Draft of Proposed Letter

Title

Draft of Proposed Letter

Creator

Strong, Benjamin, 1872-1928

Identifier

WWP18884

Date

No date

Source

Benjamin Strong Jr. Papers, New York Federal Reserve Bank

Language

English

Text

DRAFT OF PROPOSED LETTER
Dear Sir:
In order to complete arrangements for handling the large transfers of cash and credit which will be necessary at the time of payment for the next issue of Liberty Loan bonds, this bank desires to obtain certain information daily from the banks and trust companies of New York City to enable it to deal with the matter intelligently. The information desired is as follows:It is requested that reports be mailed to the Federal reserve bank at the close of business each business day, commencing..... Sept.... the figures to include the transactions of the day on which the report is made, and to be furnished upon forms which will be provided by this bank.If doubt exists as to the eligibility of any securities of the classes referred to, the officers of this bank will be glad to furnish any information required.This request is made pursuant to plans which are being developed by this bank in cooperation with the Liberty Loan General Committee of this district, with the object of facilitating the financing of the next Government Loan so as to avoid unnecessary disturbance to the money market. A special committee consisting of Messrs. George F. Baker, Walter E. Frew, Gates W. McGarrah, Charles H. Sabin, Frank A. Vanderlip, James N. Wallace, and Benjamin Strong, Chairman, has been appointed for the purpose of dealing with this matter.It is the belief of the committee that a prompt response to this request and the cooperation of the banks to whom it is addressed will be in the national interest.The committee will appreciate a response to this letter.

Original Format

Letter

To

Banks and trust companies of New York City

Files

http://resources.presidentwilson.org/wp-content/uploads/2017/03/D08031.pdf

Citation

Strong, Benjamin, 1872-1928, “Draft of Proposed Letter,” No date, WWP18884, Benjamin Strong Jr. Papers, Woodrow Wilson Presidential Library & Museum, Staunton, Virginia.