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September 19, 1921.

General Manager,
Lorse Dry Dock.

Repair Company,

Foot of 56th Street,

Brooklyn, N. Y.

Dear Sir:

In order, if possible, to get a somewhat clearer view of the

present situation as regards unemp1oy4ent, I am anviras to secure some
information as to the extent to which workers no longer reported on the
payrolls of the industrial concerns found, work in some other lines.

Several of our directors and one or two others have volunteered

to institute a brief inquiry in their several concerns into just this

question and to truce out as far as practicable just what has become of
the men they have had to let go, just what they are doing and what percentage of them are now definitely or nearXy without means of livelihood.

There is a great difference, of course, between this and just

counting up how many have been dropped from employment rolls.

I should like, especially, an idea as to what percentage of
factory employees have gone hack to the farms, or to domestic service,
or returned to foreign countries.
This information is for the conference on unemployment which is
to be held in Washington next week and I should oe very grateful if you
could give me some sort of an answer by Friday of this week.




3elieve me,

Very sincerely yours,
#

BENJKLIN orRING,

Governor.

MAIN OFFICE

CABLE ADBRENN

PLANT

PVILOSISON, N. -V.

FOOT
SATO STREET
TO 82111 STREET

BR,

-

claims
seoTT, WATEINN
A. IL C. ATII EDITION

N.

NEW YORK Comirs
VT BATTER.: Pi.Aert

TfirrI.IIONE
11100 TO 3109 SUNSET
cONNECTINc ALL DEDARTNIENTS

TELEPHONE

WHITER ALL 1200

MORSE DRY DOCK & REPAIR CO.
ENGINEERS, MACHINISTS & BOILERMAKERS
EXCELLENT FACILITIES FOR DOCKING AND REPAIRING VESSELS
TO INSURE PRO.MIPT ATTENTION ADDRESS ALL COMMUNICATIONS TO Tat COMPANY

BROOKLYN. N. Y.

Sept.

19t.l.

lir. Benjamin 3trong, Governor,
Federal aeserve Bank of New York,
Equitable Building,
New York, N. Y.

Dear Six:

Replying to your communication

of

September 19th, I wish to advise that we have no
figures which definitely cover the subjects referred
to by you and that the opinion hazarded in this letter
is only my personal opinion founded upon observation
and not statistics.

During

#

the 7a1 at the highest peak of employment
We had on our payrolls the names of some 7,000 people.
We consider our average working force in normal times
to be about 4,000 and regret to state that at this
writing business conditions in the ship repair industry
axe such that we today employ less than 500.
:Zany of the employees at the close of the W4X,
who had inoreased our payroll from 4 to 7 thousand rent
back to their regular trades which they had left temporarily or the higher wages paid in Shipyards.
The -ork
in the Ship Repair Industry even under normal conditions
is unsteady so that many of the men have aquired the habit
'Ilan on. Yard is slack of rorking in another Yard which
just at that time may have secured some repair work.

Shipyard wage rates at the present time and the
overtime rate of two and one-half for one (LI, fox 1) are
high when compared with some of the other industries btt
this high rate in a way compensates the men for the irregularity of the job.
:lany of Our normal force particularly in the Carpenter, Plumber and Pipefitting trades
are at present working on house work, while others may
be working on and off for some of the other Yards on
short one and two day jobs while still otheraare walk-




Al. Benj. Strong, Fed. Res. Bank

Sept.

continued.

lug the Streets vith practically

no

income and no

prospect resembling steady work until the Spring.
Very few if any of the men who worked here have
gone to the Farms or to domestic service ot returned
to Foreign Countries.

Vely truly yours,
MORSE DRY DOCK & REPAIR CONY

Superintendent of Service
11B:.E




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BUSH TERMINAL COMPANY
OFFICE OF THE PRESIDENT

130 WEST 42'1? STREET
IRVING T. BUSH

NEWYORK

PRESIDENT

Sept. 11, 1925.

ACkNOW.LEMED
Benjamin Strong, Esq.,
33 liberty Street,
New York, N.Y.

SEP

1

1925

R. S..

Dear Mr. Strong:_




I am arranging a Dinner to the Hon. Charles E. Hughes
for Armistice Eve, November 10th next.
Mr. Hughes
has accepted my invitation for that evening and
Mr. Elihu Root has agreed to speak.
The Dinner, which I hope will be one of the most
notable of the year, is to be directed by a Committee
of men who have been interested in the foreign
relations of this country under the wise leadership
of Mr. Hughes.
Many of them will be officers and
members of various American bodies which have taken
an active part in promoting the foreign policies
of the country, while Mr. Hughes was Secretary of
State.

I am asking a group of distinguished men to serve
as Vice-Presidents for the Dinner,and a larger list
to serve upon the Committee and I trust that you will
be willing to serve as one of the Vice-Presidents.
Very sincerely yours,




c71

0

4.)
tLIFRAL RESFAF RAM{
n.r:
yo,R!,.CY

1 4 t,-.2...;)

J47

I




September 16, 1925.

uec. r Mr. Bush:

I am very glad, indeed, to accept your kind.
invitation of September 11 to serve as one of the
vice-preatdente for the dinner to be given in honor of

Honorable Charles E. Hughes, on Armistice Eve, November.
10 next.

meeting which I meet attend

Unfortunately,

early in November will probably make it difficult, if not
impos6ib1e, for me to attend the dinner, but at any rate
you %ill understand my interest in the occasion.
I beg to remain,

#

Sincerely yours,

Irving T. Bush, Esq.,
Bush Terminal Company,

130 West 42 street, New York.




You are cordiallv invited by a committee
-

of men interested in International Relations

to participate in a dinner
to be given in honour of

Tlte Honourable Charles Evans Hughes
on the eve of Arntistice DavTuesday, November the tenth

at half after seven o'clock
Hotel Astor. NewYork

The dinner is in recognition of his eminent services
to the cause of International Goodwill

The subscription is ten dollars For each person

It is requested that an early reply he sent

on the enclosed form




0

0
Committee
Irving T. Buska-tairman
F. Cunl i ffe - 0 wen, CB.E.Mce-Chairman

Vice Presidents
George E Baker, Jf:
Edward W Bok
Newcomb Carlton
John W Davis
Robert W de Forest
Chauncey M.Depew
William N.Dykman
Frederick H.Ecker
Haley Fiske
Elbert H. Gary
William D. Guihrii
Charles T. Gwyrtne
Darwin P Kingsley
Thomas W Lamont
Clarence H. Mackay

John G. Agar
J. S. Alexander
Vincent Astor
George E Baker. S!:
Willis H.Booth

Nicholas E Brady

John J. Carty
Lewis L. Clarke
William Nelson Cromwell
R.Fult on Cutting

John Daniels
William Curtis Demorest
Herbert L.Dillon
Victor J. Dowling
Philip A. S. Franklin
Herbert F. Gunnison
General James G. Harbord

Nathan L. Miller
Dwight W.M_orrow

Frank A.Munsey
Adolph S. Ochs
Alton B. Parker
Lewis E. Pierson
Frank L. Polk
John D. Rockefeller, J`,.,
Elili it Root
R .A.C. Smith

Benjamin Strong ..."'"
Henry W Taft
William J.Tu.11y

Paul M.Warburg
George W. Wickersham

Frank Hedley
Archer M. Huntington
George E Kunz
Bishop William]: Manning
Alfred E. Marling
Gates W. Mc Garrah
Samuel McRoberts
John G. Milburn
Eugertius H. Outerbricige
Henry Fairfield Osborn
George Foster Peabody
Francis K.Pendleton
Frank Presbrey
George Haven Putnam
Charles M.Schwab
Henry White
WillianiR Willcox

ULd 14 1925

,L,;

`

$ 2.1

RECEIVED







October 14, 1925.

My dear lir. Bush:
I

aft very oorry indeed that I SA,611 be

unable to attend the dinner to be tendered to Mr. Huehes
on Novemer 10, which I had hoped to be t..ble to do when

I vas first edvised of the plan.
I beg to remain,

Very truii yours,

Irving T. Bush, Esq.,
100 Broad Street,
New York

414-,




<-14--

AA ei,41,4..




'Tama ry 29th1 1916.

jty defir Franklin:
7heank ymi vary much for your note of the

nth, enclosing the' lsqtr of introductim to
goalars. Parton

WorlfAar, which I shs11 t*Ae great

pleUrs in prsentin.
Very trfaly yrurs,

P.
S. Franklin,
T 3real*Itag,

Yrrk City.

VON

Esq.,

/
444),
9 BROADWAY

NEW YOR K

Jan. 28, 1

V
My dear Strong:

Enclosed please find letter of introduction which I
hope will be of some use to you.

-Q44(L-"1"-'*

Yours very truly,

Benjamin Strong, Esq.,
Governor, Federal Reserve Bank of New York,
62 Cedar Street,
New York City.







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1.1)Lin

inWefy6KtY

ROYAL DUTCH AND UNITED STATES MAIL

ge;ad(AeV
,W01/"K6/0"4,e/

*ate,

Telegraphic Address, AMERICANO, ROTTERDAM

*re/ea,

ax9e_gyaa*
9ocia6emd

,9fi/NAW/ Weiffy,*
91~6earga 21.9,Wrurz.
6'2/,3,e4s2)1e.

Telegraphic Address, NETH E R LAN D

[fe;orik,fer/o/ 40"vnkv,W.
ni.r.aee,a9.&2/6*Aio-eeA*

eaff&

"j,e7efiiew

76~.4feeier <qr0/617

_/ Jan. 25th 1916,
Mr. Benj. Strong,
City.
Dear Sir:Ju be

to advise that the sailing of steacr

NAOTTERDAE" has

been postponed and she A.11 now leave here on Wednesday February 2nd

at (P.M. instead of Feb. 1st.




Yours very truly,
HOLLAND-AMERICA LINgi
-e
Aging,




January 26th, 1916.

Ler Sirs:
Please be advieu that it is :Ir. Benjamin Strong, Jr., who is sailing on the "Rotterdam"

on the 2nd of Februry

that his addresu is

62 Cocar :7:treot, Care the Federal N'serve

Very truly yours,

Secretary to :Ir. '2,trong.
The HollandLmerica Line,

24 ;:tato 7treot,
New York City,
V CM




ee

tetze...




June 2e, .W6.

Frederick Lack, Egq.,
1270 Broadway,

Nev ioik 6Ity.

Dear 3ir:

Uth this I am eacloeing to checks:

in the

34M

That of the Federal heeerve bank of New York
of $1,215.00 covering your two bills of June 18

for accommodations on the Homeric, JI,Ine 27, $705: and $610.

respectively.
As the bills are retained by the bank, no
receipt is required other than the ce,ncelled check.

That of Mr. B. Strong, in the sum of

$1,g65.00 covering the enclosed bill of June 18 for Mrs.
Humphrey's accommodatione on the Homeric, June 27.
Please
return the bill reoeipted to the above addreee.
A check covering the accommodations which you heve

secured for Dr. Stewart, will be forwarded direct to you by
6he Federal Reserve Hoard.

Very truly yours,

Secretary to
kr. Benj. 3trong.

EL1C8.




I

OFFICE OF

FRANK TRUMBULL
CHAIRMAN BOARD OF DIRECTORS

71 Broadway,

THE CHESAPEAKE 8/ OH/0 RAILWAY COMPANY

71 BROADWAY
tlE MISSOURI, KANSAS 8/ TEXAS RAILWAY CO.

NEW YORK Sept.15,1914

49 WALL STREET

Dear Mr. Strong:

Complying with my

oral

promise to you

today at the

Recess Club and

replying to your letter of today, I enclose herewith copy of the statement
sent me by the National City Bank of obligations maturing in 1914 and 1915.
I think it might be well for you to ask Mr. Mills of
City Bank whether it includes equipment trust obligations.

the

National

If not, you might

like to add them, although we made no point of them in our presentation to
President.

Very

Mr. Benj. Strong,
16 Wall
New York City.




St.,

truly

yours,

the

-COPY
THE NATIONAL CITY BANK
OF NEW YORK.

New York, August 31, 1911.

Mr. Prank Trumbull, Chairman,
The Chesapeake & Ohio Ry.Co.,
71 Broadway, New York.
Dear Sir:

Enclosed herewith you will find a corrected and completed list

of the Railroad issues maturing in 1915, which has been compared and reconciled
with the list which you showed me.

A note attached explains the differences.

A more or less complete list of other maturing issues of Public Utility
and Industrial Companies is also enclosed.

You will understand that the

division between Street Railways and Other Public Utilities, cannot be exact,
since a number of companies included engage in more than one line of public
utility service.

In the list of industrial issues have been included mining

and similar companies, such as the Amalgamated Copper Company, Doe Run Lead,
General Petroleum, and even the Kineon Coal, with which you, of course, are familiar.

I give herewith a summary of the enclosed lists:-

1915

1 9 1 4

TOTAL

443,831,100

$476,243,820

4520,074,920

Industrials

10,011,000

75,859,000

85,900,000

Street Railroads

11,617,000

46,978,000

58,595,000

5,792,000

57,721,200

63,513,200

471,281,100

4656,802,020

4728,083,120

Railroads

Other Public Utilities

T OTAL

Yours very truly,

RMB:T
ENOLS.




MATURING RAILROAD ISSUES

1915
January

1,

2,
15,
22,

February

1,
22,

FEBRUARY

2,

33,739,000
8,859,000
27,000,000
35,859,000

TOTAL

MARCH

April

1,

APRIL

10,431,000
10,431,000

TOTAL

1,

May

15,

TOTAL

MAY

1,

June

2,

JUNE

TOTAL
1,
15,

July
JULY

77,930,300
20,000,000
97,930,300
106,487,000
2,000,000

1,

AUGUST

35,496,520
14,250,000
49,746,520,

18,750,000
18,750,000

TOTAL

1,
15,

September
SEPTEMBER

10,828,000
5.000,000

15,828,000

TOTAL

1,

October

86,827,000

TOTAL

OCTOBER

1,

November
NOVELTER

3,232.500

TOTAL

1,

t

108,487,000

TOTAL

August




20,607,000
13,122,000

TOTAL

1,

March

DECEMBER

414,223,500

TOTAL

JANUARY

December

5,223,500
3,000,000
1,000,000
5,000,000

86,827,000

3,232,500

1,200,000

TOTAL

TOTAL - YEAR - 1 9 1 5

1,209,000
4476,243.820.




INDUSTRIAL and PUBLIC UTILITY MATURITIES
SETTEMBER 1, to DECEMBER 31 1914

INDUSTRIAL MATURITIES

1914

September

1,

SEPTEMBER

4

1,

October

OCTOBER

November

December

2,207,000
3,700,000

3,700,000

TOTAL

2,834,000
TOTAL

TOTAL - 4 MONTHS - 1914




1,300,000

2,207,000

1,

DECEMER

4

TOTAL

1,

NOVEMBER

1,300,000

TOTAL

2,834,000
10,041,000

STREET RAILRCILDS

PUBLIC UTILITY MATURITIES

1914

September

1,

SEPTEMBER

October

NOVEMBER

DECEMBER




$ 3,017,000

6,150,000

600,000
1,100,000

1,700,000

TOTAL

1,

December

6,150,000

TOTAL

1,

November

17,000.
3,000,000

TOTAL

1,

OCTOBER

$

750.000
750,000

TOTAL

TOTAL - 4 MONTHS - YEAR

1914

411,617,000

PUBLIC UTILITY MATURITIES

19 14

October

1,

OCTOBER

November

1,

December




1,409,000
500,000

TOTAL

1,

DECEMBER

4 2,265,000

TOTAL

20,

N0VE03ER

42,265,000,

1,909,000

1,618,000

TOTAL

TOTAL - 3 MONTHS - YEAR - 1 9 1 4

1,618,000

45,792,000




INDUSTRIAL

and

JAMTARY 1,

PUBLIC UTILITY MATURITIES

to DECMIBER 31, 1915.

0
INDUSTRIAL MATURITIES

1915
January

1,

February

425.000

1,
15,

FEBRUARY

March

400,000
15,000,000

15,400,000

TOTAL

1,

21,394,000
12,500,000

15,

1,

May

633,000

1,
JUNE

July

1,

7,650,000

9,000,000
9,000,000

TOTAL

1,

500 000

500,000

TOTAL

AUGUST

September

7 ,65q,900
TOTAL

JULY

August

633,000

TOTAL

MAY

June

33,894,000

TOTAL

MARCH

1,

1,472,000

SEPTEMBM TOTAL

October

NOVIIIBER

1,

385,000

6,500,000

1,
TOTAL

TOTAL - YEAR - 1 9 1 5




1,472,000

385 000
TOTAL

OCTOBM1

November

425,000

4

TOTAL

JANUARY

6,500,000
75,859,000

STREET RAILROADS
PUBLIC UTILITY MATURITIES

1915

1,
January
JANUARY

4 3,272,000

1,
16,

1,378,000
1,083,000
25,000

February

TOTAL

20,

'

YLBRUARY TOTAL

March

2,486,000
100,000
150.000

1,

15,

MARCH

TOTAL

April
APRIL

1,

May

1,

250,000

5 820 000
TOTAL

MAY

5,820,000
7,883,000

TOTAL

June

7,883,000
1,096,000

1,

JUNE

TOTAL

July
JULY

1,

1,096,000
15,150,000

TOTAL

1,
August
AUGUST
TOTAL

15,150,000

4,743,000

4,743,000

September 1,
SEPTEDOEM TOTAL

OCTOBER

November

650 000

650,000

1,

October

350 000
TOTAL

1,

350,000
3,000,000

NOVEBBER TOTAL

December

1,

15,

3,000,000
478,000
1,800,000

=EMBER TOTAL
TOTAL




4 3,272,000

YEAR - 1 9 1 5

2,278,000

$6,978,000

PUBLIC UTILITY MATURITIES

1915.
January

1,

JANUARY

0 6,050,000
TOTAL

1,

February

2,150,200
2,500,000
350,000

2,

11,
FEBRUARY

MARCH

,

*

APRIL

7,000,000

6,578,000
2,500,000
9,078,000

TOTAL

1,
15,

Ma

7,000,000

TOTAL

1,
15,

April

5,000,200

TOTAL

25,

March

4,100,000
5 000 000
TOTAL

MAY

July

1,

909,000
909,000

TOTAL

AUGUST

September

11,088,000

TOTAL

1,

August

1,332,000

1,

1,332,000

SEPTEMBER TOTAL

1,

October
OCTOBER

November

December

1,

7,124,000

40 000
40,000

TOTAL

1,

DECEMBER




ILla2222
TOTAL

NOVEMBER

9100,000

6,838,000
3,000,000
1,250,000

13,
18,
JULY

$ 6,050,000

1,000,000

1,000,000

TOTAL

TOTAL - YEAR - 1 9 1 5

-

057,721,200

Estes Park, Colo.,
October 10th, 1916.
My dear Ur. Trumbulll

Your telegram was awaiting ma at rstes Park when I

arrived this (Tuesday) morning, having stayed over another
day in Denver on account or bad weather.

I ean't tell you what a delight it was to me to have
that fine visit from you and Frank Vandsrlip. It was all too
short, but I have hopes of another visit later, and any time
that you come out you kneu that the latchkey will be hanging

out in Denver and, furthermore, I will be able to pack a bag
and run up to the Park on short notice, or without notice, to
see what it is like in Winter.
It was, also, a great privilege to have the opportunity
of meeting so many of your Denver friends. I wieh I might look
forward to seeing more of then this Winter than possibly would
be advisable.
By Sunday of next week, I will be settled in the new
house and my address will be 4100 Yontview Boulevard.

If you will be able to send me the material as it comes
,n regsrd to railroad matters, I would like awfully well to
correspond with you about them.

Your visit was like a. holiday in the midst of a long
eeiod of hard work - ding nothing being the hardest kind of work.




Frank Trumbull, Esq.

With warmest regards, I am,

Very sincerely yours,

Frank Trumbull, Esq.,
61 Broadway,
New York City.
BS/VCM




Oct. 10, 1916.

RAILWAY EXECUTIVES' ADVISORY COMMITTEE
FRANK TRUMBULL. CHAIRMAN

B. F. BUSH

A. J. EARL.NG
HOWARD ELLIOTT
W. J. HARAHAN
HALE HOLDEN
L. F. LOREE
R. S. LovETT

FRANCIS H. SISSON, ASSISTANT

ALFRED P. THOM, COUNSEL
1300 PENNSYLVANIA AVE.. N. W.
WASHINGTON, D. C.

OFFICE OF

61 BROADW

CHAIRMAN

K, N.Y.

C. H. MARKHAM
SAMUEL REA
A. H. SMITH
FRANK TRUMBULL
F. D. UNDERWOOD
H. WALTERS
DANIEL WILLARD

October 31st, 1916.

Dear Mr. Strong:

I duly received your cordial letter of the 10th inst. and I also have a
letter from my good friend, Mrs. LeFevre, saying that you are settled in Denver.
Our visit with you in Estes Park was one of the bright spots of my life
and I would like to do it every month but I am again in the maelstrom here.

Saturday night I made an address to the Portland (Maine) Economic Club
and next week I am to address the National Industrial Traffic League at their Annual
banquet in Chicago.

So it goes, but it is exhilarating work because of the momentum

which our idea of exclusive Federal jurisdiction of the railroads has acquired.
I send you under separate cover copy of a letter we have just sent out to

a number of bankers, including Mr. Vanderlip, Mr. Kahn, Mr. Davison, et al., also
the documents referred to therein - together with "Principles of Regulation of
interstate Railroads Which Should be

Incorporated in Any Just System of Regulation",

which I ask be considered for your own eye only for the present.

I will ask my

Assistant, Mr. F. H. Sisson, to put you on the mailing list for additional items of
interest as they develop.

Please do not feel that you have to read everything we

send you but I would like particularly to have your comments about the documents
referred to above.

I suppose that a week from tomorrow morning we shall know who our next
President is to be.

A lot of ginger has been put into the Republican Campaign here

in the last week and the Hughes people are very much more cheerful.




- 2 -

10-31-16

By the way, I mentioned to Mr. Loomis, Counsel for the Union Pacific,

your impression that the original Union Pacific Charter from the Federal Government
was under the Post Roads Clause of the Constitution.

He said that had been

suggested but as a matter of fact it was, as I thought, under the Interstate Commerce
Olause.

Mr. Strauss dined with me the other night and was delighted to hear so
directly from you.

Do take care of yourself and be assured that if you feel like

sending me a few lines or a card about yourself or any of our mutual friends tn
Denver, I shall appreciate it.
With high regard and best wishes always,
Sincerely yours

mr. Benjamin Strong,
4100mountain View Boulevard,
Denver, Colo.




Iovember 6th, 1916.

Dear Mr. Trumbull:

it was a great pleasure to receive

letter of

LcLober 31sL and in a day or tv.o after reading

nclosure

/
You and your associates are44h*ed in a

will send you some comments if any occur to me a out the vau.
N\

rious documents.

great.piece of work for which you

and 1 believe will

the report of the new

realize, ample rewards when C
'Commission.

n very good to me. Last

Your friends vytt-nere-have
/

,

mid the plea

Sunday

LeFevre

and

very high
how much

e oi* tak

yesterday d ned with/

\\
place,in-theallavti

yout flriends

in

'dinner with Judge and

Whitted's.

Denver miss you.

b dy can ex ,sin how
ii)U

-char?

You occupy a

ns and I suppose you realize

I got the

impression about the

on

Misseuxi Paci i

c.s.

but get it some way

I did and I am

glad to be set straight in the ratter.

i am keeping well, fairly busy
the most wonderful weather.
beyond

at the

now enjoying

comfortable even new
The

my expectations and just about the right size.
1 am going to violate orders to-morrow night and dine
Cactus Club with some of your friends and get the election

returns.




and just

house is

Frank Trumbull, Esq.

Nov. 6, 1916.

With warrest regards and every possible succens to

your big undertaking, I am,
Very sincerely yours,

Frank Trumbull, Esq.,

61 los;way,

New York City.

BS/VCM




hcvember 8th, 1916.

Dear Mr. Trumbull:
Since replying to yours of the :11st,

the various documente you were good enough to
on the subject of railroad regulation.

ave been over

d me bearing

/-

Every time I read literature on this suba
ficulties'atand out stronger and m
more apparent.

The three sugg s

the dif-

amiliarity becomes
ons

information desired struck me as

inIng the scope of
ery ably and thoroughly

prepared but I am constr;4n-ed t-omak

e modest suggestion

".\

'been as extensively devel-

where I believe the suyj ct has
\

oped as it should be.

settling i

interest for

war is bound to have an un-

ce upon rates of interest all over the world

f

for many ye

M

epgnie

'Ne al

to come.

nar,3

141.41/1

The British Government is paying 6 %
which a'few years ago it had no diffi-

culty in placing at less than 2''%
paying between 5

The French Government is

and 6 % for short loans which in times of

peace it had no difficulty in placing with bankers at times at

lesa than

1 %.

These developments have had as yet

but slight

effect upon the lavei of interest rates in this country because

the

influences of war conditions

of those which are found abroad.




here

have been quite the reverse

bars

When peace

-2To

Nov. 5, 1916.

Mr. 'Trumbull.

and the financial currents begin again to flow normally, what
will be the general effect upon interest rates and how will it
I am inclined to agree with Profes-

be felt in this country!

sor Fisher who believes apparently that the whole
likely to face considerably higher rates,rather
who believe that relaxation

of business

world is more

than

with those

aativi y will bring

about lower rates.-

As applying to
to itself

in

the railroad siLation

that railroads cannot

/panst

ch is peculiar

their rIs

to meet

/line ,)of inquiry somewhat as

economic caanges, I would sugges
follows:




let.
2nd.

What will

inter

4il1clon%iderable
abr4oid and in

sa14e

effect of the war on

e the g

of Ameri

ifferences in rate levels
s country influence further
n securities now held in

Eur
3rd.

4th

"41

such difrerence of rates likewise preclude
the possibility of sales of railroed securities i foreign markets in future years?

course of interest rates followink; the
ave any effect upon certain special do-.---tic markets for railroad securities such
as trust funds, eavings banks, insuraree companies, etc.!

W.11 t
r

5th.

is the margin of railroad earnings now suffiCient
to enable railroads to finance by issues of
stock, when upon the conclssios of the war,
business slackens, earnings decline and interest rates advance!

6th.

The same inquiry should be made as to financing
by bond issues.

7th.

If rates do advance sharply, what will be the
situation of those roads which in past years
requirements by large isnrovided for
sues of short term obligations!

their

-3-

ov. 8, 1916.

Mr. Trumbull.

Some of these points are already covered in the questions addressed to bankers. etc., and I realize that the above
suggestion are no more than the surface of a subject of tremendous importance and uncertainty.

I teink the safest guess as to aconom c conditions af-

ter the war ends can he described by
States will be in competition

at tne United

stating

with all bellie

r nt nations in all

markets of the world end in all deper'6M-errtve-e-eoduction

The condition

mercial.activity.

based at first upon the highes
aominel taxes as compared witi

rates at first than

will,preewkil

nations will hnve vera
tion and at first co

heap 1
derably n

g s

i ancial

and com-

will be

r pad in this country,
nd much lover interest
ehereas, +he belligerent
emendoue burden of taxa-

her rates of intereet than ours.

\

If there is heeeelerlieee/w ace exeerience demonstrates in

t is that wages readjust wore elowly than nny other

this countr
etem in th

cost of

rouction.

The f

readjusted.

'lazes are fixed and cannot be

readjustment and always the promptest to

value of credit, that is, interest rates.
al-e'
presenting the case oe the railroads, it will impos-

take effect is
in

sible to avoid dealing with a good many controversial features of
the railroad situation.

Here is one subject of vital importance

to the railroads which can be developed to groat advantage without, inviting

shippers.

tee

antagonism of stock holders, wage earners.or

It has nothing to do with the character of the regu-

lation which should be applied to railroads, but it has a great
deal to do with the reasonableness of methodo apolicd in regula
ting


their affairs.

-4
To

Nov. 8, 1916.

Mr. Trumbull.

lou asked me for suggestions and these are the only
things which occur to me that

do

developed by the documents sent me.

not seem to be very fully
I hope your

hearings at

Washington meet with the great success which they deserve.
With warmest regards,
Verj sincerely yours,

Frank Trumbull, Fag.,
61 9:roadway,

New York City.




0-

a

RAILWAY EXECUTIVES' ADVISORY COMMITTEE
B. F. BUSH
A. J. EARLING

RANCIS H. SISSON, ASSISTANT

HOWARD ELLIOTT

ALFRED

W. J. HARAHAN
HALE HOLDEN
L. F. LOREE
R. S. LOVETT

P.
THOM, COUNSEL
1300 PENNSYLVANIA AVE., N. W.
WASHINGTON, D. C.

OFFICE OF THE CHAIRMAN

61 BROADWAY, NEW YORK, N.Y.

C. H. MARKHAM
SAMUEL REA
A. H. SMITH
FRANK TRUMBULL
F. D. UNDERWOOD
H. WALTERS
DANIEL WILLARD

on Pennsylvania Train #601 December 14th, 1916.
Dear Mr. Strong:

I should have long since acknowledged your letter of NoveMber 8th but I
took the liberty first of sending it over to Mr. Strauss; then I left it with Mr.
Otto H. Kahn, and after that I sent it to our Counsel in Washington, Mr. Alfred P.
Thom. He has been quite overwhelmed with documents of all kinds and did not return
it promptly but he was evidently much impressed by
because, in presenting the
railroad case to the Newlands Committee the latter part of November, he read part
of your letter, thereby getting it into the record.
I hope this does not displease
you.
I hear from 411 directions the most complimentary things about Mt. Thom's
presentation and, therefore, you may be sure that his quoting you as authority was
in more ways than one a compliment.

it

We are a little bit up in the air at present about the hearings of the
The prospect
Newlands Committee.
that they will go over until after the fourth
of March.
That has its advantages as well as it disadvantages for the subject is
too large to be treated in a desultory manner - subject to frequent and distracting
interruptions.
On the other hand, we have really made progress by "starting something".
We may have to plow the ground for a long time, just as you and other
bankers did.

is

I am on my way now to Evansville, Ind., to make an address to the Central
States Conference on Rail and Water Transportation.
I have not seen much of Mr. Vanderlip since election as I moved in to my
apartment at The Plaza immediately after my return from the very agreeable Western
trip.
However, he and W. M. Acworth of London were in my apartment for about an
hour at midnight on Monday of this week.
He is to make an address at Detroit
tomorrow night and at Chicago Saturday night of this week. I believe the Chicago
affair is to be a great event and he is to be the sole speaker.
Fred Strauss has been with me twice in the evening since my return.
are millions of things 'I would like to talk with you about.

There

Mi. Vanderlip tells me he is going to California and has asked me to go along,
using as an additional bait the fact that "we will get Ben Strong to go with .us".
At
the moment I am a little uncertain about my plans for the winter but it is possible
that I can get a real vacation.
I have called a meeting of my committee Wednesday evening of next week and
expect to have a full attendance; we can then probably decide our program for the
winter.
I am glad to think that a little later on you will make one of our best
witnesses in Washington.



0

0
-

0

2 -

12-14-16.

I am delighted to hear nice things from my Denver friends about you and
hope that their kindness is helping you for I have no idea that you were ever
intended to be a hermit.
Would you like copies of the printed record of the Newlands Committee
hearings?
If so, I will have them sent to you.
Of course, they are pretty
voluminous but everybody agrees that Thom's presentation was splendid and comprehensive
and you may find the cross-questions rather lively, if tbey do not irritate you.

t

I hope you are getting along finely in every way and with best wishes am,
as always,

Sincerely y urs,

Benjamin Strong, Esq.,
4100 Montview Boulevard,
Denver, Colo.




,7?

/6r
S

-6;6-,t.

(2

21t<

Denver, Colorado,

December 19, 1916.

Dear Mr. Trumbull:

Your letter of the 14th has just been roost

and reminds me

with "Dearly

somewhat of the Flaglish marriage serv
Beloved" and ends in amazement.

scripts in regard
kept

at par.

ilway stocks s. ould be

to Bryan's th

have been made famous by

Enterprises o

can promotor by the name of

such men as King Canute, a cert

and in a financial sense

Keeley, a biblical

Bryan deserves a place

a famous Scotch Li

ement immortalized by Lafollate's

in that gallery of
remark in

r post-

I refer of course to

,Allo you recall stated that the

the Sena

'bury had been made famous for all

time b

wo great

accomplishments, one being Cook's discovery of the

sbe and the °the

drich's revision of the tariff downward..

a a bit surp

North r

to pick no the paper one morning and see
,

prepared letter

of mine had been submitted to

the Newlands Committee. It is all right of course and I hoTe may have
been of some service, but
it would have been in
written

had I known its fate, you may be

batter form and more complete.

me that ho does not agree

Strauss has since

with either Professor Asher or me

in regard to the interest rates after the war.

I have written him

using Br. Asquith's famous expression - "wait and see".




sure that

2.

To - Mr. Trumbull.

December 19, 1916.

I some cases i think there are disadvantages in delaying hearInge before the Newlands Committee.

You gentlemen were in a fair way

to occupy the center of the stage and get the bz.efit of the spotlight.

Other things will intervene

fear

I

and 11,,1stract public atten.

tion, but it does give you opportunity for thor

,-1

preparation, of

Which I hope every advantage will be t

I am terribly sorry that my absence prevents
in

all sorts of things that are

ing

part

ust now and 1 wrticularly

et your friend

regret having missed the

Vander/1p intimated in a

/Ir. Acworth.

ter that he might be start-

I have had a chat with the

tug for California earl
doctor about joint

be all right after the

worst of the Cali

passed, but I doubt if he would

let me go by the t

ip will be starting.

If I can-

ersuade you to go by the way of

Denver
Spri
days

d make me a visit here, or possibly we could stop at Colorado

H

or at El Tovar, k eferably

.:=ther,

when we

the

latter, and have a few quiet

d talk over those million things that are
million or two which are in mine.

You know without mg saying so that I am absolutely at your
command in any way to be of service in

forget however that I am a very

this

railway incpiry.

Don't

poor speaker and very deeply and densely

ignorant on this subject, and, if you felt it advisable to ask me to
anpear, 1 would like to have the line of mg own discussion pretty well

mapped out




in advance so that I could prepare

for it. It would be

most

3.

To - Mr. Trumbull.

December 19, 1916.

interesting to have copies of the printed record of the hearings,
if copies can be spared and sent to me.

I was going to write you for

them, but felt that I should not bother so

bus4

nd description

Your Denver friends have been hospitable b
and I am in danger of appearing very

friend.

and

reciative be-

cause of my inability to accept the many invitatio
me.

A little later on, however,

11 is going to

free rein, even to the extent
clears up.

if When

this is evidenced by the fact that

A great many
obliged to answer

the weather

my low weight of 129 I am
or

weighed.

ur nice letter.

t is a great

most raga
Very sincerely yours,

BS/CC

Frank Trumbull,

Esq.,

61 Broadway,
New York City, N.Y.




Don't feel

pleasure to

letters frome,egod
Wi

e me a

eyond his expectations and

He says my progre

Up to 146-1/2, Whic

come to

get

A

,r1;,,,,)
RAILWAY EXECUTIVES' ADVISORY COMMITTEE
B. F. BUSH
A. J. EARLING
HOWARD ELLIOTT
W. J. HARAHAN
WALKER D. HINES
HALE HOLDEN
L. F. LOREE
R. S. LOVETT

FRANK TRUMBULL, CHAIRMAN
FRANCIS H. SISSON, ASSISTANT

C. H. MARKHAM
SAMUEL REA

1300 PENNSYLVANIA AVE., N.W.

A. H. SMITH
FRANK TRUMBULL

WASHINGTON, D.C.

F. D. UNDERWOOD

ALFRED P. THOM, COUNSEL

OFF E OF THE CHAIRMAN

H. WALTERS

0

DANIEL WILLARD

AY, NEW YORK, N. Y.

FEB2 1 1917

January 31st, 1917.

Dear Mr. Strong:

I have deferred writing you thinking that I might make a trip
I said to Frederick Strauss that if he would go along,
to California.
I would try to drop everything and we would nick you up and take you to
the Grand Canyon enroute to California - or, of course, further if you want
However, he was obliged to say at once that he cannot possibly get
to go.
Mr. and Mrs. Vanderlip are leaving next Tuesday, I
away at this time.
They
believe, for California so you may have heard something from him.
asked me to go along and I thought last week I might do it but Mr.Thom is
I
sick in bed and we have several matters which need daily attention.
really ought to go to the Pacific Coast for two or three reasons but will
All I can probably do in the next month
have to wait for a real vacation.
am glad to say that I am
or so is to take two or three days at a time.
quite well and think I can "go" for a While longer without running down
entirely.

I

New
I am to dine with Frederick Strauss next Tuesday evening.
I have
York is active, as usual, during the winter - not to say hectic.
been traveling around more or less making addresses but I think February
will be easier in that respect.

We are all delighted that you are getting on sozell and I only
wish I could, for that reason and many others, see you iclesh instead of
exchanging letters over a distance of more than two thousand miles.
And, of course, we are not forgetting that if:you are able to come
East you can be a great help to us before the Newlands Joint Committee for
They are to resume hearings in March and
inquiry into railway regulation.
it is barely possible that they will make a western tour but I am not sure
YOur appearance before them could not fail to help everybody.
about that.
Please be sure that I am always delighted to hear from you and hope
you will write me soon about your plans for the next two or three months.
My kind regards to all of our mutual friends in Denver whom you may run
across, and believe ma always, with high regard,
Sincerely y
Benjamin Strong, Esq.,
4100 Yontview Boulevard,
Denver, Colorado,



4,,r;




[-r7;74,1q

Denver, Colorado,
February 21, 1917.

Dear Kr. Trumbull:

Absence in Arizona with my associate, Jim
a reply to yours of the 31st ult.

Since

tie, has delayed

t was writ

fate

another twist to the wheel and now everything is c
Mr. and Mrs. Vanderlip have aband

hns

given

I presume

lifornia trip

r the

present xfid that you are at pre

th your patriotic asso-

ciates in devising means of ass

government in ease we have war,

instead of devoting your str

Kies to defending yourself

against the government
That is the

with governmenr

and I expect you an
railroad men,

t think I am an

in

these

tters and with

Abo

the rest of the coterie of

wear yourselves out in patriotic

very little

service,

- they are ungrateful brutes

or your pains.

rchist - I try and be honest with myself
very select few of my friends.

nything M I might do in cpnnection with the Newlands

Committee hearings, I fear that liarch, or even any time when the Committee

is liable to be holding sessions, will be too soon for me to
service.

the record

be of

any

It has occurred to me, however, that you may want something in

in

lines where I might be of service, and if you will lay some-

thing out so as to exhibit the scope of that is needed, i will be very glad
indeed to prepare something to submit in writing.

Your friends in Denver have all been very

,00d

to me, but I am*




2.

February 21, 1917.

To - Mr. TruMbull.

still pretty well tied down and unable to show them my appreciation,

If you are ever within strik-

which I hope to do however before leaving.
ing distance of Denver, don't fail to let

MB

know.

My best regards to you and to Strauss and Vanderlip, if you
happen to see them.

Very

Frank Trumbull, Esq.,
61 Broadway,
New York City.

BS/CC

erely yours,




June 13, 1921.

PERSOhAL

My dear Mr. Vogel:

We have only within the lazt few weeks bc-,Jn abl6 to conclude the

final acoounting of the exnses of the vurious Liberty loans, and deterviine
to what extent, if ank, exi;enditures rlade by the organization could not be
relmburbed by the Treasury under oxisting lam, or rules of the Department-

We.find that the total amount of such items thzt oanLot be reimbursco is
t2,E35.97.

Jf tbis sum, the releral !'_eserve Ev,4nk

able to absorb ',7,,229.74.

The remainder, t306.23, I have pai,) personally.
The Liberty Lon Committee cased

resolution, agreeing personal.y

to asEume certain charges, up to a limited anount,

aE I recall was 0,000.

If the members of the committee care to'pal their respec.Ave hares o:;' this aufg,
the amount of each coargiittesman's proportioa will be WC.55.

Had these operations been conducted since the ?asage of the Volstead
Act, it would not have been neceesary t aek the committee to maa an contribu-

tion.
Yours very truly,

Martin Votgel, Esc.,
111 Broadway,
New York, N. Y.
BS:MM







HUDSON AND MANHATTAN RAILROAD COMPANY
(HUDSON RIVER TUNNEL SYSTEM)

TREASURER'S OFFICE
30 CHURCH STREET

NEW Vortx

Hon. Benjamin Strong,
Governor,Federal Reserve Bank,
New York City.

June 18th. 1921.

JUN 2 0 1921

Dear Governor Strong;
Mr. Vogel sailed for Europe May 30th.
As I am taking care of his personal affairs in his absence,
I received your letter to him of June 13th. in regard to
Liberty Loan Committee expenses.
I know Mr. Vogel would want to have

a part in meeting this expense and am therefore enclosing
check for 023.55.

Cord

fr/H

lly your

\)/(1




June 20, 1921.

Dear Sirs
thesik you for check fur p3.55
ncloued
in your letter of June 18,
representing Mr.
Vogel,s

proportion of the Liberty Loan Committee'
account.
Yours vary truly,

W. S. T*iddy, Esq.,
c/o Hudson & Manhattul

30 Church St.,

New rork, N. Y.

(kat,'

Railroad Co.,

expellee




LitAtt-g-

ovit,tittat'S 17 77

g/

)
Established,1841

Capital

18.000.000

1E-55 June 181

NEW-YORK

AMERICAN EXPRESS COMPANY

I

LONDON .
LIVERPOOL

FOREIGN DEPARTMENT

I'

SOUTHAMPTON.

GLASGOW .
GENOA
NAPLES .

OFFICE OF

.

.

3 West 'Nile Street
.

.

.

ROME
ROTTERDAM.

DIRECTOR GENERAL IN EUROPE
11, RUE SCRIBE

6 Haymarket, S. W.

84 Queen Street, E. C.
31 James Street
25 Oxford Street

.

.

17 Piazza Nunziata
Piazza del Martiri
Piazza di Spagna
.
26a Zuidblaad

STOCKHOLTI4

PARIS

BUENOS-AYRES

MANILA

65 Broadway

( II, rue Scribe
54, r. des Petites-Ecuries

PARIS . .
HAVRE
TOURS .
.
MARSEILLES
BORDEAUX.

43 Quai d'Orleans
8 Boulevard Beranger
9 rue Beauvau
.
.
3 Cours de Gourgue
Quai Van Dyck
COPENHAGEN .
.
8 Holmens Kenai
CHRISTIANA.
.
2 Dronningens gage
9 Blasieholmstorg
.

.

.

HONG-KONG

SHANGHAI

Shipping and Banking Correspondents at all Principal Cities and Ports of the Commercial World
General Foreign Asients for

TELEGRAPHIC ADDRESS , REPANIEX-PARIS
LIEBER, CODE

NEW YORK CENTRAL LINES
(MERCHAWTS DESPATCH)

Telephones:
Gutenberg 36-04
Central 87-46
I
36-27
"
90-37

CHICAGO & NORTH WESTERN RAILWAY CO.

IP, RUE SCRIBE

PARIS (IX)

UNION PACIFIC RAILWAY SYSTEM

September 5th 1919
Rappeler cette reference, s. v. p.
In your reply, please quote

lienjamin.strong Esq.,

Hotel idtz,

.-ieferring to previous correspondence. Jo understood from
telephonic conversation with you that these consignments of gold
wauld not now be farwardea as proposed, but that you would still be
interested in having the rates applicable. ae have now received
$

advice in regard to same, and advise you as follows:-oILLID.J....,iu

to
L;0,st

Amsterdam to frontier.
per G.1,000.000 on value of
4?10,000.000

.

4; 2500.

G. 85.per 1000 kilos on weight
say 25,000 kilos
8-0.
:_tehil3elgian frontier to belgiani
.rench frontier.
8 1/2 (eight ec half) centimes per
1000 francs on value of 4e10,000.000.. 50.
.Prs.28 per 1000 kilos on weight

say 2,000 kilos




90

940,

Y




4

Prench frontier to earis,
85 pentimes per 1000 francs on value
of 410,000.000

8,600

Insurance all risks

1/2por mille on 410,000,000

to

2:.,18

Brussels to ...31gian/Prench frontier

8 I/2 (eight ,A half) centimes per :rs.1000
on value of 410,000,000 .
850

Frs.48 per 1000 kilos on weight say
25,000 kilos

90

940.

Itench frontier to Paris
85 centimes per 1000 fraftcs on value
of 410,000.000

8,500

J_Iasurance all risks
1/

per mille on

5,000

410,000,000
0

4

14,440.

to

Paris to _,Tench/Spanish frontier
i's,2.85 per 1000 francs on vcaue of
_2.4000.000

0a;S,500

Spanish 1?rontier to iJadrid

pts.3.10 per 1000 pesetas on value of
10,000,000.

31,000

Insurance all risks

(threequartdm) per mule on 410,000,000

4

7,500

67,000

The figures given represent actual transportation vid insurance
charges only. In addition to this tere will be collection ana

delivery charges at each end, and possibly expenses at the
have
frontier which, however, should not be consiLerable.
shown costs in dollars as we think it will be more convenient
to you, although we appreciate payment would be made in francs.
We are at your service for any further information you
may require.

Yours truly,
'ES G uJJ2ii.AY

Director (Teneral.

.TJD




N

IE-55JuneW

Capital : 111z 180(61008

1`..s4ablished*41

NEW-YORK

AMERICAN EXPRESS COMPANY
FOREIGN DEPARTMENT

LOND0r4 .
LIVERPOOL

k

r

'

SOUTHAMPTON.
GLASG0117 . .

OFFICE OF

ALES

DIRECTOR GENERAL IN EUROPE
11. RUE SCRIBE

.

NPROME

ROTTERDAM.

.

.

6 Haymarket, S. W.

84 Queen Street, E. C.
31 dames Street
.
25 Oxford Street

.

17 Piazza Nunziata
Piazza dei Martin
Piazza di Spagna
28a Zuidblaad
.
.
.
.
STOCKHOLM

BUENOS-AYRES

PARIS

3 West Nile Street
.

MANILA

PARIS.

.

65 Broad6ay
I 11,
.
.1 54, rue Scribe

HAVRE
.TOURS

ALES
.

.

.

SHANGHAIYOKOHAMA

HONG-KONG

36-27

I

REPANIEX-PARIS

"

90-37

Benjamin btrong Esq.,
Hotel

Ports of the Commercial 'World

General Foreign Agents for

NEW YORK CENTRAL LINES

LIEBER'S CODE

Telephones:
Central 87-46
Gutenberg 36-04

r. des Petites-Ecuries
43 Quai d'Orlians
.
8 Boulevard Beranger

9 rue. Beauvau
. 3 Cours de Gourgue
BORDEAUX. .
MRSEILGENOA.
Quai Van Dyck
7
A NTWERP .
COPENHAGEN . . . . 8 Holmens Kenai
2 Dronningens gade
.
CHR/STIANA.
9 Blasieholmstorg

Shipping and Banking Correspondents at all Principal Cities an
TELEGRAPHIC ADDRESS

.

(MERCHANTS DESPATCH)

CHICAGO ec NORTH WESTERN RAILWAY CO.

II, RUE SCRIBE
PARIS (IX)

agust

UNION PACIFIC RAILWAY SYSTE

2nd 1919

R.appeler cette reference, s. v. p.
In your reply, please quote

2'Z5/40

.,,ear Sir,

lAeferring to your call of kagusli 19th and copy of your letter
of that Late, the original of wtich has not yet come to huind.'
It will take some days to'obtain from,-Imsterdam Brussels,
and Spain, also from London, in regard to insuirance the necessary

inforattion, in order to give you precise particulars as to the rates
applicable to the snipmentSin question. 'vie can, however, from tne
information in our possession advise you approximate rates on shipments of gold coin, z.s follows:
Brussels to :earls.
1.75 per mile
8.00
_earls to nadrid.
ae regret we cannot give you the rate from Amsterdam at the moment.
,hese rates include all tran6portation charges and insurance.
ne judge that a percentage rate as shOwn above will uest serve your
purpose, in any event, without further information it is,not
practicable for us to quote otherwise. e do not know for instance,
what is the franc value of the (A0,000,000 German gold coin,obviousli



the franc equivalent would not be taken as at the current rate of
exchange tor German marks.

Similarly in the shipment of 1-ranc6

to Idadrid o4e franc gold is considered as one peseta, hence the

rate of 8 per mile must not be considered as 8 francs per 1000
francs in view of payment for the Spanish pvrtion of the transportation being made in pesetas.
We judge, however, that you really only require the approxi'mate cost in dollars, and therefore you would be quite safe in
considering the rates advised above if figured in dollz-rs as more

than sufficient to cover costs.

We estimate the transportation from Paris to'iadrid would
take four days, it depends upon thp facilities given by the

Railroad authorities, and whether they will permit the attachment
of the cars to fast passenger trains.
The .A.morican I;xpress Company have faCilities, and will 'tie

pleased to tahe care of the transportation of the gold coin from
and to any of the poitits mentioned, and we are at your service

for any additional information required.

ae will advise you later

when further particulars are obtained.




Yours truly,
AMERICi,L

sc,..SS°G.

KPSS COW

to .uirecto:c General.

'Ondee en 1841

(E-51A.JuV19)

Capital 318.000.000

AMERICAN EXPRESS COMPANY
BANQUE - EXPEDITION - VOYAGE

BUREAU DU FRET
54, RUE DES PETITES-ECURIES

LONDFIES.

LIVERPOOL
SOUTHAMPTON.
GLASGOW
GENES
NAPLES
ROME.
ROTTERDAM

84 Queen Street, EC,
31 James Street
25 Oxford Street
3 West Nile Street
17 Piazza Nunziata
Piazza dei Martini
Piazza di Spagna

26a Zuidblaak

BUENOS-AYRES
EXCO-PARIS

CODE LIEBER

PARIS...

.

II Rue Scribe
/ 54 Rue des PetitesEcuries
43 Quai d'Orleans
8 Boulevard Beranger

HAVRE ...........
TOURS
MARSEILLE

.

9 RUe eaauveau

BORDEAUX .....

.. 3 Cows de Gourgue
87 Place de Mein
8 Holrnens Kanal

.

ANVERS
COPENHAGUE
CHRISTIANIA

SHANGHAI

HONG-KONG

Correspondents de Banque et

65 Broadway

2 Dronningens gate

9 Blasieholmstorg

STOCKHOLM

PAR IS
ADRESSE TELEGRAPHIQUE

..
6 Haymarket, S.W.
NEW YORK.

de

YOKOHAMA

MAN1LLE

Fret daps les Priocipales Villas au Monde

Agents Geniraux pour rEtranger des Resesue de Chemins de For

Telephones .
Gutenberg 35-77
Central 4 I -15

NEW YORK CENTRAL LINES

I

54, RUE DES PET1TES-EDURIEE

PARIS

le aAoit 1919
Rappeler cette reference s. V. p.

liir. . Benj. STRONG

In your reply, please quote

Federal Reserve Bank of New-York
Hotel RITZ

SOL/FR-$-

P4RIS .

Dear Sir,

In reply to your favour of August 19th we beg to

inform you

that we can. handle the shipment of gold coin from

3russels or _Amsterdam to Pan i

and f-aom 2aris to

riadrid

,

but we

'regret to inform you that we cgnnot give you now the cost

of trans-

portation. The R. R. Co. aft asking the Spain, Belgium and Holland

R.R. Co the cost on their countries, which cost we shall give you
as soon es same is received.
In the meantime, we remain,

dear

Sir,

Yours truly.
JRIC

J-




/if

COLLELNY

du Trafic




Hotel Ritz, Paris,
August 2,, 1919.

R. Wright, Esq.,
Assistant, to Director General,
American Express Company,
11 Rue Scribe, Paris.
Dear Sir:

I am in receipt of your favor of the 22d instant, also a letter from
shi:ment.

Mr. A. Reavurn, of your office, an the subject of the gold
1

T find the quotation stated in your letter
nite and write to ask the following questions:

to be rather indefi-

1 Does it make any difference whether the gold is coin or burs,
or the coin of any nationality, so long as tkt figures out and has a value
of approximately 110,000,0N.

The freight and Insurance would be paid by check in Paris or,
if necessary, the insurance by check in London, and therefore I should
suppose that the cost of the movement could be figured either in francs
or sterling without difficulty and without regard to rates of exchange.

act

T an therefore
statement of

writing to ask if you will not give me amore ex-

the probable cost than that contained in your letter.
Very truly yours,

BS/V




Hotel Ritz, Paris,
August 23, 1919.

R. Wright, Esq.,
Assistant to Director General,
American Express Company,
11 Rue Scribe, Paris.
Dear Sir:

I am in receipt of your favor of the 22d instant, also a letter from
Mr. A. Reavurn, of your office, on the subject of the gold shillment.
I find the quotation stated in Your letter to be rather indefinite and write to ask the following questions:
Does it make any difference whether the gold is coin or bars,

or the coin of any nationality, so long as

figures out and has a value

of approximately 310,000,000.

The freight and insurance would be paid by check in Paris or,
if necessary, the insurance by check in London, and therefore I should
suppose that the cost of the movement could be figured either in francs
or sterling without difficulty and without regard to rates of exchange.
I am therefore writing to ask if you will not give me a more exof the ,3robable cost than that contained in your letter.

act statement

Very truly yours,

BS/V

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