Benjamin Strong Jr. to Herbert Hoover
Title
Benjamin Strong Jr. to Herbert Hoover
Creator
Strong, Benjamin, 1872-1928
Identifier
WWP18713
Date
1919 August 16
Description
Benjamin Strong Jr. writes Herbert Hoover to tell him that the gold shipment will proceed promptly.
Source
Benjamin Strong Jr. Papers, New York Federal Reserve Bank
Subject
Hoover, Herbert, 1874-1964--Correspondence
Language
English
Text
My dear Mr. Hoover:
Quite unexpectedly it seems necessary that I should accompany General Harbord to Constantinople and in the meantime I have arranged matters with the Bank of England, with the National Bank of Belgium and with the Nederlandsche Bank, so that I believe the gold shipments will proceed promptly and in the meantime payments to be made to the Grain Corporation can be facilitated.The exact settlement of the account I fear it will be necessary to defer until we have had actual experience in the cost of moving the gold from both Amsterdam and Brussels to London, but by the time of my return a sufficient amount will have been completed to enable us to make reasonably accurate figures, and of course the final settlement of the German account must necessarily await the conclusion of your account for food supplies, which I understand will not be for some little time yet.At the present moment I understand the account is as follows: Payment of 92% of the estimated value of 290,000,000 marks held in Brussels has been made to the Grain Corporation.Payments for lots examined by the Nederlandsche Bank are proceeding and instructions have been given to continue that method of payment until a total of ten lots of approximately 20,000,000 marks each has been completely examined. By this method payments will have been completed up to 92% of the estimated value of 200,000,000 marks, as the examination of the seventh lot had been completed when I was in Amsterdam this week.As to the remaining 240,000,000 marks in Amsterdam, I have arranged to expedite the examination and payment for that amount can be completed as soon as the necessary weighting is finished.I would estimate that within ten days or two weeks you will have received 92% of the total of approximately 730,000,000 marks and that upon my return from Constantinople we can promptly arrange a method for accurately stating the account.Trusting that this will completely meet your situation, I beg to remain,
Quite unexpectedly it seems necessary that I should accompany General Harbord to Constantinople and in the meantime I have arranged matters with the Bank of England, with the National Bank of Belgium and with the Nederlandsche Bank, so that I believe the gold shipments will proceed promptly and in the meantime payments to be made to the Grain Corporation can be facilitated.The exact settlement of the account I fear it will be necessary to defer until we have had actual experience in the cost of moving the gold from both Amsterdam and Brussels to London, but by the time of my return a sufficient amount will have been completed to enable us to make reasonably accurate figures, and of course the final settlement of the German account must necessarily await the conclusion of your account for food supplies, which I understand will not be for some little time yet.At the present moment I understand the account is as follows: Payment of 92% of the estimated value of 290,000,000 marks held in Brussels has been made to the Grain Corporation.Payments for lots examined by the Nederlandsche Bank are proceeding and instructions have been given to continue that method of payment until a total of ten lots of approximately 20,000,000 marks each has been completely examined. By this method payments will have been completed up to 92% of the estimated value of 200,000,000 marks, as the examination of the seventh lot had been completed when I was in Amsterdam this week.As to the remaining 240,000,000 marks in Amsterdam, I have arranged to expedite the examination and payment for that amount can be completed as soon as the necessary weighting is finished.I would estimate that within ten days or two weeks you will have received 92% of the total of approximately 730,000,000 marks and that upon my return from Constantinople we can promptly arrange a method for accurately stating the account.Trusting that this will completely meet your situation, I beg to remain,
Original Format
Letter
To
Hoover, Herbert, 1874-1964
Files
Collection
Citation
Strong, Benjamin, 1872-1928, “Benjamin Strong Jr. to Herbert Hoover,” 1919 August 16, WWP18713, Benjamin Strong Jr. Papers, Woodrow Wilson Presidential Library & Museum, Staunton, Virginia.