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1,1 ,,0,1 11,111111 1,11110,10,1,0,1,101, im-j.2 1,1111111,0y 1,1,0 1,11111,1,1,1 11101/ 11,1 1,,,,1,111,1,1111,11111A11,1,,, 11,1 y,1 -", -.416, TOrig!. 744'5". i7i 447' / RP-1"141.4 Na. (MOO Certificate of Original Contribution Gold Fund contributed re cashing American Travelers' Credits held by Tourists abroad, under Plan, dated August 4, 1914. BANKERS TRUST COMPANY HEREBY CERTIFIES, as Depositary in City of New York, appointed under the Plan above mentioned, that it has received from as an Original Contributor $ to be disposed of and administered as part of the Gold Fund created by said Plan, subject solely to the directions of the Fund Committee provided for in said Plan, as such Committee may be constituted from time to time. The contributions of the Original Contributors may be reduced pro rata by additional contributions to the Gold Fund and the amounts of such reductions shall be payable from said additional contributions. The Contribution represented hereby has been made and received, and this Certificate has been issued, under and subject to the terms and conditions of a said certain Plan, dated August 4, 1914, executed by all of the Original Contributors and filed by said Original Contributors with the undersigned, as Depositary named in said Plan, on the 17th day of August, 1914. The holder hereof by acceptance of this Certificate agrees to all the terms and conditions of said Plan and that the Contribution repret sented hereby shall be administered and disposed of as in said Plan provided. The interest represented by this Certificate is transferable, subject, however, to the consent of the Fund Committee, only on the books of the undersigned upon surrender hereof duly assigned by the registered holder, or by his attorney authorized thereunto in writing in exchange for a certificate of like tenor. Dated, New York City, 1914. 1 , BANKERS TRUST COMPANY, as Depositary, I il::CRA EN Assistant Secretary S \-e1.7:) of: presence In O CD g 11100 g. d'a 19_ Dated premises. the in substitution of power full with Depositary, named within the of books the on thereby sented repre- interest the and Certificate said the transfer to I Attorney, Er-9 e.4 appoint and constitute irrevocably hereby do and Certificate within the by represented undersigned the of interest and title right, the all Certificate, r.5 within the in mentioned Committee, Fund the of sent con- the to however, subject, transfer, and assign sell, hereby undersigned the RECEIVED, VALUE FOR t rp CD z0 to PLAN FOR GOLD FUND IFOR USE IN CASHING AMERICAN TRAVELERS' CREDITS HELD BY TOURISTS ABROAD Dated August 4, 1914 J. P. MORGAN & COMPANY BROWN BROTHERS & COMPANY KIDDER, PEABODY & COMPANY FIRST NATIONAL BANK NATIONAL BANK OF COMMERCE NATIONAL CITY BANK GUARANTY TRUST COMPANY OF NEW YORK FARMERS LOAN & TRUST COMPANY 6 BANKERS TRUST COMPANY AMERICAN EXPRESS COMPANY Original Contributors Filed August 17, 1914, with BANKERS TRUST COMPANY, Depositary 16 WALL STREET NEW YORK CITY 4 By C. R. AGNEW, Vice-President. AMERICAN EXPRESS COMPANY, By G. C. TAYLOR, Vice-President. Original Contributors. S "EXHIBIT A." PLAN FOR GOLD FUND 1OR USE IN CASHING AMERICAN TRAVELERS' CREDITS HELD BY TOURISTS ABROAD. FIRST: The Gold Fund (above mentioned and hereinafter called "Gold Fund") has been created, in the first instance, by contributions of the following ten bankers, banks, trust companies and express company : J. P. Morgan & Company, Brown Brothers & Company, Kidder, Peabody & Company, First National Bank, National Bank of Commerce, who are hereinafter termed "Original Contributors." National City Bank, Guaranty Trust Company of New York, Farmers Loan & Trust Company, Bankers Trust Company, American Express Company, SECOND: The Gold Fund (of an amount or amounts to be fixed from time to time in the discretion of the Fund Committee hereinafter mentioned), has been created to be administered and disposed of, as provided in this Plan, through payments made from the Gold Fund, in cashing Travelers' Credits (either Letters of Credit or Travelers' Cheques), issued by any American bankers, banks, trust companies, express companies or other American institutions in good standing and held by tourists abroad, there having difficulty in cashing, or being unable to cash, such travelers' credits in the usual course of business, by reason of business conditions in the United Kingdom of Great Britain and Ireland and in Continental Europe being unsettled by the wars there now prevailing. All proper expenses, including interest and disbursements, incurred in, and incident to, effecting such purposes, shall be paid from the Gold Fund. THIRD: All contributions to the Gold Fund shall be in gold and the initial contribution of each Original Contributor to the Gold Fund shall be five hundred eleven thousand seven hundred dollars ($511,7oo.). Contributions to the Gold Fund from American bankers, banks, trust companies, express companies and other American institutions other than the Original Contributors, will be received and such other bankers, banks, trust companies, express companies and other institutions shall be known as "Additional Contributors." Any contribution made by an Additional Contributor shall be subject to the approval of the Fund Committee, hereinafter mentioned. All contributions to the Gold Fund shall constitute a single fund. Whenever an additional contribution shall be made to the Gold Fund, the then respective contributions of the Original Contributors shall be reduced in proportion to their then contributions, and the Original Contributors shall be reimbursed from such additional contributions in the amount of any such reduction. FOURTH : The contributors may increase, from time to time, the respective amounts of their contributions. The Original Contributors' contributions shall not be reduced, as provided in Article hereof numbered "Third", to less than an aggregate of three million dollars ($3,000,000.). In the discretion of the Fund Committee, the Gold Fund may be reduced from time to time and the decrease in the Gold Fund represented by any reduction (except reductions provided for in Article hereof numbered "Third"), shall be distributed among all the Contributors proportionately to their then respective contributions. Whenever reductions shall be made in the contribution of any Contributor, such Contributor shall, upon request, surrender to the Depositary, duly assigned, his certificate of contribution hereinafter mentioned, and receive in exchange therefor the share of the reduction apportionable to such Contributor and a new certificate of contribution for the face amount of the contribution as so reduced. Firm : The ten Original Contributors have appointed and constituted the following ten persons as the first members of the "Fund Committee": George C. Taylor, Benj. Strong, Jr., Chairman, Charles D. Norton, J. P. Morgan, C. R. Agnew, James Brown, James S. Alexander, William L. Benedict, John H. Gardin. A. J. Hemphill, SIXTH : Each Contributor (Original or Additional) constitutes and appoints the Fund Committee, in respect of all transactions affecting the Gold Fund and the interest of each Contributor in the Gold Fund, its or their agent and attorney in fact, as though the Fund Committee were the sole owner of the Gold Fund and each contribution thereto, with plenary power and authority to act with respect to any matter or transaction affecting the Gold Fund, and the administration and disposition of it, and of any interest of any Contributor therein, with full power to employ and appoint, both at home and abroad, sub-committee's, agents and sub-agents and attorneys, fiscal agents and depositaries, appointed, in the full discretion of the Fund Committee, to act on behalf of the Fund Committee, in and to whom, or any of them, the Fund Committee may delegate any and all matters and transactions relating to the Gold Fund and any dispositions thereof. The expenses, including interest incident to, and disbursements of the Fund Committee in, the creation, administration and disposition of the Gold Fund are to be borne by the banks, bankers, trust companies, express companies and other institutions whose customers in Europe shall be accommodated or benefited by the Gold Fund, in the proportion which the amount of such accommodation or benefit received by such customers bears to the total amount of the Gold Fund so utilized, and this without reference to whether such persons or institutions collect the same from their customers or not. All such amounts not so reimbursed shall be charged to and paid by the several Contributors in proportion to the face amount of the certificates of contribution respectively held by them when the accounting shall be finally had by the Fund Committee. The Fund Committee shall have full power, in its discretion, to determine when no further contributions will be received for the Gold Fund, and to determine when the Gold Fund shall be terminated and further transactions in connection therewith cease. Upon any such termina- tion, the Fund Committee shall file with the New York City depositary of the Gold Fund a statement and an account of the Fund Committee's transactions and shall notify the registered holders of outstanding certificates of contribution of such filing, to surrender such certificates, duly assigned, and to receive in exchange theref or their respective pro rata share of any balance of the Gold Fund then to the credit thereof. The Fund Committee shall consist of at least six members, and not more than ten members. No one shall be a member of the Fund Committee who shall not be an executive officer or member of the firm of one of the Original Contributors. No Original Contributor shall have more than one representative on the Fund Committee. A member of the Fund Committee may resign, and any vacancy created in such manner, or otherwise, shall be filled by the remaining members of the Fund Committee by the election of a successor member nominated by the Original Contributor represented by the member in respect of whom such vacancy occurs. Upon the election of a successor member, as aforesaid, such successor member shall become forthwith vested with all the powers conferred upon the original members of the Fund Committee by this Plan. Should any Original Contributor at any time not be represented upon the Fund Committee, on application of such Original Contributor, the Fund Committee shall elect a representative of such Original Contributor nominated by that Contributor, to membership on the Fund Committee. A majority of the membership of the Fund Committee shall constitute a quorum. The Fund Committee can act by majority vote or by writing signed by a majority of the Fund Committee as at any time constituted. The Fund Committee can adopt any organization which it may approve and may adopt its own rules of procedure. Any member of the Fund Committee may appoint and act through a proxy approved by the Fund Committee, provided such proxy and member are executive officers of the same institution, or members of the same SEVENTH : firm, as the case may be. Bankers Trust Company, as one of the Original Contributors, has been appointed Fiscal Agent and Depositary in the City of New York of the Contributors for the purposes of the Gold Fund, and shall be subject to the orders and directions of the Fund Committee alone, and against the receipt by it as Depositary of contributions made by the Contributors, shall issue a certificate of contribution, or receipt, in form to be approved by the Fund Committee. EIGHTH : NINTH : Neither the Fund Committee, nor any number thereof, nor any of the Contributors, assume any liability, or make any undertaking, in respect of the receipt, transmission and disposition of the Gold Fund, or of the interest of any Contributor therein, or in respect of the return of the Gold Fund or any such interest to any other Contributor. The contributions made by the respective Contributors are made voluntarily and no undertaking is made by any Contributor or any member of the Fund Committee as to any of the contributions, except to act in good faith, and all action taken by the Fund Commitee in good faith shall be subject to review by no one, and the Fund Committee, and none of them, shall incur any liability in respect thereof. No Contributor assumes any risk except the risk attaching to such Contributor's contribution. The Contributors do not assume any partnership relation to one another and are not to be deemed partners for any purpose. TENTH : This Plan may, from time to time, be amended by the Fund Committee in any detail of the administration and disposition of the Gold Fund, and with respect to the amount or amounts of such Fund, so long as the purpose of the Plan as set forth in the Article hereof numbered "Second" is not departed from in substance and effect. ELEVENTH : A copy of this Plan and all amendments hereof shall be filed by the Original Contributors with Bankers Trust Company, Depositary in New York City of the Gold Fund, and S such Plan or any amendment hereof so filed shall be deemed the only and sole statement of the terms and conditions of the Plan upon which the Gold Fund has been created, and is to be contributed to, and by which the Gold Fund is to be administered, disposed of and determined. Twarrx : This Plan is dated as of August 4, 1914, and this Plan and all the terms and conditions hereof are deemed to have been in full force and effect from the first contribution by any Contributor to the Gold Fund. Dated as of August 4, 1914. J. P. MORGAN & CO., BROWN BROTHERS & CO., KIDDER, PEABODY & CO., FIRST NATIONAL BANK, By CHARLES D. NORTON, Vice -President. NATIONAL CITY BANK, By JOHN E. GARDIN, Vice-President. NATIONAL BANK OP COMMERCE, By J. S. ALEXANDER, President. BANKERS TRUST COMPANY, By BENJ. STRONG, JR., President. GUARANTY TRUST COMPANY OP NEW YORK, By CHARLES H. SABIN, Vice-President. FARMERS LOAN & TRUST COMPANY, By C. R. AGNEW, Vice-President. AMERICAN EXPRESS COMPANY, By G. C. TAYLOR, Vice-President. The foregoing Plan filed with Bankers Trust Company, as Depositary therein mentioned, by the bankers, banks, trust companies and express company, therein mentioned as Original Contributors, as of the fourth day of August, 1914. Dated, New York, August 17, 1914. [CORPORATE SEAL] ATTEST : B. W. JONES, I [6423P] NY, as Depositary, B. CLOSE, Vice-President. Assistant Secretary. Interim Receipt CERTIFICATE OF ORIGINAL CONTRIBUTION No. A Gold Fund contributed re cashing American Travelers' Credits held by Tourists abroad. (Of which $3,000,000 shipped August 6, 1914, by U. S. S. Tennessee.) BANKERS TRUST COMPANY hereby certifies, as depositary in City of New York, appointed by the Ten Original Contributors of the Gold Fund, above mentioned, that it as an Original Contributor has received from to be disposed of and administered as part of the Gold Fund, subject solely to the directions of the Fund Committee appointed by the Original Contributors, as such Committee may be constituted from time to time. The contributions of the Original Contributors may be reduced pro rata by additional contributions to the Gold Fund and the amounts of such reductions are payable from said additional contributions. . At the time of the issue of this certificate the Gold Fund has not been limited in amount, but such amount is subject to be fixed 110from time to time, in the discretion of said Committee. The Gold Fund (of which $3,000,000 was shipped August 6, 1914, by U. S. S. "Tennessee") may be transferred through credits or otherwise as determined by the contributions together shall constitute a single Fund Committee. This All is an Interim Receipt exchangeable for permanent certifFund to be disposed of and administered solely by said Committee, whichwhich icate of Original Contribution, in form approved by said Committee, shall plenary authority in the premises withPlan respect the Gold whenhave prepared shall be issued subject to said with to respect to the Fund and all expenses and charges in connection therewith. The expenses,The Gold Fund in exchange for this Certificate duly assigned in blank. interest, charges and disbursements to, terms and incurred the holder by acceptance hereof agreesincident to all the of this in, certificate. creation and disposition of the Gold Fund, (including such expenses, interest and disbursements in respect of cashing travelers' credits BANKERS TRUST COMPANY, as Depositary, issued by noncontributors and by them not reimbursed), will be a charge against the Contributors, as provided in a Plan By to be filed with the undersigned by said Original Contributors, and which shall govern the administration and disposition of the Gold Fund. Assistant Secretary. 0 7 a 77XII/10 saexPra7 Stradmo0 sammg marl N prnax Strdthoo 7I9OICENXS a 7 SZKVEIOILII '00L4Tigt 'OOLITI9 Tsucrmati Tzeil Jo esmammoo 'f 'd unRam '00LITIg '00eng Avmdthoo TruoTa0m7 Bseadx7 Pardino0 '00L4IIg Swesuno 4sraI dmo0 Aug '00L4rIg =Dag '00L4ITg saeqqoag AtredWoo 'aeppur AVocraor aTuig T Atradm00 4sam TeuoIvell Oureq ( TsTroT4sql S4T0 zuug '00erig Stmboloo '000400tt 487 '000400et-avoplOsTnuoTM V3T twuo;socOreu0I4TIN '00060g 1st mell'irtuoTTEM 11;°31.102. '00LIT9 '00LITTg rEg 'OOL 0004LiVgt GOLD STATEMENT 111 AUG. 6 - 100,000. 25,000. 100,000. 25,000. 100,000. 50,000. 100,000. 5,000. 25,000. 100,000. . . . . . 100,000. . . . 25,000. 100,000. eveland.. 50,000. imore 35,000. nk RECEIVED FROM Corn Exchange Bank Kountze 150,000. Bros ,Ohicago.100,000. go AMOUNT International Banking Corporation l Bank ia OF SYNDICATE 150,000. 25,900 . 100,000 SUB-PARTICIPANTS X200,000. 50,000. Original Contributors Draw from the additional contributors Additional Contributors to Date To make up balance above Commitment of Original Contributors Reduced 1/10th viz Funds to be returned as follows: Each of the Ten Original Contribu their certificate of contribution and they wil a new permanent certificate for the balance. made up the gold will be requested to hand us $117,714.28, and will receive gold certific*Ites August 19th - RE: GOLD FUND 078.200 returned to each Origina PRO RATA DISTRIBUTION 200,000 AMERICAN TOURISTS RELIEF FUND NUMBER 1. Bankers Trust Company Farmers Loan & Trust Compa4y National Bank of Commerce J. P. Morgan & Company American Express Company Guaranty Trust Company Kidder, Peabody & Campany Brown Bros. & Company National City Bank First National Bank 4:14,450 14,450 14,450 14,450 14,450 14,450 14,450 14,450 14,450 14,450 , 2144,500. $72,972.50 72,972.50 72,972.50 72,972.50 72,972.50 72,972.50 72,972.50 72,972.50 72,972.50 72 972.50 $729,725. AMERICAN TOURISTS RELIEF FUND NUMBER 2. Corn Exchange Bank International Banking Corp. Kauntze Brothers Hanover National Bank Hallgarten & Company U.S.Mortgage & Trust Co. Columbia Trust Company Chemical National Bank Equitable Trust Company Redmond & Company Continental & Camq.Nat'l.Bank, Chicago. Chasm National Bank Fourth Street Nat'l Bank,Phila. Knauth, Nachod & Klzhne Illinois Trust & Savings Bank, Chicago. Northern Trust Company, Chicago Citizens Savings & Trust Co., Cleveland. Merchants Loan & Trust Company Chicago. Alex. Brown & Sons, Baltimore Irving National Bank American Exchange National Bank £ 6,666.13. 4 1,666.13. 4 3,333. 6. 833. 6. 3,333. 6. 833. 6. 3,333. 6. 3,333. 6. 166.13. 8 8 8 8 8 8 4 033,666.67 8,416.68 25,250.00 16,166.33 4,208.33 16,833.33 4,208.33 16,833.33 16,833.33 841.67 3,333. 833. 3,333. 3,333. 8 8 8 8 16,833.33 4,208.33 16,833.33 16,833.33 833. 6. 8 3,333. 6. 8 4,208.33 16,833.33 1,666.13. 4 8,416.68 5,000. 1,166.13. 4 833. 6. 8 25,250.00 8,416.68 4,208.33 3,333. 6. 8 £55 500. 161E103 5,000. 6. 6. 6. 6. 1:200,000. $280,275 $1,010,000. DIRECTORS. JAMES S.ALEXANDER,Prest.NatBankofCommerce in N.Y. STEPHEN BAKER. President Bank of the Manhattan Co. SAMUEL G. BAYN E. President Seaboard Nat.Bank. EDWIN M. BULKLEY, Spencer Trask & Co.Bankers. JAMES G. CANNON, President Fourth Nat. Bank. E. C. CONVERSE. President_ THOMAS DEWITT CUYLER, Prest.Commercial Trust Co.Phila. HENRY P DAVISON, J. P Morgan & Co., Bankers. R UDULPH ELLI 5, President Fidelity Trust Co. Phila. E. HAYWARD FERRY, Vice President Hanover Nat.Bank. WALTER E FREW, President Corn Exchange Bank. F RE DK T. HASKELL)/ PrestIll.Trust&Sayings Bank Chicago. A. BARTON HEPBUR N. Chairman.Chase NatBank. FRANCIS L. HI N E, President First Nat.Bank. THOMAS W. LAMONT. J. P Morgan & Co. Bankers. EDGAR L. MARSTON, Blair & Co Bankers. JOSE PH B. MARTIN DALE, President Chemical Nat Bank. GATES W. MFGARRAH.PrestHechanicsAMetalsNatBank. CHARLES D. NORTON, Vice Prest.First NatBank, WILLIAM C. POI LLON. Vice President. DANIEL E. PO MERCY, Vice President. WILLIAM H. PORTER. J. P Morgan &Co. Bankers. OFFICERS. E-7e7e40,14.,4-ReS-C-7Pre.5T6ent, B-E NJ. STRONG, J RIfifire-Rresident BANKCRS TRUST COMPANY CA PITAL SURPLUS $ to, oo o o 10,000.000 CABLE ADDRESS: BANKTR UST. NEW YORK. 16 WALL STREET WILLIAM C. POI LLON, Vice President. D. E. POM E ROY, Vice President W. N. D UAN E, Vice President. I. KENT, Vice President. HAROLD B. THORNE, Vice President. F. F. N. B. C LOSE. Vice President. GEO. G. THOMSON, Secretary. GEORGE W. BENTON Treasurer. GUY R ICHAR DS, Asst. Secretary. H.W.DONOVAN, Asst.Treasurer. BETH UNE W. JONES, Asst.Secretary. H. F. WI LSO N, J R.. Asst.Secretary. R. H.GI LES, Asst.Treasurer. PERRY D. ROGUE, Asst. Secretary. HARRY N. DU N HAM, Asst, Treasurer I. M IC HAE LS, Trust Officer S EWARD PROSS ER. Prest Liberty Nat.Bank DANIEL G. RE ID. Vice President Liberty Nat.Bank. BENJ. STRONG. JR. Vice President. EDWARD F SWIN NEY. Prest. First NatBank,Kansas City GILBERT G. THORNE, Vice President.NatPark Bank. EDWARD TOWN SE ND. Prest Traders' NatBank. ALBERT H.WIG G I N. President Chase NatBank. SAMUEL WOOLVERTON, Vice President Hanover Nat.Bank. FOREIGN EXCHANGE DEPARTMENT Gentlemen: - N E W Yo R K Sept. 1, 1914. DIRECTORS. OFFICERS. JAMES S. ALE XAN DE R, Prest.Nat.Bank of Commerce in N.Y. STEPHEN BAKE R, President Bank of the Manhattan Co. SAMUEL G. BAYNE. President Seaboard Nat. Bank. EDWIN M. BULKLEY, Spencer Trask& Co.Bankers. JAMES G. CANNON. President Fourth Nat. Bank. E. C. CONVERSE, President. THOMAS DEWITT CUYLER, Preat.CommercialTrustCo.Phila. HENRY P DAVISON. J. P Morgan & Co.. Bankes. RUDULPH ELLIS, President Fidelity Trust Co. Phila. E. HAYWARD FERRY, Vice President Hanover Nat.Bank. WALTER E. FR E W, President Corn Exchange Bank. FRED'K T MASKELL.VPreSt.111.Trust&Savings Bank Chicago. A. BARTON HE PBUR N. Chairman.Chase Nat Bank. FRANCIS L. H I N E.President First Nat.Bank. THOMAS W. LAMONT. J. P Morgan & Co. Bankers. EDGAR L MARSTON. Blair & Co Bankers. JOSEPH B. MARTI NDALE. President Chemical Nat.Bank. GATES W. H.GARRAH.PrestMechanicsAMetals Nat. Bank. CHARLES D. NORTON, Vice Prest.First HatBank, WILLIAM C. P01 LLON. Vice President. DANIEL E. POMEROY, Vice President WILLIAM H. PORTER. .J. P Morgan &Co. Bankers. E. C.CONV ERSE, President. B ENJ. STRONG, J R.Vice President WILLIAM C. POI LLON, Vice President. D. E. POM E ROY, Vice President. BANKERSTRUST W. N. DUANE. Vice President. F. I. KENT, Vice President. HAROLD B. THORNE , Vice President. F. N. B.CLOSE. Vice President. GEO. G. THOMSON. Secretary. GEORGE W. BENTON, Treasurer. COMPANY $10,000.000 10,000.000 CAPITAL SURPLUS GUY RICHARDS, Asst. Secretary H.W. DON OVAN, Asst.Treasurer BETHUNE W. JONES, Asst.Secretary. CABLE ADDRESS: BANKTR UST, NEW YORK. H. F WI LSO N,J R., Asst.Secretary R. H. GI LES, Asst.Treasurer PERRY D. BOGUE, Asst Secretary. HARRY N. DU NHAM, Asst, Treasurer. 16 WALL STREET I. MICHAELS, Trust Officer. SEWARD PROSS ER. Pre st Liberty Nat -Bank DANIEL G. REID. Vice President Liberty Nat.Bank BENJ. STRONG. JR.Vice President. EDWARD F SWINNEY, Prestfirst Nat. Bank.Kansas City. GILBERT G. THORNE, Vice President NatPark Bank EDWARD TOWNSEND. Prest.Imp& Traders' Nat. Bank. N E w Yo R K ALBERT H.WI G G I N. President Chase Nat.Bank SAMUEL WOOLVERTON, Vice President Hanover Nat Bank. Sept. 1, 1914. FOREIGN EXCHANGE DEPARTMENT a Gentlemen: - In accordance with the arrangement made between the New York Committee and the London Committee covering the gold shipment, we are to-day cabling the London Committee to pay to for your account, as your pro rata share of the disbursement, at the rate of 5.05. As a number of subscribers desired to have payment made in New York in Dollars, it was agreed that the corresponding sterling amount should be divided pro rata among the original contributors, who preferred Sterling exchange. There has therefore been allotted you g 618.9.6 which we are cabling the London Committee to pay your correspondent, as mentioned above, and we shall be pleased to receive your check for V,123.30, as the equivalent of this amount at 5.05. Kindly surrender yel:Tr certificate immediately and receive a new certificate for your balance in the Fund. Very truly yours, BANKERS TRUST COMPANY, S Depositary. at 5.05 -- g 618.9.6 at 5.03 -- r3,123.30 MEMORANDUM Re- GOLD LOAN 000 1. Issue Permanent Certificate of Participation to the additional contributors. 2. Issue Certificate of Participation to the original contributors less their proportion of $782,000. 3. Draw checks to the order of each of the original participants of 478,200. After the above has been done, We should have outstanding $6,000,000. in Certificatesof Contribution, divided as follows:Original Contributions Additional Contributions $4,335,000. 1,665,000. B.W.J. August 18,1914. DIRECTORS. JAMES S. ALEXANDER, Prest.Nat. Bank of Commerce in NY STEPHEN BAKER, President Bank orthe Manhattan Co. IrUEL G. BAY NE President Seaboard Nat.Bank. IN M. BU LKLEY, Spencer Trash & Co. Bankers. CONVERSE, President AstorTrust Co. THOMAS DEWITT CUTLER, Prest.Commercial Trust Co.Phila HENRY P. DAVISON, J. P. Morgan & Co. Bankers. WM. NORTH DUANE, Vice President. RUDULPH ELLIS, President Fidelity Trust Co. Phila. E. HAYWARD FERRY, Vice President Hanover Nat.Bank. WALTER E. FR EW, President Corn Exchange Bank. FRED.K T. HASH ELL,V.Prest. III.Trust &Savings Bank Chicago. A. BARTON HE PBUR N, Chairman Chase Hal.Bank. FRANCIS L. H I N E. President First Nat. Bank. EDGAR L. MARSTON, Blair& Co. Bankers. JOSEPH B. MARTIN DALE, President Chemical Nat.Bank. GATES W. MFGAR RAH, Prest. Mechanics'& Metals Nat.Bank. CHARLES O. NORTON, Vice Prest.First.Nat.Bank WILLIAM C. POI LLON, Vice President. DANIEL E.P 0 M ER OY,Vice President. SE WARD PROSSER, Prest. Liberty Nat. Bank. DANIEL G. REID, Vice President Liberty Nat.Bank. OFFICERS. BENJ. STRONG,JR., President. WILLIAM C. POILLON, Vice President. D. E. POMEROY, Vice President. W. N. DUANE,Vice President. F. I. K ENT, Vice President. HAROLD B.THOR NE ,Vice President. F. N. B.CLOSE,Vice President. GEO. G.THOMSON, Secretary. GEORGE W. BENTON, Treasurer. BANKERS TRUST COMPANY CAPITAL $10,000,000 SURPLUS FUND 10,000,000 GUY RICHARDS, Asst. Secretary. H.W. DONOVAN, Asst.Treasurer. BETHUNE W. JONES, Asst.Secretary. H. F. WI LSON,JR.,Asst. Secretary. R. H.GI LES , Asst. Treasurer. CABLE ADDRESS: BAN KTRUST, NEW YORK. PERRY D. BOGUE, Asst.Secretary. HARRY N. DUNHAM, Asst.Treasurer. I. MICHAELS, Trust Officer. 16 WALL STREET BENJ. STRONG,Je. President. EDWARD F. SWINN EY, Prest.First NatBank,Kansas City. GILBERT G.TH OR N E, Vice President Nal.Park Bank. EDWARD TOWNS END,Prest.linp.&Traders' Nat.Bank. ALBERT H. WIGGIN, President Chase Nat.Bank. SAMUEL WOOLVERTON, Vice President Hanover Nat.Bank. NEW Yo R K August 12, 1914. Gentlemen: - We telegraphed you to discontinue all further sales of American Bankers Association Travelers' Cheques because the unsettled business conditions abroad prohibit IIIfor a time the cheques from being used there for the purpose for which they are issued. The importance of providing some arrangement which would permit of the con- tinuance of the domestic use of ouch cheques has led to the following plan, pursuant to which you are authorized to continuo the calo cf Travelers' Cheques for use in the United States. Such plan, we understand, has been substantially followed by all companies interested in the issue of Travelers' Cheques. Each cheque sold by you must bo stamped on the face (through the globe), ALSO on the back (through printed matter) as follows: - This cheque issued for use and redemption within the United States only. In addition to stamping the cheques, kindly communicate to each purchaser that the cheques are now being issued only for use and redemption in the United States. We must also ask you to remit at ono in New York funds for all cheques sold on the day of sale. By your co-)poration in such arrangement the domestic use of the cheques, 4411which so far has been a most imp)rtant feature of their issue, can be continued. ery truly ours, ntndint. - C) We have been informed that at the time the legal holidays were declared in London, and distress arose among American travelers due to their fear that they would be unable to obtain money on their cheques and letters of credit, through your good offices, the Great Eastern Railway Company distributed money on American travelers' credits, thereby relieving much anxiety and distress. It was the unanimous sense of the Committee that you should receive from them an early ezpression of their appreciation of the action taken by your company, which I now beg to convey. You are, of course, fully acquainted with the various relief measures undertaken in :iashington and New York, bat the knowledge that one of our own friends from home had been willing to stand in the breach at a critical moment has created a warm feeling of regard for you and for your associates which we hasten by this means to express. With asurance of our grateful appreciation, we are. Very truly yours, Benj. Strong, Jr. Letter written by Mr. Strong to Mr. Kent: -2Letter to Mr. Kent by Mx. Strong - Aug. 24- -3.- Letter to ME. Kent by Mr. Strong Aug 24- M for me to sh would be the difficult of can't concei with only mi I am sure th abroad, and much more im have part of A Sunday I was Bank and gra should be met P his return. LETTER WRITTEN BY MR. STRONG. August 20, 1914. Hon W. J. Bryan, Secretary of State, Washington, D. C. My dear Mr. Secretary: It has not been possible until the present time for me to write, as I had hoped to do, making some explanation of the urgency which developed in regard to the protection of travelers' credits held by our countrymen in Europe, and furthermore the reasons for my assuming that no effective measures for their protection could be undertaken without cooperation of our Government. Travelers' Cheques and Letters of Credit which are issued by American banking institutions and bankers total many millions in the course of one season; same institutions which make sales as high as ',30,000,000 or 040,000,000 annually have outstanding at one time from c5,000,000 to 015,000,000 of these credits which may be cashed at the election and convenience of the travelers in any part of the world. The banks which issue them are unable to anticipate in what volume they may be cashed at any given point, and they are accordingly issued under banking contracts, by the terms of which the foreign institutions which make the payments on the credits receive reimbursement by drawing drafts on London at the rate of exchange current at that place on the day the drawing is made. Without this method of London reimbursement it would be necessary for the banks issuing these credits to carry very large balances in a great many cities, the total being far in excess of the total credit outstanding, and naturally the business would be unprofitable, as it would absorb too much capital if conducted on that basis. As soon as the crisis in foreign exchange occurred and it became known that London reimbursement was likely to be disarranged and possibly be absolutely discontinued, it was apparent that those banks on the Continent which were in the habit of employing London reimbursement under these contracts might in many cases In order, therefore, to meet this situation (quite discontinue cashing cheques. unprecedented in the history of banking) two methods of procedure only were possible; One was to ship gold directly to all points where travelers were congregating and would be without funds, and the other, to establish banking credits at these points, through the agency of the United States government, which would enable the local banks to make pay:fents on cheques and drafts. The procedure which has been followed of shipping gold to London as the base from which these credits might be established at different points on the Continent, has, I believe, been effective in relieving a situation which might otherwise have become so distressing as to have caused itense suffereing on the part of our citizens in Europe. In fact, the mere knowledge that a shipment of gold was being made in a United States war vessel had an instant effect in releasing money to our travelers even before special credits had been established. It has been possible in some places to establish credits against reimbursement out of the gold shipped to London, and in other places, against deposits in rew York, must more readily then would have been the vase had a mere promise of a gold shipment been held out to these foreign banks. Letter by Mr. Strong to Hon W.J. Bryan - 2 - Prior to the writer's first trip to Washington, when he had the pleasure of meeting you, a number of the leading institutions and firms in New York were BANKERS TRUST COMPANY August 12, 1914. Hon. Josephus Daniels, Secretary of the Navy, .:.ashington, D. C. dear Lir. Daniels: Your kind note of the 11th instant was received this morning, and I be once more to express my appreciation of your courtesy and cooperation in respect of the shipment of gold. Your letter is fully understood and will be regarded as personal and confidential. With kindest regards, believe me, Faithfully yours, Presidect S=W BANKERS TRUST CalPANY. Foreign Exchange Department. August 11, 1914. 1.1r. John E. Gardin, Vice President, The National City Bank, New York City. Dear :Ir. Gardin- Since writing to you yesterday, confirming our telephonic conversation, we are in receipt of your letter of the 10th, and note that you have instructed your Berlin correspondents, the Deutsche Bank and the Direction der Disconto-Gesellschaft, to pay all Association Cheques under guaranty of the National City Bank of New York. Believe I did not quite understand you yesterday, as our :',2% Kent was in Berlin the latter part of July and full arrangements were made with the Deutsche Bank and Direction der Disconto-Gesellschaft, who are both our agents in Berlin, for the protection of Association cheques. According to cable advices received from both banks, presumably sent about the 4th or 5th of August, we had several million marks to our credit in Berlin, which was ample to take care of all :association cheques which they may be called upon to cash, and we feel sure that neither bank would discriminate and refuse to honor Association cheques in view of the large balances we have in Germany. As we understood your message, you had simply instructed We question very your correspondents to honor the Association cheques. much if the cheques were refused by the Head Offices of the two banks in question, but presume it may have been some smaller banks in Berlin and We greatly appreciate your courtesy in the matter, but thought vicinity. best to explain this to you in order that you may understand our position and know that if any Association cheques are being refused it is not being done because of lack of funds in Berlin, but for some reasons unknown to us. Very truly yours, JFS/LICA Th1, NATIONAL CITY BANK OF NEW YORK. August 10, 1914. Mr. Benjamin Strong, Jr., President, Bankers Trust Company, New York City. Dear Mr. Strong: With reference to my telephonic conversation with you this morning relative to a cable message received from the American Charge d'Affaires in Copehhagen to the effect that Berlin had requested him to inform us that American Bankers Association checks were not being paid in Berlin, I now have to advise that we have requested the gentleman above referred to, to instruct our Berlin correspondents, the Direction der Disoonto Gesellschaft and the Deutsche Bank, to pay all American Bankers Association checks under the guaranty of the National City Bank of New York, which I now beg to confirm. Yours respectfully, (Signed) John E. Gardin, Vice President. G MW BANKERS TRUST COMPANY. THE FARMERS LOAN AND TRUST COMPANY New York, August 8, 1914. Benjamin Strong, Jr., Esq., President, Bankers Trust Company, 16 Wall Street, New York. Dear Sir: Vie beg to acknowledge receipt of your favor of the 7th instant, quoting the cable instructions sent to Mr. Kent in London with reference to the appointment on his committee of the representatives of our New York Committee in connection with the shipment of gold by the U. S. Cruiser Tennessee. We have, in accordance with your suggestion, advised our Mr. Smith in London and, in fact, previous to this definite arrangement, we had cabled him fully to cooperate in every way possible with Mr. Kent in the good work which he, from all reports, has been doing in London. We are also in receipt of a memorandum copy of your cable to :4r. Kent with reference to this shipment of gold and the method of handling it in London, which seems to be very complete. There is only one point about it which it seems possible that there might be a slight confusion. In covering the question of reimbursement for payments made in London, in the case of drafts under Letters of Credit, after mention of the rate and interest, the words are added " and all expense when ascertained." In oonnection with the Travelers Cheques, these words are not added. Possibly this can be understood from the context and again it may not have been necessary for Mr. Kent to be advised of this as it refers only to final reimbursement in New York, but we assume that the final expense when ascertained will be borne equally by holders of Travelers' Cheques and Letters of Credit. Yours very truly, The Farmers Loan and Trust Company By C. R. AGNEW (Sgd) Vice President 11485 111/202 BANNERS TRUST COL 'AI August 8, 1914. C. R. Agnew, Esq., Vice President, The Farmers Loan & Trust Co., 16 nlliam Street, lIew York. Dear Sir:Your favor of the 8th instant is just received. Replying to the point which you raise about the difference in method for handling Travelers' Cheques and Letters of Credit, it must be borne in mind that Travelers' Cheques are payable at a fixed rate of exchange stated on the face of the draft which the drawer of the cheque is obligated to pay, and for which an additional payment cannot be required of the holder to reimburse expenses. This does not apply, however, to Letters of Credit as reimbursement, to be provided ordinarily in London exchange It is, therefore, proper for the at the rate of the day of cashing. issuers of Letters of Credit to require the holders of those credits to reimburse the issuers for the expenses where no rate of exchange is fixed, inasmuch as the rate of exchange would ordinarily be fixed to include all expenses were any exchange procurable. The fixed rate of exchange for Travelers' Cheques makes it impossible to establish a rate as against the holder of a cheque for reimbursement, but it is our intention to ask all issuers of Travelers' Cheques to bear their pro rate portion of the expense of cashing them. Very truly yours, President. 5:17 BLNEERS TRUST COMPANY August 7, 1914. 111 N. A. McMillan, Esq., President, St. Louis Union Trust Company, St. Louis, Missouri. Dear Mr. McMillan: Your favor of the 5th instant, confirming our wires in respect to the issue and cashing of Travelers' cheques, is just received. I am writing you rather more fully than we are able to do generally to those who sell or cash these cheques, as I am anxious that you should not misunderstand the reason for our action. The unprecedented situation which has arisen in connection with both foreign and domestic exchange, due to the foreign war, has led to our sending out notices for the discontinuance of all sales for the following reasons: It would be impossible to distinquish between cheques sold First. for domestic and those sold for foreign use, and we are advised from many sources that cheques were being accumulated all over the country for foreign exchange, which present conditions might make it impossible to cover. ,re had considered instructing every one to continue selling the cheques for use in this country only andoninsure againsttotheir being sold having a stamp placed each cheque the effect that for theyaccumulation were for useby only in this country, but there naturally was considerable danger in doing this, as particular instructions would have to be conveyed to each one of the 7,000 agencies, and there was no assurance that they would be carried out accurately and with security to us. Second. There was also the possibility that the domestic exchanges might be arrested, or at any rate be so slow of settlement, that these cheques would be sold for domestic exchange, just as bank oheoks and be so used, and this would result in releasing a flood of cheques from all the country for cashment in New York. The matter was considered with the officers of the American Express Company and others issuing travelers' cheques, and after a good deal of hesitancy on the part of those concerned, it was decided that for the moment the only safe course would be to discontinue sales entirely. I think you will realize that we would not have taken this step, which involved telegraphing to 7,000 correspondents, had we not thought the situation required it. Matters are now rapidly returning to normal, and we hope that an early date we can siebd instructions to all sellers of Travelers' Cheques which will in some way permit of their use for domestic purposes, but as yet the plan Of course you realize that it would never do has not been entirely completed. to make an explanation of this character generally to all of our correspondents. We will, therefore, ask you to hold this letter in confidence. Very truly yours, StW President. P.S.- Of course the cheques will be cashed here as rapidly as presented, without -2- Letter to N. A. McMillan, Esq., President. the slightest delay, and there need be no hesitation in telling everybody who Also, I want to thank you very cordially for inquires that such is the case. writing us, and I appreciate your interest in the success of the plan. ST. LOUIS UNION TRUST CO:1PANY St. Louis, U.S.A. August 5, 1914. Guaranty Trust COMpary, 140 Broadway, New York City. Gentlemen:- ill you be good enough to deliver at our office today, as Promptly as possible, your check for .811,700., to the order of Bankers Trust Company, being the amount of your participation in a shipment of 5,117,000. gold coin in bars, which is to be made to London or some other point in England, to be used for the relief of American travelers in Europe by providing in that amount a fund for cashing, to the extent of their needs, travelers credits held by them. The detailsofthe plan for the use of this fund are being arranged by a committee consistinc; of Llessrs. J. P. librgan, of the firm of J. P. Llorgan & Co.; James Brown, of the firm of Brown Brothers & Co.; A. J. Hemphill, President of the Guaranty Trust Company; George C. Taylor, President of the American .1,:xpress Company; William L. Benedict, of Kidder, Pabody & Company, and Benj. Strong, Jr. Pending the preparation of details of the arrangement, it is understood that the committee has sole charge. The shipment, as you may know, plans to go forward by an American war ship, to be furnished by the United States Government. Yours very truly, President August 4, 1914. Hon. - illiam G. McAdoo, Secretary of the Treasury, 'ashington, D. C. 4 dear 'Jr. I.:eAdoo, I enclose a preliminary draft of the meeting of the cormaittee of ten associated subscribers who have contributed to the :;5000,000. fund proposed to be sent by the U.S. S.S. "Tennessee" to England and Europe, there to be used only and solely for the purpose of payments against travelers' credits issued by all American concerns. Of course the cashing of such travelers' credits will involve consideration of the responsibility of the banks or banicers drawing such letters of credit, but no trouble is anticipated in that direction, and the fund is intended to meet the requirements of all responsible American travelers' credits. The enclosed is a preliminary draft only, but it embodies the substa_ce of the meeting held this afternoon and is subject to revision in form only. It is the firm belief of the cotlnittee that the proposed relief work would be much more effective if the same agencies handled, not only the relief contemplated to be furnished by the Government, but also the relief wlich is to come from the fund contributed by the ten New York City institutions. Therefore the committee strongly urges the Government to appoint as its fiscal agents which the committee has selected, namely,-the Guaranty Trust Company, idessrs. 'Jargon, Grenfell A Co., and Brown, Shipley & Co., in London, and :lessrs. lorgan, Co. and the American Express Company in Paris. The selection of such Harjes agencies fully equipped for such work by the committee was merely the selection of the ones most available for the purpose. The institutions represented Here are acting in entire co-operation, no one trying to seek special credit for ..94 itself. It is hiAily essential that the shipment is not complicated by any other features than solely relief features. It may be advisable to take up some form of receipt, or some similar paper, to be given by the Government of the nature corresponding to a short form of bill of lading, to be given by the Government or by the Captain as master of the ship, indicating the consignor, who would be the Dangers Trust Company as agent, a citizen of the United States, and giving the consignee, the Guaranty Trust Company, a citizen of the United States, stating that the property consigned is solely a relief fund, limited in its use to financing the needs of the holders of American travelers' credits,- all that to avoid the possibility of its being construed a commercial proposition and therefore involving possible contraband features This letter is written hurriedly, but to comply with your wish that you have something from me before you tomorrow. August 4, 1914. J. P. Morgan, -sq., 15 Broad Street, New York City. Dear Ir. Jorgan:- Advice is just received from 'ashington that the "Tennessee" will sail from the Brooklyn ITavy Yard tomorrow night prepared to take the consignment of gold and a consignment from :ashington, probably :4,000,000. They urgently request sending a force of competent men to handle the matter on arrival. I would appreciate your attending the meeting this afternoon, with suggestions of any men that you have available to go with the ship, notifying them on receipt of this letter to be prepared for a considerable absence, in case they are able; also arranging this afternoon for gold certificates for whatever contribution may be arranged by you at this afternoon's meeting. Yours very truly, JHIA -2JB The above letter sent also toGeo. C. Taylor, American E:Ipress Comnany A. J. Hemphill, Guaranty Trust Company James Brown, Brown Brot:lers 1 Co. . L. Benedict, Kidder, Peabody 1 Comrany NATIONAL BANK OF COMMERCE IN NEW YORK. August 1, 1914. Beni. Strong, Jr., Esq., President, Bankers Trust Co., New York. Dear Mr. Strong: I duly received your letter of 31st ult., which I quoted to Mr. Jas. F. Fargo, Treasurer, American Express Co., and am now in receipt of a communication from him as follows: "July 31, 1914. T1r. James S. Alexander, President, National Bank of Commerce, New York. Dear Sir: We hereby confirm the arrangement which you made with Mr. Benj. Strong, Jr., President of the Bankers Trust Co., and to which we agree whereby it is understood that the American Express Co. and the Bankers Trust Co. will notify their correspondents not later than today to discontinue, until otherwise notified, the sale of Travelers' Cheques. This arrangement is made without any exception, it being understood that any sales e -footed by Correspondents would be in violation of the instructions given. It is also understood that neither institution will resume sales of cheques without first giving adequate notice to the other, so that mutually satisfactory arrangements for sending notices to Correspondents can also be made. 7,43 understand that you have a written agreement from President Strong of the Bankers Trust Co. similar to the above. Yours truly, (Signed) J. F. FARGO Treasurer." I notice that Er. Fargo's letter does not say that their correspondents were advised by telegraph, but Mr. Fargo and Mr. Grant assured me yesterday that telegrams were sent yesterday to all their correspondents. If you desire a further letter from Mr. Fargo covering any point whatever of the agreement, please advise me, and I am confident I can obtain from him whatever you may consider necessary or desirable. Miscellaneous Letters. July 31: Letter sent to all Travelers' Cheque banks in confirmation of our telegram of same date. the following: Brown Bros. & Company, Blair & Company, Continental & Commercial National Bank, Chicago Corn Exchange National Bank, Chicago First National Bank, Chicago including, of course, the Bankers Trust Company and American Express Company. August 8: Letter from W. G. McAdoo to Mr. Strong. I have called a conference for discussion of the grain export and foreign exchange situation, to meet the Treasury Department August 14th, at 11 A.M., and shall be very happy if you will attend. I would like a strong committee of the representative foreign exchange houses of New York to be present and loaded with as much data as possible. Will you not organize such a committee and advise me as promptly as possible how many will attend? August 11:Letter to Hon. W. G. McAdoo, signed Benj. Strong, Jr. I have your note of the 8th instant, and am arranging to have a number of the members of a strong committee of foreign exchange bankers, which has already been appointed in New York, attend the conference at your office at 11 o'clock on Friday. At the moment, I am unable to advise you of the names, beyond stating that both Mr. Max May, of the Guaranty Trust Company, and hr. John E. Gardin, of the National City Bank, will both probably attend, and I am hoping that Mr. Ickelheimer, of Messrs. Heidelbach, Ickelheimer & Company, will also be present. These gentlemen have already undertaken a thorough investigation of the foreign exchange problem and are in my opinion best able to furnish the data required. Will you permit me to suggest that a discussion of this matter is bound to raise questions in regard to marine insurance, which might be well answered on the spot by having a leading representative of marine insurance interests Ey suggestion would be Mr. Hendon Chubb. present at the meeting. I have also taken the liberty of asking Mr. Olds, my representative in Washington, to ascertain from your office whether you wish me to make any other arrangements in New York with respect to attendance at this meeting. I Shall certainly be there myself and do anything in my power in New York to make the attendance a satisfactory one to you and to your associates. August 10:Letter from N. A. McMillan, President, St. Louis Union Trust Co., St.Louisao. to Benjamin Strong, President, Bankers Trust Co., New York. I have your favor of the 7th instant, and note carefully the full and satisfactory explanation given in regard to A.B.A. checks. You no doubt have taken the right view of the situation. You, being in the center, can better judge what is best to be done. We are very anxious to have the business situation return to the normal as early as possible, and I am feeling that it will do that in a very short time. The strain is lessening here and I believe the issuance of currency -3- Miscellaneous Letters under the Aldrich-Vreeland Act will supply the needs without difficulty. As soon as people know they can get the currency, there will not be such a demand - 4 Iliscellaneous Letters stantially by all parties interested in the issuance of Travelers' -51Ascellaneous Letters August 14: Letter dated August 12, from Swift & Company, Chicago, Ill. BANCO ?MT= DEL RIO DE LA PLAT,1, jONTEVIDEO "e have a cable from our Montevideo house, as follows: "Banco Frences del Rio de la Plata suspended payment tothy owing to diff iculties Buenos Aires branch." Have you any particulars regarding this suspension? August 14: August 14: August 12: `e desire to call your attention to the fact that the unsettled Clause inserted in Plan letter; 5th paragraph to read as follows: conditions abroad prohibit for a time Travelers' Cheques from being You are thereused there for the purpose for which they are issued. ';ab enclose circular concerning the system, which will give you fore authorized to issue Association cheques for use in the United State further details, but desire to call your attention to the fact that only, and each cheque issued by you must be stamped in accordance with the unsettled conditions abroad prohibit for a time Travelers' Cheques instructions contained in our circular, which will be forwarded with the from being used there. general instructions ::oing with the cheques. Clause inserted in S letter; next tth last patagraph to road as follows: Letter seht by Benj. Strong, Jr. President, to :.huller Schall & Company, illiam St., New York. 15 :e wish to confirm our telephonic conversation, end hereby guarantee to nay you . .,2,000. plus cost of your cablegram to Lisbon, upon receipt of cable advice that the payment of ...)2,000 has been made to the Consul General at Lisbon through your correspondent, whose cable address is, we understand, "Durnay, Lisbon." -e are :uaranteeing this eayment on behalf of the State Department at ashington, and we will arrange with the Government for reimbursement covering our payment to be made to you. se would appreciate your writin us, confirming that this letter is entirely clear to you Aurust 12: & Co., New York. Letter from "We received your to-day's favor, instructing us to cable to our friends Messrs. Henry Burnay & Co., Lisbon, to pay ;E,000 to the Consul General at Lisbon, and that you will refund us the amount paid, and cable charges on receipt of a cable from our friends in Lisbon that they have effected It is understood of course, that you will refund us cost this payment. of our cable and cost of cable from Lisbon, whether the payment may be effected or not. August 14: Strong, as Chairman, Committee of New York Bankers, Letter sent by to Hon. -m. G. 2IcAdoo, Secretary of the Treasurer. L. Benedict, of "Referring to our conversation this morning, iSr. ndder, Peabody & Co. and Mr. Benj. Strong Jr., President of the Bankers Trust Company, submit the following memorandum statement of a proposed u thod of opening necessary credits at various points in Europe for the benefit of American travelers who are unable to obtain cash on their letters of credit and travelers' checks: Champery, Switzerland. August 15. Please excuse postal - it is more likely to reach you than a letter. I wanted to tell you that as soon as telegraphic money orders are possible between Dew York and Switzerland, I shall probably cable you to send me to the fulllimIt, which : believe is .200; perhaps I may add to send one also to my son, as 0200 will not be enough to pay my debts if this financial situation continues. We are unable to get Letter of Credit or checks cashed, and they even refuse good American bills; also English banknotes. Everyone is moneyless, and the hotels are obliged to give us credit. Hundreds of Americans are in this country unable to get away or got money. The Consul wrote me serious efforts were being made to help U3 oash checks, so perhaps before this reaches you, I can get money here and need not cable. Cables must be written in French too, i believe. We are cut off from all countries for the time being; no mail comes from Paris. Very sincerely, Aimee S. de Potter. -6 Miscellaneous Letters - Miscellaneous Letters. S If, as we surmise, this sum is to be principally used for the purpose of paying transportation, possibly chartering vessels, etc., it will be difficult to arrange for bankers to advance this sum of money, the arrangement purposed so far does not furnish any meansafor reimbursement or, if fact, any certainty that the amount expended for these purposes will be reimbursed, unless the Government will give its obligation to do so. 'e therefore suggest the folladng transaction: Bankers Trust Company will credit Deutsche Bank, as one of their New York correspondents, with )1,250,000 against sililar credit to be extended by the Deutsche Bank, Berlin, in favor of Ambassador Gerard at the rate of 4.19 3/4 Earks per dollar, Ambassador Gerard to be instructed that under this credit the Deutsche Bank is authorized to make payments on all respondible American travelers' cheques and letters of credit for such moderate amounts as are required by each individual, the payments against such credits to be figured at the rate of 96 cents for 4 marks which will make but a small allowance to cover the expenses of handling the transaction collecting the cheques, etc. This allowance is necessary inasmuch as the account will be handled for the benefit of some hundreds American institutions issuing these credits, with whom we are in no position to communicate and confirm arrangements. Otherwise the entire risk would be assumed by Bankers Trust C :mpany alone for the account of all issuers of American credits. -e assume that a large proportion of the Credit of 5,000,000 marks will be expended in paying expense of transportation, rossibly chartering vessels, in fact for all kinds of relief work for Americans who are without available funds or credits. It would,tiierefore, be necessary for us to have the obligation of the Secretary of the Treasury to reimburse the Bankers Trust Company at the rate of Lflcs. 4.19 3/4 per dollar, and costs, for all cf the ex?enditures which are not possible of reimbursement out of good travelers' credits. Bankers Trust Company is quite willing to make the advance under this arrangement provided also instructions are given to Ambassador Gerard that an agreement be entered into with the Deutsche Bank that in case conditions make it advisable, the travelers' cheques, drafts or other evidences of the payments made by the Deutsche Bank, shall be delivered to the American Embassy in Berlin and given the same safeguards as are given to the possessions of the Government in its care. It will also be necesaary to have duplicate accounts covering the eyments and transactions filed with the Embassy in Berlin, also filed with Bankers gust Company in New York, and to have advices of the completion of this arrangement nromptly cabled to the Ambassador at London and to Mr. Kent, .aldorf Hotel, London, Chairman of the American Relief Committee. It should also be arranged by Ambassador Gerard, that the credit to Deutsche is to be used in payment of obligations Bank, withBB/ITII:ers Trust Company, due in this country. This will avoid shipping gold and at present, no safe means to do so are available. August 18: Letter addressed to Er. Strong and signed by 7.. J. Bryan, dated "ashington, Department of State, August 15, 1914. "The department acknowledges the receipt of your letter of the 13th instant The in regard to cabling .;2,000 to the consul-general at Lisbon, Portugal. arrangement a stated by you in accepted and approved by the Department, and the consul-general has been instructed as to the transfer of the money." August 19: ashington D. C. Letter sent to I. S. Olds, c/o New 'Allard Hotel, "The foll6wing is a translation of a cablegram received from the American - 8 1:iscellaneous Letters -9 Miscellaneous Letters I also cabled Lliss Crosby: - -10- miscellaneous Letters: feel sure that :Jr. Harjes will give the matter prompt attention particularIf you wish to make ly when it is known that Miss Crosby is an invalid. the suggestion also that Miss Crosby apply directly to Ambassador Herrick, and mention nIF name in the sane way, I am sure she will receive similar attention from him, as he is a warm,personal friend of mine, and will do everything in his Power. Should occasion arise, don't hesitate to let me know and I will cable both Ambassador Herrick and Mr. Harjes myself about the matter. August 19: Letter from Mr. Frederick S. Duncan to Mr. Strong: I greatly appreciate your letter of August 17th with suggestions in regard to Miss Crosby. Will cable her and also write her as suggested in your letter. August 19: August 20: Letter from The First National Bank, New Hampton, Iowa, to B. T. Co.: We are enclosing you herewith American Bankers Association Travelers Cheques in the amount of Two Hundred tUghty dollars, for redemption and proceeds of Which you will deposit with the American Exchange National Bank, New York, for our credit and advice. These Cheques were issued by us on the second day of July to Mr. G. Kerrhoff for use in Europe. Mr. Kerrhoff was right in the war zone but he fortunately worked his way out thru Holland across to England taking ship, the Laconia of the White Star Line, from Liverpool to New York and reached New York last Sunday. Mr. Kerkhoff states that for these Travelers Cheques which vie issued him that he would have been "up against it", as they were the only medium of exchange that would be accepted. Stated that he met many Americans with their pockets full of money and that were unable to get anything. He is busy among his German friends singing our praise for the good dheques issued him which praise we will gladly accept at the same time however we will have to give you the real credit for the organization which you have perfected. Letter from J. ';'alter Thompson to Mr. Strong: The regular Bank Holiday in London came on Monday, and the Government extended this Bank Holiday up to Friday. It being necessary to obtain gold, which could not be obtained anywhere on Bankers Checks at that time, I telephoned to the Guaranty Trust Company to ascertain if by any possibility I could acquire a small amount of gold there, believing that being an American concern and not an Engliennoern they might be open. After some conversation over the telephone I was invited to call, which I did, and found that while nominally closed there were people inside, and I was admitted. I presented my checks to the cashier or clerk and at sight, and without any particular comment he to rued me down flat. I asked why he had me come all the w to Lombard Street if that was what he proposed to do, but he did not reply, or if he did I did not hear it. Subsequently I cabled to you, and with your cable in hand T went to the Guaranty Trust Co. two days later and got what I required. Had he served me, however, in the first instance with the moderate amount I desired at that time, it would have been less than half what I required at the time of my second call. Relative to the American checks in London, you can readily understand that in this case the war excitement was something terrific, although it was rather a suppressed excitement among business men and men engaged in financial Miscellaneous Letters: declining them. So far as the A.B.A. checks were concerned, I changed my mind when I found that they accepted freely checks of the American Express and Wells Fargo companies, and I found the explanation later in an announcement published, if my memory is correct, in the financial papers, stating that these people would pay their checks in gold up to a certain amount, upon presentation. There was no animosity or favoritism shown as far as I could see, excepting that there was rrobably a doubt as to when they could turn the checks into gold, which was the only thing that would pass current. This evidently must have been made very clear by some of the other companies, and it left people somewhat in doubt as to the A.B.A. checks. The Cecil Hotel where I stopped, did accept checks on account of board, but would not give any change in money. The Cunard people declined to accept the A.B.A. checks in payment of passage, although at the same time they did accept checks from the American Express Company and some other checks, what ones I do not know. This was the situation to the best of my memory and belief. No man living could have foreseen this condition or known it unless he was on the ground. The A.B.A. checks were treated exactly the same as Bank of England notes. August 21: Letter from Mr. Strong to Mr. J. Walter Thompson. I am exceedingly grateful to you for your letter of the 20th, which I am There seems to anxious to have with other similar statements, in our files. be a great variety of opinions as to how matters were handled abroad, but I am glad to say that our clients in the main have been most courteously treatIsolated cases of difficulty are bound to occur, and these we must deal ed. with as best we can, and I hope that our friends will all be satisfied that the best possible was done under the circumstances. August 22: Letter from J. Walter Thompson to Mr. Strong: Replying to your letter of Aug. 21st, everyone on the other side seemaa to feel regarding the checks, that the contretemps was simply occasioned by the war and I did not hear one complaint. In fact, everyone who used them spoke well of them. The reason I took so much interest in the matter was that I felt there was an opportunity to gain some knowledge that might possibly be of use to your Company. August 24: Letter from Fletcher S. Mason for Frank W. Matteson, Atty, to T7r. Bock, Foreign Exchange Dept., B.T.Co. I beg to advise you that I am today in receipt of advices from Mrs. Georgette (Harold) Brown, via Newport, R.I., stating that she had received the funds kindly cabled by you to your correspondent, Haskard a Co., in Florence, Italy, although as yet she had not received the earlier remittance which we attempted to convey through governmental channels. August 24: Letter from C. Peizette, Acting President American Chamber of Commerce, Paris, C amber of Commerce of the State of New York. to the President The war has created a financial situation in France which should be brought to the attention of American bankers. On August 3rd, the moratorium was decreed. This mans that ordinary business payments are postponed. It Similar conditions prehas practically put an end to banking accommodation. vail in all belligerent countries. In france, outside of money to pay workmen of his remaining and clerks, a depositor may draw out only Frs. 250 and deposit, until further notice. Within a few days it has become possible to draw out an additional 14. , American houses have, in the regular order of business, recently drawn against French companies, either their own branch or a house with which they have long relations. These drafts which were accepted by the French houses, are coming Miscellaneous had Letters: due, and those since August 3rd fall under the effects of the moratorium. As collections are practically impossible for the time being, French concerns, even those having large deposits here, cannot pay these maturing drafts because of the restrictions of the moratorium. This virtual suspension of business payments will probably be further prolonged by another decree of the French Government, but the conditions will be somewhat modified. Financial conditions, particularly in France, have shown some improvement within a few days. You no doubt have learned from the newspapers that cable transfers are becoming more nearly normal. Actual transactions are being made either through the deposit of funds by the buyer at New York, or try the payment of the buyer here in exchange for d,)cuments. We, therefore, urge that you give the fullest publicity to the situation in Europe, and point out that American bankers who have discounted drafts on French and other European houses, should exercise such indulgence as circumstances require, and should not create a hardship by calling upon the drawers of America of such drafts for immediate reimIf all who are concerned with Franco-American trade, particularly bankbursement. ing houses, will be unusually patient for a short time, it is probable that we shall soon see a considerable revival of France-American trade, as well as of As the United States is the one great country which is now French industry. neutral, and as the commerce between France and the United States should be very large on both sides, American manufacturers, exporters, and consequently bankers, have much to gain by a liberal attitude at this time. *August 31. Letter from The Lumbermans National Bank of Houston,Tex. to Mr. Strong. We appreciate very much the information contained in your letter of August You are certainly to be congratulated on the manner in which you Com27th. pany has taken hold of the situation and it means the furthering of the present (Sgd) M.S.Murray, Ass't. Cashier. good standing of the Bankers Trust Company. Sept. 4. Letter from Seward Prosser, The Liberty National Bank, New York to Mr. Strong. I enclose herewim a copy of a letter-addressed to Gibson, touching on the I thought it might be of interest. kind of service he is rendering you. Mr.H.D.Gibson, On Board U.S.S.Tennessee. Dear Pte. Gibson- War Department Office of Ass't. Secretary on Board U.S.S.Tennessee Aug.15,191 As the TENNESSEE is nearing its port and the time or the dispersing of our party is coming near at hand, I desire to express to you my sincere sense of obligation for the valuable assistant cooperation and advice you have so freely given to us in connection with the preparatory work of the Relief Cormitision. Had it not been for your broad knowledge of international exchange Dici your ability and readiness to impart it, it would have been impossible for us to have done so well as :ozo have in preparing the minds of the officers of the Commission for the conditions and situations that will confront them in their work on the Continent. Personally and in the name of the Government, I desire to extend to you the expression of a very sincere appreciation of your valuable services to us. (Signed) Henry Breckenridge, assistant Secre'a anaspecial Co of.War issioner of the U.S. -13- September 7. Letter to Mr. Fred I. Kent from Wisconsin Bankers' Lssociation,Milwaukee,Wisc. Having seen in some financial paper within the last month, a statement from you that American Bankers Checks were being cashed freely in European Countries, I beg to quote from a letter received this morning from one of our members relative to this subject. The Bank of Burlington, at Burlington, Wisc., say that their Mr. Slade has just returned from Europe and reports that traveling with him was a Mr. Reynolds - the latter supplies with American Express checks, while Lir. Slade had the Smerican Bankers Checks purchased from their bank. 'gr. Slade states that the last checks he was able to cash was on August 2nd, at Milan Italy, and after that neither he nor other tourists that he met were able to cash at any place, any of the A.B.A. checks, but that his companion Mr. Reynolds, cashed the Express checks at practically every place where he The Express checks, however, were cashed at the Express offices. tried. On the way home the question of cashing checks was quite prominent among the tourists and very bitter complaints were expressed by those holding Bankers checks while those supplies with Express Company checks were highly pleased with the accomodations extended them. " The Burlington Bank write further that it seems to them an institution so large as the Bankers Trust Company should have influence enough to protect its checks, even at such times as the past month, and the fact that they have not done so shows a weakness on their part or a lack of proper attention. Knowing your deep interest in the development of the American Bankers check plan, I send this information to you with the hope that it may tend to improve your foreign check plans. Some of our other members have complained that you should refuse banks to continue the sale of your checks after war was declared for has been built up by many banks, the sale of these checks to persons ing in this country and I understand your company sent out a notice biting the sale of any of these checks, even in this country, which I think has been since somewhat modified. to allow there travelprohinotice I shall be glad to hear your report of present conditions. (Signed) GEO. BARTLETT, Secretary. September 8. Letter from the Bank of Burlington, Burlingtson, Wisc., to Bankers Trust Co. % are sending you enclosed X530 of your travelers checks which were returned by our r. S. D. Slade, who was traveling in Europe and we might say in connection with this that his traveling companion was supplied with American Express Company checks which were freely cashed on the continent. Our man would have been stranded with Lae enclosed checks in his pocket if he had not been aacompanied by his friend who was better situated. It has been rather humiliating to us to have your checks in the hands of our customers and to be placed in such a situation and we are still undetermined as to the futuee but believe it advisable to handle other travelers checks than those issued by you. Kindly remit for the above to Irving National Bank, for our credit and advice. G. A. Uebele, (Signed) Cashier. -14 - Miscellaneous Letters. September 11.Letter by Mr. Stong to Bank of Burlington, Burlington, Wisc. Your favor of the 8th instant received, returning .530 in Travelers' Cheques Miscellaneous Letters. September 8. Letter from Frederick S. Duncan to Mr. Strong. I am sincerely grateful to you and to your company for the very efficient £L6- aiscellaneous Letters- AMERICAN CITIZENS' COMMITTEE White Room Hotel Savoy, Embankment Entrance. FINANCIAL OPERATIONS -;;ILL HEREAFTER BE CONDUCTED UNDER TIE FOLLO:ING DEPARTMENTS. A. CABLE TRANSFER BEPAETAENT. B. AMERICAN MONEY - CONTINENTAL GOLD EXCHANE DEPARTMEN72. C. LOAN DEPARTMENT. D. EMERGENCY DEPARTMENT GENERAL INSTRUCTIONS: (A) Fir cash on Travelers' Cheques or Letters of Credit persons should apply at the offices of banks and companies issuing them, i.e., American Express Company Wells, Fargo & Co Guaranty Trust Company 6 Haymarket 20 Charles St., S.W. 33 Lombard S,;., E.C. American currency will be exchanged on the basis of Five Dollars (B) Continental Gold at par. for One Pound (El). .,;13-04) All persons in need of money must cable their AmeriCables for -ioney. (C) can conhectio;.s and they shall only be afforded temporary relief until their cables can be answered. Hamburg-American and orth German Lloyd Travelers' Cheques and TLckets. (D) Loans upon these and upon receipts for money shall only be made in small amounts and then on 50% security. (E) German and Austrian -ioney - the foregoing rule applies in these cases. Loans on Security - In all such cases persons obtaining loans shall (F) sign cheques on American banks, or if without checking accounts then promissory notes, with full information as to the financial responsibility of the a pplicant. etter of the Bankers Trust Company dated Sept.14,1914, arged on the Bankers checks by Bankers at Lucerne and -17u may say to the Trust Company that they are mistaken ose banks were acting under instructions from the Misscellaneous Letters. ne 411 sentSeptember out letters the effect that they to would pay C. Breed, New York by Lir. Strong Tilliam 15. to Letter Travelers Cheques in full and pay Letters your of Credit I much appreciate courtesy in writing me, enclosing the exhibit the rate of five francs to the dollar. being in connection with theI,work of the London Committee, which we will add ommittee of the American Association at Lucerne, to oar records pertaining to was this most interesting and difficult matter. of the deferent le6ters sent out by the Bank at ved in Paris, I called upon Lir. Harjes of Morgan, om I am acquainted, and took up the subject with him, -18Miscellaneous Let:ters. the result being a conference with the other men of that institution. -19Iliscellaneous Letters. banks had not realized through the announcement that the ,old was on the -2U- commands a premium in Canada, we receive no benefit, and feel that we should not be called upon to pay any discounts on unused Travelers' Furthermore, the full york exchange is at a discount. Cheques when commission of 1/2 of one per cent has been waived in your favor on all cheques issued. We greatly appreciate your courtesy in having written us, thus giving us an opportunity to explain our position, and assuring you of our appreciation of any courtesies shown to holders of American Bankers' Association Travelers' Cheques, we are September 14. Letter from The Dominion Bank to jr. Schmid. I have received your letter of the 11th inst., also advice today from the :rational City Bank of your deposit of ;1400 in settlement of that amount of Travelers' Cheques. Your arguments first, that New York exchanre comaands a premium in Canada throughout the greater part of the year, and second, that a full commission of 1/2 IS waived in our favor, are not satisfactory explanations of your refusal to credit us with the amount of the discount. my personal experience during the last two years has been that I have had to decline certain good American business because of the prevailing discount for currency. payment for all Bankers cheques received by us goes immediately into your hands and should not issue them at all were it not for the onehalf commission. With regard to your further statement that no benefit is received when New York exchange is at a premium in Canada, our understanding has always been that settlement must be in New York funds. You, of course, know all this much better than I do, but I wanted to add iv small voice in testimony of his untiring devotion to his duty, well done. Harris, Tr. (Signed) He represented most admirably his Country and your Company. miscellaneous Le',,ters. Se2temther 22. Letter from The Dominion Bank of Hamilton, Ont. to 2.1r. Strong. Referring to your letter of the 16th instant to which I replied saying that my head office would communicate direct with you, I beg to say that they write me that before terms can be offered for your account, further information must be obtained as to: The average balance to be kept in the account, the volume of business, would deposits madd consist of Canadian or J.S.Funds, 'could any other business pass through the account besides payment for Travelers' Cheques sold in Canada by us or your correspondents, wuu16. this accc.unt be required to redeem Association money orders paid in Canada. If you will kindly furnish me with this data I will see that the matter is promptly laid before our head office. Septem Dear Sirs:- Re Miss Louise Crosby I acknowledge receipt of yours of Sept ing cop of cablegram from Morgan, Harjes & Comp Strong, Jr., reading: "Your friend, Louise Cros good care of by us financially and otherwise and she left here giving her address as Hotel Walcot Street, New York City." I note that you have received a letter paid kiss Crosby five hundred francs at $5.00, w ducting from the five hundred dollars received f expenses, leaving a balance of ',1387.48, for whi close your check, receipt of which I acknowledge Bankers Trust Co., I wish to expreas my grateful apprecia tesy you have extended to me and to kiss Crosby. has been of great help to her and great comfort Crosby's family, who wore naturally extremely an ty, particularly during the past two weeks. 1HE DOMINION BANK, Hamilton, Ont., 14th September, 1914. J. A. Schmidt, Manager, The Foreign Exchange Department, The Bankers Trust Company, New York, N. Y. Dear Sir:I have received your letter of the 11th inst., also advice to-day from the National City Dank of your deposit of 01400 in settlement of that amount of Travellers' Cheques. Your arguments, first, that New York exchange corirands a premium in Canada throughout the greater part of the year, and second, that a full commission of one-half is waived in our favor, are not satisfactory explanations of your refusal to credit us with the amount of the discount. My personal ezporienco during the last two years has been that I have had to decline certain good American business because of the prevailing discount for currency. Payment for all Bankers cheques received by us goes immediately into your hands and we should not issue them at all were it not for the one-half commission. your further statement that no benefit With regard is received when New York exchange is at a premium in Canada, our understanding has always been that settlement must be in New York funds. We shall be glad to open an account if you like and place the funds here at your disposal. To-day our entry is to be made,- funds are 3/4 - 11/16 discount. Vie do not consider that our customer should be charged with this discount, and shall thank you to send us the amount asked for, namely ,;i,;5.25. Yours truly, Manager. 12 noon -"N. Y. funds nominal l';'L die." 411 Kuhn, Loeb & Co., 52 William Street. J. P. Morgan & Co., Wall Street, corner Broad. New York, September 17, 1914. Confidential. 4100,000,000 :JEW YORK CITY LOAN SYNDICATE. Bankers Trust Company, New York. Dear Sirs:- Of the obligations of the City payable in Paris which the Syndicate has undertaken to discharge under contract with the City, we acquired, on September 1, 1914, as we orally informed the Comptroller, certain Paris maturities for the aggregate amount of Fes. 13,500,000 at the exchange rate of 19.607843 cents to the franc. Vie propose to turn these notes over to the Syndicate without profit, at the same rates of discount and exchange cx obligations reduce to that of thesewill foreign those on which they were acquired. The purchase for gold. Under the agreement w Comptroller the right to antici ing obligations covered by the acquired. The notes aggregatin ed to the City on a basis of 6'l the franc. :c are accordingly ca us on Friday, September 18th, c depositaries for their ratable of 2,677,545.21. The chock to be drawn the awn of 4108,976.09. As this transaction w gold, the check to be drawn upo the banks in the customary mann Very t I THE DOMINION BANY, Hamilton, Ont., 18th September, 1914. Benjamin Strong, Jr., President, the Bankers Trust Company, New York, N. Y. Dear sir:- I have received your letter of the 16th inst., and note that my letter has offered a sugirestion which will obviate a re- currence of the case in point. As you have asked us to quote terms on which an account might be kept here, and have suggested that the account should be earned at Head Office, I have forwarded the recent correspondence to lur. Arthur Pepler, Assistant to the General ::,anager, 2oronto, who will doubtless communicate with you in due course. Yours truly, :i.anager. 8 Via Solferino, Florence, 19 September, 1914. The Bankers Trust Co., 19 Wall St., New York City. Gentlemen:- Thank you for your letter of September 2, which I have just received, and especially for the efforts made in my behalf which you describe. Personally I was inconvenienced only a short time, as I was able to borrow some American Express Co. checks. Now all difficulty seems to be over. I have no doubt the facts in other places were as you state them, but in Rome certainly they wore as stated in .ay earThe American Express Co. and Cook's cashed their lier letter. own checks, in limited amounts at any one time, and Sebasti made limited payments in all cases where he was named as a correspondThe American Express Co. was most accommodating to all, ent. The Banat'. Commerciale and certainly will gain by Italiana not merely refused to make payments on anything whatever, but did so in a peculiarly exasperating manner, and when it began to make payments, exacted, as I was told, most unwarranted discounts. Lany Americans were made exceedingly angry by their methods and manners. I myself only made one attempt there, but it was enough to show me what others probably experienced. Now I hope our troubles are over for a time at least. With thanks, I am, Very truly yours, (Signed) GEORGE BURTON ADAMS. aeorge D. Bartlett, Secret September 28th, 1914. Wisconsin Banker Pabst y dear Mr. Bartlett: Your favor of Se ter sent by you to Fred I. Trust Company, came to the City. I thank you for you know that 1 am always I do not conside Bankers Trust Company that for a brief period. I do tion in the country issuin it upon which cash could b plied to the Express Compa press Companies began to c You are no doubt belief making a being fight our against thet amount of business And, you The Express Compan their offices at v distinct advantage you. Of cours these Bankers Cheq Trust Company. I thorou States could have Bankers Trust Comp Kent was in Europe the interests of t Always g LIBERTY NATIONAL BANK. New York, October 6th, 1914. Li'. Benjamin Strong, Jr., President, Bankers Trust Company, 16 Wall Street, City. Dear 1&r. Strong: Thank you very much for your letter of the 5th instant, with regard to the services of our Llr. Gibson, which the Liberty Bank so willingly gave to you. We are indeed pleased that what he has been able to do for you has boon of such a caaracter, that it has been possible for you to write the appreciative letter which is now before me. will take great pleasure in havin; this letter read to the Board, and also shorn to Mr. Gibson upon his return. Yours very truly, (Signed) SEWARD PROSSER President. S LIBERTY NATIONALBANK OF NEW YORK, New York, October 16, 1914. Benjamin Strong, Jr., C/o Bankers Trust Company, New York, D. Y. Ey dear kr. Upon my return from abroad, I find your letter of Oct. 5th to Mr. Prosser, in which you say many kind things about my trio to Europe as a representative of the Bankers Trust Company. I want to take this, the first opportunity I have had, since my return, to express to you my sincere appreciation of your thoughtfulness in writing Mr. Prosser as you did. It is needless for me to say that it was a great pleasure to make the trip, and to The nicest part of all is, to be represent your institution. shown as you have shown me in this case, that my efforts to ropresent you to the best of my ability were appreciated by you. ll With kindest regards, and sincere thanks for your letter, I remain, Yours very truly, (Signed) S H. D. GIBSON 4011 July 31: Jeblegrans exchanged between Bankers Trust Company and Comptoir National d'Escompte de Paris, Paris. Cablegrams exchanged between the Bankers Trust Company and the Direction der DiscontoGesellschaft, Berlin. 411 JUly 30: Cablegram to Banktrudis, Berlin. Charge our account and pay to National bank iffr Deutschland, Berlin, Marks 250,000 for account of Guaranty Trust Co. of New York, New York. Charge our account and pay Deutsche Bank, Berlin, Marks 500,000 for our account. ',mat is amount of our balance at the close of business tomorrow. August 2: Cablegram front Banktrudis, Berlin. Your credit balance (Marks) 432,000. August 2: Cablegram from Banktrudis, Berlin. Have paid Kalisyndikat 41,000. August 3: Cablegram from Banktrudis, Berlin. Have paid Kalisyndikat Marks 53,000. Have paid Kalisyndikat 55,000. August 21: Wireless message to Direction via Radio Station, Tuckerton, N.J. Repeat following messge: Direction der Disconto-Gesellschaft, Berlin, renew documentary credit No. 273 for Mks. 300,000 and extend credit to cover August shipments, impossible to cable you direct, telegraph us if Kalisyndikat can make shipments in August, also total amount paid to Kalisyndikat since your last debit of July 18th, also telegraph amount of our balance and at what rate you can credit us in Marks against dollars here. Duplicating this message via Copenhagen and Amsterdam. August 20: The above message also sent to Direction through Daneke Landmandsbank, Copenhagen and Hope & Co., Amsterdam. 1111, August 22: Message sent over the telephone to Mr. Olds to be sent to our Berlin correspondent: (Direction der disconto-Gesellschaft). Cable us through Ambassador Gerard Amount of our balance. August 30: Cablegram from Berlin (via Nelson Page, American Embassy, Rome.) August 30v, your credit balance with Disconto-Gesellschaft is 141700 - Berard Travelers' Cheque, Letter of Credit and Foreign Exchange Telegrams, eto. July 29: Telegram to Old Colony Trust and Savings Bank, Chicago, Ill. Discontinue using old rates for foreign checks. Foreign exchange market demoralized. New rates. sent. July 30: Telegram sent to National City Bank, Chicago, Ill. Telegram received. European markets demoralized and currency scarce. Your telegram is the first we have heard regarding refusals of cheques and Letters of Credit. Have cabled our Zurich correspondent to ship currency to Cramer at once, no matter at what cost. We have ample balances abroad, but European bankers are holding tight to gold, and we are doing everything possible for tourists. You may rest assured we will protect your interests. Cur El'. Kent looking after matters personally. July 30: Telegrarp from National City Bank of Chicago, Ill. Can you cable currency );500 to Ambrose C. Cramer, care Thomas Cook & Son, Geneva, shipping currency from Paris or Berlin, if necessary. Advise us by wire. July 30: Telegram to National City bank of Chicago, Can arrange payment through Thomas Cook & Son, New York, but without risk to them or ourselves. Cannot guarantee payment. July 30: Telegram from National City Bank of Chicago, Ill. Transfer funds as per telegrams. Payment must be in currency, as party is unable to realize on your Letter of Credit or Association Cheques. 4I0July 30: 147 telegrams to our Foreign Check Correspondents: Cancel all rates for foreign checks. Liarket demoralized. July 30: 50 telegrams to our Letter of Credit Correspondents; Foreign Exchange and European market demoralized. Situation abroad critical. Discontinue issuance Letters of Credit until further notice. July 31: Telegram sent to the large issuers of Travelers' Cheques. Owing probable difficulty cashing Travelers' Cheques, notify purchasers they take cheques their own risk. Suggest furnishing foreign travelers cash. July 31: Telegram sent to all banks, etc., issuing Travelers' Cheques. Conditions abroad necessitate discontinuance sale of Travelers' Cheques. Telegram sent to banks in answer to inquiries: Discontinue all sales for the present. Letter(Telegram) received. advise you shortly regarding arrangements for domestic use. Will August 3t Telegram sent to Citizens Savings & Trust Co., Cleveland, Ohio. Yours first received. Cannot maketransfers as requested, if traveler arrangements under may for their protection. August 3: Telegram from National Bank of Commerce, Toledo, Ohio. Wire us all information you can concerning settlements of drafts drawn against If rates are to be commercial credits issued in favor of the Bour Company. very high, we wish to cable shippers to discontinue making drafts. August 3: Telegram sent to National Bank of Commerce, Toledo, Ohio. Foreign exchange demoralized. General moratorium declared throughout Europe. 410 Travelers' Cheque, Letter of Credit and Foreign Exch. Telegrams, etc. - continued - 011111. Wrote you this morning. Believe you should instruct all shippers discontinue making drafts, as we must look to you for reimbursement in London exchange. Our letter of today gives full particulars. August 3: Telegram sent to National Bank of Commerce, Toledo, Ohio. Shall we insist on policies under Commercial Credits to cover war risk on shipments made prior to present conditions? August 4: Telegram from National Bank of Commerce, Toledo, Ohio. Replying your telegram yesterday, policies apparently cover war risk. $ August 4; Telegram sent to Hon. W. J. Bryan, Secretary of the State, Waehington,D.C. We have received cable advice from Germany that Baroness Von Romberg payment has been made. We greatly appreciate your assistance. #ft# August 5: Telegram from W. A. Means, Treasurer, B. Goodrich Co., Akron, O. Bertram G. work, our President, and also stockholder in Bankers Trust Co., is in Frankfurt-on-Main, care Carlton Hotel, and in need of funds. Will appreciate any relief or assistance which you may be able to afford him. August 5: Telegram sent 11r. Sent Collect A. Means, Treasurer, B. F. Goodrich Co., Akron, 0. Telegram received. Impossible make transfer direct. Arrangements under way for general relief of all tourists. American bankers arranging with government to ship gold by cruiser Tennessee. Understand all foreign consulates have been advised to get in touch with Americana to furnish neoessary relief when arrangements completed. Doing everything in our power to hasten matter. August 5: Telegram from st. Louis Union Trust Co., St. Louis, Mo. Shall we cash ABA Travelers' Cheques that may be presented to us. Viel think it would be an excellent move if yell can arrange to caan these cheques in times like this. Wire us if you will refund us in cash any cash we pay out of these cheques. We understand we are to discontinue selling. Answer. August 5: Telegram sent to St. Louis Union Trust Co., St. Louis, 7:o. Referring to your telegram - yes - we see no reason to discontinue cashing American Bankers Association cheques. August 5: Telegram from Mechanics and Farmers Bank, Albany, N.Y. Cam you or can you suggest any way we can buy exchange or actually send three thousand dollars in gold to Italy for one of our friends. August 5: Telegram sent to Mechanics and Farmers Bank, Albany, N.Y. Regret impossible to make transfer. Goverrnment arranging to forward funds for the relief of tourists, Bankers forwarding gold for immediate needs of tourists holding cheques and credits. Doing everything to assist all Americans. August 5: Night letter sent to lir. W. A. Means, Treasurer, B.F.Goodrich Co., Akron,O. Referring to our telegram today,suggest you telegraph State Department, Washington, immediately, giving them full name and address of "Jr. WOrk. We are doiAg everything possible at this end but require your cooperation with 7Ashington. Do not hesitate to call on us if we can assist you. Benjamin Strong, Jr. August 5: Telegram from Old National Bank, Spokane, 'Warrington. Dispatches report party American school girls marooned in Austria Mary Louise Corbin May and June Twohy Spokane girls with Mlle. Reuche -3-- Travelers' Cheque, Letter of Credit and Foreign Exch. Telegrams, etc., - Continued - Chaperon Dana Hall School due Grand Hotel, Tarbole, Austria, August 1, Grand Hotel, Bellagio, Italy, second, Lucerne, Switzerland, fifth. Please cable Fred Kent to investigate and render any assistance possible, and wire us any information he may be able to obtain concerning the girls. August 5: Collect Telegram sent Old National Bank, Spokane, Washington. Arrangements under way to ship golf_ to London for relief American Travelers and negotiations for distribution of money throughout continent through Government channels being rapidly perfected. Suggest you cable full par ticulars F. I. Kent, Hotel Savoy, London, using no abbreviations and signing full name. Also communicate State Department washington by telegraph. If arrangements can be made to disburse funds to travelers in Austria, their travelers credit will, we believe, be good without regard to by whom issued. August 5: Telegram sent to Adolph C. oio Treasury Department, Washington,D.C. The five million gold shipment contributed by ten institutions sending this telegram never intended to be limited to cash travelers' credits issued only by such ten institutions, but always intended and will be shipped only for relief use in cashing to extent immediate needs of tourists holding travelers' credits in form either of letters of Credit or Travelers' Cheques issued by any American Bank, banker of concern. Validity of credit and goodness of drawer to be established in manner customary to such transactions through O.K. of foreign drawees of such credits. (National City Bank.) Farmers Loan and Trust Co. Brown Brothers and Co. Guaranty Trust Co. Kidder, Peabody & Co. National Bank of Commerce, American Express Co. Bankers Trust Co. J.P.Morgan & Co. First National Bank. August 5: Telegram sent to Hon. W.G. lioAdoo, Secretary of Treasury, Washington,D.C. Personal intimations have just reached me that word has been received in aashington of lack of harmony respecting gold shipment or appointment in connection with handling same. There is absolutely no foundation for this report so far as I know. The gold is being shipped by ten institutions and firms who are in entire harmony in this effort to protect all Americans holding Letters of Credit, no matter by whom issued. The gold will be used for the benefit of all responsible users of Travelers' credits through such agencies as may be employed, and the recommendations which have cone to Washington from our committee are the names recommended by the ten firms or institutions contributing. It occurs to me to suggest to you personally that if there should be any question on the part of anybody as to whom the consignee should be, I want you to feel perfectly free to eliminate our name, if you desire to do so. that we want to do is to insure that the shipment is made to responsible people who have facilities to conduct the business. Benjamin Strong, Jr. August 6: Telegram from W. G. McAdoo. Your telegram received; also telegram signed by Farmers Loan and Trust Co., Brown Brothers and Co., Guaranty Trust Co., Kidder, Peabody & Co., National Travelers' Cheques, Letter of Credit and Foreign Exch. Telegrams, etc. - Continued- Bank of Commerce, American EXpress Cool. P. Morgan & Co., First National Bank, Bankers Trust Co. Also telephone message from Irving S. Olds to Doctor Miller. It is not the purpose to receive deposits for shipment on the Tennessee from any other than bankers' committee, and all inquiries from other bankers than your committee have been referred to you. ** August 53 *** August 6: Collect August 6: Telegram from merchants' Loan and Trust Co., Chicago, Ili. If practicable for us to put gold aboard Tennessee specifically for the protection of our own Letters of Credit, we wish to do so. Should gold be acceptable only for the joint fund, we see no need to contribute. If gold can be sent on above terms, charge our account 4150,000, and if you wish we can replace gold by express at once. Telegram sent to merchants' Loan & Trust Co., Chicago, Ill. Your wire received. You realize that on basis of your telegram the New York bankers take all the risk holders of your Letters of Credit of course getting the benefit. We had hopes that all institutions issuing Letters of Credit would promptly join in reasonable contributions to the fund as patriotic duty which would be sent forward at their risk, but with regular insurance without war risk covered. Our Vice Presidents Kent and Duane in London handling details of redemption. Telegram from the Northern Trust Co., Chicago, Ill. The press reports war ship Tennessee leaves today; desiring to participate in depositing funds, let us have definite instructions at once as to what procedure we must follow. linst have time to give the necessary instructions -5Travelers' Cheque, Letterof Credit and Foreign Exch. Telegrams, etc., - Continued August 6: Telegram sent to Union National Bank, Scranton, Pa. Jollect. Telegram received. Our :Ir. Kent in London. Arrangements under way. August 5: Telegram sent to Ambassador Page, London, by Secretary of State. Congress today appropriated 42,5L0,000 to make advances to American travelers in Europe in need of assistance. F.I.Kent, Vice President Bankers Trust Co. of New York, at Hotel Savoy, London, has cabled that 4300,000 is needed immediately to relieve Americans on the Continent .ho are in great distress. The Secretary of the Treasury is seang you by Cruiser Tennessee, sailing August sixth, 4300,000 in gold. Please advise Kent of this fact, whereupon he will arrange to place c'300,000 to your credit and make it immediately available for relief purposes. Confer at once with Kent and with any American Relief Committee that may be organized in London, or if you think wise, organize such a committee if none exists and take all such steps as quickly as possible to extend relief to American citizens in 'ingland or on the Continent who need it, arAaging, if you find it necessary, to dispatch a ship from an English port to some port on the Continent for this purpose on such terms as you think the circumstances justify. It is highly important to make the most effective possible use of these funds. You may employ such additional clerical or other assistance as you may require to carry on this work and ay the same out of this fund. You should take from every one to whom advances are made an obligation to reiggburse the Government as soon as possible. Please cable fully and as frequently as possible the steps you take. For your information 41,200,000 additional will go on the Tennessee, to be disbursed under direction of Government representatives who accompany the ship. August 7: from National City answered by mail. We have been unofficially informed that banks must have their name approved by Treasury to insure encashment of Letters of Credit out of funds to be carried on warships Tennesse.. In view of special form of our Letters of Credit issued through you, please see that our name is also approved. August 8: Telegram from First National Bank, :Annan, Idaho. Iday we sell Travelers' Cheques msrked good only in United States? August 8: I Telegram to First National Bar, Laillan, Idaho. Telegram received. Discontinue all sales Travelers' Cheques. you shortly regarding issuance of further cheques. 'All advise August 8: Telegram from First National Bank, Berkeley, Calif. :lajority Travelers' Cheques sold by us are for domestic use. Continual demand here for local travel. We are both losing profits under present restrictions. Suggest use of rubber stamp across face reading for use in United states only, foreign rates do not apply. Are reply. August 8: Telegram to First National Bank, Berkeley, Calif. Telegram received. Discontinue all sales Travelers' Cheques. All advise you shortly regarding arrangements for cheques for domestic use. August 8: Telegram to National City Bank, Chicago, Ill. London telegraphs credit 280 our number 239 your number Dawson sent documents twenty-two bales -rinaetonka direct to Chicago 'Wool Company. Understand goods arrived. Jay we authorize London to nay four hundred and sixty-four pounds? Telegraph instructions. -6Travelers' Cheque, Letter of Credit and Foreign Exch. Telegrams - Continued. August 8: Telegram from First National Bank, Muskogee, Okla. Please have your representative reach Mrs. J. H. Melton, Kaiser Elizabeth Street number eighteen twenty one, Vienna, Austria, advancing funds for her needs, advising us. *** August 6; At :Jr. Strong's request, Mr. Close called up the Brooklyn Navy Yard and ascertained the following from the First Aide of the Captain of the Navy Yard. Name of Captain of Navy Yard if Captain Cleaves. "Captain not new at the Yard. His First Aide states Tennessee now at Tompkinsville, and so far as they know, expects to be there all day." August 8: Telegram from Third National Bank, St. Louis, mo. Cable Mr. F. I. Rent, Please charge our account five thousand dollars. Waldorf Astoria, London, to pay live amount to Firs. Anna Busch. Wire action. Rush. Service will be appreciated. Many thanks for courtesy. August 8; Telegram from Third National Bank, St. Louis, Mo. Kindly advise if transfer has been made to London to Mr. Kent, as requested today. August 8; Telegram to Third National Sank, St. Louis, Telegram re eived. Cable Fred I. Kent, care ':.aldorf Hotel, Aldwych 6treet, We doing needful here, but cannot London, address of Isrs. Anna Busch. make direct transfer requested. Collect August 8: August 10: Telegram from National City Bank, Chicago, Ill. Referring to your telegram of 6th, authorize London to pay. due on Monday. Advise us amount Telegram to National New Haven Bank, New Haven, Conn. Referring your letter eighth instant, please discontinue all sales. rangements under way for domestic use which will be advised later. Ar- August 10; Telegram to State National Bank, Texarkana, Arkansas. Referring your letter seventh, will be glad to protect cheques me nt ioned. Angus% 10: Telegram to Merchants State Bank, Port Arthur, Texas. Arrangements for Kindly discontinue all sales of Travelers' Cheques. domestic use will be advised later. August 5: Telegram from Ndthern Trust Company, Chicago, Ill. Put us down for one hundred thousand dollars, and we will ship you today same amount in gold certificates by express. Is this satisfactory? Answer over this wire. August 5; Telegram to Northern Trust Company, Chicago, Ill. Send us gold certificates, and we will put you down for ;A00,000. stand this is a general fund and not for any particular c!edit. You under- August 5; Telegram from Nothern Trust Company, Chicago, Ill Referring to our previous messages, today we have transferred to you by wire through Assistant Treasurer U.S. at Chicago, one hundred thousand dollars gold certificates for our account, all charges paid, and Assistant Treasurer, New York, should make payment to you today or tomorrow. August 5; Telegram to Northern Trust Company, Chicago, Ill. Have put you down for 100,000. It will be all right for you to ship the communicating with State Department, as they may succeed in getting word to Austrian ambassador. Travelers' Cheque, Lettr of Credit and Foreign Exch. Telegrams, etc. - Continued August 10: Telegram from Safe Deposit Bank of Pottsville, Pa. Can you take care of your checks now in Italy? Collect August 10: August 10: Collect. August 10: Telegram to Safe Deposit Bank of Pottsville, Pa. Telegram received. Have received no cable advices of refusals from Italy. 71111 instructions were cabled our Italian correspondent to protect cheques. Brooklyn Navy Yard telephoned that they had received a wireless from Secretary Breckenridge on board the Tennessee, asking for a complete list of issuers of Travelers' Claques and Letters of Credit. We telephoned the Navy Yard, stating that we could only supply them with a partial list, and advising them that a complete list could be obtained, from Mr. Fred I. Kent, c/o Hotel Waldorf, Aldwych Street, London, and instructed them to send a message to Secretary Breckenridge on board the Tennessee, requesting him to send a wireless to Kent, informing :Jr. Kent of the port of arrival so as to enable the London Committee to make full and complete arrangements for the immediate transfer of the gold to London - which message was confirmed over the wire by the Brooklyn Navy Yard. August 10: Telegram to arand Rapids Savings Bank, Grand Rapids, Mich. Letter seventh received. Discontinue all further sales Travelers' Cheques. aill advise shortly regarding arrangements for domestic sales. August 10: Telegram from Union Trust Co., Chicago, Ill. Kindly :ire if you have information as to whether or not American Bankers Association Cheques are being negotiated in Switzerland and Italy. Telegram to Union Trust Co., Chicago, Ill. Telegram received. arrangements made protection all Travelers' Cheques and credits in Switzerland. Negotiating now with proper authorities protection Italy. August 10: -8Travelers' Cheque, Letter of Credit and Foreign Exch. Telegrams, etc. - continued August 1G: Telegram from German National Bank, Cincinnati, 0 Wire best quotation your cable payment London. August 10: Telegram to German National Bank, Cincinnati, O. Telegram received. Regret cannot quote cable London. August 10: No market. Telegram from W. L. Curry, 402 Curry Bldg., Pittsburgh, Pa. 'lhairare prospects for arranging a two or four hundred thousand credit in London in next few days, and at what cost? London August 10: August 3: August 11: August 11: Telegram to L. Curry, 402 Curry Bldg., Pittsburgh, Pa. Telegram received. Regret absolutely impossible present arrange Telegram to Hon. G. McAdoo, Secretary of Treasury. credit. Will meet sir. Lansing, State Department, Metropolitan Club, V;ashington nine o'clock tonight regarding arrangement for foreign travelers I discuesed with you. Would very much appreciate your assistance. Can you join us there or have a representative, lust return on midnight train. please wire answer. Telegram from W. a. McAdoo to Benjamin Strong, Jr. please telegraph me the names of the gentlemen to whom you advise that invitations be extended as members of the proposed committee referred to in my letter of August eighth. Telegram to Hon G. MDAdoo, Secretary of the Treasury, signed Benjamin Strong, Jr. Suggest inviting Max 2lay, of Guaranty Trust Company; John E. Gardin, of National City Bank; Henry Ickelheimer of Heidelbaoh, Ickelheimer & Co., - 9 - Travelers' Cheques, Letters of Credit and Foreign Exch. Telegrams,etc. IIIAugust 1: Telegram to Charles D. Norton,Vice President First National Bank, New York City. Your telegram delayed in transmission if funds are deposited with Department Embassy in Paris will endeavor to supply funds to Americans for returning home if money not obtainable will try to arrange for acceptance of orders by embassy understand Secretary has telephoned you to this effect. Washington, D.C. Robert Lansing, # # August 3: ### August 4: ### August 4: Telegram to Benjamin Strong, Jr., New York City. Secretary McAdoo now enroute to Washington from New York will place your telegram before him upon arrival about three thirty. Washington,D.C. George R. Cooksey,Private Secy. New Telegram to Benjamin Strong, Jr., Bankers Trust Company, York City Just received the following notice from Western Union "Your cable today to Fred Kent care Waldorf Hotel London signed Strong cancelled stopped by Government censor to go forward new message in plain English or French with full address and senders name in full is necessary no code cipher or abbreviations whatever allowed." T.B.Harrison, Washington, D. C. Telegram to Benjamin Strong, Jr., c/o C. J. Hamlin aubtreasury, New York. The President sent a special message to the Congress Your telegram received. at two oclock asking for an appropriation of two and one half millions of dollars for the relief, protection and transportation of American citizens in Europe and for the power to use such of the vessels officials and officers of the Government as he may determine and to take all necessary measures to The money is to be used not only for the relief of accomplish said purpose. the destitute but in the form of advances to citizens who may reimburse the Government a their return. Until Congress makes the appropriation and grants this power, it is impossible for me to advise you about fiscal agencies and other points in your letter, but the President will, I am sure authorize the appointment of such agents when he has the power. I see no reason why bankers should not receive from individuals deposits of gold for transmission at shippers risk. Our idea is to send the money in one of our naval vessels. The Secretary of State and I are We hope for prompt action by the Congress. going before the appropriations Committee of the Senate at four oclock this afternoon and shall appear before the Appropriations Committee of the house tomorrow morning at half past ten. W. G. McAdoo, Washington, D. C. August 13: Telegram from Cleveland Trust Co., Cleveland, Ohio. May we issue Travelers' Cheques if we guarantee for domestic use. August 13; Telegram to Cleveland Trust Co., Cleveland, Ohio. Telegram received, circular letter mailed you today, each cheque must be stamped on face through globe also on back through preimed matter as folthis cheque issued for use and redemption within the United States lows: Circular letter is being mailed you today . only. G. McAdoo to Benjamin Strong, Jr. August 13: Telegram from It was the distinct understanding that the bankers in New York represented by you should take care of Aaerioan travelers in Europe holding unexhausted or Travelers' Cheques, or that the bankers reimburse the Treasurer promptly I understood also that :iessrs. Morgan, through some other available channels. ".10Harjes and Company, Paris, been put in telegrams, possession etc. of three million dollars Travelers' Cheques, Letter of Credit andhad Foreign Exch. - Continued of gold for the purpose of caring for American travelers holding Letters of Credit and Travelers' Cheques. It does not seem to me necessary that the government funds should be drawn upon to protect obligations of the bankers, unless It is most important to keep it may be until the Tennessee arrives in Europe. this distinction in mind, and to have complete understanding on this point. Good deal of confusiOn exists in State Department on this subject, and I want to have it clarified without delay. Please let me hear from you promptly. Citizens Savings & Trust Co., Cleveland, 0. August 14: Telegram to J. R. Nutt, Have received cable from :r. Kent, reading, tell Nutt his cablegram having attention. Merchants Loan & Trust Co., Chicago, Ill. August 14: Telegram to H. G. P. Deans, Have received cable from Mr. Kent, reading tell Deans his cablegram having attention. August 14: Telegram to C. P. Hutcheson, Cashier, First National Sank, Kansas City. You may issue Travelers' Cheques for use in United Yours twelfth received. "This cheque for States, stamping each cheque on face and back as follows: You need have no hesiStates only. use and redemption within the United tancy in cashing Association cheques presented, when properly countersigned. August LI: Telegram from Dudley E. Waters, Chairman Grand Rapids National City Bank, Grand Rapids, Mich. Can we issue Travelers' Cheques if we use rubber stamp on face reading payable 410 only in United States. p.11 Travlers' Cheque, Letter of Credit and For. Exch. Telegrams, etc. Continued imiktagust 14: Telegram gent Dudley E. Waters, Chairman GrandvRapids National City Bank, Grand Rapids, Mich. 4IP Telegram received. You mar issue cheques for use in United States if stamped on face and back as follows: This cheque issued for use and redemption within the United States only, Circular giving instructions mailed yesterday. August 19: Telegram from California National Bank, Sacramento, Calif. Request your Mr. Kent in London to assist W. F. Myers four the Boyle Folkston Kent England we guarantee. August 19: Telegram to California National Bank, Sacramento, Calif. Telegram received if you will cable your clients to communicate with Fred I. Kent Waldorf Hotel, Aldwych St., London, he will be glad to assist them in every possible way, you realize it is impossible for Kent to look up individuals but he Telegram will be glad look after Bsnk them &ifTrust they Co., apply. from to Brownseville Brownsville, Tex. We have draft on Credit Lyonnais Paris for fifty nine thousand francs, make offer. August 19: Telegram sent to Brownsville Bank & Trust Co., Brownsville, Tex. Telegram received. Regret not buyers. August 19: Telegram sent to H. G. P. Deans, Merchants Loan and Trust Co.,Chicago, Ill. Kent cables us money telegraphed Lynch through Morgan Harjes, Paris. August 19: Telegram sent to J. M. Jellett, Head Office, Dominion Bank, Toronto. Kindly make inquiries and advise me by telegraph collect if the American Express August 20: Co. is issuing Travelers' Cheques in Canada. August 20: Telegram from J. Y. Jellett, Toronto, Ont. No, their lowal agents received instructions yesterday might issue them marked payable only in United States and Canada but received telegram today cancelling such instructions. August :0: Telegram sent to Los Angeles Trust & Say. Bank, Los Angeles, Cal. Your favor fifteenth received. Issue American Bankers Association cheques for use in the United ;States only, stamping across face and back the following: This cheque issued for use and redemption within the United States only. Circular sent you August 12th, forwarding duplicate today. August 22; Telegram from Guaranty State Sank, Palestine, Tex Could you cable hundred dollars Paris, if so where payable. August 22: Telegram to Commercial Germania Trust & Say. Bank, New Orleans, La. We understand that American Line boats for loading grain are offered at New Orleans and Galveston and shippers hesitating about furnishing cargo doubting their ability to sell the exchange. Auld appreciate your ascertaining situation at both points and if bills are offered wire us full description with names drawers and drawees, also particulars as to insurance, and we will endeavor to handle the bills after particulars are known to us. Would appreciate your ascertaining situation at Galveston promptly as possible. Travelers Cheque, Letter of Credit and Foreign Exch. Telegrams, etc. August 24: Telegram from State Street Bank, Quincy, Ill. Can your Mr. Kent transfer funds to Littstadt Westfalia, Germany. Answer. August 24: Telegram to State Street Bank, Quincy, Ill. Telegram received regret impossible make transfers to Germany. August 24: Telegram to Jones Cotton Co., Decatur, Ala. Wrote you 22nd regarding insurance certificates under normal conditions would not hesitate accept Providence Waahington certificates for moderate amounts. As advised you, we are noli buying cotton bills at present but handle for collection only. Have written you fully. August 25: Telegram to J. F. Sartori, c/o Security Trust & Savings Bank, Los Angeles, Calif. Abaco: some very important meetings will be held in New York beginning next Monday in relation to railroad and savings bank securities. Committee in charge think it very important you attend as President Savings Bank Section American Bankers Association. Will appreciate immediate telegram. Very confidential. 4t) Cablegrams exchanged between Bankers Trust Company and London City and Midland Bank, Ltd., London. July 27: Cablegram to London. Charge our account and pay to Swiss Bankverein, London, for account of Banco hat is amount of our balance Espanol de la Isla de Cuba, Havana, fil0,000. at the close of business tomorrow? July 27: Cablegram to Holden, care Uidtrust, London. Confidential. that is your opinion of political situation and money outlook? July 27: Cablegram from Holden. Cannot think general war will ensue, but one between Austria and Servia is almost certain. Our government will not be allowed to go into war and think this will have great effect on Russia and prevent them going in. Directors France not London will be of Bank of England met today and kept rate drawing gold from you on account of paying higher prices for eagles. This afternoon things slightly brighter. Consols risen from lowest point. Sale of American securities will keep ap your exchange. What will be the effect on your market if gold continues to flow out with new bank starting and provision to be made for crops? 'Ally 27: Cablegram to Holden, London. Thanks for your cable. Doubt if new bank ready for business before midwinter or spring, and probably not a money factor for the present. Treasury New York Department in position to materially assist crop moving demand. Believe can still afford to lose some gold without much rate disturbance. gold movement depends largely upon volume foreign sales securities and extent offset by drawings against crop shipments. Sharp advance bank rate would probably take considerable gold. Movement of money still from inter- Continued- Cablegrams - Bankers Trust Co. and London City and ididland Bank - July 29: Cablegram from London. Think considerable improvement in position. Understand German Government will publish tonight exchange of telegrams between Kaiser and Tzar of Russia. July 30: Cablegram from London. Roubles - you must instruct us. We will cable Banque de Commerce de l'Azoff don. St. Petersburg. Continental telegram subject to considerable delay. Discounts nil. July 30: Cablegram to London. Foreign news very pessimistic here this morning and insurance on gold with war risk covered unobtainable. We have no commitments abroad save Travelers' Cheques, and would prefer gradually extend overdraft arrangement with you to shipping gold at present. Doubt if over ta00,000 required. Please telegraph promptly if this is satisfactory with adequate collateral deposited from time to time with First National Bank, New York, for your account. Kent due in London few days. July 30: Cablegram from London. Received t110,000 Western Electric Company. Will cable. Cannot tell fate until tomorrow. July 30: Cablegram from London. Balance to your credit 31,000. July 30: Cablegram to Sir Edward Holden. money rate 6% all maturities. Gold shipments have so depleted bank reserves I think higher rates likely. Stock market closed very weak and panicky. Shipping you by St. Louis tomorrow V700,000 gold consigned to our order in your care. Writing instructions regarding credit on arrival. Please arrange to receive shipment. Would appreciate cable giving latest information. July 30: Cablegram to London. Charge our account and pay to London County & Westminster Bank, Limited, Lothbury, London, 12,000 for account J. Scott =Comb. You should receive 12,000 for our account tomorrow. Telegraph fate Western Electric Co 110,000. What is the amount of our balance at the close of business tomorrow? July 31: Cablegram from Sir Edward Holden. Ship gold by all means to cover your total liabilities. Balance to your credit 40,000. 8%. Bank of England rate August 3: Cablegram to London. Situation regarding travelers lb France probably necessitates Kent in London. Please place gold at Kent's diverting some gold shipped you by St. Louis. disposal. You can rely on his good judgment. August 3: Cablegram from London. Are we to insist on policies under Commercial Credits to cover war risks? August 4: Cablegram to Sir Edward Holden: Cable immediately assuring us that V700,000 in gold on St. Louis will be held subject to Kent's instructions. Keep in touch with Kent, whom we are keeping informed constantly of all particulars. Please answer immediately. August 4: Cablegram from London City and Midland Bank, Ltd., London. Impossible to discount here. You must send gold. Cablegram - Bankers Trust Co. and London City and midland Bank - Continued - -3August 4: Cablegram sent to London City and Midland Bank, Ltd., London. Accept policies under Commercial Credits covering coffee shipments from Santos and tea from Japan to United States if war risk not included, provided shipments are under way at least ten days. Consult Fred Kent at Waldorf Hotel on all matters requiring immediate attention and keep us posted by cable. August 5: Cablegram from Holden, London. It is quire understood that gold on St. Louis is to be held at Kent's disposal. August 7: Cablegram sent to Sir Edward Holden, care London City Midland Bank, 5 Threadneedle Street, London, England. Your yesterday's cablegram received. Greatly appreciate the many courtesies extended to Mr. Fred I. Kent and ourselves. August 8: Cablegram from Midland Bank, London. Credit two hundred and eighty Dawson sent documents twenty-two bales Minnetonwe pay ka direct to Chicago Wool Company. Understand goods have arrived. four hundred and sixty four pounds? August 8: Cablegram from Midland Bank, London. Refer yours twenty-third, seventeen thousand and fifty-three to fifty-six brokers refuse under moratorium. August 7: Cablegram from London City and Midland Bnnk, London. Cable fate of all stock drafts. August 8: Cablegram to London City and Midland Bank, Limited, 5 Threadneedle Street, London. Cannot understand your cablegram regarding stock drafts. Advise us more fully. Referring to your recent cablegram, you may make payment under credit number two hundred and eighty. August 9: Cablegram from Midland Bank, London. Cable amount of our balance Monday evening. Moratorium is absolute. Bankers paying about 10% of deposits in cash. Government is issuing government currency direct to bankers. August 9: Cablegram from Midland Bank, London. Keep down -,:our dra.:ings on your account as far as 3ossible until discount market working again. August 10:Cablegram to London City and Midland Bank, Limited, 5 Threadneedle Street, London, England. Referring your letter July thirtieth, draft for one hundred thirty-two thousand two hundred fifty dollars on Harvey Fisk & Sons should be drawn on Hayden Stone and Company, New York. Please confirm immediately. Refer your cable stock drafts all paid, except draft just mentioned, and Hallgarten 4125,400 Halle and Stieglitz $95,000, Ladenburg Thalmann 4290,000. Understand these will be taken up tomorrow. Shall cable you when paid. Balance to your credit 4351,890. August 10:Cablegram from Midland Bank, London. We convent (?) the following message: The Minister of Finance and Receiver General of Canada having agreed to receive on behalf of the Bank of England deposits of gold at Ottawa, the Bank of England are willing to purchase gold bars at seventy-seven shillings and six pence per oz. standard and eagles at seventy-six shillings and one halfpenny per oz. when deposited as above. Cablegrams - Bankers Trust Co. and London City and :.Tidland Bank - Continued. -4- Deposits must be made free of expense, including all telegraphic charges, and the Sank will accept the assay of the American Mint, subject to the usual guarantee from the parties, claiming payment in London. The Minister of Finance has undertaken to advise the Bank of England by cable, through the High Commissioner in London, of any deposit made, and depositors should furnish him with the name of the person or persons to whom the proceeds are to be paid in London. Payment will be made by the Bank of England only on receipt of advice from the High Conmissioner. These conditions are subject to any minor alterations or additions which the Minister of Finance at Ottawa may desire. August 11: Cablegram from Midland Bank, London. :e credit your account one hundred thirty-eight thousand gold balance tomorrow. August 11: Cablegram from Midland Bank, London. Commercial credits stating insurance cared for your side; we understand you are attending to war risk. Reply. August 11: Cablegram to London City :,:idland Bank, 5 Threadneedle Street, London. Referring your cablegram commercial credits, if insurance America, war risk attended here. August 11: Cablegram to London City and Midland Bank, 5 Threadneedle Street, London. Referring our cablegram tenth, stock drafts received too late to present all yesterday. Hallgarten, Halle, Stieglitz and Ladenburk Thalmann drafts paid immediately on presentation today. Notify Japhet and Company. Vie were in fault our cable advices, which may have indicated delay in payment. Awaiting your instructions regarding Harvey Fisk draft; Hayden Stone have no instructions. August 12: Cablegram from midland Bank, London. We sent you per Mauretania following stock drafts on Ladenburg Thalmann dollars thirty thousand, two hundred ninety thousand; Randolph ninety thousand; Hallgarten thirty, seventy-four thousand four hundred, fifty-one thousand; sartorius and Eindstein twelve thousand; Harvey Fisk one hundred thirty-two thousand two fifty; Elliott Co. twenty-nine thousand seven seventy-seven; Post Flagg five thousand; Bernhard Soholle fourteen thousand five hundred, one hundred and five thousand, tan thousand; Halle Steiglitz Cable fate Lanediately. ninety-five thousand. August 12: Cablegram to London City and midland Bank, 5 Threadneedle Street, London. Cablegram received. Mauretania stock drafts all paid, except Harvey Fisk. Refer our yesterday's cablegram regarding this. August 12: Cablegram to Sir Edward Holden, 5 Threadneedle Street, London. Believe Bank of England plan for accumulating gold in Canada great mistake, and is arrousing opposition here. If plan succeeded, would impair New York gold reserves at a time when huge credit expansion will be required. With Clearing House certificates in operation, emergency currency available, and later federal reserve banks in operation, our present gold reserves will serve as basis for credits here, which will be far more effective in handling Trans-Atlantic shipments and taking back securities than by Any tendency to withdraw gold or embark gold held arrangement proposed. Cablegrams .7. Bankers Trust Co. and London City and Midland Bank - Continued -5- here will, in my opinion, indefinitely defer opening Stock Exchange and call loan market, and interfere seriously with effort of New York banks to gradually take up foreign obligations and pay for them with grain and commodity bills. Please show this to Kent. August 12: Cablegram from Midland Bank, London: Cambrian war risk policies received per Shipton account Robinson Sweet thousand quarters oats. nine August 13: Cablegram to London City Aidland Bank, London. Cablegram received, stock draft one hundred thirty-two thousand two hundred fifty Dollars paid by Hayden Stone for account Bashford, notify Crews Lichtenstadt. Would moratorium be applied to Robinson Sweet's drafts on Shipton, Cable immediately amount out covering which you hold war risk policy. balance. August 13; Cablegram from Midland Bank, London Stock draft one thirty two two fifty dollars Fish present to Hayden Stone. Cable result. Cambrian war risk policy seven thousand quarters received per Shipton account Robinson sweet. Cambrian war risk policy one thousand quarters received per ;ilea con account Robinson Sweet. August 14: Cablegram from Holden, London. Working here more freely today. Bill brokers are doing a little more business, and discounting at the bank money over for deposit with banks. Position easier. Improving daily. August 15: Cablegram from Midland Bank, London. Credit thirty five thousand. August 16: Cablegram from 7lidland Bank, London. Your cable fourteenth bills accepted before fifth August subject Moratorium dalpton says Rohinsons drafts will be paid on or before first maturities. August 16: Cablegram from Holden, Midland Bank, London. Position still better today, banks are very liberal to customers and letting them have what they want. August 18: Cablegram from Midland Bank, London. What interest are you allowing on our account. (x) August 17: Cablegram from Midland Bank, London. Discounts forward six spot five half per cent. clearing banks only, fifty thousand in all. August 17: Cablegram from Holden, Midland Bank, London. Things much better here, bill brokers are quoting discount rates. August 17: Cablegram to Holden, ; London City Midland Bank, London. Some money loaning Your various cablegrams received, thanks very much. around eight per cent. here. Much better sentiment here but no prospects of New York Stock Exchange opening for some time. (x) August 18: Cablegram sent to London Uity Midland Bark Limited, London. Cablegram received, still allowing you 3 per cent. interest your account. -6- Cablegrams - Bankers Trust Co. and London City and Midland Bank - Continued - Cable us immediately net amount credited Requesting Kent confer with you. our account for seven hundred thousand St. Louis gold. August 18: Cablegram received from Holden, Midland Bank, London. Over pressure discounting bank not taking in bills after this Morning. Will continue tomorrow; things going better, more money cirlulating. August 18: Cablegrai from Midland Bank, London. Clearing banks limit 12 25,000 Discount six per cent. in all. August 19: Cablegram sent to London City, Midland Bank, London. National Bank Greece, Athens, will deposit with you for our credit fifty thousand pounds sterling, cable us immediately when funds received and value date credited. August 19: Cablegram from Midland Bank, London. Discounts same as yesterday. August 20: Cablegralp from Midland Bank, London. 2458 unpaid, refer drawer. August 2o: Cablegram to London Cuty Midland Bank. Your cable received, present collection 2458 again and cable only when paid. August 2o: Cablegram from Midland Bank, London Proceeds gold St. Louis 143567 seventeen three. August 2o: Cablegram from Midland Bank, London We credit you 12 50,000 per Banque Nationale Greece Athens. August 20: Cablegram from Midland Bank London. Discount give half stipulations same. August 20: Cablegram from Holde#, Midland Bank, London We are waiting for Bank. Statement tomorrow, Bank closed for discounting almost as soon as opened, bill brokers will probably have money for discounting in few days, no continental exchange quotations whatever, things are still improving, money getting cheaper. August 21: Cablegram from Holden, Midland Bank, London. Chancellor has issued circular asking, if general wish to renew moratorium our opinion will be renewed for one month, Joint Stock banks accumulating large resources if bank had not stopped discounting. Ratio wouLl have been much less awaiting news. August 21: Cablegram to Holden, London City Midland Bank, London Situation here unchanged; Money slightly easier, foreign exchange market nominal, large demand, very little exchange offered. Greatest difficulty here is shipping. Sentiment much improved last few days. August 21: Cablegram from Midland Bank, London. Credit you b 9191 ten six account Huronion Company per Merton. August 21: Cablegram to Midland Bank, Londpn. Cable amount our balance. -7- Cablegrams - Bankers Trust Co. and London City and Midland Bank, - Continued. 41)August 22: Cable from Midland Bank. No improvement from yesterday, builiness not likely ta improve until allies gain decisive Augustvictory. 24: Cable to Midland Bank. Refer our cable regarding Tennessee gold. Cancel any letters of sixth, August 22: CablegraE to Midland cables Bank. has written you under instructions London Committee. Regret misu Pay Imperial Ottoman Bank London one thousand pounds for credit Melachrino Comstanding. pany Egypt, Alexander. August 24: Cable to London. August 22: Cable from Midland Bank. Charge our account and credit J. R. Trimble, 46 Stanwiok Mansions Pounds Discount same. eight notify party Baker. August 22: Cable from 24: Midland August CableBank. from London. Tennessee gold Receive not deposited with us Understand withNational Bank England our account 750,000 dollars deposited from Hanover Bank. to order of officials who accompanied - is this order. August 25: Cable from London August 22: Cable to LondonDiscount City. same. Your cablegram received, cabling Kent regarding Tennessee gold, consult him. August 25: Cable to London. August 23: Cable from Midland Bank. you twenty two thousand dollars account Thomas Firth Sons Shef Crediting Credit balance per 70,000 creditLovejoy. you account Huronian Company per Merton h 9171 thirWheelock teen five. August 25: Cable to London August 23: Cable from Midland Bank. Pay Tilliam Fraser and Company, London, five hundred forty nine pounds, Discount same. Coronet Phosphate Company, and American Express Company, 6 Haymarket, o dred sixteen pounds and seven shillings, account Gorda D. Lowndes, test *August 24: Cable from Midland 88. Bank. Discount same. -8- Cablegrams exchanged between Bankers Trust Co. and London City and Midland Bank. 25: Cablegram from London Imperial Ottoman cannot effect payment to Melachrino Cairo but will hold in London their disposal, instruct. 25: Cablegram from Holden, London. Notwithstanding Namur, things are better feeling against import cotton account uncertainty regarding mills continuing, merchants undecided at present regarding export. 25: Cablegram from London Credit 261 Gottlieg: May we accept drawings from Shanghai also without war risk. Instruct regarding future drafts. 25: Cablegram from London. We credit you 18,051 eighteen eleven account HUronian Company per Merton. 26: Cablegram to London. Cablegram received. Instruct Imperial Ottoman hold funds subject instructions Melachrino, Cairo. 26: Cablegram from London Discount same. 26: Cablegram from London. Robinson paid. A Cablegram received, accept drafts documents attached with war risk against docuCablegram to London. 26: mentary credit number two hundred sixty one. August 26: Cablegram to Holden, London. Plans underway for warehousing large surplus cotton and enabling banks to carry until next year. Would appretiate details as to possibility English mills conStill working on city warrants. tinuing. More sterling exchange offering daily. Very quiet here, sentiment improved. August 26: Cablegram to London Charge our account and pay London County Westminster Bank, Lothbury, London, three thousand pounds for account J. Scott McComb, test number 78. August 27: Cablegram from London Discount five quarter Reeves Clearing Banks 12 25,000 in all. August 27: Cablegram to London. You will receibe twenty nine thousand pounds for our credit account Texas Company, cable when received. August 27: Cablegram from London. Account Amer1can Waterworks and. Guarantee pet Guarantee Trust Co. b 1500, test 81. August 27: Cablegram to London. Pay fifteen Union London smiths Bank, London, five thousan Sachs, New York. Pay Kleinwort Sons Company, London, thousand pounds account Goldman account New York offices Pay yourselves five thousand pounds account City Bank, New York. Pay Credit Lyonnais, London, four thousand pou Southwest National Sank, amerce, Kansas City; refer our cablegram second, request Imperial Ottoman Bank, London, to cable their Cairo that amount has been deposited with them for credit of Melachrino Co Test number 83. -9- Cablegrams between Bankers Trust Co. and London City and Midland Bank. August 27: Cablegram from London. Position still better, discount market beginning to work but few bills coming forward. please inform us position cotton market with you, there is agitation to end moratorium but hankers and business houses think should be extended, agitation for opening stock exchange but if opened large amount of stock would be offered possibly leading to gold shipments. August 28: Cablegram from London. Discount five quarter Smith Reeves spot five stipulations same. August 28: Cablegram from Holden, London Question moratorium to be settled in House Commons Monday, feeling here not so good today but financial position about the same. Brokers buying bills on clearing bankers. August 28: Cablegram from London. b 29,000 Texas received Shipton paid. August 28: Cablegram to Holden, London Considered here surplus crop this year may exceed three million bales. Plans now well developed for enabling southern banks carry over surplus but personally Much depends on consumption by consider prices must and should go lowerA Personally believe lower prices will greatly stimulate American English mills. Immills consumption and high cereal prices tend to reduce next years crop. portant that English cotton buyers should arrange credits which will insure discount long bills or handle through New York credits. Our stock exchange cannot reopen for some time, should think opening yours would be dangerous,. Extension moratorium should be considered with regard to effect on American commodity bills unless payments can be arranged in New York. Demand for exchange inaistant. Situation otherwise improving. August 28: Cablegram to London. Pay Albert °Wise, 43 Great Tower, London, four thousand pounds; pay Charles T. Garland, care Lloyds Bank, St. James Street, one thousand five hundred Pay Mrs. Helen B. Deweerth, care Ritz Hotel, three hundred ninety two pounds: pounds and three shillings, cable amount our balance, test number 98. August 29: Cablegram to London. We hereby open a credit for fifty thousand p6unds sterling favor Chile Exploration Company, Chuquicamata, Chile, for account of Chile Exploration Company, Credit to New York, available by ninety days sight drafts on yourselves. remain in force six months, advise party by telegraph though Banoo de Chile, Valparaiso. Test number 84. August 29: Cablegram from London. Se credit you 12159 nineteen one HUronian Company per Merton. count American water Works Company per Guaranty Trust. 2400 pounds ac- August 29: Cablegram from London. Credit 87,000. August 31: Cablegram to London. Crediting you six thousand dollars account Thomas Firth Sons, Sheffield, per Wheelock Lovejoy. August 31: Cablegram from London.. available cost policy 2487 unpaid, not sufficient, is credit 135 Conti still Smiths. added to invoice, discount five, clearing banks 25,000 in all -10Cablegrams between Bankers Trust Co. and London City and aidland Bank. 4.11 0.11 August 31: Cablegram to London. Charge our account and pay Albert Tireher, Grand Hotel, London, one hundred fifty pounds, test number 84. August 31: Cabled from London. e credit ycu 4626 EUronian Company per Merton. August 31: an from London. 4626 received account Huronian Company per Uerton. Cable September 1: Cable; .m from London. Discount same September 1: Cablegram to London. Received two cablegrams advising credit h 4626 each account Huronian, is this correct. Seotember 1: Cablegram from London 17085 Wiles paid September 1: Cablegram from Holden, London. Discount market better today, bills on Clearing Ranks wante: mixed parcels of bills have been done. September 1: Cablegram to London. Renew Credit number two hundred eighty Dawson, for four hundred sixtythree pounds, teat number 61. You will receive fifteen thousand sixtyeight pounds nine shillings six pence from London Committee for our credit. September 1: Cablegram from London. 17097 paid. London. Jeptelber 1: Cablegram e credit 8501 two nine account Huronian Co. per 1.:erton. Test 63. September 1: ,:ablegram from Holden, London. Your cable twentyseventh, it is thought cotton trade will be very quiet for month or two, difficulty at present in arranging for delivery of goods to Spinners also refraining from buying because expecting raw '.astern buyers: cotton cheaper in near future, closing of cotton exchanges prevents quotations being properly tested. September 2: Cablegram from London. For-ard 4 7/8 spot 4 3/4 Reeves Clearing Sank. 50,000 in all. September 2: Cablegram to London. Lessage one: Referring our cablegram August twentysix, Imperial Ottoman Sank, Cairo, cables they received no advice from their London office of amount deposited there. Request Imperial Ottoman London advise their Cairo office by cable of amount deposited with the in London for use of relachrino, Cairo, and cable us when they have done so. Will number our mosso:7es consecutively Kindly do likewise :your messages. hereafter. Se)tember 2 Cablegram from London. Ours thirtyfirst 4626 Huronian ignore second cable, one amount only, regret. Cablerams between 3ankers Trust Co. and London City and 1:lidland Bank 11. Septem and fu Septem Sept am 4411/ Septem Septem Septem Septem Septem Septem Septem 411 Septem Cablegram from Holden, London New money almost unlendable, probably Call money -12-at present 3%. duction in bank rate if ratio becomes more normal, accepting hou being taken from 4 to 5 per cent.with some exceptions clearing b Cablegrams between London City and midland Bank and the Bankers Trust Company. freely at 3:14- per cent, feeling here improving and very optimist to see cable exchange firmer. September 9: September 8: (Holden) Cablegram from London. Cablegramhouses from London. 10: accepting RatesSeptember here lower, beginning to work the whole position is message eleven, discount same. better, people have more confidence all round. Cablegram from London. September 10: Messaee twelve, received 21,900 Texas Company. September 10: Cablegram to London. message six. pay Swiss Bankverein, London, 10,000 pounds accoun Espanol, Havana. Par Albert Ochse, 43 Great Tower London, 4000 You will receive 10,000 pounds for our credit f test number 65. Bank Commerce. September 11: Cablegram from London. Cable 13 discount same. September 11: Cablegram from London. Pullman paid. Cable 14. September 11: Cablegram to Holden, London. City financing satisfactorily cincluded, am working on plan for cate to meet other maturing obligations, if successful hopeful e situation will greatly improve, Government attitude railroad rat aging. September 12: Cablegram to London. message seven. Pay Union of London 1954 pounds, 11 shillings, a Cable amount our balance. R lams and Zoonen, test number 78. September 14: Cablegram from London. Smith Reeves same conditions. Discount September 14: Qablegram from Holden, London. t wish you would make an effort to ship as much of our balance -13-- Cablegrams between London City and 1.11dland Bank and the Bankers Trust Co. in gold to Ottawa for our account, you would assist very much the American Finance in this market if you could do that. September 14: Cablegram to Holden, London. Personally believe we must pay our foreign balances promptly in gold if exchange not available but believe if one institution should ship gold not effect would be unfavorable. Our influence with others has resulted in Comprotecting city warrants in full by shipping gold if necessary. Am now making effort pany contributing near4 5,000,000 for that purpose. through -ashihgton authorities to raise gold fund seventyfive or one hundred million for general exchange purposes -.ith some hope success. This fax preferable to separate gold shipments as protects bank position New Present difficulty increasing volume exchange due.partly to narrow York. .ould not this plan following payment city warrants London discount market. Please result broader discount market which we regard vitally necessary. cable fully. September 14: Cablegram from London Cable 17 last 16 omitted, credit 24,028. September 14: Cablegram to London. message eight Pay V. =2oultrie lordecai, Hotel Cecil London 250 pounds, test number 69, crediting you ;36,000 account Thomas Firth Sons, Sheffield, per wheelouk Lovejoy. September 15: Cablegram from nondon Buy for our account daily until further notice Message 18: Cablegrams exchange6 between the Bankers Trust Company and Morgan, Harjes & Co., Paris. July 27: Cablegram to Trustarjes, Paris. Confidential. That is your opinion of political situation and money outlook? July 28: Cablegram from Morgan, Harjes & Co., Paris. Confidential. Political situation here very critical and hardly possible to give any proper appreciation as to outcome and the effect on financial situation, but at best outlook very disturbing for considerable time. July 29: Cablegram to Trustarjes, Paris. Charge our account and pay to Banque Francaise pour le Commerce et l'Industrie, Paris, for account of Pombo Hermanos, Cartagena, Colombia, Francs 15,000. Referring to your letter of the 17th instant, have Albert Nunes make alterations in the proposed assignments, reducing the amount of 41,000 to any lower figure. July 31: Cablegram to Trustarjes, Paris. Assist Miss Younker, who is the holder of our Letter of Credit No.5447, and if necessary facilitate her return. July 31: Cablegram to Trustarjes, Paris. Our Travelers' Cheque balance Credit Lyonnais, Paris, exhausted. They advise London reimbursement impossible. Please arrange protect payments out of our balance with you, allowing each ap)licant minimum requirements. What credit can we arrange with you for Travelers' Cheques, reimbursement against collateral deposited here. Can you assist us arranging to have steamship companies accept Travelers' Cheques for passage money with reimbursement New York, allowing applicants sufficient funds for necessary expenses? Kent will get in touch with you from London and arrange details. August 1: Cablegram from Morgan, Harjes & Co., Paris through Messrs. J. P. Morgan & Co., New York. Refer to cable Bankers Trust Co., New York, July 31. Please tell them that in view of completely demoralized financial situation and impossibility get any kind of remittances from abroad, including England, very much regret arrangement suggested impossible. Of course will pay up to balance their credit waiting to hear from Kent, and will approach steamship companies in regard to Travelers' Cheques, although no passages available before end of September. August 3: Cablegram sent to Trustarjes, Paris. Am endeavoring arrange with State and Treasury Departments for relief of travelers in France either by shipment of gold or arrangement special credits. Would appreciate cable from you offering co-operation with your facilities in handling matter. If our Mr. Duane in Paris, Hotel France et Choiseul, he will Will cable details later. co-operate also Ambassador Herrick. 1, August 4: Cablegram to Trustarjes, Pay to George G. Fleurot Francs seven thousand five hundred on application. Advise as when payment has been made. Cablegrams - Bankers Trust Company and Morgan, Harjes & Co. - Cont'd - 2 -- Cablegram to Trustarjes, Paris. Will you please cable information regarding Mrs. M. P. and Marguerite, whose address is in your care. August 4: Cablegram to Trustarjes, Paris. Pay to Miss Delphine Dodge, in care of Elisee Palace H Paris, Francs 2,000. Please advise payment by cable. this your immediate and personal attention. August 4: August Cablegram to Strong, President Bankers Trust Co., New Your cable received. We have done everything needful vide financial accommodation all Americans in France w hold legitimate credentials. Ask Davison show you my gram to him. 7: Ear jee. August August Cablegram to Herman H. Harjes, Care Morgan, Harjes & C 31 Boulevard Eaussmann, Paris, France. Cablegram received. Many grateful Ame.icans both here abroad would like to send you their personal thanks. 7: Cablegram sent to Morgan, Harjes & Co. from J. P, Morg Suggest drafts against travelers' credits should be in York funds on New York, five Francs to dollar. Cheque Travelers' Cheques should be bought at five Francs to lar, giving holders of Travelers' Cheques with fixed r receipt which would show amount paid, leaving them opp tunity claiming difference in rate from issuers of che after their return. 7: S August 8: Cablegram from Harjes, Paris. We have paid Dodge & Flearot, but as testword impossib we act under your sole resoonsibility. August 8: Cablegram from Harjes, Paris. Mrs. M. P. Carter and Marguerite Hotel Imperial, Londo August 24: Cablegram to Paris. Cable immediately amount our balance. Can we have funds deposite you our credit not subject moratorium. August 25: Cablegrai from Paris. Balance about two hundred and seventy thousand francs, you can hav deposited with us not subject moratorium. Cablegrams exchanged between the Bankers Trust Company and the Deutsche Bank, Berlin, also Hamburg. July 27: Cablegram to Schmidt, care Bankerdeut, Berlin, Confidential. What is your opinion of situation and money outlook. July 28: Cablegram from Hugo Schmidt, Berlin. Confidential. Situation today wade better but still very uncertain. Money rather tight but further developments quite depend upon politics. July 30: Cablegram to Deutsche Bank, Hamburg. Our Mr. Kent on board Victoria Luise. Please communicate with him immediately, if he has not already called on you. Telegraph result promptly. July 30: Cablegram to Bankerdeut, Berlin. You will receive from Direction der Disconto-Gesellschaft, Berlin, Larks 500,000 for our account tomorrow. Communicate That is amount of our balance at the at once with them. clone of business tomorrow? July 31: Cablegram to Bankerdeut, Sending cable to our Mr. Kent in your care. If he 1ms called and departed, please repeat message to him in care of London City and Midland Bank, Ltd., London. Telegraph us what has been done. August 1 :Cablegram to Bankerdeut, Berlin. Anxiously awaiting reply to our various telegrams. Please Telegraph daily what is amount reply by tel-3graph at once. of our balance. When did you last hear from 2:ent? August 2:Cablegram from Deutsche Bank, Berlin. Your credit balance 1,890,000. August 3:Cablegram to Hugo Schmidt, care Deutschbank, Berlin. Baroness Antoinette von Romberg, daughter of Converse, our former President and my father-in-law, wife of Captain von Romberg, your army Wiesbaden, desires your immediate credit your -Aesbaden branch Marks 25,000. Would greatly appreciate your arranging this at once out of our balance. Ple ase answer by cable. August 3:Cablegram to Deutsche Bank, Berlin. Charge our account and transfer by telegraph to your Wiesbaden office Marks 25,000 for credit of Baroness Antoinette von Romberg. August 3:Cablegram from Deutsche Bank, Berlin. Referring to your telegram of 1st instant, have received your telegram of 30th ultimo only advising 500,000. Balance to your credit today 944,000;900,000. Kent left Friday evening London. August 4: Cablegram from Deutsche Bank, 2erlin. Shall we under present conditions continue honor dispositionsunder your Comnercial Credits which have not been confirmed by us. Au 7ust 4: Cablegram from iJeutsche Bank, iArlin. Telegraph us in your code via Vigo Emden. August 4: Cablegram from Deutsche Bank, Berlin. Your yesterday's cable payment Romberg Wiesbaden executed. August 4: Cablegram to Deutsche Bank, Berlin. Pay by telegraph immediately Marks 2500 to .:rs. O. Cable us 7-hen payment Jackson, Nassauer Hof, Wiesbaden. has been effected. Thanks. August 4: Cablegram from Deutsche Bank, Berlin. Our cable address now Deutsche Bank. August 4: Cablegram to Deutsche Bank, Berlin. Please pay against Travelers' Cheques sparingly. us daily amount of our balance. Telegraph . August 4: Cablegram to Deutsche Bank, Berlin. Cancel our Commercial Credits 249, 251, 265, 279. Advise beneficiaries immediately. Please confirm cancellations by post. August 4: Cablegram from Deutsche Bank, Berlin. Cables for Kent just recei7ed. The same contain, as we see, code words; therefore cannot repeat them further from here. Would suggest to cable Kent from there direct to London where we suppose he is still stopping. August 4: Wireless message sent to Deutsche Bank, Berlln, through Radio Station, Tuckerton, New Jersey. Converse hears nothing from his daughter, Baroness Von Romberg, Wiesbaden, would appreciate report if all right and supplied with money. (Similar message to above sent to Danske Landmandsbank, Copenhagen. for forwarding to Deutsche Bank, Berlin.) Cablegrams exchanged between the Bankers Trust Company and 1.1r. Duane. aJUly 31: Cablegram from Duane, Paris. Do you nesd me? July 31: Cablegrap to Repamex, Paris. Duane -- all immediately at 11organ, Harjes for cablegram. July 31: Cablegram to Duane, care Trustarjes, Paris. Using our code for this message. No immediate need for ypur Cable received. return, but suggest you may prefer avoid any risk of delay. Our Paris balance for payment Travelers' Cheques pretty well exhausted. Please see Harjes and ascertain situation respecting cashing Travelers' Cheques there and at Credit Lyonnais, Paris, and advise us fully. We are endeavoring to negotiate special loan to Credit Tjonnais, Paris, $1,000,000 gold against which we wish like overdraft, if needed with them, and will deposit securities First National Bank, New York. This arrangement would greatly facilitate travelers and hope can be made. Please cable fully what you learn. Are you in touch with Kent? August 1: Cablegram from Mr. Duane in Paris. Your cable not received until after Credit Lyonnais, Paris closed. Harjes has cabled you fully - advises shipping gold at once to cover Travelers' Cheques. Situation here very grave. Am trying to locate Kent. All try to go to London at once. Will cable on arrival. Address until leaving here Hotel France et Choiseul. August 1: Cable Care received If unable leave Paris try to ascertain h Cablegram to Duane, HotelSaturday France P. et 14. Choiseul, Paris. much will be required for Travelers' Cheques and what is situation rega our travelers getting funds. Will endeavor to divert $200,000 gold arr in London on St. Louis to Paris. Have Travelers' Cheques rrotected to extent possible. Kent enroute to London from Berlin but not certain he get there. Keep us posted fully by cable at any hour, but get to Londo that is your judgment. August 4: Cablegram from mr. W. N. Duane. Reached London and joined Kent today. Advise all speed in following Ke request for shipment of gold, ships to transport Americans. August 6: Cablegram to W. N. Duane, care Savoy Hotel, London. Overjoyed your cable. 50 are hustling gold off possibly today. Are wo about Kent. Keep an eye on him and see that he does not risk his health Both of you have huge task, which wont be performed if you break down a can't be done all at once. Duane, London. August 11: Cablegram from You evidently misu No answer received to Kent's last two wires to you. stand Kent's proposed plan with Swiss Bank-Verein; plan approved by Lon Suggest caution not to reflect on Swiss Bank's London : Bank committee. London Committee fully endorse all Kent's plan; he is doing excell ger. work. *August 12; Cablegram from Duane, London. Advise that no company business be referred to in wires to Kent regardi London Banking Committee affairs, so such wires can be exhibited to Com Reid here. mittee. Deliver cables sent today Company's care. -2- Cablegrams between Bankers Trust Co. and W. N. Duane. 411 411 411, August 22: Cablegram from Lond. Will sail August 29 unless you advise otherwise, answer. Miscellaneous cablegrams. Cablegram to Banco Franc Market unsettled owing to ::iscellaneous cablegrams. - 2 August 4: shipments against dep dollars per pound St days full settlement Cablegram from Den Danske Landmandsba our account. Cable Can only honor Travelers' Cheques to cover. Swiss Bankverein, London. August 7: Miscellaneous cablegrams August 7: August 6: 411 Cablegram from Landmandsbank, Copenhagen. Can pay 37150 for dollars placed to our credit. - 3 Cablegram sent to Landmandsbank, Holmens Kanal 12, Copenhagen Advise us amount we should credit your account with us. Gre Cablegram sent to Hanson Cleveland Avenuetodefacilitate l'Opera, Paris, appreciate your Coxe,36 co-operation protection of our France. Signed Allan Merritt, Converse. Pay James holders sparingly. Cheques. Any help or advice given Miss Delphine Dodge, Hotel Elysee Palace, will be greatly appreciated. Miscellanoeou cablegrams 4 IMP August 7: Cablegram sent to Williams, Harvey & Company, Ltd., Altcar Road, Bootle, Liverpool. Cablegram received. Will allow you three per cent. on daily balances for the present. August 8: Cablegram from Landmandsbank, Copenhagen. Credit account five thousand dollars. August 8: Cablegram to Banque Internationale de Bruxelles, 27 Ave des Arts, Brussels, Belgium. Pay Travelers' Cheques sparingly. If our account in need of funds, can If so, at what rate and what amount is we credit you in dollars here? required? August 8: Cablegram to Hope and Company, Keizersgracht 579, Amsterdam, Holland. Pay Travelers' Cheques sparingly. If our account in need of funds, can If so, at what rate and what amount is we credit you in do lars here? required? August 8: Cablegram to Schweizerische Kreditanstalt, Paradeplatz 8, Zurich, Switzerland. Pay Travelers' Cheques sparingly. If our account in need of funds, can we credit you in dollars here; if so, at what rate and what amount is required? August 8: Cablegram received by State Department, Washington, from our Ambassador in Switzerland. If National City Bank, New York, will cable credit of $10,000. gold tomorrow and $90,000 gold Saturday, $100,000 total, to Nationale Banque Suisse, Zurich, immediate, I think relief American travelers in Switzerland will be effected. Drafts will only be cashed when secured by deposit of gold coin in National City Bank, New York, for credit of Banque Nationale Suisse. This information is from the uwiss Government. Think Department does not appreciate seriousness of financial condition here. Even drafts for salaries of legation officers are absolutely refused. August 9: Cablegram from Lorillard Ronalds, Milan. Cable your oorrespondents, Banes Commerciale, Milan, Italy, to pay me five thousand Lire. Cable reply Hotel Cavour, Milan August 9, Cablegram from Williams, Harvey and Co., Liverpool .regarding Vogelstein and Co., must ask you to protect our interest, delivering documents at such exchange as you consider necessary for transmitting money here. Auc:ust 91 Cablegram to American Legation, Berne, Switzerland. Signed W.J.Bryan. Treasury will deposit tomorrow $50,000. Yours August 5th 7: P. M. in gold with National City Bank, New York, to your credit in Banque Nationale Suisse. You will use the money for necessary relief and protection American citizens, taking from each person, on behalf of whom disbursements are made, a signed receipt, agreeing to reimburse the Treasurer of the United States for the amount, to take the first available means of transportation to the United States,and Miscellaneous cablegrams - 5 Cablegram Received. Please conti Travelers' Cheques. If London re We agree rate 5.1250, but would a possible. Miscellaneous cablegrams 6 what back they can be made and with what ba to cover credits should be arranged, such f benefit of travelers holding American Trave Credit. Please reply at once. We can proba States Government, if necessary, covering go Cablegram from Banca Commerciale Italiana, M Could utilize only Soverigns or Napoleons sh Cablegram from Williams Harvey, Liverpool. Government preparing gold and shipment. Cable amounts received from National Lead Company and Vogelstein Company Arrange August 11: 1110 August 10: you hold our account. Advise us as other amounts are received. Cablegram to Banque Frances del Rio de la Pl August 11: Telegraph reply to our telegram of 3rd insta 411 August 11: Cablegram from Dr. Worcester to Mr. Pomeroy. Cable Constance Rulison two hundred do;_lars August 12: Cablegram from Kreditanstalt, Zurich. Confirm Lorillard order. August 12: Cablegram to Schweizerische Kreditanstalt, P Cablegram received. We confirm our cable i garding payment to Lorillard Ronalds. Cabl you cancelled Cramer transfer, and has paym accordance our cablegram August fifth. Ple August 12: Cablegram to Lorillard Ronalds, Hotel Cavour Cablegram received. We telegraphed funds to through Zurich. We cabled you this effect A funds? August 12: Cablegram to Williams Harvey Company, Altca Surrendered Cedric documents Vogelstein aga eight hundred seventy-seven dollars. We cr August 12: Cablegram received by Swift & Co.,Chicago, Banco Frances del Rio de la Plata suspended culties Buenos Aires Branch. Miscellaneous cablegrams. 7 410 August 12: August 12: Cablegram received by D. P. Kingsley, President, New York Life Insurance Co., New York, signed Grow, dated August 11. Your cable received today saying Washington has arranged for payment of American Bankers checks through Ambassador Page. Your information not correct. I have seen Ambassador, Government Officials and Bankers. Currency famine here. Only way for us to realize is described my cable August seventh. Have Jecretary of State cable Ambassador Page guaranteeing through Ambassador that United States Government will repay Bank of Italy one million Lire, and we can get that amount immediately and more later same way, if needed. Ambassador will draw money and appoint fiscal agents such as American Express Company or Thomas Cook and Son to disburse fund, take securities and render account to our Government. We have twenty-five thousand dollars from Washington now, but this is devoted to relief. We need Italian money for Americans holding American Travellers securities. Most people here can help themselves if my suggestion followed to the letter at once. Cable should be to Ambassador and read "United States authorize Ambassador Nelson Page to draw one million Lire from Bank of Italy and guarantees repayment to Bank of Italy. Signed Bryan, Secretary of State." Cablegram from Credit Suisse, Zurich. Your cable July 30 subject Cramer not received. order payment Sarah White. Confirm by telegraph August 13: Cablegram from Credit Suisse, Zurich. We received with delay your cable, have always continued to pay your Travelers' Cheques." August 13: Cablegram from Williams Harvey, Liverpool. Understand exchange adjusted somewhat, cable best New York rate can transfer cable also demand ten thousand pounds." August 13: Cablegram from Banca Commerciale Italiana, Milan. Our bank willing arrange for protection American Travelers' Credits in Italy. As suggested our cable tenth, gold shipments to Italy best method. Willing continue payments American Traveler upon authenticated advice gold has been shipped under obligation United States Government, wire probable amount of shipment. August 3: Cablegram from Wm. h. Porter, London to H. P. Davison, New York. Been confer_nce Paris, London partners last week. Seen cables to from you, therefore not troubled you with cables as nothing to add. Impossible conceive situation unless in midst of it. Grenfell very active innermost circles doing splendidly. Moratorium absolutely necessary as even richest unable obtain cash to pay. If England ;lees war, which I fear, then situation here cannot be imagined. Letters Credit, Travelers Cheques, etc., would be of no avail. Sur Government should at once legislate if necessary and take steps send ships or charter them here take Americans ho-e and furnish safe transit for gold for relief Americans this side. Latter can repay upon returning. Fred Kent arrived Sunday immediately called meeting Americans for organization committees to do whatever may be possible. Conferred with him but kept name out of movement for firm reasons. Are booked Oceanic August 12th, but no certainty any English ships sailing if England goes in. Secretary informed relatives all well. Many thanks Davison's cable Saturday. Albert sailed on New York Friday. Love to all. - 3 - Cablegram sent to 3chweizerische Kreditstalt, Paradeplatz 8, Zurich. Miscellaneous August 13:cablegrams "Cablegram received, cancel instructions regarding Cramer payment. Transfer by telegraph equivalent five hundred dollars to Sarah White, 'Hotel Bellevue, Interlaken, Switzerland. This is confirmation of our cable instructions of August 5. Cable us when payment has been effected." August 13: Cablegram sent to William Harvey Company, Altcar Road, Bootle, Liverpool: Cablegram received, there is possibility of making cable transfer at five ten and remittance by demand draft at five hundred, telegraph instructions, transfers would be your risk. August 14: Cablegram from William Harvey, Liverpool. When can cable transfer under five, send ten thousand pounds. August 14: Cablegram from Banque Suisse et Francaise, Paris, dated August 13. How will you sell cable New York against payment Paris outside moratorium? August 3: Cablegram from Wm. H. Porter, London, to H. P. Davison, N.Y. (Already in book) August 14: Cablegram from Lorillard Ronalds, Milan. Societe Credit Suisse have received no instructions. Cable them again. August 14: Cablegram to Schweizerischer Kreditanstalt, Paradeplatz 8, Zurich. Refer our cablegrams sixth and twelfth, please execute payment to Lorillard Ronalds, Geneva, and cable us at once. Ronalds cables your Geneva office claims not to have received instructions. August 14: Cablegram to Haskard & Company,. Florence, Italy. We credit you one thousand dollars for use J. G. Hagemeyer, Florence. August 14: Cablegram from Banco Frances del Rio de la Plata, Buenos Aires, Argentina. Cover check en route you will receive shortly. August 14: Cablegram to Banque Suisse Francaise, Paris Cablegram received. Make offer value compensee moderate amount only. August 13: Mr. Phillips, in Mr. Franklin's office, White Star Line, says they have just received the following cable from their Naples office: "In presemt financial situation quite impossible for us to Delp." August 14: Cablegram from Banque Suisse Francaise, Paris. Telegraph for Monday how you will sell cable New York against Paris out of Moratorium. August 15: Cablegram sent by State Department, Washington, to Government's representative at LisbOn: Muller, Schall & Co., New York are cabling equivalent of two thousand dollars for your credit through Durnay. Please apply at once for money, cabling confirmation of receipt to State Department. You will use this money for necessary relief and protection destitute American citizens, taking from each person on behalf of whom disbursements are made a signed receipt agreeing to reimburse Treasurer of the United States for the amount, to take the first available means of transportation to the United States and giving their permanent American address. You will submit account to Secretary of State for all amounts so advanced, supported by receipts and securities for de- Ltiscellaneous Cablegrams. -9- livery to Treasury Department rith report. Use every precaution to guard against imposition. Any further funds required for relief work to be arranged by cabling direct to Ambassador Page, London, who is disbursing fund of gold shipped by Cruiser Tennessee in cooperation with Fred. I. Kent, ';,aldorf Hotel London, Chairman London Relief Committee. If credit required for cashing Travelers' Cheques and credits, arrange by cabling direct to London relief committee and Ambassador Page, London, who will give instructions as to manner accounting and settlement. Please report this department amounts of advances arranged through Ambassador Page. August 15: Cablegram sent to Liovernment's representatives at :ladrid, Stockholm and Copenhagen by State Department, ;:ashington:United States authorities guarantee of your drafts for equivalent 4 You will use this money for necessary relief and protection American citizens, taking from each person on behalf of whom disbursements are made, a signed receipt agreeing to reimburse Treasurer of United States for the amount, to take the first available means of transportation tc the United States and giving their permanent American address. You will submit account to Secretary of state for all amounts so advanced, supported by receipts and securities for delivery to Treasury Department with report. Iiotify consuls and delegate authority to them to use part of this fund in your discretion, but in strict accordance with the foregoing instructions. For better coordination direct them to address their communications regarding relief and transportation to the Legation instead of the Department except answers to specific instructions and reports on individuals. Use every precaution to guard against imposition. ambassador Page London, and F.I. Kent, VIaldorf Hotel, London, Chairman London Relief Committee are in charge Disbursement of Gold shipped by Cruiser Tennessee. Arrangements for reimbursement of above credit also applications for further funds for relief work or to secure payment on Travelers' Cheques and credits should be made direct to London Relief Committee. August 15: Cablegram sent by State Department to (American Embassy) Thomas Nelson page, Rome. You are authorized to arrange for advance by Bank of Italy of one million lire to be expended by American Express or Cooks in cashing Travelers' Cheques and Letters of Credit for Americans, giving guaranty of Government for repayment to Bank, The American Ambassador London will hold equivalent amount in gold out of shipment by New York bankers to secure government for guaranty and you are directed to arrange for delivery of an account with paid checks and documents to him for settlement with London Committee, F.I.Kent, Waldorf London Committee will advise you of each credit arranged Hotel, Chairman. by them and give details about accounting. Reimbursement of expenditures out of twenty-five thousand credit already arranged, should be made through Ambassador Page, London, out of Government funds shipped on cruiser Tennessee. August 15: Cablegram sent by State Department to Consul General, Naples. You are authorized upon request of Ambassador Page, London, to arrange through -White Star Line for a credit from Banca Commerciale Italiana of one hundred twenty-five thousand dollars, giving Government guarantee therefor to be disbursed through agent to be appointed by London Embassy in advances to Americans on Travelers' Cheques and Letters of Credit. London Embassy will furnish you full particulars method of handling checks and account and will hold like Convey this cable to London amount of gold to secure Government for guaranty. Embassy and ask for detailed directions. -10Miscellaneous Cable Prams. August 14: Cablegram received by First National Bank, New York, from National Bank of Greece, Athens. Miscellaneous Cablegrams. Trust Company, New York. We will credit you in dollars at four ninety-four value compense. Telegraph if rate accaptable. Request London City Midland Bank to cable us when funds received. August 18: Cablegram from Grier and Gibson, Falmouth, addressed to Mr. Strong. Gold goes to London tonight, arriving there Tuesday morning. August 18: Cablegram sent to Williams Harvey Company, Altcar Road, Bootle, Liverpool. We credit you eighty-five thousand dollars National Lead. August 18: Cablegragi from American Committee. Switzerland, from Berne. Addressed to National City Bank, Bankers Trust, Guaranty Trust, Brown Bros. New York. The sending of a collective telegram by New York's important banks, or the addressing of the Banque Nationale Suisse, Berne, by the National City Bank, will materially better the situation of Americans in all Switzerland to obtain money from Swiss banks. This cable should give assurance that the drafts against Letters of Credit will be paid directly in New York, instead of passing through London, against deposits of gold in New York. We recommend taking urgent steps and immediate action. August 18: Cablegram sent to American Committee, Berne, Switzerland, signed Benj.Strong, Jr., Chairman New York Bankers' Committee, representing institutions addressed and others. Answering your cablegram National City Bank,Bankers Trust, Guaranty Trust, Brown Bros. (stop) Understand London Committee arranged credit twenty thousand pounds sterling with Swiss Bankverein for cashing Travelers' Cheques. United States Government deposited fifty thousand dollars gold with National City Bank for credit Banque Nationale Suisse for similar purpose. Does your cable just received mean that additional credits are required against guarantee of repayment in gold in New York and is so how much. August 19: Cablegram from National Bank Greece, Athens. Credited you fifty thousand sterling with London City Midland Bank, London. Please open dollar account best rate. August 19: Cablegrag: sent to Danske Landmandsbank, Copenhagen. Please endeavor send following message Deutsche Bank, 3erlin. Mr. Converse hears nothing from his datghter, Baroness von Romberg, Wiesbaden, would appreciate report if all right and supplied with money. Any assistance you can give to get this message through will be greatly appreciated. Auguat 19: Cablegram received by Blyth & Bonner, New York, from Banca Comgerciale Italiana, Genoa: Send immediately following circular clients receiving heretofore exchange offers. Banca Commerciale Italiana Genoa informs royal decree August fourth establishes old credit balances payable by Italian banks only up to give per cent. for period fourth to twentieth August. New royal decree sixteenth authorizes payment further the ten percent. from August twentieth to September thirtieth. New amounts entered after August fourth payable integrally. Having for solidarity's sake agreed with other banks to carry out decree, regret being obliged stick to its clauses. Will,execute payments against old funds within above stated limits of: integrally against new funds entered after August fourth here or with our London branch instructed to pay Americans stranded in Italy against American letters credit and travelers cheques reasonable amouhts daily expenes and return tickets. -12::iscellaneous Cablegrams August 20: Cablegram from Gibson, London. Special payments your clients all arranged. August 20: Cablegram to Haskard & Company, Florence, Italy. We credit you two thousand dollars for use of Georgette Brown. August 20: Cablegram to Hope & Co., Amsterdam. Charge our a/c and pay Adele Lee Adams, care Amsterdamsche Bank two hundred thirty eight guilders, confirm payment by cable. August 20: Cablegram to Hope & company, Amsterdam. Endeavor to cable the following to Direction der Disconto-Gesellschaft, Berlin. Renew Documentary Credit number 273 for three hundred thousand marks and extend credit to cover August shipments impossible to cable you direct. Telegraph us if Kalisyndikat can make shipments in August, also total amount paid to Kalisyndikat since your last debit of July 18th, also telegraph amount of our balance and at what rate z'ou can credit us in Marks against dollars here, dupliciting this message by wireless and Copenhagen. End of : message. Thank you heartily your cooperation. August 20: Cablegram to Danske Landmandsbank, Copenhagen. Endeavor to cable the following to Direction der Disconto- Gesellschaft, Berlin,l Renew documentary credit number 273 for thret hundred thousand marks and extend credit to cover August shipments, impossible to cable you direct, telegraph us is Kalisyndikat can make shipments in August, also total amount paid to Kalisyndikat since your last debit of July 18th, also telegraph amount of our balance and at what rate you can credit us in Marks against dollars here, duplicating this message by wireless and via Amsterdam. End of message. Thank you heartily your cooperation. August 20: Cablegram from Haskard, Florence. Cable if received two thousand Madare Brown. August 20: Cablegram from Banca Commerciale Italiana, London, through Blyth & Bonner. Prepared to make cable transfers for stranded Americans Italy against Payment London. August 20: Advised by C. A. Stern & Co., New York. The Credito Italiano Lilian are buyers of Cable London against at.iwbat.i.a lire, Cable Paris (Payments to bank of France) against Lire at best in lire, upon actual receipt of cable advice of payment. For quotation only, not binding; cable London ag. lire 26.50, cable Paris ag. Lire 105. For information: Actual entries made after August 4 are not subject to the moratorium in Italy. August 20: Advised by C. A. Stern & Co., New York. The Credito Italiano beg to announce that the Italian Moratorium limits Banks liability reimbursing funds due prior August 4th to 55 up to August 20, up to September 10, 5 up to September 30. Balances matured or funds deposited after August 4 fully reimbursed. August 21: Cablegram sent to William Harvey Co., Altcar Road, Liverpool. Remitting London your account by tomorrow's mail proceeds Vogelstein collections. Can cable small amount Sterling around 506 but would advise waiting until Sept- -13:-iscellaneous Cablegrams August 21: Cablegram from Privatbanks, Kjobenhavn, Denmark. Documents 177669 marks Steamer Zaandyk to Charleston against credit 273 presented today, telegraph us if Discontogesellschaft may honor same. August 22: Cablegram to Privatbank, Kjobenhavn, Denmark. Cablegram received, request Discontogesellschaft honor Zaandyk shipment against proper sllipping documents. We cabled Landmandsbank Copenhagen Thfirsday evening regarding extension documentary credit 273 please communicate Landmandsmark and Thanks heartiascertain if they telegraphed particulars to Discontogesellschaft. ly your cooperation. August 22: Cablegram to Haskard and Company, Florence, Italy. We credit you five hundred dollars received from Kidder, Peabody Boston. August 22: Cablegram to Banos Commerciale Italiana, ;.:flan Italy. If we arrange to have lira deposits made with you our credit can we draw against sane in full under terms of moratorium. August 22: Cablegram from Banco i'rances del Rio de la Pata, Buenos Aires. Stop all operations for our account. Have suspended payments August 12th. Cablegram from Banque Suisse Francaise, Paris. (August 22) How will you sell cable Yew York against Paris, outside moratorium. August 22: Cablegram from Societe (de) Credit Suisse, Luzern. Your letter 3d August received this morning;contents noted. August 24: Cablegram to Hope f; Company, Amsterdam. Your letter twelfth received, please pay Travelers' Cheques mentioned. August 24: Cablegram to Swiss Bankverein, London. Received Two hundred fifty thousand Dollars for your credit. August 2L: Cabler-ram from Haskard & Co. Florence. Fay Banco Napoli New York balance leus thousand dollars credited by cable our account Banco rapoli Florence intra. (signed) "Haukard" August 24: Cable-r,im to Haskard S Co. Florence. Your cablegram unintelligible,please rep.at instructions more clearly, test word wrong. . August 24: Cablegram from Swiss Bankverein, London. As arranger 7rith pent are paying you two hundred fifty thousand dollars through Hanover National Bank, Credit our account, please cable receipt. August 24: Cablegram to Hope & Company, Amsterdam. Can we arrange have funds deposited with you against which we can draw i mediately such funds not to be subject any moratorium answer is,ffnediately, with authenticate our cable messages authorizing payments by control words using names our directors consecutive order, cable understood. August 246ablegram to de Keuflize & Company, Paris. Your letter tenth received and instructions noted. August 24: Cablegram from Privatbanken, Kjobenhavn. Landmandsbaak say no cable such contents received. Cable ram to 3anque Suisse Francalse, Paris. -14- New York against cable 2aris outside Miscellaneous Cablegrams Cablegram received, will sell cable moratorium value compense, five twelve one half, limit Ten thousand August 25: Cablegram Danske Landmandsbank, Copenhagen. Dollarstoaccepted make payment francs :,:organ Harjes for credit our Endeavor to cable the following to Direction der Disconto-Gesellschaft account und,r cableadvice. Berlin; renew documentary credit number two seventythree for :Three Hundred Thousand toAltcar cover Road, AugustLiverpool. shipments, :arvey credit Company, s : eaten. Cablegram to Marks and August 25: Telcgra-Al us if ralisyndikat can make impossible to cable you direct. Crediting you twenty thousand dollars rational Lead. shipments in August, also total amount paid to Ealisyndikat since your Cablegram to Banca Commerciale Italiana, Milan. last debit of July eighteenth also telegraph amount of our balance August 26: Charge to our account and transfer by telegraph forty thousand and lire to Haskard you can credit you us in marks against duplicatat what and rat Company, Florence, will receive one dollars hundred here, thousand lire for our cred :nd of message. ing this message wireless and via Amsterdam. it via Rome, by account Texas Company. Telegraph when received. Thank Test number 71. you heartily your cooperation. Did you receive this message before on August twentieth. August 27: Cablegram to Milan. Banca Commerciale Italiana. Charge our account and transfer by telegraph five thousand lire to your August 25th:Cablegram Hopefor & Company, Amsterdam. Palermofrom office use of Prince Belmonte, test number 72. No moratorium declared here and unless political difficulties arise, not very probable, however, should August 26: Cablegram to Valparaiso. Bancomoratorium de Chile. be declared, we might be compelled to adheia. to any regulations to ourselves, be adopted drawn by We are issuing Commercial Letters ofpossibly Credit on in dollars ,,msterdarn bankers. With this reserve understood. and sterling, such credits favor Chilean shippers. Believe it would be our mutual advantage your opening account with us in dollars, would be pleased August 25: look after your American interests and accept deposits for your credit and allow three per cent. interest on credit balances. If conditiOns permit would consider taking reasonable amount acceptances first class New York Augast 25: reimbursements for discount. , August 27: lc,,*44.(kietT, eeutet, August 25: August 25: Cablegram from Valparaiso. Banco de Chile. Sincere thanks for kind offer but momentarily without interest for us. Cablegram from Haskard and Company, Florence. Remit by cable eight thousand dollars irpoz. Liscellaneoue Cablegrams. August 25: -15- Cablegram to Paris. Banque Suisse et Francaise. Cablegram received, will sell cable New York against cable Paris outside moratorium, value compense, five twelve one half, limit ten thousand dollars, if accepted make payment francs :organ, Harjes for credit our account -16- Miscellaneous Cablegrams credit, we will credit you four ninety five per dollar, executing there against all payments Switzerland without any charge cable. Banco Frances del rio de la Plata. Have cancelled the credit opened in favor of Frigorifico. Nothing transit. 411August 29: Cablegram from Montevideo. Banco Frances del rio de la Plata. August 29: Cablegram to Buenos Aires. Referri4g to your telegram of 22d instant, have received your advices dated July 22, July 23, July 24. Telegraph if we should pay drafts which are being presented now. Telegraph full instructions at once. August 31: Cablegram to Paris. Banque Suisse et Francaise. Will buy cable London against New York 505, limit ten thousand pounds. Pay London City Midland Bank for our credit, they to cable us, we credit you on receipt their cable. Rush answer. Paris, regret. August 29: August 31: PRESS ANNOUNCEMENT August 9/10, 1914 The New York Committee of bankers in charge of the relief fund for American tourists detained in Europe, have announced that contributions to the fund so far have been received from the following: Original contributors: J.P.Morgan & Co., Brown Bros. & Co., Kidder, Peabody & First National Bank, National City Bank, National Bark of Commerce, Bankers Trust Company, Guaranty Trust Company, American Express Company, Farmers Loan & Trust Company. Additional contributors: Blair & Co., Chase National Bank, Chemical National Bank, Citizens Savings & Trust Co.,Cleveland, Columbia Trust Co., Continental & Commercial National Bank,Chicago, Corn Exchange Bank, Equitable Trust Co., First National Bank, Boston, First National Bank, Chicago, -2lessage to the Secretary of the Treasury from Benjamin Strong, Jr. - continued - He can arrange at once tofund makeshipment. payment onThe allhotels good credits against the government or general bank in London are doing wonders in advancing credit but have reached their limit. Necessary that he should have London Committee of bankers give assuranof_ to hotels that credits honored by them will be paid according to London method when decided upon, such credit at present only being used by board. It is his idea that the various London bankers on whom credits are drawn should make out the drafts in the regular manner, but to the order of the hotels which take them In settlement for bills. The banks will then certify such checks and the hotels will thereby be assured that they can deposit them when cover is provided, This will divide the work among the banks properly and prevent any distribution of cash for boarding (this word may have been intended for hoarding) and will at once allow payment of cash in small amounts Quoting from cable he says: "Government gold would only be held pending ultimate collection good credit and government would receive certified paper referred to as collateral from banks in meantime." He also says that people have about exhausted their resources and must have relief at once. are having some delay in exchange of cables, by reason of the censorship which we are asking the State Department to endeavor to eliminate by instruction cable to Ambassador Pace. .;ie would appreciate Secretary lIcAdoo's cooperation. I am in receipt of definite advice from the London City and Midland Bank, our bank correspondent in London, that they have released to Kent, seven hundred thousand dollars of gold which I advised Secretary LIOAdoo and Secretary Bryan on Monday last we would endeavor to place at the disposal of the government, and I assume that Kent has met the emergency in London by the use of considerable part of this gold in advance of its arrival, and of the arrival of the gold shippe on the Tennessee by the Government. It is quite possible that this gold has been used to complete the credit of three hundred thousand dollars which Kent arranged for ambassador page. I am, therefore, sending jr. Kent the following cable: "Government shipping million half gold on Tennessee. Understand will be disbursed in cooperation with your committee by officers in charge. This includes the three hundred thousand made available to Ambassador Page by State Department. Wire immediately if further instructions on that matter are required. Hope everything now in mod shape." In order that reimbursements may be effected, either to --Ir. Kent or to our London banks, to whom the gold was consigned, it will be necessary for the State Department to cable explicit instructions to Ambassador Page and convoy instructions to the representatives of the Government in charge of the Goverment gold shipped by Tennessee to apply so much of the million, five hundred thousand dollars of the Tennessee gold to the repayment of whatever amount was used out of the seven hundred thousand dollars of gold placed at the disposal of the a'overnment, pending arrival of Tennessee. 41/ I am this morning advised that the arrangements for the disbursement of the credit arranged aith the Bank of France, through J. P. Morgan & Company and Morgan Harjes & Company are substantially completed. The money is already being disbursed and details in respect of the method of effecting disbursements at Paris will be conveyed to Secretary HcAdoo just as soon as they are completed. -3Nessage to the Secretary of the Treasury from Benjamin `strong, Jr., - Continued - I believe it is exceedingly important that instructions be conveyed to those in charge of the gold shipped by the Government on the Tennessee, informing them that the London and Paris arrangement which was in course of completion when the Tennssee sailed, will be perfected and in complete operation by the time of their arrival and further instructing them to take advantage of this machinery and cooperate with the London and Paris committee. At our meeting in ':ashington Monday night I asked the Secretary of State if arrangements could not be made to furnish the Commander of the Tennessee with credentials issued by the embassies of the various foreign governments with reWhile we spect to whom any question of belligerency or contraband might arise. in New York regard the possibility of difficulty on this score as very remote, we do feel that it must be covered. LLight no+ this be done by wireless comunication if it was not covered before the cruiser sailed? BENJALIIN STRONG, Jr. PRELIL MARY IMMORANDILI The Gold Fund above mentioned is to con and, in first aggregate amount contributed has bee a first installment of 0,000,000. to be shipped i U. S. S. "Tennessee". Such Fund has been created through a participation therein by the undersigned the Ten Original Contributors. Such Fund, whethe tributions of the Ten Original Contributors or fro additional contributors, is to constitute a single cashing travelers' credits issued by American inst tourists. The entire administration of such fund transmission, delivery and distribution thereof, ha Committee, which is to have plenary power in the pr as at present constituted, being: Benjamin Strang, J J. P. Morgan, James Brown, William L. Benedic A. J. Hemphill, George C. Taylor, Charles D. Norton, C. R. Agnew, GOLD FUND RE TRAVELERS' CREDITS ISSUED James S. Alexander Any and all cnntributnrs to the Fund, including the Ten Original Contributors and any additional contributors, release the Cnmmittee from any liability in the administration, transmission, delivery, distribution and return of the Fund. Nn contributor assumes any risk other than that attaching tel its nr their cnntribution. The cnntribators assume no relation of partnership among themselves and are not to be deemed partners for any purpose. It is understood that any expenses of the administratinn of the Fund, not reimbursed to the Cnmmittee, will be shared pro rata by the Ten Original Contributors. Dated, August 6, 1914. (Sgd) It J. P. Morgan & Co. Brown Brothers & Co. Kidder, Peabody & Co. Tt FIRST NATIONAL BANK By (Sgd) C. D.Back,is, Cashier NATIONAL BANK OF COUV7RCE, By (Sgd) J. S. Alexander,Pt. NATIONAL CITY BANK By (Sgd) John E. Gardin, V.P. BANKERS TRUST COMPANY By (Sgd) Benj. Strnng,Jr., Pt. GUARANTY TRUST COMPANY By (Sgd) A. J. Hemphill, Pt. FARMERS LOAN & TRUST COMPANY By (Sgd) C. R. Agnew, Vice Pres. AMERICAN EXPRESS COMPANY LIELIORANDUM For 21R. STRONG -2Ilemo. for 1.1r. Strong regarding shipment of currency - 4;1500,000. Bankers Trust Company, 16 Wall Street, New York -continued- Sacramento, Calif., August 12, 1914. Reply your wire tenth ship tomorrow registered mail insurance deduct expense from interest credit inclosing statement with your cashiers check for interest explanation entirely satisfactory. E. D. ROBERTS, State Treasurer. August 12, 1914. E. D. Roberts, Esq., State Treasurer, Sacramento, Calif Telegram received. :Jr. Strong desires me to thank you personally for your cooperation and understanding of the situation. Currency will be shipped tomorrow. G.':.. BENTON, Treasurer. AMERICAN EXPRESS TREASURER'S OFFICE New Broadway, 65 COMPANY York. July 31,,1914. I M P 0 R T ANT Owing to the political conditions in Europe and to the closing of the foreign exchange markets, we regret that it is impossible for us to authorize our Agents and Bank correspondents to continue to draw exchange for our account. We have stopped quoting rates for exchange - Cables, Drafts and Postal Remittances - until further notice. AMICAN EXPRESS JAS. F. COMTANY FARGO, Treasurer. KNAUTH - NACHOD & KUBVE INTERNATIONAL BANKERS New York, August 6, 1914. TROELERS1 To Messrs. CHECKS, Our Correspondents: Gentlemen:- In further reference to our circulars of August 1st, and 4th, please take note that we have finally decided to request our correspondents not to issue Travelers' Checks either for use in this country or abroad until further notice. Kindly be guided accordingly, and oblige Yours very truly, (signed) Knauth-Nachod & Kuhne. D. S., Jr. MEMORANDA MEMORANDA for Aix'. Schmid. August 8, 1914. Better consider whether it may not be desirable to send out a letter similar to the Express Company's, to all the barkR selling cheques, in order to reassure their clients. B. S., Jr. AMERICAN EXPRESS COMPANY Treasurer's Office 65 Broadway New York AUG' 6, 1914. To Agents and Banks Selling Travelers' Cheques: In order to relieve any anxiety on the part of relatives al,d friends of holders of American Express Company Travelers' Cheques and Letters of Credit, the Company begs to state that cable advices from our European offices are to the effect that Americans are experiencing no difficulty in securing funds, either on Company's Travelers' Cheques or Letters of Credit. All our European offices are still open and doing business in the usual way, and every possible assistance is being given our clients. Yours truly, JAWS F. FARGO, Treasurer. (Draft of Letter to be addressed to concerns issuing letters of credit, but who do not become contributors to the Fund.) Gentlemen:- A fund of 45,117,000. in gold is being shipped on the U. S. warship "Tennessee" for use in London and possibly other foreign points, to relieve the necessities of American tourists abroad, through advances made from such Fund against travelers' credits issued by any American banks, bankers, express companies and other institutions held by each tourists. Such fund of :5,117,000. has been contributed in the first instance by the following ten New York banks or bankers: Messrs. J. P. Morgan & Company Messrs. Brown Brothers & Company Messrs. Kidder, Peabody & Company First National bank National Bank of Commerce National City Bank Guaranty Trust Company Farmers Loan & Trust Company Bankers Trust Company American Express Company Such Fund will not be increased, bat the terms under which such Fund was created permit additional contributors to be admitted from time to time, subject to the arrangements made by the Original Contributors. To the extent of each additional contributions the contributions of the ten Original Contributors will be reduced pro rata, and to the extent of any such redaction the Original Contributors will be reimbursed from such additional contributions. The administration of such fund is vested in a committee, consisting of one representative from each of such ten Original Contributors, which committee has full power with respect to any and all transactions affecting the administration and disposition of the 2und. It is purposed to consign such Fund to fiscal agents of the Fund in London, namely, Guaranty Trust Company, Morgan, Grenfell & Company, and Brown, Shipley & Company, nr any of them. The fiscal agents of the Fund in Paris will be Morgan, Harjes & Company and the American Express Company. The travelers' credits as to which payments from the Fund will be made are not limited to those in which the ten Original Contributors or any additional contributors may be interested, but include any and all travelers' credits issued by any responsible American banes, banker, express company nr other institution. Such travelers' credits will participate in the Fund in substantially the following manner, ( subject to such modifications of detail as may be made by the Committee). Both with respect to letters of credit and travelers' nr anyone designated for them) checks a responsible committee, appointed by tourists to act, is to decide the amount of accommodation to be rendered from the Fund for each individual tourist, after investigation of the immediate needs of the particular case. ( LETTERS of CREDIT As to letters of credit.The holder of each letter of credit must satisfy the fiscal agent as to the validity of the letter and the genuineness of his signature, by first obtaining notation of approval thereon of the London drawee specified in the letter of credit. Thereupon the holder will draw a draft to the amount of the accommodation in favor of the fiscal agent of the Fund, upon the London drawee, who will thereupon stamp the draft payable by the drawer (issuer) of the credit in America, in New York City funds, at New York City. The face amount of such draft will then be paid in sterling to the holder of the letter of credit by the fiscal agent, at the fixed rate of exchange of X4.90 in the pound sterling. The holder of such letter of credit will be required also, through some signed statement, ( form of which is to be hereafter determined), appearing upon the draft, to agree to reimburse the drawer of the credit the pro rata charge (later on to be determined on an accounting), of the expenses of the fund as to such draft. Thereupon the draft will be forwarded by the fiscal agent to the New York City fiscal agent (Bankers Trust Company) for collection. TRAVELERS' CHECKS. As to travelers' checks,- Upon the usual identification of signature and countersignature, travelers' checks will be paid by the fiscal agent in sterling, at the rate of p:1.90 in the pound. The checks will thereupon be remitted to the New York City fiscal agent of the fund, (Bankers Trust Company) for presentation to and reimbursement by the issuing bank, banker, express company or ether institution. The expenses of the administration of the fund, including interest, insurance, loss on exchange and miscellaneous, are to be met as follows:Accounting will be had of all the transactions to the fund and the expenses will be pro rated according to the amounts of payment involved against the banks, bankers, express companies or other institutions which issued the travelers' credits, against which such payments were made. The Committee however does not reserve the right to any such payments exclude from the travelers' credits as t^ are to be made from the fund, travelers' credits issued by American banks, bankers, express companies or other institatinns who will not agree to reimburse the fund for the pro rata share of expenses sn to be dete_mined on sach accounting in respect of the travelers' credits issued by such bank, banker, express company or other institution. 777 The Committee acquaints you with the foregoing so that if you have any outstanding travelers' credits and desire that the same shall be among the travelers' credits against which payments shall be made from the fund, will you advise the depositary of the Committee, Bankers Trust Company, 16 Wall Street, New York City, of your willingness, if so disposed, to bear your pro rata share of the expense of the fund, sn to be determined in respect7TPayments made from the fund in respect of travelers' credits issued by yourselves. We call your attention to the provision of the arrangements under which the Committee act, as agreed to by the ten Original Contributors, as follows: "Each contributor (original or additional) appoints the Committee, in respect of all transactions affecting the Fund, in the interest of each contributor in the Fund, its or their agent and attorney in fact, with plenary power to act as though it were the sole owner thereof, affecting the fund and the administration and disposition of it, and any interest of any contributor therein, with full power to appoint sub-committees, agents, sub-agents, attorneys, fiscal agents and depositaries to act on behalf of the Committee, in, and to whom the Committee may delegate, any and all matters and transactions relating to, and any disposition of, the Fund." BANKERS TRUST COMPANY 16 Wall St. August 7, 1914. Dear Sir:- I beg to quote the following from cable instructions sent to Mr. Kent last night: "Committee sending written instructions in duplicate London City & Midland, Lnndnn, to place gold at disposal of your London Committee increased by adding representatives nominated by Morgan Grenfell, Brown Shipley, Baring Bros., Guaranty Trust Company of New Ynrk, London, American Express, also Henry King Smith representing Farmers Loan & Trust and L. M. Jacobs representing National City all in London with yourself representing Bankers Trust Company." In order that the gold shipped yesterday may be made immediately available it will be necessary for you to send a cable, advising your London representative of this arrangement and instructing that they co- operate immediately with Mr. Kent in respect of this appointment. Will you not, therefore, arrange to have this cable sent at the earliest moment practicable in order that there may be no delay on the other side. Very truly yours, President S-W Similar letter sent to the following: C. R. Agnew, Esq., Vice-President, iarmers Loan & Trust Co., N. Y. John E. Gardin, Vice-President, National City Bank,N. Y. J. P. Morgan & Co. Brown Bros. & Co. Kidder Peabody & Co. Guaranty Trust Co.,of N.Y., A.J. Hemphill,Pres. American Express Co. RECEIVED in apparent million said to contain three board U. 3. 3. Kegs good order sixty (60) coin on dollars U. S. Gold "Tennessee". (signed) A. R. Jones, (signed) H. D. Gibson, (signed) J. P. Grier, (signed) Eliot Tuckerman, (signed) Henry W. Lewis. BANKERS TRUST COMPANY. New York, August 6, 1914. GOLD FUND CONTRIBUTED RE AMERICAN TRAVELERS' CREiiITS AND CHEQUES. London City and Midland Bank, London, England. Dear airs:Messrs. J. P. Morgan & Company, Kidder, Peabody & Company, Brown Brothers & Company, First National Bank, National City Bank, National Bank of Commerce, Bankers Trust Company, Guaranty Trust Company of New York, Farmers Loan & Trust Company, American Express Company have contributed to a gold fund, of which 03,000,000. has this day been shipped from New York by United States Armored Cruiser "Tennessee", which 03,030,000. will be delivered to your custody by the agents of such shippers, Messrs. John P. Grier, Henry W. Lewis, Arthur 2. Jones, Eliot Tuckerman and Harvey D. Gibson, or their survivors. You will please accept custody of such 03,000,000 gold and hold it at the disposal of the London Committee representing the Committee below mentioned, which London Committee must include as members a representative from Messrs. Morgan, Grenfell & Company, from Brown, Shipley & Company, from Baring Brothers & Company, from Guaranty Trust Company of New York ( maintaining a branch in the Jit-: of London), and from American Exnress Company. Such London Committee must also include Henry King Smith as representing The Farmers Loan & Trust Company, Fred I. Kent as representing Bankers Jacobs as representing National City Trust Company and Lawrence Bank (of New York). Yours very truly, (signed) Benj. Strong, Jr., Chairman of Committee of Ten Oriclmal Contributors above named. BANKERS TRUST COLTANY. 411 New York, August 6, 1914, On Gold Coin or Bullion All risks but excluding War as per margin At and from New York to London or Liverpool 26 Exchange Place, BANKI.RS TITiST 0 OLLPA 16 Street. ;Tow York, August 6, 1914. .1.V Captain C. E. Decker, U. U. S. Amored Cruiser "Tennessee " s. John P. Grier, Henry W. Lewis, Arthur Jones, and Harvey D. :ibson and the Survivors of them tituted, appointed and accre)ited agents of Company, Kidder, Peabody & Company , Brown Brothers t 7ational Bank, National City Bank, Hational Bank nkers Trust Company, Caranty Trust Company, Farmers mpany and American Express Company, shippers of ntaining gold by United states Armored Cruiser aving the port of Hew York on August 6, 1914, to ept delivery of such gold from the Commander of uiser "Tennessee". ier. E,':711-11S 72:=2 COMPANY, ewis By (sgd) Benj. Strong, Jr. Pt. Jones kerman "Abson (Copy of receipt given in two counterparts by U. S. Government.) UNITED STATES SUB TREASURY N RECEIVED from Bankers Trust Co of Messrs. J. P. Morgan & Company, Company, First National Bank, Natio Trust Company, Guaranty Trust Compa Express Company, (hereinafter calle coin of the value of 4i;3,000,000., B T C - #1 to 40, incl D E B T C - #41 to 60, inc D E E" representing "double eagles". The kegs so received and so ma Government on board U. S. armored c August 6, 1914, and to be delivered accredited agent or agents of said received from Bankers Trust Company proper; said agent or agents to pre Company. 111 The receipt evide4ced hereby i delivery will be made except upon s Commander of said armored cruiser " counterpart the other counterpart s not be delivered in one single lot, livered unless one counterpart is p livered is endorsed upon the counte said "Tennessee" by the agent recei setting forth the delivery of such marine insurance covering ordi is to be effected to cover the valu in whole or in part, in the name o States. If said insurance covers s Government is to be released by the of that part of the value not cover shall be so effected in the name of States, he shall hold said insuranc whom said shipment is received. S Cannot answer "Your answer six seven received. your message six until we receive from you New York Committee answer our message eleven. desire avoid criticism gold shipment being used for exchange purpose by distribution among original contributors and subsequent contributors as shipment intended for all responsible American MINUTES of the meeting of the Gold Fund Committee held at the office of also Committee travelers' credits and cheques. want full detailed information regarding manner and procedure of disbursements made by London "Message 13" 41 -2- Committee and how advanoes arranged prior arrival gold are being covered, also are vouchers surrendered to London Committee against payments from gold fund and sent here or being held London Committee to be forwarded later. Cannot understand if plane as outlined in previous cables were followed, how you can have amount mentioned still available. please mail for benefit committee itemized statement of all disbursements and cable brief summary. Rush." - 2 - GOLD FUND FOR USE IN CASHING AMERICAN TRAVELERS' CREDITS HELD BY TOURISTS ABROAD o0o 2 since the last meeting of the Committee with reference to the shipment of the 4,000,000. gold by the "Tennessee", and the insurance of such shipment, and the issue of temporary certificates of contribution, both original and additional. The issue of such temporary certificates of contribution was approved. A form of permanent certificate of original contribution and a form of certificate of additional contribution were submitted to the meeting, and on motion duly made, seconded and carried, it was UNANIMOUSLY VOTED, that such forms be adopted by the Committee, and Bankers Trust Company, as Depositary, was authorized and directed to issue permanent certificates in such forms to the Contributors, both Original and Additional, upon the surrender of temporary certificates already issued, which the Bankers Trust Company was directed to call in. tribution are as follows: The formsof such permanent certificates of con- - 3 - -4 Discussion was had as to the procedure account of the Gold Fund J. P. Morgan & Company, i Gold Fund the ,3,000,000. credit in Paris with Uor It was UNANIMOUJLY VOTED, to postpone action w a later meeting. The Committee UNAMOUSLY VOTED, to authorize Bankers to advance for account of the Committee such expe connection with transactions incident to the curre detailed accounts of such expenses to be rendered to time. LIMES of a meeting of the General Committee held at -2- to secure reimbursement in Lew York fund, payable in New 'York City, 411 for all amounts of the fund used in cashing Travelers' Credits. Mr. Morgan announced that he expected to have established a gold credit with his Paris firm, Messrs. Morgan, Harjes & Company, in the amount of 46,000,000. and that he was willing to set aside for the purposes of the Fund, 43,000,000. of such 46,000,000. gold credit, if the Ten Original Contributors to the Fund would be willing to become contributors to such 46,000,000. on the same basis on which they had contributed to the Fund to be sent to London. All the members of the Committee on behalf of the institutions represented by them, accepted Mr. Morgan's offer. The Chairman outlined to the Committee the Special Committee's recommendations covering rates of exchange to be followed in cashing travellers' credits from the fund, and method for reimburse411 ment to the fund for expenses to be incurred, etc., (all as set forth in the minutes of such Special Committee), which such Committee had agreed upon at their meetings, held August 5, 1914, and such recommendations were approved. The Chairman announced that insurance as yet had not been effected, but the underwriters were in conference endeavoring to arrange for at least 43,000,000. insurance. The Committee authorized Messrs. Taylor, Harrison and Fay to confer with the Sub-treasury and formulate a receipt to be given by the Government against the gold to be shipped via the "Tennessee". The Committee agreed that the shipment going via the "Tennessee" should be sent to the London City and Midland Bank, Ltd., London, to be placed in its custody, to be held by such Bank at the disposal of the London Committee above mentioned. -3- The Chairman stated that the Government officials had -4- make a freight charge for transporting the gold shipped on account 110 of the fund by the "Tennessee", and that he was surprised at such proposition in view of the entire failure of the Government previously to mention any such charge. The Chairman mentioned that he had been conferring with government officials since Lionday evening (August 3); that at Washington on that evening he had informed them of the 000,000. gold shipment made by the Bankers Trust Company then in transit; that kr. Kent in London had been insistent to obtain for immediate use 300,000. for relief; that the Bankers Trust Company was willing to divert from commercial uses to relief uses i300,000., so asked for by kr. Kent, out of the 000,000. shipment; such i300,000. to be reimbursed from the then proposed government appropriation for relief use. 410 The Chairman stated at all conferences, whether held at Washington or over the telephone, and in all correspondence, the relief character of the fund had been brought to the government's attention. The CoMmittee voted to acquiesce in the Government's present intention to make a freight charge, but with the purpose to bring all the facts to the Government's attention, showing the propriety of remitting such freight charge. A form of preliminary memorandum outlining the control of the fund by the Committee and the limitations of the risks assumed by the Ten Original Contributors, was thereupon executed by all members of the Committee on behalf of the institutions respectively represented, constituting the Ten Original Contributors. The original of such memorandum was ordered filed with the Chairman. -5- It was understood that counsel should formulate, in reason- able detail, a statement of the Plan relating to the fund, setting forth the powers and authority of the Committee in the receipt, transmission and disposition of the fund, to all the terms of which the certificates evidencing contributions to the fund should state that all contributions (whether original or additional) should be sub ject. The Cominittee was informed that the situation still required an actual shipment to London, it still being impossible to establish by cable a gold credit in London against an offsetting gold credit set up in New York. The Chairman thereupon stated that everything was in readiness to effect the "Tennessee" shipment. On motion the meeting then adjourned. LIEUTE6 of a meeting held Wednesday, August 5, 1914, of -2- pound bterling (the rate already fixed on Travellers' Cheques) in order that both Cheques and Letters of Credit be put upon parity. The Special Committee agreed to recommend that the expenses incurred in the administration of the Gold Fund should be covered as follows: FIRST: Upon the drafts drawn against the Letters of Credit by the holders thereof, the drawers of such drafts should be asked on receipt of accommodation, to agree by notation upon the drafts to pay the expenses incurred by the Fund in cashing such drafts, in the proportion in which the amount paid on such drafts should bear to the total amount of payments from the Fund against Travellers' Credits; but irrespective of whether or not the holders of such Letters of Credit should so agree, the institutions, (contributors to the fund), should pay the expense incurred by the fund in cashing such drafts in like proportions, and institutions not contributors to the fund should be invited to pay the expenses incurred in cashing their drafts in like proportions. SEC011: institutions issuing Travellers' Cheques who are at the same time contributors to the fund, shall reimburse the fund for the expense incurred in connection with cashing their Travellers' Cheques by payments from the fund. issuers of Travellers' Cheques (not contributors) will be invited to reimburse in same way such expense as to their cheques. THIRD: in so far as the fund shall not be so reimbursed as provided in "First" and "Second", the contributors shall be charged with the deficit so resulting pro rata to their respective contributions. Report was submitted to the Committee of the progress made in obtaining insurance and the Special Committee recommended that no shipment should be made of any part of the fund by the United States Steamship "Tennessee" unless the entire value of the shipment was covered by all marine risks, exclusive of war risks. The meeting of the Special Committee thereupon adjourned. GOLD FU1D CONTRIBUTED FOR USE iN CASHING TRAVELERS' CREDITS ISSUED BY ALERICAN INSTITUTIONS ArD BANYERS, -2- prepared to go in pro rata on the basis of a contribution of -3- put in charge be the under the direction of La.. Henry of Geesuch and shipment bar. Johnwould Grier, latter of O. D. Barney 83 Co., and Ir. Taylor's statement in that respect was approved by the committee. The Bankers Trust Company was appointed as the I!ew York fiscal agent of the fund. The Bankers Trust Company was em- powered as such fiscal agent to deliver to the American Express Company the fund (or that part of it) to be shipped via "Tennessee". The Committee voted the fund, as contributed, should be used for payments against travelers' credits, (i. e. letters of credit and travelers' cheques) issued by American bankers or banking houses and the American Express Company, or other American institutions, in amounts necessary to relieve the needs of the holders of such travelers' credits, the sole purpose of the creation and administration of the fund being for relief so to be effected through cashing such credits for the holders thereof. it was the sense of the committee that the determination of the amounts to be paid against travelers' credits as presented from time to time should be as advised by a committee or commitees organized under the auspices of American travelers abroad, as approved by this committee at a later meeting, such committee so selected to be instructed and authorized by this committee to reject, in its discretion, any particular travelers' credit presented for payment, and in its discretion to advise the fiscal agents of the committee in London and Paris as to the particular travelers' credits which shall be cashed from such funds. It was deemed wise at this time to make no public announcement. On the question of the liability of shippers and the risk of loss, the committee was advised that there would be no legal responsibility on the part of the United States Government to reimburse the shippers in the event of loss of the shipment, unless some definite arrangement was :made to that effect. It was agreed that at a subsequent meeting of the committee specific instructions would be formulated and sent to Fred 1. Kent as representing the Bankers Trust Company, respecting the disposal of the fund. It was decided to take up at a later meeting the details of the manner in which the ten Original Contributors and additional contributors were to be reimbursed for their contributions. It was further suggested that each contributor receive, 411 on payment of his contribution, a certificate from the Bankers Trust Company as agent to evidence such payment. it was the unanimous agreement of the committee that iv.organ, Grenfell & Co., brown, Shipley & Co. and Guaranty Trust Company of flew York be appointed fiscal agents of the Committee, in London, and organ, Harjes & Company and American Express Company such agents in Paris, and that such fiscal agents be entirely free to act as the fiscal agents of the United States Government in the distribution of the contemplated relief fund to be sent abroad b-.) such Government. The Committee approved the recommendation hitherto made Trust Company of how York, kiorgan, Grenfell & Co. and Brown, by 1.1r. anty Strong to the Administration at Washington, that the guar- Shipley & Co. be appointed the special fiscal agents of the United States Government for the purpose of the United States -5- relief fund in London, and that Morgan, Harjes & Co. and the American Express Company be appointed such agents for like purposes in Paris; as it was the unanimous opinion of the committee that both economy and efficiency advised that all contemplated relief work be done through the same agencies. Adjourned. I r Cablegrams exchanged between the Bankers Trust Company and Mr. Fred I. Kent. 410 July 29: Cablegram sent to Kent, care Deutsche Bank, Hamburg. Exchange market demoralized. No trading possible. Over 26,000,000 bars Insuranoe premiums almost proand coins shipped within last few days. hibitive. Our continental balances in good condition. Mark loans were Will require all for Travelers' Cheques and International's not renewed. Travelers' Cheques reducing our London balanops rapidly. documentary credit. Have no commitments for the immediate future. Will require about ,r50,000 in Cablegram sent to Kent, care Deutsche Bank, Hamburg. 30:August LondonJuly about 5 for ' ravelers' Cheques. Market quoted nominally. Cable Go at once to London and read our cables in regard Rouble to cover for Trave cable transfers London 496, Berlin 97, Paris 495, demand 491.9Er1, 505. Cheques and report at once with advice. transfers about 5120 here. Can we resell Roubles in London to make Sterling? Am cabling London for a rate. Have received no discount or arbitration rates Cablegram from Mr. Kent, Hamburg. of anyJuly kind31: since last Friday. Please endeavor to arrange with London for Have telegraphed London and will wire you again. Received overdraft in our account telegram. or to give temporary advance to cover Travelers' today for London by way of Deutsche Bank, Berlin. Arrive at destinat Cheques, if necessary, in case we cannot ship gold. Keep us posted on all Making (made) arrangements to protect Pally Traveler Sunday morning. developments. Am figuring on gold coin shipments for Travelers' Cheques. Don't worry, am on job. Cheques. Keep us informed of itinery for cable messages to you. Re July 31: Cablegram sent to Kent, care Bankerdeut, Berlin. Cre Cable received. Have shipped $700,000 gold London by St. Louis. Lyonnais balance exhausted. Have cabled Morgan, Harjes & Co., Paris, use their balance sparingly for necessary travelers' expenses. Are a for special credit but doubt getting it. Also endeavoring arrange st oompanies accept Travelers' Cheques New York reimbursement for passag and will meet arriving steamships with funds for travelers, if needed possible to buy demand or cable or ship gold. Suggest you get in imm communication with Paris and endeavor make arrangements for protectin cheques there after arranging Berlin. Also suggest reaching London s Vkl. have possible, though balances there for present in good shape. Total in account $6,500,000. pro mitments except Travelers' Cheques. Cable fully all news and details of arrangements $4,000,000. abroad. New York Stock Exchange closed. We are in good shape here. If you c arrange travelers' credit matter will be tremendous relief, but take personal risk. Thank you heartily. Aug. 1: Cablegram to Kent, care Midtrust, London. Duane in Faris and trying to reach London. Communicate with him care If necessary divert $200,000 gold arriving London on St. Louis to Par Cable fully at any hour. more, if you can take care London payments. sult London City and Llidland Bank, Ltd., London, regarding latest act Banco de Cartagena. Have Lloyds Bank, Ltd., London, Union of London Bank, Ltd., London, Morgan, Grenfell & Company, London, allow use ent ances. Can Roubles be used in London or Paris? Travelers' Cheque ou balances six and one-half million. Impossible estimate European requ under present conditions. Communicate with Harjes regarding Paris re ments. Credit Have shipped seven hundred thousand dollars gold per St. Louis. Lyonnais balance exhausted. Have requested Harjes arrange with them h cheques. If necessary ship portion St. Louis gold to Paris. Believe B balance sufficient for present. Trouble on Credits and cheques report Geneva. Have cabled Zurich full instructions. Arrange with all our L accounts for full use of balances. See Midtrust regarding Banco Cartag Can you use Roubles-2in London or Paris? Total cheques outstanding six five hundred thousand. Stopping sales of all cheques for present. r August 1: "'August 2: Cablegram care Midtrast, London, care Hotel, Bankerdeut, Berlin. Cablegram sent to Kent, carealso Waldorf London. August to 3: Kent, Why don't we hear from you? What cablegrams have you received? Guaranty Trust Company are cabling placing their London office your dis Please arrange to use it if possible. Cable me fully what you are doin Cablegram received from Mr. Kent in London. Arrived London today. Your fromcablegrams Mr. Kent, probably London. unobtainable before Tuesday. August 3: Cablegram Tomorrow bank holiday. Have called meeting Americans four o'clock Monday. Held meeting today two thousand Ame Cable received. Mightily pleased. Telephone Washington to authorize Ambassador by cable cooperate with me should Formed fine organization. Battleships with gold and transports protect Americans here and on as possible. Willbeopen temporary arrival will prepared divert to co immediately forcontinent England. farBefore Answer Can do much good. bureau trust company as seems bestboth and money you approve. Wiring Duane await my in their requirements and transports. Tell Washington American Banker here who dangerou care Waldorf bytions eleven, if possible. Conditions too Paris. Unwise forward direct continent. plantransports very knows business worse can operate effectively with Ambassador. Upon receipt definite instruction Think gold and sta daily. most good scheme developed that will meet this serious situation important. Have can arrange English banks for funds to cash credits traveler continent Haste necessary. as effectively as possible. Anxiety many here terrible. get them to England, where advisable. Haste imperative. Many American Regards. frightful condition on continent. If government will give me supreme :l ty and will forward ships and money, can begin immediate work every cou Have Cong with organization I have back of me while awaiting arrival. appropriate three hundred thousand dollars that I can use at once to ge -3- Americans in distress while boats on way. Will act with Ambassadors each country, but must have power. Transport for twenty thousand people probably needed and five million gold in addition to St. Louis shipment. Aside from appropriation money furnished by government would only be used to take up Can arrange with banks credits. Embassies not proper places handle money. for space under American flag and control. Rush. August 3: Cablegram sent to Kent, care 7aldorf Hotel, London, from Washington. Conference State and Treasury Departments. Arrangements under way for shipment gold by Government vessel at once, to be placed at direction of special fiscal agents to be appointed and cooperate in connection with our embassies abroad. Arrangements in process for ships to bring travelers home. Vitally important to have following information at once. How much gold required for travelers credits and for any without credits or money. To what places should Can London arrange with money be sent. How many travelers to bring home Paris, Berlin and other points. What are your suggestions about Continental fiscal agents, particularly Berlin. Can you take general charge from London. Should we send Americans to assist. Cable particulars in fullest detail. Will try and arrange Testern Union to give message right of way. Are you in touch with Duane or Dalliba? Strong. August 4: Cablegram to Fred I. Kent, care Waldorf Hotel, London, via Western Union and Commercial. Will advise Cruiser Tennessee sailing Brooklyn Navy Yard Vednesday night. amount of gold shipped later. Probably five millions. At government's request sending staff of men with shipment. Cable name of consignee and port of delivery at once. Arrange with government for safe delivery and protection of shipment, August 4: Cablegram to Fred I. Kent, care ''.aldorf Hotel, London. Divert only such portion of gold on St. Louis from London as will not be Cable us required for the protection of our various accounts in London. what arrangements you have made with London for maturing drafts under Commercial Credits. Also cable us the full details of the moratorium declared in London. Reports here so conflicting that we require immediate details. Impossible to get detailed advices regarding special gold shipment until details Washington arrangement completed. August 4: Cablegram to Fred I. Kent, care Waldorf Hotel, London. Confidential. Some delay making necessary arrangements 7.ashington about sailActively on job here and everything possible being done to hasten and ing. complete arrangements. Plan contemplates using Morgan Grenfell - Brown American Shipley -- Guaranty Trust Company, London -- Morgan, Harjes Express, paris, as Special redemption agents, if possible, by government appointment, otherwise in behalf New York bankers. Absolutely necessary you sable at once that money will be sparingly and impartially used for all American Letters Credit and Travelers' Cheques and not :or special reimbursement may interested institutions or firms, and those appointed to disburse will carefully scrutinize goodness of credits. Reimbursement in New York probCable me ably though Bankers Trust. Will try cable full details tomorrow. very fully at once. August 4: Cablegram to Fred I. Kent, care 7,aldorf Hotel, London. Midtrust cables quite impossible to discount here. You must send gold end Important to protect our own Travelers' credits as far as -4August 4: Cablegram from Mr. Kent. Consign gold to Bankers Trust Company of New York, care Cable received. Landon City and 'Midland Bank, London. till advise port delivery soon as Have British Admiralty opens in morning arranging protection shipment. government send $300,000 that I can also use immediately without red tape Wish to to get Americans on continent and care for special cases here. charter vessel and send under American flag to take Americans now stranded and suffering at many continental ports. This must be done at once by some one who can act with authority in every country without awaiting telegraphic instructions from anyone. Am positively prepared to do work with proper credentials, which should be forwarded at once by cable through the Ambassador and direct. There may be no precedent for this, but there is none for this condition either, If they prefer someone else, will work just as All vessels should hard for him, but he must be a hustler and fearless. be coaled and victualed for round trip. Opened special office Savoy Hotel today. Am paying Bankers cheques. August 5: Cablegram from Mr. Kent, London. Moratorium probably last until small bank England notes printed. Don't worry about maturing credits. Will keep you informed when necessary. No ships obtainable for Continental Americans, who are in hell if government don't give me money quick. They cannot await vessels from America. Must also have governmental authority raise American: flag, or would raise funds American residents here. Send notice banks selling cheques I am here and opened Loudon off' s* yew ehcapes, and refer Americans in trouble to me. August 5: Cablegram sent to Fred I. Kent, care Savoy Hotel, London, by H.P. Davison. I am much concerned lest you overwork and become unfit due to the terrible strain to which you are now subjected. Of course everything possible being The done here to meet requirements: general situation here well in hand. one thing required of you and me and all others in responsibility is to be calm and move with great deliberation. The complacency shown here by everybody is really remarkable. This word of caution is prompted by my personal regard for you, as well as for the importance of the situation as a whole. August 5: Cablegram sent to Fred I. Kent, care Hotel Savoy, London. Cable at once suggestion of institution or individual to be appointed government fiscal agent Berlin, Austria andnother countries affected. Awaiting word from washington about special government fund. Hope to get five million gold off tonight. Don't worry, matters progressing here as rapidly as possible. August 5: Cablegram sent to Fred I. Kent, care Hotel Savoy, London. Landmandsbank, Copenhagen, will honor Travelers' Cheques debit Kroner account. Arrange with London Are requesting cover. Impossible to buy exchange here. City Midland Bank to take care Landmandsbank, Copenhagen, on arrival St. Louis gold. August 5: Cablegram sent to Fred I. Kent, care Savoy Hotel, London. Congress has appropriated #,500,000 for relief Americans abroad. Am advised States Department cabling Ambassador Page to arrange for expenditure 4300,000 at once and authorizing cooneration with you. Confer with him as he has detailed instructions. Arrangements for shipment 45,000,000 gold by New York Bankers nearing completion. Hope to send final advice of shipment with five responsible bank men on Government vessel tomorrow. Full instructions regarding delivery and use of money will be cabled. Matter being handled by com- r to be made exclusively to holders Travelers' Cheques and credits after verification in usual way. All cheques and drafts are to be cashed in Sterling under directions London committee. Cheques and drafts are to be forwarded Bankers Endeavor to secure advance Trust Company for collection and reimbursement. at once against gold in transit for such amount as you will require before arrival. New York Committee recommends moderate advance to each applicant. Committees only protection for repayment of advance is through :olleotion of Committee Is advised Morgan is New York drafts and cheques cashed in London. arranging to deposit lie. three to six million gold for credit Bank of France r -6- to be immediately disbursed Paris for similar purpose there. Particulars will be cabled you shortly so that London committee may cooperate with Morgan Harjes. Necessity for depositing balance of gold here to establish Paris credit reduced London shipment to three million dollars from amount originally advised. Understand government shipment on Tennessee one million five hundred thousand, regarding which cooperate with government officials in charge. Have endeavored to conform near as possible to suggestions your Hope above will fully meet situation. To authenticate this, latest cable. duplicate will be cabled to Brown Shipley Company, ,ondon. Please compare. August 7: Marconigram from Mr. Kent, Waldorf Hotel, to Mr. Strong. My cables to you being held up by censor York after beenLondon, passed received August in 7: New Cablegram from having mr. Kent, by English censor. Do needful. Understand instructio Cablegram received. State Department has not yet replied Ambas August 7; Cablegram to Fred I. Kent, Waldorf Hotel, Aldwich Street,credit London, government to England. make three hundred th If youronly messages cable messages. Marconigram received. No New York censor on arrang9ments completed, awaiting such are being held, evidently action of Canadian up censor, who must be instructed to(40. Everything quiet, no rune. Mo Canadian censorgreatly to passrelieved bec from your side. Request English censor to instruct Both banks and hotels regulations require full name through immediately your messages to us. Newtransport Should start imm 20,000 people. Ambassador Page being adand street address of both sender and addressee. together tomorrow. Have you revised by State Department to facilitate our cable exchanges. ceived our cablegram of today giving details of the gold by Cruiser August 8: Cablegram to shipment Fred I. Kent, care Waldorf Ho J. P. Morgan has sent the following cableg Tennessee? this information will assist you to adjust Suggest drafts against Travelers' Cheques August 7: Cablegram to Fred I. Kent, Waldorf Hotel, Aldwick Street, London, England. Checks and Tr Sir Edward Holden cables he agrees to hold atYork yourfive disposal the seven hundred Francs to dollar. at five Francs to dollartgiving holders of thousand dollars gold shipped Steamer St. Louis. receipt which would show amount paid, leav rate of cheques after August 7; Cablegram to H. P. Davison, care J.P.Morgan &ence Co. in from Mr.from Fredissuers I. Kent. Cablegram received greatly appreciate. Recognize necessity concerning all Haste in is for Americans in possible energy. my greatest concern August 8: Cablegram to Germany. Fred I. Kent, Waldorf Hotel, smoothly now government has relieving them necessary. Everything else working Suggest this may be opportunity Personal. acted. Regards to all. Fred I. Kent, midland Waldorf Hotel, London,and England. Bank, Llopds other responsible financing commodity shipments and protecti held abroad. New York will be in good sha should take advantage of opportunity to ge -7- abroad must be carefully considered before we open any extensive credits, or joint account with London banks but some kind of offsetting account should be possible by which amount of credit at either end would be reduced to minimum. Our idea to open credit here in dollars against similar credits if needed in Pounds Sterling. Should this necessitate establishing permanent London office, please consider and report views; also advise fully your opinion Just advised American df transaction and suggestion regarding exchange rates. bank notes being sold heavy discount in London. Think your committee should arrange to cash in Sterling at rate of exchange to be advised to me at once difference sufficient to cover expenses and insurance of sending bills home. August 8: Cablegram to Fred I. Kent, Waldorf Hotel, Aldwych Street, London. secretary of Treasury telephones me Ambassador Page is asked for guarantee that three hundred thousand gold will be returned in thirty days before advances on that credit can be made. Can you not arrange to meet this requirement by using three hundred thousand our Saint Louis shipment, getting reimbursement from million and half shipped for Government's account on Tennessee. Cable me fully , as Washington end is rather technical, and I will have to arrange for instructions to be cabled to those in charge Tennessee shipment to make payment on arrival. Can you suggest any arrangement for opening credits in Germany, Austria and other countries by deposits gold here, using machinery of Government for giving necessary assurances as to credit. All quiet here. August 8: Cablegram to Fred I. Kent, care Waldorf Hotel, Aldwych Street, London. Assist Mrs. Anna Busch, a valued client of the Third National Bank of St. Louis, requesting her to communicate with you. However endeavor to get in touch with her. eipast 9: August 10: Cablegram from Fred L. Kent, Waldorf Hotel. I was elected Chairman. Suggested New York Bankers comm-s-tee met to-day. committee advertise could make cable transfers London to three hundred dollars through London committee, you cabling me mentioning names our Directors through whom transfers made in order received, and we pay anticipating arrival gold. Do you approve? Mrs. Waller can only be reached from Washington direct; Ambassador I was here cannot telegraph points mentioned, as communication stopped. appointed Chairman Red Cross Committee today, and shall try send parties for Americans, where necessary and possible, using appropriation Congress, which Ambassador has authorised the American Consul General and myself to disburse as Special Committee. Nrs. Ashley Grace here, I looking after her. Tell George Case Dr. Bell in Glasgow; wired him today. Tell Walter Frew taking care Mrs. Knapp. Tell Frederick Duncan cannot telegraph money requested, but trying; tell others to cable friends to look me up, when possible as difficult for me find time hunt them, but doing best can. Telephoned Ers. Converse today. All well. Love. Cablegram from Fred I. Kent, Waldorf Hotel, Aldwych. London committee suggests you advertise cable transfers to London up to three hundred dollars can be made by New York committee, you cabling us, we crediting account, parties with London committee. Total for present one hundred thousand dollars, to be increased later if advisable and necessary. Such payments additional to Letters Credit and Travelers' Cheques. Parties holding some S.S. chennes and others may need such help. Also advise American banks issuing Letters Credit to deposit funds with New York committee, if balance here depleted. to be credited their accounts by London committee to be used solely tO loely drafts against Letters of Credits. Some banks whose correspondents in London are closed, such Deutsche Bank and others, must protect their credits this manner - as against law to honor credits outstanding. Can undoubtedly honor new credits favor holders for amounts undrawn. Can possibly deposit with Bank England account -10Cablegrams exchanged between Bankers Trust Co. and Fred I. Kent - Continued- Augast 13: Cablegram from Fred I. Kent, London. Only method dealing with Switzerland was to deposit here twenty thousand Do you authorize pounds with Swiss Bankverein, which was done yesterday. committee deposit ton thousand pounds each with Credito Italiano and Banca Commerciale Italiana, London, for Americans in Italy. This is only method doing this business, but of course in making such deposits under present circumstances there is considerable risk, as it involves giving credit to these banks, besides the probability of loss in transmission of the paid documents and details, thus making the statement alone of these banks the basis od debiting their payments. Please cable immediately that your committee wishes to take all responsibility for these deposits, and whether the London Committee are authorized to deal with other countries, Scandinavia and Spain, by similar deposits. August 131 Cablegram from Fred I. Kent, London. Just cabled you as requested by London Committee. Have already deposited ten thousand pounds with Banca Commerciale for exelusive payment Association Have also arranged with Denmark cheques, which are being paid in Italy. Tell Charles Moore and 2alward Kind, also Deans of the and Scandinavia. their cablegrams having Merchants Loan, Chicago, and ilutt of Cleveland, attention. Tell Roy Follit, our employee, his mother well in London. Saw are working together. Sir Edgard today about special matter your cable. Mrs. Kent and Warner returning next European.conditions look more serious. I shall remain as long as necessary. week, and possibly "Jr. and Mrs. Duane. August 13: Cablegram to Fred I. Kent, Waldorf Hotel, Aldv:ych Street,London. Have received cable advice. London City and Midland Bank crediting us Saint Louis gold shipment. Am collecting maturing drafts on commercial credits provisional rate five dollars, subject adjustment later. Have we credit balance with London City Midland Bank, and can we sell cable transfers or Cable transfers would draw our account with London City Midland Bank. be authenticated using directors' names consecutive order similar our arrangement with you. Robinson Sweet offering grain bills on Shipton anderson London seventeen thousand Pounds Sterling, and on Joseph Wiles Son eight hundred fifty pounds Sterling. London City Midland Bank cables war risk Will probably buy policies received by them covering these shipments. Consult London City Midland Bank these drafts, unless you advise contrary. if further particulars needed. Telegraph immediately. August 13: Cablegram to Fred I. Kent, aaldorf Hotel, Aldwych Street, London. Will you cable me for information of New York committee manner in which various credits opened by London committee are being handled, and to whom we are to Cablegram refer inquiries regarding payments and advances at various cities. Will answer as soon as possible. received beginning words only method. August 14: Cablegram from Fred I. Kent, Waldorf Hotel, Aldwych Street, London. Cablegram received. Our London balance twenty eight thousand personal. Sell cable transfers and demand only for suatomers at present. pounds. Will advise more fully Monday when accounts checked up. Purchase drafts mentioned with wide margin in rates. Sir Edward trying hard arrange for credits in accordance with letter instructions I delivered him. Will advise result later. From London committee cablegram received deposited with Swiss Bankverein against their agreement to cash American credits in Switzer- r directly with these officers and ascertain if further credits required for cashing travelers' Cheques and will arrange for Government guaranty at once under above plan for these and other cities. State Department reports EmCan you handle bassies and consulates can get money in Russia except Warsaw. that and other Russian points by using our Roubles for reimbursement out of Tennessee shipment. Above plan contemplates opening local credits under Government guarantee through Embassies for disbursement on travelers' cheques and for destitute cases the amount used for travelers' cheques to be secured -12Cablegrams between Bankers Trust Co. and 7r. Fred I. Kent - --- Continued- out of three million bankers shipment and the amount disbursed for destitute cases and embassy expenses out of Government shipment, the accounting for all travelers' cheques and letters of coedit made to London committee and settlement effected there. This plan approved by State and Treasury Departments. please cable at once whether you understand and can carry out plan asking Ambassador to facilitate prompt transmission. i,efer your cable beginning only method. Swiss deposit approved. Plan above suggested avoids risking deposits and only care required to safeguard paid documents. Suggest these be handled through embassies. Try arrange other credits same plan. Cablegram ending wit# word completed received, manner of handling satisfactory. Committee urges every precaution safeguard documents. August 15: Cablegram sent to Fred I. Kent, ilaldorf Hotel, aldwych Street, London. This for your information. National Bank Greece Athens cabled First National, New York, as follows: Credited you with London County Fifty thousand sterling, to be placed in our sterling account. Please telegraph rate ycu would credit us in a dollar account for this amount. First National, New York, cabled them in reply as follows: Cablegram received, unable to handle transaction refer It may you to Bankers ?rust Company here, which has oUr entire confidence. be possible that ay could use this sterling in London and shall endeavor to Hew York secure the account of the Greece bank unless youbelieve unwise, market only nominal. Quotations today for small amount about 494 demand and 499 for cable transfers. August 16: Cablegram from Fred Kent, Waldorf Hotel, London. Have seen 2.Irs. 'Tiller, doing needful, tell :Ir. Grace meet family and LIcLaughlin Copenhagen Holland, :;orway, Sweden, at Quebec, arriving :Iegantic August 21. Italy and probably Germany paying our cheques. Sent letter by messenger to Hugo Schmidt today conditions there reported better for Americans, particularly :Ieeting Cruiser Tennessee personally tomorrow, have advised large cities. If Cunard put on ships will relieve congestion here but Gibson by telegram. thousands on continent will need transportation. AAgust 16: Cablegram from Fred I. Kent, 7,Aldorf Hotel. Cable National Bank Greece deposit London City nidland our account allow rate four ninety four if can sell small lots good rates. Americans advised by London institutions her rate five dollars cable acceptance Greece bank and I will wire them about travelers' cheques. August 17: Cablegram sent to Fred I. Kent, care U.S.Cruiser Tennessee, Falmouth, ingland. Cablegram received, insurance covered by us on Tennessee gold to delivery in London. August 17: Cablegram sent to Fred I. Kent, Waldorf Hotel, Aldwych Street, London. State Department communicating Ambassador Page large number private payments to be made abroad, including many in Switzerland, whiah Banque Nationale Suisse now agrees to make in Switzerland only upon receipt direct cable instructions from United States Treasury Department. This involves dupplicat ion very expensive cable instructions and State Department would appreciate your confarring with ambassador Page and endeavoring to arrange other method if possible. Please answer promptly. August 28: Cablegram sent to Fred I. Kent, naldorf Hotel, Aldwych Street, London. London City Mdland Bank cables us as follows: what interest are you allowing -13- Cablegrams between Bankers Trust Company and having in mind that we would like l Fred I. Kent -business. Continued-Cable us any arrangement others opening reciprocal accounts August 18: Cablegram sent to Fred I. Kent, Wal Pay Mrs. Vandeveer Quick care Ameri equivalent of three hundred dollars August 161 Cablegram from Fred Kent, Waldorf Ho Tennessee gold in Bank England, cab and some consular payments mentione returns from Prance Sunday. He ref deposited with ,:ashington Government tee suggested wont help every situa iums and lack cash not doubt of cre ity meet conditions each country as outlined by you. Transfer million l Merchants Loan Chicago money telegra August 19: Cablegram to Fred I. Kent, Waldorf H Message number one, your cablegram b ceived, we have conferred with Washi be given stop. Cable specifically a your messages consecutively from now August 19: Cablegram fromSaw Ered Kent,yesterday Waldorf H Lloyds City tomorrow, sening sailing Adriatic toda them through Hamburg A August 20: Cablegram to Fred I. K Message two. Confer travelers' 41-s credit ling Ambassador Page a August 20: Cablegram to Fred I. K Message three. Have c fifty thousand deposit ceived, also amount ou agount sterling exchan livery Octoter sixty ninety one thousand, W said periods and our p rants maturing London tained London for payi change rate. Bowring covering fuel oil ship tracts. Would like h London with war risks, this. Keep us fully i 41/Lgust 21: Cablegram from Fred Ke Arranged pay London Ci deposit and general bu Nickel deposit with Lo r Our letters August sixth to Midland Bank and letter same date to in order. men accompanying shipment outlined manner of handling gold arrival in London Look ip our instructions and advise what is trouble and what is necessary for us to do. August 23: Cablegram from Fred Kent, London. Cable Midland cancelling your letter sixth. Message four. Message seven received. Have written Midland under instructions committee and your cable will be put in order personal Duane will explaib on arrival, let books stand until then. Mon- -15- Cablegrams between Bankers Trust Company and Er. Fred I. Kent - Continued. day appointment Midland, this matter also City warrants grain shipments and other matters will cable afterward. Exchange October rovember expected drop sharply if city warrants paid, but campaign developments may demoralize market, -16- Cablegrams between Bankers Trust Co. and Mr. Fred I Kent. August 25: Cablegram to Fred I. Kent, Valdorf Hotel, London. Message eleven: Refer your message five, Morgan, City Bank, ourselves and others Bankers discussing City Warrant arrangement, suggest conferring with Grenfell. Committee desire report disbursements of gold fund and from what date disbursements were made. Think all items should be sent forward pronptly for collection. August 25: Cablegram to Fred I. Kent, Waldorf Hotel, London. Message Twelve: Columbia Trust Company have received cablegram from Provincial Bank stating American Consul London claims Tennessee funds destitute Americans only, Columbia Trust instructing Provincial communioate with you as Bankers shipPlease cable answer. ment was for all responsible American credits. August 26: Cablegram from Fred Kent. Message six. London Bankers have been paying American credits presented here without using gold fund London Committee feel they can safely release two hundred thousands pounds for distribution among London correspondents of American If you agree cable with whom deposits must be made and for whose contributors. account. August 25: Cablegram from Fred Kent. Message seven. Confidential. London bankers preferred pay credits rather than Couldn't get them operate as you outlined because take gold knowing it was here. pride and profit. Now they should be reimbursed to make gold work and held exchange, explaining fully Saturday's mail. We can use First National share and any other obtainable, everything working smoothly. °August 25: Cablegram from Fred Kent. Message eight. Provincial bank misinformed, seeing them personally consider matter in order. August 26: Cablegram to Fred I. Kent. Message thirteen. Your message six seven received. Cannot answer your message six until we receive from you answer our message eleven. New York Committee desire avoid criticism gold shipment being used for exchange purpose by distribution among original contributors and subsequent contributors as shipment intended for all responsible American travelers' credits and cheques. Committee also want full detailed information regarding manner and procedure of disbursements made by London Committee and how advances arranged prior arrival gold are being covered, also are vouchers surrendered to London Committee against payments from Gold Fund and sent here or being held by London Committee to be forwarded later. Cannot understand if plans as outlined in previous cable were followed haw you can have amount mentioned still available. Please mail for benefit committee itemized statement of all disbursements and cable brief summary. Rush. Personal: Tell Bank Athens have remitted balance their account check London. Cable amount our balance Midland Bank. August 27: Cablegrap to Mr. Kent. Message fourteen. Cable us rates you are quoting London banks for documentary credits opened with us. You understand London City Midland chArge us one eighth per cent. on our sight credits. Do you believe it advisable issue Sterling credits on London to American importers, available against sight and time drafts. Understand London banks refusing drafts under Commercial Credits bearing endorsements German banks in South America. Sterling,exchange more freely offered today. -17Cablegrams - Bankers Trust Co. and Mr. Fred I. Kent. August 28:Cablegram to Mr. Kent. Message fifteen. Just head Mrs. Kent not well, please cable fully. Augus t 23:Cablegram to Mr. Kent. Message sixteen. Our message fifteen sent from information given me by Mrs. Grace who saw Mrs. Kent in London. Is Mrs. Kent returning Plympic, arranging to meet steamer on arrival. Rush answer. August 28: Cablegram from Mr. Kent. Message ten. total deposits and guarantees to date in respect of continental Europe eighty five thousand pounds. Original plan outlined by you not considered practicable for London. Exeept on Bank Holidays and the fact that in some institutions credits have been cashed for limited amounts, bankers here have never ceased paying travelers' drafts in usual way leaving question of reimbursement till later. To meet this situation and to Amid gold lying idle our suggestion is to distrioute on account disbursements already made say two hundred thousands pounds London correspondents of American contributors distribution being pro rate to amounts subscribed your side. There is no question of utilizing shipment for exchange purposes as sum payable to each correspondent wont equal his disArsements total of which far exceeds while Tennessee shipment. If you approve, advise specific sterling amount to be paid each correspondent for account each contributor. Expect unused balance of shipment certainly more than sufficient take care remaining needs continent. Will propose further distribution account London disbursements when position clearer. Complete doonments for continental disbursements cannot be received for some weeks, first batch from Switzerland just arrived. London bankers will not deliver documents or vouchers to London Committee but will continue dispose of them according to usual practice. Confidential' Personal opinion plan and ethop order procedure would help financial and exchange situation if simpler methods prove impossible. First, official notice Government to banks that Regional banks wont be organized until July nineteen fiftee,t, this ..ould release gold accumulated by banks: Second, gold bond issue by Government for amount necessary make available one hundred fifty million gold: Third, syndicate formed finance city warrants and short term notes maturing London this year: Fourth, Government deposit gold with syndicate bankers as needed: Fifth, syndicate banks deposit gold Ottawa account Bank England: Sixth, Bank England hold disposal syndicates London correspondents for retiring maturities: Seventh, definite announcement whole plan agreed upon: Eighth, deposits Ottawa only made as maturities require: Ninth, English investors after such evidence American determinaion to protect obligations may prefer take new issues from Syndicate to large extent as American investments would seem safest thing in market; Tenth, readjustment whole foreign marjet might be immediate and exports and imports begin to wash themselves naturally: Eleventh, market might result Bank England releasing Ottawa deposits in large part even if all had to be made. Midland balance sixty thousand pounds. Telephoned Mrs. Waller here and well. -18- Cablegrams - Bankers Trust Co. and Mr. Fred I. Kent. .1 mob NMI Foreign Your letter sent by Mrs. Kent received. Will have full attention. de2artment has already issued dollar and sterling credits on ourselves favor We South American firms, cabling London tonight Sterling Credit with them. Don't worry, are proceeding very cautiously owing conditions South America. we are on job here. August 31:Message eighteen. New Orleans offering nineties on Kleinwort and Huth drawn are drawees mentioned discountable. under confirmed credits against cotton For your information Gerard Berlin cables balances with Grinner about Stop. Stop. V111 cable tomorrow particulars two hundred fifteen hundred thousand. London statements received but no letter exthousand distribution. Stop. Stop. Hearing plaining charges. Awaiting full particulars from you by mail. number complaints regarding encashment our cheques Italy Switzerland Presume matter now in order. Sept. 1 Cablegram from London. Message twelve: Hugo Smith reports one hundred thousand dollars Association cheques paid since August first: Gibson there now. During mobilization and first days panic no credits cashed some continental countries except miscellaneous places, some taking our cheques, some others. Satisfied Association and American Express cheques gave good general service but both refused temporarily many places, sometimes ours being cashed, theirs nob, and vice versa. Association cheques being cashed to my knowledge Great Britain, France, Switzerland, Italy, Germany, Holland, all Scandinavia, writing :Cully enclosing Axcular for distribution. Houses mentioned your message eighteen not discountable as only Joint Stook Clearing Banks accepted. Don't take first name anyway. -19Cablegrams - Bankers Trust Co. and Mr. Fred I. Kent. thousand sixtyeight pounds nine shillings six pence account Bankers Trust, New York; Pay London City Midland Bank, eight thousand four hundred seventyone -20Sept. 3: Cablegram from London. Message thirteen, yours twenty payments made today, your message twentyone, appointments tomorrow Sir Edward Grey Christopher Nugent and Holden, will answer afterwards. Writing Adams payment resumed Association cheques Italy Called Drake August fourteen instructions having been delayed in order since. Ask Mrs . Kent if my sister recovering from operation. today. Sept. 4: Cablegram to London: Letter Message tmentythree: Mrs. Kent reports sister getting along nicely. received, party's name is Mrs. Vandeveer Quick, not Mrs. Vandeveer, party writes clients here funds not yet received. Do needful and advise us further. Sept. 5: Cablegram from London. Message fourteen, strictly confidential; Morgan, Vanderlip, Schiff asking our Government through Government here to request Bank England advance money here against deposit one third gold two thirds National Bank Note in Ottawa. Advance against notes to represent loan fine per cent. until redeemed in gold, total amount hundred fifty million dollars. This would help exchange situation exaotly as my message ten but wouldn't provide Syndicate with funds to make deposit and so lift burden refunding from bankers. Expense would be greater If Government denosited as cash would be deposited and interest paid also gold with syndicate bankers against refunding securities as collateral and if financial public knew gold deposited by bankers in Ottawa would not be demanded from bankers by Government until securities placed, no disturbance would occur but market would be relieved through knowledge vast amount securities indirectly refunded by Government. Bank reserves should be figured without government deposits as agreement not to call would represent time deposits with special collateral. Believe Embassy here willing urge my rlan in Washington if you desire as they fully approve. Explained my plan to Holden who approved. Your message twenty four discount market would not be broadened because of this operation but am trying to and believe can arrange discount all names we ought Danger buying acceptance houses bills would not be lessened even if to take. discountable. Would make exchange now but might result losses at maturities. Tell Miss Barnes pay Kidders insurance. Sept. 5: Cablegram to London. Message 24. Will answer message fourteen Tuesday. Midland Bank cabling they credit us 10,000 per Capital Counties, request them cable fuller particulars immediately, also ne0_ected number their message. Sept. 5: Cablegram to London. Message 25. Credit Lyonnais, Madrid, cables American Bankers Association place pounds their disposition London to pay for Travelers' Cheques. Have cabled them draw on Midland Bank in reimbursement. Please request their London office to cable Madrid also confirming our instructions. Sept. Cablegram from London. Birge, Forbes should be best possible business as can draw Message fifteen. Parrs Bank which discountable and safe for very large line, writing. Union Discount offer four per cent. our nineties delivered here Thursday fifty or hundred thousand if Midland willing fitccept do you want funds. Balance fortyeight thousand plus ten I deposited today against sale two hundred thousand cable marks Smith bank rate twenty flat. Can discount Bank Liverpool fifty thousand Eccles, Muir Duckworth, Fine Spinners and others, writing. Capital Counties d deposit was account Banque Suisse Francaise, Paris. Your message twentyfive has attention. Found Mrs. (-slick. 7: -21- Sept. 8: Cablegram to London. Good Message twentysix: Replying your message fourteen, very confidential: progress for handling City obligations regular way without recourse -elan you outline. Plans also forming for large gold syndicate to meet whole situation. Will cable payticulars soon. Your letter fifteenth greatly appreciated, will Smith arranging with Sparger purchase large block answer in detail few days. of exchange on consignment prime English clearing banks and approved names and will cooperate with you securing discounts. Will require balance of our Marks for International's credit shipments coming forward from neutral countries. Noted your sale to Union of London and have sold sterling today at good rate. Smith writing you fully all matters. Sept. 9: Cablegram to London. Message twentyseven: Regarding nineties our position here strong, carrying surplus reserve. Time money about eight percent. but considerable uncertainty in getting payment at maturity as loans are not being called. Also means increasing our future contracts. Possibility our being interested, if so shall cable few days. Include amount our London balance your next cablegram, telegraphed Birge, Forbes, Parrs Bank reimbursement satisfactory, necessary you cable us approved names acceptable for discount as exchange working more freely and some cotton bills being offered. Is Banca Commerciale Italiana discountable. Sept. 10: Cablegram from London. Message sisteen, can discount all clearing banks, Baring Bros., William Brandt, London Liverpool Bank Commerce, Huth, Kleinwort, Konig, Rothschild, Bank Liverpool, Manchester County, Manchester District and Union Manchester, also -2ZSept.14: Cablegram to London. twentynine: L. Lahargone cannot cash Travelers' Cheques Bilbao, Spain, is in desperate straits, requires funds sufficient for passage homeward, his address is Amistad, five three A Derecha. Kindly arrange immediately for protection of cheques at Bilbao and cable us when in order. Arranged with Lasky Feature Play Company have funds deposited Midland Bank for our credit similar Huronian Company. Communicate with their representative Sidney 7. Baber, 84 Charing Road. aept. 15: Cablegram to London. Message thirty, refer your message seventeen Morgan, Grenfell considering handling city warrants in London, suggest you consult them. Midland Bank Cables no advice Ellen French Letter Credit, this arranged by you, instruct them. Sept. 16: Cablegram from London. Message eighteen, believe important that warrants for Engl] sh market be drawn in Sterling and would benefit city and syndicate. Whigham cabling Morgan toBalance eighteen thousand interest four per cent. can discount hundred day. thousand nineties three one quarter with commission three three (ivarters. French Letter Credit in order, Midland's error. Sept. 16: Cablegram to London. Message thirtyone. Impossible draw warrants in Sterling, Whigham fully adCan purchase cable Lire here about 5.35, believe advisable we remit vised. cable Lire Italy and have Italiana London release unused sterling balance. Cable us your opinion amount required. Regarding nineties, prefer using this method as cover for our futures if necessary, Smith writing fully next mail, exchange here fairly steady, cables about 4.98. Sept. 17: Cablegram from London. Your thirty Message eighteen: could be sold here but none in syndicate and general exchange amendatory agreement neces ary operate your figure profitably one, saw Whigham believe millions sterling bills dollars worthy consideration. Interests city market demand issue sterling bills even if with city. Lire here twenty seven, impossible , writing. Sept. 18: Cablegram to London. Message 32. Received numerous complaints regarding Swiss Banks cashing association cheques heavy discount, request Creditanstalt ani Bankverein Zurich notify their branches and correspondents pay Association chew es face Received two messe-es numbered eighteen. You evidently misconstrued value. meaning our message thirtyone regarding Lire, writing. Hope wires Direction cables credit balance 139,000 sell you one million marks 9550 end message. Mark cables here about 9550 95625 telegraph immediately if profitable sell narks in London. Instructing Hope request Direction renew offer immediately subject prompt reply. Can you reach Salompnsohn and Smith without much delay or shall we handle cables from here in event transaction consummated. Sept. 19: Cablegram from London. Message nineteen: Your thirtytwo, Switzerland nown order, refund difference asked not exceeding one percent. ket=aing records writing. Marks unsalable Gibson returning due Monday if require marks his arrival will advise. here. Can telegraph Smith little delay. Sept. 19: Cablegram to London. Cable Message 33: Possibility our cabling you Monday regarding nineties. immediately spot discount rate, presume you and Duane can draw them wherever endeavor cable more fully Gold pool hundred million approved, necessary. : :onday. -23- Sept. 19: Cable Letter to London. Have completed plan for hundred million gold fund Washington fully approves, reserve board makes call reserve city banks. Believe banks will respond and exchange available early October or sooner. Special Clearing House committee New York will manage,cable your views handling London and New York accounts and other suggestions. Probably ask you make London arrangements then come New York assist here, can you do it without injury your London work. Advise Holden. Sept. 21: Cablegram from London. Message twenty: Your message thirtythree discount nineties three one eighth percent. delivery here Tuesday or Wednesday by us. Your unnumbered message twentieth if given full power can arrange matters here easily. Should endeavor obtain better rate from Bank England for deposit as consider present rate too low but could do nothing without positive and unhampered authorily. Could then return New York as suggested, coming back London later if necessary Sept. 21: Cablegram from London. Message twentyone: London Committee recommends distribution further two hundred thousand pounds, instruct. Tell Heidelbach Ickelheimer papers delivered Hambro, tell Commerce have following items unpaid drafts numbers 54649 54652 54651 54650 3829 3695 4152 instruct. Collect cable charges. Sept. 22: Cablegram to London. Message 35, consider cable letter as 34. Draw 75000 pounds nineties and discount at three and one eighth percent. or better. This will cover 50000 cable needed October fifth for short contracts, Prefer drawing now than risk higher discounts later. 'Advise Banos. Commerciale, London, crediting t' eir dollar account 25000 from Farmers Loan. Sept. 22: Cablegram from London. Message twentytwo: Banaa Commerciale opening account three one half percent. Midland Balance two thousand. Sept. 23: Cablegram to London. Message. 36. Refer your message 21, make following payments account 200,000 pounds gold fund distribution. Pay the following 14450 pounds each Misland Bank account Bankers Trust, Farmers Loan Trust account New York office, Union of London account National Bank Commerce, Morgan, Grenfell account J. P. Morgan Company, American Express account New York office, Guaranty Trust Brown Shipley account Brown Brothers, Baring account New York office; Brothers account Kidder Peabody, Midland Bank account National City Bank. Pay the following 3,333 pounds six shillings eigt pence each: Midland Bank account Hanover National, Glyn Mills Currie account United States Mortgage Trust, London Joint Stock account Chemical National, Faitable Trust account New York office, Bank of Scotland account Continental Commercial, Chicago, Midland Bankaccount Fourth Street National, Philadelphia, 2errs Bank account Knauth, Nachod I:Uhne, Bank of Scotland account Northern Trust, Chicago, Conoercial Bank of Scotland, account American Exchange National. Credit Pay following 833 pounds six shillings eight pence each: Lyonnais L,ndon, account Hallgarten, National Provincial Bank account Columbia Trust, Lloyds Bank account Chase National, Union of London account Irving National. Pay International Banking Corporation 1666 pounds thirteen shillings four pence account New York office, pay Brown Shipley 1166 pounds thirteen shillings four pence account Alexander Brown Baltimore. Pay Midland Bank 6666 pounds thirteen shillings four pence account Corn Exchange Bank. Pay :lidland Bank 5000 pounds account Kountze Brothers. Pay Union of London 5000 pounds account 7Ierchants Loan Trust Chicago. Pay Midland Bank 2666 pounds thirteen shillings four pence account Bankers Trust, this makes total 185550 pounds, shall cable tomorrow instructions regarding balance 14,450 pounds make payments promptly and cable when effected. Sept. 23: Cablegram to London: Message thirtysevens Telegraph Smith pay Matilda M. Satterfield 36 Holbeinplatz, Frankfurt a/M. 5000 marks, she is an American citizen in great distress, please urge her return to States with her family immediately. Telegraph amount, rate and maturity of nineties drawn by you. Sept. 24: Cablegram from London. Message twentythree: Tell Commerce documents here. Fully approve your letter eleventh. Writing detailed ideas Saturday's steamer if needed before will cable. Discounted bills three percent. Sept. 24: Cablegram to London. Message thirtyeight, refer our message thirtysix, pay British Linen Bank twentyeight hundred twentythree pounds eighteen and five account Blair and Company, pay Midland Bank eight thousand four hundred seventyone pounds fifteen and three account First National Chicago, pay Union of London fourteen hundred eleven pounds nineteen and three account First National Boston, pay Midland Bank seventeen hardred fortytwo pounds seven and on, account Bankers Trust. This makes total fourteen thousand four hundred fifty pounds and grand total of two hundred thousand pounds, cable when payments effected. Sept. 24s Cablegram to London. Message 39: Our message 37 held up British censor, communicating with State Department, cable when received. Director Hotel Excelsior Rome writes Italian banks refuse reimburse them for Association cheques cashed, please do needful. Sept. 24: Cablegram to London. Message 40s Eighty million subscribed, believe balance gold fund will come. Possibility Vanderlip an I go London next week re presenting American bankers in negotiations regarding American credits and handling fund. Believe important you remain meantime. Use your own judgment about Duanes returning. Sept. 25: Cablegram from London: Message twenty-four, yours thirty-six, payments made except to Credit Lyonnais account Columbia, which was refused, should this not be National Provincial. Balance fiftyeight thousand, message thirtyseven undelivered.
@FedFRASER