market for them which will make them most desirable and liquid bank investments.
Respectfully yours,
Chairman.
Dear Mr. Secretary:
We received at noon to-dayGovernor Harding’s telegram stating that the rate on the certificates had been changed from 2 1/2% to 3%, and promptly communicated with the various institutions in this city which yesterday had given us subscriptions aggregating over $100,000,000. They all expressed great satisfaction at the change in rate and were especially pleased to learn that both you and the Federal Reserve Board had appreciated their response to the issue on the original basis.
Please accept our warmest appreciation of your decision. It has completely changed the public attitude towards the new certificates, will greatly increase the number of buyers, and will create a broad market for them which will make them most desirable and liquid bank investments.
Respectfully yours,
Chairman.
Original Format
Letter
To
McAdoo, W. G. (William Gibbs), 1863-1941
Files
Collection
Citation
Pierre Jay, “Pierre Jay to William G. McAdoo,” 1917 April 2, WWP18556, Benjamin Strong Jr. Papers, Woodrow Wilson Presidential Library & Museum, Staunton, Virginia.