837.516/22: Telegram
The Minister in Cuba (Long) to the Secretary of State
[Received October 11—1:23 a.m.]
Attention Norman Davis:
Banco International suspended payments Saturday morning during which heavy runs were made on Banco Nacional and Banco Español until regular closing hour. President Menocal is said to be disposed to lend Government assistance, and reported to have stated that this was opportunity for foreign banks to show their favorable sentiments toward Cuba by cooperating to stop panic. Heads foreign banks are still in session trying to decide what they might reasonably recommend to their home offices. Government will tonight or tomorrow decree fifty-day moratorium with several conditions. Depositors of $2,000 may withdraw [10 or even 12 percent of] that amount. Further details tomorrow.