November 16: ON THIS DAY IN HISTORY
ON THIS DAY IN 1914, the Brooklyn Daily Eagle reported, “Chief interest in financial circles today centered upon the inauguration of the Federal Reserve System of Banking and the re-opening of the New York and New Orleans Cotton Exchanges after an interval of three and a half months. Sentiment in the Wall Street district continues cheerful and prices of securities were again firm to strong … Up to noon it was estimated that $50,000,000 had been taken in at the Federal Reserve Bank at 62 Cedar street. Some little confusion was occasioned here by the delivery of five or six trunks filled with the new Federal reserve notes, which should have been delivered to Assistant U.S. Treasurer Vogel at the Sub-Treasury. These notes are the first of the new issue to be received here and were consigned to Federal Reserve District No. 2 (the New York district).”
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ON THIS DAY IN 1946, the Eagle reported, “WASHINGTON (U.P.) — A scrap among Democrats for the position of House minority leader was in prospect today. A close contest among Republicans for the post of majority leader already was in progress. It was learned, meanwhile, that Representative Everett M. Dirksen (R., Ill.), had definitely decided to become a candidate, making it a four-way race. The other Republican contenders are Representatives Charles A. Halleck, of Indiana; Clarence J. Brown, of Ohio; and Thomas A. Jenkins, also of Ohio. Among the Democrats there was growing evidence of a wide-open caucus battle unless Speaker Sam Rayburn consents to take the minority leadership job and he has said he will not. Rayburn must step down from the speaker’s chair when the new Congress convenes to make way for the present House Republican leader Joseph W. Martin of Massachusetts. The present Democratic leader is Representative John W. McCormack, of Massachusetts. Many Southern Democrats believe, however, that since a majority of House Democrats are Southerners, the floor leader should be a Southerner. In the belief that Rayburn would be acceptable to all House Democrats, several of his colleagues have applied to the Texan to reconsider and take the job.”