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117

1:t04*0-12-,/

Ifol7)







ti
Hotel Ritz,
July V:,

1;119.

'1y deur Baron de Neuflize:

Your kind note of today he just reached me, und I hasten to express my regret that I shull be unable to join you at lu cheon on
Wednesday, owing to a previous engagement.
I shall, however, give myse.:f the pleasure of culling ut your ofIn the meantime,
fice tomorrow, Tuesday, between 3, and 4- o'clock.
7 be to remain,

Sincerely yours,

:onsieur le Baron de Neuflize,
51 Rue Lu Fayette, Paris.

BS/V




11




S
Ddcember 8th, 1916.

CONiIDENTIAL.

My dear 'onsieur Lewandowski:

Your very kind letter of Nov

as been forwarded

to me herd and before answering the ques'ions it
again express my appreciation of
during my stay in Paris last
visit which I hope to repeat
Shortly after

courtesies y
ter.

showed as

was a most delightful
on as my health permits.

j

rn

as soon as permitted

I wa

taken quite ill !nd
t by the doctors and

It is quite probable that

have been here sin

time next year but my pro-

I will be obliged
gress towar

ins let, me

sfactory anti encourages me to

ver

1

believe

'at I con resume wor

place i= teuporarily be
Treman,

detailed

o has been e

at the bark after some months.

Lly

g filled by one of our Directors, Vr. R.H.
ted Deputy Governor of the bank and for a
letter, I find it necessary to refer the

correspondence to him in confidence, and from whom you will undoubtedly hear at an early date.

In general, let me say that in a legal sense, the establishment of an agency of branch of the Comptoir National d'Escomr)te

in New York City is controlled en'irely by the laws of the State
of New York and not by Federal law, so that the passage of the Federal Reserve Act does not in any way affect the matter.




I am

IP

A

-2IIPTo




r. Lewandowaki.

Dec. 8, 1916.asking 1r. Treman

State of New York
the subject.

The pri

the limitations i

agencies of forei

their liability fo

have a memorandum
and stating what
law, of the State

be in this matter,
itive.

You are

have i.ew York bran

America, the Hong
hamu Specie

r of ot

and a nu

The Fede
very s

e rules

rable
buy consmmo

banks which h

a

s of

stablishe

quire of them certain under

statements, all of which wi

There haf:: been a very slig

American bills, but the dif

sent any obstacle to the su
bank agencies.

-3To

M. Lewendoweki.

Dec. 8, 1916.

y personal view has always been that thin country
would benefit largely by a more liberal policy tcward foreign
bank agencies.

It will serve to promote business intercourse

between the United States and ?ranee if some of your 1:_rger

banks established responsible agencies in New York and I should
hope that this development once started
and satisfactory growth.
I recently had the pleasur

of a visit from

onsieur

Masson who was good enough to come to Denver for the ur:)ose.
He seemed well and certainly
service in the trenches wi
.7ith many thank

son.!1 reg:rds, my d

=

Mo

Fait

ronsie
Comptoi
Paris,

M. Leandows
'

tional d'Escom

BS/VCM

ter and warmest perbelieve me,




eave his

NEUFLIZE & C'!
PARIS.

ODE

31 RUE LAFAYETTE

LE

(5c-P-1

lf1/72r

S

77(

ch.)

2C4 J-0 1-




)2-Gc4

_J-LA.

Irt/

It

Wut

e.?.

tt

c

DE NEUFLIZE ee
PARIS,

31, RUE LAFAYETTE

09 tc,c,1

LE

dai_

attt
iv t

DI

- --c_

IC eitt,co-t-/t

Ct;

'4 0-IAA-

tft

177-t.(

geA,_ coa4.
o40

4a-,J11_




.

oaz) VIAA.
1)42-if

0

-4_

/07

a

gc.4.

( tA-,

dAd_

4

4fr
BUDGET




Les "Credits ouverts"

au Budget francais

dtaient, en 1914, de 5.191.600.000

francs.

en 1925, de 8.280.000.000 francs-or
(base

,

dollar

20 francs)

.

Les "Recettes prevues" 6-talent de

:

1914

5.191.90C.000 francs

1925

8.290.000.000 francs-or.

nes "D4penses budE-etaires" oui denotent, en

1925, une augmentation de 67,"' par rapport a 1914, ac-

cuaent cependant des diminutions pour la plupart des
categories, notamment

:

537.200.000 francs-or pour l'ar-

mee et la marine et 335.100.000 francs pour les frais de
regie et de perception.-

L'augmentation des der,enses

resulte presque exclusivement de la charge 6e la Dette

Pulioue, qui parse de 1.306.600.000 francs

4.640 mil-

lions de francs-or, auxquels it convient d'ajouter 384
millions de francs-or d'avances h la Chisbe des Pensions,
soft au total 5 milliards de francs-or environ.
Ma comparaison de ces budgets montre, d'autre wirt, ciao i s ii

is directs ont .Ate plus fortement

accrue rue les impiits indirects, tExes de consummation

et monopoles fiscaux. Les impOts directs fournissent la

moitie des resources normales du budget general, de mgme oue l'impOst sur les revenue represente plus de la

moitie de ces impats directs.

Au surplus, dew rec,Ates exceptionnelles
contribution sur lee benefices de guerre, lieuidaticn
des stocks

rui figurent au budget de 1925 pour plus

2.

de 300 millions de francs -or ,

a

sont al,oelees

dis-

paraitre.

Des 1926, it fast prvoir rue le
devra titre porte h 35 milliards et de

pour gtre eouilibre

,

)11(1tret

i

c'est-h-dire cu'il sera neces-

saire d'accrottre les impats de 3 a 3 milliards et
demi de francs. Il y a lieu d'ajouter r'ue le servi-

ce de la dette commerciale exterieure, oui a ete
evalue au budget de 1925 pour 1.100 millions de
francs, necessitera, en r6alite, le decEissement
fectif, par la Tresorerie, de plus de 2 milliards
et demi de francs, les charges d'amortissement n'ayant ete prevues clue pour une partie des dettes et

les taux de conversion ayant ete etablis d des tours
de change rill aoivent titre aujourd'hui uiajores de
pres de 20 ';!

.

D7777 1:77"_',I7E7i7,
77 "7727,-,,I76T7,




La dette interieure de la France se decompose de la facon suivante

:

1918
Frs.

Dette perpetuelle
et b. long terrne

148.194.000.000
)

67.779.000.000

Dette a. court terse)

Dette flottante
otal

1924
Frs.

39.844.000.000
56.015.000.000

123.794.000.000

:

90.468.000-.000

278.526.000.000

A ces 276.526 :Anions, it

a lieu d'ajouter

7I5 millions d'oblipations sexennales, oui devront titre
remboursees aux sinistres entre le 16 aoilt 192E et

le 16 fevrier 1928

.

La dette extarieure (au 30 noverAore 1924)

de monte a

3.
400

a) Dette politicue
Etats-Unis
Angleterre

:

15.194 millions de francs-or
IT
15.816
TT

OD

Total

31.010 millions de francs-or

:

b) Dette commerciale
Total de la Dette
exterieure

5.017 millions de francs-or
36.027 millions de fralics-or.

soit 144.108 millions de francs.

Total de la Dette Exterieure et Interieure
423 h 423 clilliards 1/2 de francs

Les recettes nettes,au titre des reparations

TUARATIONS




.

et dommages, dont la Tres, rerie francaise a benficie

depuis l'aristice, jusou'au 31 juillet

1925, s'ele-

vent

soit 2.650

environ 530 millions de

millions de francs, tandis clue, d la fin' de 1924

,

le

montant des domages payes par le Tresor francais, atteigm.it 129 milliards de francs
Les Imposts Directs

,

dont l'importance a ete

indicuee plus haut, comprennent
I°

.

:

La taxe successorale, atteignant

Pour 3 enfants vivants ou representes:
TT

2

"

I

Sans

n

n

rr

rr

rr

rr

n

TT

TT

ft

:

oe
14,40
25,20

46,80

2° Les drcits de mutation (cas de succession
esralement) atteignant Aisqu'h

:

Des parents aux enfants
Entre oncle et neveu ..
Entre parents au-delb. du 48me
degre et eLtre nersonnes non
parentes

20,40
58,80
70;80

34 Les imposts At dulaires sur les reveriu6,

comportent certains abattements

rui

la base (par exel,,ple

350 dollars pour les traitements et salaires, 150 dollars pour les contribuables maries si leur femme n'a




4.

11

COMPARAISON DES BUDGETS DE 1914 ET 1925

.3udget de 1925

Budget de
1914

en francspapier

en francs-or
(rase 4 a. 1)

(millions et centaines de mille)
Credits ouvertz,
(1)

Dette publinue

(1)

1.306.6
20.0

Services publics
Armee et mirine
Autrey minis-texas

4.640

1.717.2
1.423.5
675.1
49.3

4.718.9
8.151.5
1.349.1
299.5

1.180
2.040

J.191.6

.Pouvoirs Publics

18.573.6
44.5

33.137.2

8.280

1.899.5

14.363.6

3.590

2.221.1

13.632.5

3.410

10

:

Fr-_ is de regie et perception

Depenses diverses

70

Recettes prvues
impats sur le revenu et le
capital
Impots indirects et monopoles
fiscaux
Exploitations d'itat et
domaines
Produits divers
Recettes d'ordre
Produits percus en Algarie
Ressources excepionnelles
Prelevement sur Oompte
provisionnel
Emission de _dons du Trsor
Jontribution sur .benefices
de guerre
Liquidation des stocks
Versements de l'Allemame




:

(2)

484.7
68.4
105.0
2.7
(410.5)

112.5
298.0

399.1
431.0
1.588.2
11.5

(3)

(2.705.0)")

100
110
400
3

(675)
95

775.0
450.0
1.100.0
3.191.9

380.0

195
110
275

33.150.8

8.290

4.

Budgets annexes (Credits et recettes)

1.1

Budget
de 1914

Postes, Telegraphes et
Telephones
Chemins de fer de l'Etat
"
d'AlsaceLorraine
Services divers

Budget de 1925
en francspapier

en francs-or
(case 4 a. 1)

2.039.4
4.100.7

510
540

202.2

984.2
796.1

240
200

1.061.3
dont

859.1

5.980.3

1.490

:

Recettes exceptionnelles
(emission de bons ou
avraces du Tresor)

(1)

(424.7)

(760.6)

(190)

Dompte tenu de l'avance a la Caisse des Pensions prevue pour
1.537 millions, le service de la JJette absorberait plus de 20
milliards de francs papier, soit 5 milliards de francs or.

(4) Y compris les recettes des Postes Telegraphes Telephones.
(3) Non compris
chees desormais aux budgets annexes.
11

(4)

it

ratta-

Non compris l'emission de 1.537 millions de bons du Tresor pour
avances a la Caisse des Pensions de guerre.




(Lois de finances des 15 juillet 1914 et 10 juillet 1925)

3

DETa IATERIBurtS

1-

Dette flottante

Bons de la Defense Nationale
(

Operations
anterieureetmissions

en millions de francs

)

Lxcedent des
Remboureem,ts Emissions
hemboureem

Circulation

au

31 Dec. 1943

611.323

566.000

31 Janvier1921

7.586

t.140

28 fevrier

6.773

0.980

+

407

54.802

31 Aare

7.664

7.022

3

160

54.522

30 Avril

7.055

6.183

31 gal

7.567

6.981

30 Juin

7.783

0.220

4.

437

56.343

31 Juillet

7.722

7.777

+

55

56.288

31 aoet

7.446

7.136

4.

310

56.598

7.510

6.936

4.

584

57.180

31 Octobre

6.684

6.603

4.

1

57.181

30 bovembre

5.612

5.746

4-

134

57.047

31 decembre

5.941

0.450

4.

2.509

54,538

septembre

4.

.1.

4.

652.934

697.472




54.743

(

(

166

51,bb9

1.672

56.194

506

56.780

3.317

3.504

Renseignementa extraitedu Rapport de Id. Louis Dau.sset

tadnat) sur le budget du Ainistere des Finances de

l'e.4ercice i925

).

Bone du Trosor ordinaires

Circulation au 30 Novem[re 1944

:

2.855 millions,

in de 1944, la decomposition des bons de la

A la

Defense Nationale et des bons du Tres or ordinaires sleta
blisaait ainsi

:

Bons 6 1 an

/1

:

'70 de la circulation totale

tons a 6 mole
tons a 3 mots

:

5

Bons a 1 mots
(

:

19 p de la circulation totale

:

5 '70 de la circulation totale.

()

de la circulation to tale

Renseignements extraits de l'inventaire de la Situation

de la Fiance, 1924 ).

11 - Dette a court terme
Echeances

Montant

Nature de l'eiorunt

Date de
remboursement

fFE--16 fevrier 1945

ubligations de la Defense Nationale
i"ib

333.671.000

25

tame emission

1° Juillet 1925

Credit National 1922

25 Septembre 1925

tons a

o Becembre 1925

Bons a 6,6 et 10 ans 1923

2U Aai 1926

Bons a 0,6 ou lu ans, sept. 1923

fevrier 1927
25 Septembre 1927
1° 'millet 1920

8.236.934.Uuu

et 5 ans
,

lere skie10.u90,0oo.uulu

Ispns a 3 et 5 ans 1922, remboursables
a lui.Ou

memoire)

(1

(memoire)

16 mai iv29

obligations decemnales 1919-1929

(

(1

(memoire)

(1

lere eerie

Bons a o,6 et 10 ans 1943
remboursables a 103




(

Credit National 1922 - 2eme emiss.

cs Decembre 1 v4o

at 1949

6.1b9.455.uuu

Bons Credit relational 1922 lere emiss. 3.016.769.W°

reinboursatab a lui

2u

3.490.uuu.uuu

tons a 6,6 et lu ans (sept. 1943)
1u3
remboursables

6.103.000.uu0
(memoire)

(1

41

kite de

Nature de ivemprunt

Aontant

Agmboureement
4111Samm
15.u00.000
hovembre 1 y40

Bons 5

lw hovembre 1741

credit National 6 io - 1921

hovetbre 19.1

Bons 5

1- fevrier 19a4

1- aittfillet 1962

10 hovemtre 1934

bovembre 1934
3 Dece bre 1934
27 Juin 1933

c/o

1924 a lu ans

5uu.Ouv.uuu
42.500.000

1744 8. lu ans

Bons du Credit National 1922
lere emission- remboursables
a 105 jv
ubligatione decennales 1944-64

434.000.000

Credit National 6 "0 1941

500.000.000

Bons 5

1944

(memoire)

10 ans

30.000.000

Bons a 3, 6 et 10 ans 1943( lere
serie) remboursables a 100

(memoire)

Bone a 3, 6 et 10 ans (septetre
1943) remboureables a 106 ",

(momoire)

Novembre 1933
Juillet 1934

Bons 5

10 hovel:bre 1934

Credit National 1944 (4eme emission)
remboursables a 103

Bone 5

1944 a 10 ans

(1)

37.500.000

1944 a 10 ans

Credit national 6 5 0 1941

(1)

500.000.000

Credit National 6 ;, 1941

bovembre 1933

(1)

(1)

(memoire)

500.000.000
7.263.556.750

Lovelbre 1934

An outre, 715 millions dfcbligations sexennales devront
gtre rembourses le 16 aoet 1945 et le 16 fevrier 1946. Ieur decom
position, par echeancee n',ant ete publie, it a ete impossible
de les inclure dane le present tableau.

( Etat etabli d'apree les dispositions des decrets d'emission des
divers emprunts).

(1)

Le montant du remboursement a effectuer ne peut pas gtre determine.
depenara de la quantite de titres qui auront ete rembourses lore dee
precedentes echeancee de ce mgme emprunt.




t
DI."2
1:Iiiii011E,

Stocks

dTialeterre

.16ricLins

1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1915
1916
1947
1946

195
219
232
446
263
403
145

106
106
106

TT

TT

Ti
TT

TT

Ti

TT

TT

11

Autres
dettes
352
330
256
193
192
217
136
120
117
113
324

Total
653
655
594
545
561

2.843
281
120
117
110

324

107
104
£01
98
108
91

107
104
101
98
108

11

Ti

tt

TT

TT

Tr

TT

TT

TT

Ti

TT

rr

384

384

TT

TT

64

TT

TT

61

64
61

ti

IT

58
55
32

58
55
32

30
29
27

30

TT
TT

TT

Ti
TT

T?

rr

11

19:i9




TT

:C.; I: r..;

a,

Annees

106

C

IT

T4711..

2
27

(Ohiffres
J'apres deb relabeiL4leeldb
1°- dalib la
prebbe frlicaibe et otra;.1-1:e
lua doeulilentb butai:cub TAILliea depuib
1919
et .aotamLellt dullb
ITE.x-.1)obe deb motifb uu lyrojet

buL;et 1943
L'Inveutaire de 1. SituaLion fiflaaciro de 1L.
France (1924)
liapportb -.parlei_eLutL.freb mmeel:Aifb
le
Bud et
,u

deb fina.nceb).




7

SUR L

Imp-(3t

R1176-EU

paz,-e en Tc25 (I)

Ifilp8t proposd

pour

(001Apte tenu de 1r, dVuction de

lfiaip8t de l'nuee pr:cdente
Revenue

dommes

Pr.

du revenu

Pr.

j.

II

1.433

-50.000

2."377

11

3S.44L:

1.64
2.60
6.58
4.55
8.56
14.71

54.365

,..

du TtJVOIIU

I?

I.II

86.0,48

,0.76

328
77S

11

1.50
2.53

,)

:.,..c..... 0

.

75S

1'26.686

6.50
4.56
5.58
13.S8
17.81
21.30
25.38

I1c:.43S
18 5.066

24.86
.,

16L:.32

,.7.06

(..1.. ..±.4

:.:;00.-,4i4

;,;,_;.060

27.76
48.84

4I. Jam.:

:484.82',4

,S. 7I

661.614

8.560

1.41S
'4.27S

S.57S
27.S61
56.466
86.411

114.57
..

..)4.30

2S7.060
484.560
37:,.060

1.047.060

I.42.060
1.757.060
6.:.71...060

610.::,..,

28.31
60.16
61.65
66.16
40.70

66.60
64.50
65.55
64.9e
66.74

255 %.560

876.40

-1..1. C; J

1.616.0

46.'.0

1.756.20

to.S2

2.IS6.520

46.54
44.57

4.6.( -0

.7.50 io

ritux




Somnas

)

Pr.

7.000
'0.000
60.000
40.000

100.000
100.000
600.000
400.000
500.000
600.000
700.000
800.000
S00.000
1.000.000
1.500.000
2.000.000
6.000.000
4.000.000
5.000.000
10.000.000

(2)

IS ',26

)

44 /0

!nL sur

Le montr.-,t d
7;773.

da -5

Qr-7,t

L;c:: col2t1::1les
div::ro6s,

6C!

Tolit

i7_10Uhti

-er,onne

re.
Le

cont-A.bubles
deu7.

Ier

L:ont:ht est

.01-4 de 10

de plus de ..0 trisoftzri4s

r (e

i'eLe d!te,ces c31-AribLbles n'ont
tr

.Pro:,et de loi

ressotirces fsc:

Jfel,f,bts et se
leur

r170i1"

(I) .Lois

0-or lee

lurs
IS,
cri,:t1Jn de Louvolles
L.

i

9

40

COLTARAISQI

40

DEL TAUX DILIPOT CIFELERAL SLR LE REVELL APPLIQ,UES

40

EL FRALUE,

ALCILII:TERRE LT ALX ETAT6 UNIS

Anglei,,
terrel°1

France

Revenue

larif
de 1945

Ltatsi
Unis.01'
1

rani propMi
(1 )

pour 1946'41

,t)

4

Frs

i°

7.000
40.000
30.000
40.000
50.000
100.000
400.000
300.000
400.000
5u0.000
600.000
700.000
000.000
900.000
1.000.000

1.500.000
2.000.000
3.000.000
4.000.000
5.000.000
10.000.000
Tau

70

200
300
400
500
1.000

3.000
4.000
5.000
6.000
7.000
0.000
9.000
10.000
15.000
40.000
30.000
40.000
50.000
100.000

350
1.000
1.500

2.000
2.500
10.000
15.000
40.000
45.000
30.000
215.000

40.000
45.000
50.000
75.000
100.000
150.000
200.000
450.000
500.000

W

1.64
2.60
3.58
4.55
0.96
14.71
16.11
40.76
44.99
24.86
26.44
47.76
4b. b4

29.71
32.30
33.60
34.90
35.55
35.94
36.74

37.50

limiter

.111.

4.11

00

1.50

2.53

3.50
4.56
9,50
I3.90
17.81
21.60
45.36
47.00
20.41
30.13
31.65
33.16
40.70
43.b5
43.90
43.92

1.=

5.000

2.000
2.92
5.31
7.45
b.96

2.04
3.07

14.03
13.47
14.62
Ib.Ob
19.01

4.09
5.10
6.07
7.0o
14.12
17.02

410

24.26
45.42

0.40
I. I0

43.60
27.01
29.21

43.97

47.71

34.

44.

30.

40.

(1) Compte- tent le la deduction de:-: impdats de l'annee prec4dente

(2) Pro:et de loi tendant a la crUation de nouvelles ressaurces Ciscales
depose le 25 mai 1925.

(3) Finance ot

1940

(4) Revenue Act de 1921.




(

Lois des 25 juin 1920, 30 mars 1943 et 22 mars 1944).

10

41

http://fraser.stlouisfed.org/
No,
Federal Reserve Bank of St. Louis

I.ZOIEt YAMS FAH UN cunivaiRE FitaCAIS AGE DE
e.buS DE 30 ANS.

2.
41/

Aux ;tats -Unix, ce contribuable ne serait
41

41




assujetti qutl l' income -tax

(

6

1'ayant pas un

revenu superieur k 10.000 dollars, it dchapperait

A.

la supertax.
0
0

0

venait a. mourir et laissait sa fortune

un neveu, ce dernier paierait, la masse successorale
etant de

frs

:

/aleur du fonds industriel

1.000.000

Valeurs mobilieres

1.500.000
Total

4.500.000

Droits de mutation

945.912

Taxe successorale

669.168

1.615.080

soit 64.60

de l'heritage.
0
0

0

lihdritiar etait parent au -dell du 4°

degrd avec le de cujus ou nlavait aucun lien de
parent

avec lui, les droit a payer seraient

:

Pre

Iiroits de mutation
Text, successorale

1.445.914
669.168

1.915,080
soft 76.60 yb de l'heritage.




It

IMTOTS AUXQUELS SONT ASSUJETTIS LFiS SOCIETES
=111.

Jroits de mutation sur les cessions d'immeubles, de fonds de commerce, de creances, etc..

Droits d'enregistrement des actes judiciaires
et extra-judiciaires (baux, contrats, etc).
Droits d'hypotheaues.

Taxe sur les capituux assures contre
l'incendie.

Timbres de dimension sur actes et ecrits.
Timbres d'affiches.

Timbres de contrats d'assurance.

Timbres de contrats de transport

Timbres de quittances, cheques et ordres
de virement.

Timbres d'effets de commerce.

Timbres des valeurs mobilieres (actions et
obligations) emises per la Societe.
Taxe de contrOle des marques de fabrique.
Imp8t sur

operations traitees dans les

bourses de valeurs.

ImpOt sur lee operations traitees dans les
bourses de commerce.

Imp8t sur le revenu des valeurs mobilieres
possedees par la societe.
Droits de transmission des valeurs mobilieres,
possedees par la 3ociete.
Im-bOt sur le revenu des creances, depots et
caut ionnernent s.




t;




44




-2-




V

-3-

L'Etat encaissera une somme de Frs. 4.200.000
sur les seuls b6nefices.independamment des impOts
percus 5. divers titres,notamment sur le chiffre d'affnires, c.0 tours de l'exercice.

4*\




J_,,t1-4.1

-4C-

6,4




INTERNATIONAL CHAMBER OF COMMERCE
HEADQUARTERS
fkB.RbU

insuAL

E JEAN GOUJON -PARIS

" INCOMERC - PARIS"

in 16'

January 20th 1923

Dear Sir,
Upon the proposal of your National Committee,
the Council approved your name at its recent meeting
and directed me to inform you of your election as an
Associate Member of the International Chamber of Commerce. I shall have much pleasure in forwarding yel_zr
certificate of membership at an early date.
The International Chamber was organized with the
definite purpose of promoting harmony and progress in
international commerce, industry and finance. I believe
it has already justified the efforts of its founders.
But, apart from the work accomplished at General Meetings,
or by Referendum vote or by Committees, it is the purpose of Internat tonal Headquarters to render service to
individual members whenever it may prove practicable,
whether by correspondence or by personal contact. Accordingly, I trust you will not hesitate to call upon this
office from time to time for such assistance as may

lie within its power.

Your name has already been placed upon our mdiling

list so that you may be kept informed of our activities
and I am confident that the relations thus established
will prove not only of advantage to the Chamber, but
also, I trust, of definite interest and value to yourself.
Yours very truly,

can 47
Genera.' secretary
Honorable Benjamin Strong,
Governor, Federal Reserve i3ank of New York,
15 Nassau 5tr ee-.

New York, N. Y.




A

1A-7b4-°citt-1,

C(-1

M. FELSENBERG,
REPRESENTATIVE OF

TIRE CREDIT LYONNAIS,
250 MILLION FRANCS.
SURPLUS: 200 MILLION FRANCS,
CAPITAL:

TELEGRAPHIC ADDRESS:

FELSENBERG."

52 WILLIAM STREET,
NEW YORK,

June 2Rth 1921

BENJAMIN STRONG, Esq

rovernor FEDERAL RESERVE %NK OF NEW YORE,

New York.
Dear Mr. Strong,

I have received from the Head-Office of the CREDIT
LYONNAIS an inquiry on one of our leading institutions and
shall be under a Great obligation to you if you could grant me
a few minutes interview on this subject.




With all anticipated thanks, I am,
'lours wry respectfully,

ENBERCI







k*".#''







January 7th, 191t,.

1,!y dear 1!. Lewandowski:

It was a most pleasant surprise to me to receive your

nice card sending me greetings for the New Year, and I hasten to
tell you how mno)i pleasure it afforded me and with what warmth I
reciprocate.
'I had heard seine time ago that you had been called away

from the ban3r by military duties and am gad to learn that whatever your duties may have been, they have not for any ca se resulted in interrupting our pleasant acquaintance.
liot.Nithstanding that I am no longer with the Bankers Trust

Company, I hope that you will be good enouch to drop me a line now
and then and if you ever come to tlis country.,

m the eoportu-

nity to return the many courtesies which you showed me when I was
last in Paris.
There is a possibility of by 1L.oing to Paris within the

next two months, in which eLse I shall certainly eivo myself the
ple-Isure of seeing you.

-:ith kindest regards and best wishes for the New Year,

I beg to re=in,
Faithfully yours,

M. 1:aurice Lewandowski.
Comptoir IiatnTnI'dllr6COmniO de Paris,
14 Rue Bergere,
Paris, France.

.




(fil.g7i

January 14th, 1916.

Dear Mr. Lewandovski:

Just a lino to advise you that I am
honing to aril for the other side on the first
of February and will probably reach Paris about
the middle of that month.
I shall give myself tho plc pure of seeing you in Paris and hope that you will not be too

closely encased to give me a little of your valuable time.

Faithfully you:s,

ii.

21aurice 1432-..;ndowski

Corntoir 21fItiTifial-d1LsOompte de ?aria,

14 Ruo Bereoro,
Paris, France.

BS Jr/Val

F. 2,,

GO,.PARIOE Fli

pzin
DES

NEW YORK.
filli5 BROAD ST., (ALWAYS OPEN)
TELEPHONE, 451 L. 452 [MOM,
ULITZER BUILDING, P.m< 'ROW. 7 El-CP/-10(4E. 2060 EE:KMAN.

3 M6.-.RCET" STREET.

.

TELEPHONE. 1230 SPRING.

1 WORTH STREET.
TELEPHONE 394 FRANKLIN.

TELEPHONE. 1:3E Spain:G.
TELEPHONE. 1004 STuvursNP.
EPHONE, 397 MARMON S.
.

MASS.

ENCY,

A

LLE STREET,

LL..

4.41/08eifr4-griCT

6-15-175 M

GABS TRUMAN
PARIS.
15 T-'0ULEVARD MONTMAI-ITRE.

83 RUE

vivirrgrze.

LONDON.
24 ROYAL EXCHANGE, E. C. 2 MINCING LANE.
NEW BRIDGE STREET, E. C.
BALTIC MERCANTILE AND
SHIPPING EXCHANGE, E. C.
24 SOUTHWARK ST , S. E.
30 VICTORIA STREET, WESTMINSTER.

HAVRE:
BREST:

40 RUE DE CHILOU.
30-32 SUE DE CHATEAU.

ANT W ERP:

AGENCY, 14 RUE VENUS.

ST. PIERRE, MIQUELON

Tiro




DATE ' following 11113,SSAGE is received via FRF,NCH. TELEGRAPH CABLE, s
.The
terms and conditions printed on the back hereof, which are ratified and agreed to.

A F1294 PaIS 20

STRO:.:,.?? GOVERNOR FE DER.1T, RES
NY

if 00 IK I IG FOR"IARD PLEASURE
SEE I NG YOU AM YOUR ENTIRE'
PIS POUT, I'S
iCINTES T REGARDS

.1

COMPTOIR NATIONAL D'ESCOMPTE

czAA2_e_c_e

DE PARIS

c,' -(2 /

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SOCIETE ANONYME

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CAPITAL 200 M I LLI 0 NS DE FRANCS ENTIERENENT VERSES

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-2To

r. Le%endowski.

Dec. 8, inG,

asking rr. Treman to send you a copy or the banking laws of the
State of New York which will give you explicit information on
the subject.

The principal difficulties to be dealt with are, first,
the limitations imposed upon busines2 which 1

be conducted by

agencies of foreign banks in the State of New

- and, second,

their liability for local taxes.

I

r. Tromen to also

n

have a memorandum prepared explaining the statutt
and stating what liability for
law., of the State of New Yorl

be in this matter, they are n

limitations

r. uld exist..

lilo the

liberal as they might
..7, far from being prohib-

itive.
You are al-

arge Canadian banks

have Lew York bran

he Bank of British North

America, the gong

Banking Corporation, Yoko-

harm Specie
and a nu-

rIk

of India

China and Australia

r of others

The Federal F serve Banks under the terms of certain
very

hey have adopted have not -le rules whic:
hesitated to

buy cons u cable amo

of bills bearing endorsements of foreign

banks which ho.., established agencies in this country.

We re-

quire of them certain undertakings in that connection as well as
statements, all of which will be explained in detail by

Tremor?.

There hes been a very slight difference in rate in favor of purely
American bills, but the difference has not been sufficient to present any obstacle to the successful handling of bills by those
bank agencies.







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January 219 1.918.

Dear ronsicur LawandmsId:
rany thanI:s for jour greetings which have just

reached m and which am very cordially reciprocated.
hope that you and ny other good friends in Paris will soon
sec bettor days.

With warmest regards, I am,
Sincorely yours,

Coyzptoir

Paris, France.




diEscompte de Paris,



I

/3 C.1.47p/




'.'AIMMIIIMMMMMMM4haWig--awiAmmmmmmmmwm)

express you once more, our great consideration
towards the
New York Federal Bank, .n all our sympathetic
feelings
towards the ',1onorable r.)vernor of that Institution.

Believe me to remain,

Dear Mr. Strong,

ith my kindest rezareis,

Yours very sincerely.

GENERALE
.....44/Avelyytoonewi

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GENERA LAT PARIS

9; GUTENBERG 71 10.

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0 ENERALAT- PARIS
Gu RRRRRR

71 -40.

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social-1i

ANONYM&

SITAL 500,000.000 DI FRANCS

29, Boulevard Ha ussmann
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LE DIRECTEUR GENERAL

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FRANCAISE DES CABLES TfliGRAPIIIQUES

Form2T.W.

NEW YORK.

COMPAGNIE
25 BROAD ST.. (ALWAYS OPEN)

TELEPHONE. 461 &452 BROAD.

PULITZER BUILDING, PARK ROW. 7ELLPHONE, 2069 BEEKMAN.

3 M.:RCER STREET,
1 WORTH STREET.

581MOADWAY,
H AVENUE, .
281 FIFTH AVENUE,
63




.

LO

24 ROYAL 63 RUE VIVIEN
E.
15 BOULEVARD MONTMARTRE. EXCHANGE, E.
NEW BRIDGE STREET,
24 SOUTHWARK ST , S. E.
38 VICTORIA ST

.
TELEPHONE. 1238 SPRING.
TELEPHONE 394 FRANKLIN. TELEPHONE. SPRING. MADISON SO.
TELEPHONE. 1238 1004 STU), AAAAA .
TELEPHONE. 397

HAVRE:
BREST:
ANTWERP:
ST PIERR

ORLEANS, MASS.
WESTERN AGENCY

118 NORTH LA SALLE STREET,
CHICAGO, ILL.

EDWARD C. SWEENEY,

TIME

MANAGUA.

SE`

A

The following MESSAGE is received via FRENCH TELEGRAPH CA

terms and conditions printed on the back hereof, which are ratified and agreed t

A F1294 PARIS 20

BENJAMIN STRONG GOVERNOR FE DER.

L 00 KING FOTVARD PLEASURE SEEING YOU
AM YOUR ENT IRE MS P
KINDEST REGARDS

r'l"Ltiu

i DUU

.1

serTo reduce the risk of errors or delays, please file any answer to this messag
pany's own offices.Messengers may be summoned by Telephone for Cablegrams

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December 26, 1916.

4

:iemorandum of conversation with :Ions. de Neu

ize.

,

1

%-,J

CEO

/

1

'._ens. de Neuflize called upon ':ir. Trean and myself this morning at

about 11 o'clock and seemed somewhat upset by the announcement of the Federal
Reserve Board concerning the Bank of England agency and its effect upon the
feel

e officers of the Bank of France.

Ne asked if we could not let

tement of some sort that he could cable to the Bank of Trance and
told him we were not prepared to discuss the matter at that time but would do
so later in the afternoon.

At about 2:30 in the afternoon he came in again, at which time we told
him that the officers of this bank were not making any statement in connection

with the Bank of eland matter and that, consequently, we could not make any
statement concerning it to him but that, if he wished to know the effect of
this upon negotiations with the Bank of France, we could tell him that the action
concerning the Bank of England would certainly have no adverse effects upon our

negotiations with the Bank of France, which we understood were 7oing forward
correspondence between Ar. Strong and Ions, Pallain.

He said that he was conducting the negotiations with us on behalf
the Bank of France and suggested that =tons. Pallain would not answer our las
letter to him.

I said that

Ir, 2relan and I were not aware of the fact th4

he was authorized to negotiate on behalf of the Bank of France as we had beeW
forwarding the letters direct between -!essrs.

and "Arong.

Jens. d

Neuflize said that we had a letter in our files from Ions. 1=allain which aut
ized him to have conversations with us and also that '.a*. Strong had turned h
to ir. Jay and that only a few weeks ago he had had further conversations wiV-44*!=4.'

r. Jay looking to a definite arrangement.

To this I replied that my recol-

lection of the letter to which ho referred was that it was a general letter of






-2-




-.3-




cormvTIAL

lecenber 27, 1916.

ear Sir:

At the request of Governor -lrona of this bank, who is temporarily
absent in the rest for n neriod of rest and upbuilding, I have the honor to
forward to you information concerning the establishment of foreign tank agencies in nwl York City, as follars:
bet.

The establishment of such an agency or branch
would be under the direction of the auperintendent
of ?stinking of the State of 1:ew York rnd the opera-

tion of such a branch bank would be controlled
entirely by the laws of the ..tats of 7-rew 'fork and
nit by "lilted States lam.

2nd.

7e are sending under separate cower a cow of
the banking
of the State of !-4,w York and in
aections 144 - 147 of the ' ;env York State :rlanking

Laws yor will find the conditions under which a
foreign b nking oorooration riny be licensed to
nnintain an agency in New York State, and flew
the powers which it nay exercise after obtaining
stash license.

3rd.

I an enclosing herewith blank forns which are
used in making apolication for a license to t,e
State of !:ew York.

4th.

There is also enclosed herewith information a =s

to the requirenents or steps necessary to be taken
by New York 7ranches of foreign banks in order to
make their acceptances or indorsements eligible
for pue;.case or discount by t!e 2edoral reserve
banke of the 77nited States.
5th.

-hile a branch baulk would operate under the laws
of the State of :Or York, they may desire information as to the regulations of the edera1 Reserve
Ponrd of the rtiteo "states as to notes, drafts and
bills of exchange, so we are sending under separate
cover also a copy of the circulars and regulations,
Series of 1916, dated aeptember 1916, for your f- rthor information.

I trust that this information is what you desire and will enable

you to mike your decision as to the establishment of such a branch in New




York pity.


P.

r. 7aurice -cdandowpki.




January 21, 1938.

Lear Wonsieur Lewandowski:
Ilany thanks for your greetings which have just

reached me and which are very cordially reciprocated.

hope that you and my other good friends in Paris will soon
seo better days.
Yiith warmest regards, I am,

Sincorely yours,

Monsieur :1:aurice LevandowSki.

Comptoir National d'Escompte de 2aris,
Paris, France.

January 15t
i

(OPTOIR NA

IONAL. DT.SCOMPTE

.14:1A1 Z.;




-

DIRECTION

FiLING DZPT.

DrCrr.

M1,n 3

1919

aT221:11717.

1113

Dear Mr -St
'7Dr7.115.1

Tkr..:)tira;.-lS

I duly received your valued f

the 9th ult., intloiucing to me Senator Robert L. Ow

have the pleasure to inform you that the latter havi

arrived in Paris, after a stay in London, I immedia

into touch with him, and placed myself at his dispos

to make his stay in our City, as agreeable as possib

also to supply him with information regarding his mi

I have been very pleased to see from

that you have not forgotten that you had a good frie
Paris, and I especially want to remind you that all

will personally recommend to me, will always receive
Corrptoir,

a most cordial welcome.

Let me add that we shall also be very
to receive in the near future, your visit, enabling
express

to Yr. Benj. STRONG
Governor of tge
FEDERAL RESERVE BANK OF NEW YORK,
New York City,




friMiroOIR NATIONAL DISCOMPTE

)

./.>/:)%4

July

9th.

a.

SOCIETE ANONYM E
." A L

2SOMILLIONS DE FRANCS ENTIEREMENT VERSES

lei

A.L.
DIRECTION




00,0i
5.
C3.

Dear Mr. Strong,

I duly received your valued favor of
21st. ult., introducing to me your friend and associate:
Mr. Pierre Jay, Chairman of the Board of Directors cf
the Federal Reserve Bank of New York.
I shall be very pleased to receive

Mr. Jay's visit and will do my best to make his stay
---____

in Paris as agreeable as possible, and to supply him
with all information he may require.

I shall not Liss this opportunity of
talking over American banking business with him, and
cf receiving his valuable advice.
With kindest regards,
I beg to remain,

Faithfully yours,

f:.

S

Mr. Penj. STRONG,
Governor of the
FEDERAL RESERVE PANK OF NEW YORK,
New York City, U.S.A.

f'- .1".../.

4




May 10, 1918.

Dear Captain ALsson:

It was a great delight to receive your letter of April 6th

with the photographs enclosed, and, particularly, to get an indication
that you, yourself, must be well.
7;e have just completed our Third Loan, from which the Govern-

ment will realize very close to four billion dollars if not fully that
sum at the same time that we are about to pay for not less than three
billions of taxes.

This is a surprising evidence of the intense en-

thusiasm now developed for the war.

'le assume that between seventeen

and twenty million subscriptions have been received.

uoting briefly from a letter just

for the Erenoh fighters never
n I see those fellows going up
d as the case mny be, all singays wonder at their spirit and
ran into a your Second Lt. the
he was, who had the lay before
ble battle and on his return
the Legion of Honor and Croix
he former the best irance
the stor, from the fellow,
talk about it, so I had to
t he had done from another
s in command of a battery of
s cress held out against
rom his supporting troops, and
as they came up. That fellow
I was proud to shake his hand

boys think of the branch soldiers.




 Captain


Masson

(2)

5/10/18.

f:g2t-f.
Dear Captain Masson:

t9)-

Lake George, N. Y.,
February 3, 1919.

11,1)

It was a very great plieptwe to have your two notes of January 7th
and 13th;
to learn that you ars'ibrit
and, particularly, that you
Bow I sherld have
come associated with V. Tardieu at the Peace Conference.
liked some similar work for our own government, only my health did not permit
it.

I can not tell you how delighted I was that your government was good
enough to feel that I had earned the distinction of being made a Chevalier de la
Legion d'Honneur, and, some how or other, when word reached me, I thought of you
and wondered whether you might not associate this with some of our long discussions
in Denver.
"'hat a glorious thin:7 it is that the war is over, and that it is over
in such a satisfactory way.

My son Ben has earned a commission and is now an instructor in the
Free a recent letter I gather that
at Decite.
he has suffered, or may suffer, a grave disappointment, for it seems that the
Reserve Mallet, with Which he was lone connected while he wee in the French Army,
and subsequently in the American Army, is likely to receive the Croix de Guerre
RS an orgenixation, with the fourregereand his being detached in order to get
his commission and then as an instructor may deprive him of this decoration,
which I nevertheless think he decidedly earned as he was number one man in hie
Just now his thoughts are all about
unit and was selected for a commission.
getting home, but nevertheless he receives no orders, end rather expects to be
If you have opportunity to drop him a line I
in France until next summer.
know he rill appreciate it and will make it a point to call upon you in Paris.
'rotor Transport Rchool, No. 1,

With wermest regards and congratulations upon your new and interesting epnointment, I am,
Sincerely your friend,

Captain -Robert Masson,
Lyonnaiss,
care
Paris, France.

BS,MSB







<-1

June 18, 1919.

Dear Aasson:
Iluch to nw aelight I am sailing for ,:;urope by the

Baltic on or about July 1st, and am, tLerefore, looking
forward co the pleasure of a visit with you in the near
future.

faithfully yours,

captain Robert :.:arson,

0/0 CreaTI-Iyonriso,
Paris, franca.

BS/11:0

Hotel Ritz, Taxis,

July

IT'.

My dear Friend Masson:

After many postponements I have finally made my promised trip
to Paris, and, knowing how exceedingly busy you are, I am sendin.,.,
this preliminary note of warning that you may ex_ect to receive a
call from me as soon as I am able to locate your address definitely.
I am lookin, forward with great pleasure to learning how you
have been and something of what you have been doing, and particularly hope that your health is completely recovered.
With cordial regards, believe me,
Sincerely yours,

Monsieur Robert Masson,
c/o Credit Lyonnais,
19 Boulevard des Italiens, Paris.

BS/V







aitz Hotel, London,
September 12, 191).

Dear Captain Lasson:
to leave .saris on
Very much to my regret I was obliged
hoped, to have another visit
short notice and was unable, as had

with you.

shall be back in
'1-111e it is ratite possible that I
to ask that 7ou will certainly
Prance next year, I an writing
possible, should you have occasion
notify me,well in ndvancr if
On the other hand, I hope
to visit us in the United States.
be the same as the last one the occasion of your visit w,li not
bad health.
,pith warmest regards, believe me,

3inoerely yours,

Captain :abort Llasson,
0/0 Cr4dit Lyonnais,
:saris, ?ranee.

B3/PF




1*

December 11, i91;.

My dear Captain Masson:
My oldest boy, Ben, is now finishing his last ye: r in Princeton UniI am now considering
versity and is expecting to become a banker if he can.
Flans for his future, after he, graduatesnext June, and woulc: like to have your
advice about it if you have time to write me your views.
My first thought hes been to put him in some American Lank to get ft
little general experience in the banking business, so that he will at leeet
:ter, say a year or possibly longer, I um thinking of
know whet a bank is.
sending him abroad to get some good drilliee; in a foreign bank, or banks, or
Part of the time, probably, I would want him to be in London,
banking house.
but i would also like to have him gain .ome experience of banking in Paris
My mind is still open, howeer, as to the
if you think it is e wiee plan.
Wisdom of sending him abroad first or giving him a year or two here before he
He has a wurking knowledge of French, which ho
has any foreign experience.
studied and spoke after a fashion before entering the army, and his two years
in France hae enabled him to acquire enough of the language to be able to get
along very well, so I believe in a few months ne would be proficient enough to
attend to duties in a enk.

Fortunately ho is following hie on inclination, rether than his
He is unusually studious and conscientious, and whatever
father's suggestion.
Bankhe undertakee to do ne will tackle in an enthusiastic and serious spirit.
ing development in America is such that I am just now led to emphasize in his
mind the need of acquiring foreign languages, end, beyond th,:t, of gaining
Would you mind writing me frankly
thorough understanding of foreign tanking.
your views about his future, whether you think it would ee wice to send him first
And if I should
to France or to London, or give him some training et home?
decide to send him abroad, here do you think he woule have the best opportunity?
The matter of salary will not to important, yet, on the other hand, I do want him
to be u bit on his on resources.
I hope you keep well and that it is e comfort to Le beck at the bank
"s rocent;y welcomed Frank McCoy home
and again enjoying your family life.
I em 60 glad that you lied
again, and he spoke most enthueiesticiy of you.
He is an intimate friend of mine and
oplAortunity to be asuociated with him.
over here we think Le iE a very wonderful fellow.
7,1th warmest regards and gretings for Christmas and the t1e., yew-,
I am,

rineerely yours,

Captain Robert Maeson,
Paris, France


'Credit Lyonnais,


277,4":009

CREDIT LYONNAIS

Paris, le

Juanary 7th.

19%10

1863
I onde
SOCIETE ANONYME

Capital entierement verse

:

250 MILLIONS

DIRECTION GENERALE

Adresse Telegraphique :
CREDIONAIS
PM1-4-17




Dear Governor Strong,

I am very much obliged for your letter
of the 11th.ult. and. heartily reciprocate your good wishes.
Anything. I can do for your son I will

of course very gladly do. I have been so sorry not to be
able to see him while he was in the army.
The way I look at the question before
you is as follows:
1°

I beliew?, it is a very wise plan to have your

son get a first inkling of business ,tt home. His stay

abroad will prove much more beneficial if the unavoidable
difficulties connected with a foreign country are not
cumulated with the perplexities of an entirely unknown
branch of occupation.
2°

I nm very much in doubt as to giving precedence

to Paris or London. After all it is probably immaterial.

One reason for going to Paris first seems to be that your
a

son having same knowledge of French would be in/favorable

situation as regards the language, while he might forget
his French during his stay in London where he will get
scant opportunities for practising.
3°

Assuming he comes to Paris, two courses are

open, which it is

for you to decide upon, taking into

account your or lis future intentions. He can either work
in a big institution - where he will perhaps get a broader
and more varied view of things - or in a smaller firm where work is less divided and training takes less time.
Both courses may also be adopted in succession.
4°Should he elect to work in a big bank, the
Credit Lyonnais will

very pleased to welcome him and

our Directors have authorized me to say that we will
afford him every opportunity for studying all departments
he may be interested in.
We are prepared to pay him a. salary which of

course will not be a. large one, but will be arranged when

the time comes, according to circumstances then prevailing
and to the kind of work he will perform.
I am very glad to hear that General Me Coy is home

acain and in good spirits. Please convey my best regards
to him;

Believe me to be, Dear Governor Strong,
Yours very sincerely

(::17k/MA4,W/L:

GolerMarStrong
Federal Reserve Bank of New York
N 71,7



YORK

June 21, 1921.

Dear Captain Masson:

This letter will be presented to you by my friend
and associate, Mr. Robert H. ?reman, concerning whose visit
to Paris I am writing by separate letter.

I feel very sure that you All find pleasure in
having a chat with Mr. Treman, and he is looking X-orlard to

the pleasure of meeting you during his stay in France.
I have not hesitated to assure him that he ,vial re-

ceive a cordial welcome from my friends in Paris.
Assuring you in anticipation of my appreciation of
any courtesy you may sham Mr. ?roman, I beg to remain,
faithfully yours,

Captain Robert Masson,
Credit Lyonnais,
19 3oulevard des Italians,
Paris, Prance.




Zane 21, 1921.

Dear Captain Masson:
I

beg to enclose copy of a note of introduction which I

am giving to my friend and associate, Ur. Robert H. firemen, sho is
sailing for Europe on the Celtic on Saturday of this seek.
As you are doubtless aware, Mr. Trernan is one of the memoers
of the hoard of Directors of this Bank, and .vas, until recently, one
of its officers.

Mile his trip to igurope is primarily for pleasure, he aill,
I hope, take the opportunity, if time affords, to call upon you.

You will, I am sure, appreciate the opportunity of having a
chat with Mr. Treman, and I mill greatly appreciate anything you are
able to do to make his visit an agreeable and profitable one.
lith kindest regards and best wishes, I beg to remain,
Faithfully yours,

Captain Robert Masson,
Credit Lyonnais,
19 3oulevard des Italiens,
Paris, France.




=AB

June 28, 1921.

D.ar Captain Masson:

Word has just reached me that you have been honored by an important
promotion in the bank.

No news about you could please me more, or surprise me less.

I am sure that it recognizes what we all have in America, the importance and value
of your work for that fine institution, and I wish you even greater success hereafter.

This morning I has the pleasure of a call from your New York representative, kr. Felsenberg, who brought with him a letter which he had just received from
your office, asking that he make inquiry in regard to certain rumors which had
reached you as to the affairs of the Guaranty Trust Company of New York.

I hope

that tee infor,ation which I gave him oompletely answered the inquiry contained in
your letter.

But it seems just as well that I should write you this private further

letter on the same subject.

We are, as you know, closely familiar with the affairs of all member banks
and truEt companies, which includes practically all of the banks of this district.
We see the reports of examination made by the federal and state authorities, and
during a recent period when the work of examination bad outgrown the forces of the
examiners of these two authorities, we have had our own men assisting in this work,
so that we feel competent to express a view in general ae to banking conditions in
this city and district.

I have no hesitation in saying without qualification, that

they are sound and that the rumors to which your letter referred are unjustified.
They started originally ae the result of a large credit which was extended to the
Mercantile Bank of the Americas, in which the Guaranty Trust Company has an interest.
That bank has in the past conducted a large business in financing movements of
perchandiee in Central and South America, and in a smaller way in other parts of the




#2




Captain Masson

June 28, 19'1
world.

Ansa the collapse in p

'f ere thrown back upon the selle

share of these difficult matter

tant banking firms and institut

capital, and a group of banking

necessary, advances up to $M mi

needs of the bank anq to enable

It will, of course, have the pr

collecting deficiencies from its

bank has not permitted its pape

to go ahead with its affairs wi

This transaction, however, gave

Guaranty Trust Company, because
Americas.

The Guaranty Trust

institutions, (one might say wi
a certain :amount of slow loans.

course, ae we do with all of our

which they will encounter will

large capital, surplus and undi

strength of our banking position
York at all.

The member bunks

maximum of about $1 billion, ha

millions since the first of Jan

and industrial concerns that en

inventories, but our bankers ha

fairness, and with more courage
of banking in this country.

Y

claim that this is entirely due
know that we have the means to

d that we have the courage to

June ?8, 19P1.

15

I deeply regret the spreading abroad of tbeee unfortunate rumors and
that they mey have led to some concern in Paris.

In fact, much to Pty regret, I

recently learned that an alarming cable vee sent to Paris by the representative
of a banking: institution of that city, which wae jrcundlese and calculated to
cause trouble.

Inquiries which right have been made in authoritative quarters,

for instance at thie bank, ouuld easily have net thst gentleman straight in hie

inforation.
I am writing you this quite

frankly,

and ae I would speak ay wind to

you, of course, without prejudice, becaune I um certain that you will v5lue roma
word froe Ne illSt now, in view of the inquiry which has Just reached ue from your
office.

Please use the contents of this letter ith the discretion which it

requires.

pith warmest regards, believe ire,

Sincerely yours,

Captain Robert Masson,
c/o Credit Lyonnais,
Paris, France.




.

-Oft D I T LYONNAIS

Paris, le

I9P1

July 15th

Foncle en 1863
ANONVME

i t a 1 entierement verse
250 MILLIONS

:

Governor Strong,Esq:

.1.

DIRECTION GENERALE

Federal Reserve Bank of New York,

Adresse telegraph hoe :

New York, N.Y.

CREDION A Is
8° 3537 -5 -18

Dear Governor Strong,

How kind of you to have sent me your
congratulations,and to have added such very interesting information about the situation on your side.

For your congratulations,though they are out of pro.
portion with the importance of my promotion,I am very thankfUl.

The same for the information,which is quite in

line with what

I expected,and which I will treat quite confidentially.

A steady flow of Americans are passing through this
country.Llany of them are sincerely anxious to help Franc e,and

ask how this can be done,Strange to say,this is rather an
embarrassing question,The situation herephas improved very
materially in many respects,Trade returns are more and more
satisfactory,showing an excess of exports.Taxes are coming in
regularly,except the tax on the turnover,which shows large
deficitssowing to the stagnation of business.0ertain branches
s.rz

of trade ( steelowilms,textiles ) are lying completely idle,

but many others are active.The industrial crisis is certainly
considerably less acute here,than in other countries.The figures
of unemployment are very small




(

50.000 only ),In short,the

440

- 2 -

-Governor Strong,Esq,

Paris July 15th 1921

New York.

the country has set to work with its old spirit,and the great",

national resources are slowly beginning to tell.
I do not think,that our tradesmen will have much
difficulty in arranging the selfaiquidatingl1anhing credits
they may requite on your side,for the import of copper,
cotton etc.

As regards loans under the form of securities,I do not
think it is to the advantage of this countrylto increase its
indebtedness towards foreign countries.The State,for one,

does not need dollars at present,Private corporations might
consider the advisability of borrowing for reconstruction
purposes;but old..established and conservative firms would not

like to take the risk of the exchango,unless the other conditions of a loan were attractive.Now the fact is,at present,

that they can borrow here,tax exempt,for reconstruction pur.
poses,on a 6 1/4 . 6 1/2 per cent basis,whoreas New York would
quote 9 - 10 per cent.Until the rate of capitalization increases here and decreases in the States ( both movements are
quite probablo ),there is nothing to be done in that line.It
is a pity,because reconstruction is the problem.
Our State finances will be practically restored to
a normal equilibrium next year,except as regards reconstruction,

which requires huge amounts and entails constant appeals to
the investorsthreatening to put an excessive strain on the home
market.




How,thon,can your country help uo ?In two ways..

First

- 4 -

Paris July 15th 1921

406
Governor Strong,Esg. New Y o r
best way is to give us the assistance of their influence
and good offices in all matters pertaining to reparations.
I apologize for this long letter;but the subject

is so portentous,that I could not refrain from seizing
this opportunity to give you an idea of what our problems
are hore

unprecedented and difficult to solve
Hoping you are keeping very fit,I trust you will

believe me,Dear Governor Strong,




Yours very sincerely

2"2"/Oc-44.11911._

Paris July 15th 1921
Governor Strong,Esl.

New York. re.

First by postponing the burden of our Government debt toward.
your Treasurysi.e. by granting delays of nayment for the
capital,as well as for the interest.Second,by standing on our
side in the reparations question.n.

As you know,all our efforts up to now,have been
directed towards the restoration of manufactures,agriculture
and communications.Nothing,nractically,has been done for the
homesteads. Now,as long as hundreds of thousands of Frenchmen
live in cavesocellarsodugouts or huts,while every German has
a roof,no Government can resist the popular feeling,and must
insist on getting reparations from Germany.Besidestif reparation is not forthcomingoit will be much worse than a terrible
injustice:it will be the justification of the German policy

of wanton and systematic destruction,designed to cause irreparable after.war ruin s " Destroy
if

you
your

you

win

the

war , nobody

war , you

lose

opponent

will

be

everything

will

simply
the say

ask

you

you

can ;

questions
can't

;

if

nay

and

ruined ,"

I personally_believe,that the figures finally agreed
upon for reparationa,are within the bounds of possibilities.
But it is only by a firm and united attitude,that the Allies
can make the Germans pay,and in this respoct,the present
aloofness of the United States has been,and continues to be
a cause of serious difficulties and disadvantages for this
country.




If Americans really want to help us,by far,the best

TPAl'/kA

r AZ

......m000WOWWWWWWWWWWWWft

EDIT /LYONNAIS

Purls, le

02nd

February

19 24

nde en 1863

apit

CIETE ANONYME

entierement verse

:

250 MILLIONS
C.

ACKNOWLEDGED

I VON 17 732

..

LIAR 1 1 1924

DIRECTION GENERALE

R

A dr esse telegraphique :
CREDIONAIS




Dear Governor Strong,

I was particularly delighted to receive
your letter of the 6th - first because in itself it was

just that sort of substitute which I am glad to get from
you to take the place of our long talks of yore, and
second because it shows that you are in good health and
at your desk.

I have followed, from afar, the developments
of the oil disclosures you refer to.

Suspicion, since

the days of the Greek, has ever been the curse of democraCies
and we must take it in the balance together with the
indisputable advantages of that form of Government.
I fully sympathize with President Coolidge,

who appears to us here as such a straightforward, good
intentioned man, and has more important matters to attend
to.

It looks as if he should be obliged to hunt up, for

the committee oe enquiry, in some remote county of Idaho
or even Alaska, a couple of shoablacks who will be able to

prove that they have never given a sane to an Oil kagnate
or to a banker who bas collected accounts for an Oil

Company.
Pride curios before the fail; after the "Fall"

-=Mr
A

2

Paris, le

IbREDIT LYONNAIS

19

Fonds en 1863
SOCIETE ANONYME

fif apit al entierement verse

:

250 MILLIONS

.

C. LYON n TH,

DIRECTION GENERALE

Adresse telegraphique :
CREDIONAIS

comes much bnpleasantnees.
You have accurately gauged the situation here.

Contrary to Germany, who inflated, and thus depreciated
her currency, the franc falls because some people are
afraid we may be led to inflate, though we do not.
The only remedy is to suppress such CaUses,
as may exist, of that apprehension.

The Government proposals are drastic - and should
trap be effective - I would have liicad to see them voted in
two days.

interior polities have not allowed it.

It jai

in fact aggravating for the French tar- payer, who is already
heavily burdened, to have to finan0a. the reoonstruction of

the Lorth to the last cent, while his debtor has evaded
praotically all of his cbligatiOns and increased his equipment for industrial and 00mmercial competition.

But the general impreaeion is that not only the
House, but also the Senate will now soon have voted the bills

The borrowing this year will be very much out down
and the Reaonstruction will be delayed.
I am rather optimistic because the exchange
situation is now so clear in the minds of the layman (

as to

its effects, not as to its (muses) that it will henceforth
work as an automatic alarm signal.




Suppose....

IPIREDIT

Paris, le

LYONNAIS

19

Fonde en 1863
SOCIETE ANONYME

Sapital entierement verse
250 MILLIONS
C I.VON 11 732

DIRECTION GENERALE
Adresse tel;graphique

:

suppose

oontrary to my 0r.peota4lona- the !ilia--

CREDIONAIS

-------icuad tall thpeueq or suppose the Goner& aloot4on4




110W &

glik alaaa or plolittialana EplAwerew

isajetritt i1 faIrcnir

to the Dwponeary naastirtmi
llotioal at

to the

th*Mohange will at wea:

(Mae, and the then gov3rumeut will either heevaPrto

right

ar MM 4161%rer that they dorMIS

tlisn& to titgp

intend to atop it y Siols4

it

(ocartrary to conamm,

Country

which is politioaily new and imeaparieuoed to salittletwiteaft)

has Car too mush 40°4 seane to allow the latter altar

The experts see* tb be on

is Er point

its

of clops3u1Ing

taair 4aboure, which bave been surrounded' With ualv)real
good will.

or oouree, as $014 pa44 wa mat uot expeet too

mu440

?

8t

they qp, do et Tot of
it

eager to adopt

vievirs

X4 444

at far an pOs1ig 441.

ybody 'alms
bolicivo

our ciovaftsont is just 1= tout paps mood. Mat of (toupee,
presumes that ww cannot be sAkesa to relit

lab

004

vow of prowopRo NO 4ve, an4 w41.94 4444 pWat to ba
effoottve as

std.

se4zed ter 4uhr I

ib&re INUad.m$ b. poil tp

Ovid of

mum, Peoli40..Sk

cle.e.fs id

wino)
Mkt &volt

ft.44.A

k fit ?1.1_,

00 AulAr w40 0A, ropoSid44:0414.veri6ireC
44i 4M4544110. por 1404441-Pa iio dole0,41t

(map,

uto4a. miemery

AA4 V W4 00 PO4(01 0404, PWAlt# Rf 4 OomeoreRos,

IFQ$14

filft§44, 1741901,1,4

04,04pag

ms4 soyx nobody,

4

Priris, le

EDIT LYONNAIS

19

Fonds' en 1863
SOCIETE ANONYME

apital entierement verse
250 MILLIONS
2.C.I.Y0,411782

DIRECTION GENERALE

,0014 hays /040u Op* to balp us.

Adresse telegraphique :
CREDIONAIS




She P060$401132110101, or an ln/ernational loan .
lox viwito an AmaiWilh Islestooliasm to be var3 m1.4.011

or uapritesiou was that about

11001`0140 way quarter,.

SOO 411119at 4 What 0:04444 abut proper gu4rantees, but

mil lit

swil latch midi*

yon

tut*
044E4 to approOtaite la the

1116.14,4

#40, tt 44nd or Vee Garman Government.

I am not sure that

104, 4r, r44441,0 to araw trio oonaequenoes or the ftats.

411 Rogow

and Stroffonann

thoee ox'

taLf44 au" that uormany Las been depoeivp4 by WIlion and laid

490iWar erwe *bon sbe waa very strong tillf or that the
elusatiale agAlnot the German oovernm,rt for baTlAg

t11 u11y

utional 9urreng, are anablable to the

4AvDciater4

Pirmnoh SOvaroWnt / are not tooduraging, oven tbdtAgh they

wre 1a

,14 intended for domestac awasumptloaft

004 the numbwr:Af 00ual4pre g

It elbows

110404=031tlea is 84;1

adtrt eilougli, to be ualpoWarta4Apwital;40Dir a Strasomanmo.

At

"raw Dot

14 durtingtng to me if tile Gertaxe

404 40 0.4* all atftwitontepo in tho hope that our elsatiora
141/471040bring the aft5rthrow of

poirvar6.

AntUol4 let up bppo rpr 444 beet, 64

11.044414# WA* 9 440;1 4 09140 Rio 404 wallo R

st,..

I
fibREDIT

Paris, le

LYONNAIS

19

sonde en 1863
SOCIETE ANONYME

entierement verse
250 MILLIONS
P. C. ICON B 733

DIRECTION GENERALE

Adresse telegraphique :
CREDIONAIS

oamirt ram iyp tion. 4, tho *ms
Alit %tread

4Ava to

so back to

WOIMOMaktim 11Pb the time to P*414 #4ph a long latter.
411,1

bIt oft here and seal yoU my boot grIeltngs.

Very e1noerely yours

asiaNO

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February E, 1924.

Dear Captain Maeon:
It seems ungrateful not to have aneicred pur kind letter of November
2nd long ago, but since my return to the office the first of November various
trips to Washington, one trip of t

few weeke to Palm Beach for the purpose of

iday with no work whatever, and still quite a little to do !.t . the office, 1-1.ve

all conspired toward leaving your letter unanswered until today.
It is very difficult for me to %rite with patience ..bout the situation
in Germany.

The policy which combined the avoidance of meeting just obliga-

tions to Frnce, and the impoverishment of

E.

great mass of the German people of

moderate end mall means, would b.ve seemed to you or to me ten years
quite an impossible thine to expect of any civilized nation;

go to be

but, of course, the

world has changed he a result of the war, and in a general way my attitude ie
one of wonderment and welting to see *hat next will happen.
It is natural that your people as W 11 as the German people should
expect a great deal - and probably too much - from the efforts of the "merican
committeemen who s,re now at work on currency end budget problems, etc.

These

gentlemen are ell old friends of mine, especially Mr. Young, who as you know is
one of our directors.

I have great confidence in him, but I only hope that

disappointment does not result from en exaggeration in the minds of the people
generally of the possibilities.

have been having a rather sad time politically due to the disclosure
of whet appears to be, at least superficially, some irregularity in connection
with the leasing of oil lands owned by the Government.



Much of it, of course,

Captain Masson

2

is for political purposes; much of it is exaggerated;
puts a sort of

*

February 5, 1924

and the public always

and

sometimes criminal construction on -cts of public

officials which ere not always justified.

ee must wait and see what further

investigation will disclose.

As to your own position, I have had but one thought in mind for a good
while.

The decline in purchasing porter of the franc and the gradual but inevitable

increase in the cost of living to the French middle and lower clesses which will

accompany this decline ere all bound to create a public opinion which will be
difficult to deal with.

I know enough about the French housewife, who measures

the purchasing power of every sou

of her husband's earnings, to realize that

el_c becomes a political end social factor of the highest importance when her

h ueehold budget ie disturbed by such events as are now transpiring; so notwithstanding that it may involve some sacrifice, I am hoping that your Government
will roe the need for an adjustment. of the immediate situction which will protect

the monetary position, and that it can meet present needs by heavier taxation,
especially until Germany has been put into position to meet her obligations,
whatever they may be found to be.

This is just such a rambling letter as I am always tempted to write

ou, without the econoey of words which you practice so skillfully.

I must

not conclude :t without letting you know that my health seams to be excellent,
and I earnestly hope that yours is equally good.

With many kind wishes, believe me,
Sincerely yours,

Captain Robert Masson,
Credit Lyonnais,
boulevard dee Italians,
Paris, France.
BS.MM







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Hotel Ritz, London,
September 8, 1919.

Dear Monsieur Simon:

Leaving Paris on very ohort notice deprived me of the opportunity of calling on you again, as I had hoped to do, particularly that
I might discuss the question of the New York agency in which you are
interested.
Po.-sibly you will be good enough to write me at New York on that
subject, advising just what information would be of service to you, and
I will see that it is promptly prepared.

It was a great pleasure to have another visit with you and Mme.

There is a little cam isaion that possibly I can ask you to execute for me without inconvenience.
I am anxious to get a specimen of
the 2-franc note which was used or the payment of soldiers early in
the war.
I believe they are still in circulation, as I have specimens
of the I -franc and 50 centime notes.
With this I am enclosing two
francs and would greatly appreciate your mailing me one of the notes
care Messrs. Morgan, Grenfell k Company, 22 Old Broad street, London,
which I hope will cause you no inconvenience.
With kindest regards, I beg to remain,
Sincerely yours,

Monsieur Josejl uppILIA
c/o La Societe Generale,

Boulevard Hausmann,
Paris.

BS/V







June 21, 1921.

Dear Sir:

This letter will be presented to you by my friend

and associate, Mr. Robert H. Treman, concrning .chose visit
to

aris I am writing by separate letter.
I feel very sure that you .till find pleasure in

having a chat with Zr. Treman, and he is looking forward to
the pleasure of meetin3 you during his stay in France.
I have not hesitated to assure him that he sill receive a cordial welcome from my friends in Paris.
Aesurinj you in anticipation of my appreciation of
any courtesy you may show Mr. Trelan, I beg to remain,
Faithfully yours,

Monsieur Joseph Simon,
Societe Generale Pour Favoriser is Development
du Commerce et de L'Industrie en France,
29 Boulevard Hausemann,
Purls, France.





Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102