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Hotel du Cap d'Antibes, Antibes, June 20, 1926. Dear Mr. Governor: After despatching my telegram of yesterday, I have just now received your very kind letter of June 23th, and I am most happy to have so cordial and friendly an expression of your sentiments in regard to the relations between our two institutions. Let me also express the hope that these may be continued and extended, as indeed they should be, by t more intimate personal acquaintance and friendship. You have assumed the Governorship of the Bank of France at a time when its direction, founded upon courage, skill and petriotism, will enable you to perform great services to your country, and I hasten to congratulate you upon this opportunity and to offer you my very best wishes for complete success. Unfortunately, at the moment my own plans are somewhat uncertain. I had made engagements which I had hoped to be able to csrry out by this time, but have been ill during almost my entire stay in -.3urope. It SOWS absolutely necessary that I should continue my rest for a few weeks and not attempt a continuance of my trip until I am certain that it will nct rick my being obliged to return home. The rest here in this beautiful place, with the climate so favorable, has already done me a great deal of good, and it seems possible that I may be able to decide upon plans within the next week, if I continue to improve as I have recently. You will, I em sure, not hesitate to vrito me about any mutters cf mutual concern. ith every assurance of my esteem and high regard and a cordial %velem as a colleague end friend, I bog to remain, dour Ur. Governor, Faithfully yours, Vonsieur 'mile 7.Toreau, Gouverneur de la Banque de France, PARIS. September 8 BANQUE DE FRANCE LieGOU Paris 411 (TRANSLATION by 0.E.Moore) My dear Governor Strong: /22CL-2 I thank you fcr your kind and comforting letter. I shall retain the best cf memories of our 2e c.-6-2.-yet talks, which were always pursued in the fullest confidence and may I add, the greatest sympathy. I profited - b y your financial science and your admirable business sense. We have worked as best we could to prepare the economic restoration of the world. satisfaction fcr us both. It is a greA Please accept, my dear Governor, the assurance of my most devoted sentiments. (sgd) E. Moreau LiLAT ION , 12 of Octoft, 1926. the acquaintance of elf to us provided We conversed, y and in full con- to you a rel.ort of hat your health is ,c)ia that I sin- mplete recovery. your very cordially reau. http://fraser.stlouisfed.org/ LiDGOUVE Federal Reserve Bank of St. Louis BANQUE DE FRANCE RNEUR PIF33NA October 23, 39P6. My dear Mr. Governor: In Governor Strong's. absence I want to thank you for your personal letter to him of October lk referring to Mr. Jay's visit at your b:Ink. I wont to teke this opportunity, because of the close pereonal contact which Mr. Strong had with you while abroad, to tell you of hie present condition. As' you h!oie heard, ehortly after he returned to this country he caught a very bad cold which later developed into grippe ano subsequently into bronchial pneumonia. For a while he V1&13 quite seriously ill, but fortunately the pneumonia hae not run its course and while he is still very weak and in need of the strictest care and quiet, he is we believe on the right zoci and no* entirely out of danger. I am writing this letter, however, not only to let you knot in more detail of his illness, but also to acquaint you with the fact that it will frobably be :some while before he will be able to return to the bank or to aotend to his correspondence. I You sill, therefore, am sure understand my acknowledging both your personal and your official letters to him. I shall, of course-, be glad to keep you ad- vised from time to time of how he progresseq, but in the meantime I cctober 23, 1928. 2 hope that you will please feel free, even in hie absence, to call upon tic in any way in which we may b© of help. I am, my dear Mr. Governer, Faithfully yours, Monsieur L. Moreau, Governor, Bank of France, FAhL Fm.noc. Cc?y) atuyveeant Reed, Biltmore Forest, Biltmore, P.C., February 14, 1927. PERSONAL My dear Governor Moreau: This is indeed a very tardy response to your most kind latter of Septeeler .tth, but DerrIson has, I believe, advised you of my dengereue illness, which in fact has debarred me from either answering cr re-ding most of my mail. T am now Gradually recuperating in this lovely place, and only today am able to commence answering lettere. I shall not be at the Bank again until !eer11. !.totwithetanding this !linen, I have been able, through the news- papers and otherwise, to gain some understanding of chat has been transprinc in France, and sly first feeling le one of renewed confidence and conviction, which developed when I had the pleaeure of meeting you, that you are indeed performing a great eork for '''rance and for the rent of the world. It he been a greet regret tc me that I have had this enforced period of absence when I could not keep mere closely in touch with you by correspondence. Of course, I am aware of the posebility cf difficulties still ahead and of the fitfalls which may indeed be unescnpable, but there hRs been a vast i.provement in the outlook and I an sure it gives you renewed hove and courage. A part of my plan on returning home wan to endeavor to induce you or one of your associates, Professor Riot or n. uecney, to visit us In I:ew York. I wantee especially to be there if you were able to come. The thought is still in arc ieind very actively, and I am conveyint, the euggestiou to Mr. Harrison. There Is, horever, a poscibility, oven a likelihood, that I shall be in Europe this eunner, Uten I hope we may qpin have the benefit of some long Whs. 111 M. Moreau. 2. 2/14/27. S If in the meantime you felt willing to ./rite Lae so:newhet of affairs as they ere now progreasing, I will greatly appreciate it urd hold your communication in -LI° confidence whieL it recuires. '4111 you not convey my reg:-.rds to Professor Rlet and M. Queeney, and my coot'. ,Ushos pleace t:ccopt for ycureelf. I bef, to rondn, my dear Governor Moreau, Sincerely yours, L.,A0 "orottu, Gouverneur, Banque 4o France, Croix-doe-Putito-Chcaps, PARIS. janquO b0 Paris, le Ierliarg 1927. -rAztA.,t1A, () (I 2._ my dear Governor: Few letters could be as pleasurable for me to receive as yours, for in it I see the proof, not only of your faithful sympathy, but also of the real improvement of your health. During these past months I have followed, with great concern all the phases of your illness, sharing the anxiety of your friends when I learned you were worse, and rejoicing sincerely with them when news from America told me of improvement in your condition. Today, now that you are able to resume your correspondence, lot me congratulate you warmly; from the time of our first contacts last summer in France, appreciated your capability, your frankness and your heart; I gave you all my friendship, and I feel that little would be needed to give birth to sentiments of affection between us. I hope that the future will permit us to develop our per- sonal relations and that before long I shall have the pleasure of finding myself in company with you. I thank you for all that you were kind enough to say about the work already accomplished express. in France, and for the sentiments of confidence which you You have been able to verify that we have not ceased to be inspired by the principles laid down in the month of August in the meetings of which I have kept so good a memory. Budgetary equilibrium is today largely realized, with a margin of security which insures its permanence. The Bank of France little by little is freeing itself from its immobilized assets, replacing them in its balance sheet with important reserves of exchange. The state also possesses means of foreign payment: abundant available ftmds and is quietly consolidating its floating debt. it has In short, many of the difficulties menacing us so imminently last August are today removed; 2 results which one would have believed impossible have been attained, and their maintenance permits expectation of definitive stabilization for which the atmosphere is created. I beg you, my dear Governor, to consider yourself one of the authors of this restoration, which utilizing teohnically a fortunate return of confidence, has made it possible to give our country more calmness, more hope, and also more prestige and possibilities of aotion. While we continue our trsk in Prance, I know that many events are either happening or in prospect abroad. I follow them with the keenest interest, and I shall alwsys be glad to keep contact with you on them SF well. M. list and M. ruesnay wish to be remembered to you, and I send you, -my dear Governor, with our wishns for your complete recovery, ths assurance of ny sincere friendshin. E. 1oreau. Tr.ma 6-et-cc-A-Q-A lot I uyvesant Road, Biltmore 2oreat, niltmore, N. C., March 18, 1927. My dear Governor: Your kind letter of ';.arch 1 ti.A.e touched me very much, and I cannot really express the pleasure and aatiafaction that I Unfortunately, ray illness was no serious have had in reading it. line: time I knew little of what was going: :Jn, and, of that for course, there was no poseitility of keeping in touch with my friends abroad. I am so glad to learn that liOnE of my ateociatea have kept you informed, and now I am glad to be able my,: elf to bend you satisfactory news of recovery. 'hat kiae especially pleaged me is the evidence c.dntained in your letter that you understand quite fully the feelings which have inspired my relations with your good eelf. Nothing will re- JOICk me ao greatly an will the success of _your uplendia :lurk, and the feeling that p'.,ueibly in some small way I heeie had a part in it. The record is certainly a wonderful one, and I hope nothing will aric to interrupt or delay its coopl3tion. Py the time this letter reaches you Mr. Harrison will either have reached Paris or advised you of his cipected vieit there. I am sure you will be greatly interested in the message that he bringe. You may deal with htm quite as lrankly aE you would with me, and I am sure that you will find him both able and sympathetic, and inspired by the same motives of friendship which you were goo., enough to attribute to me. ''lease be good eno,;gh to thank L. Hist and .,u7snay for their kind eesagea. I reciprocate them very warmly, and to reou, 2 my dear Governor T:oreau, M. F. Moreau I take the opportunity to express my sentiments of warm friendship and high regard. Faithfully yours, M. E. Moreau, Governor, Bank of 2rance. Paris, 2rance. t . cis;:r Mr. Governor: You will I. Lim sure; understand my interest in learning what success has been. real zed inthe recent Government loan; the newspapers here have given very inadequate accounts, . definite figures being published, and I as wondering if your-h-opei- for a moderate success had, been realized.. . no I am also led to ask whether there is any the important changes in figures which appear as cabled to our. newspapers. It showed 44 but Francs 700,000,000; changed? statement reduction in alsoellaneous assets of Does this indicate about Francs 250,000,000; and that I am sure you will appreciate how closely significance in in last week's published that the State borrowed the market Francs C00,000,000. particular the tide of valuta has we stitch these figures in //25,3 August 10, 1927. I 8.10.27 Governor, Bank of Frbnce 2 bueinece developments it seemed desirable that theme demends should bo arranged et the loast interest cost which was safe, having in view of course the poesibil- iti ea of specul etive developments. . The effects of the dreg upon foreign bi.nk reserves because of the (3) depressed Curopeen exch:Inges, arising as it did at the commencement of the season ehen the heaviest payments must be inane in tale country, convinced us that lower in this country 1as interest retea and erevent another large movement of gold to this export of our crops country. The only consideration (5) eaim:it a reduction in speculation. Personally I was ;...e I believed it the 41:1.8 more likely to be made in 6olic.ra than in sterling, thereby the exchanges of the immeciete demand for dollars which would stock market tendency by acting se early as we did the arrangements of credits for (4) relieving the only thing which would overcome thiu could not possibly outweigh I have felt that the tions, and, in' fact, willing to ignore our rate was thet as the importance of the edvences in otherwise the a factor other considera- stock values and the expansion Anyway, as it of the stock loan account had pretty well reached the maximum. 11::pp,..ne, President Coolidge's ennouncement that he would not min for another term t.s President, which tee-pened to follow our proved to be reduction so promptly, has in itself a check to speculetion and I think the hended on that score ee are dui ere'd for credit. now beginning, about a fortnight which wo might have appre- later than usual, to feel the Our banks are feirly steedy borrowers bee the position is now er:y edvencire.; interest rates. conducted smoothly And we hope that the effect n116:6:3 411 be favorable and will continue danger Le.c:-now been-reduced. such thet this necessery financing will be the axe: rate and probably elthout upon the position of throughout the while fell. my plans tor the wi Governor, Bank of France 3 8.10.27 consideratione,of he,dth, I have about decided, barring unforeseen developments, to sail for ,Europe some time in November. As the climate 1r. northern Europe and very unsettled at that se;rson, I shall probably go direct to the Mediterranean and stay. at 'Algeciras for a time, whore I hope that you and possibly home of your a.,aociates can give me the pleasure of eeeing you. I would certainly go to Paris if neceeeary despite bid vretither, and may do eo anyway. Then I hope it will be possible for me to spend a month or even more in some one of the many delightful pi.:.caa, on theFrench Riviera having a real root. riie were very gratified to be able to advise you that both Norman and Schacht hid agreed to the extension of the Polish Credit arrangement until November 1. some steady improvement .,?rich is taking place in our bond market, and be.rrinL; again unseen developments, this should enable the banker() to make progress to 'wards the sale of a bond issue, but they still feel they must wait a period until conditions areregards to you and to your associatbs, I beg to remain, :pith kindest exactly right. Mr. Governor, ni cu r E. Moreau France, Faithfu ly yours, . Maroc' 8, 19t8. My dear Governor Moreau: 4hile di of ray mail requiriut,s, atten-e,ion he.s *Poen ue.f.i.t Att. during ray ilineeo, I ba.ve not been able until cow to 61111C VOL .rcoo,11 a.okno'ilfridt,m,vat of your kind letter of Decer..1:,er a.) in r....4,,;:rd to tho plan for thr iltabili.tation of tlie Orly Lt.,. impert.tiNe need ic my return to Ne, York prevented vicitin6 Peri t tit time of my trip to Londoc. I woulc Lave written you thie tmfore, Lex it n. )t, peen for :by illness. Your prompt and effeotive cooperr.tion in that transaction, I believe, w:ta very ,3reti.tly e.ppreoialcd by our Italian cc.l1eeguen, us it certainly ie..s by me. 140okint; forwa.rv. vdt.h 'teal anticipation to the plearcre of fieeing you letar this yoz..r, and with corciial reg.rd.6, beliove me, y deur Ir. Govern' ,Ithfully your b, Ito si cc r C. lior dta;k1 C/o Bank of Franoe, Parts, France. roan 11^N FRE PARIS MAIN OFFICE: 53 RUE VIVIENNE CABLE OFFICE: 53 RUE VIVIENNE NEW YORK LONDON " 24 ROYAL EXCHANGE, E. C. EXECUTIVE OFFICES: 60 BROAD STREET 3 BALTIC MERCANTILE AND 5 NEW BRIDGE ST.. E. C. 4 SHIPPING EXCHANGE. E. C711 TELEPHONE. HANOVER 7934 BUSH HOUSE. ALDWYCH W. C. 2 61 MARK LANE. E. C. 3 60 BROAD ST. TELEPHONE (ALWAYS OPEN) - HAVRE: 1371 BOWLING GREEN 1289 BOWLING GREEN BREST: 2069 PEEKMAN - PRODUCE EXCHANGE COTTON EXCHANGE PULITZER BUILDING, PARK ROW - ANTWERP: 9696 WHITEHALL 153 DUANE STREET 65 FIFTH AVENUE 2 WEST 31ST STREET 5 COLUMBUS CIRCLE J. GEGOU. MANAGD. t) ( LIVERPOOL: 7934 HANOVER 1135 ALGONQUIN ST. 2310 LACKAWANNA G 3 & 4 EXCHANGE 40 RUE DE CHILOU 30.32 RUE DU CHATEAU 1\-) AGENCY. 15 RUE D'ARENBER4 4 PIERRE: MIQUELON 0684 COLUMBUS TIME- DATEi eceived via FRENCH TELEGRAPH CABLE subject' to the terms and conditions are ratified and agreed to ST 50 10 1656 STRONG FEDERAL RESERVE BANK NUP(CRK TOUR ICI ,JE uISENT TOUTES LES ATTENTIONS uONT T uE VOTRE PART ET uE CELLE DE VOS ASSOCIES TANT ORK TIENS A VOUS REDIRE CNBIEN JE SUIS SENSIBLE or delays, please file any answer to this message at one of the Company's own moned by Telephone for Cablegrams FREE OF CHARGE. P:Re ITW FREI1CH TELEGRAPH CABLE CC 4 rnAir -"In' IPS -NIF '-"NICAISE DES CV" - PARIS MAIN OFFICE: 53 RUE VIVIENNE CABLE OFFICE: 53 RUE VIVIENNE NEW ORK XECUTIVE OFFICES: 60 BROAD STREET 0 TELEPHONE. HANOVER 7934 TELEPHONE UV L.ROAD ST. (ALWAYS OPEN) - 7934 HANOVER PRODUCE EXCHANGE - - - - 1371 BOWLING GREEN COTTON EXCHANGE 1289 BOWLING GREEN FULITZER BUILDING, PARK ROW - - - 2069 PEEKMAN 153 DUANE STREET 65 FIFTH AVENUE 2 WEST 31ST STREET 5 COLUMBUS CIRCLE LONDON 24 ROYAL EXCHANGE, E. C. 3 BALTIC MERCANTILE AND SHIPPING EXCHANGE, E. C. 3 S NEW BRIDGE ST., E. C. 4 BUSH HOUSE, ALDWYCH W. C. 2 61 MARK LANE. E. C. 3 LIVERPOOL: HAVRE: BREST: G 3 & 4 EXCHANGE ANTWERP: AGENCY. 15 RUE D'ARENBERG 9696 WHITEHALL 1135 ALGONQUIN 2310 LACKAWANNA 0684 COLUMBUS 40 RUE DE CHILOU 30-32 RUE DU CHATEAU ST. PIERRE: J. GEGOU. MIQUELON MANAGER. TIME- DATE * qV$ The following MESSAGP is received via FRENCH TELEGRAPH CABLE subject to tie terms and conditions printed on the back hereof, which are ratified and agreed toBN SP097 2/64 VOTRE RAPIDE M.'S LES VOEUX QUE JE FUME POUR LA BANQUE DE FRANCE ET LES LIENS ENTRE NOS DEUX RETABLISSE.1EkT TOUT CE QUI RESSERRE ET COi.1PLET ENTRE L ENSEMBLE DES BANQUES A FE3SERRER LA COOPERATION BANQUES CONTRIBUE SOMMES L UA ET L AUTRE SI PROFONDEMENT D EMISSION A LAQUELLE NOUS J EN SUIS SUR DE NOS CONVERSATIONS ATTACHES ET QUI SORTIRA FORTIFIEE ACTUELLES MOREAU ND- To reduce the risk of errors or delays, please file any answer to this message at one of the Company's own Messengers offices. may be summoned by Telephone for Cablegrams FREE OF CHARGE. THE FRENCH TELEGRAPH CAB h SERVICE MESSAGE. APR 10/28 J9 NEW YORK STATION, STRONG FEDERAL RESERVE BANK NY IN OUR CABLE 3P97 DATE FROM PARIS ERASE 18TH TEXT ET WADING, ILS ONT ETE L OBJET DE VOTRE PART ETC. AND ERASE REMARKS. SUBJECT TO CORRECTION. RESPT.Y FR rNCH CABLE CO. SB e FILE N LETTER OR. ----He rr i=_=on Grand Hotel, Grasse, June 2, 1928. 1717.aST!IAL Dear Governor Moreau: It is quite im;oseible for mo to express the extent of my appreciation of your courtesy and hospitality. Indeed, the beautiful motor car which you placed at my disposal enabled me to keep in the fresh air and to make a trip to Grasse, as otherwise would have been impossible without great discomfort, and on leaving Paris I also found that you had made arrangements for my payment at the hotel. Possibly now you have furnished me the oppor- tunity to again express the hope that you will accept my hospitality in New York whenever you are able to do so. Our trip to Grasse was so comfortable and delightful, the weather sycellent and the car and driver so good, that I arrived here feeling even better than when I left Paris. re are comfortably installed in the Grand Hotel, and today I am expecting the arrival of Mr. Cecil Lubtock from London. He will be here for about a week. Just before leaving Paris I received word from Governor StrinEher that he hoped to visit me here some time after the 20th of June. Beyond this, I have not permitted myself to make any engage- ments whatever, so that you might first express your own desire as to whether we should have further talks here at Grasse, or whether you would prefer to come to Evian, where I shall hope to arrive about the 1st of July. It will be unavoidable that I shall have some other visitors there. But you know, my dear Governor Moreau, that if occasion arises for me to return to Paris in the interest of any of your plans, I shall be most pleased indeed to do so at your command, wishing only to have a few weeks of rest - 2 - here before risking much fatigue. So I will leave the whole arrtngement in your hands, hoping to hear from you at your convenience. I left Paris before your return from Rome and, without knowing any- thing of the result of your visit, I express the hope that it was in every way successful. with kindest wishes to you, my dear Governor, and to your associates, I beg to remain as always, Faithfully, your friend, Monsieur mile Moreau, Gouvornour de la Banque de France, PARIS. BS if