mss52019_117_004.pdf

The Papers of Eugene Meyer (mss52019)

117_04_001- Subject File, Federal Reserve Board, General Correspondence, 1930

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


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.


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.


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.


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


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


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.


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.


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


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


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.


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


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_...................



(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



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


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


(c) Bond and mortgage andreal estate loans 31,308 31,308 31,245 30,635

(d) All other loans

Total loans and Discounts


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


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


(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


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


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


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.


•

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


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


• 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


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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TRINITY TOWERS BRANCN3019-14TH ST.. N. W.TILLILPHONE NATL. 6600

BR. 36STANDARD TIM

INDICATED ON THIS NIIESIACM

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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

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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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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)


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


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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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


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


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.


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


Other Securities

Cash and due from banks

Demand Deposits

Time Deposits evidenced by pass book


Lue to banks, etc.

Total deposits

Borrowinps at F. R. Bank


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


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


Due to banks, etc.

Total Deposits

Borrowings at F. R. Bank


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


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


(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


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


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


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


(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


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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