New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-04-23
GOLD STILL IN DEMAND.
FURTHER SUBTREASURY WITHDRAWALS.
ERS CONFER WITH MIR. JORDAN
WITHOUT RESULT

| WITHOUT RESULT.
| The features Of the financial situation yesterday
were the further Withdrawals of gold from the
! Sub-Treasury, futile conference OF some OF the
| prominent downtown bank presidents and con-
tinued irregular, fevcrsh and weak stock sprcuii-
ton rejecting the unsettled feeling in the bank
ing community The day at the Sub-lreasury
was "A busy one account OF the gold With
| drawals. the swearing-in OF Assistant Treasurer
Conrad =. Jordan and the beginning Of the count
Of Sub Treasury cash always made when there is
a change of officers The banks were buster than
usual on the half-holiday because of the disturb
ance caused by the recent excitement over the
currency problem in the foreign exchanges, tho
loan market and the market for mercantile piper
! The brcfness Of the business day was not unwei-
come to Wall-st. but there was no light shed from
Washington as to the future purposes of the
Treasury Department.
Assistant Treasurer Jordan did not take his oath
Of office until late in the afternoon. He was In
the Sub-Treasury building only small part Of the
day and spent most of his time In visits to the
| Clearing House and the banks in the nciglbor-
hood of the Sub Treasury. He declined positively
to discuss the financial situation with reporters
and refused 10 indicate the results of his visit to
Washington. Mr.. Jordan prepared an invitation
TO meet him in informal conference, winch WAS
srnt TO Edward IT, Perkins, Jr., president Of TN"
Importcrs and Traders National Bank. and chair
man of the Clearing House Committee: George
c. Williams president Of the Chemical National
Bank. and chairman of the Clearing House A~so-
citation: James r. Woodward, president of III"
Hanover National Bank !. Edward Simmons
president OF the Fourth National Bank
William A. Nash, president OF I'll"
| Corn EXCHANGE Rank: r. VI. Galloway,
\afin al
Bank: George F. Baker. president Of the First
National Bank: James Stillman president of tn"
National City Bank: Brayton ives, president of
thc Western National Bank; Ebcnczcr X. Wright,
president Of the National Park Bank, and George
:. Coc. president of the American Exchange Ma
! tional Bank Some OF the men were not able
10 bc present but among those who responded 70
| Mr. .Iorlan's invitation were Presidents Perkins,
| Woodward simmons Baker, Nash and Wright.
| The conference was held IN the rooms of the
| Clearing House, but was purely Informal Inc
meeting had been requested by Mr. Jordan with
10 definite object in view. but II was hoped that
| the rubbing together of ideas might evolve some
| suggestion of value. II is undorstoo thai
there was close harmony in the views of Mr.
Jordan and the bank officers ~ 10 the gravity
| Of the situation and the necessity Of the Govern
mcnt pur-uing unwavcringly a policy TO main
tain the parity OF gold and silver. But no plan
or scheme in which tho banks could take the IN
itiativc was proposed or outlined. Tho bank
,c..,,l.r,s were too much in the dark a, 10 the
purposr, of the secretary of the lr asuly. and
Mr.. Jordan confessed his inability to throw light
upon the subject lie assured, however, OF
tho willingness of the banks to co-operat" cordrlly
! in any reasonable measure Of relief which might
bs proposed by the Administration
| Tho difficulty that attended yesterdays discls-
sons was the doubt TO the policy OF the
| Treasury Department The bank presidents
| poin'cd ont that their hands tied by the
| Ignorance which they shared with the general
public ~ 10 the future policy Of Mr. Carlisle"
Regard tor the interests Of their stockholders and
dcpo-iors compelled them IN husband their re-
sources in view Of the doubts raised ~ 10 the
pos,ibr future status Of the Treasury notes in the
eve, Of m" Government Objections 70 any fresh
| volunteer aid 10 The Treasury bv exchanging
| cola for currency were adN"rtd 10.
The plan WAS tried under Secretary Fosters
Administration without stopping the drain Of the
pr""iou~ metal 20 Europ" Sine" that time. IT was
| shown. the deposits Of the Nrw-lorl, banks had
been heavily reduced and the bInks were not in
a position TO sacrifice cold while the Treasury
| DEPARTMENT was uncertain - 10 itS future action.
\ strong Objection 70 turning in gold in present
circumstances was that i; dl not c1r" the situa-
| ton: il merely Transferred IN" coin from one hand
| 10 another In addition the process might tend
10 aggravatc IN" state of affairs ly distributing
mcrcantIl, and security loans. 80 long gold con
| tinucd to 20 abroad What IN" bankers felt
was needed was action that would re-c,tabli,h
confidence An! bring gold from foreign sources.
| Ibis must bee taken by the Treasury Department
primarily. If broad comprehensive and definite
| policy were declared by the Government, thc
| prevailing disiruSt would be- removed and the
way paved for the consideration Of practical de-
tails \ plan might b" worked ont successfully
nt leisure, whether il should involve some sort
| of temporary gold loans or th" sale Of Government
| bonds and the Treasury would first rcasSlrc the
home aud foreign public of its unaltcrabc de-
termination 20 maintain gold payments every
class of National obligations II was with re-
luctanco that the afternoons talk ended without
| any practical suggestion proposal for action
the situation, and the Assistant Secretary and the
| Iar.ris parted.
| Bankers who attended yesterdays conference
were extremely rcticcht in discussing the subject
for publication. But the fntty of the meeting
| was apparent in the tone adopted by most of
them ait"rw1rd in saying that there had been
no real change in the situation There has been
| no faltcring in the payments by the Sub-Ircasury
Of gold in redemption Of Treasury notes. and
| yesterday further sums were paid ont for these
| notes. II il evident that the Administration for
| the present is determined TO make discrimina-
ton in its treatment Of the various forms Of cur
rcncy outstanding. But the shock given to con-
| fdcnce by the reported attitude of Secretary
| Carlisle has been so great that unea,nrSs as TO
the future still remains. There are strong hopes,
| however, that in the next few days more
definite declaration may bc obtained from Mr..
(arl Sls Ilt. pIap Of IX le.S
| though il was. may lead 10 "A NOR" important one
| with the Secretary, il il hoped. IL was not con
sdcred probable that any further informal talks
| would bc had between the bank presidents to-
day. unless unexpected news from Washington
should throw more light upon the outlook. But
Secretary Carlisle is expected to he in New-iork
| next Wednesday and THURSDAY to take part in the
| Columbian obscrvanccs. lie may not 20 to the
| cAtnnt Of formally inviting an eNchangn OI Nlews