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j4 New York, January 3, 1919. Dear Mr. Strong: I hereby express to you, in the na-,e of the ':.genre Financiere du Gouvernement Francias aux Etats Dnis, my most sincere congratulation on the nomination that has come to you in the Order of the Legion of Honor. -ersonally, I am very ha-ppy that this distinction has cone in recognition of the eminent services, that you yourself, and the establishment r ich you direct have rendered to the French Government during the war. Lccept, de7.1. Mr. Strong, tie assurances of may most 1)rofo7nd regard. J. FREDERICK BLOCH Mr. Benjamin Strong, Governor, Fedora Reserve Bank, Neu York, N. Y. NEW YORK 2 RECTOR STREET . grcANCA IS _ r;TATS-UNIS TELEPHONE RECTOR 9776 (11 New York, le 3 janvier 1919. Cher Monsieur Strong, Je tiens a vous exprimer au nom de l'Agence Financiere du Gouvernement Francais aux Etats Unis mes plus sincbres felicitations pour la nomination dont vous venez d'être l'objet dans liOrdre de la Legion d'Honneur. Je suls personnellement tres heureux que cette distinction soit venue reconnaitre les eminents services que vous-meme et l'etablissement que vous dirigez avez rendus au Gouvernement Francais pendent la guerre. Agreez, cher Monsieur Strong, les assurances de ma consideration la plus distinguee. Monsieur Benjamin Strong, Gouverneur, Federal Reserve Bank, New York. LIBRARY MAY 1 0 1919 a FEDERAL RESERVE BANK May 9, 1919. Dear Mr. Bloch: It is quite impossible for me to express to you the pleasure whiel, I have experienced in receiving the evidences of the honor done me by the 2rench Government when I was made a Chevalier of the Legion d'JionneUr. The diploma arrived this morning, and I am now writing to once more tell you how greatly honored and how greatly pleased i am. Llay some I ask whether it is desirable that I should send acknowleadinelit to the officers of the Legion? Iiith warmest regards, believe me, faithfully yours, 4..f.L.jr-siJandiska0400abv,-tsq., EiTinciaJ Agency of the Erench Government, 2 vector :Arcot, 1;ew York. B 3/1L3i3 AGENCE FINANCIER E NEW YORK Dv GOUVERN EN1E NT FRA NicAIS 2 RECTOR STREET AUX ETATS-UNIS 9776 MAY 1 3 1919 May 19th. 1919 FEDERAL RESERVE BANK Mr. Benjamin Strong, tiovernor, Federal Reserve Bank, New York. Dear Mr. Strong, I have your letter of May 9th. Let me assure you of the great pleasure it has given me to present you with the insignia and diploma of the decoration awarded to you by the French Government. Nobody, I am sure, knows better than Casenave and myself how well deserved is this recognition of the great services rendered by you all through the war to France and to the Common Cause. I do not think it necessary for you to aen. an acknowledgment to the Grande Chancellerie de la Ltigion d'donneur, as the delivery has been made through the French High Commission and myself, and is quite in order. Believe me always, Sincerely yours, fiZetvau a/kh $ S June 7, 1919. Mr. M. Casanave, Care French High Commission, 65 Broadway, Few York City. Dear Casanave: It now looks as though I will be able to sail for the other side the latter part of this month, but I am unable, as yet, to advise you of the date or boat. If it is possible for you to facilitate my travel in France, in connection with examination of papers, luLL:ace, etc., it vAll be greatly appreciated, and I would not ask this except from consideration of health. Sincerely yours, LIBRARY S. LI (WARY JUL 1 1:.9 June tMl?"1REsEi:vE Dear Casenave; I em finally planning to sail on the Baltic on July 12th; will be in London for a short time and from there go to Eranoe, and if there i3 any way in which my trip to /ranee can be facilitated, without delays in connection with Laving papers examined, etc., i would very Greatly appreciate it. I hope very much I can see you before sailing. Won't you let me know the next time you are in New York? Faithfully yours, Maurice (;asenave, 0/0 .drench Ambassador, Waahington, D. J. B.: /tit33 HAUT COMMISSARIAT DE LA REPUBLIQUE FRANCAISE FRANCAISE 11110.UBLIQUE AUX ETATS-U N IS COMMISSARIAT GENERAL DES AFFAIRES DE GUERRE FRANCO-AMERICAINES SERVICES DE NEW YORK ',DIRECTION DES SERVICES ADM INISTRATIFS ET DU CONTROLE 65 BROADWAY NEW YORK. July 8th, 1919. NEW YORK TELEPHONE BOWLING GREEN 7240 LIBR 4 D4A1(eq 30.0) 10 11 I' IIESTMIE My dear Strong:I am pleased to enclose herewith two letters, one addressedAo the Inspector of Customs of the Port of BoulogneA and the other to the Inspector of Customs, Gare du ;',;rd, Paris, which I am confident will facilitate y r trip to France. I trust that you will find everything in order, and to offer my best wishes for a very pleasint voyage. Yours faithfully, July 10, 1919. Dear Caservve: I am in reoeipt of your letter of Cap 0th enclosin7 letters to the Inspector of Customs at Boulogne and Paris, respectively, and rish to assure you of my sincere rmnreciation of vsur courtesy Ind good 1-ishec for the voyage. Yours sincerely, Flonrioe Cz.zonrve, Ilirection Generale des services Pranosis aux Etats Unis, 65 Bros:Amy, `ter: York. V,411111- -e;izerweed. emote-on. 041 ---- - a g r/44., Jet.). e te z /x, .62.-A..Z.4 -72 Let e-e4.0-4- /.' "A.", Hotel Ritz, Paris, August 28, 1919. Dear Monsieur Collier: I am just in receipt of advices that it will not be necessary to make the shipment of gold from Paris to Madrid, concerning which I have recently had some conversation with you. I xich to express to you my appreciation of your courtesy in this matter, and also how much I enjoyed the very pleasant evening at dinner with you last night. With aosuranca of my esteem, I remain, Sincerely yours, Monsieur Alexandre Collier, Inspecteur des Finances, Minister° des Fin.noes, Palain du Louvre, Paris. V Aiiitoiate r;97144~,,,,,w 4, 4.9:eigafece,- - C--"44-1. ciL.- 7_,./A---44"A"" -11 4u-a 44,-- GO= eit-r7 ti-4.4-41-0-4-0. 04, 0 Hotel Ritz London Se,ember 8, 121?. My dear Monsieur Celier: I am writing to express the pleasure which it Afforded me to meet you, and to thank you for your courtesies to me while I was in Paris. I shall be returnin; to New York this month, and you may be sure that my beat efforts will be given to assisting in the solution of the problems in which we ure now All 30 much intercstod. With kindest regards, believe me, Sincerely yours, Monsieur Alexandre Celier, Inepecteur des Finances, >8, Boulevard des Invalidee, Paris. BS/V Monsieel e;elier: 2 I 10.17.:9 le large part, to my belief that your government will find the meens to adopt a vigorous and eound fiEcal policy, provide adeeuate tex.tion, tring expenditures within the limitation of the tudeet, and aguin be ILle to devote the energioe of your ;sole to conetructive production, toeerd which one you have my very best wishes. We mutt, I presume, accustom ourselve to be victimized by unauthoized newspaper erticies, but I greAly regret that I should heve been mane tne euLject of ouch an occurrence aster enjoying the hoepitallty of you: gre t d_intry and receiving kv many courtesies ann attentions at your hende. You will, I ho consider this letter cite private, but I not wuJet this occurrent cis: to pees unnoticed, nee without e complete dieceeiner on my part, which would be more teacific heti I been given oe;ortunity to Bee the article. With every aeeurance of my esteem, I be Faithfully yours, Monsieur Alexandre Celier, Inspecteur des Finances, 38 Foulevard des Invalides, 'aril, France. E .MSb to rem_in, 41111Kiftete fie ,zenaweed. -/X1. e_/11/bte/Inen-Y7le;Zeia, Wed @YOW-eh ,gre)t-e-c4yezi'.- Cher Monsieur Strong, Je suis extremement touche de la lettre que vous avez bien voulu m'ecrire. En parlant a, M. Stettinius de l'article p,.ru u Londres et reproduit dans nos journaux, je Jul avais dit expresseent ma certitude que cet article ne reproduisait pas votre pensee. Je suis tres heueux c'.' en recevoir de vous meme la confirmation et je vous remercie d'avoir pris la peine de le faire. Il est trop certain que les indiscretions ou les exces de zele de la presse sont souvent defavorables a unc exacte connaissance de la situation. Croyez bien que nous Lyons pris l'habitude de ne pas nous em,uvoir : ce qui importe h nos yeux,c'est votre sentiment lui-mme dont vous voulez bien me faire part une fois de plus. J'espere beaue,up que le resultat des elections qui vont avoir lieu dans une huitaine de jours, Monsieur B. STRONG, Gouverneur de la Federal Reserve Bank of New-York. /IP Novemoer 6, 1919. Dear r. Strong: I am extremely touched by the letter which you have been good enough to write me. In speaking to Mr. Stettinius about the article which appeared in London and was reproduced in.our papers. I told him clearly of my certainty that this article did not reproduce your thoughts. I am very happy to have received from you the confirmation of this, and I thank you for having taken the pains to do it. It is quite true that these indiscretions, or excess of zeal of the press are often unfavorable to an exact knowledge of the situation. be assured that we have the habit of not being moved (swayed): the important thing in our eyes is your own sentiment, which you have been good enough to make known to me once again. I sincerely hope that the elections which will take place in about eight days will permit our Government to engage, without further delay, in the energetic financial policy which you recommended to us; this policy corres9onds to the desire of all the sane elements of the country, and I am sure it will be appreciated as it agrees with (is L'greetible to) our American friends whose sympathy and cooperation we value so highly. Believe me, my dear Mr. strong, Yours very sincerely, (A I C JANV 2 0 /; ) 1 ///////Y;). 1/enzem rweAct. " e..-"/ rD -it a e / ge,r1, Cher Monsieur Strong, Je suis peine d'apprendre que votre etat de sante vous oblige a quitter momentan6ment vos fonctions. respere que le repos que vous comptez prendre dans l'Ouest vous permettra de vous retablir completement et dans un court delai. Je serai tres heureux que votre voyage a Paris me fournisse ensuite l'occasion de vous revoir.Je m'emploierai Bien volontiers h vous procurer des introductions aupres des autorites francaises de nos etablissements du Pacifique et de nos possessions de 1'Indo -Chine et de 1'Inde. Je pense qu'il vaudra mieux faire ces der:larches, lorsque les dates de votre deplacement seront fixees. Avec mcn meilleur souvenir, veuillez rece- vcir, cher Monsieur Strong, l'expression de mes sentiments hauternent distingues./. Monsieur B.STRONG Gouverneur de la Federal Reserve Bank de New-York Fifteen Nassau Street- - - NTAT-AT re" ee 11-7:7LL-- 7 /I -Po gftleir/j /1 //IY;) ) __//'irW/;;W 41) /11// ////:'/ / 'er-'11"/'// I Wed . Cher Monsieur Strong, J'ai bien regu votre lettre du 6 F4vrier, Je m'empresse de vous faire parvenir sous ce pli et comme vous me l'avez recommande,par les soiris de 1'Ambassadeur des Etats -Unis a Tokio, un mot d'introduction aupres de Y. LONG Gouverneur Gtineral de l'Inio- Chine. Je demande au Ministre des Colonies des lettres pour nos repr6sentants en nouvelle Cal4donie et a Tahiti. Des qu'elles me seront parvenues je vous les enverrai a la memo adresse, mais je n'ai pas voulu attendre pour faire ce premier envoi. J'esp6re, Cher Monsieur Strong, que vous accom- plirez un voyage agreable et interessant et suis tree neureux de penser que votre sejour en France au retour, me donnera l'occasion de vous voir. Veuillez me croire votre bien devoue./. a Monsieur STRONG, Gouverneur de la Federale reserve Bank de New-York aux bons sc>ins de son Excellence Monsieur l'Ambassadeur des Etats-Unis a TOKIO( Japon ) 7///Ztiowee.. zde- Iltvue,)ne,,u<,e;izeita/ 0-i/Leereeez,/ Cher Monsieur Strolls., Comm suite a ma lettre du 27 fevrier, j'ai l',' ionneur de vous adresser den lettres d'introduction aupres du Gouverneur Genciral de l'Indo-Chine, des Gouverneurs de la Nouvelle Caledonie et de Etablissements franceis de l'Oceanie, lettres qui m'ont et4 delivrees our vous par le Ministre des Colonies. Pespere cu'elles vous faciliteront votre voyae et saisis cette occasion de vous renouveler l' expression de mes sentiments les ueilleurs./. '.!fl IUTRY OF FE.:,ECE DEPLRT77VT ('F G "!,r2;G C.2 FUNDS OFFICi!I OF COUNCILLOR OF ST,.,TE WHO 13 DIYi.3CTOR December 28, 1920. Dear 7'12. Strong: Thank you very much for the wishes you have so kindly sent me for 1921, and permit me to send you mine. I hope the diversion caused by your journey has enabled you to recover your health completely and to gain again the strength needed to take up aain the direction of your important establishment. I am glad to think that France has a friend at the head of the Federal heserve Bank of rew York. You have been good enough to ask me :'or some notes on the financial situation. I enclbse some very general stat rrents which give the more character- istic facts and which might be filled out in case of need, according to your Believe me, dear 7r. Strons., Very sincerely yours, (Signed) Caller wwa-owo.. ishes, I TT 0 T Malgre les lourdes charges que lui a leguees la guerre et qui ont continue a peser sur elle, la France a pu marquer pendant l'annee 1920 un premier et tree significatif effort de releTement financier, Les resultats en sont caracterises par les principaux chiffres suivants Po- Le produit des impilts et reTenus publics (abstraction faits de toute ressource d'emprunt) s'etait eleve pendant les II premiers moils de 1919 a 9 milliards 870 millions, Les recouvrements effectues ont ete, pour la periode correspondante de l'annee en cours, de 17,157 millions, faisant ressortir un accroiesement de 7.287 millions soit pres de 73 j.. Ii est bon d'indiquer que, dans la some de 17,157 millions, le produit de la liquidation des stocks entre seulement pour 1,544 millions, les contributions fiscales proprement dites atteignant 15,613 millions, Comme les diverses creations ou augmentations d'impats qui ont ete votees par la Chambre au mois de juillet n'ont pu entrer en jeu que pendant lee derniers mois de l'exercice ou m@me, dans certaine cas, n'ont pas encore produit leur effet; lee plus values ci-dessus rappelees ont pour principale origine le developpement spontane de la matiere imposable et une plus grande regularite de la perception, Les circonotances restant lee memes, on doit logiquement escompter pour l'annee 192/ un rendement beaucoup plus considerab Ho- Les ressources que le Tresor a dO se procurer pendant les onze premiers mois de 1919 pour combler l'ecart entre lee reccttes budgetaires et lee depenses se sont montees a 35,798 million so pendant lee II premiers mois de 1919 lee importations s'etaient elevees a 30.209 millions, Elles ont ete pour la periode correspondante de 1920, de 32.456 millions, tfais cette aug- mentation est tout entiere imputable a l'accroissement des entrees des matieres premieres indispensables pour alimenter lee industries et reconctituer lee stocks des usines. En effet, lee importations de matieres premieres se sont eleTees de 5,279 millions d'une annee a l'autre tandis que l'accroiesement total des importations n'est que de 2.242 millions grace it la diminution qui e'eet pro- duite sur lee objets fabriquem, Le deTeloppement des exportations a ete beaucoup plus coaiderable. De 8.662 millions pour lee onze premiere moil de 19/9, elles sont pamsees a 20.773 millions pour lee onze premiers moils de 1920, soit un accroissement de 12.111 millions qui est dla, 4 concurrence de 8.272 millions, aux exportations d'objets fabriques et de colis poetaux, Pour lee mole de juillet h octobre, la proportion des exportations aUX importations a ete de plus de 80 %I pourcentage d'autant plus remarquabls qu'il n'a ete atteint dans aucune des annees qui ont precede la guerre, Bien que lee resultats du mole de novembrs soient un peu moins satiefaisants, ces resultats continuent h marquer un progres sensible sur 1 moyenne d'ensemble des onze mois, et un progres plus considerable encore sur les mole correspondants de l'annee derniere. En effet, lee importations de novembre 1920 ont ete de 2.672 millions contre 2,212 millions en 1919, soit une diminution de 140 millions. Au contraim les exportations ont passé e 929 millions a 1.883 millions soit un accroiseement de 954 millions ou plus de I00 qui a permie C'efst cette amelioration de la balance commerciale de change necessaires pour remau Tresor de trouver lea reeeeurcee credits qui lui bourser au °ours de 1920 une partie appreciable des amelioration coastitue une tase out ete consentis a l'etranger. Cette amelioration subotantielle pour une amelioration ulterieure du char e, si lea tendances actuellee qui ne peut guere manquer de se produire contractees px au cours dds annees se maintiennent lorsque lea dettee de guerre auront ete amortiem IZOTE December 1920. 0 In spite of the heavy burdens imposed on her by the war, which have combined to weigh upon her, France has been able to exert during the :Jeer 1920 a first and very significant effect toward financial recuperation. The results are indicated by the following main figures: 1. The amount of taxes and rublic revenues (apart from anything drawn from loans) had risen in the two first months of 1919 to 9,870 millions. The sum taken in for the corresponding period of the current year has been 17,157 million francs, showing an increase of 7,287 millions, ur nearly 73 rer cert. It is well to point out that in this sum of 17,157 millions the product from the liquidation of stocks amounts to only 1,544 millions while the strictly fiscal contributions, properly called, come up to 15,613 millions. the various creations or increases of taxes votes by the Chamber of deputies in July could only be applied in the last months of the fiscal period, and in some cases even have given no results as yet, the increases reported above have arisen chiefly from the spontaneous development of the taxable material and from greater efficiency in collection. If conditions continue as they are, we must logically anticipate much 1:Arger returns for the year 1921. 2. The sums which the Treasury was obliged to obtain in the first eleven months of 1919 in order to make up the difference between the budget receipts and the expenses amounted to 35,798 millions of which only 1,656 millions were raised by consolidated loans, while 34,142 millions were procured by short term transactions, including 8,970 millions drawn from the Bank of prance and the Bank of -11geria. For the first eleven months of 1920, the sums which it became necessary to borrow in order to obtain the amount required to meet obligations Was only 29,350 millions. Of this amount the greater Fart, say 26,300 millions in round numbers, \- 9 was obtained from long tern loans and a little less than 3 billions from short term should transactions, the call on the bank of ',ranee being reduced to 770 millions. 411 also add that as soon as the centralization of the subscriptions to the recent 6 per cent. loan have been completed, the Treasury will make a repayment to the bank of France which will exceed this sum of 770 millions, so that the total results of the year will certainly show a net decrease in the amount of the sums advanced by that establishment. The result of this Treasury policy has been the almost complete wiping out of the increase in fiduciary circulLtion which was so rapid in the prededing years. The amount of bank of irance notes in circulat ion, which was 37,224 millions on December 26, 1919, is 37,444 mi]lions on December 23, 1920, that is to say, on practically the same level. This combined progress is due above all to the energy with which France set to work again and to the economic recuperation which was the reward of this. This development is quite exactly measured by the improvement in foreign commerce. In the first eleven months of 1919, imports had risen to 30,209 millions; for the corresponding period of 1920, they were 32,456 millions. but this increase is due almost wholly to the increase of the imports of raw materials that were needed to feed industries and replenish the stocks of the factories. In fact, the imports of raw materials increased by 3,279 millions from cne year to the other, while the total increase of inrortsis only 2,242 millions, owing to the diminution in the imports of manufactured goods. The development of exports has been much larger. irom 8,662 millions for the first eleven months of 1919, they rose to 20,773 millions for the first eleven months of 1920; namely, an increase of 12,111 millions accounted for, to the extent of 8,272 millions by the exports of manufactured goods and by postal packages. For the months from July to October the ratio of exports to imports was more than 80 per cent. a percentage all the more remarkable in that it had never R Speen attained in any of the years preceding the of Iovember are a little less satisfactory war. Though the returns for the month they still show a marked improvement on the average of the eleven months and a still greater improvement on the corresponding month last year. In fact, the imports for November, 1920, were 2,672 millions as against 2,212 minims in 1919, or a decrease of 140 millions. exports rose On the other hand, the from 929 millions to 1,883 millions, making an increase of 954 millions or more then 100 per cent. It is this improvement in the commercial balance that has enabled the Treasury to find the means of exchange needed to repay during 1920, an appreciable portion of the credits which were granted to it in foreign countries. This improvement constitutes a substantial basis fur an overhead -Ira) rovement in exchange, an improvement which can- not fail to come about if the present tendencies continue after the debts contracted during the war years have been extinguished. VERNEMENT GENERAL DE L'INDOCHINE REPUBLIQUE FRANQABE Liberte - r.galite - Fraternit ECONOMIQUE *AGE:' de l'Opera, 41 PARIS (2) A v Allik Paris, le I TELEPH. LOUVRE Adresse Janvier 21. CENTRAL 45-78 46-61 taegraphique ; AGINDO-PARIS N" Monsieur, 'honneur de vous accuser reJ'ai ception de la =ttre clue vous m'avez adrese de DELHI, le IO ovembre dernier. Je suis au egret. tae lee exigences us aient pas permis de de votre voyage ne e sera] s heureux de visiter l'Indochine e vous donner toutes les acilites qui vous dens au cas, ?enmettraient cette visi 'cideriez de vous un p ochain voyage, vous en Indoehine. Are Veuillez.agreer, Monsivur, l'assurance de ma consideration la piue distinguee Monsieur STRONG Gouverneur de la "FEDERAL RESERVE BANK" ,(0.^sLcctiofr,.. January 17, 1J21. Sir: I have the honor of acknowledging your letter of November 10th addressed to me from Delhi. I regret that the experiences of ;;our trip have not permitted you to visit lndochine. In case you should decide to stop there on some future trip, I shall be happy to facili- tate your visit in every wag possible. Assuring you sir, of my highest esteem, etc. w. Form 1202 OSS OF SERVICE SYMBOL Jay Message Day Letter Blue Night Message Nite Night Letter NI Ir. of app these three symbols after the check number of words) this is a day message. Otherwise its character is indicated by the symbol appearing after the check. WESTER, UNION TEL - AM E WESTERN UNION GEORGE W. E. ATKINS. FIRST VICEPRESIDENT NEWCOMB CARLTON. PRESIDENT CLASS OF SERVICE Day Letter Blue Night Message Nite NL Night Letter If none of these three symbols appears after the check ni mber of words this is a day message. Otherwise its character is indicated by the symbol appearing after the check. RECEIVED AT 191 NUMBER RECEIVED BY CHECK 33 CS 6EX MC WRHINGTON DC VIA NEW YORK 2 DATED TO SYMBOL Day Message BENJ. STRONG ES Q, CLUNGDFN, LAKE flEORCIF NY. I TAKE PLEASURE IN NOTIFYING.YOU THAT THE FRENCH r1OVERNMENT HAVE CONFERRED UPON YOU THE TITLE OF CHEVALIER PE LA LEGION'D'HONNEUR PLEASE ACCEPT MY HEARTY CONGRATULATIONS EDOAURD DE BILLY, DEPUTY HIGH COMMISSIONER. 915 AM FIFTEEN NASSAU STREET N EW Yo RK a His Excellency Edward. de Billy, High Commissioner of France, D. C. Your telegram advising of the high honor conferred upon me by your Government has been repeated. to me here and affords me the utmost pleasure and satisfaction. May I accept this gracious act of the Government of France as evidencing their recognition of the great admiration and affection in which I have always held. your noble your Countrymen. For this New Year, and thereafter may France enjoy peace, pr osperity and happiness which it is my hope that sacred bonds of friendship between your people and ours will hasten and make per-. menent I am with grateful appreci .tion of your courtesy, Faithfully, (signed) Benj Stroi OPY FEDERAL RESERVE BANK F NEW YORK E c_ losv copy ti October 19, 19;7:6. Monsieur J. de Sieyes, Agence Financiere, Gouvernement Francais aux Etats-Unix, 2 Rector Street, New York. My dear Monsieur de Sieyes: I have your letter of October 13 relative to inquiries made by the Bank of France concerning certain stipulations contained in eur letter of September 9, 1920, to Monsieur Georges Robineau, Governor of the Bank of France, regarding earmarked gold. In reply to your first inquiry, I beg to say that we would prefer to have all gold, whether coin or bullion, earmarked for our account with the Bank of France dealt with on a bullion basis at the rate of t20.e7183462 per fine ounce. However, with respect to any United States gold coin earmarked by the Bank of France for our account which shall be set aside at its bullion value at the rate of t20.671834e2 per fine ounce, it is understood that if we import such coin into the United States and realize on it a profit between the bullion value and the face value of the coin, such profit will be repaid by us to the Bank of France. With regard to the second inquiry contained in your letter, the recent request of the Bank of France transmitted through you that we accept a deposit of earmarked gold with them was considered by our board of directors and the Federal heserve Board in Washington only in the light of an emergency transaction undertaken to assist your country in the retirement of its share of the Anglo-French bonds and not as a continuing facility in force until canWhile the agreement to earmark gold was thus limited, we shall be celed. pleased to continue it in force for a period of three months, say until January Meanwhile Governor Strong will have an onnortunity while at the 15. 1921. Bank of France in December to discuss our present limited reciprocal arrangement with the Bank of France with a view to establishing it for the future upon a wider and more explicit basis. Trusting that this will be entirely satisfactory, and with kind regards, I am, Cordially ycurs, J. H. CASE Acting Governor. NEW YORK to- ftAGENCE FINANCIERE 2 RECTOR STREET -- DU twOUVERN EMENT FRANcAIS TELEPHONE RECTOR 9 ?? AUX ETATS-IMTIS Fin. No. 97 New York, January 17, 1 X21. Mr. B. Strong, Federal Reserve Bank, New York City. Dear Mr. Governor, I bea to enclose herewith a letter addressed to you which I have received with the official mail from Mr. Celier, Directeur du Mouvement General des Fonds, I am, my dear Er. Governor, Yours very truly, January 25, 1916. G. Gueyraud, Esc., Counsul General for France, B Stone Street, hew York. Dear Sir: As it is quite inconvenient for me to call in person, I shall appreciate it if you will be kind enough to have the enclosed passport vised, which I am sending yon by the bearer of this letter, Mr. W. B. Matteson. Thanking you in anticipation of your kindness, I Yours very truly, Governor. wBria aft June 19, 1::;1. Dear Sir: This letter, together with my passport and his own, will be presented to you by my secretary, Ir. Vaughan. 1 expect to visit France on official business of the Federal Reserve Bank at an early date, sailing from New York on or about the 1st of July, and shall appreciate it very much if you can accomplish the formalities of visaing these passports without requiring my personal presence, as the present pressure of business would make it very inconvenient for me to attend. Very truly yours, Governor. Cons7 General of Prance, 10 Bridge street, AewYork. 61, Ai-vi 3-'14-4-1/e" AGE NCE FINANCa:RE NEV YORK DU GOUVERNEMENT FRANcAIS 2 RECTOR STREET Aux ETATS-UNIS TELEPHONE RECTOR 8560 S fivx ;-/ CAeir ,z1Z4o,v-)c'ee__tx /710 i's-) c .5&o., 9 h i "(IC (-&) JZ c9c,3 7c. <cr,r-ut /6e-Alc tcbs, c/le 2 owl) c.,<& c L4 CJ Ci x le'a)71, c cicyb/fr 212,7) f3 CA- ilgOrCrf 1(1-r p/ta"-'r c9c-cr 7 a. ickl -, c7/60%* eyai? e_Jr 11-61-1.3 ( 9 0 -/e0 A' ce wr c y I a CC?) /11 Gr) Ar rn 4'1A CY %/C ' /71 ef'StAx....) "V' (-,C AO -1,cee--9( 2.0Zu, A .cy , r.- C_ o'l no C:(44/ 7A2../ e AC3 0/7 ec., G.47/vve 97.7z c.%Adeocie (9-6fr' S January 31st, 1916. Dear Sir: Will you kindly deliver to bearer lottery of introduction for .trong which wore referred to in the recent telephone conversatio witil your secretary `2hanking you in advance, I beg to re- Very truly yours, Secretary to M. Ho=berg, Caro The French Pinnnce Commission, 2 Rector street, New York City. r. trona. 0 February 1st, 1916. Der Homberg: I am most appreciative indeed of yo1.r cour- tesy in sending the notes of introduction enclosed in y -ur kind letter of the 71st ult. It has been a privilege to enjoy the opportunity of meeting :ou and your associates in this country, and I feel much honored that you have given me the opportunity to become acquainted with the geutle.r.en to whom your letters are addressed. 71th a great may thanks for your good wishes and honing that I may have the pleasure of seefng you on my return, I beg to remain, Faithfully yours, Octave Homberg, French Financial Co_nission, 2 Rector itreet, New York city. BS Jr/VCM V !arch 7, 1917. 77y dear 7r. .libassadorl 's you have doubtiess seen by the newspapers, the Federal 'eserve lank of 7ew York hap recently been authorized by the ?,dorn1 7eserve loard to aproint the lank of :,1',:nce one of its agents and correqnonC;ente abroad. In adcordance with thin authorization we are engaged in none negotiations with the lank of :ranee in connection with this natter, and I an taking the liberty of enclosing herewith a letter addressed to ::. ?allain, Governor of the lank of ?ranee. Ao we are very anxious to have this reach 7!. rallain 177 the safest and opeediest route possible, I an sending the communication to you in the hope that you will be %ble to forward it in the embassy pouch. If, however, for any reason you feel that thin nethod of transmittal is not advisable, please do not hesitate to alvise no to this effect, in Which cane I will you to return the enclosure to ne at your convenience. If you do find yourself able tr comply rith this request, will you advise no tr, what ship the letter will to forward. T'oping that this proposal will not nut you to inconvenience and with warn personal retards, I am, Very truly your'', !7ecretary. 7is -xcellonny J. J. Jusserand, nbassador of :ranee, ashington, C. $4g1"7' -//AtL-dhie Lc., /9/7 0 Hotel Ritz, Paris, September 1, 1:-)1, Dear M:msieur Loucheur: It has morning and sary to ask as I regret become necessary for me to leave for Brussels tomorrow I find my time so restricted that it has seemed necesyou to cancel our luncheon engagement for today, much doing so. Should I determine to prolong my visit abroad beyond the middle of September, as may be the case, I shall take the liberty on returning to Paris to renew the invitation for luncheon and sincerely hope that we may then have opportunity to discuss matters in which we are both greatly interested. With assurance of my esteem, I beg to remain, Sincerely yours, Monsieur Louis LouchAar, Minister. de Reconstruction, Paris. BS /V MISC. AI AFTER 5 DAYS. RETURN TO FEDERAL RESERVE BANK OF NEW YORK. C o <NE9 PINE & NASSAU STREETS NEW YORK CITY 0**. ri (