A Puritan in Babylon: The Story of Calvin Coolidge

By William Allen White | Go to book overview

CHAPTER XXXVIII
The Long Day Closes

How the market in Wall Street boomed in those summer days of 1928! The boom must have soothed Calvin Coolidge. It was his boom. Whatever of bitterness he drained from the cup of politics when Herbert Hoover was nominated was sweetened by the big bull market--the Coolidge market, men called it. Any man with his perspicacity would have felt sure and proud that his name would be forever linked with this period of his country's prosperity. With all his heart he believed in it. He must have known of the quiet struggle of Roy Young,1 Chairman of the Federal Reserve Board, and Dr. Adolph Miller against Ben Strong, of the New York Federal Reserve Bank, to control the market, to keep down broker's loans. Coolidge's head might have been, probably was, with Young--but not his heart! Anyway Strong was sick and passing out of the picture. Time and again callers at the White House and visitors who saw the President at public functions, noted that he always sought out Roy Young, of the Federal Reserve Board. Sometimes he drew a chair alongside Young. Often he began:

"Well, Roy, tell me how is the market?"2

But the President could not bring himself to give Young encouragement in his contest. His heart was with Benjamin Strong of New York, wherever his Vermont head may have led him. So the Coolidge stock market boom rose with the summer. But the spotlight had moved from the White House to the headquarters of the Republican national committee where Herbert Hoover, the Republican Presidential nominee was in charge.

Once the spotlight returned to the summer White House in Wisconsin

____________________
1
Mr. Young became governor of the Federal Reserve Board October 4, 1927.
2
Letter from W. H. Grimes, Wall Street Journal.

-409-

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