Telegram from John H. Blodgett of Grand Rapids, Michigan, Urging President Hoover to Calm the Stock Market Panic

TELEGRAM The White House Mashington 230 930 NC882P0. RA. 50- N. L. KN. New York, October 28, 1929 THE PRESIDENT. Roosevelt stopped the panic of nineteen hundred and seven. You can do likewise in the present stock panic and thereby save thousands of our good citizens from losing their life time savings. Thousands have already lost everything. The situation is really quite serious. It is up to you to act. John H. Blodgett October so, 1929 Mr. John . Blodgett Grand Rapide, Mich. My dear Mr. Blodgett: I have your telegram concerning the situation in the New York market. The Government 10 doing everything it can to assist in the matter, and 3 think with results. Tours faithfully, THE JOHN W. BLODGETT GRAND RAPIDS. MICHIGAN November 5, 1929 LIHM MOV HOUSE DEPARTMENT 1976 Executive Office The White House, Washington, D. C. Attention Mr. Akerson My dear Mr. Akerson: I am enclosing a letter from the President which I found on my desk on my return. I am sending this because I did not wire the President in relation to the stock market situation last week. The telegram must have been sent by some other Blodgett, and you may want to check the matter up and have reply sent to the proper quarter. While I am aware that, both of himself and through his constitutional endowment, President Hoover has great power I should not expect him to right a situation where one-third of the bank deposits of the United States had been borrowed, on call, at from six to twelve percent in order to pay for stocks which were bought on a yield basis of less then three percent. I am under the impression that it would be asking too much of the President to expect him to clear up such a condition, without financial loss to anybody. Yours very truly, H. Rodgett DUT 149 Custom Ui file THE WHITE house WASHINGTON October 30, 1929 Mr. John W. Blodgett Grand Rapids, Mich. My dear Mr. Blodgett: I have your telegram concerning the situation in the New York market. The Government is doing everything it can to assist in the matter, and I think with results. Yours faithfully,