The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-11-08
DIRECTOR HIDES
TALENTS UNDER
SHY EXTERIOR
Head of Federal Reserve
Division Little Known
Outside System.
BY THOMAS l.. STOKES
Times Special Writer


WASHINGTON, Nov. 8.-The
Federal Reserve System owes a lot
to a philosopher of finance and
economics who has been hiding his
light under a bushel around Wash
ington for many years.
The public knows little of DR..
Emanuel A. Goldenweiser. the some-
what shy director of the Federal Re-
serves division of research and
statistics, but he is we'll known to
successive heads of the system and
successive members of the Reserve
Board who have leaned on him for
advice.
DR.. Goldenweiser's behind-the-
scenes role is expected to become
even more important in the next
few months.
Even now the board is watching
closely for unhealthy inflationary
or speculative tendencies growing
out of business recovery since a
part of its job is to restrain harm
full boom that might repeat the
evils of the pre-depression era. For
this task it has enlarged powers,
granted by Congress in the Banking
Act. of 1885.
Furnishes eyes"
Board officials believe they have
ample means to check injurious
speculative tendencies.
DR.. Goldenweiser, through his
trained staff, furnishes eyes" for
the board. He keeps daily Tab on
conditions and gets out every month
an analysis. with elaborate accom-
panying figures, which probably is
the clearest and most valuable
report prepared for the public by
any government in the world This
is the so-called Federal Reserve
Bulletin
But DR.. Goldenweiser's service
goes far beyond statistics. From his
long experience he advises the board
on policies for meeting various
financial and economic trends. He
has been government economist
for % years, and attached TO the
reserve board since 1919.
1t has been suggested that he
might be appointed a member CT
the Federal Reserve Board in the
new Set-up, but DR.. Coldenweiser
has always favored the background.
1t was months after President
Roosevelt entered the White House
before he saw the chief executive.
He waited for the Presidents call
and it came.
Tutor for Governors
But he has been tutor and father
confessor for Governors and board
members, who are not always IA
miliar with financial operations on
national and international scale.
The late Gov Eugene Black,
drawing and genial Georgian, con-
fessed to DR.. Goldenweiser his un-
familiarity with international finan-
cial operations, and went to school"
to the doctor.
Dr. GOldenWeiSer cola borated with
the present head of the board. Mar
riner S. Eccles, in drafting the new
banking act.
He might be described as an or
thodox economist with an open
nina. He has been a sort of bal
aice wheel for several Administra
tons.
Over a period of years he has
built up body of statistical facts
to guide the board in its formula
tlon of policy. He has been a mis-
sionary in this type of service ever
since he came with the govern
ment in 1907 to assist congress
sional commission which studied the
conditions of immigrants. He worked
with that commission for three
years, serving under Prof. Jere-
miah jerks of Cornell. He had
taken his Phi. D. under DR.. jerks
with a thesis on Russian Immigra-
ton into the United States.
Wrote Valuable Book
From 1910 to 1914 he assisted in
"AA uAioiy oAS VI CIlc L W6llJT census.
writing numerous chapters on So
cial and economic trends. There
after he assisted Prof. William j.
Splllman, chief of the office of Farm
Management, in survey of farm
tenancy and farm income. a pio-
neer task which has since been
broadened by the Agriculture De-
partment.
DR.. Goldenweiser is a native of
Russia. His father. lawyer at Kiev.
in the Ukraine, was interested in
economies and wrote several books
in that field. The son was educated
at the Kiev gymnasium, early show
ing an interest in economics. and
when he came to the United States
at 10 he entered Columbia Uni
verSity He received his A. B. at
/ Columbia in 1908, then went on to
Cornell.
DR.. Goldenweiser is So. He has
written a book, The Federal Re-
serve System in Operation" which
is a valuable source book on the