Benjamin Strong Jr. to Russell Cornell Leffingwell
Title
Benjamin Strong Jr. to Russell Cornell Leffingwell
Creator
Strong, Benjamin, 1872-1928
Identifier
WWP18627
Date
1919 February 11
Description
Benjamin Strong Jr. writes Russell C. Leffingwell regarding the loan campaign.
Source
Benjamin Strong Jr. Papers, New York Federal Reserve Bank
Language
English
Text
Leffingwell:
I am continually and continuously feeling regret that you can not get up to Lake George. There are so many things that I would like to talk over with you. I have had the pleasure of meeting Mrs. Hewitt, and last night had dinner at her house when you were the subject of much discussion and everyone expressed the hope that you could run up here with Mrs. Leffingwell for a time. Maybe I can still persuade you to come.
There is one detail of the situation with which you may or may not be familiar, but it seems to be developing rather rapidly. We made, as you know, a direct drive in the last loan campaign to have subscribers elect to take registered bonds. I hear a great many people who have ordered registered bonds say that they have not yet received them, even of the third loan, and that when bonds are sent for transfer they literally disappear and that a good many of them come back with names spelled wrongly, etc.,etc.
Of course I know that we always hear of the mistakes, and never of the correct and prompt deliveries, and I know as well as anyone can how terribly overwrorked Broughton is, and with what tremdendous difficulties he has to struggle. In fact I don’t blame him, nor anyone else, if delays have occurred, but, upon making inquiry upon the situation, I was told confidentially a few days ago that there were twelve hundred bags of unopened Treasury Department mail in the Division of Loans and Currency, which represented an accumulation of some months, where the contents of the bags was not even known, and that the accumulation is increasing.
This is not a letter of complaint, because that is the last thing of which I would be guilty, but I am writing to ask whether it is not possible for the Bank, or all the reserve banks, in some way to help out in this difficult matter. It would be a misfortune to start the fifth campaign without having a clean-up in deliveries for the fourth.
As I now recall, we have one or two men in the building helping. It might be possible, and if you say so I will make inquiry and see if we can’t organize a staff of really expert clerks, now working in our Bond Issue Division (where it is compariatively slack until the next loan) and send them over in a body to tackle this job. I have not broached it at the office, but will do so if you ask me to, and see what can be done about it.
Incidently, I feel very sorry for Broughton and feel that if you don’t look out you are going to lose a very good man. He is terribly over-worked and those who assume their responsibilities with the conscientiousness that he does are more liable to break down under the mental strain than the less concsscientious ones.
And while on this subject, I feel strongly the need for legislation which will authorize the reserve banks to do the work of registraition. The mechanical difficulties could be overcome, and our boys would infinitely prefer to do the work than to encounter the difficulties which arise by the present methods. Ho do you feel about all this?Best regards.
I am continually and continuously feeling regret that you can not get up to Lake George. There are so many things that I would like to talk over with you. I have had the pleasure of meeting Mrs. Hewitt, and last night had dinner at her house when you were the subject of much discussion and everyone expressed the hope that you could run up here with Mrs. Leffingwell for a time. Maybe I can still persuade you to come.
There is one detail of the situation with which you may or may not be familiar, but it seems to be developing rather rapidly. We made, as you know, a direct drive in the last loan campaign to have subscribers elect to take registered bonds. I hear a great many people who have ordered registered bonds say that they have not yet received them, even of the third loan, and that when bonds are sent for transfer they literally disappear and that a good many of them come back with names spelled wrongly, etc.,etc.
Of course I know that we always hear of the mistakes, and never of the correct and prompt deliveries, and I know as well as anyone can how terribly overwrorked Broughton is, and with what tremdendous difficulties he has to struggle. In fact I don’t blame him, nor anyone else, if delays have occurred, but, upon making inquiry upon the situation, I was told confidentially a few days ago that there were twelve hundred bags of unopened Treasury Department mail in the Division of Loans and Currency, which represented an accumulation of some months, where the contents of the bags was not even known, and that the accumulation is increasing.
This is not a letter of complaint, because that is the last thing of which I would be guilty, but I am writing to ask whether it is not possible for the Bank, or all the reserve banks, in some way to help out in this difficult matter. It would be a misfortune to start the fifth campaign without having a clean-up in deliveries for the fourth.
As I now recall, we have one or two men in the building helping. It might be possible, and if you say so I will make inquiry and see if we can’t organize a staff of really expert clerks, now working in our Bond Issue Division (where it is compariatively slack until the next loan) and send them over in a body to tackle this job. I have not broached it at the office, but will do so if you ask me to, and see what can be done about it.
Incidently, I feel very sorry for Broughton and feel that if you don’t look out you are going to lose a very good man. He is terribly over-worked and those who assume their responsibilities with the conscientiousness that he does are more liable to break down under the mental strain than the less concsscientious ones.
And while on this subject, I feel strongly the need for legislation which will authorize the reserve banks to do the work of registraition. The mechanical difficulties could be overcome, and our boys would infinitely prefer to do the work than to encounter the difficulties which arise by the present methods. Ho do you feel about all this?Best regards.
Original Format
Letter
To
Leffingwell, R. C. (Russell Cornell), 1878-1960
Files
Collection
Citation
Strong, Benjamin, 1872-1928, “Benjamin Strong Jr. to Russell Cornell Leffingwell,” 1919 February 11, WWP18627, Benjamin Strong Jr. Papers, Woodrow Wilson Presidential Library & Museum, Staunton, Virginia.