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Federal Reserve Bank of St. Louis
132A
CP-L•est".....44.
December 20. Saturday, Preliminaor Conference with
OpenMarket Committee.
Present: Governor Harrison, Governor rancher, Governor Young,
Deputy Governor Burgess, and Deputy Governor McKay of Chicago
. Ogden Mills
also was present.
Governor Harrison went over again, as yesterday, the history
of the
collapse of the merger of the four Neh, York banks and the
closing of the
Bank of the United States. He said that arrangements were practic
ally
completed to raise 30 million dollars, or guarantee that
amount for the
Bank of the United States, but that everthing hinged on the admissi
on into
the clearing system of the Manufacturers' Trust Company and
the Peoples'
Trust Company; that the Admission Omnnittee of the Cleatng
House refused
to admit the Manufacturers Trust Company; that they placed a
value on the
Company far below its real value; that the Manufacturers' Trust
Company
and the Peoples Trust were now in good condition, and he did
not worry
about than unless some new withdrawals should occur, which
he did not
anticipate.
He said that the rTorts of the New York state examiner as
to the Bank of the United States gave no reason to suspect
its solvency,
althoug
h the Pederal Reserve Bank did not like the management, and
NI
had done
its best to secure a new management by merging it with the
other three banks.
Governor Harrieon then took up his trip abroau. He said the central
banks wanted to come over, but he consulted with Governor Meyer,
Mr. Mills,
and Mr. Cotton of the State Department, and they all felt that
it would
be better for him to go there. (Governor Meyer never reporte
d this to the
Board.) He said that France had done all it could to popular
ise foreign
investments, and had reduced the taxation on foreign bonds until
it was
the same as domestie bonds; that this change had been so recent
that it
had not had a fair trial.
Governor Ha
son said he told the Bank of France that the Federal
Reserve Bank of
w York would do all it could to arrange for the exportation
of long-time
tal, but that the Bank of France must also do its share;
that he had a very satisfactory interview with Tardieu, and told him
that
future participation of the United States in furnishing foreign cepital
,
depended on the attitude of France. Tardieu agreed, and said
that France
would do all it could; that it would like to make a loan to Italy,
but the
French people would only subscribe to loans for countries with whom
they
were in sympathy, and that these were second class loans. He pointed
out
the difficulty of getting political Governments to meet economi
c crises.
Governor Harrison said the lagliah dole was once the question of
insurance, but had now become a pure gift; that ngland was almost
destroyed
by taxation; that its difficulties were greater than any other
country.
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Federal Reserve Bank of St. Louis
2.
said there was now an
Referring to Prance, Governor Harrison
importation
n only a few weeks ago; that the
economic crisis there which bega
currency,
ied by an equivalent increase of
of gold into France was accompan
hoarded; that some claimed that this
and that much currency was being
doubt
eased prices, but there was some
increased currency was caused by incr
notes
a Frenchman to get Bank of Prance
as to this; that the only way for
that
were now advancing very rapidly;
was to present gold; that prices
stabilizathe
that
ago;
s
week
six
l about
wholesale prices also increased unti
below
increase of prices Which were then
tion of the franc necessitated an
r
thei
tries; that retail prices reached
the gold equivalents of other coun
from
fell through April 1930, but that
peak about January, 1929, ani then
an
increase of prices, which caused
April, 1930, there had been a steady
that
ness is practically suspended;
economic crisis, and that luxury busi
.
his one of the best dresses in her
one dressmaker offered a friend of
sell
to
r
France of $40, she was so eage
establishment for an equivalent in
at any costt
ly no fear in France of war with
Governor Harrison said there was real
y, but everyone feared Germany; that
Italy; that no one thought of Ital
of
hams consumption; that a friend
Mussolini's speeches were purely for
last
t
emen
i remedbered Harrison's stat
Mussolini's told him that Mussolin
placed in America While Italy was
March that Italian bonds could not be
nce
a very bad way,as she could not bala
threatening war; that Italy was in
and
,
ries
sala
rally reduced official
her budget; that Mussolini had gene
cane, and that this wcmld be a real
soon
reductions of other salaries must
ng
to fund reparation payments cani
test of Fascism; that Italy would like
it
that
12%;
or
at a rate less than 10
to her, but this could not be done
e of this only to bringabout a
spok
y
was generally believed that Ital
foreign loan to her.
r
told Governor Young that the offe
Parenthetically Gmernor Harrison
Bank
the
of
sits
depo
up to 50% of the
of the clearinghouse beam to loan
charged ation very much, but the rate
situ
the
red
of the United States clea
somewhat dampened the enthusiasm.
He said that the people
Governor Harrison then spoke of Germany.
depression;
plan was the cause of their
generally believed that the Young
tic
very rapidly, and that a socialis
that unemployment was increasing
that
em;
syst
stic
tali
capi
imperil the
movement was threatened which might
no
had
was not organized, and that he
the ParteinGernany led by Hupner
by those
and
ists
tual
llec
inte
d by the
real plan, but that he was sugporte
living on fixed incomes.
7 or 8
Berlin he dined with Luther and
Governor Harrison said that in
g
alon
determined to go to the limit
other prominent men; that they ware
to
city
they did not doubt German's capa
the lines of the Young plan; that
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3.
pay, but the difficulty was in transferring the payments; that there was
danger that Germany might be forcei by public clamor to ask for a
moratorium which, however, they know would not be needed for two years or
so in any event; that Germany did not need new long-time money, but wished
to fund her short-time obligations which may be called at any moment; that
the last loan had been very helpful, and capital was slowly returning to
Germany; that Bruening did a good job.
Governor Harrison also said that *hat Germany really wanted was
cooperation with the United States in financing countries of Pastern lame
such as Roumania, and even South America; that the Germans were angry with
France for withdrawing money from Germany, but Governor Harrison pointed
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explain Germsmy's loss of capital; that the real trouble was the export
of German capital because of fear of Hupner and his policies; that Germany
has 8 billion marks in short tern currency, or a net of about 5 billions;
that the income from Germany's agriculture far exceeded that of industry,
but that agricultural mortgages ran up to 8 or 9%, and that agricultural
income had very seriously declined.
He said that Mussolini said that Germany was in direct contact with
Russ
Governor Harrison said the object of the central Bank Oonferenalwas to
discuss world difficulties; that while the Bank of Prance was glad to help
gland, yet the Bank of Prance and the Bank of lagland had not yet got
completely together; that to obtain money from Prance ingland would have to
issue bonds payable in France, which she was not willing to do.
Governor Harrison said that the Bank of ftgland had been very stupid;
that she had plenty of gold more than a year ago, but the coin Was of
greater fineness than that of other countries; that she paid out coin
which Prance would not accept, but insisted on bars; that this caused a
backing up in the Mints, which made great delay.
Governor Harrison explained the call of Governor Norman after he had
left for America by saying that he never intended to go to America but
simply went over on the steamer to meet Harrison in Prance and later went
with him to Paris, but accomplished nothing.
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