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ku-k--PtA ---e-- "414 0.4) /e7,& 0 September 19, 1921. General Manager, Lorse Dry Dock. Repair Company, Foot of 56th Street, Brooklyn, N. Y. Dear Sir: In order, if possible, to get a somewhat clearer view of the present situation as regards unemp1oy4ent, I am anviras to secure some information as to the extent to which workers no longer reported on the payrolls of the industrial concerns found, work in some other lines. Several of our directors and one or two others have volunteered to institute a brief inquiry in their several concerns into just this question and to truce out as far as practicable just what has become of the men they have had to let go, just what they are doing and what percentage of them are now definitely or nearXy without means of livelihood. There is a great difference, of course, between this and just counting up how many have been dropped from employment rolls. I should like, especially, an idea as to what percentage of factory employees have gone hack to the farms, or to domestic service, or returned to foreign countries. This information is for the conference on unemployment which is to be held in Washington next week and I should oe very grateful if you could give me some sort of an answer by Friday of this week. 3elieve me, Very sincerely yours, # BENJKLIN orRING, Governor. MAIN OFFICE CABLE ADBRENN PLANT PVILOSISON, N. -V. FOOT SATO STREET TO 82111 STREET BR, - claims seoTT, WATEINN A. IL C. ATII EDITION N. NEW YORK Comirs VT BATTER.: Pi.Aert TfirrI.IIONE 11100 TO 3109 SUNSET cONNECTINc ALL DEDARTNIENTS TELEPHONE WHITER ALL 1200 MORSE DRY DOCK & REPAIR CO. ENGINEERS, MACHINISTS & BOILERMAKERS EXCELLENT FACILITIES FOR DOCKING AND REPAIRING VESSELS TO INSURE PRO.MIPT ATTENTION ADDRESS ALL COMMUNICATIONS TO Tat COMPANY BROOKLYN. N. Y. Sept. 19t.l. lir. Benjamin 3trong, Governor, Federal aeserve Bank of New York, Equitable Building, New York, N. Y. Dear Six: Replying to your communication of September 19th, I wish to advise that we have no figures which definitely cover the subjects referred to by you and that the opinion hazarded in this letter is only my personal opinion founded upon observation and not statistics. During # the 7a1 at the highest peak of employment We had on our payrolls the names of some 7,000 people. We consider our average working force in normal times to be about 4,000 and regret to state that at this writing business conditions in the ship repair industry axe such that we today employ less than 500. :Zany of the employees at the close of the W4X, who had inoreased our payroll from 4 to 7 thousand rent back to their regular trades which they had left temporarily or the higher wages paid in Shipyards. The -ork in the Ship Repair Industry even under normal conditions is unsteady so that many of the men have aquired the habit 'Ilan on. Yard is slack of rorking in another Yard which just at that time may have secured some repair work. Shipyard wage rates at the present time and the overtime rate of two and one-half for one (LI, fox 1) are high when compared with some of the other industries btt this high rate in a way compensates the men for the irregularity of the job. :lany of Our normal force particularly in the Carpenter, Plumber and Pipefitting trades are at present working on house work, while others may be working on and off for some of the other Yards on short one and two day jobs while still otheraare walk- Al. Benj. Strong, Fed. Res. Bank Sept. continued. lug the Streets vith practically no income and no prospect resembling steady work until the Spring. Very few if any of the men who worked here have gone to the Farms or to domestic service ot returned to Foreign Countries. Vely truly yours, MORSE DRY DOCK & REPAIR CONY Superintendent of Service 11B:.E 0 c> ).,. ..)a, 4000111 .artitclE .1144 : Jcw ri L.d .611.-kltre Off tier- 4,{J to ot biloxvtfoi to olvee 7, Ui. it :o xbaSJ Iiri..i irtr-' /'t reI %%eV zoezts59, LLtUJQ JAIN , 7--- 01 VT 6, h 0114/ty, -4 _ IE sh. 044'1,010 6/9 rit r1=: ' ifua I9 2 BUSH TERMINAL COMPANY OFFICE OF THE PRESIDENT 130 WEST 42'1? STREET IRVING T. BUSH NEWYORK PRESIDENT Sept. 11, 1925. ACkNOW.LEMED Benjamin Strong, Esq., 33 liberty Street, New York, N.Y. SEP 1 1925 R. S.. Dear Mr. Strong:_ I am arranging a Dinner to the Hon. Charles E. Hughes for Armistice Eve, November 10th next. Mr. Hughes has accepted my invitation for that evening and Mr. Elihu Root has agreed to speak. The Dinner, which I hope will be one of the most notable of the year, is to be directed by a Committee of men who have been interested in the foreign relations of this country under the wise leadership of Mr. Hughes. Many of them will be officers and members of various American bodies which have taken an active part in promoting the foreign policies of the country, while Mr. Hughes was Secretary of State. I am asking a group of distinguished men to serve as Vice-Presidents for the Dinner,and a larger list to serve upon the Committee and I trust that you will be willing to serve as one of the Vice-Presidents. Very sincerely yours, c71 0 4.) tLIFRAL RESFAF RAM{ n.r: yo,R!,.CY 1 4 t,-.2...;) J47 I September 16, 1925. uec. r Mr. Bush: I am very glad, indeed, to accept your kind. invitation of September 11 to serve as one of the vice-preatdente for the dinner to be given in honor of Honorable Charles E. Hughes, on Armistice Eve, November. 10 next. meeting which I meet attend Unfortunately, early in November will probably make it difficult, if not impos6ib1e, for me to attend the dinner, but at any rate you %ill understand my interest in the occasion. I beg to remain, # Sincerely yours, Irving T. Bush, Esq., Bush Terminal Company, 130 West 42 street, New York. You are cordiallv invited by - a committee of men interested in International Relations to participate in a dinner to be given in honour of Tlte Honourable Charles Evans Hughes on the eve of Arntistice DavTuesday, November the tenth at half after seven o'clock Hotel Astor. NewYork The dinner is in recognition of his eminent services to the cause of International Goodwill The subscription is ten dollars For each person It is requested that an early reply he sent on the enclosed form 0 0 Committee Irving T. Buska-tairman F. Cunl i ffe - 0 wen, CB.E.Mce-Chairman Vice Presidents George E Baker, Jf: Edward W Bok Newcomb Carlton John W Davis Robert W de Forest Chauncey M.Depew William N.Dykman Frederick H.Ecker Haley Fiske Elbert H. Gary William D. Guihrii Charles T. Gwyrtne Darwin P Kingsley Thomas W Lamont Clarence H. Mackay John G. Agar J. S. Alexander Vincent Astor George E Baker. S!: Willis H.Booth Nicholas E Brady John J. Carty Lewis L. Clarke William Nelson Cromwell R.Fult on Cutting John Daniels William Curtis Demorest Herbert L.Dillon Victor J. Dowling Philip A. S. Franklin Herbert F. Gunnison General James G. Harbord Nathan L. Miller Dwight W.M_orrow Frank A.Munsey Adolph S. Ochs Alton B. Parker Lewis E. Pierson Frank L. Polk John D. Rockefeller, J`,., Elili it Root R .A.C. Smith Benjamin Strong ..."'" Henry W Taft William J.Tu.11y Paul M.Warburg George W. Wickersham Frank Hedley Archer M. Huntington George E Kunz Bishop William]: Manning Alfred E. Marling Gates W. Mc Garrah Samuel McRoberts John G. Milburn Eugertius H. Outerbricige Henry Fairfield Osborn George Foster Peabody Francis K.Pendleton Frank Presbrey George Haven Putnam Charles M.Schwab Henry White WillianiR Willcox ULd 14 1925 ,L,; ` $ 2.1 RECEIVED October 14, 1925. My dear lir. Bush: I aft very oorry indeed that I SA,611 be unable to attend the dinner to be tendered to Mr. Huehes on Novemer 10, which I had hoped to be t..ble to do when I vas first edvised of the plan. I beg to remain, Very truii yours, Irving T. Bush, Esq., 100 Broad Street, New York 414-, <-14-- AA ei,41,4.. 'Tama ry 29th1 1916. jty defir Franklin: 7heank ymi vary much for your note of the nth, enclosing the' lsqtr of introductim to goalars. Parton WorlfAar, which I shs11 t*Ae great pleUrs in prsentin. Very trfaly yrurs, P. S. Franklin, T 3real*Itag, Yrrk City. VON Esq., / 444), 9 BROADWAY NEW YOR K Jan. 28, 1 V My dear Strong: Enclosed please find letter of introduction which I hope will be of some use to you. -Q44(L-"1"-'* Yours very truly, Benjamin Strong, Esq., Governor, Federal Reserve Bank of New York, 62 Cedar Street, New York City. it(-1W4,1 1.1)Lin inWefy6KtY ROYAL DUTCH AND UNITED STATES MAIL ge;ad(AeV ,W01/"K6/0"4,e/ *ate, Telegraphic Address, AMERICANO, ROTTERDAM *re/ea, ax9e_gyaa* 9ocia6emd ,9fi/NAW/ Weiffy,* 91~6earga 21.9,Wrurz. 6'2/,3,e4s2)1e. Telegraphic Address, NETH E R LAN D [fe;orik,fer/o/ 40"vnkv,W. ni.r.aee,a9.&2/6*Aio-eeA* eaff& "j,e7efiiew 76~.4feeier <qr0/617 _/ Jan. 25th 1916, Mr. Benj. Strong, City. Dear Sir:Ju be to advise that the sailing of steacr NAOTTERDAE" has been postponed and she A.11 now leave here on Wednesday February 2nd at (P.M. instead of Feb. 1st. Yours very truly, HOLLAND-AMERICA LINgi -e Aging, January 26th, 1916. Ler Sirs: Please be advieu that it is :Ir. Benjamin Strong, Jr., who is sailing on the "Rotterdam" on the 2nd of Februry that his addresu is 62 Cocar :7:treot, Care the Federal N'serve Very truly yours, Secretary to :Ir. '2,trong. The HollandLmerica Line, 24 ;:tato 7treot, New York City, V CM ee tetze... June 2e, .W6. Frederick Lack, Egq., 1270 Broadway, Nev ioik 6Ity. Dear 3ir: Uth this I am eacloeing to checks: in the 34M That of the Federal heeerve bank of New York of $1,215.00 covering your two bills of June 18 for accommodations on the Homeric, JI,Ine 27, $705: and $610. respectively. As the bills are retained by the bank, no receipt is required other than the ce,ncelled check. That of Mr. B. Strong, in the sum of $1,g65.00 covering the enclosed bill of June 18 for Mrs. Humphrey's accommodatione on the Homeric, June 27. Please return the bill reoeipted to the above addreee. A check covering the accommodations which you heve secured for Dr. Stewart, will be forwarded direct to you by 6he Federal Reserve Hoard. Very truly yours, Secretary to kr. Benj. 3trong. EL1C8. I OFFICE OF FRANK TRUMBULL CHAIRMAN BOARD OF DIRECTORS 71 Broadway, THE CHESAPEAKE 8/ OH/0 RAILWAY COMPANY 71 BROADWAY tlE MISSOURI, KANSAS 8/ TEXAS RAILWAY CO. NEW YORK Sept.15,1914 49 WALL STREET Dear Mr. Strong: Complying with my oral promise to you today at the Recess Club and replying to your letter of today, I enclose herewith copy of the statement sent me by the National City Bank of obligations maturing in 1914 and 1915. I think it might be well for you to ask Mr. Mills of City Bank whether it includes equipment trust obligations. the National If not, you might like to add them, although we made no point of them in our presentation to President. Very Mr. Benj. Strong, 16 Wall New York City. St., truly yours, the -COPY THE NATIONAL CITY BANK OF NEW YORK. New York, August 31, 1911. Mr. Prank Trumbull, Chairman, The Chesapeake & Ohio Ry.Co., 71 Broadway, New York. Dear Sir: Enclosed herewith you will find a corrected and completed list of the Railroad issues maturing in 1915, which has been compared and reconciled with the list which you showed me. A note attached explains the differences. A more or less complete list of other maturing issues of Public Utility and Industrial Companies is also enclosed. You will understand that the division between Street Railways and Other Public Utilities, cannot be exact, since a number of companies included engage in more than one line of public utility service. In the list of industrial issues have been included mining and similar companies, such as the Amalgamated Copper Company, Doe Run Lead, General Petroleum, and even the Kineon Coal, with which you, of course, are familiar. I give herewith a summary of the enclosed lists:- 1915 1 9 1 4 TOTAL 443,831,100 $476,243,820 4520,074,920 Industrials 10,011,000 75,859,000 85,900,000 Street Railroads 11,617,000 46,978,000 58,595,000 5,792,000 57,721,200 63,513,200 471,281,100 4656,802,020 4728,083,120 Railroads Other Public Utilities T OTAL Yours very truly, RMB:T ENOLS. MATURING RAILROAD ISSUES 1915 January 1, 2, 15, 22, February 1, 22, FEBRUARY 2, 33,739,000 8,859,000 27,000,000 35,859,000 TOTAL MARCH April 1, APRIL 10,431,000 10,431,000 TOTAL 1, May 15, TOTAL MAY 1, June 2, JUNE TOTAL 1, 15, July JULY 77,930,300 20,000,000 97,930,300 106,487,000 2,000,000 1, AUGUST 35,496,520 14,250,000 49,746,520, 18,750,000 18,750,000 TOTAL 1, 15, September SEPTEMBER 10,828,000 5.000,000 15,828,000 TOTAL 1, October 86,827,000 TOTAL OCTOBER 1, November NOVELTER 3,232.500 TOTAL 1, t 108,487,000 TOTAL August 20,607,000 13,122,000 TOTAL 1, March DECEMBER 414,223,500 TOTAL JANUARY December 5,223,500 3,000,000 1,000,000 5,000,000 86,827,000 3,232,500 1,200,000 TOTAL TOTAL - YEAR - 1 9 1 5 1,209,000 4476,243.820. INDUSTRIAL and PUBLIC UTILITY MATURITIES SETTEMBER 1, to DECEMBER 31 1914 INDUSTRIAL MATURITIES 1914 September 1, SEPTEMBER 4 1, October OCTOBER November December 2,207,000 3,700,000 3,700,000 TOTAL 2,834,000 TOTAL TOTAL - 4 MONTHS - 1914 1,300,000 2,207,000 1, DECEMER 4 TOTAL 1, NOVEMBER 1,300,000 TOTAL 2,834,000 10,041,000 STREET RAILRCILDS PUBLIC UTILITY MATURITIES 1914 September 1, SEPTEMBER October NOVEMBER DECEMBER $ 3,017,000 6,150,000 600,000 1,100,000 1,700,000 TOTAL 1, December 6,150,000 TOTAL 1, November 17,000. 3,000,000 TOTAL 1, OCTOBER $ 750.000 750,000 TOTAL TOTAL - 4 MONTHS - YEAR 1914 411,617,000 PUBLIC UTILITY MATURITIES 19 14 October 1, OCTOBER November 1, December 1,409,000 500,000 TOTAL 1, DECEMBER 4 2,265,000 TOTAL 20, N0VE03ER 42,265,000, 1,909,000 1,618,000 TOTAL TOTAL - 3 MONTHS - YEAR - 1 9 1 4 1,618,000 45,792,000 INDUSTRIAL and JAMTARY 1, PUBLIC UTILITY MATURITIES to DECMIBER 31, 1915. 0 INDUSTRIAL MATURITIES 1915 January 1, February 425.000 1, 15, FEBRUARY March 400,000 15,000,000 15,400,000 TOTAL 1, 21,394,000 12,500,000 15, 1, May 633,000 1, JUNE July 1, 7,650,000 9,000,000 9,000,000 TOTAL 1, 500 000 500,000 TOTAL AUGUST September 7 ,65q,900 TOTAL JULY August 633,000 TOTAL MAY June 33,894,000 TOTAL MARCH 1, 1,472,000 SEPTEMBM TOTAL October 1, November NOVIIIBER 385,000 6,500,000 1, TOTAL TOTAL - YEAR - 1 9 1 5 1,472,000 385 000 TOTAL OCTOBM1 425,000 4 TOTAL JANUARY 6,500,000 75,859,000 STREET RAILROADS PUBLIC UTILITY MATURITIES 1915 1, January JANUARY TOTAL February 1, 16, 4 3,272,000 4 3,272,000 1,378,000 1,083,000 25,000 20, ' YLBRUARY TOTAL March 2,486,000 100,000 150.000 1, 15, MARCH TOTAL April APRIL 1, May 1, 250,000 5 820 000 TOTAL MAY 5,820,000 7,883,000 TOTAL June 1,096,000 1, JUNE 7,883,000 TOTAL July JULY 1, 1,096,000 15,150,000 TOTAL 1, August AUGUST TOTAL 15,150,000 4,743,000 4,743,000 September 1, SEPTEDOEM TOTAL 650,000 1, October OCTOBER November 650 000 350 000 TOTAL 1, 350,000 3,000,000 NOVEBBER TOTAL December 1, 15, 3,000,000 478,000 1,800,000 =EMBER TOTAL TOTAL YEAR - 1 9 1 5 2,278,000 $6,978,000 PUBLIC UTILITY MATURITIES 1915. January 1, JANUARY 0 6,050,000 TOTAL 1, February 2,150,200 2,500,000 350,000 2, 11, FEBRUARY MARCH , * APRIL 7,000,000 6,578,000 2,500,000 9,078,000 TOTAL 1, 15, Ma 7,000,000 TOTAL 1, 15, April 5,000,200 TOTAL 25, March 4,100,000 5 000 000 TOTAL MAY July 1, 909,000 909,000 TOTAL AUGUST September 11,088,000 TOTAL 1, August 1,332,000 1, 1,332,000 SEPTEMBER TOTAL 1, October OCTOBER November December 1, 7,124,000 40 000 40,000 TOTAL 1, DECEMBER ILla2222 TOTAL NOVEMBER 9100,000 6,838,000 3,000,000 1,250,000 13, 18, JULY $ 6,050,000 1,000,000 1,000,000 TOTAL TOTAL - YEAR - 1 9 1 5 - 057,721,200 Estes Park, Colo., October 10th, 1916. My dear Ur. Trumbulll Your telegram was awaiting ma at rstes Park when I arrived this (Tuesday) morning, having stayed over another day in Denver on account or bad weather. I ean't tell you what a delight it was to me to have that fine visit from you and Frank Vandsrlip. It was all too short, but I have hopes of another visit later, and any time that you come out you kneu that the latchkey will be hanging out in Denver and, furthermore, I will be able to pack a bag and run up to the Park on short notice, or without notice, to see what it is like in Winter. It was, also, a great privilege to have the opportunity of meeting so many of your Denver friends. I wieh I might look forward to seeing more of then this Winter than possibly would be advisable. By Sunday of next week, I will be settled in the new house and my address will be 4100 Yontview Boulevard. If you will be able to send me the material as it comes ,n regsrd to railroad matters, I would like awfully well to correspond with you about them. Your visit was like a. holiday in the midst of a long eeiod of hard work - ding nothing being the hardest kind of work. Frank Trumbull, Esq. With warmest regards, I am, Very sincerely yours, Frank Trumbull, Esq., 61 Broadway, New York City. BS/VCM Oct. 10, 1916. RAILWAY EXECUTIVES' ADVISORY COMMITTEE FRANK TRUMBULL. CHAIRMAN B. F. BUSH A. J. EARL.NG HOWARD ELLIOTT W. J. HARAHAN HALE HOLDEN L. F. LOREE R. S. LovETT FRANCIS H. SISSON, ASSISTANT ALFRED P. THOM, COUNSEL 1300 PENNSYLVANIA AVE.. N. W. WASHINGTON, D. C. OFFICE OF 61 BROADW CHAIRMAN K, N.Y. C. H. MARKHAM SAMUEL REA A. H. SMITH FRANK TRUMBULL F. D. UNDERWOOD H. WALTERS DANIEL WILLARD October 31st, 1916. Dear Mr. Strong: I duly received your cordial letter of the 10th inst. and I also have a letter from my good friend, Mrs. LeFevre, saying that you are settled in Denver. Our visit with you in Estes Park was one of the bright spots of my life and I would like to do it every month but I am again in the maelstrom here. Saturday night I made an address to the Portland (Maine) Economic Club and next week I am to address the National Industrial Traffic League at their Annual banquet in Chicago. So it goes, but it is exhilarating work because of the momentum which our idea of exclusive Federal jurisdiction of the railroads has acquired. I send you under separate cover copy of a letter we have just sent out to a number of bankers, including Mr. Vanderlip, Mr. Kahn, Mr. Davison, et al., also the documents referred to therein - together with "Principles of Regulation of interstate Railroads Which Should be Incorporated in Any Just System of Regulation", which I ask be considered for your own eye only for the present. I will ask my Assistant, Mr. F. H. Sisson, to put you on the mailing list for additional items of interest as they develop. Please do not feel that you have to read everything we send you but I would like particularly to have your comments about the documents referred to above. I suppose that a week from tomorrow morning we shall know who our next President is to be. A lot of ginger has been put into the Republican Campaign here in the last week and the Hughes people are very much more cheerful. - 2 - 10-31-16 By the way, I mentioned to Mr. Loomis, Counsel for the Union Pacific, your impression that the original Union Pacific Charter from the Federal Government was under the Post Roads Clause of the Constitution. He said that had been suggested but as a matter of fact it was, as I thought, under the Interstate Commerce Olause. Mr. Strauss dined with me the other night and was delighted to hear so directly from you. Do take care of yourself and be assured that if you feel like sending me a few lines or a card about yourself or any of our mutual friends tn Denver, I shall appreciate it. With high regard and best wishes always, Sincerely yours mr. Benjamin Strong, 4100mountain View Boulevard, Denver, Colo. Iovember 6th, 1916. Dear Mr. Trumbull: it was a great pleasure to receive letter of LcLober 31sL and in a day or tv.o after reading nclosures 1 / You and your associates are44h*ed in a will send you some comments if any occur to me a out the vau. N\ rious documents. great.piece of work for which you and 1 believe will the report of the new realize, ample rewards when C 'Commission. n very good to me. Last Your friends vytt-nere-have / , mid the plea Sunday LeFevre and very high how much e oi* tak yesterday d ned with/ \\ place,in-theallavti yout flriends in 'dinner with Judge and Whitted's. Denver miss you. b dy can ex ,sin how ii)U -char? You occupy a ns and I suppose you realize I got the impression about the on Misseuxi Paci i c.s. but get it some way I did and I am glad to be set straight in the ratter. i am keeping well, fairly busy the most wonderful weather. beyond at the The new house is now enjoying comfortable even my expectations and just about the right size. 1 am going to violate orders to-morrow night and dine Cactus Club with some of your friends and get the election returns. and just Frank Trumbull, Esq. Nov. 6, 1916. With warrest regards and every possible succens to your big undertaking, I am, Very sincerely yours, Frank Trumbull, Esq., 61 los;way, New York City. BS/VCM hcvember 8th, 1916. Dear Mr. Trumbull: Since replying to yours of the :11st, the various documente you were good enough to on the subject of railroad regulation. ave been over d me bearing /- Every time I read literature on this suba ficulties'atand out stronger and m more apparent. The three sugg s the dif- amiliarity becomes ons information desired struck me as inIng the scope of ery ably and thoroughly prepared but I am constr;4n-ed t-omak e modest suggestion ".\ 'been as extensively devel- where I believe the suyj ct has \ oped as it should be. settling i interest for war is bound to have an un- ce upon rates of interest all over the world f for many ye M epgnie 'Ne al to come. nar,3 141.41/1 The British Government is paying 6 % which a'few years ago it had no diffiThe French Government is culty in placing at less than 2''% paying between 5 and 6 % for short loans which in times of peace it had no difficulty in placing with bankers at times at lesa than 1 %. These developments have had as yet but slight effect upon the lavei of interest rates in this country because the influences of war conditions of those which are found abroad. here have been quite the reverse When peace lets down the bars -2To Nov. 5, 1916. Mr. 'Trumbull. and the financial currents begin again to flow normally, what will be the general effect upon interest rates and how will it I am inclined to agree with Profes- be felt in this country! sor Fisher who believes apparently that the whole likely to face considerably higher rates,rather who believe that relaxation of business world is more than with those aativi y will bring about lower rates.- As applying to to itself in the railroad siLation that railroads cannot /panst ch is peculiar their rIs to meet /line ,)of inquiry somewhat as economic caanges, I would sugges follows: let. 2nd. What will inter 4il1clon%iderable abr4oid and in sa14e effect of the war on e the g of Ameri ifferences in rate levels s country influence further n securities now held in Eur 3rd. 4th "41 such difrerence of rates likewise preclude the possibility of sales of railroed securities i foreign markets in future years? course of interest rates followink; the ave any effect upon certain special do-.---tic markets for railroad securities such as trust funds, eavings banks, insuraree companies, etc.! W.11 t r 5th. is the margin of railroad earnings now suffiCient to enable railroads to finance by issues of stock, when upon the conclssios of the war, business slackens, earnings decline and interest rates advance! 6th. The same inquiry should be made as to financing by bond issues. 7th. If rates do advance sharply, what will be the situation of those roads which in past years requirements by large isnrovided for sues of short term obligations! their -3- ov. 8, 1916. Mr. Trumbull. Some of these points are already covered in the questions addressed to bankers. etc., and I realize that the above suggestion are no more than the surface of a subject of tremendous importance and uncertainty. I teink the safest guess as to aconom c conditions af- ter the war ends can he described by States will be in competition at tne United stating with all bellie r nt nations in all markets of the world end in all deper'6M-errtve-e-eoduction The condition mercial.activity. based at first upon the highes aominel taxes as compared witi rates at first than will,preewkil nations will hnve vera tion and at first co heap 1 derably n g s i ancial and com- will be r pad in this country, nd much lover interest ehereas, +he belligerent emendoue burden of taxa- her rates of intereet than ours. \ If there is heeeelerlieee/w ace exeerience demonstrates in t is that wages readjust wore elowly than nny other this countr etem in th cost of rouction. The f readjusted. 'lazes are fixed and cannot be readjustment and always the promptest to value of credit, that is, interest rates. al-e' presenting the case oe the railroads, it will impos- take effect is in sible to avoid dealing with a good many controversial features of the railroad situation. Here is one subject of vital importance to the railroads which can be developed to groat advantage without, inviting shippers. tee antagonism of stock holders, wage earners.or It has nothing to do with the character of the regu- lation which should be applied to railroads, but it has a great deal to do with the reasonableness of methodo apolicd in regula ting their affairs. -4 To Nov. 8, 1916. Mr. Trumbull. lou asked me for suggestions and these are the only things which occur to me that do developed by the documents sent me. not seem to be very fully I hope your hearings at Washington meet with the great success which they deserve. With warmest regards, Verj sincerely yours, Frank Trumbull, Fag., 61 9:roadway, New York City. 0- a RAILWAY EXECUTIVES' ADVISORY COMMITTEE B. F. BUSH A. J. EARLING RANCIS H. SISSON, ASSISTANT HOWARD ELLIOTT ALFRED P. THOM, COUNSEL W. J. HARAHAN HALE HOLDEN L. F. LOREE R. S. LOVETT 1300 PENNSYLVANIA AVE., N. W. WASHINGTON, D. C. OFFICE OF THE CHAIRMAN 61 BROADWAY, NEW YORK, N.Y. C. H. MARKHAM SAMUEL REA A. H. SMITH FRANK TRUMBULL F. D. UNDERWOOD H. WALTERS DANIEL WILLARD on Pennsylvania Train #601 December 14th, 1916. Dear Mr. Strong: I should have long since acknowledged your letter of NoveMber 8th but I took the liberty first of sending it over to Mr. Strauss; then I left it with Mr. Otto H. Kahn, and after that I sent it to our Counsel in Washington, Mr. Alfred P. Thom. He has been quite overwhelmed with documents of all kinds and did not return it promptly but he was evidently much impressed by because, in presenting the railroad case to the Newlands Committee the latter part of November, he read part of your letter, thereby getting it into the record. I hope this does not displease you. I hear from 411 directions the most complimentary things about Mt. Thom's presentation and, therefore, you may be sure that his quoting you as authority was in more ways than one a compliment. it We are a little bit up in the air at present about the hearings of the The prospect Newlands Committee. that they will go over until after the fourth of March. That has its advantages as well as it disadvantages for the subject is too large to be treated in a desultory manner - subject to frequent and distracting interruptions. On the other hand, we have really made progress by "starting something". We may have to plow the ground for a long time, just as you and other bankers did. is I am on my way now to Evansville, Ind., to make an address to the Central States Conference on Rail and Water Transportation. I have not seen much of Mr. Vanderlip since election as I moved in to my apartment at The Plaza immediately after my return from the very agreeable Western trip. However, he and W. M. Acworth of London were in my apartment for about an hour at midnight on Monday of this week. He is to make an address at Detroit tomorrow night and at Chicago Saturday night of this week. I believe the Chicago affair is to be a great event and he is to be the sole speaker. Fred Strauss has been with me twice in the evening since my return. are millions of things 'I would like to talk with you about. There Mi. Vanderlip tells me he is going to California and has asked me to go along, using as an additional bait the fact that "we will get Ben Strong to go with .us". At the moment I am a little uncertain about my plans for the winter but it is possible that I can get a real vacation. I have called a meeting of my committee Wednesday evening of next week and expect to have a full attendance; we can then probably decide our program for the winter. I am glad to think that a little later on you will make one of our best witnesses in Washington. 0 0 - 0 2 - 12-14-16. I am delighted to hear nice things from my Denver friends about you and hope that their kindness is helping you for I have no idea that you were ever intended to be a hermit. Would you like copies of the printed record of the Newlands Committee hearings? If so, I will have them sent to you. Of course, they are pretty voluminous but everybody agrees that Thom's presentation was splendid and comprehensive and you may find the cross-questions rather lively, if tbey do not irritate you. t I hope you are getting along finely in every way and with best wishes am, as always, Sincerely y urs, Benjamin Strong, Esq., 4100 Montview Boulevard, Denver, Colo. ,7? /6r S -6;6-,t. (2 21t< Denver, Colorado, December 19, 1916. Dear Mr. Trumbull: Your letter of the 14th has just been roost and reminds me with "Dearly somewhat of the Flaglish marriage serv Beloved" and ends in amazement. scripts in regard kept at par. ilway stocks s. ould be to Bryan's th have been made famous by Enterprises o can promotor by the name of such men as King Canute, a cert and in a financial sense Keeley, a biblical Bryan deserves a place a famous Scotch Li ement immortalized by Lafollate's in that gallery of remark in r post- I refer of course to ,Allo you recall stated that the the Sena 'bury had been made famous for all time b North r wo great accomplishments, one being Cook's discovery of the sbe and the °the drich's revision of the tariff downward.. a a bit surp to pick no the paper one morning and see , prepared letter of mine had been submitted to the Newlands Committee. It is all right of course and I hoTe may have been of some service, but it would have been in written had I known its fate, you may be batter form and more complete. me that ho does not agree Strauss has since with either Professor Asher or me in regard to the interest rates after the war. I have written him using Br. Asquith's famous expression - "wait and see". sure that 2. To - Mr. Trumbull. December 19, 1916. I some cases i think there are disadvantages in delaying hearInge before the Newlands Committee. You gentlemen were in a fair way to occupy the center of the stage and get the bz.efit of the spotlight. Other things will intervene fear I and 11,,1stract public atten. tion, but it does give you opportunity for thor ,-1 preparation, of Which I hope every advantage will be t I am terribly sorry that my absence prevents in all sorts of things that are ing part ust now and 1 wrticularly et your friend regret having missed the Vander/1p intimated in a /Ir. Acworth. ter that he might be start- I have had a chat with the tug for California earl doctor about joint be all right after the worst of the Cali passed, but I doubt if he would let me go by the t ip will be starting. If I can- ersuade you to go by the way of Denver Spri days d make me a visit here, or possibly we could stop at Colorado H or at El Tovar, k eferably .:=ther, when we the latter, and have a few quiet d talk over those million things that are million or two which are in mine. You know without mg saying so that I am absolutely at your command in any way to be of service in forget however that I am a very this railway incpiry. Don't poor speaker and very deeply and densely ignorant on this subject, and, if you felt it advisable to ask me to anpear, 1 would like to have the line of mg own discussion pretty well mapped out in advance so that I could prepare for it. It would be most 3. To - Mr. Trumbull. December 19, 1916. interesting to have copies of the printed record of the hearings, if copies can be spared and sent to me. I was going to write you for them, but felt that I should not bother so bus4 nd description Your Denver friends have been hospitable b and I am in danger of appearing very friend. and reciative be- cause of my inability to accept the many invitatio me. A little later on, however, 11 is going to free rein, even to the extent clears up. if When this is evidenced by the fact that A great many obliged to answer the weather my low weight of 129 I am or weighed. ur nice letter. t is a great most raga Very sincerely yours, BS/CC Frank Trumbull, Esq., 61 Broadway, New York City, N.Y. Don't feel pleasure to letters frome,egod Wi e me a eyond his expectations and He says my progre Up to 146-1/2, Whic come to get A ,r1;,,,,) RAILWAY EXECUTIVES' ADVISORY COMMITTEE B. F. BUSH A. J. EARLING HOWARD ELLIOTT W. J. HARAHAN WALKER D. HINES HALE HOLDEN L. F. LOREE R. S. LOVETT FRANK TRUMBULL, CHAIRMAN FRANCIS H. SISSON, ASSISTANT C. H. MARKHAM SAMUEL REA 1300 PENNSYLVANIA AVE., N.W. A. H. SMITH FRANK TRUMBULL WASHINGTON, D.C. F. D. UNDERWOOD ALFRED P. THOM, COUNSEL OFF E OF THE CHAIRMAN H. WALTERS 0 DANIEL WILLARD AY, NEW YORK, N. Y. FEB2 1 1917 January 31st, 1917. Dear Mr. Strong: I have deferred writing you thinking that I might make a trip I said to Frederick Strauss that if he would go along, to California. I would try to drop everything and we would nick you up and take you to the Grand Canyon enroute to California - or, of course, further if you want However, he was obliged to say at once that he cannot possibly get to go. Mr. and Mrs. Vanderlip are leaving next Tuesday, I away at this time. They believe, for California so you may have heard something from him. asked me to go along and I thought last week I might do it but Mr.Thom is I sick in bed and we have several matters which need daily attention. really ought to go to the Pacific Coast for two or three reasons but will All I can probably do in the next month have to wait for a real vacation. am glad to say that I am or so is to take two or three days at a time. quite well and think I can "go" for a While longer without running down entirely. I New I am to dine with Frederick Strauss next Tuesday evening. I have York is active, as usual, during the winter - not to say hectic. been traveling around more or less making addresses but I think February will be easier in that respect. We are all delighted that you are getting on sozell and I only wish I could, for that reason and many others, see you iclesh instead of exchanging letters over a distance of more than two thousand miles. And, of course, we are not forgetting that if:you are able to come East you can be a great help to us before the Newlands Joint Committee for They are to resume hearings in March and inquiry into railway regulation. it is barely possible that they will make a western tour but I am not sure YOur appearance before them could not fail to help everybody. about that. Please be sure that I am always delighted to hear from you and hope you will write me soon about your plans for the next two or three months. My kind regards to all of our mutual friends in Denver whom you may run across, and believe ma always, with high regard, Sincerely y Benjamin Strong, Esq., 4100 Yontview Boulevard, Denver, Colorado, 4,,r; [-r7;74,1q Denver, Colorado, February 21, 1917. Dear Kr. Trumbull: Absence in Arizona with my associate, Jim a reply to yours of the 31st ult. Since tie, has delayed t was writ fate another twist to the wheel and now everything is c Mr. and Mrs. Vanderlip have aband hns given I presume lifornia trip r the present xfid that you are at pre th your patriotic asso- ciates in devising means of ass government in ease we have war, instead of devoting your str Kies to defending yourself against the government That is the with governmenr and I expect you an railroad men, t think I am an in these tters and with Abo the rest of the coterie of wear yourselves out in patriotic very little service, - they are ungrateful brutes or your pains. rchist - I try and be honest with myself very select few of my friends. nything M I might do in cpnnection with the Newlands Committee hearings, I fear that liarch, or even any time when the Committee is liable to be holding sessions, will be too soon for me to service. the record be of any It has occurred to me, however, that you may want something in in lines where I might be of service, and if you will lay some- thing out so as to exhibit the scope of that is needed, i will be very glad indeed to prepare something to submit in writing. Your friends in Denver have all been very ,00d to me, but I am* 2. February 21, 1917. To - Mr. TruMbull. still pretty well tied down and unable to show them my appreciation, If you are ever within strik- which I hope to do however before leaving. ing distance of Denver, don't fail to let MB know. My best regards to you and to Strauss and Vanderlip, if you happen to see them. Very Frank Trumbull, Esq., 61 Broadway, New York City. BS/CC erely yours, June 13, 1921. PERSOhAL My dear Mr. Vogel: We have only within the lazt few weeks bc-,Jn abl6 to conclude the final acoounting of the exnses of the vurious Liberty loans, and deterviine to what extent, if ank, exi;enditures rlade by the organization could not be relmburbed by the Treasury under oxisting lam, or rules of the Department- We.find that the total amount of such items thzt oanLot be reimbursco is t2,E35.97. Jf tbis sum, the releral !'_eserve Ev,4nk able to absorb ',7,,229.74. The remainder, t306.23, I have pai,) personally. The Liberty Lon Committee cased resolution, agreeing personal.y to asEume certain charges, up to a limited anount, aE I recall was 0,000. If the members of the committee care to'pal their respec.Ave hares o:;' this aufg, the amount of each coargiittesman's proportioa will be WC.55. Had these operations been conducted since the ?asage of the Volstead Act, it would not have been neceesary t aek the committee to maa an contribu- tion. Yours very truly, Martin Votgel, Esc., 111 Broadway, New York, N. Y. BS:MM HUDSON AND MANHATTAN RAILROAD COMPANY (HUDSON RIVER TUNNEL SYSTEM) TREASURER'S OFFICE 30 CHURCH STREET NEW Vortx Hon. Benjamin Strong, Governor,Federal Reserve Bank, New York City. June 18th. 1921. JUN 2 0 1921 Dear Governor Strong; Mr. Vogel sailed for Europe May 30th. As I am taking care of his personal affairs in his absence, I received your letter to him of June 13th. in regard to Liberty Loan Committee expenses. I know Mr. Vogel would want to have a part in meeting this expense and am therefore enclosing check for 023.55. Cord fr/H lly your \)/(1 June 20, 1921. Dear Sirs thesik you for check fur p3.55 ncloued in your letter of June 18, representing Mr. Vogel,s proportion of the Liberty Loan Committee' account. Yours vary truly, W. S. T*iddy, Esq., c/o Hudson & Manhattul 30 Church St., New rork, N. Y. (kat,' Railroad Co., expellee LitAtt-g- ovit,tittat'S 17 77 g/ ) Established,1841 Capital 18.000.000 1E-55 June 181 NEW-YORK AMERICAN EXPRESS COMPANY I LONDON . LIVERPOOL FOREIGN DEPARTMENT I' SOUTHAMPTON. GLASGOW . GENOA NAPLES . OFFICE OF . . 3 West 'Nile Street . . . ROME ROTTERDAM. DIRECTOR GENERAL IN EUROPE 11, RUE SCRIBE 6 Haymarket, S. W. 84 Queen Street, E. C. 31 James Street 25 Oxford Street . . 17 Piazza Nunziata Piazza del Martiri Piazza di Spagna . 26a Zuidblaad STOCKHOLTI4 PARIS BUENOS-AYRES MANILA 65 Broadway ( II, rue Scribe 54, r. des Petites-Ecuries PARIS . . HAVRE TOURS . . MARSEILLES BORDEAUX. 43 Quai d'Orleans 8 Boulevard Beranger 9 rue Beauvau . . 3 Cours de Gourgue Quai Van Dyck COPENHAGEN . . 8 Holmens Kenai CHRISTIANA. . 2 Dronningens gage 9 Blasieholmstorg . . . HONG-KONG SHANGHAI YOKOHAMA Shipping and Banking Correspondents at all Principal Cities and Ports of the Commercial World General Foreign Asients for TELEGRAPHIC ADDRESS , REPANIEX-PARIS LIEBER, CODE NEW YORK CENTRAL LINES (MERCHAWTS DESPATCH) Telephones: Gutenberg 36-04 Central 87-46 I 36-27 " 90-37 CHICAGO & NORTH WESTERN RAILWAY CO. IP, RUE SCRIBE PARIS (IX) UNION PACIFIC RAILWAY SYSTEM September 5th 1919 Rappeler cette reference, s. v. p. In your reply, please quote lienjamin.strong Esq., Hotel idtz, .-ieferring to previous correspondence. Jo understood from telephonic conversation with you that these consignments of gold wauld not now be farwardea as proposed, but that you would still be interested in having the rates applicable. ae have now received $ advice in regard to same, and advise you as follows:-oILLID.J....,iu to L;0,st Amsterdam to frontier. per G.1,000.000 on value of 4?10,000.000 . 4; 2500. G. 85.per 1000 kilos on weight say 25,000 kilos 8-0. :_tehil3elgian frontier to belgiani .rench frontier. 8 1/2 (eight ec half) centimes per 1000 francs on value of 4e10,000.000.. 50. .Prs.28 per 1000 kilos on weight say 2,000 kilos 90 940, 4 Prench frontier to earis, 85 pentimes per 1000 francs on value of 410,000.000 8,600 Insurance all risks 1/2por mille on 410,000,000 to 2:.,18 Brussels to ...31gian/Prench frontier 8 I/2 (eight ,A half) centimes per :rs.1000 on value of 410,000,000 . 850 Frs.48 per 1000 kilos on weight say 25,000 kilos 90 940. Itench frontier to Paris 85 centimes per 1000 fraftcs on value of 410,000.000 8,500 J_Iasurance all risks 1/ per mille on 410,000,000 5,000 0 4 14,440. to Paris to _,Tench/Spanish frontier i's,2.85 per 1000 francs on vcaue of _2.4000.000 0a;S,500 Spanish 1?rontier to iJadrid pts.3.10 per 1000 pesetas on value of 10,000,000. 31,000 Insurance all risks (threequartdm) per mule on 410,000,000 4 7,500 67,000 The figures given represent actual transportation vid insurance charges only. In addition to this tere will be collection ana delivery charges at each end, and possibly expenses at the have frontier which, however, should not be consiLerable. shown costs in dollars as we think it will be more convenient to you, although we appreciate payment would be made in francs. We are at your service for any further information you may require. Yours truly, 'ES G uJJ2ii.AY Director (Teneral. .TJD N IE-55JuneW Capital : 111z 180(61008 1`..s4ablished*41 NEW-YORK AMERICAN EXPRESS COMPANY FOREIGN DEPARTMENT LOND0r4 . LIVERPOOL ALES DIRECTOR GENERAL IN EUROPE 11. RUE SCRIBE . NPROME ROTTERDAM. 84 Queen Street, E. C. 31 dames Street . 25 Oxford Street . r SOUTHAMPTON. GLASG0117 . . OFFICE OF 6 Haymarket, S. W. k ' . . . . 17 Piazza Nunziata Piazza dei Martin Piazza di Spagna 28a Zuidblaad . . . . STOCKHOLM BUENOS-AYRES PARIS 3 West Nile Street MANILA PARIS. . 65 Broad6ay 11, rue Scribe . .1I 54, HAVRE TOURS ALES . . 36-27 I REPANIEX-PARIS " 90-37 Benjamin btrong Esq., Hotel r. des Petites-Ecuries 43 Quai d'Orlians 8 Boulevard Beranger . SHANGHAIYOKOHAMA HONG-KONG Ports of the Commercial 'World General Foreign Agents for NEW YORK CENTRAL LINES LIEBER'S CODE Telephones: Central 87-46 Gutenberg 36-04 . 9 rue. Beauvau . 3 Cours de Gourgue BORDEAUX. . MRSEILGENOA. Quai Van Dyck 7 A NTWERP . COPENHAGEN . . . . 8 Holmens Kenai 2 Dronningens gade . CHR/STIANA. 9 Blasieholmstorg Shipping and Banking Correspondents at all Principal Cities an TELEGRAPHIC ADDRESS . (MERCHANTS DESPATCH) CHICAGO ec NORTH WESTERN RAILWAY CO. II, RUE SCRIBE PARIS (IX) agust UNION PACIFIC RAILWAY SYSTE 2nd 1919 R.appeler cette reference, s. v. p. In your reply, please quote 2'Z5/40 .,,ear Sir, lAeferring to your call of kagusli 19th and copy of your letter of that Late, the original of wtich has not yet come to huind.' It will take some days to'obtain from,-Imsterdam Brussels, and Spain, also from London, in regard to insuirance the necessary inforattion, in order to give you precise particulars as to the rates applicable to the snipmentSin question. 'vie can, however, from tne information in our possession advise you approximate rates on shipments of gold coin, z.s follows: Brussels to :earls. 1.75 per mile 8.00 _earls to nadrid. ae regret we cannot give you the rate from Amsterdam at the moment. ,hese rates include all tran6portation charges and insurance. ne judge that a percentage rate as shOwn above will uest serve your purpose, in any event, without further information it is,not practicable for us to quote otherwise. e do not know for instance, what is the franc value of the (A0,000,000 German gold coin,obviousli the franc equivalent would not be taken as at the current rate of exchange tor German marks. Similarly in the shipment of 1-ranc6 to Idadrid o4e franc gold is considered as one peseta, hence the rate of 8 per mile must not be considered as 8 francs per 1000 francs in view of payment for the Spanish pvrtion of the transportation being made in pesetas. We judge, however, that you really only require the approxi'mate cost in dollars, and therefore you would be quite safe in considering the rates advised above if figured in dollz-rs as more than sufficient to cover costs. We estimate the transportation from Paris to'iadrid would take four days, it depends upon thp facilities given by the Railroad authorities, and whether they will permit the attachment of the cars to fast passenger trains. The .A.morican I;xpress Company have faCilities, and will 'tie pleased to tahe care of the transportation of the gold coin from and to any of the poitits mentioned, and we are at your service for any additional information required. ae will advise you later when further particulars are obtained. Yours truly, AMERICi,L sc,..SS°G. KPSS COW to .uirecto:c General. 'Ondee en 1841 (E-51A.JuV19) Capital 318.000.000 AMERICAN EXPRESS COMPANY BANQUE - EXPEDITION - VOYAGE BUREAU DU FRET 54, RUE DES PETITES-ECURIES LONDFIES. LIVERPOOL SOUTHAMPTON. GLASGOW GENES NAPLES ROME. ROTTERDAM 84 Queen Street, EC, 31 James Street 25 Oxford Street 3 West Nile Street 17 Piazza Nunziata Piazza dei Martini Piazza di Spagna 26a Zuidblaak BUENOS-AYRES EXCO-PARIS CODE LIEBER PARIS... . II Rue Scribe / 54 Rue des PetitesEcuries 43 Quai d'Orleans 8 Boulevard Beranger HAVRE ........... TOURS MARSEILLE . 9 RUe eaauveau BORDEAUX ..... .. 3 Cows de Gourgue 87 Place de Mein 8 Holrnens Kanal . ANVERS COPENHAGUE CHRISTIANIA SHANGHAI HONG-KONG Correspondents de Banque et 65 Broadway 2 Dronningens gate 9 Blasieholmstorg STOCKHOLM PAR IS ADRESSE TELEGRAPHIQUE .. 6 Haymarket, S.W. NEW YORK. de YOKOHAMA MAN1LLE Fret daps les Priocipales Villas au Monde Agents Geniraux pour rEtranger des Resesue de Chemins de For Telephones . Gutenberg 35-77 Central 4 I -15 NEW YORK CENTRAL LINES I 54, RUE DES PET1TES-EDURIEE PARIS le aAoit 1919 Rappeler cette reference s. V. p. liir. . Benj. STRONG In your reply, please quote Federal Reserve Bank of New-York Hotel RITZ SOL/FR-$- P4RIS . Dear Sir, In reply to your favour of August 19th we beg to inform you that we can. handle the shipment of gold coin from 3russels or _Amsterdam to Pan i and f-aom 2aris to riadrid , but we 'regret to inform you that we cgnnot give you now the cost of trans- portation. The R. R. Co. aft asking the Spain, Belgium and Holland R.R. Co the cost on their countries, which cost we shall give you as soon es same is received. In the meantime, we remain, dear Sir, Yours truly. JRIC J- /if COLLELNY du Trafic Hotel Ritz, Paris, August 2,, 1919. R. Wright, Esq., Assistant, to Director General, American Express Company, 11 Rue Scribe, Paris. Dear Sir: I am in receipt of your favor of the 22d instant, also a letter from shi:ment. Mr. A. Reavurn, of your office, an the subject of the gold 1 T find the quotation stated in your letter nite and write to ask the following questions: to be rather indefi- 1 Does it make any difference whether the gold is coin or burs, or the coin of any nationality, so long as tkt figures out and has a value of approximately 110,000,0N. The freight and Insurance would be paid by check in Paris or, if necessary, the insurance by check in London, and therefore I should suppose that the cost of the movement could be figured either in francs or sterling without difficulty and without regard to rates of exchange. act T an therefore statement of writing to ask if you will not give me amore ex- the probable cost than that contained in your letter. Very truly yours, BS/V Hotel Ritz, Paris, August 23, 1919. R. Wright, Esq., Assistant to Director General, American Express Company, 11 Rue Scribe, Paris. Dear Sir: I am in receipt of your favor of the 22d instant, also a letter from Mr. A. Reavurn, of your office, on the subject of the gold shillment. I find the quotation stated in Your letter to be rather indefinite and write to ask the following questions: Does it make any difference whether the gold is coin or bars, or the coin of any nationality, so long as figures out and has a value of approximately 310,000,000. The freight and insurance would be paid by check in Paris or, if necessary, the insurance by check in London, and therefore I should suppose that the cost of the movement could be figured either in francs or sterling without difficulty and without regard to rates of exchange. I am therefore writing to ask if you will not give me a more exof the ,3robable cost than that contained in your letter. act statement Very truly yours, BS/V