New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-06-20
BANK PRESIDENTS CONFER.
DISCUSSION OVER THE GOLD EXPORT
QUESTION.
IMPORTANT GATHERING AT THE UNION TRUST
CoMPANY-No AGREEMENT FOR CONCERTED
ACTrON-CONDITION OF THE TREAsURYs
RESERVES - INDIVIDUAL BANKS
MAY SUPPLY THEIR OWN
GOLD TO SHIPPERS.

GOLD TO SHIPPERS.
The question Of affordng assistance to the
Government In meeting the drain OF gold exports
was thoroughly discussed yesterday by many OF
the leading bank presidents of this city. II
taken up informally al meetings Of the Com
nittee on Admissions and the Building Commit
tee OF the Clearing House. and later II was the
theme of a more formal conference hold at the
offices Of the Union Trust Company. 1t Is doubt
ful II the days discussions changed the situation
IN any degree regards the attitude of the
banks toward the National Treasury. No general
nlan Of action was adopted as the result Of tic
conferences. and there remained the same diff
ferenccs Of opinion as had existed with respect
TO the wisdom of attempting TO stay the drain
of gold from the Treasury. Yet it became APP
parent Yesterday that a number Of bank Iresi-
dents had about reached the conclusion that
there would be excellent results upon the fnan-
cal situation If part Of the gold now going
abroad was furnished directly from the vaults Of
the banks instead of from the vaults of the
Sub Treasury 1t Is believed that for the present
this policy will be followed by number Of the
more important banks.
The fact that the situation seems deserving OF
serious attention was brought out clearly at the
early informal chat in the Clearing House he
tween committeeman. Included in heir number
were A. Barton Hepburn president Of the Third
National Bank: j. +. Fredericks. cashier Of the
German American Bank: Warren Van Norden
president Of the National Bank Of Norh Amer
lea: James c. Cannon vice-president Of the
Fourth National Bank. and Scott Foster. rresi-
dent OF the Peoples Bank. a few other men
were present who subsequently, attended the
later conference The COMMITTEES had met to cis-
nose Of routine matters. but George G. Williams
president Of the Chemical National Bank. who
as president ot the Clearing House Association
e ex-ofcio a member Of the committees. bought
forward the question of gold exports and the
Treasury reserve. Mr.. Williams said IN sub
stance that he believed 10 per cent Of the manu-
featuring and commercial business Of the coun-
try was In the balance between solvency ana IN
solvency. large part Of current business was
being done he thought. at a loss. In such CIR
cumstances the influence Of the condition OF the
Treasury became a matter OF moment MI
Williams thought there existed a sentimental
feeling through the country respecting the net
gold holdings Of the Treasury. and he feared ne
consequences Of a decline in the reserie 70 S5o'-
OOO 900 The Treasurys reserve was down 10
about se5 900 O00 and he believed that 1t was tme
that the banks should spare some OF their own
gold for export. 1t was not probable that more
than 900 would be needed for the re-
ma nder OF the export season.
tyr: FEELING AGAINST THE ADM1NIsTRA-
TION.
Mr.. williams's solcitude was not shared by all
"a his colleagues, and there was some feeiing tha'
the banks were not required by duty 70 help
an Administration which had persistentIy pur-
sued policy Of hostility or indifference TO New
Yorks banking interests
About D. m. Mr.. Williams and Edward KING
president Of the Union Trust Company. had Sc
cured the attendance Of eleven other bankers at
Mr. Kings Offices. TO talk over the question Be-
sides the two men named. those who took part IN
the conference re H. c. Fahnes,ock, Of the FIRST
National Bank. Frederick y Tappen. president
Of the Gallatn National Bank: Henry W can
non president OF the Chase National Bank: }.
Edward simmons. president Of the Fourth Ma
tIona Bank; Brayton Ives. president OF the
Western National Bank James T. WOODWARD
president Of the Hanover National Bank Du-
mont Clarke president OF the American EX-
change National Bank. Oliver :. carter. presl-
dent Of the National Bank of the Republic; W.
Perkins. jr.. president Of the BANK oi amer;
Z. X Wright president Of The National PARK
Bank and W W sherman, president Of the Ma
tional Bank Of Commerce.
NO DIFFERENCES on ONE POINT
The discussion went over a wide range, and de-
veloped a considerable difference OF opinion as to
the advsability of any change in the attitude OF
the banks There was no difference OF opinion
as % the wisdom Of the Treasury raising its gold
reserve which. with allowance for the with
drawals OF gold on Monday. is now down to
nearly s65OOO.OO0. In fact. an increase in all
forms Of money in the Treasury is considered i'm
poriant by some bankers. as the total cash bal
anee Of the Treasury is regarded as inadequate
TO the proper conduct Of the Government. The
refusal Of Congress 10 authorize a new issue Of
bonds Is deprecated by bankers. for another issue
o. per cent bonds under the authority of the
specie Resumption Act would be unwelcome 20
financial interests. because the last $4,000 900
issue was fioated with difficulty. and IN addi
uon 10 this class OF bonds would tend 10 lower
me market value Of those bonds taken by the
vanKs last January. The banks, as rule feel
.oat they have received scant courtesy at the
hands Of the Administration. Secretary Carlisle
mas been averse TO candid consultation with
ew-forks financial men. and the policy OF his
department has been conducted without consul
tstlon with the bankers Of the metropolis. The
financial policy OF the Adm!nistra tion-the threat
IN tne spring OF 1898 TO redeem Treasury notes
N silver. the more recent menace Of the coinage
VI me so-called "seigniOrage" on the silver bull
.on neld IN the GovernmeDt vaults the repeng
s.Ituds OF the Governments financial advisers
. ssu oIlcers, and the threat Of the income TAX
.Mch banking institutions ascribe 10 the course
~ tne Adminis;rtion-all these things have com
siFo 70 make some bank officers think that they
~ 80. 'o 10 lellrNc lHe
its acts
AT Yesterdays meeting, however the bankers
WVtsted their willingness to assist the Treas
sIS- IN any reasonable manner. If their assist
- aHVe was needed. 1t was pointed out that some
y. y. .hc banks hal already contributed literally
y. thelr gold TO ielp the Treasury's opera tioDs
anu others had siynifed their intention TO do 50
g. tnls time. Hut tho prevailing sentiment
sssnled 10 be that the banks could not afford 10
surrender their god at random and that there
rds no necessity OF action "A body being taken.
me conference adjourned without agreement as
VI any particular course or any pledge as 10
seii'eu action. Eacl bark left at liberty TO
'oiiow what measur,s seem wisest 10 II.
PROBABLE RESULT OF THE MEETING.
Although the meeting produced no tangible re-
SUITS. some OF the tanxcrs present said after
ward that they beloved that hereafter more
soid would be directly supplied by the banks to