Part 1 - The Institute Libraries - Institute for Advanced Study

was goins to London to become '.onmfc Adviser to the Bank of England.
Ahd that, because he was relatively unkmoxn to the financial press,
caused some frantic explorarion of his background. What was gleaned
came from his former students. Wen he left Plondon in AprfZ, 1930, his
departure was marked by expressions of the deepest esteem and affectton.
Stwasr rejoined Case, Pmroy 6 Company, as Chairman of the
Board, and continued, according ta the press, to execute confidential
missions for Governor George L. Harrison of the New York Federal Be-
serve Bank, Governor Eugene Meyer of the Federal Reserve Board, and
Secretary of the Treasury Andrew Mellon. These he undertook with ad-
mirable dispatch and secrecy, moving with apparent invisibility between
Europe and the United States, between New York 2nd Washington. Indeed,
he has been called the "grey eminencew of American finance of the period.
Unlike the friar Franpis du Tsenblay, he did not walk vast distances in
rape sandals and worn cassock, but like him Stewart, simple and unasatrm-
ing, melted into the cmonalty, holding great power in his quiet hands.
Only once did he doff his cloak of invisfbility &nd assume an assignment
publicly; late in 1931 he represented Governor Rarrfson on an internation-
al cmittee called to advise the Bank for laternational Settlements on
Gemany" ability to resume reparations payments at the expiration of the
moratorium then in effect. By virtue of his excellent econmic prepara-
tion, his fismness and his tact, he caused his confreres on the h ittee
to take Ento consideration the vast comnerclal credits wed United States
interests by Germany and
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other European countries, and ta recognize,
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despite their reluetaace to do so, tkt reparations and the cmrcial
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credits were in fact related, a d -must be dealt with accordingly.