The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-07-24
BIG POOL OF BANKERS
SCHEME FOR LEssENING THE SHIP
MENTS OF GOLD TO EUROPE.
Powerful Syndicate Organized for the
Purpose of Providing Foreign Ex-
change-Deposits of Gold.

NEW YORK, July 23.-The subtreasury
officials and staff were rushed to-day re-
ceiving and keeping tally of the deposits
of gold made by the New York banks in
exchange for greenbacks. All indications
point TO an aggregate accumulation OF the
precious metal from banks and institu-
tions in this city and out-of-town finan-
cial centers fully up to the estimate made
in these dispatches. namely, 1000, 900.
Telegraphic advices were received in the
street that the initiative of the New York
bankers for the building up of the treas
ury gold reserve was being followed zeal
ously in Chicago, Boston. Philadelphia and
other principal cities. The corrected off,
cial total of deposits at the subtreasury
from the inception Of the movement to
the close of business to-day is SIS, 775, ,000
The deposits bring the treasury gold re-
serve up to, approximately, S102, SO, ,52S. The
list of banks and the individual deposits
follow: City National. s2,OOOOOO; Hanover
National. 81 1500. 900; Chemical National and
National Park. s1.OOO.O0O each; unknown
banks, $3.50, ,000; Chase National Fourth
National and Importers and Traders
Republic. American Exchange National,
Bank of America, First National. Man.
haitian Company and United States Trust
Mechanics National. National Bank of
Commerce 100000 each; Merchants Ma
tionaI. $3.50 900; Seaboard National. $500. 900; /;
Bank of North America, Continental Ma
tional and Garfield National, 500, 900 each
National Shoe and Leather and Union Ma
tional. 100000 each; Sixth National, S75.-
Leather Manufacturers National. Mechan-
les and Traders, National Citizens Peo-
pies. Seventh National and West Side.
$4,000 each. and Oriental. $4,000
The bap present ar Yesterdays meet
ing to-day referred all Questioners 70 J..
p. Morgan. An associate of one of those
the nb'e, meeting: s "The % report that @ fore foreign m
bankers have agreed TO sell exchange not
to exceed 91a.000, 600, and have promised
not to ship gold for two months is hardly
correct. Foreign bankers having money to
remit could not make such promise, as
1t would, in way, be for them in their
payments. We have, however been as
sured of a supply Of exchange, not to ex-
ceed .e15,Oo0, 600, in the next two months,
TO be provided by a syndicate comprising
powerful local and international interests
at a price lower than the cost of export
ing gold to Europe. The details of this
and IL cannot be positively stated that the
agreement has been already closed. But
this is the general idea on which the bank
ers will work. The loss entailed by the
operation IL any, will be sustained pro
rata by the members of the syndicate
In formulating the plan for a foreign ex-
sociated banks will substantially be a
party TO the arrangement, as provision
will be made for them TO supply whatever
gold IL may be found necessary to ship
without drawing any from the treasury.
That is to say. if the exchange pool is
compelled. say at the end or month. to
shin any gold in order 10 cover their bills,
they will get the necessary gold from the
banks The report that the pool will sell
sixfy-day bills was, 1t was said to-day,
mere assumption. Whether they would sell
sixty-day bills or some other term bills
was not yet known. They would probably
saIl All sorts of bills. but at any rate. IL
Was said. the demand for exchange would
he met by the pool and no gold would be
vithdrawn from the United States treas
ury by the drawers or the piiis or by the
pool.
.noxe the 100000, 900 Mark.