A Bubble That Broke the World by Garet Garrett (pg. 111)

This is as the news appeared in the New York Times on the morning of October 20: “The Bank of France, which has about $600,000,000 of short-term balances in this market, yesterday notified New York banks that the 1 1/2 per cent. rate of interest now being paid on foreign bank deposits by local institutions was unsatisfactory. The French bank of issue indicated that unless a higher rate was provided it would seek other employment for its huge dollar balances.”