Owner and president of Business Economics, Inc. founded in 1951
in Chicago, Ill.; Vice President of the Federal Reserve Bank of
Chicago, 1941-1951; economics lecturer at University of Minnesota,
University of California, Berkeley, University of Chicago,
Northwestern, and University of Indiana; seminar instructor in
banking at various universities; and chairman of the Elgin Illinois
Planning Commission for 25 years. In his business as an economic
consultant, Langum served as an expert witness, especially in
finance and rate of return, for public utilities, public utilities
commissions and courts, most notably in the Illinois Bell Telephone
case. He was also very interested in the environment.
He was married to Virginia de Mattos, who died in 1967. Together
they had one son, David J. Langum, a professor of law at Samford
University, Cumberland School of Law. In 1972 he married W. Sue
Nelson. They moved to Tucson, Arizona in 1993 and they lived there
together until Langum’s death in 1998.
Correspondence, class notes and quizzes, reports, transcripts of
speeches and lectures, transcripts of testimony, statistical
evidence, minutes of meetings, pamphlets, published material, news
clippings, awards, autobiographical statements, publications, copies
of interviews all document the career and civic involvement of John
K. Langum. Also included are his appointment and date books and the
property which was owned by JKL, either by himself or with his wife
and/or son, JKL’s marriage and moving to California, birth of son,
David John Langum, financial problems, income tax returns, receipts,
WWII-war ration books and holder, move to Elgin, IL. Travels for
business and pleasure. Of special interest is a scrapbook of John
from 2 months old until late 1940’s and an oral history that is 228
pages.
Access: Open for research Acc. No. 2001-18, 2005-1, 2006-16, 2007-19, 2011-30 Processed by: Connie Butts, June 2001 and Debbie Hamm, May,
2005; May, 2006; Jan. 2010; Feb, 2011; David Langum 2001-2011
John K. Langum was owner and president of Business Economics,
Inc. which he founded in 1951 in Chicago, Ill.; Vice President of
the Federal Reserve Bank of Chicago, 1941-1951; economics lecturer
at University of Minnesota, University of California, Berkeley,
University of Chicago, Northwestern, and University of Indiana;
seminar instructor in banking at various universities; and chairman
of the Elgin Illinois Planning Commission for 25 years. He was born
in Big Timber, Montana, the son of Henry Langum, Lutheran minister,
and Anna Georgina Nelson Langum. He spent his childhood in Wyoming
and Minnesota and graduated from high school at the age of 15. In
1933 he received his B.A. from Colorado College, where he was a Phi
Beta Kappa. In 1936 he received his M.A. and in 1943 his Ph.D., both
from the University of Minnesota. While earning his Ph.D., Langum
was a faculty member of the School of Business Administration at the
University of Minnesota. In 1940 he went to the University of
California at Berkley as a lecturer in economics where one of his
students, Ray Lapin, eventually became the first president of FNMA
and invented the concept of the secondary mortgage market. He left
California in 1941 to go to the Federal Reserve Bank in Chicago, as
head of its Research Department. While there, he served on the Board
of Governors and Presidents of the Federal Reserve Banks, which
determines the monetary and credit policies of the nation’s central
banking system. In 1945 he was one of the founders of the Graduate
School of Banking at the University of Wisconsin and continued to
lecture there on money markets and the American economy for the next
38 years. He was on the faculty of the Stonier Graduate School of
Banking at Rutgers University for 31 years. He also lectured at the
Graduate Southwestern School of Banking held in Dallas, Texas at
Southern Methodist University, the Pacific Coast School of Banking
held in Seattle, Washington at the University of Washington, the
Graduate School of Savings and Loan held in Bloomington, Indiana at
Indiana University and at Northwestern.
In 1951 he started a private business, Business Economics, Inc.,
as an economic consultant which he continued to run until his death.
As a consultant he acted as an expert witness in many cases,
especially on financing and fair rate of return, before public
utility commissions and in the courts, specifically in the Illinois
Bell Telephone case. Mutual funds were also a special interest and
he was Chairman of the Board of Founders Funds from 1960’s until his
retirement in 1996. In 1950 he was selected as one of two of
Chicago’s “Outstanding Young Man of the Year”, along with Charles
Percy. In 1994 he was selected for the Benezet Award for Career
Achievement by Colorado College.
As a resident of Elgin, Illinois he was active in civic affairs
and helped write the city’s land use policies while acting as
chairman of the City Planning Commission. He was very interested in
the environment and was a board member of the Fox River Path
Association, Friends of the Fox River, the Lake Michigan Federation
and Citizens for a Better Environment. He was a board member of many
community associations and groups including the Elgin Symphony
Orchestra and the Larkin Home for Children. He belonged to the
Southside Presbyterian Church in Tucson.
Langum was married to Virginia de Mattos until her death in 1967.
Together they had one son, David J. Langum, a professor of law at
the Samford University, Cumberland School of Law. In 1972 he married
W. Sue Nelson whose husband, Norm Nelson, (died in 1969) a city
engineer, had known Langum from the City Planning Commission.
Virginia and Sue had worked together for the League of Women Voters.
Sue remained very active in many citizens’ organizations while
married to John. In 1993 they moved to Tucson, Arizona, where they
lived together until his death in 1998.
The John K. Langum Papers consist of 22 linear feet of
correspondence, reports, teaching materials and quizzes, testimony,
statistical evidence, pamphlets, published material, minutes of
meetings, interviews and news clippings documenting his career and
civic involvement. It also includes JKL’s appointment and date books
1944 to 1998 and the different real property owned by him, JKL’s
marriage and moving to California, birth of son, David John Langum,
financial problems, income tax returns, receipts, WWII-war ration
books and holder, move to Elgin, IL. Of special interest is a
scrapbook of John from 2 months old until late 1940’s and the oral
history, 228 pages.
The collection is divided into 19 files: Federal Reserve Years,
1941-1960; Speaking Engagements, Correspondence & Programs,
1950-1994; Teaching, University and Summer Institutes, 1934-1983;
Business Economics, Inc., 1951-1999; Business Organizations & Clubs,
1952-1996; Honors, 1950-1994; Rate of Return Consultation &
Testimony, 1923-1994; Directorships, 1959-1996; The Langum Report on
the American Economy, 1959-1991; Elgin Planning Commission,
1955-1981; Civic, Charitable & Miscellaneous Offices &
Directorships, 1957-1995; Articles, Recollections & Interviews,
1948-1998; JKL’s Date and Appointment Books, 1944-1998; Diamond T
Ranch, 1968-2001; Property of JKL, 1957-1992; Personal
Correspondence to/from JKL-1940-1996; JKL’s Youth and School Years,
includes 25th and 50th class reunions-1913-1983; JKL’s Miscellaneous
Personal; and JKL’s Travels, 1948-1998.
The Federal Reserve Years, 1941-1960 (Boxes
1-2)
is arranged alphabetically by subject and includes material related
to his activities while working, including speaking engagements,
teaching, and his published works. Many were written during WWII and
consider it in relation to the economy.
Speaking Engagements, Correspondence & Programs, 1950-1994 (Boxes
2-4) is arranged alphabetically according to subject and
includes his banker’s mortgage talks and the text of his “Prospects
for the American Economy”, which were lectures he gave periodically
in various cities across the country.
Teaching, University, and Summer Institutes, 1934-1983 (Box
4) is arranged alphabetically according to subject and
includes information related to his teaching at the various
universities, banking schools and seminars. Includes information
about the institutions, syllabi, correspondence and copies of some
lectures.
Business Economics, Inc. 1951-1998 (Boxes
4-5)
is arranged alphabetically according to subject and includes
financial and tax information and a large sample of telephone
messages for Mr. Langum.
Business Organizations & Clubs, 1952-1996 (Box
5)
is arranged alphabetically according to subject and includes memos,
reports, and minutes of various organizations and correspondence
with business associates and friends.
Honors, 1950-1994 (Box 6) is organized
alphabetically and contains awards, news clippings related to honors
and tributes to John Langum by business associates and friends.
Rate of Return Consultation & Testimony, 1923-1994 (Boxes
6-7)
is organized alphabetically according to subject and includes copies
of testimony by John Langum, statistical evidence, compilation of
court opinions using Langum’s testimony, and correspondence related
to public utilities cases.
Directorships, 1959-1996 (Boxes 7-8)
is arranged alphabetically according to subject and includes
correspondence, financial information and minutes of meetings from
the mutual funds groups directed by Langum.
The Langum Report on the American Economy, 1959-1991 (Box
9)
is organized alphabetically according to subject and includes
correspondence, research examples, advisory committee, and copies of
the publication.
Elgin Planning Commission, 1955-1981 (Box 9)
is arranged alphabetically and includes information related to his
chairmanship, commuter parking, land usage, and Langum’s retirement
from the commission.
Civic, Charitable & Misc. Offices & Directorships, 1957-1995 (Box
9) is arranged alphabetically according to subject and
includes papers of Sue Langum for certain Elgin organizations, as
well as those John was involved with including environmental groups.
Articles, Recollections & Interviews, 1948-1998 (Box
10) are arranged alphabetically by subject and include
several interviews of JKL for the Chicago Sun-Times and U.S. News &
World Report. It also includes his own autobiographical statement
used for business purposes, and recollections and obituaries for
JKL. There also an oral history (228 pages) of JKL.
JKL’s Date and Appointment Books, 1944-1998 (Boxes
10-12)
is arranged chronologically. It contains JKL’s daily appointments
and activities.
Diamond T Ranch, (Box 13), The
Diamond T Ranch, located in Tucson, Arizona, was bought in 1968 and
owned by JKL until his death. It was used for vacations until 1993
when JKL and Sue lived there permanently. It contained several guest
houses, which were rented out to vacationers.
Property of JKL, 1957-1992 (Boxes 13-15),
is arranged alphabetically by state and includes the property that
was owned by JKL either by himself or with his wife and/or son.
Personal Correspondence to/from JKL, 1940-1996 (Box 15-17),
is letters, cards, etc. to/from sisters, Georgene and Arlene (Artsie)
and their children, WSL, other relatives and friends; outgoing to
DJL, HL, VAL (incoming in their papers) (outgoing correspondence to
DJL 1990-1998 located in DJL papers). Also included are notes on
personal telephone calls.
JKL’s Youth and School Years 1913-1983 (Boxes
17-19) is arranged chronologically starting with youthful
sermons to college. The files contains graphs, postal savings book,
inventions, Sunday school items, high school graduation and
reunions, college reunions, personal correspondence, marriage and
new baby, move to California and then to Elgin, IL. There is a
scrapbook of JKL from 8 weeks old to 1940’s with other pictures of
family and friends.
JKL’s Miscellaneous Personal (Boxes
19-20) Miscellaneous subjects which include the probate
of JKL; deaths of various family members, credit; spiritualism;
American Association for the Advancement of Science; personal
financial statements; Internal Revenue Service; and health reports
of JKL.
JKL’s Travels, 1948-1998 (Boxes 20-22)
is arranged chronologically by date. Some of the trips are to
Florida, Arizona, California, Caribbean, Colorado, Hawaii, Europe,
Canada, Newfoundland, and Norway. The files contain flyers,
brochures, letters, postcards, maps, expenses, photos and
miscellaneous items pertaining to the different trips.