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Document 5133
HERBERT HOOVER. TLS: "Herbert Hoover"
as President, 1p, 7x9. The White House, Washington, 1930 November
14. To Mr. S.R. Bertron, Bertron, Griscom & Co., Philadelphia.
In full: "I have submitted your letter of November 5th to one of our
leading economists, and I have from him the enclosed memorandum [not
present], which I think covers the subject." BERTRON was a Vice
President of a Philadelphia banking house. The stock market had crashed in 1929.
Bank loans were not being repaid and there was no federally guaranteed
depositors insurance to inspire depositor confidence. In 1929, there had been
659 bank failures. That number rose to 1352 in 1930. In November 1930, a run
on banks started in Nashville, Tennessee and swept through the middle South. In
the November 4, 1930 congressional elections, the Republican majority in the
House of Representatives was reduced to six and their majority in the Senate was
reduced to one. Bertron had written the Republican President the next day.
Lightly creased. Pinhead-size stain to left of signature. Fine condition.
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