The Fed at 100: In Pictures
September 26, 2013 10:55 AM
The Museum of American Finance on Wednesday opened its exhibit "The Fed at 100." It features artifacts and photographs that highlight the history, culture and social impact of the central bank, including this image of a New York Fed employee updating trading data on a giant chalkboard.
Related Article:
(Image: Federal Reserve Bank of New York, Curating Section)
Hear Ye, Hear Ye
Former Treasury Secretary William G. McAdoo announced that the Federal Reserve banks had been "established and opened for business" in letters sent to bankers in November 1914. Currently more than a third of U.S. commercial banks are members of the Federal Reserve System.
(Image: Credit Federal Reserve Bank of New York, Curating Section)
Growing Pains
Congress created the Federal Reserve Board in 1914 to act as the Fed's governing body. Here are its first members: Paul M. Warburg and William P. G. Harding, both bankers; John Skelton Williams, comptroller of the currency; Adolph C. Miller, a professor; Charles S. Hamlin, a lawyer; William G. McAdoo, secretary of the Treasury; and Frederic A. Delano, a businessman. The presence of two Treasury officials - McAdoo and Williams - on the board created one of its earliest conflicts.
(Image: Credit Federal Reserve Bank of New York, Curating Section)
Grand Opening
The Federal Reserve Bank of New York building opened in 1924 and housed 2,600 officers and employees. The 14-story neo-Renaissance building was inspired by Florentine palazzos and designed by the architectural firm York and Sawyer.
(Image: Credit Federal Reserve Bank of New York, Curating Section)
Dynamic Duo
Benjamin Strong, president of Banker's Trust, was the first president of the New York Fed. He worked with Montagu Norman, a fellow banker and governor of the Bank of England, to increase cooperation among the world's central banks in the 1920s.
(Image: Federal Reserve Bank of New York, Curating Section)
The Original Watchmen
In 1920, the New York Fed's law enforcement unit, called "The Protection Section," included more than 100 men that protected the bank's operations and shipments of money and securities. They sometimes carried watch clocks, such as this example of a 1927 Detex Newman, which were used to log checkpoints during their patrols.
(Image: Federal Reserve Bank of Richmond)
Do Those Come in a Size 7?
The New York Fed provides gold custody to central banks and governments on behalf of the Federal Reserve System. Bars are brought into the vault for deposit are weighed and inspected. Because of the gold's weight and extreme density, workers wear magnesium shoe covers to protect their feet when handling the bars.
(Image: Federal Reserve Bank of New York)
The Fun Begins
David Cowen (left), the president of the Museum of American Finance, and Mark Shankman, one of its trustees, celebrate at a reception Wednesday that coincided with the opening of the exhibit.
(Image: Sarah Todd)
Taking Volcker to the Woodshed
Paul Volcker, the Fed chairman from 1979 to 1987, was at times targeted by protestors, such as those angered by the effects of high interest rates on the construction and agricultural industries. Building contractors and carpenters, who claimed that their lumber was no longer needed since home sales were slow, mailed Volcker this piece of wood.
(Image: Federal Reserve Bank of New York)
See It Yourself
Caption: "The Fed at 100" exhibit is the largest the Museum of American Finance has ever staged, taking up three galleries and a theater. It explores two major themes - the evolution of the Fed in response to economic crises and its effect on everyday life. The exhibit runs through Oct. 1, 2014.
(Image: Alan Barnett)
