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London,T%O.,

Dear 11.r.

February 13th, 1916.

Jay:

This is Sunday afternoon and a convenient opportunity for
We arrived so late Friday night (really Saturday morning
at two o'clock A.".) that Saturday was about spent before : was out.
But, nevertheless, I had a ver- nice visit for about one hour with
'ter. Blackett who was delighted to see me and gave an excellent account
He is a charming chap and his
of how things are going on over hc,re.
two recent trips to liew York have given him, I think., a more correct
understanding of affairs in our city than almost anyone with whom T
have come in contact of
were.
a letter.

London is a very busy place and I imagine the same is true
One of the consequences will be the ex2enditure of a great
In
deal moze time in covering the ground than I at first imagined.
laying out a program, which I am now attempting to do, I am convinced
that it will be difficult --if not im:occible-to count ucon getting
back home much before *Jo first of April and even then I fear a good
deal of the ground will have to be very hastily covered, or else all
Of course, I had a bully rest
holiday thoughts entirely abandoned.
an the boat but picked up a wretched cold that I hole to be able to
subdue in a day or two.
of saris.

Blackett te_ls me that Lord Reading is most anxious to
I am also expecting to lunch with
Ambassaior Pam in a day or two.
see me' as soon as possible.

London makes two impressions upon your mind which are
One is, the darkness of the city at
unmistakable and convincing.
night all windows being shaded and the street lamps not _such more that
The other. the number of boys in uniform on the streets,
a glow worm.
Our rooms in the 2itz overlook e
in the theatres and restaurants.
Yesterday aftcrncan I
court in which drilling is going on every day.
took en auto ride out to Aldershot which is little lees than a military
city, araarently v:st in extent although not much of it could be keen
Also passed a large plant where aereoplann3
fram the public road.
are being manufactured, and many of them were in the air being tried.
out as ye passed.
We were too late yesterday to get mail from Morgan, Grenfel
& Company. Will do so tomorrow morning and hope to find a ca)le from
the office as there was none at Falmouth,
Please ive my best regards to all at the office and the
Will try and have some -wore interesting letterr
srlme to your good self.
to send you later.




Sincerely yours,

Hotel Ritz, Paris
February 18th, 1916
Dear

Jay:

Here we are in Paris after a trip such as one
does not care to make more than once in a lifetime.
I am
without a typewriter just now (this being the hotel mgchine
and the French arrangement of type decidedly reversed from
the American machines) so will save particulgrs for later
on,

We left London we,Inesday morning on an 8:50
train and upon arrival at Falmouth legrned that no boat would
leave until the weather moderated as a violent storm was
raging.
We spent that day and night at Falmouth finally
getting away Thursday morning at seven o'clock.
The crossing
was the roughest I have ever experienced; in fact the waves
swept over the boat at times, baggage and trunks got loose
and passengers occasionally were in the scuppers.
Mr. Harris
was thrown to the deck and had rather a had fall, smashed his
glasses and cut his nose but he is all right again this morning.
One o4' our fellow passengers, Captain Sailer. Javal Attache at
the .Lmbassy here in Paris, caught sight of the periscope of a
submarine which he took to be an ZnjiSsh craft.
I h9d retired,
with a certain elementary feeling of discretion, for which I
was very grIteful: to the dining room and spent The remainder
of the trip dozing, mid the rattle of broken china and groans
of passengers who were hoping for instant death.
It took five
and one-half hours to make the crossing and a more bedraggled
looking party you never saw when we finall' reached the train.
There is a good deal of red tape involved an the matter of passports etc., although when we reached Dieppe the Captain of the
General Staff, in charge of the arrangements,for landing
passengers, legrned who I was and gave me a Jine hustle through
all the red tape for which I was exceedingly grateful,:'
finally reached Paris last evening about seven o'clock--the trip
rom London taking about thirty-six hours as against five or six
ours in ordinary times by way of Dover--Calais.

While in London I had a nice visit with Ambgssador
Page, took luncheon with Lord Reading in his chambers and afterwards listened to a trial over which he was presiding, and then
Holden took dinner with me the night before we left. I also
had a visit with Blackett.
It consumed the better part of one
day; however, to get passports in shape to come to Paris and
you will appreciate that the di, ficulties of travel and the time
consumed in making arrangements together with the irregulgrities
of trains and boats makes it exceedingly difficult to accomplish
much without plenty of time.
As an evidence of how things are in Paris, there
were just thirteen men, including ourselves, in the dining room
 the Ritz last night of whom seven were Znglish officers.
of


a

So far as it is possible to make plans, my itinery
fir. Harris and I leave for Cannes
will be about as follows:
to spend a day or two with kr. Stillman returning to Paris
I shall spend at least the rest of the week here
Tuesday.
and may go to Havre to see the Belgium Minister of Finance.
Fro, there to Dieppe and London spending the rest of my time
The difficulties of getting into Holland I am
in London.
informed are considerable and, on the whole, I believe I would
not be repaid for attempting to make the trip, particularly gs
it would not be possible for me to get back to New York until
I Aall be guided entirely by progress
some time in April.
made in London.
I am counting upon your keeping me informed by cable
how things are going in the oifice so thqt I can have a guide
when making plans.
.I learned from Sir Edward Holden that there are a
One
number of plans laid out for my entertainment in London.
is a dinner with all of t e Clearing House hankers.

or obvious reasons, not Lo lay out a
I have decided,
schedule or description of inquiries regarding .our banking
arrangements over here but may possibly do so
leaving for home or on the steamer.




.:

Zy best reggrds to all at the office.
Sincerely yours,

Rita hotel, Paris, France
February 19th, 191j.

ly dear Mr. Jay:

I am afraid that my letters will be rather
uninteresting but I shall do my best to keep notes so that
I can give you and our associates an intelligent account
here must progress
Such work as I have to
of our trip.
very slowly.

I have sent he letters of introduction to
.ions. Ribot qnd to the Deputy Governor of the Bank of France
asking for an appointment upon my return from Cannes.

Saw our Ambassador yesterday and some bank
men tut I shall not be able to make the calls I anticipated
We ,.re leaving
making here until I return from Cannes.
this evening, returning in a day or two.
Paris is very quiet, dark at night,
course the hotels are withoutthe usual American tourists.
One is much impressed with the quiet of the city and the air
It
of seriousness--the only topic of discussion is the war.
is a pleasure to realize the care and thoroughness with which
every interest and energy is made subordinate to the demands
Passports are most carefully examined and must
the war.
be visaed at every turn, for which of course we cannot complain.
The Zmbassies both here and in London are tremendously driven
with work--.r. Sharp and D.. Page both look tired out.

1 am glad to say that the cold I picked up on
the steamer and which bothered me a good deal for a few days
Please Jive my best regards to all at the
is much better.
office.




Sincerely yours,




Feb. 25, 1916

2

a
reaching New York before tee first of ipril unless you cable
ee that I am needed.
Unfortunately it is impossible to obtain a typewriter in Paris for love or money this one is borrowed for
an hour) so I am finding it imposible to write you quite as
fully as 1 would like to do, and in any event I cannot make
a very satisfactory report until after my calls are completed.
;e get news that a terrible battle is raging around
ierdun with a very large number of men engaged, and with
possibly very severe losses to the Cer-cans who are aggressors.
Twice since we have been in Paris notices were sent around of
possible zeppelin visitors and all lights were extinceished
for a short period.
.owever, in both cases snow appeared on
the scene which it appears makes zeppelin o)erations difficult
or impossible.

1

Do not hesitate to cable me if it looks as thourh
were needed at home.
y best to all the boys at the bank.




7aithfully yours,

Paris, France-Hotel Ritz
February "9th, 1916.

Dear Er. Jay:

Thank you for yours of the eleventh instant with
which was enclosed a proof copy of the Board's first annual
report to Congress.
Except in a few places it struck me as
being colorless which is only too apt to be the case when a
reiort is composed by seven different people. I am glad to
hear about the examination progressing satisfactorily, also
the progress on furniture for the new banking room --the figure
strikes me as moderate.
I am bringing home with me the
annual report of the Bank of France which you will find interesting.

For your sake I am sorry about the group dinner,
speeches, etc.
It gave me an immense feeling of satisfaction
to learn about it for those brute dinners and speeches are
the bane of my life.
I stopped in at ft Neuflize
Company this afternoon to see Baron do Neuflize by appointment, and he was just
in the midst of signing up a big batch of the drafts arranged
through Dsssrs Bonbright & Company and Bankers Trust Company.
I 11xe not, and probably will not write you fully in regard
to my visits etc., but will get it all up in the form of a
report when I return home.
Had rather a nice clear day yesterday and spent most of it with Mr. Lewandouski of the
Comptoir.
Today, it has been raining most of the dv.
I am
held up making calls on some of the peonle I want to see
awaiting word about certain matters from the Bank of France,
and also awaiting Herman Harjes return to Paris. He was called
out to Verdun with his hospital outfit last week and only got
back late today.

Had a most interest lunch Party today, in a small
group of .Jiterican business men located in Paris who lunch
together every Monday.
Many of them who find business dull here
just now are giving much of their spare time to relief work such
as the american Clearing House, :American Hospital, etc.

During my spare moments I am occupying myself with
my collection of war souveniors and have picked up a few
interesting things. Some of the French posters are very good.




Paris, France-Hotel Ritz
February 29th, 1916.

Dear Lr. Jay:

Thank you for yours of the eleventh instant with
which was enclosed a proof copy of the Board's first annual
report to Congress.
Excert in a few places it struck me as
being colorless which is only too apt to be the case when a
report is composed by seven different people.
I am glad to
hear about the examination progressing satisfactorily, also
the progress on furniture for the new banking room --the figure
strikes me as moderate.
I am bringing home with me the
annual report of the Bank of France which you will find interesting.

For your sake I am sorry about the group dinner,
speeches, etc.
It gave me an immense feeling of satisfaction
to learn about it for those brute dinners and speeches are
the bane of my life.
I stopped in at Du Neuflize
Company this afternoon to see Baron do Neuflize by appointment, and he was just
in the midst of signing up a big batch of the drafts arranged
through 1essrs Bonbright & Company and Bankers Trust Company.
I have not, and probably will not write you fully in regard
to my visits etc., but will get it all up in the form of a
report when I return home.
Had rather a nice clear day yesterday and spent most of it with rr. Lewandouski of the
Comptoir.
Today, it has been raining most of the day. I am
held up making calls on some of the peole I want to see
awaiting word about certain matters from the Bank of France,
and also awaiting Herman Harjes return to Paris. He was called
out to Verdun with his hospital outfit last week and only got
back Lt to today.

Had a most interest lunch party today, in a small
group of .merican business men located in Paris who lunch
Many of them who find business dull here
together every ronday.
just now are giving much of their spare time to relief work such
as the jomerican Clearing House, ..merican Hospital, etc.

During my spare moments I am occupying myself with
my collection of war souveniers and
picked up a few
interesting things. Some of the French posters are very good.




2

Everyone here, just now, is in a stute of expectancy
awaiting some news from Verdun.
Apparently the German attack
has failed to do more than make an impression at vnrious
points on the French advanced positions, but at such cost to
the Germans that they are gradually reducing the length of
their operation.
So much for now--I am sorry not to be able to give you
details of the business part of the trip.




Sincerely yours,

Taxe

Mots p

principale

Taxes

Indication de Tranan

TtLEGRAMME
p6ttr

Aeeessoires?

Mentions de Service non taxees a transmettre an rreambule

h.

Feb.

1916

Total

P. Jay, Federal Reserve Bank,
Cable received.

New York City

About finished here.

London via. Dieppe Folkestone.

Leave Saturday for

Well.

Benj. Strong.

N. W

.else de l'expediteur :




HOTEL RITZ,

Wee Ind leafless se nowt taxee et transolkes que sue la demande expreame de l'expedltenr,

15. PLAC

Cablegram via Western Union:
Taxi,

Indication de Trans'

TtLEGRAMME

prinvipale

PO It 1

Taxes

Aceessoires?

Mentions do Service non taxees a transmettre an preambine
Total

Jay,

Federal Reserve Bank,

Leave Saturday for London via Dieppe.
rl

channel.

Q

',.arch 2, 1816

New York City

Possibility delay crosring

Urged go to Holland but believe two weeks required in

London will make Holland trip imItiaxxikIs ExAmisIxaJaig inadvisable;
stop.

Omitting Holland should reach NewYork about April first

sailings regular.

S top.

if

Is this gajtirfactory,

Strong
51,

HOTEL RITZ,

Noin (Padresse de 1'expediteur :
(Celt ladieations ne howl t a iiie s et oran.nekeft que.ruir la 4 lemande exprehse de l'exptlditeur




15. PLA




POST OFFICE TELEGRAPHS.

H

Counter Number

(1

THE WESTERN UNION TELECRAPH-CABLE SYSTEM.

ill

FOR TELEGRAMS AT DEFERRED RATES (EXTRA-EUROPEAN ONLY).

4ok

Words

Code

Charge
2

Date Stamp.

To

To be affixed by the Sender. Any stamp for
which there is not room here should be affixed at
the back of this form.

By

be obtained, price One Penny).

At
Office of Origin and Service Instructions.

VIA

WESTERN UNION.
According to
the language used

FOR POSTAGE STAMPS.

sent
d.

Uarch
5,

1916

(A receipt for the Charges en this telegram can

NOTICE.-The following Telegram cannot be accepted unless the Declaration at the foot of the Telegram is previously filled in
TOand signed by the sender.

0, D or F must
be added to "LC"

Pierre Jay, 62 Cedar Street,

(see back).

ThaHLT

New York City

cb317775;;;;714.T.7.11Liihely

that :ii,yht sail by rushing on twentieth (stop)

better (stop)

(stop)

OrAtting

i.iore time woulO be

Do you recommend retu:ning then (stop)

very satisfactory but everything takes time (stop)

Paris trip

How about

rouulations?
Strong
I hereby declare that the text of the above Telegram is entirely in plain language (the language used being t Eivlish .) and that it does not bear
any meaning other than that which appears on the face of it.
U
son the faith of the foregoing declaration and subject to the conditions
u
Ifequest that the Telegram may be forwarded via " W E8T
printed on .tae back hereof by which I swig, _Ito. bektund.

Signature and Address of Sender ""

I"

ro,ic Jr., Hotel TAtz,

London.

NOTE.-The Sender's Name and Address, or either of them, if to be telegraphed, must be written at the end of the text of the telegram.
t State here the language need.

-

n'm

No.

)

THE WESTERN UNION TELEGRAPH COMPANY.
FORM FOR CABLEGRAM (TRANSATLANTIC.)

NORTH, CENTRAL AND SOUTH AME
WEST INDIES, AUSTRALIA AND NEW ZEALAND.

DIRTICT ROUTE
Prefix.

Words,

FOR ALL PARTS OF

Sent.

Charges.

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s.

d.

TO

ilin,--gauI-14.07-1..

Pierre Jay,

Ceble just

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At

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Office of Origin and Service Instructions

2z

FOR STAMPS.

By

........

Federal Reserve Bank,

THIS FORM WILL BE ACCEPTED AT ALL
POST OFFICE TELEGRAPH STATIONS.

New York City

Believe important I remain to complete present

work even _thoilch reach home Refter _April

first,

dould rely your ruivininf:

me dcfinitely-arri-o-omiitions-making-earlier return desirable,- Stop.
fl-shingtori nw:fe published fairly complete.

_Believe I understana sitnati

obtain information requested. Stop.
I request that the above Telegram may be forwarded
be bound.


at back hereof, and by which I agree to
http://fraser.stlouisfed.org/
Signature and Address of Sender
Federal Reserve Bank of St. Louis

Information department Dank

VIA WESTERN UNION "

subject to the conditions printed

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of Prance very complete. Probably name hf
sailing with Paul? Stop. Am well but ex
Btmj.

I request that the above Telegram may be forwarded "
at back hereof, and by which I agree to be bound.
Signature and Address of Sender

VIA WES

F-

1(7
et
Ritz Hotel, London, England.
arch 8th, 1916.
Dear Mr. Jay:

ao,kukk"'"

The windup of my stay in Paris, the trip to London and
getting settled in the hotel, the procuring of a typewriter etc.,
made it impossible for me to get off,a letter but I have cabled you
twice and today have your long cablEy advising of dear old Paul's
uneasiness.
He spoke this way to e before I sailed, but I am not
sure that it is any more than his
disposition which led
him to speak as he did.
I am mighty glad that Kains went with the
party--he is just the man for that sort of an exnedition and will
help them a lot.
It is rather important that I should be able to rely
upon your advising me promptly if developments at the office or in
7ashington seem to indicate the necessity for my return. The English
newspapers pretty good Washington news but, of course, not such news
as '. ;e would get at the office as to what is really going on.

It

would only require a definite cable from you to bring me home by
first steamer.
I had a wonderful time at Cannes. The weather was
delightful and I spent all three days there motoring with _:r.Stillman.
The bankers in Paris are all pretty busy, particularly at the Bancue
de Prance, nevertheless I had opportunity for some good visits with
them, and without going into detail think the foundations are laid for
perfecting all of the arrangements that we will require there whenever
the time arises.
r. Harjes was exceedingly kind, giving me a good
deal of help and advice.
As a matter of fact, the time I spent in
Paris was all too short to enable me to cover the ground as thoroughly
as it should be, and I fear that the same will be the case in London.
I have only been here two days but so much time is lost in arranging
appointments etc -- people are so busy in their offices that one should
be here a month or two in order to accomplish anything.
I had
long talk yesterday with Jack Morgan and Grenfell,
and another visit this morning with Jack.
He is sailing for home on
Saturday, having been here for four weeks and as he says, he really
feels that to make progress upon an important matter here one should
allow more time.
Just to give you an idea of my programme:
I had
lunch today with Hartley Withers. Spent an hour or two this afternoon cleaning up mail which has accumulated. At five o'clock Fred
,olcott was to come in and take tea with me bnt just telephoned that
he would have to defer it a bit--he is going to tell me something of
his trip through Germany and Poland. At eight o'clock I am dining with
Lord Fairfax and a number of bankers.
Tomorrow morning I am going to
make some calls in the city.
At 2:15 James Simpson of the Bank of
Liverpool will call. After he leaves I am going to look into the
euestion of steamer reservations for the trip home.
At five o'clock
Lord Churston, who represents Hallgarten
Company here, will call and
take tea with me.
At eight o'clock I am dining with Jack Morgan, and
some of his friends and associates. Thursday I have set aside to make

calls, and at eight o'clock Iam dining with Lord Reading and IleZenna.


2

On Friday evening the London Clearing Bankers are giving me a dinner at
the Savoy Hotel.
Saturday afternoon and Sunday I hope to get in a
ittle play with some of the men at the Embassy.
By the way, last
night I had dinner with 1:r. and Irs. Page and spent a most delightful
evening.
lir. Page is a "corker".
Lionday I am dining with them again.
Tuesday night Sir Edward Holden is going to give me a little dinner at
which he expects to have the principal men, Paish and others, connected
with some of the financial publications of London.
The disposition
here, naturally, with everybody busy, is to make evening engagements.
I will be sure and get the information asked for in your cable,
and am quite certain that it would justify the course we contemplate
pursuing in regard to our information department.
You will, I fear, find my letters rather bare and uninteresting
but it is the best I can do just now.
I -ould not let the Equitable people delay the completion of
our of-Axe, except for good cause shown, as we have lived up to our
part of the contract most scrupulously.
Horawitz will do everything in human power to see us in on time I am sure.
The arrangement about the Investment Account strikes me as
being most satisfactory from our standpoint. Mr. Kenzel has sent me a
copy of the memorandum.
Sorry to learn of the repeated reductions in
Surplus Reserve, and presume it is the usual spring movement commencing
If so, it does :lot indicate very much but if it is due to expansion in
the Loan Account it would be unfortunate at this time.
With best regarils to all in the office, including your good
self,




Sincerely yours,

N 0.

DIRECT UNITED
WEST RN UNION STATES




Larch 9th, 1916.
74 dear i.Ir.

Jay:

Yours of the 18th ultimo has just reached me and I
am grateful to you for such a nice long letter, and for the figures
enclosed.
lirs. LIcLaren writes me, and sends clippings as well as
general data collected from the office which is comforting and
relieves me of an.T:iety, and makes me feel a little easier about
staying away. Your letter is most reassuring that I am not trespassing upon your good nature.
About the statistics and information.
While I did
not have time to go through that department in Paris, from my talks
with the officers of banks I believe it to be pretty comrlete. Not
so much as to foreign matters but as to France.
The bill department
is an immense organization, and the men Who run it are posted as to
conditions all over France with a thoroughness probably unecualled
by any bank in the United States.
:lore tile would have enabled me
to look into it thoroughly, but I rarely get any spare time.
I will
do so here, however, and bring back all the information you need on
the subject, as well as the information you wanted about rates.

We must give the domestic trade acceptance propaganda
a "boost" in our district. When one realizes the extent to which it
is used in France and England, it makes us seem very provincial.
I was surprised to learn that both Warburg and ::cAdoo
went to South America. The rest will do both of them a lot of good,
for they have outrageously overworked.
I pray for you when I read
about your talks to the bankers up state.
Tomorrow night the London
Clearing Bankers are giving me a dinner at the London Savoy Hotel,and
at which about twenty of the leading London bankers will be present,
so I have to make a little talk myself and invite a few little prayers
from you.
Glad to hear of Broderick's good re-)ort--if he does not
file a copy with us, tell him that I will knock his head off.
The
chances are that if it is a very good report, with many complimentary
things in it, they will try not to let us see it for we sure are

getting spoiled at the "PRBofNY".

*,

I cabled you today as per enclaied copy. That I am
doing here is most interesting, and. I am sure when the report is made,
if as successful here as in Paris, it will be gratifying to you and
to the Directors.
Of course, everything is tentative but is working
to the arrangement which you and I have frecuently discussed, and
which would be the most dignified that is possible under the circumstances.
Jack I.:organ is here, and I have seen quite a little of
him--dined at his house last night and met Lord and Lady Bryce. It
really does your heart good to sit down in front of a fire and have a
chat with that perfectly delightful man.
He certainly does love

America and Americans.
At times I could not help but feel that in





2




No.

UNION

AI

kNGLO -AMERICAN

DIRECT UNITED STATES

RA M

..,-a

SEN T

FOR STAMPS

Ac

Code

WORDS

_.larch 14th, 1916

By

To

CHARGE

VIA WESTERN UNION

THIS FORM WILL BE ACCEPTED AT ALt
POST OFFICE TELEGRAPH STATIONS.

TO PREVENT MISTAKES PLEASE WRITE DISTINCTLY.

TO{

Pierre Jay,

Cable received. Ju t
Believe can mak
more time (stoP)

Hew York City.

:federal _eserve

tarti

d. i

'cues

0

t)entative arrangements of great value here by taking

Ask Hamlin if clearing Man can wait my xx±mix report

methods here anejilrance (stop)

\

Will delay return cause inconvenience?

c-ble frankly.
Strong.
iAO BE
PHED.

Having read the conditions printed on the back hereof, 1 request that the above telegram be forwarded by the Western Union Telegraph-Cable System,
subject to the said conditions to which I agree.
Signature

Address




2

p

although the details '=.re not yet agreed upon -- simply the principles.

That is -:hat I want to accomplish here but it takes time, particularly
as the officers of the banks are all so busy with many important
matters.

I have had opportunity to look into the check collection
matter both in France and here, but want to pursue my inquiries here
a little further.
I am also arranging to go through the portfolios
of some of the banks here, if time peinits, including The Union
Discount Bank, and get a little better understanding as to the method
of dealing in bills, endorsing them, etc.,etc.
As a vacation trip, this is a complete failure, but I enjoy
meeting the people over here and getting information in a way that is
really of value.
Everyone is most kind, and I am so swamped with
invitations that it is difficult.for me to cover the ground.
Sir Felix Schuster has given me a good deal of his time,and
to great advantage for I feel that he is so well posted and experienced
that an hour with him is a real asset.
For various reasons it will be impossible for me to go to
Holl nd, even if I stay until April first.
I am mighty regretful
about the possibility of delay in return which will not be decided
until I receive reply to todays cable.
Now that I am here I might as
well get the job done.
It will not be possible to make tentative banking arrangements
with the Joint Stock Banks until after discussions are completed with
the Bank of England.
I wish, on receipt of this letter, you would drop
He will give you, personally, some information
in and see Jack Morgan.
that I am sure you will regard as of value, and will indicate my desire
to wait here until the work is done.
He and his partner, Grenfell,
have been most helpftl.

best regards to all in the office, and the same to your
good self.




Sincerely yours,




WEST

N, UNION
ANGLO -AMERICAN

DIRECT
Prefix
WORDS

TO{

Code

CH

Biom

Planning to

methods (sto

he has my de

T TO BE

Havi
subject to

:GRAPHED.

Signatur

Hotel 2,itz, London
.larch 17th, 1916.

-aer

Jay:

What with engagements in the ctity, and engagements every
day for luncheon and dinner, I still find it difficult to find sufficient time in which to send you a comprehensive letter with respect
to how affairs are getting along, but it is needle-s to say that I
would be on my way home by this time were it not that I feel the
information gained from this trip will be of greatest possible value
to me, and to our banks generally, and on that account I am tempted
to stay on.

I am not writing you fully in regard to my conversations
with the Bank of England as they have not yet progressed to a conclusion-and will not for a few days.
So far everything is going
along most satisfactorily.
I was greatly relieved to receive your messages about my
It may not save the necessity for another trip later,
remaining.
(which will be desirable in any case) but it will enable me to spend
the time required to get a thorough understanding of the bill business
as well as of the check system here, and particularly to become better
and more intimately acquainted with most of the important bankers of
this city who have extended to me the most generous hospitality

v

Your last cable, received yesterday, informs me of the
of the office, the purchase of Government bonds, of your request
amlin for delay in the check collection matter, and of "rs. Cann's
I was terribly shocked to hear of
Cann's loss --won't you
h.
se give him my warm sympathy.

p4fIt4,

V V

2nclosed is a rather hastily dictated memorandum which, I
gives the essentials in regard to the French system of handling
ticks, and a rather rough statement of the English system. Later, I
shall elaborate as soon as my investigations are coalleted.
The
important thing to bear in mind, in connection with the 2nglish system,
is that it does not create false balances in the Joint Stock Banks nor
does it create false balances in their 2eserve Accounts at the Bank of
This is really the crux of the whole matter.
England.
on checks payable in the Provinces is invariably sufficient to enable
checks to reach destination, and advices to be returned before balances
are transferred.
It is also rather important to bear in mind that almost
all of this business is conducted -- not for nothing but for a slight
collection charge.
This is not the invariable rule, but it may be
I am going to get particulars about this
regarded as a general practice.
in some detail as it bears on our own problem.

'r

,

Enclosed you will find copy of cables sent yesterday and today.
This is all that I can write just now, but will try and write
more fully again this week if time permits.
With kind regards,

Sincerely yours,





collections asencies, or even the officers of other banks.

Lr. 2obineau, head of the discount department at the
Bancue de France informed me that he had collected in Paris alone
as many as 100,000 bills in one day, recutring the services of
over 1,000 messengers for the purpose.

This custom, of course,

has a tendency to reduce the use of checks.
so .0 of the bankers in Taxis, the use of checks was so little

understood that a man could not even induce his wife to take a
check when she wanted money, did not understand about endorsing
it, and had doubts as to whether she might be able to get the
money for it.
hold money.

French oden are accustomed to holdinr: the houseIt is their prerogative and they are scrupulously

carefal to avoid informing their husbands and relatives as to
how much of the money entrusted to their care has been spent and
how mach they have saved.

11 check book and bank account would

disclose the condition of their cash account, and this they
seriously object to.

hen the Bancue de France made its appeal for gold, one
dif-iculty encountered was the necessity which was then imposed
upon the French families of disclosing how much gold they had
hoarded.

Baron de ITeuflize told me that near his village, Chantilly,

a little 'hamlet of a few hundred people and of which he is !layer, in

order to get the gold he had to hold a public meeting in the town,
take bank notes personally with him and have the Certificate of
Lierit in blank (which he was authorized to fill out and sign on the

spot) filled out by himself personally as he had no clerks to assist.




.110 village people were convinced that no one would know how muoh
flo

money they had given up, and out of this little settlement, in a very
few days, he collected 125,000 francs in gold.
Under such circumstances it will be sr:en that the check

problem in France is not important,

The Banque de France has made

efforts to induce a greater use of checks believing that it would
reduce their note issue, as well as increase their gold percentage
and gold holdings.

So far these efforts have been without success.

At a meeting of the officers of the bani :, however, and which I

attended, this matter was discussed.

They all agreed that it would

be a great achievement if they could bring about this practice at
the nresent time, as they estimated that there were five billion
francs of French bank notes now hoarded in France, largely by people
who had given up gold or who had always hoarded notes in preference
to gold.

Under the above circumstances no co-operative effort in
the natter of check clearing and collection has been undertaken by
French banks until in recent years ashen a Clearing House was estab-

lished in Paris,comosed of about twelve to fifteen members an
consisting only of the most important and influential banks.

The

operations of this Clearing House were entirely abandoned when the

war broke out, and are not to be resumed until about the first of

The Clearing House makes two clearings daily, and the
average turnover through the institution by the two largest banks.i.e.,




,exit Lyonnais

the Cor7ptoir national D':]scompte do Iiris will

An from 700,000,000 to 850,000,000 francs per month--a trifling amount
compared with the volume going through the Nov: York City Clearing

The custom is much the same as ours.

House.

Checks are sent

twice a day to the Clearing House, and the balances are settled,
not in cash but by a Special Order on the Banque de France which
results in the debit or credit to the respective accounts of the
institutions that were either debtor or creditor at the Clearing
They have only admitted very strong institutions to

House.

clearing as instances have arisen where sonic of the weaker banks
h :7e

iven orders on the Banque de Frimce which htive not been

promptly honored.

It is customary to send bank cheeks found to be

prior to a fixed hour, along lines similar to the New
York practice.

It is the general belief in France that the laws of

the Sttte are inadequate and not sufficiently severe to enable

prompt prosecution of individuals who use checks improperly, and
that has also been a deterrent in the development of the check
system.

At the present time all the banks and bankers of the City

of Paris are collecting checks by hand. at considerable expense c,..nd

inconvenience, particularly at a V:le when their clerical forces
live been depleted by the war and temporary staffs of women employed.
Countr:7 checks:

The practice in handling country checks is somewhat
similar to that in vogue in London with certain variations.

Allow-

ing for various exceptions to fixed rules or customs, it may be
said that country checks are handled by the banks in :aris by one of




Ar different methods, and these these four methods cover the vast
7eajority of check transactions.
4/

First, by giving immediate credit to a customer whose standing

is undoubted, in which case the customer is chared interest
at bank rate plus, say, 1 to

for the estimated period

required for collection, which varies from one to three days.

This applies to a very small proportion of the checks handled.
Second, by giving deferred credit, in which case the account
is credited with the amount of the check, but if the customer
draws any part of the credit he is charged with interest on
the amount drawn at bank rate plus a commission cha.cre,

or a

little additional interest upon the amount drawn if it impinges
upon the amount of uncollected checks.

This is similar to

our system of "holdout".

Third, by giving credit only upon "advice of payment" which
means that the customer is not permitted to draw, and if he
does his' check will not be paid until "advice of payment" is
received.

In none of these three cases does the customer receive interest
on the amount of the balance until after collection time, or
transit time has elapsed, and only in the first instance is he
expected to draw before the transit time has elapsed.

In

he second

instance he is penalized for drawing, but his check would not
necessarily be refused.
Fourth, by giving immediate credit, or by making imdiedlato

payment by "red check" on the Banque de France for a check




which the customer does not expect will be paid until
the following day, in which case the check dermcited
by the customer is a "white check'.

2ed checks used

by the banks are drawn upon .-Le Banque. de France and

are payable on the day drawn.

7:mite checks are not

payable until the following day.

These white checks,

which are drawn in anticipation of the receipt of Hinds

are cshed by the big banks, at times, for their
customers, by the uoe of these red checks, and this is
simply another method of extending credit the custotaer
being invariably chl,r7ed hank rate for one day plus a
small commission for collectioil charge.

The first method, as stated above, is very little used.

The

second snd third methods cover the great volume of checks.

The

fourth method has reference solely to aettlerneate in the City of
Paris and suburbs.
The operation of rediscounting bills withtthe B.7meue de

France is apnarently intimately associated Tith the general system

of settlements bet 7een banks-only a few of the larger banks
ap.parently not availing of the facilities of the Ban(Ae de France

for converting their portfolios when needed, and even those

institutions almost invriably discount bills when within five
days of maturity, in order to save the trouble of expense snd
collection.

The big ?Tench banks rely upon their balances

-its:

the Banr:ue de France as reserve to a much greater e:ttent than I

had realized, and the ilmediate convertibility of their portfolios




gives them a feeling of assurance as to their cash position.
thiak it may be generally said that so far as checks nre used in
Pram)°, it is only in rare eases, and only for the wealthiest
customers of French banks that immediate credit is given on checks
deposited, and in those cases not ocly is no interest allowed on

the balance during the transit time, but iAerest is charged at
bank rate--and in most instances a small commission in addition.




CHECZ COLIECTIO:IS DI LONDON:

I have not completed my inquiries on this subject in London,

but am expecting shortly to go through the London Clearing House
with

:r.

H. Martin Hollrqad of 1:artin's Bank Limited (Honorable

Secretary of the London Clearing Ban-;:ers Association) who is

regarded as an expert on this subject.

Pending a complete report,

I can make the following general statement in regard to the custom:
The clearings through the London Clearing House are continuous during the day, and the balances settled by an order on the
Bank of :ling:land.

All checks, -ithout exception, go through the

Clearing House on one of three basis.
known as ''City checks

The first class

for which immediate debit or credit is

made as in the case of clearings through the :Jew York Clearing
House .ssociation.

These are checks ar yn on banks in %.hat is

generally understood to be the City of London; which, for the
pur,,ose of clearings however, is described by an arbitrary line

that takes in some of the parts of the Greater City of London,
outside of the old city, such as a portion of '-qestminster, etc.

The secohd class of checks cle-red, consisti:Ig of those

drawn on banks or branches of banks in the Metropolitan
District (which is that part of the City of London immediately surrounding the central area) and this class of
checks is described as checks on the .detropolitan District.

For these, debit and credit is made the following day.

giving one day within which to get settlements from the




outlying districts of the city.

The third class or checks are those drawn on the Provinces.

That is to say, all of England, Scotland, Jales and Ireland
outside of districts set forth in the first and second
classes.

For these cheeks three days deferred debit and

credit is allowed.

The golume of checks in 3ngland is immensely larger than in
France, but of course not so large as in the United. States.

The

system of branches emintained by the large English and Scotch banke
enable settlements to be made very promptly.

I shall not now

describe in detail the method of settleeent, which is very simnle
end effective, as I hope to get a complete set of all the forms used.
In general, however, it may be se id that all checks, "City",

"netropolitan" and "Provincial" handled by the London banks are
settled through the Clearing House upon the terms above described,
and that the adjustment of the reserve balances with the Bank of
ISnglend, resulting from these three methods, in effect, eliminates

all "float" in the English banking system.

There may be exceptions

to this, but in general the statement holds true.

much sounder than our own that I feel sure, even under the most
ilifficalt circumstances the domeetic exchanges throughout Enr,:land,

Scotland, .:ales and Ireland would never brenec down under strain, as

has so frecuently happened with us.







WEST

b
ANGLO -AMERICAN

CA B

14 UNION STATES
DIRECT UNITED
II EtRAM

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SENT

FOR STAMPS

At
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CHARGE

To

,arc._ 17-Lti, 1916
By

VIA WESTERN UNION

THIS FORM WILL BE ACCEPTED AT ALL
POST OFFICE TELEGRAPH STATIONS.

TO PREVENT MISTAKES PLEASE WRITE DISTINCTLY.

TO{

Pierre Jay,

Cable received.

Federal Reserve Bank.

Nev York City.

Sailing deifnitely April first steamer Saint :Lana (stop)

Cri complete everything before then. (stop)

Advise family.
Strong.

Having read the conditions printed on the back hereof, I request that the above telegram be forwarded by the Western Unlon Telegraph-Cable System,
subject to the said conditions to which I agree.

NOT TO BE
TELEGRAPHED.

I

Signature

Address

_Utz Hotel, London,
March L2nd, 1916.
Dear Mr. Jay:
I am enclosing a rather brief memorandum of my talk with Lir.
R.Liartin Holland, HonoraAalt'Secretary of the London Clearing Bankers
Association, on 'Ale subjedt of the London Clearing House, aria check collections.
It is the best I can do in the short time at my disposal just
now, and supplements what I sent you last week.
It is hardly necessary
to elaborate it with a detail which is considerably complicated by reason
of the immense system of branch banks, but the principle underlying the
whole scheme is clear enough, and of course substantially what the
Governors of the Federal :Reserve Banks recommended to the Federal Reserve
Board.

I an sorry not to be able to write you fully about other
matters, but they will keep until I reach hew York, No change in my plan
about sailing April first. The weather here is beastly--rain every day
without exception, and as the principal part of my work has now been Cone
I am taking it a bit easier, putting in a little time -4ith Captain
Symington at squash, etc. Willard Straight turned up yesterday together
with Jim Perkins's brother.
I Oined Monday night with Grenfell of Morgan,
Grenfell
Company; Mr. Farrar of Baring Brothers, and :Jr. Norman who is
now giving about all of his time to the Bank of England, having retired
from Brown,Shipley (;: Company.
It was a nice party, and you would have
enjoyed meeting these charming men. Last night I dined with Sir Felix
Schuster, and so it goes for I have had dinner engagements every night
this week and more in prospect. Yesterday I lunched at the Bank of England
with Lord Cunliffe and the Directors. It was most enjoyable, and afterwards Lord Cunliffe took me all over the bank.
spent about an hour
discussing our plans, with which Jack Morgan is fully familiar, and with
which Lord Cunliffe is now in accord.
Without going into details (tuaneceesary at this time) I think you are safe in telling Jack that, subject to
some discussion with the directors of the bank, and of course subject to
our own consideration of the matter at home, Lord Cunliffe agrees on all
the points which Jack and I discussed when he was in London. Of course,
the actual conduct of any transactions must await our determination as to
whether it is feasible to undertake any business abroad until after the
conclusion of the war.
;e will talk that over when I get home.
I have been exceedingly interested in many discussions of the
bill business, and without reviewing it let me say that, generally speaking,
our various monographs on that subject to :ashington are borne out in every
particular by result of my inquiries here--I refer particularly to the
question of finance bills.
eyes are beginning to develop a strong habit of turning to the
Jest for I am longing to get home.
It would have been a mistake, however,
to shorten my trip by sailing even on the 24th.
Best regards to all in the office, and I am greatly indebted to
ou for your cables.
I sent you a brief cable last evening as per attached
opy.

With kindest regards, believe me,
Sincerely :ours,




UNION

WEST

ANGLO -AMERICAN

WESTERN UNION

CAB




WORDS

SENT

RAM

FOR STAM

At

(Le

Preli:r

W.,. I,

DIRECT UNITED S

To

CHARGE

Sp

VIA WESTERN UNION

THIS FORM WILL BE AC
POST OFFICE TELEGRA

TO PREVENT MISTAKES PLEASE WRITE DISTINCTLY.

TO{

Pierre Jay,

Federal Reserve Bank,

New York Cite

Anticipate governor's conference will not

agree upon transit
involving 'may i:Imediate debit end credit feature before my re

Am unalterably opposed

to that plan in any form. (strap)

21e

advise Jefferson CouAty National Bank will be unable to atten
anniversary owing to delayed return (stop,

next Thursday advising if family all well.
T TO BE

Would like cable

z per._ nq 2ridunIs
di
T

Having read the conditions printed on the back hereof, 1 request that the above telegram be forwarded by be Western
subject to the said conditions to which I agree.

St -n

GRAPHED,
Signature

Address

WEST

IS1 UNION

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Ia-:reh 24, 1916

To

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TO{

Pierre
Federal deserve Bank
ro ply jOur. C-ble rugut lag Nethur1 ids

(Stop)

liCT7 Yolk City
..

j-7TE..2..

Or

st_r.)-ag

Having read the conditions printed on the back hereof, I request that the above telegram be forwarded by the Western Union Telegraph-Cable System,
subject to the said conditions to which I agree.

BE


HED.
http://fraser.stlouisfed.org/
Signature
Federal Reserve Bank of St. Louis
I

Address

Ritz Hotel, London,
Llarch 24th, 1916.

Dear

Jazla

Yours of the 11th reached me yesterday, and I was very glad
indeed to hear what had been going on at home.
Do not worry about
Paul--he is a nervous little fellow, and now that he is off for South
America with the party he will forget all about his troubles.
Besides
that, it is a good thing to get him out of the habit of mind of thinking
that is
that he can wag that finger at me and that I must always jump.
really in his mind I thoroughly understand---he did not want to be away
at the same time I was, but there are lots of grown up people in the
world and ho does not realize that everything would go on just the same
if both he and I should drop dead at the same time.

As I understand you are doing nothing about the Bank of
Netherlands gold, I am not writing fully on the subject and there seems
no occasion to cable.
It was really impossible for me to go to Holland
on this trip.
I have been watching the declining reserves in the
Clearing House banks which is normal for this season of the year.
These bankers like Lir. Rowe, and others from the reserve
cities cannot, and will not, give an unprejudiced recommendation about
7e have tried the experiment of an immediate debit
a collection plan.
and credit--it has certainly failed and developed where the unsoundness
lies.
In my opinion it ought to be abandoned, and the whole country
gradually put on a time basis and then we can shorten the time by such
agreements as
Rowe and any others think feasible.
I an terribly
sorry to gather by your letter and cable that the Board still insists
I will be back before April 10th so
upon the old heresy in some form.
I am hoping the plan will not crystallize without my having a chance to
take a "lick" at it.
I am cabling you, today, as per enclosed copy,
just a few words on this subject, and also about the meeting at ,7atertown.
I promised the president of the Jefferson County National Bank
to -ttend.
It really seems impossible for me to keel that engagement
so soon after my return.

I learned of the transfer of the Fairfield County, Connecticut banks by the same mail as your letter.
This interests me a good
deal for now I am living in my own district.
Things are progressing
here just about as I 'expected them to, and I hope to return with a pretty
definite understanding of what we can do when the time comes to do it.

Allard Straight and Jim Peter's brother arrived this week,
and they will likely tramp over a good deal of the ground that I have
covered.
They are here on business for the American International
Corporation.
would you mind asking Firs. LIaLaren to be sure and notify
Dudley :ialone of what boat I am on, and also to ascertain from :Ass Andrews
whether there is any chance of anyone meeting me on arrival.
If she and
little Zatherine come down to the dock they will have to secure the
necessary dock pass which 'Jr.
.lone will furnish.
In any event, I wish




I:




No.

WEST




UNION

WEST

UNION

ANGLO -AMERICAN

WESTERN UNION

CAB
Prefix
WORDS




NoWvSENT

DIRECT UNITED STATES

RAM

FOR STAMPS

At

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By

To

VIA WESTERN UNION

TO{

THIS FORM WILL BE ACCEPTED AT ALL
POST OFFICE TELEGRAPH STATIONS.

TO PREVENT MISTAKES PLEASE WRITE DISTINCTLY.
kierre Jay,
Federal

Replying last tv;o cables.

Reserve Bank

New York C

aould prefer awaiting, my return be

Netherlands bank matter. Stop.

If that impossible which I dou

chargeCharge could be reduced if exchanges became normal. Stop
suggested fair in view of five percebt premium Dutch ex
hold and ship gold for their account and risk. Stop.

ae

responsible for difference between nominal and bullion v
NOT TO BE
TELEGRAPHED.

Having read the conditions printed on the back hereof, 1 request that the above telegram be forwarded
subject to the said conditions to which I agree.
JI

Signature

Address

No.

WEST

1111 -AMERICAN
ANJLO

I!! UNION
WESTERN UNION DIRECT UNITED STATES

RA M

FOR STAMPS

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THIS FORM WILL BE ACCEPTED AT ALL
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TO PREVENT MISTAKES PLEASE WRITE DISTINCTLY.

TIC)1

Pierre

Jai.._ Jew York

Hone motter eau await
atter. Stop.

r

(seoond page -

continued)

rn- Stop. Loolri ng into trnslo aeCAptartO

Spend Friday Liverpool with Simpson.

Sailing Saturday

nteamstdia_ Saint_ Paul..

Strong.

Having read the conditions printed on the back hereof, I request that the above telegram be forwarded by the Western Union TelegraphCable System,
subject to the said conditions to which I agree.

NOT TO BE
TELEGRAPHED.
(

Signature.




Address

N o.

WEST




UNION

WEST
I -AMERICAN
ANGLO
CAB
Prefix
WORDS

N UNION
WESTERN UNION

V1V
SENT

No.

DIRECT UNITED STATES

RAM

FOR 'STAMPS

.47711

At

Code

To

CHARGE

iiarch 29th, 1916

eY-

VIA WESTERN UNION

THIS FORM WILL BE ACCEPTED AT ALL
POST OFFICE TELEGRAPH STATIONS.

TO PREVENT MISTAKES PLEASE WRITE DISTINCTLY.

TO{

Pierre Jaz,

Pederal aesorve Bar."

No',

York City

ImporttInt my reports be coasidered cbsolutcly coilfi4cn,tial.

do a

airact

anderctc.nd.

Strong.

Having read the conditions printed on the back hereof, I request that the above telegram be forwarded by the Western Union TelegraphCable System,
subject to the said conditions to which I agree.

NOT TO BE
TELEGRAPHED.

I

Signature




Address

No.

WEST

UNION

ARGLO -AMERICAN

DIRECT UNITED STATES

RAM

CA B
SEN T
Prefix
WORDS

FOR STAMPS

Cade

30, 1016

By

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THIS FORM WILL BE ACCEPTED AT ALL
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TO PREVENT MISTAKES PLEASE WRITE DISTINCTLY.,

TO{

..,cnr=c Br
az_

z..

T

1:0I7

.1

c r City
J

"

.1c7A. vttu aY

Dinner 13z.:)ends oft

atm

NOT TO BE
TELEGRAPHED,

i

Having read the conditions printed on the back hereof, I request that the above telegram be forwarded by the Western Unlon TelegraphCable System,
subject to the said conditions to which I agree.

Signature




Address

No.

WEST
ANGLO -AMERICAN

4.1 UNION
WESTERN UNION

CA B
SENT

DIRECT UNITED STATES

RAM

FOR STAMPS

At

Prefix
WORDS

Code
To

CHARGE

By

VIA WESTERN UNION

THIS FORM WILL BE ACCEPTED AT ALL
POST OFFICE TELEGRAPH STATIONS.

TO PREVENT MISTAKES PLEASE WRITE DISTINCTLY.

TO

Pierre Jay

Federal Reserve Bank

New York City

Saint Paul will be delayed sailing one or two days.
London.

Remaining

dill advise when leaving.
Strong.

NOT TO BE

Having read the conditions printed on the back hereof, I request that the above telegram be forwarded by the Western Union TelegraphCable System,
subject to the said conditions to which I agree.

TELEGRAPHED.
Signature




Address

4, 1916

Pierre Joig,_

Federal Reserve Bank

Nev. York City

Sailing definitely Saint Paul 7ednesday afternoon.




Strong

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