C h i c a g o a n d Northwestern R a i l w a y C o m p a n y

O f f i c e o f P r e s i d e n t C h i c a g o February 13, 1936. Dear Mr. Szymczais;: The Economic Club of , of which I have the honor to be President, has had the pleasure of entertaining a number of the nation’s outstanding men. The Club now would like to enjoy tne privilege of a visit from the Honorable 1»1. S. Eccles. On several occasions the Club has acquainted iir. Eccles with its desire to hear from him at a time convenient to him. I am wondering if you would be good enough to remind Mr. Eccles that our invitation still stands, and that we would particularly appreciate7 an opportunity to hear from him at our March or April / / dinner. < ■ ■— « — • Governor Schaller is a member of the Economic Club, as are most of the leading business men in the City, The organization, however, is especially noted for the young men in its membership. Distinguished gentlemen liK@ Dr. Butler, Newton Baker and Walter Lippmann nave said to me that nowhere in their experience have they ever faced a more inspiring audience than that provided by the Economic Club. The attached leaflet will tell you in detail some of the obiects of the organization and will acquaint you with its officers and directorate. I believe Mr. Eccles will remember Governor Schaller and Mr. Kelly of Chicago talking to him about the Club. Our meetings are held m 'the evening. Incidentally, I should like to have the privilege of tendering a luncheon to Mr. Eccles on the day he addresses the jiconoiaic Club. We would invite forty or fifty of Chicagors business leaders to join us, and with these gentlemen Mr. Eccles could talk informally and in confidence* lioping to hear from you soon, and with personal regards, I am, Sine erely vours,

non. iu. b. DzymczaK, Member, Federal Reserve Board, Washington, D. C*

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis February 19, 1936

Mr. Fred W. Sargent, President, Chicago and North Western Railway Company, Chicago, .

Dear Mr. Sargent:

Mr. Szymczak passed along to me your letter of February 13th renewing your invitation to speak before the Economic Club of Chicago. I should particularly like to take advantage of your courtesy, but I find it abso­ lutely impossible to make any further speaking engage­ ments during the next few months inasmuch as the numerous changes which are being effected under the _ B anting Act of 1935 require so mrcft of iny 'tiSe iand close attention that I am not free to leave Washington during this period.

I would especially like to meet with you and a group of Chicago*s business and banking leaders to whom I might speak informally and in confidence. I am hoping that an opportunity will come about later on to be with you. Again let me say that I very much appreciate your courtesy.

Sincerely yours,

(Signed) M. S. Sccles

M. S. Eccles, Chairman.

ET:b

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 1935-1936

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis *£5he Economic 0 b b of (Chicago

The object of the Club is to aid in the creation and expression of an enlight' ened public opinion on the OBJECT important economic and social questions of the day.

The Club was organised in 1927 for Chicago's outstanding young men. The membership consists largely of men whose average age is in MEMBERSHIP the thirties. A number of older leaders in business and the professions also have been members from the start. Four regular dinner'meetings are held each fiscal year—between the months of October and June. On these MEETINGS occasions speakers discuss questions of economic, social or business importance.

The fiscal year begins October 1. Annual dues for membership are $15, pay' able in advance. There is no DUES initiation fee. Dues include dinner tickets to the four meetings.

Executive Secretary JOSEPH H. DION One North La Salle Street Telephone Randolph 0791

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis The Economic Club of Chicago is now in its ninth year. Among those who have addressed the Club are:

Leonard P. Ayres Newton D. Baker Nicholas Murray Butler Rear Admiral Richard E. Byrd L. A. Downs James W. Gerard George H. Houston Arthur M. Hyde E. W. Kemmerer Frank R. Kent Frank Knox James M. Landis Walter Lippmann John McKinlay Sir Josiah Stamp Silas H. Strawn

Speakers during the current season will be drawn from an equally distinguished group.

The Saturday Forum will again be a feature of the Club’s winter activities. SATURDAY These meetings, open to members FORUM only, afford an opportunity to each one present to express his views on the subject under discussion.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis OFFICERS President FRED W. SARGENT First Vice-President Second Vice-President THOMAS H. BEACOM, Jr. GUY A. RICHARDSON ___ Secretary Treasurer WHIPPLE JACOBS CHARLES D. PEACOCK, HI EXECUTIVE COMMITTEE Hie Officers and H. E. CHRISTTANSEN WILLIAM J. KELLY WADE FETZER, Jr. JOHN J. MITCHELL ROBERT S. PIRIE BOARD OF DIRECTORS LUCIUS TETER, Honorary Chairman Chairman of the Board, Baird & Warner, Inc.

SEWELL L. AVERY. President WILLIAM J. KELLY. President, Gypsum Co. Arthur J. O'Leary & Son Co. THOMAS H. BEACOM, Jr., Trust CHAUNCEY McCORMICK. Vice- Officer, First National Bank President. Miami Corporation. of Chicago. DONALD R. MCLENNAN, Jr.. JOSEPH L. BLOCK, Vice-Presi- Marsh & McLennan, Inc. dent. Inland Steel Company. JOHN J. MITCHELL, Vice-Presi­ J. E. BOHLE, Aimer Coe & dent and Treasurer, Universal Company Oil Products Company. COLONEL GEORGE T. BUCK­ ROBERT L. OSGOOD, Brown INGHAM, Defrees, Bucking­ Bros. Harriman & Co. ham, Jones &' Hoffman. CHARLES D. PEACOCK, III, FRANCIS X. BUSCH, Taylor, C. D. Peacock, Inc. Miller, Busch & Hoyden. ROBERT S. PIRIE, Carson, BERTRAM J. CAHN, Chairman Pirie, Scott & Co. of the Board, B. Kuppenheimer CHESTER L. PRICE, City Na­ & Co.. Inc. tional Bank & Trust Co. H. E. CHRISTIANSEN, Hearst GUY A. RICHARDSON, Presi­ Corporation. dent, Chicago Surface Lines. B. R. COOPER, General Com­ GEORGE W. ROSSETTER, mercial Manager, Illinois Bell George Rossetter & Co. Telephone Co. PAUL S. RUSSELL, Vice-Presi­ D. A. CRAWFORD, President, dent, Harris Trust & Savings The Pullman Company. Bank. HENRY M. DAWES, President, FRED W. SARGENT, President, Pure Oil Company. Chicago & North Western Rail­ EDISON DICK. Vice-President. way Company. A. B. Dick Company. PAUL SCHULZE, Jr.. President. Paul Schulze Biscuit Company. L. A. DOWNS, President, Illi­ GEORGE E. SCOTT, President. nois Central System. American Steel Foundries. EDWARD J. DOYLE, Common­ WALTER DILL SCOTT, Presi­ wealth Edison Company, dent, Northwestern University. GEORGE B. EVERITT, Chair­ EDWARD G. SEUBERT, Presi­ man of the Board, Merchandise dent. Standard Oil Co. (In. Bank & Trust Company. diana). WADE FETZER, Jr., Assistant ARCH W. SHAW, President. to the President, W. A. Alex­ Shaw & Company. Inc. ander & Company. AL ERT A. SPRAGUE. Jr., Sprague, Warner & Company. CLARK W. FINNERUD, M.D. EMIL A. STAKE. Vice-President, WILLIAM GALLAUER, General First National Bank of Chicago. Manager. L. J. Sheridan & Co. SILAS H. STRAWN. Winston. RALPH E. HEILMAN, Dean, Strawn & Shaw. School of Commerce, North­ GEORGE P. TORRENCE, Presi­ western University. dent, Link-Belt Company. HARVEY T. HILL, Executive C. J. WHIPPLE, President, Vice-President, Chicago Stock Hibbard, Spencer, Bartlett & Exchange. Company. ROBERT M. HUTCHINS. Presi- EDWARD FOSS WILSON. Presi­ _dent, . dent, Wilson & Company. WHIPPLE JACOBS, Vice-Pres­ PHILIP K. WRIGLEY, Presi­ ident, Belden Manufacturing dent, William Wrigley, Jr. Company Company.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis C h ic a g o a n d No r t h W e s t e r n R a i l w a y C o m p a n y O f f i c e o f P r e s i d e n t C h i c a g o February 21, 1936,

Dear Mr. Socles: You have so many warn friends here and our business men are so anxious to hear a word from you that I am writing to ask if you will not make an exception and come to Chicago for one day so that some of us may meet 'with, you and break bread at a noon luncheon together, and then talk to Th6 Economic Club at night, even though you only speak informally and for a 'few minutes. This would take but one full day of your time, and we could make your sojourn here very pleasant and, I believe, helpful not only to you but to the business men of Chicago who are anxious to cooperate with you, We can fix the date of our meeting any day in March that would be most convenient for you. The Economic Club of Chieagp consists of eight hundred and fifty of the leading Executives of the City, a large majority of them being young, active and progressive men, and your appearance at this time with these Executives I am sure you would find to be most profitable and pleasant. I can imagine no. meeting that would be of greater value to the business world just now than to have you come to Chicago. With kindest regards, I am, Most sincerely yours,

Hon. M. S. Eccles, Chairman, Board of Governors, Federal Reserve System, Washington, D. C.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis February 26, 1936,

Mr. Fred W. Sargent, President, Chicago and North Western Railway Company, Chicago, Illinois. Dear Mr. Sargent: lour letter of February 13th to Mr. Szymczak, to which I replied on February 19th, and your letter of February 21st addressed directly to me are so cordial that I wish I were able to say definitely at this time just 'when it will be possible for me to come to Chicago. Unfortunately, circumstances are such, as I said in my previous letter to you, that I do not feel free to make any specific commitments as yet. I hope that before very long I will be able to get to Chicago and take advantage of the opportunity to meet with you and the members of the Economic Club. I am confident that it would be as pleasant and pro­ fitable for me as your letter promises. Please be as­ sured of my appreciation of your cordiality. With kindest regards, Sincerely yours,

M. S. Eccles, Chairman.

ET:b

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Feb. 27, 1956. Memo for Mr* Szymczak Re: Mr. Eccles* trip to Chicago.

Any date in April except Saturdays or Sundays. First choice: a Tuesday Second choice: a Wednesday Third choice: a Thursday Would like to have at least two weeks' notice, if possible. Gratefully, J. H. Dion.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis ACLASS OF SERVICE DESIREIiL CHECK DOMESTIC CABLE TELEGRAM _ FULL RATE

DAY LETTER DEFERRED ACCT'G INFMN. NIGHT NIGHT WESTERN MESSAGE______LETTER ___ NIGHT WEEKEND LETTER LETTER T IM E FILED Patrons should check class of service desired;aesir otherwise message will be " transmitted as a full-rate UNION communication._____ / \ NEW CO M B C A R LTO N , PRESIDENT J . C. WILLEVER, FIRST VICE-PRESIDENT Send the following message, subject to the terms on back hereof, which are hereby agreed to

OGDEN UTAH .APBIju il 1936

HR FnED Vv SARGENT Pi^IDENT CHICAGO

IK ALCGiiLAitojui iilln CON V•iUxbATIuiv YOU iiAL InIXju *>iii oZYMuZAi* SOi<£ETIijL£i AG^ itBi »i^TIVE

YOUxt LESIRE TO HAVE ME MEET Y.ITil GROUP OF BUSINESS ANL F IK M C IA u L E A D E R IN

CHICAGO I M P u i M I M 0 .ARRIVING CHICAGO FRIDAY MORNING ANL LENDING LAY THERE

fiLuL nE Quid) IF THiiT TIME MEETS YOUR CONVENIENCE TO ATTEND IM O R M u LUNCHEON TO

BE ARiUiNGEE BY YOU STOP YOMDuY ADVISE ML BY V/IRE M0J3LAY AT FliwT SECURITY

CORPORATION ObEElii UTAH

M S ECCLES NIGHT L, TTEli CHG Li S ECCLES.ACCT.

Digitized for FRASER THE QUICKEST, SUREST AND SAFEST WAY TO SEND MONEY IS BY TELEQRAPH OR CABLE http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis THE COMPANY WILL APPRECIATE SUGGESTIONS FROM ITS PATRONS CONCERNING ITS SERVICE 1201-S

C l a s s o f Se r v ic e SIGNS DL = Day Letter This is a fuf*|rate Telegram or (Cable­ WESTERN NM = Night Message gram unless its de­ NL = Night Letter ferred character is in­ LC = Deferred Cable dicated by a suitable .ign above or preced­ NLT = Cable Night Letter ing the address. Ship Radiogram R. B. WHITE UNIONNEWCOMB CARLTON J. C. W IL L E V E R S! PRESIDENT CHAIRMAN OF THE BOARD FIRST VICE-PRESIDENT The filing time shown in the date line on telegrams and day letters is Standard Time at point of origin. Time of receipt is Standard Time at point of destination. Received at Main Office, 2406 Washington Ave., Ogden, Utah ,,nn „„ „ . , r— -— .. - ---- 1935 APR 13 PM 2 41 'KH124 CAK=CH ICAGO ILL 13 416P MINUTES IN TRANSIT FULL-RATE DAY LETTER HON M S ECCLES= FIRST SECURITY CORP OGDEN UTAH=

AM DELIGHTED TO KNOW YOU WILL BE WITH US NEXT FRIDAY STOP LUNCHEON WILL 3E HELD AT TWELVE THIRTY EASTERN STANDARD TIME CHICAGO CLU3 STOP INVITATIONS WILL GO FORWARD TONIGHT FRED W SARGENT.

Digitized for FRASER http://fraser.stlouisfed.org/ THE QUICKEST, SUREST AND SAFEST WAY TO SEND MONEY IS BY TELEGRAPH OR CABLE Federal Reserve Bank of St. Louis THE ECONOMIC CLUB of CHICAGO

ONE LA SALLE BUILDING RANDOLPH #7*1 April 18, 1936

Dear Mr. Eccless Mr. Emil A. Stake, of our Executive Committee, has asked me to send you a list of those present at yesterday’s luncheon. I take pleas­ ure in enclosing a list arranged in order as per the attached diagram. I am also enclosing some news­ paper clippings which no doubt will be of interest to you. We are all elated over the excellent talk you gave us and thor­ oughly appreciate the opportunity of meeting with you.

w w w w l / ju* xj. m Executive Secretary

Mr. M. S. Eccles Chairman, Board of Governors Federal Reserve System Washington, D. C.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis April 22, 1936.

Dear Mr. Dion;

I have your letter of April 18th enclosing the list of guests at the luncheon held last Friday and the newspaper clippings regarding it. I wish to thank you for your thoughtfulness in sending these to me.

I appreciated very much the oppor­ tunity to address this distinguished group of men and the courtesies extended to me by your Club.

Sincerely yours,

M. S. Eccles, Chairman.

Mr. Joseph H. Dion, Executive Secretary, The Economic Club of Chicago, One LaSalle Building, Chicago, Illinois.

b

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

Walter J. Cummings Bertram J. Cahn Chairman Chairman of Board Continental Illinois Natl. B. Kuppenheimer 8s Co. Inc. Bank & Trust Company George P. Torrence Sewell Avery U. S. Gypsum Company Dr. Walter Dill Scott President Frank D. Williams Northwestern University Director Federal Reserve Bank of Chicago Holman D. Pettibone President Guy A. Richardson Chicago Title & Trust Co. President Chicago Surface Lines Emil A. Stake Vice President S. G. McAllister First National Bank of Chicago President Co. B. F. Kauffman President Edward R. Estherg Bankers Trust Co., Des Moines Director Federal Reserve Bank of Chicago Paul S. Russell Vice President David A. Crawford Harris Trust & Savings Bank President The Pullman Company T. E. Murchison President, Chicago Curb Exchange George A. Ranney Partner, Paul H. Davis & Co. Clist i rmsii Peoples Gas Light & Coke Co. Robert L. Osgood Chicago Representative Chauncey McCormick Brown Bros. Harriman & Co. Miami Corporation Carl R. Gray Lucius Teter President Lucius Teter & Company Union Pacific System S. T. Bledsoe Joseph H. Dion President Executive Secretary Atchison, Topeka & Santa Fe Ry. Economic Club of Chicago Arch W. Shaw John A. Mirt President Chicago Daily News Shaw & Company, Inc. 0. M. Smucker George W. Rossetter Chicago Herald & Examiner George Rossetter & Company

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Phil S. Hanna Nicholas H. Noyes Chicago Journal of Commerce Director Federal Reserve Bank of Chicago William Gallauer General Manager Francis X. Busch L. J. Sheridan & Company Taylor, Miller, Busch & Boyden Wade Fetzer, Jr. George B. Everitt W. A. Alexander & Company Chairman of Board Merchandise Bank & Trust Co. Albert A. Sprague, Jr. Sprague, Warner & Company T. W. Evans New York Central Lines Dr. Clark W. Finnerud W. 0. Batchelder B. R. Cooper Commercial Vice President General Commercial Manager General Electric Company Illinois Bell Telephone Co. Joseph L. Block William J. Kelly. Vice President Arthur J. O'Leary & Son Co. Inland Steel Company Homer D. Sayre Harvey T. Hill National Metal Trades Assn. Executive Vice President Chicago Stock Exchange Neil C. Hurley, Jr. Independent Pneumatic Tool Co. Frank C. Rathje President Robert C. Fenner Chicago City Bank & Trust Co. President Vortex Cup Company Charles D. Peacock, III C. D. Peacock, Inc. H. A.Scandrett President Donald R. McLennan, Jr. Chicago, Mil. & St. P. Ry. Marsh & McLennan, Inc. John Jay Abbott J. E. Bohle Vice President Aimer Coe & Company Continental Illinois Natl. Bank & Trust Co. Paul Schulze, Jr., President Paul Schulze Biscuit Co. C. T. O ’Neal President H. E. Christiansen Chicago & Eastern Illinois Ry. Hearst Corporation Bentley G. McCloud Thomas Furlong Vice President First National Bank of Chicago Robert P. Vanderpoel Robert F. Carr Financial Editor President Chicago American Dearborn Chemical Co.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis R. P. Stewart Robert H. Cabell Wall Street Journal President Armour & Company H. B. Voorhees Vice President Charles P. Megan Alton Railroad Co. Trustee Chicago & North Western Ry. Co. Lauranee Armour President Howard W. Fenton American Natl. Bank & Trust Co. President Harris Trust & Savings Bank David Bates Max W. Babb A. N. Williams Director President Federal Reserve Bank of Chicago Belt Railway Co. General Charles G. Dawes Col. Geo. T. Buckingham City National Bank & Trust Co. Defrees, Buckingham, Jones & Hoffman Thomas E. Wilson James E. Gorman Chairman of Board President Willson & Company Chicago, Rock Island & Pacific R. R.» George J. Schaller George E. Scott Governor President Federal Reserve Bank of Chicago American Steel Foundries Col. Albert A. Sprague Fred W. Sargent Sprague, Warner & Co. President Chicago & North Western Ry. Co. Arthur Andersen Arthur Andersen & Co. Henry M. Dawes President Pure Oil Company Ralph Budd President Chicago, Burlington & Quincy R.R. Mitchell D. Follansbee Follansbee, Shorey & Schupp Michael J. O ’Brien President, Chicago Stock Exchange Resident Partner, Paine Webber & Co. L. A. Downs President Illinois Central System Laurence B. Robbins Digitized for FRASERVice President http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis T he E co no m ic C lub of C hicago

Thirty-Fourth Dinner-Meeting

February Twenty-Five Nineteen Hundred Thirty-Six

AT THE

U n io n L eague C lub

PROGRAM

Subject AGRICULTURE

Speakers

G eneral R obert E. W ood PRESIDENT, , ROEBUCK & COMPANY

D octor H enry C. Taylor DIRECTOR, FARM FOUNDATION

Presiding

Fred W. Sargent PRESIDENT OF THE CLUB

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis (Who’s Who in America)

WOOD, Robert E., pres. Sears, Roebuck & Co., b. Kansas City, Mo., June 13, 1879; s. Robert Whitney and Lillie (Col­ lins) Wood; grad. U. S. Mil. Acad., 1900; m. Mary Butler Hardwick, of Augusta, Ga., Apr. 30, 1908; children—Anne Hardwick, Frances Elking- ton, Sarah Stires, Robert Whitney II, Mary Stovall. Served in U. S. Army during Philippine Insurrection as 2d and 1st It., 3rd Cavalry, 1900-02; asst, chief quartermaster, chief quartermaster and dir. of Panama Railroad Co., on construction of Panama Canal, 1905-15; col. and brig. gen. N. A., World War, acting quartermaster gen. U. S. A., 1918-19. Entered business life, 1915; asst, to pres. Gen. Asphalt Co. 1915-1917; vice pres. Mont­ gomery Ward & Co., Chicago, 1919-24, vice pres. Sears, Roebuck & Co., Chicago, 1924-28, pres, since 1928; dir. North Am. Car Corpn., Sears, Roebuck & Co., C. B. & Q. Ry. Co. Apptd. mem. advisory comm. Dept, of Commerce, 1933. Trustee of Farm Foundation.* Awarded Philippine Insurrection medal, Panama Canal medal, D. S. M.; Companion Order St. Michael and St. George (British); Knight Legion of Honor (French). Clubs: University, Exmoor, Chicago, Commercial (Chicago); Army and Navy (Washington); University (Kansas City).

(Who’s Who in America)

TAYLOR, Henry Charles, agrl. economist; b. Stockport, la., Apr. 16, 1873; s. Tarpley Early and Elmira (Martin) T.; Drake U., Des Moines, la., 1891-93; B. Agr., Ia. State Coll., Ames, 1896, M.S.A., 1898; Ph.D., U. of Wis., 1902; studied London Sch. of Econo­ mics, one term, 1899; Halle-Wittenberg U., one semester, 1900; U. of Berlin, 1 semester, 1900-01; m. Elizabeth Bruner, June 17, 1904; 1 dau., Esther Elmira. Began as instr. commerce, U. of Wis., 1901, chmn. dept, agrl. economics, 1908-19; chief of Office of Farm Management, U. S. Dept, of Agr., Apr. 1, 1919-June 30, 1921, and chief of Bur. of Markets and Crop Estimates, 1921-22; chief of Bur. of Agrl. Economics, July 1, 1922-Aug. 15, 1925; research associate Inst. Research Land Economics and Pub. Utilities, and prof. agrl. economics, Northwestern U., 1925-28; dir. comprehensive survey of rural Vt. and research prof. agrl. economics, U. of Vt., 1928-31; mem. Commn. of Laymen’s Foreign Mission Inquiry, 1931-32; U. S. mem. permanent com. Internat. Inst, of Agr., Rome, Italy, Aug. 193 3-Oct. 193 5; Director of Farm Foundation since Nov. 1935.* Mem. Am. Econ. Assn., Am. Farm Econ. Assn., Alpha Zeta, Phi Kappa Phi, Phi Beta Kappa. Mason (32°, K.T.); mem. Grange. Club: Cosmos. (Washington). Author: Introduction to the Study of Agricultural Eco­ nomics, 1905; Outlines of Agricultural Economics, 1931.

* The Farm Foundation was created in 1933 by a country-wide group who believed that a foundation dedicated to the welfare of the farming and rural population of the United States was needed and could be helpful in many ways. Alexander Legge, President of International Harvester Company at the time of his death, was the principal initial contributor to the endowment fund. The foundation is administered by a board of twenty-one trustees chosen from America’s leadership in agriculture, business and education.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis ALPHABETICAL LIST A Table No. T able No. Table No. ♦Compton, R. M...... 36 ♦Gottschalk, Louis...... 39 ♦Adams, Ben S...... 32 ♦Graham, M. J ...... 37 A dam s, C yrus H.J I I I ...... 50 Conaghan, Paul R ...... 19 A dam s, H arry H ...... 69 Converse, A...... Graham, Willard J ...... 26 Conway, Barret ...... 36 ♦Gray, W. H ...... 48 ♦Adler, Cyrus...... 52A Green, Dwight H ...... 44 Affleck, B. F ...... 19 ♦Cook, C. R ...... 52A ♦Aitkin, E. S ...... 66 Coolidge, Winthrop ...... 39 Green, R u ssell W ...... 17 .lien, Charles W ...... 12 Cooney, James D ...... 40 ♦Greenawalt, W. P ...... 38 len, Edwin D ...... 10 Cooper, Earl J ...... 41 ♦G ressens, Otto ...... 64 ille n , K. C...... 12 Corbett, David R ...... 38 ♦Griswold, John C...... 44 A llport, H a m ilto n ...... 40 ♦Cousino, E. A ...... 49 Gutmacher, C. H ...... 65 ♦Ames, E. S...... 21 Cox, James ...... 30 Anderson, Louis S...... 12 Cox, Marion A ...... 14 H A ndresen, E dw ard W ...... 53 Coyne, T hom as R ...... 19 Andrews, H. M ...... 63 C raigm ile, C. S...... 38 ♦Haberkorn, Joseph J ...... 20 Andrews, Lucius A., Jr...... 53 Craven, Alfred W., Jr...... 60 ♦Haight, George 1...... 33 Armstrong, Kenneth E ...... 69 Crawford, David A ...... 23 Hajek, Henry F ...... 68 Arnheim, Ralph L ...... 46 ♦Crow, Allan B ...... 21 *Hajek, Henry C...... 68 Avery, William H., Jr...... 57 Crowley, Patrick F ...... 63 Hansen, Arthur Stedry....43 ♦Ayers, W. L ...... 46 Cunningham, James A ...... 40 Hardy, Edward K., Jr...... 25 Curtis, L. C...... 65 ♦Harper, J. D ...... 48 Harris, Norman W ...... 30 B Harrison, William K ...... 20 Baker, Claude F ...... 41 Hartford, George F ...... 36 ♦Baker, John E., Jr...... 54 D alton, P h ilip S., Jr...... 67 Hause, Donald B ...... 25 Banks, Charles S...... 12 Davidson, B. E ...... 18 ♦Haynes, J. M...... 52 Barber, Phil C...... 28 Davis, Courtenay C...... 27 ♦H eisk ell, F. W ...... 43 ♦Bartholomay, William, Jr.. .42 Davis, John R ...... 61 Herbst, Le Roy B ...... 61 Batchelder, William 0 ...... 33 ♦D aw son, I. B ...... 43 ♦Heymann, Walter M...... 33 Baurhyte, V. C...... 62 D ean, W illiam D ...... 2ff Hibben, Joseph W ...... 19 Beacom, Thomas H., Jr....41 de La Chapelle, Jacques...27 Higgins, Edgar J ...... 10 Becklenberg, Frederick ♦Denney, Ellis H ...... 16 ♦H ilton, W illiam C...... 44 P., Jr...... 63 ♦Derby, W. B ...... 25 Hinks, Kennett W ...... 65 Beebe, Hamilton K ...... 34 Dern, John ...... 47 H offm an, E lb ert A ...... 11 B ell, B. C., J r...... 57 ♦D’Esposito, Joshua ...... 67 Hoffman, George E ...... 66 Bell, Harry M...... 63 Dillard, J. H ...... 24 ♦H olahan, M. F ...... 43 Benjam in, H. H ...... 61 Dixon, George W., Jr...... 47 Holmberg, L. 0 ...... 61 Berg, Stanley B ...... 53 Dodge, A. C...... 59 Horton, Gerald ...... 58 Bethge, Charles A...... 46 D onaghy, John J ...... 20 Hosmer, Philip B., Jr...... 54 Blair, John M...... 31 Doughty, William H., III.. 28 House, Irwin M...... 11 ♦Bliss, J. H ...... 65 Draper, Walter D ...... 68 Howat, Robert J...... 14 Blomquist, John F ...... 15 Dr ever, Thomas ...... 21 ♦H ow kinson, M. P ...... 21 B oatw righ t, John W ...... 57 ♦Dunlap, Thom as M...... 26 ♦Howland, D. R ...... 44 Bobb, Dwight S...... 21 Dunne, R. J ero m e...... 18 Humphrey, Merrill W ...... 24 B ohle, J. E ...... 60 Durham, Frank J ...... 67 Hupp, Frank L ...... 69 B oiler, G eorge ...... 48 ♦Huston, F. G...... 29 Boone, C. D a n ie l...... 57 E ♦Hyde, H. H ...... 22 ♦Boone, W . J ...... 65 B ooth, George E ...... 55 E arle, S. E d w in ...... 14 Booz, Edwin G...... 23 Eklund, Ernest A ...... 56 B ourland, W illiam L ...... 21 ♦E lston, I. C., Jr...... 27 In gersoll, R. C...... 69 ♦Boylan, Robert P ...... 63 ♦Emmert, R. W ...... 67 ♦Irons, Dr. Ernest E ...... 21 Bradt, Andrew G...... 62 Essington, Thurlow G...... 34 Isele, Walter S...... 42 Brennan, James G...... 37 Estrem, Thomas S...... 53 ♦Brennan, John E ...... 63 Evans, Melvin J ...... 68 ♦Broeksmit, John S...... 36 ♦Evensen, W alter ...... 38 “rooks, H. P ...... 25 ♦Ewing, Charles A ...... 48 Janney, T. G...... 42 rooks, P. C...... 59 Jasper, S. M...... 65 rooks, Wallace 1...... 10 Jenner, Albert E., Jr...... 69 Brown, Gerard S ...... 61 F agerburg, D ew ey F ...... 45 Jennett, Clarence B ...... 20 Brown, Mark A...... 30 ♦F&irweather, George 0 ...... 19 Jen n ett, Edw ard J ...... 16 Brown, Marvin K ester....28 Fall, J. H., Jr...... 54 Jensch, C harles ...... 57 Brown, R. Andrew ...... 57 F a ll, J. H., I l l ...... 54 Jessu run , A. E ...... 29 B row n, R on ald N ...... 18 F a lley , G eorge F ...... 49 Johnson, A ndrew A ...... 11 Bryant, Thomas W ...... 69 Faricy, William T ...... 49 Johnson, Edward ...... 68 Buckingham, George T ...... 24 Farr A. V ...... 35 Johnson, Thomas J., Jr....17 Buckley, John K...... 29 Farrier, Paul E ...... 62 Jones, Clarence B ...... 53 Budd, R alph ...... 39 Fenner, Robert C...... 40 ♦Jones, Walter Clyde, Jr....54 Burch, Clayton B ...... 27 F en tress, C alvin ...... 23 Jorgensen, George L ...... 55 Burgert, Woodward ...... 66 ♦F en tress, C alvin, Jr...... 23 ♦Judson, Frank ...... 19 Burgett, Philip L ...... 14 ♦Fernold, Robert W ...... 45 ♦Burke, A. L ...... 64 Fetzer, Wade, Jr...... 22 K Burnell, Edward J ...... 56 F isch er, G. L y le ...... 14 B u m sta n , A rth u r R ...... 53 Fisher, John W., Jr...... 59 K ahn, I. W ...... 48 ♦Bush, John M...... 49 Fitzmorris, Charles C., Jr. .51 ♦Kahn, J. K esn er...... 48 Butler, Rush C...... 57 Fleming, Thomas J ...... 23 Kaine, James B ...... 33 B utler, R u sh C., J r...... 57 Fligman, Joseph B ...... 64 Kasch, Frederick M...... 2 S B utz, Theodore C...... 52 K ay lor, C. W ...... 28 Flower, Wallace M...... 35 Keeler, L. A...... 59 ♦Flynn, E ...... 39 Keelin, Thomas W ...... 18 Foley, Ralph J ...... 16 K eeth, R obert P ...... 15 Cahn, Bertram J ...... 39 Fordtran, Henry C...... 38 ♦Keller, A. B ...... 43 Campbell, Chesser M...... 20 F organ, Glenn M...... 34 ♦Keller, Charles ...... 33 Canman, Richard W ...... 65 ♦Fox, C...... 51 Kellogg, Harry E ...... 56 Capek, C harles A ...... 17 ♦Fox, Charles H ...... 31 Kelly, George S...... 29 Capron, Horace M...... 36 F ow ler, E dw in J ...... 55 Kelly, William J ...... 40 Carlton, Bradford W ...... 31 F razer, G eorge E ...... 45 Kemper, Mark ...... 65 Carruth, R. H ill...... 52 Friedlander, J. M...... 28 ♦Kenevel, Leroy J ...... 64 ♦Carson, Roy G...... 67 Friend, Milton H ...... 59 Kenyon, Robert E ...... 37 Castle, Lester D ...... 15 ♦F risbie, C. 0 ...... 53 Kenyon, Robert E., Jr...... 37 ♦Chadwell, John T ...... 45 F ryd en d all, A. D ...... 56 Kesner, J. L ...... 48 Channer, George S., Jr...... 41 ♦F uller, H. W ...... 33 ♦Kitch, Stanley B ...... 17 Chapm an, D. W ...... 56 Knight, Lester B., Jr...... 32 Cherry, W alter L ...... 53 Knight, R. G...... 64 Chinnock, Ronald J ...... 34 ♦Gamble, Thomas S...... 11 Knowles, Fred H ...... 61 Christiansen, H. E ...... 25 Gary, Theodore S...... 69 Kolar, Andrew J ...... 61 Clark, N orm an C...... 18 Gifford, F rederick Z...... 29 ♦K ondolf, H arold K...... 45 Clark, Robert 0 ...... 35 Gifford, R. H ...... 58 Kramer, Alvin F ...... 46 Clarkson, John L ...... 42 G ilbert, A llan T ...... 28 Kuehnle, Walter R ...... 64 Clinton, Richard H., Jr...... 44 ♦Gillette, Howard F ...... 49 ♦Clutton, Fred H ...... 63 Gillies, Coll ...... 62 ♦C ollins, J. R ...... 60 ♦Gordon, L ester B ...... 67 Collins, Julien H ...... 30 ♦Gordon, M. M a rtin ...... 14 L a Croix, M. J...... 37 ♦Compton, D. M...... 36 Gorham, Willett N ...... 32 Laing, Donald W ...... 5# Digitized for FRASER ♦Guest http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Table No. Table No. Table No. * Laird, Kenneth ...... 12 Osgood, Robert L ...... 17 ♦Sperling-, Harold G...... 48 Lam bert, C. A ...... 26 O'Toole, Donald ...... 63 Spitzglass, Leonard M...... 64 Lang-, Gordon ...... 62 Sprague, Albert A., Jr...... 25 Lasier, John W ...... 31 Stake, Emil A ...... 20 Latham , Carl H ...... 38 P ♦Steele, W ilter D ...... 54 ♦Lathrop, William H ...... 17 Page, Harve H ...... 58 ♦Steinhoff, €. F., Dr...... 66 Lavery, Paul E ...... 35 Paidar, Leonard J ...... 66 Stephens, William H. B...11 Leach, G eorge T ...... 12 Paxton, D. F ...... 66 Stevens, Eugene M., Jr....41 ♦Leahy, Thomas ...... 20 Peacock, Charles D., III...50 Stevenson, Adlai E ...... 47 Lethen, Edward F., Jr...... 54 Peirce, Charles p ...... 52 Stevenson, James R. D., Jrjtf| Levings, George E ...... 14 Petit, Adelor J., Jr...... 66 ♦Stewart, A. E., Dr...... Lewis, Harold W ...... 15 Pettibone, Holman D ...... 39 Stewart, John Allen ...... m ... Lill, George, II ...... 56 Phelan, Richard L ...... 19 ♦Stewart, R. P ...... bT Lindahl, O scar N ...... 35 Pilgrim, Wilbur F ...... 16 Stiff, Cary P ...... 51 Lindeman, John H ...... 16 Pillsbury, Charles S...... 58 Strauss, Joseph L., Jr.. ...60 ♦Lindley, Arthur F ...... 32 ♦Pink, I r a ...... 52 A ♦Stuart, John ...... 32 Loeber, P aul C., J r...... 10 ♦Pitts, W. J ...... 15 ♦Stuart, R. D ...... 32 Long, Elmer E ...... 15 Platt, Henry R., Jr...... 50 ♦Sundberg, C. H ...... 60 Lorish, Fred M...... 26 Pollock, John D ...... 52 S utton , D. S...... 47 Lowell, Dr. Jay W ebb....59 P oppenhusen, C. H ...... 39 ♦Porter, Irvin L ...... 33 T ♦Potter, T. A ...... 32 M P ratt, Charles S...... 34 Talman, E. Lee ...... 32 ♦Macdonald, George A...... 32 P rice, C hester L ...... 23 ♦Taylor, A. Thomas...... 34 MacLeish, John EJ...... 24 Purchas, Robert W. T ...... 33 Taylor, Edmund H ...... 35 ♦MacMurray, S. A ...... 51 Taylor, E. Hall...... 69 MacNeil, Donald A ...... 26 Teasdale, Harold T ...... 16 Madden, Edmond ...... 18 R ♦Tenny, Lloyd S ...... 21 M agnus, Joseph E ...... 30 ♦Teter, Charles L ...... 31 Ratcliff, Elwood G...... 16 T eter, L u c iu s...... 31 Mahan, Robert B ...... 44 Redding, George H ...... 59 Markham, Herbert 1...... 28 ♦Thom as, T. J ...... 39 Redlich, Dr. William E ...... 44 T hom pson, E. F ...... 55 Markheim, Harry ...... 50 Reed, Preston E ...... 59 Marquardt, Roy R ...... 11 Thompson, Floyd E ...... 39 R eyn old s, C on ger...... 22 Torrence, George P ...... 47 ♦Marshall, William J ...... 46 Reynolds, F. G...... 19 M ason, A rnold D. K ...... 62 ♦Townsend, Bernard J ...... 67 Rich, Chester B ...... 50 Townsend, Harold G...... 47 Mayer, Carl G...... 17 Richards, J. DeForest...... 30 Mayer, Godfrey 0 ...... 17 Trainer, John M., J r...... 18 Richardson, Charles E ...... 57 Trees, Harry A ...... 27 ♦Maynard, Edwin T ...... 46 ♦Richmond, Geo...... 58 ♦McAllister, S. G...... 43 R igler, G. H ...... 66 Trow bridge, C. W ., D r...... 21 ♦McCain, Charles S...... 49 Rivenes, A. 1...... 37 Tuttle, William F ...... 60 McCaughey, Russell J ...... 41 Robbins, Burr L ...... 44 ♦McCloud, B en tley G...... 33 R oblee, L. H. S...... 53 u McCormick, Chauncey ....22 Rochetto, Louis R ...... 62 Ullmann, Stuart E ...... 37 McCormick, Robert H all...51 Roempler, H. 0 ...... 55 Underwood, Morgan. P ...... 24 McCulloch, Hathorn W ___ 38 R ogers, Sam pson, J r...... 15 ♦McDonough, John ...... 30 R oss, Clyde P ...... 27 McGowan, John F ...... 11 R ose, G eorge E ...... 42 V Mcllraith, Evan J ...... 67 ♦Rubinow, S. G...... 48 ♦Vanderploeg, W. H ...... 30 M cLaury, W alker G...... 41 Rubloff, Arthur...... 10 ♦Vanderpoel, Robert P ...... 39 McLennan, Donald R., Jr...41 Rushton, Joseph A ...... 49 Vanzwoll, Sheldon W ...... 14 McManus, B. A ...... 58 Russell, Paul S...... 42 V ogele, A lb ert J ...... 26 M cN ulty, Bernard L ...... 59 Vollintine, J. Louis...... 57 M cSwain, W illiam A ...... 19 Menden, George B ...... 66 Meyer, Charles Z...... 36 s w Meyer, Dr. Karl A ...... 58 Sackett, Walter M...... 48 ♦Wade, James F., Jr...... 42 Michael, Lester J ...... 25 Sampsell, David S...... 40 Wade, Walter A ...... 42 M iller, C. B ...... 60 Sanger, John P ...... 23 ♦W aggoner, W. C...... 15. Miller, James Mann ...... 34 Sayre, Louis T ...... 63 W agner, Iv o r ...... ♦Mirt, John A ...... 22 Scallan, John W ...... 22 W akeley, A rthur W ...... S j M itchell, John J ...... 23 Scarborough, Henry, Jr....60 Wakeley, Thompson M... . V | Molthop, Duane T ...... 26 Schnadig, Edgar L ...... 46 W alker, L ee W ...... 10 Montgomery, John R., Jr...31 Schommer, John J ...... 27 Walker, William M., Jr...44 Moon, Earl W ...... 42 ♦Schroyer, Malcolm W ...... 35 Walters, E. W orthington..60 ♦Morgan, John ...... 10 Schulze, Paul...... 12 Walther, H. 0 ...... 16 ♦Mork, P. R ...... 68 S chulze, P aul, J r ...... 12 Wanberg, J. F ...... 54 ♦Morris, Seymour...... 51 Schulze, Victor Hugo ...... 12 Warner, Addison W ...... 66 Morrison, C. R ...... 43 Schumacher, Bowen E ...... 41 W arner, E zra J., Jr...... 34 Morrissey, Daniel E ...... 26 Schwerin, Charles L ...... 34 W arner, R. M ile s...... 33 *Morrissey, John A ...... 42 Scott, Frederick H., Jr...... 51 W eakly, Frank E ...... 60 ♦Morrow, John, Jr...... 43 Scott, Walter Dill...... 40 W eath erston , John S...... 12 Morse, John B ...... 14 Scribner, Gilbert H ...... 20 Weinrich, Arthur C...... 31 M oss, E u gen e A ...... 65 Seaton, G. L e la n d ...... 37 Welch, L. C...... 61 M ullaney, Bernard J ...... 46 ♦Sedwick, H. P ...... 58 Wells, Stanley E ...... 14 M ullins, T. C...... 52 S eeley, L. M...... 34 W elles, D onald P ...... 36 Murbach, F. G...... 11 ♦Seftenberg, Chester D ...... 16 ♦West, Lonsdale N ...... 25 Murphey, James M...... 67 ♦Shapiro, L. 1...... 29 ♦W eston, C h ester G...... 52A ♦Murphy, Frederick E. ..'....2 4 Sheldon, James M., Jr...... 55 Weston, N. A ...... 56 M urray, Jam es C...... 32 Sheldon, John W ...... 55 W hidden, R ay H a r v e y ...... 12 Sherman, Ira L...... 60 W h ite, R ob ert...... 18 Sherman, John H ...... 61 White, William F ...... 58 N Shierling, Evan V ...... 17 Whitworth, Charles Rupert. 10 ♦Narrin, Elgin E ...... 50 Shillinglaw, David L ...... 54 Wigeland, Andrew E ...... 50 Needier, Lowell Q...... 62 Shorney, Gordon D ...... 16 Wilder, Harris E ...... 22 Nelson, Ivar ...... 20 Shultz, E arle...... 69 Williams, A. N ...... 47 Neubauer, William A ...... 55 ♦Siefkin, F o rest D ...... 45 W illia m s, F o rrest N ...... 62 ♦Simmons, H. H ...... 66 Williams, Harry J ...... 40 Newhall, Charles...... 35 Sims, Frank S...... 47 Nichols, Frederick A., Jr...10 ♦Sivright, Cal...... 30 Wilson, Edward Foss ...... 22 Nicholson, John R ...... 45 S lau ghter, G. F Wilson, Thomas E ...... 22 Nickell, H. Kennedy ...... 58 ...... 21 W inn, E. R ...... 36 ♦Nicoll, James S...... 26 Sm ith, B ernard P ...... 50 ♦W inston, F red L ...... 42 N olan, V in cen t J ...... 17 S m ith, B u rton ...... 50 W isem an , W illiam P ...... 18 ♦Northup, Harry L ...... 37 ♦Smith, Cecil Corbett...... 52 ♦Wolcott, Ryland ...... 46 Norwood, John K ...... 68 Smith, Roy E ...... 38 W ood, C harles H ...... 65 ♦Sm ucker, O. M...... 24 W yatt, E d w in A ...... 26 ♦Smith, Winthrop H ...... 45 Snow, Bernard W ...... 18 N uveen, John, Jr...... 28 Snydacker, J. U ...... 15 ♦Snyder, E rw in P ...... 45 Y Snyder, W. H ...... 24 ♦Y arling, M. B ...... 46 o Solomon, L. R ...... 10 Young, Clifford S...... 24 Oates, James F., Jr...... 47 Som ers, R oger W ...... 31 ♦Odell, Carl L ...... 23 Sommer, Armand ...... 68 ♦Odell, W. R., Jr...... 43 Soper, R. H ...... 22 z O’Hara, A rthur J ...... 17 ♦Southard, Cecil D ...... 52 ♦Zehr, O. E ...... 29 Olmsted, Robert H., Jr___ 56 ♦Sowles, Melvin ...... 67 ♦ Zimmermann, Earle J ...... 23 Oppenheimer, Harry L...52A Spang, Josep h P., J r...... 51 Zucker, W. J ...... 54 Digitized for FRASER ♦Guest http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis SEATING ARRA N Q E M E N T

Speakers’ Table TA B LE NO. 17 T A B L E NO. 24 Charles A. Capek George T. Buckingham Fred J. Duncombe Russell W. Green J. H. Dillard Thomas J. Johnson, Jr. Merrill W. Humphrey William S. Elliott John E. MacLeish Clifford V. Gregory ♦Stanley B. Kitch ♦William H. Lathrop ♦Frederick E. Murphy Jack C. Griffin Carl G. M ayer ♦O. M. Sm ucker Neil G. Hurley, Jr. G odfrey O. M ayer W. H. Snyder Morgan P. Underwood G. W a lter O strand Vincent J. Nolan Arthur J. O’Hara Clifford S. Young Fred W. Sargent Robert L. Osgood Dr. H en ry C. T aylor Evan V. Shierling General Robert E. Wood

T A B L E NO. 10 T A B L E NO. 18 T A B L E NO. 25 Edwin D. Allen Ronald N. Brown ♦H. P. Brooks Wallace I. Brooks N orm an C. Clark H. E. Christiansen Edgar J. Higgins B. E. Davidson William D. Dean P aul C. Loeber, Jr. R. Jerome Dunne ♦W. B. Derby ♦John Morgan Thomas W. Keelin Edward K. Hardy, Jr. Frederick A. Nichols, Jr. Edmond Madden Donald B. Hause Arthur Rubloff Bernard W. Snow Lester J. Michael L. R. Solomon John M. T rainer, Jr. Albert A. Sprague, Jr. Lee W. Walker Robert White ♦Lonsdale N. West Charles Rupert Whitworth William P. Wiseman

TABLE NO. 11 TABLE NO. 19 TABLE NO. 26 A. W. Converse B. F. Affleck ♦Thomas M. Dunlap ♦Thomas S. Gamble Paul R. Conaghan Willard J. Graham Elbert A. Hoffman Thomas R. Coyne C. A. Lambert Irw in M. H ouse ♦George O. Fairweather F red M. L orish Andrew A. Johnson Joseph W. Hibben Donald A. Mac Neil Roy R. Marquardt ♦Frank Judson Duane T. Molthop John F. McGowan William A. McSwain Daniel E. Morrissey F. G. M urbach F. G. R eyn old s ♦Jam es S. N ico ll William H. B. Stephens James R. D. Stevenson, Jr. Albert J. Vogele Edwin A. Wyatt

T A B L E NO. 12 TA B LE NO. 20 Charles W. Allen C hesser M. C am pbell TABLE NO. 27 K. C. A llen John J. Donaghy Louis S. Anderson Clayton B. Burch ♦Joseph J. Haberkorn Courtenay C. Davis Charles S. Banks William K. Harrison ♦Kenneth Laird Clarence B. Jennett Jacques de La Chapelle George T. Leach ♦I. C. E lsto n , Jr. ♦Thomas Leahy T. E. Murchison Paul Schulze Ivar Nelson Paul Schulze, Jr. Clyde P. Ross Gilbert H. Scribner John J. Schommer Victor Hugo Schulze Emil A. Stake John S. Weatherston Harry A. Trees Ray Harvey Whidden Arthur W. Wakelay Thompson M. Wakeley

TABLE NO. 14 TABLE NO. 21. Philip L. Burgett ♦E. S. A m es TABLE NO. 28 Marion A. Cox Dwight S. Bobb P h il C. B arber S. E dw in E arle William L. Bourland Marvin Kester Brown G. L y le F isch er ♦Allen B. Crow Paul H. Davis ♦M. M artin Gordon Thomas Drever William H. Doughty, III Robert J. Howat ♦M. P. H ow k in son Joseph M. Friedlander George E. Levings ♦Dr. Ernest E. Irons Allan T. Gilbert John B. Morse G. F. S lau gh ter Frederick M. Kasch Sheldon W. Vanzwoll ♦Lloyd S. Tenny C. W . K aylor Stanley E. Wells Dr. C. W. T row bridge Herbert I. Markham John Nuveen, Jr.

TABLE NO 15 TABLE NO. 22 John F. Blomquist Wade Fetzer, Jr. T A B L E NO. 29 Lester D. Castle ♦H. H. Hyde John R. Buckley Robert P. Keeth Chauncey McCormick Frederick Z. Gifford Harold W. Lewis ♦John A. Mirt ♦F. G. H u sto n Elmer E. Long Conger Reynolds A. E. Jessurun ♦W. J. Pitts John W. Scallan George S. Kelly Sampson Rogers, Jr. R. H. Soper ♦L. I. Shapiro J. U. Snydacker Harris E. Wilder ♦Dr. A. E. Stewart ♦W. C. W aggon er Edward Foss Wilson ♦O. E. Zehr Thomas E. Wilson

TABLE NO 16 TABLE NO. 23 TABLE NO. 30 ♦Ellis H. Denney Edw in G. B ooz Mark A. Brown Ralph J. Foley David A. Crawford Julien H. Collins Edward J. Jennett Calvin Fentress J a m es C. Cox John .H. Lindeman ♦Calvin Fentress, Jr. Norman W. Harris Wilbur F. Pilgrim Thomas J. Fleming Joseph E. Magnus E lw ood G. R a tcliff John J. Mitchell ♦John McDonough ♦Chester D. Seftenberg ♦Carl L. Odell J. DeForest Richards Gordon D. Shorney Chester L. Price ♦Cal Sivright Harold T. Teasdale John P. Sanger ♦W. H. Vanderploeg H. O. W alther ♦Earle J. Zimmermann Digitized for FRASER ♦Guest http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis T A B L E NO. 31 TABLE NO. 39 TA B L E NO. 47 John M. Blair R alp h Budd John D ern Bradford W. Carlton Bertram J. Cahn George W. Dixon, Jr. ♦Charles tt. Fox Winthrop K. Coolidge James F. Oates, Jr. John W. Lasier ♦E. F ly n n Frank S. Sims John R. Montgomery, Jr. ♦Louis Gottschalk A dlai E. I Steven son Roger W. Somers Holman D. Pettibone D. S. Sutjton ♦Charles L. Teter C. H. P oppenhusen George P. Torrence Lucius Teter ♦T. J. Thomas H arold G. T ow nsend A rth u r C. W ein rich Floyd E. Thompson Ivor Wagner ♦Robert P. Vanderpoel A. N. Williams

T A B L E NO. 32 T A B L E NO. 40 ♦Ben S. A dam s Hamilton Allport W illett N. Gorham James D. Cooney T A B L E NO. 48 Lester B. Knight, Jr. James A. Cunningham ♦Arthur F. Lindley R obert C. F enner George Boiler ♦George A. Macdonald H arry M. G u stafson ♦Charles A. Ewing Jam es C. M urray William J. Kelly ♦W. H. Gray ♦T. A. Potter D avid S. Sam psell ♦J. D. Harper ♦John Stuart Walter Dill Scott I. W. K ahn ♦R. D. Stuart ♦J. Kesner Kahn Harry J. Williams J. L. Kesner E. Lee Talman ♦S. G. R ubinow Walter M. Sackett ♦H arold G. S p erlin g T A B L E NO. 41 T A B L E NO. 33 Claude F. Baker William O. Batchelder Thomas H. Beacom, Jr. ♦H. W. Fuller George S. Channer, Jr. ♦George I. Haight Earl J. Cooper TABLE NO. 49 ♦W alter M. H eym an n Russell J. McCaughey ♦John M. B u sh James B. Kaine W alk er G. M cLaury *E. A. Cousino ♦Charles Keller Donald R. McLennan, Jr. George F. Falley ♦Bentley G. McCloud Bowen E. Schumacher W illiam T. F a ricy ♦Irvin L. Porter Eugene M. Stevens, Jr. ♦Howard F. Gillette Robert W. T. Purchas ♦Charles S. McCain R. Miles Warner Joseph A. Rushton

T A B L E NO. 42 TABLE NO. 34 ♦William Bartholomay, Jr. John L. Clarkson T A B L E NO. 50 Hamilton K. Beebe W alter S. Isele Ronald J. Chinnock T. G. Janney Cyrus H. Adams, III T h u rlow G. E ssin g to n Earl W. Moon Harry Markheim G lenn M. F organ ♦John A. Morrissey ♦Elgin E. Narrin James Mann Miller George E. Rose Charles D. Peacock, III Charles S. Pratt P a u l S. R u ssell Henry R. Platt, Jr. Charles L. Schwerin ♦James F. Wade, Jr. Chester B. Rich L. M. Seeley Walter A. Wade Bernard P. Smith ♦A. Thomas Taylor ♦Fred L. Winston Burton Smith Ezra J. Warner, Jr. Andrew E. Wigeland

T A B L E NO. 43 T A B L E NO. 35 ♦I. B. Dawson R ob ert O. Clark Arthur Stedry Hansen T A B L E NO. 51 A. V. F arr ♦F. W. Heiskell Charles C. Fitzmorris, Jj Wallace M. Flower ♦M. F. H olahan Paul E. Lavery *C. F o x \ ♦A. B. Keller Robert Hall McCormick Oscar N. Lindahl ♦S. G.' M cA llister Charles Newhall ♦S. A. MacMurray C. R. M orrison ♦Seymour Morris ♦Malcolm W. Schroyer ♦John Morrow, Jr. Edmund H. Taylor Frederick H. Scott, Jr. ♦W. R. Odell, Jr. Joseph P. Spang, Jr. Cary P. Stiff

T A B L E NO. 36 T A B L E NO. 44 ♦John S. Broeksmit Richard H. Clinton, Jr. Horace M. Capron Dwight H. Green T A B L E NO. 52 ♦D. M. C om pton ♦John C. G risw old Theodore C. B u tz ♦R. M. C om pton ♦W illiam C. H ilton R. Hill Carruth Barret Conway ♦D. R. Howland Robert B. Mahan ♦J. M. H ayn es George F. Hartford T. C. M ullin s C h arles Z. M eyer Dr. William E. Redlich Burr L. Robbins Charles P. Peirce Donald P. Welles John D. Pollock E. R. W inn W illia m M. W alker, Jr. ♦Cecil Corbett Smith ♦Cecil D. Southard

T A B L E NO. 37 T A B L E NO. 45 J am es G. B rennan ♦John T. Chadwell ♦M. J. G raham Dewey F. Fagerburg Robert E. Kenyon ♦Robert W. Fernold TABLE NO. 52A Robert E. Kenyon, Jr. George E. Frazer ♦Cyrus Adler M. J. L a Croix ♦Harold K. Kondolf *C. R. Cook ♦Harry L. Northup John R. Nicholson Harry L. Oppenheimer A. I. Rivenes ♦Forest D. Siefkin ♦Ira P in k G. L elan d Seaton ♦Winthrop H. Smith ♦C hester G. W eston Stuart E. Ullmann ♦Erwin P. Snyder

T A B L E NO. 38 TABLE NO. 46 David R. Corbett Ralph L. Arnheim T A B L E NO. 53 C. S. C raigm ile ♦W. L. Ayers Edward W. Andresen ♦Walter Evensen Charles A. Bethge Lucius A. Andrew, Jr. H en ry C. F ord tran Alvin F. Kramer Stanley B. Berg ♦W. P. Greenawalt ♦William J. Marshall Arthur R. Burnstan Carl R. Latham ♦Edwin T. Maynard Walter L. Cherry Hathorn W. McCulloch Bernard J. Mullaney Thomas S. Estrem Roy E. Smith Edgar L. Schnadig *C. O. F risb ie John Allen Stewart ♦Ryland Wolcott Clarence B. Jones ♦M. B. Yarling L. H. S. Roblee Digitized for FRASER ♦Guest http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis T A B L E NO. 54 T A B L E NO. 60 T A B L E NO. 65 LJohn E. Baker, Jr. J. E. Bohle ♦J. H. Bliss Yj. H. Fall, Jr. ♦J. R. Collins ♦W. J. Boone Kf. H. Fall, III Alfred W. Craven, Jr. Richard W. Canman Philip B. Hosmer, Jr. C. B. M iller L. C. C urtis ♦Walter Clyde Jones, Jr. Henry Scarborough, Jr. C. H. G utm acher Edward F. Lethen, Jr. Ira L. Sherman Kennett W. Hinks David L. Shillinglaw Joseph L. Strauss, Jr. S. M. Jasp er ♦Walter D. Steele ♦C. H. Sundberg Mark Kemper J. F. Wanberg E. Worthington Walters Eugene A. Moss W. J. Zucker Frank E. Weakly Charles H. Wood

TA B L E NO. 55 George E. Booth Edwin J. Fowler George L. Jorgensen T A B L E NO. 66 William A. Neubauer TA B L E NO. 61 E. S. A itkin H, O. R oem pler H. H. Benjamin Woodward Burgert James M. Sheldon, Jr. Gerard S. Brown George E. Hoffman John W. Sheldon John R. Davis George B. Menden E. F. Thompson LeRoy B. Herbst Leonard J. Paidar L. O. H olm berg D. F. Paxton Fred H. Knowles Adelor J. Petit, Jr. Andrew J. Kolar G. H. R ig ler John H. Sherman ♦H. H. Simmons T A B L E NO. 56 L. C. W elch ♦Dr. C. F . S teinh off Edward J. Burnell Addison W. Warner D. W. Chapman Ernest A. Eklund A. D. Frydendall Harry E. Kellogg George Lill, II Robert H. Olmsted, Jr. N. A. Weston TA B LE NO. 62 T A B L E NO. 67 V. C. B au rh yte ♦Roy G. Carson A ndrew G. B radt Philip S. Dalton, Jr. Paul E. Farrier ♦Joshua D’Esposito Coll Gillies Frank J. Durham T A B L E NO. 57 Gordon Lang ♦R. W. Emmert William H. Avery, Jr. Arnold D. K. Mason ♦Lester B. Gordon B. C. B ell, Jr. L ow ell Q. N eed ier Evan J. Mcllraith John W. Boatwright Louis R. Rochetto Jam es M. M urphey C. D an iel Boone Forrest N. Williams ♦Melvin Sowles R. Andrew Brown ♦Bernard J. Townsend R ush C. B u tler R u sh C. B u tler, Jr. Charles Jensch Charles E. Richardson OJ. Louis Yollintine

TA B L E NO. 63 T A B L E NO. 68 H. M. A nd rew s Walter D. Draper T A B L E NO. 58 Fred’k P. Becklenberg, Jr. Melvin J. Evans R. H. Gifford H arry M. B e ll ♦H enry C. H ajek Gerald Horton ♦Robert P. Boylan Henry F. Hajek B. A. McManus ♦John E. Brennan Edward Johnson Dr. Karl A. Meyer ♦Fred H. Clutton ♦P. R. Mork H. Kennedy Nickell Patrick F. Crowley John K. Norwood Harve H. Page Donald O’Toole Armand Sommer C harles S. P illsb u ry Louis T. Sayre ♦R. P. Stewart ♦Geo. Richmond H. P. Sedwick William F. White

TA B L E NO. 59 P. C. B rooks T A B LE NO. 64 T A B L E NO. 69 A. C. D odge ♦A. L. Burke Harry H. Adams John W. Fisher, Jr. Joseph B. Fligman Kenneth E. Armstrong Milton H. Friend ♦Otto Gressens Thomas W. Bryant L. A. Keeler ♦Leroy J. Kenevel Theodore S. Gary Donald W. Laing R. G. K n igh t Frank L. Hupp Dr. Jay Webb Lowell Walter R. Kuehnle ♦R. C- Ingersoll Bernard L. McNulty Leonard M. Spitzglass Albert E. Jenner, Jr. George H. Redding Earle Shultz Preston E. Reed E. Hall Taylor

♦G uest

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Officers FRED W. SARGENT ...... President THOMAS H. BEACOM, JR. . . First Vice-President GUY A. RICHARDSON . . Second Vice-President WHIPPLE JACOBS ...... Secretary CHARLES D. PEACOCK, III . . . . Treasurer Executive Committee THE OFFICERS and H. E. CHRISTIANSEN WADE FETZER, JR. WILLIAM J. KELLY JOHN J. MITCHELL ROBERT S. PIRIE Boctrd af Directors LUCIUS TETER, Honorary Chairman SEWELL L. AVERY CHAUNCEY McCORMICK THOMAS H. BEACOM, JR. DONALD R. McLENNAN, JR. JOSEPH L. BLOCK JOHN J. MITCHELL J. E. BOHLE ROBERT L. OSGOOD GEORGE T. BUCKINGHAM CHARLES D. PEACOCK, III FRANCIS X. BUSCH ROBERT S. PIRIE BERTRAM J. CAHN CHESTER L. PRICE H. E. CHRISTIANSEN GUY A. RICHARDSON B. R. COOPER GEORGE W. ROSSETTER D. A. CRAWFORD PAUL S. RUSSELL HENRY M. DAWES FRED W. SARGENT EDISON DICK PAUL SCHULZE, JR. L. A. DOWNS GEORGE E. SCOTT EDWARD J. DOYLE WALTER DILL SCOTT GEORGE B. EVERITT EDWARD G. SEUBERT WADE FETZER, JR. ARCH W. SHAW CLARK W. FINNERUD, M.D. ALBERT A. SPRAGUE, JR. WILLIAM GALLAUER EMIL A. STAKE RALPH E. HEILMAN SILAS H. STRAWN HARVEY T. HILL GEORGE P. TORRENCE ROBERT M. HUTCHINS C. J. WHIPPLE WHIPPLE JACOBS EDWARD FOSS WILSON WILLIAM J. KELLY PHILIP K. WRIGLEY Program Committee ROBERT S. PIRIE, Chairman WILLIAM O. BATCHELDER NEIL C. HURLEY, JR. J. E. BOHLE ROBERT W. T. PURCHAS JACQUES DE LA CHAPELLE JOHN W. SCALLAN JOHN DERN JOHN McLAREN SIMPSON Membership Committee H. E. CHRISTIANSEN, Chairman RONALD N. BROWN WILLIAM A. McSWAIN WINTHROP K. COOLIDGE BURR L. ROBBINS PATRICK F. CROWLEY G. LELAND SEATON WILLIAM J. CUNNINGHAM G. HERBERT SHORNEY JACK C. GRIFFIN FRED D. STONE, JR. HARRY M. GUSTAFSON R. MILES WARNER HARRY J. WILLIAMS

JOSEPH H. DION, Executive Secretary One North La Salle Street Randolph 0791

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