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S 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 / hler-e SOCIETE ANONYME 4a CAPITAL 200 M I LLI 0 NS DE FRANCS ENTIERENENT VERSES eckz (2-- tIC CC1Z CC-5 ;34/09 ,GA-ezZeL 54IZ 6z_ c7I't- (k_oiyuzie-e-cZ c-J6-er-Oe oz Lei MP f)->'L-5 Q*e", /LC-011--;-Z 0?-1;6AI- 4,72% -/3. /7"-)e-e, CZ--724:at el.-aj trre--V2--c-a: Pile/ /y)-z_, te7X-404 P aza. 475 ef 84 c.e.z.Ze /Le4,Y7?t,6"_ L7r444- 266, 4P 4 -gee -14 ow,e. )-e-str-414,40(- -0-2-1"e-0 C")-t-412 ( 4W 4C41fIrt. 2 rb- -4- a 4. ,-; :I" I 1C. 4 --st-tor.-11.4"-a-P, - A .4,) Al . 442 _.A!; ;-ce -we - ' 7 .x..7*<-0'...,bi --(....Y1.-L, -4.--V c*-4 4- dfte -r-te 71 4: -, .c A. ' ' ". .e Y 4re .,-, oc /' . It' . r.r_ -4-Al 1.44eafe 62- rw C..Z e- 4. r - Sim '91 k -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. -3.. 0 11,-.4...,,,,, - -.- , ,, ,i ..............."'w- . v........_ ../04 ((Wye //,' 4-61'"...".-: : 1 dr 1:/. I ////;,/el/e/ 1//,,,,./Z et A.1."--W1 ..,1" i. - -.. ... . . t. . ier., ,, A , -T .-.1,. , -I: 4.--,..÷ . Ati.." k 42,.:"..e-44A- t r1" '4' 4 ,,,,--/7 _.,,,,, itee . ..4., ...,,,,.., 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 (.4:)q 1,,,,P474 ee GENERA LAT PARIS 9; GUTENBERG 71 10. hEy V Fondle en 1864 ,- 4 J.iailletr 21 lepo-dtTE GENERALE Mtaider,ede.).trytk 0 ENERALAT- PARIS Gu RRRRRR 71 -40. Fondee en 1864 social-1i ANONYM& SITAL 500,000.000 DI FRANCS 29, Boulevard Ha ussmann ix Arrt LE DIRECTEUR GENERAL 14"4-4 vc //it-e-a-t,e-c./ ) e-t 714-e/t4- 11- e-- te.e-e-e44 , 9-c Lt,s ZA-,- 4ALtacm_ ret-4-0 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 ,e..,..,,e. ,_ ,,,,,4_,..,4 ,2.,,,_ Q.7 ocyr_LA_4 01--t-e I, 2.f-, DE PARIS ari I' elle/V-741 9-/e-- a_ e_ COMPTOIR NATIONAL D'ESCOMPTE SOCIETE ANONYME C-----;c-1 e-e,,,__ 1) _/1/%/..) CAPITAL :200 MILLIONS OE FRANCS ENTIEREMENT VERSES Ad- a_ t7 ./e e d_e-c,67 ta%eQ-4,cZ Z:c/70- cz_ 4-11-42 lee;6sz P22-& Q.- t--- S-a75 o-?4; cY14.. ej0--/ ca_11,!rz,)- / / -CC r4 1 i - 2 tri/V-e-vki_.-4-hZ- z/z YLq 1-1#11.4 C c.,;(1 t 1 .0-- )7/1 de-2 Crn gL., eep_e_Al 62.11 t- ae: ,-e-e-41- Atr)1.1 74-/e -z _ (di eerve--t-cte. &C cz-Ct4c7.9-caZ eJ". zr-e_ 4.e-re le-t> 0/La c -e Lq 3-1-42(-17 Oi C-C-c 27- 7je 4 _2/ oft: az4/4 1/frii c <7c 2 gat .0.--7"-e-^3-1-, e-11-e( a tc-- e - t.-0 ay1.4-Q_ 461 0-r-2 4 -7eLt, iZer 44:4 L_ .ge C4 er e. z7z.cze-1-4-e e21, 16844" ?°'"` rLi 6- 77212- 6241-71. v(7-r---s-t--e-,X cz 4-1D di:IA-141V - n gA4, ,t\ i( 4 14\ ;Fls t k 1:1 I ;64 1/4Cf6N rC k(;iCtH\4\j vz tc N 17 e-ez-Ze el (.3 -),L-sz-e 9te.e_f- 2f -t a4-7.4_11 -1-4 Xis< GC 4--ce 3 4. (-62-1 q142.4-,et 4 (>-e-o--4 e V/I-Z' if,- p,-t_cct_ 4.e-frr-i-c Z4 64-cc_ E4 oti e-Crw 0-1-t- G-40--c 'd>,t) -L--;-c 117. O. 4,, eL ,Cu (--V ex/A,__ c mot, it' G, -, Z1 0-719),/12-r"e (..--:ti,(-4. e-e-z-e-,,,e...e -4.,2_,-,./.. ea-4-4 27 _ -,-t_ et, -14.. 1 -7/e__Z y?I'--z-< ztee, Z-7-r-, ' tc:,-,. - e et_ -14-e 07,7Zet _,-- C---L, . sV___1,(__4-c--)-e-.9 9 ...2. ec-- . 4 feeryte /t-Gle-s--c-e*/ 62-e- o-z-Ce -/cT> 5-t-<-,-/i 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 114464.4 Zvi qt IPAA -VC-77 ill css: )1( II 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 yat ( a , IP / af 19111g' 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.