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2.4,




History of Morgan, Harjes + Cie.




-..z////.), 26th July,1913.

(

2

)

this country will have to come out with a big loan before
the end of the year, in addition to which there are its

committments towards Russia, not to speak of the pressing
necessity of providing further funds for Mexico.

It looks

however as if satisfactory preparations had been made, and
that the demands will be met without any serious disturbance,
or any dangerous tightening of the money market.
Furthermore, it is impossible to formulate

any useful opinion as to the gold that may be still required
for Paris, which to a very great extent depends upon how
the situation develops in the Near East, and the export demands which may have to be met here.

The last important ship-

ment of gold from your side to Paris would apparently appear
to have been due to the Near Eastern embroglio, and more

particularly perhaps to the accumulation of the precious metal
by the Reichsbank.

As regards Germany it may be mentioned

that in many quarters astonishment has been expressed at
the efficient manner in which that country, in spite of the

practical closing of the French and English markets, has been
able to regularize her situation, and notwithstanding the
difficult position in which she still apparently finds herself, it would seem as if arrangements had been made to ob-

tain all the needful assistance from Holland, Belgium and
Switzerland.

I an rlad to see that conditions seem to be

improving on your side and hope that the resolution of the




(

3

)

present dif7ficult situation may prove the adequacy of the

preparations which have been made to meet it.
Looking forward to the pleasure of being able to
discuss these matters personally with you, I remain, with
kind regards,
s very truly,

Benjamin Strong Jr. Esq.,
Bankers Trust Co,
16 Wall Street,
New York.







BENJ. STRON-G-,
-0-

January 26th, 191B.

-!7/ dear

Harjes:

As I was about to write you about those chamber of Commerce
issues, your note of the 14th reached me, enclosing three specimens
each of the Fr. 0.50, Fr. 1.-- and trs. 2.-- isoued by the Jhonber of
...;ammerce of ikaodeoux.

Thiz is exactly what I wanted, ana I am exceed-

ingly grateful to you for your thoughtftlness.

Please do not heuitrto to keep me on your regular correspondence list.

Some day, I may be able to do something worth while for

you over here.

Once more, let me express my gratitude, in which all the family join re, for your many kindnesses to Arch.

Ho mo.y noi, say so to

you, but he has written us that he has o. very high regard for all the

Harjes family.
7:ith kindest regards,

Anccroly yours,

1. H. HarZesa...:10a.,

31 liotifTiaR ritussmann,

Paris, France

BSJr/Val




r

J. P.'1.711ORGAX 4- C 0

e

-2

.

).._:,-.7---------

.

-------

New York ....1Larch......94.9.1b.../9/

i:.

(dated 8th)

r.H;coery of telegram received tom

746.

Morgan, liar j es 8: Co.., Zarin,

our 466.. Paper offered for discount

at Bank must bear three signatures, of which at least
two domestic. (stop)

In ncrmal times Bank makes no difference between
financial aad commercial paper or between foreign or
domestic crawer, even discounts occasionally paper
accepted cutside France and domiciled France. (stop)
During money stringency or other abnormal
circumstaaces, whether local or foreign, Bank
generally reduces and sometimes entirely ceases
discount purely financial paper but accepts commercial
paper, aamely, drawings made in payment of merchandises.




COPY

S
March 9, 1915.
(dated 8th)

ACCEPTANCES,

BANK OF FRANC;..

Paper offered for discount at Bank must bear three signatures,
of which at least two,domestic,

(stop)

In normal times Bank makes no difference between financial

and commercial paper or between foreign or domestic drawer, even dis-

counts occasionally paper accepted outside France and domiciled Frr,
(stop)

During money strigency or other abnormal circumstances,

whether local or foreign, Bank generally reduces and sometimes entirely ceases discount purely financial paper but accepts commercial paper,
namely drawings, made in payment of merchandises,










June let, 1915.

I: :y dear Harjis:

I am most grateful to you for your kin: letter of Llay 18th,

giving me such a satisfactory account of my brother's doings.

Am tak-

ing the liberty of sending it to my ::other who, you can imagine, is intensely interested.

About expanses - please let that be considered a little contribution by the writer towards the good work that you and your associates
have been doing.

I have been sympathetic all along with Arch's work and

while his trip to Servia caused some anxiety in the family, nevertheless,
I have felt that it is part of the work to be done, somebody must under -

taro it and that ho is admirably situated and almost perfectly equipped
by torperarent and training to do just what he is undertaking.

Of course,

I was disa:)pointed to have him leave his association wit}' you which gave

me sore feeling of assurance, and besides that my own fondness for Paris,
France and French people, made it a peculiarly agreeable relationship.
:'lease accept my very kindest regards and thanks of the family

for your interest in Arch and his work.
Sincerely yours,

H. H.,7Iarjts, Esq.,
31 BouieftettRaussmann,
aris, France,

BS Jr/Val






c9i,c/9eyeleveza-cedlina4m,




July 14th,
1 9 1 5

Ly dear Harjes:

Thank you very much for your thoughtfulness in
sending me a copy of Dr. Strong's letter about my brother's
work.

Apparently, they have made such -JroTTess that the

entire org,:mizarion will not stay beyond July, as ?:rah

cabled that he will likely return the last of this month.
You will doubtless sea him in Paris on his way home.
Yith kindest regards,
Sincerely yo rs,

H. littAPM414-Wamks
31 Boulevard Haussmwin,
Paris, Prance.

BC Jrt7C




a
January 18th, 1916.

"
e have a rather pathetic case of war distress in our
family and I am writing to :.:sk if you cannot find it posuible to

give us a little help prior to the tine

I niach

One of

're. Strong's maids, by aim Glealonce C1 -ire, comes from Alsace-

Lorraine and she h-s not heard from her family since June or July,
1914.

Her father, Louis Claire, kept a little cafe called Cafe'

:oussardin in the town of L7eno nes, Vosges, which I believe is about

two hours from Nancy.

The German advance swept right over this

place and I understnd is now right at, or behind, the Gomm lines.
Aer father is

-

nu. ,n of 48 and may have been drafted in the army ser-

vice, -11though she is not sure of that.

brother aged 10 living.

She his a mother and a

I have tried through other sources to get

some information about them, but so f r without success.

Is there

any runs of locating them through government channels in ?-_ris?
..nything you can do will be ... very great help and if the

inluiry is successful, it will be , great relief to this girl who
really is districtod for want of news of her mother.
flincerely yours,

7ermn Harjes, "sq.,
31 flaussmann Boulevard,
aris, France.
BC Jr /VCM







A

(

London, February 13th, 1916
My dear Harjes:

Here we are at last after an uneventful but most
enjoyable trip across o- the "Rotterdam".
We were hold UT
for examination of passports, etc., at Falmouth to a degree
that was most impressive, and possibly under different conditions would have been exceedingly annoying. Frankly, although
my trip is one of business, I am in a frame of mina to submit to
almost any degree of annoyance realizing now as never before how
necessary it is that every interest must be laid aside which
might interfere with the successful prosecution of this war. You
may be surprised at my making this trip which has some of the
elements of a holiday in it.
As a matter of fact, London and
Paris have meant so much to me in the past that I welcomed the
necessity for coming over on business, and the opportunity to
make a first hand observation of what is going on.
The principal object of my visit is to make preliminary plans for the banking arrangements of the Federal Reserve
It is most difficult to
System in London, Paris and Holland.
determine, until I get back home, just how far we can go or would
be willing to go prior to the conclusion of the war but I think
we are all agreed that the first steps towards working up our
foreign arrangements should be undertaken now rather than later on,
hence my trip.
I am looking forward with keen interest to having a
visit with you and hope that you will be able to devote a little
time to giving me some good advice in Paris, and that it may prove
the excuse for you to take a little rest from your arduous labours
which I know you must need.
Jack came over on the boat with me and I must say he
is looking exceedingly well, is in excellent spirits, and stands
the strain of their very busy organization with apparent ease.
I have letters to Lr.Ribot, to the Governor and
In fact, those are all of
Deputy Governors of the Bank of France.
the letters that I am taking with me to Paris, and these were
furnished me by Mr. Homberg with whom I have had opportunity to
I hope to have the opportunity
form a most pleasant acquaintance.
for a visit with you before presenting them.
There are two personal matters upon which I want your
Icy oldest boy who is now at Princeton and is nineteen
years of age has conceived the idea that he and one or two of his
friends would like to spend their vacation this summer in France
I won't
either driving an ambulance or in some form of the service.
explain details now but Ben's letter, enclosed, gives some information upon the subject.
We can talk this over together when I see 70U.
advice.




I
2

The other matter is in regard to a Mi.s Devereux--a young lady
who crossed with us on the "Rotterdam".
She is quite a friend of
Ambassador Page's daughter and is now stopping at the Embassy with
the Pages.
She has spent the better part of a year in France
nursing and doing some relief work in England.
She went home quite
recently to attend her sister's marriage and is now returning without
any billet, and quite cnxiouc to get to work.
She is a young girl,
sptaks French excellently, tough as a hickory stick, and full of
It would be hard to find better material for serious
efitIvasiasm.
Although only twenty-two or three years old she has
hard work.
tramped over most of France and knows not only the language but the
dialeets of Brittany and some of the provinces.
Although she has
not asked me to attempt to do anything for her, I learn through a
friend that she would welcome any assistance I could lead in getting
She is not a trained nurse but has had much
her a billet in Franco.
more experience than those who have simply the Red Cross training.
This matter we can also talk over when I see you.
I must not conclude this letter without thanking you for
arranging about our accommodations.
Our party consists of Mr. John
P. HtIrris and myself.
Mr. Harris has his valet with him and my
secretary accompanies me

Please pardon this extended warning of the inflictions you are
about to suffer.
Very sincerely yours,

H. H. Harjes, Esq.,

Boulevard Haussmann,




Paris,

France.

investigatN
U.S.Senate, 74th'Cong.12nd Sess.,Special Committee
Hearings pursuant to S. Res. 206
'the Munitions Industry,
i dart gkep. 8430-8431
..''

MUNITIONS INDUSTRY

call, and draw his attention to some of the facts regarding British finance.

When a man writes today that the Bank of England is not a Government institution, he should explain what he means. When he says that it has avoided alliances, he should be sure of his facts. And when he says that war financing has
not been done through the Bank of England, he betrays such stupid ignorance
that he subjects the whole banking community to criticism. Almost every statement in the quoted part of the article is either itself inaccurate or so incomplete

as to exhibit all the faults of inaccuracy, and if we could arrange to have a
discreet but illtuninatin article published in the Journal in regard to this
matter, it might be a go thing. I would be glad to write it if it could be
published without my nam appearing.
Very sincerely yours,

(Signed)

BENJ. STRONG..

R. H.. TE.EmAN, Esq.,

Federal Reserve Bank, New York City.
BS/CC
Enc.

THE BANK OF ENGLAND AND THE FEDERAL RESEEVE BANK OF NEW YORK

The January number of the inurnal of the American Bankers' Association,

which is the official organ of that association, contains some comments upon the
recent appointment of the Bank of England as the financial agent of the Federal

Reserve Bank of New York whicilc affords startling evidence of the lack of
understanding of current financial e ents in this country prevailing even in such
august circles as the American Bankers' Association.

The following extract from the article is sufficient to show the trend of the

writer's comments :

"The surprising feature is that the Bank of England is to be the agent. The

Bank of England has been much given to. aloofness. It is not a Government institution. It has persistently avoided all, alliances. British war financing has

not been done through the Bank of En and. The managers of that staid old
institution declined to be parties to the easury obligations by which the war
has been chiefly financed. The notes issu by the bank are still for gold, but it
is no longer the dominant factor in the old market. Its statements, which

were formerly the index of British commerc 1 activities, are now all but meantherefore as interesting in markingless. proposed connection
The
ing a departure for the Bank of England as or the New York Reserve bank.
It can mean nothing except that the Bank of ngland has surrendered its position as the regulator of international finance an London is no longer the financial centre of the world. /
"It does not mean thtit New York has stepped to this position, but it must
went of the power of Ne York and the prestige of the
mean a decided enb
New York Reserve ank."
4 Poor Bank of E
land And yet we on this side ave believed that the reputation of the Ban of England as the cornerstone of ritish finance never stood
higher than at t present time.
To bankers I this country the extract which we have quoted would appear

ludicrious were it not a serious matter that at the present juncture such misunderstandings should exist on the other side of the Atlantic.

1916.

enjoy-

ion of

ossibly
rankly,

mit to

cessary

th the

ng this
f fact,







I
31, BOULEVARD HAUSSMANN

alb

PARIS ,

L/R.

_2 6th--leb,

Dear Sir,

Mr.. Harjes requests me to inform you that he

Its been unexpectedly called out to his Ambulance Section and
has

been obliged to leave this morning.

He will not be back

in all probability until Monday morning and therefore much to
his regret he will not be able to have the pleasure of your
company at dinner to-night.

Mr. Harjes hopes that you will accept his excuses and trust that this change of plan may not cause you any
inconvenience.
Yours fail

Benj. Strong Jr. Esq.,




Hotel Ritz,
E/v.

31, BOULEVARD HAUSSMANN

PARIS,

29th Feb.

19 16.

Dear Sir,

Mr. Harjes has just returned to the office and
requests me to inform you that he will be very pleased to see
you at 5 o'clock, as well as dine with you this evening.
In the meantime he would like you to reserve
Thursday night, as he wishes you to dine with him and a few
friends.

Benj. Strong Jr' Esq.,




Hotel Ritz,

,._arch 7th, 1916.

My dear Harjes:

Referring to our chat in regard to
Miss Mary Crocker Devereux, I have just see her
and learn that she is most anxious to undertake
work as soon as .!)ossible in one of the French
hospitals.
She is, as I told you, a friend of
the Pages in London, and although it is a good
many years ago, I used to know her family when I
lived in Englewood. Her father is a mining
engineer in New York City.
She is a stury
young woman-speaks French well, an0 is apparentI cannot
ly full of energy and enthusiasm.
imagine a better type to take care of the wounded
in one of the hospitals where the wounded
soldiers are first received, if it is possible
to place her there.
She has had some training
in oie of the French hospitals and holds a
Certificate of Merit or Credit such as now required.
She is leaving for Paris on Thursday,
and. I am giving her a note of introduction to
you.

I hope that you will realize I am
anxious to avoid giving you trouble in this
matter --in fact, am rather more interested in







seeing her ulaced because I feel that she
will be an effective %.orker and will stick
to it for such a period as required, the
minimum being, al: I understand it, six months.
of her family live in Paris and
cis no reshe will stop with them. S'e
muneration or her work.
I hove just had opportunity to read
over a cony of your memorandum regarding
commercial credits, and have taken the liberty
of noting what appeared to me to be a few
typographical errors, and I am enclosing a
revised copy which I enclose and hope will be
perfectly clear to you.
Once again let me thank you most
warmly for your many courtesies to me chile I
:Ay trip was well worth while
was in Faris.
and if, as I hope, it is productive of more
intimate relationships, that certainly is
ample reward for the time it has taken.
With kindest regards,
Sincerely yours,





http://fraser.stlouisfed.org/
T./R.
Federal Reserve Bank of St. Louis

31, BOULEVARD HAUSSMANN

PARIS ,

....11th

i9....

15.




April 24th, 1916.

dear Harjes:

Thank you very much for your kind note of April 6th and
for the copies of the ';,ar Emergency Legislation, all of which have

reached me and are most welcome additions to my library.

Won't

you let me know what these various demands on your purse entail:
There seem

to be possibilities in the arrangement of

commercial credits, no matter what particular form they may take.
It will prove a great relief to the exchange market to have the

business developed and the present moment seems to demonstrate
the necessity for something being done.

If nothing better can

be done, the Bank of France may have to give un gold, for I believe that in an international sense, the credit of a nation will

be measured by the public, in proportion as its exchanges are normal or sub-normal.

Thank you very much indeed for your courtesy to :ass
Levereaux.

She is a fine little girl and you need have no hes-

itation in permitting her to undertake the real work in the first
aid hospitals.

She is enough of a philosopher to stand the

racket and I think without harm to herself.
is as strong as a little




elsh pony.

Besides that, she




April 24th, 1916.

-2-

Once more, accopt many thanks for your many courtesies
to me while I was in

I enjoued my visit there and prof-

ited by it very much.

There is no telling when I may return,

although I should suppose soonor than some of you may expect.
-ith warm regnrds, believe me,
sincerely yours,

Herman HarjestEsq,1
5L-761ireVard Haussmaal.,
Paris, France.

BS Jr/VCM

31, BOULEVARD 9AUSSMANN

LA.

6th -,pril,

4I

19 26.

/9,9

dear Strong,

4s

Many thanks for your letter of the 7th :.:arch

enclosing

revised copy of the memorandum ,:hich you drew up here

concerning commercial credits.

As I wrote you in my letter of

the 9th, I have reluctantly come to the conclusion that we
cannot work out your scheme in its entirety, as our friends
here would not adopt a broad enough view.
best however

Vie are doing our

to develop the general commercial credit idea

and hope to gradually expend it, if not to the extent you had
in your mind, at least to an interesting degree.

The latest news I have received from Miss

Devereux is that she has probably secured what she wanted and she
has promised to come and see me at the end of the week if the
matter is not definitely settled.

As requested in your letter of the 28th ult.
I am sending you under separate cover a comrlete set of all

the War emergency legilation issued since the outbreak of
the War and have given instructions for this to be continued

until


further notice.

tA'''N-)91741V12-Al




To

r. Aaljes.




Nov. 13, 1916.

0

MORGA1V, HARJES d CO.
igr

Paris,

Q.PY of telegram despatched to

L. C. D.

5/12/16
Strong
4100 Montviow Boalevnrd

Deicer
Colorado
Your

letter

look

after

not

thirteenth

Lied

Uospital
Driver

imerican

for

could

he

probably




is

to

to

on

make

Inbulance

him

for six

himself

Clearing

bfing

American
accept

plenty

House
of

Ambulance

s

the

at

with

Only

stop

clothing

Earjes

front

otherwise

months

useful

warm

he Johnson
has

if

Redoross Convoys

sign

can

American Relief
give

glad

glad

be

and

with

up

be

provided
he

friend

your

already

will

received

the

advice can




31, BOULEVARD HAUSSMANN

- 2 11110

cure is only a question of a very short time.
Your absence from the Federal Reserve Board has

made itself felt very much and unfortunately. All your friends
over here believe that if you had been present the last extraordinary statement which the Board issued and which hasshaken the

foundations both here and in England of confidence in American
friendship, would never have taken place.

With kindest regards and best wishes, believe me
Yours sincerely

Benjamin Strong Esq.




4100 Montview Boulevard

Denver
Colorado













Denver, Colorado,

January 4, D17.

My dear Harjes:
just reached me

Your very welcome letter of December 5

ss in connection Jith

and I an deeply appreciative of your thoughtf
Mr. Johnson and his plans.

on this trip but may return later in
I have urged him, if possible,
work.

more than three months

He cannot stay abro
o year

or

ate himself wi

nger service, when
ome of your

personally when ho arrives

All of this he :rill

about the first of 7ebrua
glad to report con

I

improvement in my health and,

further, that there

, getting to Paris some time

her: has been a costly affair

phi

this fylmmer.

in many ways - it

ept me avay lror.

When I sho

d have

Hlever

will be in

this

bject t

the t

VI warmest

he scene of action at a time
no one regrets it so much as I do.

for me to leave any further remarks on
when I can see you and talk matters over per-

=rds and best wishes for the New Year and

Faithfully yours,

IltymanH. Harjes:Esq.
Morgan, Harjes 1
31 Boulevard Iiaussmann,
Paris, France.

BS/CC







31, BOULEVARD HAUSSMANN

January 21, 1918.

_ear Sir:

This note will be pkesente& to you by my friend, mr.

John T. Pratt, who is just leaving this country to accent a
position of importance in the American Red Cross, Field
Service, in France.

I hope that Mr. Pratt's duties will permit him op-

portunity to present this letter to you, as he is a very warm
friend of mine and I am sure you will be glad to know him.

Anything that you can do to facilitate his work or
his trip rill be greatly appreciated by me.
Faithfully yours,

Mr. Herman-W. Harjes,
Messrs. Morgan, Rarjes & Company,
Paris, France.

BS '11A13




3




RITZ HOTEL, PARIS, FRANCE.

August 16th, 19191

Messrs. Morgan Farjes
Place Vendome,
Faris, France.

Co.,

Dear Sirs:I on leaving tonight for Constantinople and
pending telegraphic instructions to the contrary, will
ask you to hold all mail and teleErarrm you receive for
me in my absence.
Yours ver;: truly,




Hotel Ritz, YarLs,
Thr,sust 17, 1919.

Gentlemen:

Since writing you yesterday in regard to retaining mall
and telegrams, I find. It will be necessary for me to ask you
to open all telegrams and cables received during my absence
and reeat them to Mr. ?red I. Kent, for the present care of the
American '-inbassy, 4 Grosvenor Gardens, London, England.
The
cost of repeatin,r messages I will defray on my return from Constantinople, and In case of change of address Mr. Kent will telegraph you further directions.
Thanklnc you, I as,

Very truly yours,

2essrs. Mprgan, Harjes & Company.
Place Vendome, 1.aris.

BS /V

RGAN. HARJES exC'5

iiM

//ace'.

PARIS

y
fey,a.

J. P. MORGAN &

NewYorloia.

-4111,

c72ed,

REXEL &

19th AiLg 1919

Whiladelphie
MORGAN.GRENFELL & C°

Londres

Dear Sir,

Enclosed we beg to hand you
original telegram addressed to you by
the Governor of the Bank of ZIgland, which

has reached us in a cover from the Banque
0

Nationale de Belgique, Bruxelles, which
cover was addressed to us.

0




Yours faithfully,

tt_t_t_t_t_A(

O

a
c.
41)

H

oC.

Benjamin Strong Esq.,
HOtel Ritz,
19

RGAN MARJES & C'

Hotel Ritz, Paris,
August 3(7,

1:7)19.

Gentlemen:

In view of my departure from Paris Monday evening, I shall be obliged
if you will repeat telegrams received up to and including Tuesday to me
care the Nederlandsche Bank, Amsterdam, and mail originals, together with
all mail, to me care Morgan, Grenfell & Company, 22 Old Broad street, London
Thanking you in anticipation, I remain,
Very truly yours,

Messrs. Morgan, Harjes
place Vendome,
Paris.

V




Company,

Hotel Ritz, Paris,
September 1,

121.,

Messrs. Morgan, Harjes <su Company,

Place Vendome, Paris.
Gentlemen:

With this I urn enclosing receipt of the Bureau des Pontes et Telegraphes,
Rue des Capucines, for fcs. 175.10, being the amount paid in advance by me
for the repetition of a badly garbled cablegram from the Federal Reserve
Bank of New York.
Although repetition was requested on Saturday the 23d
ultimo, no answer hap yet ben received.
The telegrah office has today
informed LA, that the amo nt paid would be refunded at the expiration of
tweve days from the date of request for repetition if no answer has in
the meantime been received.
I um leaving Paris tomorrow morning and
would appreciate it very much if you would be good enough to attend to this
for me and notify me of the result, care Morgan, Grenfell & Com:any, 22 Old
Broad street, London.




Thanking you in anticipation, I remain,
Very truly yours,




14, PLACE V -NDoME

PARIS

1-\A




cl




-

"K

MOR1WHARJES&C'5

PARIS

J. P. MORGAN & C9

New-York
EXEL & C°
Philadelpine

io.L

Sept. 1919,

MORGAN.GRENFELL & C°

Londres

Dear air,

to acknowledge receipt

We be

er of the 1st instant, and

ngly dent round to the Peet

ding the cable.

We are

at advice has been again asked

Central 2.0., and that they

us of the result later.

We

you again on receipt of further

Yours faithfully,
P2

BpAN HAWES & CO.

Esq.,
. kergan, 4repfell & Os.
ondon. E.Q.
19




MORGAN.HARJES &G'E
PARIS

J. P. MORGAN &

NewYork

P.L.

*EXEL & C?
Had e 1phie
MORGAN.GREN FELL & C°

Londres

Dear Sir,
147e ,/ ////,-;Ni

10th 9ept.1919.

dith reference to your letter

nstant and oar acknowledgment

we have taken this matter up

t Office, and we have to-day

eply to your request.

le enclose herewith the

le which appears to be the
'9

ripiaal.

de aloe retarx



inal (Able and tne receipt





14 PLACE VEND61\1E

PARTS

O

20th. May, 1926.

Dear Ben,

Herein please find copies of your two cables
of to-day. I hope you have had a good trip and that we may
see you back here soon.

P.S. Enclosed cables Nos 84.257 and 84.259.

Benjamin Strong, Esq.,
Grand Hotel,




Rome .

*




/

{




Hotel du Cap d'Antibes,
Antibes, June 26, 1926.

Dear Denn:

Thank you for yours of the 24th, which just reaches me.
I hope it will be all right for me to have the bill for the cables
peid through the office in New York.

I will z,sk them to remit francs, as

it would rive me quite a little bother and bookkeeping to make the payment
here.

Governor Norman and I ere tremendously interested in the Cabinet
changes and have been discussing the prospects every day.

If anything devel-

ops which you think would have a bearing on our attitude at the Bank, I hope

you will lot ne now nromptly.
(c44:4"311"1-1241')

It is not unlikelyAthat you will see Mr. Mellon in Paris in the
course of n fe-7 -reeks now, as I believe he is sailing the latter part of this
month.

Give my best to Herman and Jack, end the same to yourself.
Sincerely yours,

Mr. N. Dean Jay,
0/0 Morgan, Harjes & Company,
14, Place Vendome,
PAA1S.




0
Hotel du Cap d'Antibes,
Antibes, July 5, 1926.

Deer Le: ll:

This is merely to acknowledge receipt of youre of the
enclosing copy of cable No. 63.780 in reply to my No.
'deny thanks indeed.

Sincerely yours,

Mr. N. Dean Jay,
0/0 Horgan, Harjes i Company,
14, Place Vendome,
PARIS.




L.

111
Hotel du Cap d'Antibes,
Antibes, July 10, 1926.

0
Dear Dean:

We were expecting Gilbert here almost any day and are just advised

by wire that they have been detained in Paris, because Mrs. Gilbert is suddenly
threatened with appendicitis.

Ile are not sure whether they are at the Crillon

Hotel as usual or not, but the Governor and I want to send her some flowers with
our sympathy, co I am taking the liberty of telegraphing to your house asking if
you could got some and send them to wherever they are - probably the Crillon.
And please be sure and let me know what they cost.
Sorry to bother you, but you seem to be my guide and friend in Paris,
and this is one of the penalties.
3est regards and many thanks.
Sincerely yours,

Ur. N. Dean Jay,
c/o Morgan, Harjes 1'. Company,

14, Place Vendome,
PARIS.













14, PLACE VENDoME

PARIS

.....-11-V--.46.

-







/1-4-do

6 -411771

14, PLACE VENDOME

PARIS

July 4th.

Dear Governor,
The enclosed cable arrived_ this morning

and I know of no other way to discreetly ascertain your
views except to ask you direct what you think about it,
so that we may advise T .. .Iaront.

ill you therefore

let me know your wishes in the matter.

I hope you had an enjoyable trip over
to Evian and that you are comfortably installed there.
Please let us know if there is anything we cEn dc, for
you.
Affectio-

Governor Benjamin Strong,
7,oyal Hotel,

Evian-les-Bains,
Hte-Savoie ).
(

tely yours,

,




MORGAN &

Cie.

(Reg. Co

(code)

(IFFY of Telegram received from %S3

$. 4

4ttitloods.r.

64.1136

.to ore lafe
Wet it woad please rresid

001111111P Strong dasoratioa

soon. isteiale seats howe
Mersa would weleesse thi

If Governer Strong woad, d

he iould like to UM that
very discreetly Mai SOU




Mr. N. D. Jay.

2.

7/6/28.

O
which would make this a most acceptable thing is the fact that one does
leave a souvenir for one's sons in connection with anything accomplished,
such as this would represent, that is a real tangible thing to them.
I think I can sum up my feeling about this by saying thati
(1) I am most anxious to do nothing which would in any way chill
or dampen the enthusiasm and friendship of my good friends over here;
(2) It would be a mistake for me to accept this decoration at
the moment;

(3) I should not do it anyway without having a word with one or
two of my associates in New York;
(4) If, after returning home, with opportunity to talk to one or
two of my friends, the time seemed appropriate, I would then like to be
able to say to Tam that there was no objection.

This might not be until

September, or even October.

Of course you know there are quite a few people at home who delight in opportunities to take a slap at us and at me personally, but if I

have a little time, there is a way of dealing with this which will obviate
every difficulty.

You realize the need for conveying all of this very cautiously

to Tom, so that by no chance could anything be said or written which would
in any way offend the President of the Council or any of my other friends
over here who might have had a hand in the affair.

The fact is, I would

be delighted to accept the decoration et once if I felt free to do so, and
not feeling free to do so, I would like to have a chance to defer a final
answer for a couple of months, when I think all the difficulties may be




a
a

Mr. N. D. Jay.

3.

7/6/28.

dealt with.

It was very good of you to write me as you did, and it was in
every way the beet method of dealing with the matter.
Of course, I cannot possibly suggest that this might be arranged
without any publicity, without giving offence, nnd that is the last thing
I want to do.

We are having fine clear weather here, but quite warm, which however I do not mind.

The rest is doing me a world of good, and the first

of next week I shall be fit for a stream of visitors.
Confidentially, I shall leave here the morning of the 23rd and
arrive in Paris in the afternoon of the 24th, leaving there to nail on the
"Olympic" on August let.

My best to you and to your partners, as well as to those in New
York, and many thanks for your letter and Tom's cable.
Affectionately yours,

Mr. N. Doan Jay,
c/o Morgan & Company,
14, Place Vendome,
PARIS.
M:72







f1-4,-, 6-4417

L

14, PLACE VENDoME
PA I ! I S

July 9th. 1928.

?Ty dear Governor,

I have your letter of July 6th. in
regard to the confidential cable which I forwarded to
you in my letter of the 4th. , and we have t('-day cabled
New York as per copy I;o.8F.467 enclosed herewith.
I was not a ite certain how far I
should go in this cable in expressing your feelings
as outlined in your letter, but decided that I had
better be very discreet. 7owever if you do not think
I was expansive enough, please let me know and I will
In the meantime, I am writfollow with another cable.
ing T..; .Lamont outlining more fully, than was possible

in the cable, your feelings about the matter and telling
him about your plans for sailing.
I am delighted that you are feeling
so fit and that the climate agrees with you. However do
not overdo the visiting for there is nothing more tiring
than seeing people constantly.
Affections ely yours,

Governor Benjamin Strong,
7.oyal Hotel,

Evian-les-Bains,
( Hte-Savoie ).




13

MORGAN No 33562)Cie.
d'
(Reg. Coince. Seine







a
14 PLACE VENDolVIE

PARIS




rf,ipon 6 f-/"1-1

L/R.

//7.), 26th July,1913.

1)-6Aildv
My dear Mr.. Strong,

Your letter of the 16th inst. reached me to;.aay

on the eve of my departure on holidays, and I regret that
owing to the pressure of urgent business I art unable to go

into the various questions you raise at the length I should
like.

I also fear that for the present it would be
impossible for me to follow up your suggestion of writing
you regular letters for the purpose of keeping you in touch
with matters on this side, as I an going away now for about
three weeks, and then for a couple of months or so to Americo,
where I hope to have the pleasure of seeing you.
In the meantime, however, I would say that
tv the general pessimistic feeling which has prevailed here
since practically the beginning of the year and the universal
has
pessimistic forecast of financial circles had the effect of
very strong precautions being taken, the consequences of which
are now being felt in a clearer atmosphere and a more cheerful
feeling.

It is of course very difficult to foresee what
may actually happen in the autumn as there is no doubt that
the prospective demands for funds by the belligerents in
the Near East have by no means




abated, and that furthermore

(

2

this country will have to cone out with a big loan before
the end of the year, in addition to which there are its

conmittnents towards Russia, not to speak of the pressing
necessity of providing further funds for Mexico.

It looks

however as if satisfactory preparations had been made, and
that the demands will be net without any serious disturbance,
or any dangerous tightening of the money market.

Furthermore, it is impossible to formulate
any useful opinion as to the gold that may be still required
for Paris, which to a very great extent depends upon how
the situation develops in the Near East, and the export demands which may have to be net here.

The last important ship-

ment of gold from your side to Paris would apparently appear
to have been due to the Near Eastern embroglio, and more

particularly perhaps to the accumulation of the precious metal
by the Reichsbank.

As regards Germany it may be mentioned

that in many quarters astonishment has been expressed at
the efficient manner in which that country, in spite of the

practical closing of the French and English markets, has been
able to regularize her situation, and notwithstanding tho
difficult position in which she still apparently finds herself, it would seem as if arrangements had been made to ob-

tain all the needful assistance from Holland, Belgium and
Switzerland.

I an glad to see that conditions seem to be

imProving on your side and hope that the resolltion of the




(

3

)

present difficult situation may prove the adegUncy of the
preparations which have been made to meet it

Looking forward to the pleasure of being ale to
discuss these matters personally with you, 1 remain, with
kind regards,

tours very truly,

,

Benjamin Strong Jr. Esq.,
Bankers Trust Co.
16 Wall Street,
New York.




s

L/R.

/1::Av,4 14th Jany. 1915.
i.ef

s

0

PER,

-1 7

dear Strong,

Confirming my letter of the 6th inst. x now
enclose you three specimens of a'Fr..0.50, a Fr.1.

and a Frs,2e.

noteissued by the Chamber of Coamerce of Bordeaux,

Many of

the Chamber5of Commerce of the principal towns of Franco (hut

not Paris) have issued similar notes against the deposit of
notes of the Bank of France,
Yours sincerely,

Benjamin Strong Jr. Asq.,
62 Cedar St.,
Few York.




'
7:1 c ..\ 0
<1{'
,e,

\
.

9

,,.

..,

.-

1

Li.

xl
--

-,

.i.A' /

january aith, 1915.

lig dear Harps:
Az I =..z shout to write you about those Chamber of 00,71merce

issues, your note of the 14th reached me, enclosing three seecimons

each of the Fr. 0.50, Fr. 1.-- and Frs. 2.- issued by the Chamber of

Commerce. of 3ordeaux.

This is exactly what I =zit:di, and I am exceed-

ingly grateful to you for your thonghtfulness.

Please do not hositpts to keep me on yur rwnilar correspond-

Some day,
once list. I my be Vole to do something worth while for

re.

nce nem, lot no express my gratitude, in which all the fam-

, for your many kinAnesses to Areh.

Ho nzy no:', say solo

has written UB that he hcis a. very high regard for all toe

ith kindest rcgrxds,

Sincerely yours,

Isq

'etissmann,

ce.




6T

A,

lF71) ;34)ri0

JUR() 1st

1915,

doer

I c most crateful to you for your

kin,' latter of Ilay 10th,

giving r^ such a satisfr.ctory account of Tv brother's doings.

An tak-

ing the liberty of sending; it to my Lothor who, you can innEine, is in-

tensely interestoa,
About exponr;es

please let that be considered a little con-

tribution by the writer to,:aras the cood work that you and your anseciates

have bean doi*-1

I have been symoathetic all along with Arch's work and

while his trip to Servia caused some anxiety in the family, nevertheless,
I have felt that it is part of the work to be done, somebody must underte",ce it and that ho is admirably sitmated and almost perfectly oquiueed

by to,Teranent and training to do just what ho is undert071/1.3.,

Of course,

I was disa,)nointed to h:N_.ve him leave/ his association witIn you which g:'-vo

o some feeling of assurance, and besides that my o::n fondness for Pars,
France and French people, =ado it a peculiarly agreoablo reletionr;hip.

Please accept my very kindest regards and thanks of the family
for your interest in Arch and his wor%.
Sincerely yours,

H.

Esq

31 BoullT-Wtasemann
aris, Fraace,
BS Jr/VC; ;







11;411).16




c1-4,A0i

&rit7)-,




January 13th, 191G.

rz.7 dear Harjos:

I

finmlly roserved accomodations on the "Better-

'damn, sailinf-;1 February 1st and hope to see you in Paris about

the middle of the month.
I have just written to the Ritz Hotel, asking the;

to reserve rooms for me and

John F, Harris, who hanpens

to be going over at the same tine I am, and wonder whether,
in case the ho:;els are crowded in Paris as they Et, em to be

in London, you dould not ask one of your young mon to telephozle or stop at tho hotel to ensure that they expect us and

will take cre of us on our arrival.
I hope the worst of your labors are over.

Possibly,

I can percuade you to take a day of when I a in Paris and
run out somewhere into the country and forget the worries of
business and war times,

on't you preent ny kindest regards to ::rs. Harjes
and accept the s-Jme for yourself from

Yours faithfully,

Herman Hnrjes, Tsq.,
51 Haussmann Boulevard,
Paris, France.

January 18th, 1916.

;

wrsssrs

'Elt have a rather pathetic caso of war distress in our
family rind I am writing to Ltslr if you cannot find it possible to

give us D little help prior to the tine I reach Paris.
':r$. Strong's nnids, by u.ma Gle.:Ionce Clire, coo

One of

frola Alsace-

Lorraine ;:nd she h's not heard from her flally since June or July,
1914.

Her father, Loais Claire, ke:'t s little cafe called Cnfe'

Poussardin in the town of rcnoaes, Vosges, which I belive is nbout
two hours from Nancy.

The Gern2n sdvance swont

over this

plaoe and I understnd is now right at, or behind, the Gera-:n linos.
Her father is - ram of 48 and ray h;--me been drafted in the arny service, -11 though she is not sure of that.

brother aced 10 living.

She has a mother and a

I have tried through other sources to cet

soLle infor,J:tion about then, but EO f:.r without success.

Is there

any means of locating thei throuzil government channels in Paris?

Anything you can do will be a very great help and if the
is succe.sful, it will be

groat relief to this girl who

really Is distrletod for want of news of her 1:other.
Sincerely yours,

Hermit Hal:jos, T:sq. ,

31 nansumnn Boulevard,
?aris, Franco.

Jr/X1










,

4h;




31, BOULEVARD HAUSSMANN

PARIS,..

1

_

,,

Dear 311.,

Tr%

17r 1.
-

yith t'i!rim on hiz 1,ehalf of
report of tii

reLerl

to L...3n,.:i1edze -reoei-o.t

aawi.nced proof of the flrEA
Z(:7terve 2m1: Q

lac is very LI-Lich oblid.




Y.011:-8

'Cr

1Tc.

7ork,

for v.hjch




1




-2-

-4,

To

N

Mr. ilarjes.

to him how very much you are engrossed. in a

responsibilities, so that the introduction
burden to you..
':;ould you mind on receipt of the

a cable Ecidressed "Strong, 4100 Montview
U. S. A." giving me in a few. words any adti

he should have in connectio)

bo good enough tc charge the

co1=.t.

thu c

and send no a st%toment?
You may

our

Denver, but I have been b.

count of my health

that I

out hero f

-:ardwill

turn to hew
b

1..

wishes for su

est regards.

Her
31,

Paris.
Bspcm

H. Narjes,
-lovard ha

4-9

mann,

ess in your

-r

7

MORGAN, HARJES & CO.
Paris,

19/

COPY of telegram despatched to




1. C. D.
5/12/16
Strong
41no l!entyico

Dculew,rd

Dever
ecloreto
Your

letter

look

r,

not

nlroady

Driver

for

could

r2lerican

give

in

with
glad

be

;fcerican

he

probably

Relief
to

on

ratil!e

Cler-ring

bfin 3.

plonty

glad

hal

21mericop up
;/)21milance

aceopt

him

2cectoss Convoys

sign

c:in

to

be

friend
and if be

Johnson

tied

'ill]

provided
he

your

ter

Hospital

received will

thirteenth

for six

hirlielf

House
of

the

at

front

vonths

useful

with

culy

stop

warm

Ambulance

vs

advice can

clothing

Earjes

tim







-2_
cure 1B olnly a question of a very short, tilr.o.

Your absence from the Fedt,ral Reserve Board has

made itself felt vary much and unfortunately. All your friends

over here believe that if you had been present the last extmorainaTy statement which the Board issued and which has shaken the

foundations both ho

and in England of coafidenco in American

friendship, roul0 never hnve ta7ren place.

With kindest regards anti best rishes, believe me

Yours sincerAy
0,-1->?--

Benjamin Stroll; Esq.

4100 IlOntview Boulevard

Denver
Colorado




December 7th, 1916.

My deEr Harjes:

It was very kind of you to cable m
regard to Er. Johnson's plans and I am rc;.ly

o fully in
to-day

as per enclosed confirmticn.
be in Paris

While Er. Johnson ex.::e

three Lonthn this trip, th:r

likelihood that

after reaching Paris, h

matters so that

he can return next Foil if se

of thst character

are still needed,

,

The details of h

six months more.

12scu: s with you on nr-

rival.

you for your courtesy in

any r
he w

ering

.,d if he is ablr to be of

to

service to you in your multitude of
certainly b

glad to do so.
regards,

With kincie:,

::.ncerely yours,


Berman H. 'Har jos, 'Esq.


duties,




Denver, Colorado,
JannRry 2, 1917.

My dear Harjeo:

The enclosed copy of letter o

troduction

am just giving to lir. Charles A. John 1 explains itsel
I have hesitated to do anything to idd t) your burdons
as both Mr. Johnson and his
to undertalce none serious
justified ply doing so.

I beg to r

arjes, Esq.
,
Lorgan, h
31 Boulevaru
Paris, Franc(

ZE2X2'11-;',

BS/C,`C

Enc.

ut




Denver, Colorado,
January 2, 191 ?.

Dear r.r.

BarjeS:
This note 7111 be

proscntr

1'

Jonnon %Tao is ooinj to Paris with his sister,
.Brisham, both of -..hom aro c

Charles A.

Clifford

o undertate SOn-i work

in connection with 'oar
I have alroady ac%i

with ::r. Jo'rncon's

d nothir

to coranend hi::

wishin,3 vou and 11 3. Earjes

a irappy arie,V1 Y

B3

further except
courtesy.

With

7.ari H. Harjes,
Boalevara
-Is, Pmnes.

jou by lottor and cable

...,




S




31, BOULEVARD HAUSSMANN

L/R.

1.7 dear Strong,

I beg to acknowl*e receipt of your letter of
the 2nd inst. enclosing copy clvletter of introduction which
you have given to Et. Charle

A. Johnson

and his sister who

are proceeding to purls to/undertake relief work.
I shall be
/
delighted to see la'. Johnson as I have previously written you
i

and will do all I can to help him in accomplishing the object
he has in view.
/1

Wit 'kindest regards, believe me,

/

Yours very sincerely,

/
.C.-----------

Benjamin Strong Esq.,

4100 Eont7iew Boulevard,
Denver. Colo.

January 21, 191E.

Dear Sir:
This note i;111 be pkesented,to you by my friend, Er.
\-

-4

John T. Pratt, who is just leaving this country to accept a
position of inTortanco in the American Red Cross, Field
Service, in Franca.
I hope that 1.!r. Pratt's Cuties will permit him op-

portunity to present this letter to you, as he is a very warm
friend of mine and I am sure you will be glad to knew him.

Anything that you can Co to facilitate his work or
his trip rill be greatly appreciated by re.
Faithfully yours,

P.or,;an, Earjes & Company,

Paris, France.

BSIHAB




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