Regional President Speech

Ski*-<JL #4, V — c - . Digitized for FRASER cv.-a.A.T-e. c>c, - ^ (Xn q »^ cj http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 630 THE FINANCfIAL AGE. VoL X . No. M President Haines: We mUiow pro­ ceed with the program as arranged, and the next is an address on “The Federal Reserve System,” by Mr. Benjamin Strong, Jr., Governor of the Federal Re­ serve Bank of New York. THE FEDERAL RESERVE SYSTEM. Mr. Benjamin Strong, Jr., Governor of the Federal Reserve Bank of New York. Mr. President and Gentlemen: I am sure that Congressman Fowler will not object to my calling your attention to an error in the printing of the program. It ' seems that I am called upon to address you in regard to some features of an economic monstrosity. (Laughter.) Now. unfortunately the gentlemen who were charged with the duty of engaging of­ ficers for the Reserve Bank failed to take into consideration that certain qualifications not usually required for bankers appar­ ently were required for these positions. They should have selected men with some , talent for speechmaking. l)ur duties at the office in Xew York have been rather ardu­ ous, and rather than devote considerable time to careful preparation of addresses in regard to the Reserve Bank, we have thought best to ask the bankers who are good enough to invite us to address them to let us make very informal talks in re.- garil to the work that is being done, and I will therefore ask your indulgence if the matters that 1 want to talk about this afternoon are viry informally dealt with. Congressman Fowler. I am sure, will not object to my referring to one or two words only of his remarks. Discussion of hank­ ing legislation in this country, as I recall, has been pretty active for the last eight or ten years. If we are to have the real dis­ cussion that Congressman Fowler suggests, I am afraid we will now have no time for anything but banking discussion, judging, at least, by the activity that has prevailed since 1907 in efforts to get better hanking law. He refers to a remark, possibly unfor­ tunate. that this new law is 70 per cent, good. My memory of one such remark was that it was i>*0 per cent. good. And Congressman Fowler considers it 170 per cent. bad. I think’ he is mistaken. I These last sevm years of discussion, in which Congressman Fowler himself par­ ticipated very actively and himself contrib­ uted toward a better understanding of. the problem, if it did nothing else, con­ vinced the people of this country that our problem was a very different one from any that existed in Europe. We have in the United States over 2.V000 hanking in­ stitutions. The are scattered over an area equal to pretty much all of Furope. Conditions are different in the different parts of the country and at least two- thirds or three-fourths of those institu­ tions are governed by the laws of forty- eight different States. I think at least we owe a great deal of thanks to those men Digitized for FRASER who devoted themselves, with tangible re­ http://fraser.stlouisfed.org/ sults. not reduced to percentages, however, Federal Reserve Bank of St. Louis The Seaboard National Bank of the City of New York earnestly solicits deposits from New Jersey Bankers. Personal attention on the part of the officers is given to all accounts. C apital...............................................$1,000,000 Surplus and Profits (earned) 2,825,000 Deposits 35,000,000 S. <;. UAYXE, President L S. li. XK1.SOX, Vice-l’rcsiilent I'. C. THOMPSON.^fViCj^A'esident B. L. GII.L, Vice-President W. Kj/O-EUkgjiEV, Cashier 1-. X. l»r VACSXEY, Assistant Cashier J. C. MinKV; Assistant Cashier O. M. JEFFERDS, Assistant Cashier 11» bringing about the law that lias been the discretion of the officers of the Re­ bank shall be able to certify to its reserve passed. In fact, except some divine serve Bank as to what paper was eligible bank that it has a signed statement or 1 inspiration had operated in the prep­ for rediscount by the member bank. Since a copy of a signed statement of the bor­ aration of this law, I do not believe that time there has been issued a new circu­ rower. As to the paper which they take the American people could expect one that lar and regulation which is to take effect on from their customers, no such certificate ; was 100 per cent, perfect. ____ ]uly 15th. So many inquiries are being made is required in the case of a note of any j Now, my own view of the law has some- as to the exact procedure under that circular one customer or the obligation of any one. ; what changed since taking a position in this and just what will be required after July 15 customer which does not exceed five thou­ ; system. Before the law was passed, with rthat we have had in course of preparation sand dollars in amount or does not exceed : g many other bankers who 1 think were de- statement or letter which will express 10 per cent, of the capital stock of the i voting themselves to serious thought on this as briefly as seems possible the views that member bank. That is to say, a bank of subject, I felt that one bank was what this are entertained by the officers of our bank twenty-five thousand dollars capital can country wanted, as Congressman Fowler on this matter so that the member banks apply for a rediscount of notes of any~ i has suggested. We have twelve banks. can readily observe its provisions. I would one of its borrowers not exceeding twenty* With these we can well be satisfied. like to read some portions of this circular, five hundred dollars in amount without . ■ Our problem just now is to as- which may, however, be changed at a later making a certificate or stating that they ; sist in the development of the system that date. have in their files a statement of the bor­ ■ we have, so that it will serve your Circular No. 3, the one which takes ef­ rower’s financial condition. For larger needs, and some of the work along that fect July 15th, defines eligible paper and amounts credit bills will be required. ; line I would like to talk about. provides that member banks will be ex­ The Federal Reserve Banks must be pre­ I must not, however, pass the oppor­ pected to keep credit files showing the pared to make their resources available tunity to express the satisfaction that some condition of their larger borrowers in or­ when needed, to the commerce, industry and i of us feel at the apparent success of the der to certify the eligibility of paper of­ agriculture of the country, to facilitate major surgical operation that was just fered for rediscount after July 15, 1915. production, manufacture or distribution. referred to. Those 131 banks of Until July 15th, Circular No. 4 shows That is the language that is employed in northern New Jersey that are shortly to how such eligibility shall be certified, but the regulation itself. Their resources become members of the Second District thereafter Circular No. 4 will no longer ap­ must, however, be kept liquid. Therefore, will receive a very warm welcome. (Ap­ ply. The judgment to be exercised, in except for a limited amount of agricultural plause.) other words, will be controlled by Circu­ paper, all notes rediscounted must ma­ You will recall that shortly after the lar No. 3, and I would like to call your ture within ninety days and must be banks were organized, a circular, No. irt, attention to the fact that that circular dis­ taken up by the banks which indorse them, was issued t>y the Federal Reserve Board tinguishes between paper taken by mem­ whether they arc paid by the makers or in regard to commercial paper. That cir­ bers hanks from their customers and not. But the act and the regulation re­ cular was later withdrawn and a new cir­ paper which they purchase from brokers quire that the original borrower's finan­ cular, No. 4, was issued in its place, the or through their bank correspondents. cial condition shall also reasonably evidence Digitized for FRASER htt e p f : f / e /f c ra t s o e f r. s w tlo h u ic is h f e w d. a o s r g t / o leave it very much As to all purchased paper, :he Board his ability to meet his current liabilities, Fetdoe rtahle R deissecrrveet iBona nok fo ft hSet. mLoeumisber banks and has seen fit to require that eaoh member promptly. Stated negatively, this mean’ \ MS THE FINANCIAL AGE. Vol. xxf that 4 Federal Reserve Bank may not dis­ the concern to see if it has a reasonable from the reserve banks on the se of count a member bank's paper which rep­ excess of quick assets over current liabil­ bonds; conversely, it is no longer a. nec­ resents or is based on lands, buildings, ities. But if Smith, a lawyer or physician, essary for member banks to carry bonds machinery or other fixed or permanent as­ merely borrows for household expenses or simply for the purpose of occasional bor­ sets or on investment securities or on for any purpose not commercial, industrial rowing, because the law permits the redis­ goods carried merely for speculative pur­ or agricultural, his note is not eligible. count of their commercial paper when they poses. Such paper does not contain the Accommodation makers or endorsers do are in need of funds. clement of self-liquidation, as it does not not affect the eligibility of the note. The In examining the statements furnished us represent goods in any of the stages of pro­ eligibility depends primarily upon the pur­ in New York by the member banks of duction, manufacture and distribution. pose for which its proceeds are used. our district I think there were something The paper which in form evidences most In the case of notes discounted by firms like seventy-five or eighty banks that re­ satisfactorily that it is self-liquidating is or corporations, if such firms or corpora­ ported that they had little or no paper that a note, bill or accepted draft, representing tions are engaged in commerce, industry was eligible to rediscount. We wrote each of the obligation of the purchaser to the seller or agriculture, their notes are eligible, pro­ those banks a letter asking them to either for goods sold. vided they show by statement or other­ . send an officer of the bank to see us or to ] Let me say that there seems to be a wise that they have a reasonable excess write us and give a description of the char- ‘ good deal of misunderstanding as to of quick assets over current liabilities. acter of the paper which they had in their 1 what might be called trade paper. Too It is quite apparent that if a large bor­ portfolios. We found on examination and many of the member banks are under the rower in making a statement shows that in conversation with the officers that we impression that they must in applying for his short borrowings, current liabilities, saw, that hardly any of those that replied • discounts submit only paper on which there current indebtedness, are in excess^of his had less than 50 per cent, of eligible paper are two obligations to pay, a maker and quickly available assets, some part of his in their portfolios; but their reports were : an endorser. That is not a fact. The test borrowings must have gone into plant or based upon a conception of what the regu­ of the eligibility of a note, which I will machinery or fixed assets. And that, in lation meant that was not accurate. refeT to later, is not of that character. fact, is the principal test of the eligibility Many banks have been accustomed to This paper represents, in fact, an actual of paper, based, as I have stated, upon borrow on demand. The law does not commercial transaction, and its payment is the character of the statement that the bor­ permit the use of commercial paper as se- directly related to the sale of the goods. rower makes. curity to demand loans, but banks desiring But the development in this country of the In the case of purchased paper, eligibility short loans may select from their port­ open credit granted by merchants and man­ will be determined by the statement of folio paper having about the required time ufacturers. and of the system of cash dis­ the person, firm or corporation on the to run. counts, offering advantages to purchasers strength of whose credit the paper is The Federal Reserve Bank of New with ample capital, has reduced the volume bought. If a reasonable excess of quick York has as members several of the largest of self-liquidating paper and substituted assets over current liabilities is shown, as well as many of the smallest national for it the promissory note on which work­ the paper is eligible. banks of the country. Its facilities are open ing capital is obtained in order to carry In the case of paper discounted by farm­ on equal terms to all and it is prepared to indebtedness due by customers on open ac­ ers, unless the farmer makes a statement discount small as well as large notes. You counts, as well as for the purchase of ma­ (in which case the same test of quick as­ may be interested in a few figures as to terial. The provisions of the act and the sets over liabilities will apply), and if the exactly what discounting we have done. regulation contemplate the rediscount of proceeds are to be used for seed, fertilizer, Thirty-three banks have applied for re­ the latter class of paper at Federal Re­ feed, stock or current operating expenses, discount of paper, the total amount aggre­ serve Banks and it has so far constituted it is eligible, but it is not eligible if they gating $8,061,919.93. Only four of those the vast majority in volume of the paper are to be used for lands, buildings or ma­ banks were located in New York City; the which our bank has thus far discounted. chinery of a permanent nature. other twenty-nine outside of the City of In the case of the ordinary promissory Eligibility and credit, of course, are not New York. The largest amount redis­ note with or without endorsements, how to be confused. All notes discounted by counted on a single application has been shall the member bank determine whether member banks are presumably good; some $2,182,500 and the smallest $1,700. The ■ it is eligible for rediscount with its Fed­ are eligible and some are not, according largest single note rediscounted has been eral Reserve Bank? This is most difficult to the purpose for which their proceeds are $300,000 and the smallest $25.40. (Laugh­ in the case of notes discounted by indi­ to be used. ter.) Most of our applications come from viduals. In such cases it would be advan­ A renewal is an indication that the debt member banks up the State and largely in tageous to ascertain first the business of is.not self-liquidating. But the regulation farming communities. I can say that the the discounter. If he is engaged in com- makes the statement of the concern the paper that is offered for rediscount, which ■ merce, industry or agriculture, it may be test of eligibility. Whenever the statement is manifestly paper made by farmers, and . eligible. If he is not so engaged, it is not shows a reasonable excess of quick assets very largely issued to buy fertilizer, stock, eligible unless he uses the proceeds of the over current liabilities, a note, even if re­ to some extent feed and other supplies in note for commercial, industrial or agri- newed, may be considered eligible. What the spring season, has almost without ex­ : cultural purposes. Smith may be a prac- is a reasonable excess varies with differ­ ception been discounted, and much of it was • ticing lawyer or physician, but he may ent industries. Packers maintain high single name paper. It becomes double name < also own a farm and his notes may be is- credit if they have say $1.50 of quick assets paper, of course, in our hands, with the en­ ; sued to purchase feed, fertilizer or stock, for $1 of current liabilities. A manufac­ dorsement of-the member bank. 1 or pay wages or other regular costs of turer of jewelry possibly might make a Applications for rediscount are almost • operating a farm, just as in the case of any statement showing a large stock of gold invariably acted upon when accepted, and I farmer. Likewise Smith may also have where the margin of quick assets would be the proceeds credited on the day of re­ an interest in the local newspaper or other very small and yet the statement be a per­ ceipt. There again is a delusion that in i industry. A note issued by Smith for fect test of the eligibility of his borrowings. some way or other there is a great deal . money to advance to the newspaper would The more special the line the higher the of red tape to uncut in connection with < be eligible for rediscount, provided it was ratio expected, unless there is a sufficiently the operation of discounting paper at not to go into fixed assets, such as land, strong endorser to permit the ratio to be the Reserve banks. It is quite simple. A buildings or machinery. reduced. But the excess should always be number of banks have admitted to me t But if Smith should offer a note issued reasonable considering all the circumstances that they sent in some notes for dis­ i fcjr the person, firm or corporation running in the case. count just to see how it worked, and the newspaper or other concern, it would Many member banks in our district they did not really want the money. be evidence on its face that it had been carry bonds on which, as occasion re­ (Laughter.) i wed for industrial or commercial pur- quired. thev have been accustomed to bor­ It is our practice to return paper for D! pigoistiezse. d foInr FRthAisS EcRas e eligibility would be row from ‘heir reserve agents. The law collection to the bank which rediscount­ hdttept:e//rfrmasineerd.s tbloyu iesfxeadm.oirngi/n g the statement of does not permit member banks to borrow ed it lb out five or ten days before Its Federal Reserve Bank of St. Louis f Magr 22, »15 THE FINANCIAL AOE. 823 F o u r t h S t r e e t National Bank OF PHILADELPHIA Capital - - $3,000,000 Surplus and Profits - 6,800,000 E. F. SHANBACKER, President JAMES HAY, Vice-President \V. A. BULKLEY, Ass’t Cashier FRANK G. ROGERS, Vice-President W. K. HARDT, Ass't Cashier R. J. CLARK, Cashier C. F. SHAW, Jr., Ass’t Cashier Exceptional Facilities for Making Collections Throughout the World ACCOUNTS INVITED maturity. We charge it to the bank's recommended that that provision be elim­ There is also some danger in the develop­ account on our books the day it matures. inated from the statute if possible, but the ment of unenlightened and uninformed crit­ It ia not our practice to permit a mem­ practice now followed, of sending notes icism. I do not want to go into that par­ ber bank to take up paper before the well in advancc of maturity to the mem­ ticularly just now. You have all heard it. date of maturity exccpt in spccial cases ber bank for collection, will dispel any I would like to feel that those who are af­ where the maker of the note has been doubt as to whether endorsers will be held fected by the development of these banks permitted by the member bank to antic­ by presentation and demand at the proper are at least patient enough and loyal enough ipate his note. In such eases we have time. ^ to give those men who are doing the work generally allowed a rebate of interest at Now I would like to say a few words an opportunity to demonstrate by experi­ one per cent, below the current rate for generally about the attitude of the mem­ ence with the system what it can do auch maturity at the date the note is ber banks towards the Federal Reserve rather than condemn it before any ex­ taken up. Member banks offering notes system. There is some danger that the perience at all can be had with it. (Ap­ for rediscount should examine them work of HrvanmiiK ami developing the plause.) carefully to see that they are in good banks will be retarded by two classes of Another feature of the attitude of the order. One of the most difficult matters bankers; on the one hand those that are member banks that personally I deplore to deal with in the bank has been the liable to make extravagant claims for —it is a natural oi:e, possibly—is a tendency large around of paper that appears with what the lianks run do and express possibly to regard the Federal Rt.serve banks as de­ various technical irregularities. Too nversanguine expectations, and on the other partments of the government. I am sure many of them altogether indicate that hand, those who are prone to express un­ you will not consider that I am dealing with carelessness prevails in observing pru­ founded fears and criticisms. It takes time this matter in a trifling way when I say that dent rules as to the way notes are drawn, to do the work that is now bcin« under­ some of the bankers who have called at our dated and filled in. And such little irrita­ taken by the Federal Reserve Board office have evidenced considerable uneasi­ tion as has developed from thnse discount­ and by the officers of these hanks, and ness when they came in to talk to Mr. Jay ing transactions that we have had with the or myself, such, for instance, as they might member banks has been almost entirely according to my view the development display in calling upon some high officer of due to the existence of this carelessness of the system will not be as successful the government. Now that is all wrong. in Hie way paper is permitted to be drawn as it should be if unwarranted expecta­ Member bankers must bear in mind that by the customers of the member bank. tions of immediate completion of work they own these banks. Every dollar of their Dae to what I personally regard as an are developed or an attempt is made to assets belongs to the member banks. Two- unfortunate provision of the aet it is also progress too rapidly without due regard thirds of the directors they have elected necessary to require a special endorse- to the real interests of the member themselves; and the officers of the banks ment on the paper discounted, which in­ banka, both those who are present mem­ are appointed by those directors; atkd cludes a waiver of demand, notice and bers and those state institutions which speaking for onr bank I have no hesita­ Digpirtiozteeds fto. r FIR AmSaEyR say that the Governors are in fact potential members of the fu­ tion in saying that if that bonk ia not http://dfriaes etwr.setllovuei sRfeeds.eorrvge/ Banks have already ture. properly muufed it Is largely the fault Federal Reserve Bank of St. Louis f 9 ! » THE FINANCIAL AGE. Vol. XXXI, No. 21 of t*ic member banks of that district for I would like also to refer to one rather tion only. They had no clerks, they had ncN not electing proper directors or seeing important matter that is peculiar to the offices, they had no machinery, they had no that proper officers were elected. The present time. It is undoubtedly a fact that credit information except what could be disposition to regard the banks as a de­ some bankers in this country feel that the gathered from the banks that participated partment of the government is, however, expiration of the Aldrich-Vreeland law, in the management of the affair. These fairly natural owinx to a feature of its operation expiring by limitation on June twelve Reserve banks have complete organi­ the Federal Reserve Act that is quite 30th, possibly weakens our situation. They zations, they have credit information; they unique in legislation in this country. look back with satisfaction at what was ac­ have stored in Washington already $300,- Banking legislation in this country, as Con­ complished in August, Septeml>er and Oc­ 000,000 of notes, and on July 1st they will gressman Fowler suggested, has Wen tober of last year in that great crisis by the have $.>00,000,000, and the supply will discussed and passed somewhat upon the ability of the banks to promptly furnish be kept at about $500,000,000 or over. And theory that the hanks needed regulating, currency through the operation of that law, I think sight has been lost of the fact that just as the railroads needed regulating. In in fact, to convert their assets into a circu­ these Reserve banks have over $250,000,000 the case of the railroads, statute; and regu­ lating medium. Some inquiry' has lieen of "untouched cash assets. Sometimes it is lations were passed and adopted and a spe­ made as to how well prepared the Reserve a little difficult to be patient with criti­ cial body was created l>v Congress to ad­ Banks might be in case some emergency cism that compares the facilities that ex­ minister this law. Unfortunately the Ameri­ arose that required a similar treatment of can people are altogether too prone to point the situation. I would like to read some isted last August, say, with those that ex­ out evils existing in our economic life, figures to indicate in a measure what has ist today with these twelve banks in full cry for the passage of some law, rejoice been and what 1 think can be confidently operation. over its enactment, and then subside into counted upon to take place if any such oc- Now just one word in conclusion of a a happy lethargy, thinking that the pass­ cnrrcnce did develop. more personal character. The men who are age of the law has accomplished every­ In 1907 the reports made by the national managing these twelve hanks—and I am thing, that it will work some revolution. banks to the Comptroller of the Currency now well acquainted with nearly all of them As a matter of fact the accomplishment of as of August 22nd showed that the national —believe that they are performing a public the purpose of such legislation depends up­ banks of the three central reserve cities duty. It may be that they are mistaken on its administration and in the case of the held $14,000,000 of excess cash reserve in Federal Reserve Act quite a new plan of in that idea, but I do not think so. And their vaults and that all the other national administration has heen introduced. The they feel that they are entitled to have banks in the United States held $77,000,000 government has in fact loaned its credit in. the support of the banks for whom they excess cash reserve. No call was made a very important way to these banks. They are really working; and that support to­ until after the worst effects of the panic are the instruments through which notes day will l>e best evidenced by patience in of the fall of 1907 had passed; that is. bearing the obligation of the govern­ until December 3rd. The call of Decem­ waiting for results. It may also be ex­ ment are to be issued. The security for ber 3rd showed that the national banks in pressed by a statement of my personal views those notes remains in the office of the the three central reserve cities were de­ as to what should be done in regard to fa­ bank by which they are issued. The gov­ ficient $32,000,000 in cash reserve, and that cilities for the admission of State banks to ernment has therefore placed three direc­ all the other national lianks of the United membership. No reform of our banking tors in the lioard of the bank and appointed States held an excess cash reserve of methods in this country will be complete two of those directors officers of the bank $122,000,000. Now the effect upon our and satisfactory to the country until it to make them in fact not only partners in banking system of this sudden withdrawal includes all banks, at least all banks that the management of the reserve hank but or shifting of bank reserve, in addition to do commercial banking in one comprehen­ to recognize the responsibility resting upon the withdrawal of money which was un­ sive system. I firmly believe that if a reg­ the government for its management. doubtedly hoarded at that time, can hardly Directing and supervising the manage* ulation can be issued which will appeal to be estimated. ment of the Reserve banks is a Govern- the State bankers of the country as fair, not ment-appointed Board, with broad and nec­ I would like to contrast those figures as evidencing an intention to buy their essary' powers by which the system may be with the reserve situation of last summer allegiance, and, on the other hand, not evi­ co-ordinated and safeguarded. and fall. The call of June 30, 1914, showed dencing an intention to bar their admission, Just the experience of the last six months that the national banks of the three central that we can then afford to let them work reserve cities were deficient <6,000,000 in has indicated many of the advantages of out that particular feature of the problem their cash reserve and that all the other that arrangement. In the case of the regu­ themselves. Our duty will be to make the banks of the country had excess cash re­ lation of the railroads it is common knowl­ system attractive to them and wait for serves of $56,000,000. The call of September edge to everybody that for many years past them to come in if they want to. 12th, 1914, disclosed that the cash reserves there has been a species of antagonism, of national banks in the central reserve Gentlemen, I am sorry to have taken you may call it, at any rate a distinct line of cleavage, between the body that cities were $45,000,000 deficient, and all the so much of your time. You have listened i« administering the Interstate Com­ other national banks of the country were very patiently. Permit me to thank the merce law and the railroads that are af­ 900,000,000 excessive. Contrast these fig­ bankers of this State for extending to us fected by it. Now that line of cleavage ures with 1907. It means that in 1907 the an invitation to address them on this very country national banks and the national has resulted in much of the construc­ important matter. (tanks in the reserve cities accumulated tive progress being wrung from one or about $50,000,000 of reserve money that the other body as the result of bitter lit­ they did not need, and last fall, in the igation carried to the court of last resort. face of a possible calamity far worse, from Apparently in the reserve banks our point of view, for the gold reserves of The Chair desires to anndunce the names quite a different condition exists. Instead of developing a distinct line of Europe were closed to us, the country banks of the members of the Nominating Com­ actually accumulated only $4,000,000 of ad­ cleavage between the regulating body and mittee—Charles H. Laird, Jr., J. VV. Lu- ditional excess reserve. Undoubtedly that the banks these government directors and shear and Wessels Van Blarcom. was largely due to the influence of the ex­ elected directors meet weekly or monthly in istence of the Aldrich-Vreeland Act and to And the Resolutions Committee—W. H. the banks, and the contact there resulting becomes rather a point of fusion. I can its prompt operation. Now what can the Taylor, F. A. Phillips and F. Mr. Riley. Reserve banks do after the expiration of see many cases where difficulties that might We will proceed with the program with the Aldrich-Vreeland Act? develop at those points of contact are very an address on "Bank Publicity.” by Fred easily dealt with, and I feel especially hope- In the first place the Aldrich-Vreeland Digi f ti u ze l d o f f o r t F h R e A s S u E cc R e ss of that feature of the associations were admittedly barely organ­ W. Ellsworth, of the Guaranty Trust Com­ http://fraser.stlouisfed.org/ Federal Reserve system. ized last fall. _ They had a p»per organiza­ pany of New York. Federal Rese. rve Bank of St. Louis * — — —

Benjamin Strong (1915, May 13). Regional President Speech. Speeches, Federal Reserve. https://whenthefedspeaks.com/doc/regional_speeche_19150514_benjamin_strong

@misc{wtfs_regional_speeche_19150514_benjamin_strong,
  author = {Benjamin Strong},
  title = {Regional President Speech},
  year = {1915},
  month = {May},
  howpublished = {Speeches, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/regional_speeche_19150514_benjamin_strong},
  note = {Retrieved via When the Fed Speaks corpus}
}