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PRESIDENT HERBERT HOOVER - TYPED LETTER SIGNED 11/14/1930 - HFSID 5133

HERBERT HOOVER With a run on the nation's banks underway, the President signs a typed letter forwarding an economist's response to a prior letter from a bank executive in Philadelphia. Typed Lettr Signed: "Herbert Hoover" as President, 1 page, 7x9. The White House, Washington, 1930 November 14.

Sale Price $467.50

Reg. $550.00

Condition: lightly creased, otherwise fine condition
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HERBERT HOOVER
With a run on the nation's banks underway, the President signs a typed letter forwarding an economist's response to a prior letter from a bank executive in Philadelphia.
Typed Lettr Signed: "Herbert Hoover" as President, 1 page, 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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