Embed Size (px)
Citation preview
I' J
uewu,.. • r "AftDtl -Ps -F · .Bo;x_ \ft
..
r _- ,- ri -<>· ? ~;v ·'-<--
THE WH ITE HOUSE I
' WASH INGTON \J _,.-{' '-.
11-2 ?-:S'/
Mea:ore.ndum for llr. Mcintyre:
_Qhetrman pouglae dictated t he following memo over the 1pbone:
"Mr. Jerome N. Frank , of New York City, 1e agr eeaole to an appointment on the Oommieelon. I am very entbuslaetic to have Frank. Fr ank would like to kuow t hat if t here is avai lable at some future t ime e.n appropria te Federal Judgeship that he would be given oonsideration, aa he ie interested in permanency of tenure 1n t he Federal Government , aa he baa t o leave a very good law pr aotioe and does not want to return to it if he comes down.
•John Haines , of o.t . Barney & Co., Member of t he New York Stock Exchange, is a very good prospect. I am plan11ing to have a confer eu.ce with Hainee , if agreeable, in t he ver y near future , to eize hi.m up furt her.
•&t t he present time I feel t hat Prank and Hainee would be an excellent comoination and I will report the r eeul t a of my conference with Haines in a few days ,•
!ftfJ(t s:~H ~: '~~!~l~~l:f -~i1 ~ r r =•2 I 1~81 l:a f~"aa ;.tg.• !::el t-
l!:~tl s•~ l~ ar~:•=1 ·: ·~·~ • I • .. i i . w 0 & ' ·~"4 .. ! 11 f 1 r I ~ ! ! ' I 1 r l ! i i ... •'! !! ii r : . - ~ .. i> . . " '
1' 1~rl r1H1t !:! ~··1s•a· ~ · ; ·=~-ltf;!~': tJ'is }ii ~Jl1=i1~!~ir ~i·~ -. . • • Ii ! 'I 'l e'' ' . ! i 'r I ... ' i, ~ i•f q ==!llt= [ i~r ~1= !Ji'~ ·fi·•( ti-i l(!etP. iJ~:: i:i :~. l!f !.:f h i~h
• 1"4 J ..
i~ ,r!~i i•21 tli f:ij!-Cj:fii• 'i'
t 1 l!f!1~ }Ill !~ jljfr:1,'f{ll ~:i~ t J l. ¥ .I 1 .a t
I ~ -
A ,_. ' i . •.\
~1 -'.: '. ·,:. ~ ~ ~ ' .
~ . ·~
I i Ii ! I I •
.,, ~
~ ,
.. ..
2
wh•,. btla t..d T&luo• prob.tlly exiat. and tllu• 11ne •• a rough, though not a coura.t., zea.aure ot their a:tent. In othor _,nt_, 1 t doe• m t uceaaa.riQ' &.i•• a ,.U&bl• •••ur• ot auch ~tiOA•
th• 1tu~ -.a de11.po4 prb&ril.y to -..rn i.z:To1tor1 1A • gp;.ert.l • y of the om:paniea whoa• ff._r"Dhga 1n the t'utQ.re ai&ht ba 1111 than iD the pat;t. I ballfto it 11 ot Tf.lu.e in d.iatinguiah• ing th• better holdU!g 00~·· ma th• poorer ono1 ttoa tho point ot Yiew ot inveatora who are oottt·Mpl&tiug putting their J110n1y 1.nto holding (I)~ 1eour1t111.
The following • pp .. ro to bo tho ~ in which thoy »ay be ol•eaifled on the baeia of the "Coodbo~ Stuc1;y.•
Making tho boat ahowi.ng•
llorth -rica.n 00ap0.,y Coluz:bia Ce.a 4 Blecrtrto ~ ADe:rio&n Gae d: Xlectric Co. (lloctric Bond .&: Sha,.. Syet•) 1J'n1 ted Gae D:prov«:.ent CocpaJl1
Mald!lfi the next bo1t 1bow111:cp
Niqara Hudson Power Co~ El ootrio Powor & Light Oo . (Electric Bond d: Share Sy•t•) N&tionAl Pow&r & Lit;ht co . (Eltctrio Bond & She.re Syatem) !!!nginoer1 Public Senice CO . (toT11orly Stone & 'l'f1b1t1r
SyotCl) Conoomrealth & Southern Corpo,.tion. J.nerict.n ltater Work• A Eloeotrto ~ .. I.&corporated
lfakinJ a poor •bowi.z:G a
Unitod Gu Co"PCration (lleotrh Bond <I: Share S71tG) llorth .American Ught • ,.,,..,. Co . (Horth """rioan 671-) United Light & """9r Compo.ey ContNl & South West Utilititl Co . (la.44lo tioat Syat•) AlnericAn Fower & Light Co . (!hctric Bond <I: Shue Syot.) Sta:id&rd Gae & Elo~trio Cos:.})IU'IY
J ah.all be happy to eupplf t.ey othor additiona.1 intonMUon )'0\1 Mf desire.
Inc.
You.re t&i thtully.,
w1111 .. o. Dougl••· Cha.1n111.n ..
--
Thlt kcttr lt acH lO 1Mi dttmied • Mlldu.tio:I er •'*" ~ • pro.penva.
M ONT HLY MAltl(S T LBTTRR
J ana.&ry 17, 1911 -
I lf 8ro.adwa1. N•• York. N. Y. T.,.._1 .,...,_11-0100 N. T"""" JC. Y I •f7t C.!IOI ~I .. A«-.u""
..
( l t
' '
,
in ~uion to ea.mi:np-tay, cventuaOy, al S to tO ts.11es c:irnirt,p IM-te1.d of 10 10 2S titnts1
The dediDC in b1uincs1 over the: put tour 1'non1hs hu proba.bly b<-tn more drutic, ptr· c:c:'ntagc--wtsc. t.fWI for t.cy ttirnparabk period i:n our history. Thi.s f11tt ~kl a. pl't'Jumpt;on llut btutnr.u is llJll to impto\'c modu~u~Jy before growinz wo.-.c. Firmness in comrnodi1y and high ff"lde bond priat:I in the put month hclpt 10 incrutsie th:l.t fctlinr or hoe>t- AJtholqh thctt": i:J litdc cvidcnc.c as yet in bu,inw figures 10 subst.inti:uc any such opinion, we think t0mc upturn botineuwis.e may occur ln thi1 6r.51 q'U.l'ttt, ba..rri~ WltXptttcd polilii;al dcvd~ 1ncnts. At lealt io tpOr.ldic c;aACS, wt.p tcata nuy d«:linc t.nd labor conditioos gwe~ly ~)d 1bov.· impro¥Ut>Cru from the ~· viewpoint. Pobtka.117 the newt is Jilcdy to be more a.ppctiting. u the Scnltc may be cxptttfd tQ usu.rm a. i-euorWJfy i~cnt a.nituck lrt l('fl'bl..ativc ~ttcn. Jn!l11.1:ion ptydlology, al· rea.dy a«>u!((f by the l~idcnt'• budga met~ ~gt and his comn'l('ntt on o. ma.rmammt promm. may t<$di1y "'°w in thi1 first quanuJf noc as a mull ol lld'lul dc~l~nts, then ft9tn • spreading can-Pinloa tbt Con:mmcn:t spending muu incttase fair!! ~ Thua.. biainl'Uwi.sc. laborwi,~ polit1cally 6.nd in&. rionwisc. ,,..c think the nt"WS or iu anticipalioll will Supply a $U:fficitnt sdm11lu1 for 1 ra.lly in J.1ock prkn over tbc next month. HowC'\·cr, 1hj! ~ not mc:i.n any change in our advfm co 11ll"eJt.q_r1. - - - --UTfLITY VALUATfON YAROSTfCKS
It lua bttn bclie1't'(I for many ya.l'I t"-t L~ propc:ny n lu;uiont of .otne utility companta were carried at too high a fi,l!'ll"" on. their boob. In 1hr past few mo~h1, tbe Prcs;cjcnt hai a.dvoCfllf'd lhc U$C of a to-ca.Ike! "'pl'lldm invctt• mcnt" theory in ~uing public u1iJl!y propit:r· titt. s nd Ortly l·ery rtetndy In his Jackwn Day addrc,,, 1bc Chitf £x«"ut1~ it anpeon to t1J, fotther 11Ih1dcd to this 1hcory when he A id: "', , , , Thousan1b Qt in'l'tllon lave 1Qs1 money In buyitl( bolrting cotnpanr ff<'uridct w11kh lull h!\1c dry abtt\°C rhem lftt.1tt.d or lanriblt ac.stes behind 1hcm. Tha t evil of utility holdi'r..g comr;iny control wit! not ltl"OW In the cb.11 tti ~. btellu~ 1hl.t Gi,vem~t hill now paucd f;iws 10 lfl'C'\'rnr J.-imilar ocornencn fn tilt fiunre. b111 lll'f' haYe ~ \"d corl'f'Ctcd the t.ltlu· !nit rvn1 tbal Aow froni miMaktt o1 lhc past,
\Ve cannot condooc chdr ooncin~"' Thb tbcnq:ht wu rci1cra1td iD bis Prw Conrcrmcc or Jamal')' l 41h. lu:t. Moreovu, i1 i • common lmowlcdp tlu.t ti~ Fcdctal Powtr Commiuion bu apou.scd •l.d a tbcory, tor immcdi;ucJy fe>a:lowf1t41: 1 ttttnt Supn:me Court dttUiori in ~ 10 the Pi.dfie Cu & Ekark C.o., Acting Chainn;ui StaVt"y of tlic F P.C. annoull«d that the Comrnissiori ,.,-oukl UM: tbr Prudent ln\'eltmirnt Pt.in for vaJui.nt tl~ p;rOpeMy oi 292 dce1rical utilltld.. \Ve (e:ir the pot&ibilit,Y that 1Jic Coaru will acttpt ultim:udy 1.h1' Y&luation method,
'Therdore, flO.,.. that the whole matter of valuatfoft I• rcccivifli" curruat Ft<ltt1ll consid· trttioa. it is imponanl Wt a tfJi!y holding compo.ny 11octbolckrs,. partlcularf1, ahollld know how vlllt1ctab!e their rupcctive positions might bttome. For, c~ dioue:lt the acnsal ootcome b douded, stocl<lioldC'f'I -'iould m lfrc tlut the l'CMlht ol the adoprioo or '"prudent i.nvatmcnt" eoold rdlca lhc:mM:lvt:t in two ~ya: {l) A pourhe1i1)' that the accunl aN<'t Y\llue (u finally allowed) behind each sba~ ol stoek might q,ry C'Oluider.ibly from the price which diey J~id for lhe KCUrity; (2) a pdui.bility that 11. uiling on urnlr.p, bMcd on a /.air ni!e of retu.m a l or below prestt1t Jc,~11, might be imposed on tho.e autU.. Cen.ahtly, they nrc ju&(iticd in tttkinc lmpn.rtial gu~ in 1hU. maucr.
Untkr thit. "prudent investment"' theory, a' we undertund 11, the orici.ntll cost of the var· iou• dcmcnu; ol a atility'a phy&ietl pTOt>rrty (pltll the utc of TCatonabJe judpenl 1n dttct· minirtg ccnain n.lud Open to qttietdon) iJ b1 far tbe nqjor !lldor in arrlvirti a t a proper nue ~ unon whidi to pl'('C!ies11c a fair nUe o ( fflt1rn. T wo cchcr impon11.1t1 Ciictol'I 1'1'Wl7 coruidcttd arc dtprcciauon a.nod worlring cape· tal. 1I State CommlWon1 1.nd Courts 1ho11t1d hold tbat 6?' W~$ a fa.Ir n.te of rtt\ltnf I.he ~ the llbfftl 1m-it or Caurt .-.ion, -
""" •lkrwfd lll OIJI' computttioiu 1 6~ nit Of rt111rt1 whldl 1111)' hr '"° lfl!'l'll'l)flr!Jt fo.- JIO!lle ~111111iu, hi 1u .c 11M UMc 41 Pn-,t,. r-, ~ U9llt "'· ()l>io P11&flt (Jtilo'liu C1tl'linlufM f29l U. S.. 290>. t.rr. Jwt1kc C..tdoto ht!d 1ha1 1 "'"'"' Ml " 6ff'A WU ~·-'· HOl«wt, 111 l!llS ill ""u ,.~• ot Wnr OM. c..u c,,. ... ,_, ...,. P.b!,'r •"'";~,, C'ft!,.;,• '' n.w, c~ u. s. '-I>. the 1 ~'ft'-nc e,icnlon 4)1' the S1JSHT111c Com held tht.1 •• 11f M1~-.""inS::':,:.:.~~~ •1111 «kn- cutt 1ha1 too!d h- ri•f'd lhow lliitn b (l)MJdtnbl( lttQ)' "' .... , tht Coaru Illa)' '""'' IO h • f~r tff11m.
e ff« l on the umll\fJ of IOme urility compania mi&ht be quiLC adnnc where ra:tct were re· duccd to that a.minp wt:~ equal 10 only 6,-, on a n.te bale de1Cf'mincd tht<M.1gb tM use of (he "pnadm1 ltwcsuncnt" thc.oty.
h i1 to be noc~ tbat Cvtfl if the "prudmt invwmcot'• nl~1ion theory t.1iould be.at'tt'P(«l tluoi:itsout thll COUJitry, the nite of ttl:um aJ. lowed oa such va?iurion would probably nry u betW'tt!ll Su1n or ttttioot. Due to iocsJ or IC'el ional dilltrme\"t, iiome «imp&nics would be aJlowul tOmcwh:u higf!C't or lower retu ms, diepending on how mueb U ntte$N.ry to 11.ltr.ld <:apital to the cntuprbe.
Up to W prett'nt time:, uUUty •todihoiltkrs have ttmaincd &lmoK coinplctdy in the dluk u to wb1 thb "'pnidcsit invt$tment" method migill mftn to 1hrm in dollan and cmt11 when ttant.lated speci!lctlly lruo a possible effC<"t on t.1->'('ir own tcaJrily holdin;r. e1pccially if ilietc a«uritics 'A-ere rbc pf<'.fcr~ Of common ~ocb o( holdin.g<>OmpQ.nlct. But now, p~ly for thieo lirtt time, lhctt is a Y01.llable to lhe sm:t!I md lar~ l1t\•cstor .a rather uniqu.e mdhod for tctl· in:g, un!kr aome aumnp1ion1 .a1 10 '"pnidmt litvtslmau" 1.nd a fa.ir r.te of return. iuk'I n;b1e1 and naming poWtt behind his Sf'CUritit:f. \ Ve cmphulrt that the rnctbod i.s only fOT tctt pul'J)C*S and dO(t not clve uf. tbe orljtirml oou or prudcu inves:Lmait r.t.lwrloni for a.ny g)vt:t1 company.
Such a method, a.II it a yanbtldc il YQU will, bu bc!'flofon1: t.IOl hem gtDCl'$ll7 u~. J>Of.Nl>l,Y for the followinr rcatons: (A) Utilit1 C:JttortiT~ have gtntrallf bclieTf'tl thal 1hclr lincnJ conditions wue "difTCf'tnt" t110UJ:h 10 makt 1udr a mcrhod irw.ppliclble lo tl-.dr &it· u.itKm. ( 0) The cnormoa1 arn'7Unt ol work rt;gui rtd co dc,•cfc)p the mcchod hu d.itoourai:ied efforts to a n nnpt It. (C) OtiJy in vtry rtttnl ITmllhl have there bcea avn.ilabff: for l)UbUe i1ttp«tion, in the filct of the Fed"'ral Powcf Coinmi1.1ion. r11>011• of opt'l'Uin~ com,.nics with su&lent dccall r rom whldt ta ....ork up the ~ry dlita. Nc-vcrthe!eu, b«l1ue we fell tha1 these objection, , while valid within limita. were MC lru:unnouruablc 11.nd btlinrd th.at 1he fmplicltloni ol the ~udy would bt hdpful to in~ro,.,,, we f)f'OC'ttdtd to lltt crp llm )'ll!tdJtida with whlC'h IO lest auet valUitt anti tllmintri r»wt:r of ccnsin compat1in at shown in tlle: following ttbft.
•
• • • I. 0 a I It
·-· ~- 1 ·l~_ _ --~~)( _ 11.M O.lJ 4 t .11 ' "jjj :..:: rn LI- & t'-1100 & I~ 1U.16 IM 1.
............ -.--Vllii;j e;. t.,. e;
- P OI ~.~.PH. , .. .., - rrPl.PU. U M _ ....
....... ~ ..... iiA$::-...:..-
• ii .. .. ~···· '" c11 ...
....
•
..
,,,, 161 lJl >n ~ , .. .... •• -:r. .... , . ....
.. u
•• ... JJJ ... ..... '!:: UI ... .... J 16 ... ... ,,, "''' .,,. ~
'
•
...... ··u.,i,.,, "" "'' t.U I.JO
11! ,,, .... I.ti ... IA< I.JI .: ,. U1 ;n ....
TABLE I ITOCXS TOR LOSG l'E:Rll HOLOl.~0
(With ,-_,..-. Gii Appr~i&ri. J'OMiWt.lt..J•)
$toe:kl U1tte1 r.. Otdt:t of Pric:n
TAflL2t
's:; 11 u,j°\
"' :: '"' ... .. ... ill uo ,. ,., »I ,1 .. U1 ..: • "" • 101
':l! • • .. , • • i 11 .I
• • ,.,
ltOWlNO ....... '"' .,. u . ,. tct6 JCIO 1 SJ JC• In , ..... ..,
... 11
J.1•••ry 17. 19)1 The wio..,,. MC9it.a wottt added to or
dilllim&al (n:Nn Clut ~ ......,.., .. r1ccc
"""'' - TAILZ I -Sii.di Ueloft Oil dC'b. JK,, '11
TADLB 2 PWllk Utll ,,i._,
Jtrte:' CerrtnJ Pr. • l.t. Attc. flt, a I.I. ht rd, hi 4K1tt '41 h. 'N
Nt• York Siatr II. It E.&14, c;.,, 6 FIMI ht • Gu ht .. tt .. 'IO c.a . ... "'
Oloie htilic: Strriot I• ~·- Pf h• k. 79 .. .. haL"' •LL ht 4)k. 'II -· a,F~IJll4)il-'o."M I r~ .... -.·u
TAIUJ LF. ~ .... -.u "" "'l k "1 • '7S
TAILl 4 s,....ui .. a..
e..nt •• o.or.r. cIOf Jti • .,
TAIL! 6 Spcny Gwp. (The) Ulli14' A~ I.Ina Tram.
Cotp,
TAIL! I Nt- Miflhll C.. 8-1"1 Al,,tu. C..
h'Ottll A-ICU ,., :.,. ti...t11&.
06MI OI C.. (n.)
TAIUf
•
...
Jb'd• Part, I. T. 1 rebruz7 21, 1B38.
Tb&Dlta tor 7oura of rebr\1&%)'
lBtll. I will 'ake 1' ~P aa aoon aa
I P' b&ok '°· laebillgWD. I will call
701.1 on Thurad&7 or J'rld&J.
• r. D. R •
( J: -
I /
~
"
· nts CMiti .. t'"
•
SB:ulUTID AND EXCHAMI COIHlllllCIN WAIHINCITON
nae Bomrable llaniD L llDintfn nae lellOn Bou•• 1'911gbbepei•, ... Torie
)()' d•r 1111.o I
I -lld•r it ;rou 111Duld be 10 tiDd ••. to bllZl4
on to th• Pre1idct th• colo1ed WN»diao It 11 &
•tter ot - importanoe to u1 which I had lntelllded
to take up with th• Pnl•iduit betore be lett, but the
pre11ure ot othlr 111Drlr:' prevented • •
'1'1 th w.rme1t regard• and be1t '1111h .. , I •
'
II
' ~ : s r ~ g e Is s t · ~I~ i
I ..... itff• ~i J -! i ii .. ... a t ii 5 r ~ ' • l I • & ~ i ~ f f • ' I r r I 5 I ~ t I I f l i I i I ! I I I.~ l- lr!1f. i ~, I ~ ; I ! i ; I I f i f • f f ; I , • I ~ - i I i f ~ • c ' ~ t I ..
I l i l t t • t ... ~ • Jlj 'lei• i ., . I' . ~•if I 11 ' · . ti.~ !ii'; f . I , Jf j ffj 1 ~ 1 i~i J : i1 1 &i f(r;r .: f ~ r(f!! =:t'ii ':. f r· ! I i i ' a F: I i I -l l . ' f . i t 5 ' ~ . ;.:
- 2 -
41aa.Unat1oo ot tina.noial intotMtlon oonoerning oorporatlou
who•• ••w.riti•• are bought: az:.d eold by th9 Weeti.r.g public.
»arkod progr•• • towar-d.1 th111 •nd ho.a been •d• under ttl• Seou.r1-
t1t• £xoha!lgt A.ot with "'p+ot to ••ourit-1•• llet.d on natlocal
1ecuritiea oxohanG,ea. Adequate inrorr ... tion rebardina; the croat 11:&11 ot aecu.r1t1•• publicly .-.Ald but traded only on the OTtr
the-oounter mart.ta 11 t.t pre1ent l•rs•ly lacking. Such irJ"or-
mation ia r equired only ot compan1oa which wluni.rily eubj eot
th-..el••• to th• requir-.enta ot the Soeu.ri tioa Act by of'f'aring
new teourltiea to the public. E'Voo infonMt ion thuo mado
t.T&ilt.blo ia r~uir&d to ff kept ol.lrren-t o.aly in the oa1e ot • limited ol•e• ot large oorport.tiona which ha•o ret i•tored an issue ot 1oouriti11 \tDdor the Stouritiea .lot •ince AUgU•t 2&, 1938.
'l'hia dlaparity between the troatcent accorded to liat~ and that accordod to unltatod eoc\lritioa worlca an uoJust d11·
erial.natlon agaill.St the natiorAl aecurit1ea •~char-Ge• &.nd &&&inst
tho 111uorc ot liated soouritiee. It a l ao doprivea tho invoetor
in the OTer•th•.oo\lnter urtceta ot • l:Zlleh nffded prot•otion. It
hao bton conoer"f&tl vely e1ti:ie.t od that f inancial and other pertinent
1.ntormatic·n wit h ree~ot to aoc:e 67,000 ceouri ty it1u.ta traded in
the o•or- the-counter r.arke·t• 1• not now r equir-od to b• t iled with
thi• Coumdaaion. f\trt)'oniore., the inabill ty of th11 Comrdsaton to
aecure ad~•t.e ln!'o~tion ree;&rding toCNrltiea tnded only o...-er
tho oounter greatly hNnpcro tho Coa:de6i on in its ta1k of ooturln.g
•
•
- s -
to the inveeting public a t .... and fair over-the-counter market .
J. corporation lloe1111ing law ot the oht.raoter I have mentioned
'llOuld aerve to oorreot the inequity prooently existing between the
exoht.JlGe and the over -the- counter llllrketa. It 'll<>uld also go far
toW8.rda reatorlng greeter inveetor confidence in the capital
market• -- a mt.tter of me.jor conoern 0 1n m:t view. Fllrtheneore 0 it
...ould provide a repcoi tcry c t information useful aa a bt.aia tor
determining the preoiae extent to which t he buo ineee and financial
practice• ot large corporation• are propilr aubjeota of further
Federal regulation .•
J.a you know. Senator O•Mahoney has oponaor•d tor aometil&e
a bill for Federal incorporation, OUr interest io at preoent
rentrieted to the few phaaea which I have mentioned above. What
elae mi&ht be included in ouch a bill we do r.ot purport to say.
f ut ...ould it be ag r eeab l e to you if the Col!llli enion or m,yaelf
ofticially eponsor.sauch a mouure 0 limited as abovef
()~ ~-
• •
•
- W•m1&1CM
W.Orudla to1 TM l'Hll.41Dt TM lbite llolaM
Proa1 Wllliaa o. lliDuclU
.. , . hr H, 1QI
114 11obR, •o le -.- t.- tM w.r1 Sa 1-, bu ,_t t&llted -.lt:la •· Bl• por--1 plau an Sa •ola 111ape U.t 119 oould, 1t it ltlll meta -.lth JOV ~. start wric at tM Saouritle1 allll l:aMap C-1ad.cm U.diatel:r•
1lllc I laat dlaouaaed wit:la 1"" ti. prolPfft ot hie appol.nt,,..,t to tll11 c-iHiOll to till tb9 ftO&nOJ O&UHd by \119 rwdpa• t1on of .Jolm llanH1 lt aa, &1 I r1oall, -ti.plated that be •on to tb.11 c-111ian thl tint part of ,,_,,.. But ill Ti•• ot the tut that Ill ia aow tna tr. all pre111ng o-1tmzlt1, and that w oould llH Ilia ricJlt ~. I wnted to '111'1.ng tba -tter to 7fNr attntioll Sa O&M 1"" felt that bia 11ppoill-t at tbia tim ... 111d t.e ...... 111 appropriate •
• •
'·
•
•
•
·r to lwtDI' O'Mrt,,, T bca -.11 •• 1 .... llq1~19J9
la l'I Otrrh>._..• pl•p• Oil~· ot .~ oa U. h9'121 T• J)l'I of Ai
. Mrr to I.ma ... ..,. att&e> I ·v 19, 19'9
.Alm ahub1I w to the Pz etd.4ent-A;pftl 12, 19'9 Jlloa W1W• O. "-11•• .... IMua• Int..UpUon
S.1 ,_,1111" ••• mr a-l.9'9 •• \M a'"9 w•J091--at °'119r eneapon1m• Nla'191 1lo tlae ~ J#riif Jllt'l -eoml• ~ '"-·
. .
\
(\. I t\
I ' . '\
J
•
f:- - -PsFYWi~'it<L
""' / . ' •
--~l.T •• ...... ~. 0eu1111 .. .. • a. ' 2 ,,. - '-11 ... lsh I r-.- 'IV 3 !f!Jll i!d - ... :.: :. .. :' J'W:I ~ 1 ri41i:2
a 41 Sad~.
·-~ ..... I l•z:cr!• boaesw. tlle a ti I I al1"9 .. , -llleU. -- ............ 7 7Jq ., ...... 0. ....... 1llU ........... , ., ••••• ntJID:w, _. tlle •••• 11 ., - ... lff.i1. _ Gl,t•a•. Z •: W9 - II ISO ., 911 - ..... , .. ...... II ---tit I 711&-.:• I I I =:::1·, ~~ -~':I. -1 : ..... , ._,, 11 .,,.., a.au.I.,,._ ,. ...... ---· • c- -·=:.;s;::.tt:,r:. ;•r:..!" •• ls-•111 _._., ?119/I-• • •· ... 1:1w. n-•1ir. • lsalet tlat ,_ ks• ..aw U ul I ... f Mele! -· •tr ... c •1
dcclel12 ...... .. ; ?llsltr 9"11 ... • I 1l- I 'pt will .. ,.,... .... ~ .. ,. -..... ..... ... "1111 tie ~lllac o. as &' .. !... • o 1 ate• Oii - 7Fltc& Matrr • ...,., z• ' .. a.
•
•
••• CHM4MMOf'
JUeTI CE WIL\..lA.M 0 . 00UOLA8
I ban jut ~nd the ortS:SMl ot a cartoon drawn bJ' Harbert B1oc:k and publiabecl a llOlltb Oii' IO &&O• It 18 entJ.t.led •fte line Young Men•. It abon the tere ot tbie Court 111 a huddle 1n the corridora ot the Supr- Court Buil.diJI&. Om ot the ml'e epirited, wboH idantiV 1• mt dieoloeed, 11 aqillc, •Let'• pbam the oabimt mllber• and - it n O&ll pt up a ball PM••
I cl14 llOt 1r&11t to tab thi• •tter up ott1oiall,T witba.lt tint -mHnr 10U Ollt intoralJ.T 011 the propoai tic.i.
Qt ooarH, all "rinpn• 8honld be llXoluded. I retw ••peo1e.l.q to a-eral Wai-, Ma1ral Jlolllt7re and Stne lal'q.
••
. '
,.. .... ._ -...... ~ -----.. ' ........ .. I• H••YI' aa•w •,... *'
- • :1111-. U .... hdl• lftUSa O. DI ... .. ___ .......... _ .. .a. ... ...... el ...... t.- old.ter Gl ... of •t• oa'l'•• 1 .. s.r ..-.i ,..,. ··~· ..,.. ........ 1tH& .. elltolla1.1 ta ..... a.111to -4 19'7 .. • .. .., • -· .. """ .... .....i ....
..__ 11 :rour •mmtr, :a: ~ ._, ,_ W4 • •cv lrtr Ill U 1 "*"'a Illa .. ._a, .. wt.914 ftlOD Df Uta I.a pl.- el ..... 1'11to~------.. •mr I ,... - ......... _. •a.._ ....... _.......~ ... ~ .... ,, ..
Ill ... .-.. a lll'S'ma0 la 'fSw el ,_ ................ ,.. ... .... ...... ,. ............... .. --11119 -· ,... WW. 1:::· ...... - ... . ......... , ... ft teWl• ,.,. •• _ ... a .......... _ .... _. .. _ _.. ..... 1 • ....., ... _ .... , ......... ,... ........... . .... .. ,... ..... 1119 ...,.
, ....
•
•• •
•
r
.. ;
---~ ••• ,_ ........... ? ..... • "t ...
..1ue TtCS wwww a ... ,.. ..
"' ........... .u... I aw ,_ ~ -&';: JKi'ilsla wlll* p11 Mii: tw • ~ otta1• • - ... _ llf'l• Jler J t~irt•. I aw_.. a lwzW _,. er '919 •3"' d
drl91117 eplld- ... -- - _ ... ~ .. .,...oi • ....... l. wld.1111 -14 - to peflllt lt la a ~ ltat.W olu• or -· fte •llert.• • ml* I relJ' b a-• .._t.M " 3 ............. wtd1e ,...,.. .... ., 1- ......... 1flll.wnt.t)', pa'llU._. a -'beok • hMn1 JwlHini• ad ......... , 'llbere I fi!Ml, • pap 71, tlle Ml..S1111
•• ••• lOJ, 7,.aa 0-C.t in ..... Ill 0-C. .. ~ ,,,., \1"7).
•Mlftll, !!lat tM lq::: 1 1 a-. or tlle llllt.W
...... l• ..... ~to ..... Hiib ........ h to . it• Nb• ... fl'I II I e M M IMUe '919 C lffH
....... ., • C•cNH, to ............. ...
lfta tll9 .. I ,_. d ... a.AW 1t•11 Mt'l~
r ..
'
' '
.. ................. ,,.. ... 1 ........ (1"1) ....... ,.
:\.._I 1·11 a11Jer1 Ja ... , ... te ,..._ ....... 1 ................ 0 .. llU 1 I 1t1t ' ..... rt 111 .. te .. -.tr fll ..... II ......
• • • • • • I ' I ii 1 tllM &• ... .... 8 •1« ... ........ _..._ ....... ..i .......... ....... ft, ... ,. ........... • -.. • .u
.. ~·· l.J-..lll'111t&•lit11e w w...., .. lqn1 t _,a fl1'el•" a,.... ., ... a.a.. -14 .. ....Udl1 ... ,.
I ... alee -11 nt 'I• '- .._ ,....,ulla fll utiel9 m. ••""• l. 111 • ..... ....._ -.. .. ,,...aal ,_..., ................ Jlldl .. ...t1I 11a - l•J I o.ftl .C la ... 4Pflrt• NUN u ._ 0 p111 ... tl9t._ '-UPI a' 'e 1111 1A6liell. Tiie o.RllN!S• .... ut •1111 " 11t'lrU. • • - 1 a ••N • w. • - ..... ., • • ... flall'efpl le eftlwt .... , ..... -'•· ...... •
a•tclrlal IP* S. l a•U• +'.,.._'nl ............. ., ... i..... .. ._ -*'IW'F .,,,_ ............. fted .... la .. a i 11• d ,,..UdeJ c:• a All t la .......... ., ...... ,i.. ......... ..... laitl
0
1 '8 IC' Vo la aiftel .U tlw II ""··· a&.t""'9t'l'lll1 ... ....,,. ..... ti 11119 - ~!_.!'I' rt tlllt st.;.~)fll M I •. '••·· -- '· '"'·.. .. ... .. I *t et I l• w 0190 ...... '1o l9'r0 ll ..._ IM. "'51 _, • ,..._. tl9 ltlllltw I al .... '81 It•'' 1t,,...,,;-..
- ..... Ill II ft 5 hi M la l9'ro
•
r
~ .
+ Ja ""'•*' a._ ' rt Mrr&_.. "' r .. 'IQ1 :: -:.:: =-~ -:-..m-:-:-= .. ·:.-.: .:. ........ "a •• • 111 nu,..,_ •• ,.z • 1 a Ila • ........ ti,... Jniw., Is .. ,. u •
n. ..... , '• ·--.....
I I
..... 1111.Wd-.
~ () ,. .... ,i..
~ .
'' 'I r. •
-
:1 Ef~ li• f lllr~~rf!f 'l' • ir E ·: ~f~!Fl~: 1 [fl (
• .. -, .. .. s - ~Iii· t I· . ~is I~ ~~11••, r=•1 tt1 :~ frf!z • t fl 11= ~ !;:l~1 . ! I f f I g. ~1 "f t J f - 'i . rr 1 ... ~ l r ,1r.l 1 -=. t!1 irlt if! !f. le lf ,iii•l! ~Jf;" hill i~~ ff 11!
•11~lg1 IM=M 1·~r~.t:4tll E !: .. 9 '}·rel li~f ~I 111 s~ii1:-I l ti
• I trl lffi .. i' ewt • .... Ji:f Jil J jt! . !f iil ft~; l1 ~J~ f! r:, ,,, '~11Jif t'1
•· .)
~ -~ I: . I _I
1' f
1 · ' ~
- . - .
... ' ~ ...... ..... ·I r:. ...... <» ,, .,..
·•'"~ ~p ~ ,., ..,-v.+"' .~~
•\c,•'
. . ..
•
-2-
Your intimatiOD that you and I share the receipts goes tar towards awinging the balance the otherWll,)' . That appeals to me not because of any pereone.l advantage involved but because of the sheer pleaeure 1n seeing one or two of your 11ne11111en neating for onoe for aomeb~ else . But even that passing eatisfaction does not sti ll the humanitari an impulse to keep our team from getting out ot ita own class.
So I wonder if it might not be better to teat the akill at poker. You can furniah the deck, thua ruling out all marked oarda • which have not been unknown. And with some feeling I 01111 say (and General WatsOD may be willing to confirm it) that with 1118 by your side you are pretty certain to win. Yet in saying that I do not want to leave the impression that no Olle on this aide tops me in that ancient, wily game . We do have a r- fancy dealers and 801118 who always seem to get the wild cards.
Yours faithfully,
•
. . . . . '
•• .. a_._.,, ••• ,._ •
,, 0 .... J a --·· ..IU8 T1CS ............ 0. .. illt''9
.. ... .S'srt, !lle'!MW ....
_. ........ ,,. ......
... A IF 19, 1,,, •
•MCI"' 1a -nae.,.. ~ ., ,,_ rr ............ '41 ....... ,,.. •• ., ..... - ••• sn.r.A Se ... JI '1'1111 W1 pm 'Wt I& '2le llim T ..... _. ... OtH ''•
I UD ,.v 12 t1r p ;a-.1.. Olrrt '"'~ tt: lllaa - ,.._ '41 wbillll,. ,..au. ·~ 'r - Nr Sd1I ,........i ........ .,_., .............. .. ~ ... ,,. ............ a 1ftlll .... _ ... 'l:r ~to .... ---·
• 01H11n•1 laltn.i. -.. tllll ._. -.&w .., ,..-.i ....... 1., - ._,.... 41e11t.a 11 111• ...u, llp'llllMI '41 •• ... I __. *t .._ petM _.. lle-Wf.tlloo o9 a Wnle. .II JW - wll -· .._ l- et ,_.d•I •• a trlllla•l1P1111"917. hlle ... ,tllmftl1pPMe1 le * Olut&..Ua ..._ tt. 1st U - rr.E sqscq • ._, lDI ,... ..... - ~ leltw "-*'41tlll Oleltl.htl• ...... ,.. ............... .. owttw.la. lat .... " -·- .... - - ...... .. JOW ..... II-. I • '9r tlll Jl'ISll.al, tl!Mle er M ..... , <
.. WM'• Sell...._ tllat Se ,..llll., ..,._. ..... - "-'• opt.al- .. ftle4 will ........... m' n ' et hnl• d UJlll*• 1st, .. 1.,... ,_. p411l-W... .... will .. - ..... miPI • ... .... ,... .:::s •· ll -.iJ:r llp'UlllMI ti •• .... it will 11111 lie I• .. a 11edr11lts'41~ .. ••
That diaposee ot the minor phaaoe of yo\U" counter propoalll . The major one remnina1 Viz., who will oonatituto the battery for thia 111.ne? Your tribute to the akill of our proposed b&ttery doubtlosa ia b&aod not only on our propoeed catcher' • ability to atop aeything, but alao on our proposed pitcher• a groat obAngo in paoe -- slmr balla, taat b&lla, aur'Ves , spit balla, eto. That waa a tribute 11enui.nely deeor..-ed, Furthermore , as you ha"9 said, the proposed battery does have a rich experience.
lhlt I would be derelict in a:t roaponsib111ties it I did not z:umtion one item which you referred to ao oaaually aa to load oe to think that I should a&ll it to yo\U" attention for i'urther conaidoration. 'I'h&t 1a the question of tho age of our battery. Ago brini!• exporioooe; it also brings physical frailty . Pitohin6 o.nd catching a.re quite strenuous, Wo have no substitutes or roplnoements . Su~poae ono -- ~ oven both -- of our battery fa.vo out oo}l;le elyll You could , of course , replace thei:t, Ye 1ome oft o 0 Yea, but" group will aa.y , "i1by toke the chenceT If, instead, youni;or t10n constituted the battery, that riak would be avoided. By using your ca.ndida.too for pitcher and catcher i .n the outfield, they could be prooorvod for~· ~ yenrs ll"
That will bo the argument against your proposal , And I thought I ought to call it to your &ttention nmr, le at, havini; started 11'1 th a nico, friendly ball c;a.mo, wo be oh&rgod "1th oancooting (or we unwittingly end up with) a. court plan, '
Yours faithfully,
~ a~
--
'
•
llona'ber 11, 1939
Dear 111111
Ml a tall- _.....r or ""> athl•U• esaoo1at1one and •• fl7 perCOar 1n •P11t,1ng Gla ga te l'MA1P'•• I begin io wonder .... Ular JOWi' 111ne 014 1<!•11 •'111 M 'H ihat 4raa4hl 1ntu1.ol'1'7 oo8plex vh1oh ••ttlad upon th .. 4ar1ng the a"'1•t1o ••aeon or 19~.
Bara 1• IQ' ol11b rarln' to go - raed:T lHt epl'ing to etege the llol'ld llaeaball 3al'1H batwffll th• "4111111•trat1n OUPfth7 an4 Ula Ja41o1el Klaraol17. A\ \he ••1'1 and or th• tiaa.ball HHOn titian I bad •tarted IQ' ,_ U\l'owlng pauee an4 ltlollng goal•• 7011r aggregation 1• etlll l\aegllng OTer the e ....
now the .... 1ort o r ttl1ng dnelope agaln . M7 r oo,ball tea• 11 oloa1ng an undateated, untied H aaon end I ha•• 1tarta4 th- into •trlot tr&lnlng t o r l o• hoae7. The ground h gattlng too hard t or f ootball ~ 'beoeu H nelU..r 7oar -nor a lna oan •tand the tl'o1t.
I oe hoolte7 h cUttar ent. The enolo•ad rlnk• are nl oel7 hftat ed nn4 t he art1t1o1al l o• 1• eon -· nnd an7"a:r , I han tralned 117 tea111 110 ihat when they ta\ 1 down, t.~•7 elt14 nnd don't 'buap. Can 7011 ea7 • • muoh t or 70111' " lne Ol d Mant
!hAt l daa o r raduol ng the oontHt to poker woul d be a l l rlfl'\t ln .1 ... or \he _....,..
•
'•
,
Nlar1e1 drawn dovn b7 7our people. At leaet 70u could attol'd to lo••·
But. I aelt you, do Bapt1eta Plll7 poltert
Al ner 7our1,
Kr. JuatJ.oe 111111 .. o. Douglaa, \falhington, D. o.
•
fdr/tmb
• • ... 3 II •• 1111.
ass• •>Je-.
u auu rsma.
.•.
•IWITA'i'8 •••wwr fll THI MliiRIOR .... ....-111 -.... "·=--· • a 11111• •
lllir1t, 1NI.
-,.... ..... ..... ... ,. a.re h • "'°" ... , ... ,,..., ......... ., ... - ..
!ran1POr\a'1oa of Petrol- \o ••t•ra UUW lta\H1 , U.t Ila•
b- pnpu'94 ... tlle ~ ., .... ,. DlTilloa of tile otft•• •f Petrol- Oooru.ator. It Ila• - •re or 1 .. , prn'J' _,. \!lat
m;r iAtrl,.. ,_
··-11' '""' -!'- U"< r ,c. Si r<, .. P•v.1- Oooftlaater fer llu.
IDo.
, I
•
