Monday, Jan. 12, 1925
From the "Old Lady"
Undetected, like a shadow in the dead of night. Governor Montagu Norman of the Bank of England made his way to the U. S. Why had he come? What was he doing? Governor Norman was silent. Wall Street magnates blew smoke rings from their fat cigars and looked wise.
Many rumors went on circuit. Sterling--ten cents off par--was to be brought to parity; new methods of paying the British War debt were to be formed; a modification of the debt agreement was sought; the Governor was on a secret mission for the British Government.
Then up spoke Governor Benjamin Strong of the New York Federal Reserve Bank:
"Governor Norman has authorized me to say in his behalf that his visit to New York is his customary trip, which he has made every year or two in the past in a similar way, for the purpose of conferring with the officers of the Federal Reserve Bank of New York, which is the New York representative of the Bank of England. I made a similar trip to London last spring."
It seemed also that, as the Bank of England, affectionately called by Londoners the "Old Lady of Threadneedle Street," is preparing to enlarge its quarters in "the City", Governor Norman had come to the U.S. with his eyes and ears open for new ideas for improving the Old Lady's efficiency.