Benjamin Strong Jr. to Russell Cornell Leffingwell
Title
Benjamin Strong Jr. to Russell Cornell Leffingwell
Creator
Strong, Benjamin, 1872-1928
Identifier
WWP18721
Date
1919 August 19
Description
Benjamin Strong Jr. writes Russell C. Leffingwell regarding a foreign gold exchange.
Source
Benjamin Strong Jr. Papers, New York Federal Reserve Bank
Language
English
Text
CABLEGRAM sent in Embassy Code
For Leffingwell from Strong T sixAugust 19 Replying your cable regarding peseta payment Bank of France states
1. They have agreed with French Treasury to furnish up to ten million dollars in napoleons but are only willing to furnish further amounts in bars
2. There will likely be some small abrasion loss unless we succeed in getting all new minted coin
3. They will furnish figures for items one two and three tomorrow
4. They must allow ten days for arrival of gold in Madrid after shipment is ordered but will take entire charge of shipment stop
Will cable figures coming from London as soon as received stop
Assuming it would require at least equal time for shipping from Brussels to Paris I endeavored to persuade Fallain to temporarily accept gold earmarked in Brussels which he is most reluctant to do because involving showing increase of gold held abroad in weekly statement stop
Have also asked American Express Company to furnish figures for items one two and three including insurance but communication slow to Brussels and Amsterdam and cannot expect reply for few days stop
If shipment is arranged here by Express Company insurance must be placed in English companies payable in sterling and I doubt possibility of obtaining insurance payable in pesetas stop
It should be understood that much time is required to handle pack and arrange for safeguarding such shipments and I regard it as unsafe to count upon concluding transaction in time for August and September maturities unless Bank of Spain would accept gold earmarked in Amsterdam Brussels or possibly London stop
Have arranged to see Collier of Treasury tomorrow Wednesday afternoon to see if he can expedite matter
STRONG
For Leffingwell from Strong T sixAugust 19 Replying your cable regarding peseta payment Bank of France states
1. They have agreed with French Treasury to furnish up to ten million dollars in napoleons but are only willing to furnish further amounts in bars
2. There will likely be some small abrasion loss unless we succeed in getting all new minted coin
3. They will furnish figures for items one two and three tomorrow
4. They must allow ten days for arrival of gold in Madrid after shipment is ordered but will take entire charge of shipment stop
Will cable figures coming from London as soon as received stop
Assuming it would require at least equal time for shipping from Brussels to Paris I endeavored to persuade Fallain to temporarily accept gold earmarked in Brussels which he is most reluctant to do because involving showing increase of gold held abroad in weekly statement stop
Have also asked American Express Company to furnish figures for items one two and three including insurance but communication slow to Brussels and Amsterdam and cannot expect reply for few days stop
If shipment is arranged here by Express Company insurance must be placed in English companies payable in sterling and I doubt possibility of obtaining insurance payable in pesetas stop
It should be understood that much time is required to handle pack and arrange for safeguarding such shipments and I regard it as unsafe to count upon concluding transaction in time for August and September maturities unless Bank of Spain would accept gold earmarked in Amsterdam Brussels or possibly London stop
Have arranged to see Collier of Treasury tomorrow Wednesday afternoon to see if he can expedite matter
STRONG
Original Format
Letter
To
Leffingwell, R. C. (Russell Cornell), 1878-1960
Files
Collection
Citation
Strong, Benjamin, 1872-1928, “Benjamin Strong Jr. to Russell Cornell Leffingwell,” 1919 August 19, WWP18721, Benjamin Strong Jr. Papers, Woodrow Wilson Presidential Library & Museum, Staunton, Virginia.