Benjamin Strong Jr. to Russell Cornell Leffingwell
Title
Benjamin Strong Jr. to Russell Cornell Leffingwell
Creator
Strong, Benjamin, 1872-1928
Identifier
WWP18723
Date
1919 August 2
Description
Benjamin Strong Jr. writes Russell C. Leffginwell regarding an international currency shipment.
Source
Benjamin Strong Jr. Papers, New York Federal Reserve Bank
Language
English
Text
CABLEGRAM
For Leffingwell from Strong T sevenAugust 20th
Bank of France advises following
1. They are unable to obtain accurately present railroad rates in Holland Belgium and Spain but cost of transportation is smallest part of expense
2. Insurance is largest cost and rates are so variable it is impossible to state accurately in advance of actual shipment
3. Based upon experience of previous shipments to Spain very roughly estimate expense of shipping ten million dollars would not exceed following amounts
A. From Brussels to Paris fifty thousand francs
B. From Amsterdam to Paris seventy thousand francs
C. From Paris to Madrid parenthesis which does not include transportation in Spain to be arranged by Bank of Spain parenthesis one hundred and twenty five thousand francs
4. They will take entire charge of shipment when order is received from Ministry of Finance but must allow ten days to arrive at Madrid stop No figures yet from American Express Company stop Am inquiring National Bank of Belgium if in case of need they can take entire charge of shipping amount German marks required to Bank of France and probable time required and cost involved stop
5. It is so important that I should know promptly whether insurance is to be secured here and payable in what currencies in case of loss and whether shipments are made at risk of Federal Reserve Bank and if Bank agrees or at risk of Treasury
STRONG
For Leffingwell from Strong T sevenAugust 20th
Bank of France advises following
1. They are unable to obtain accurately present railroad rates in Holland Belgium and Spain but cost of transportation is smallest part of expense
2. Insurance is largest cost and rates are so variable it is impossible to state accurately in advance of actual shipment
3. Based upon experience of previous shipments to Spain very roughly estimate expense of shipping ten million dollars would not exceed following amounts
A. From Brussels to Paris fifty thousand francs
B. From Amsterdam to Paris seventy thousand francs
C. From Paris to Madrid parenthesis which does not include transportation in Spain to be arranged by Bank of Spain parenthesis one hundred and twenty five thousand francs
4. They will take entire charge of shipment when order is received from Ministry of Finance but must allow ten days to arrive at Madrid stop No figures yet from American Express Company stop Am inquiring National Bank of Belgium if in case of need they can take entire charge of shipping amount German marks required to Bank of France and probable time required and cost involved stop
5. It is so important that I should know promptly whether insurance is to be secured here and payable in what currencies in case of loss and whether shipments are made at risk of Federal Reserve Bank and if Bank agrees or at risk of Treasury
STRONG
Original Format
Letter
To
Leffingwell, R. C. (Russell Cornell), 1878-1960
Collection
Citation
Strong, Benjamin, 1872-1928, “Benjamin Strong Jr. to Russell Cornell Leffingwell,” 1919 August 2, WWP18723, Benjamin Strong Jr. Papers, Woodrow Wilson Presidential Library & Museum, Staunton, Virginia.