The Providence news. (Providence [R.I.]) 1891-1906, 1896-07-23
BANKS HELP.
Place Treasury Reserve
Above the Mark.
Large Amounts Are Pledged
to keep Gold.
BY New York, Boston and Phila-
delphia Concerns.

New York. July 23.-Representatives
of foreign banking houses held a confer
ence in the Office OF J. p. Morgan & Co.
yesterday afternoon. and discussed
plans for checking gold exports. A
committee was appointed TO formulate
q working scheme. so as TO hold the gold
here for two months at least. when, IL is
hoped. trade conditions Will be such as
TO relieve the tension and render unnec-
essary further action by the bankers.
II is believed that 60-day bills of ex-
change will be sold at rate that will ac-
complish this end. and that such will bo
the committees recommendation.
The meeting was brought about. II
is said, by the refusal of several large
national banks TO agree To deposit gold
In the sub-treasury unless the foreign
bankers would also help protect the gold
reserve. j. p. Morgan is said TO have
urged upon his associates the necessity
OF helping the treasury. IL is believed
that foreign bankers will accept any
plan which the committee may endorse,
and that ii will become operative imme-
diately.
Frederick ID. Tappan, president of the
Gallatin National bank says that a very
large amount of gold has been pledged
by the associated banks and trust COM
panies. to be exchanged for legal tender
notes. and that more is expected. Gold
to the amount OF 81, 500, 900 was deposited
In the sub-treasury yesterday afternoon
by the banks, and Sc ,eee, ,eee withdrawn
for shipment. Mr.. Tappan says the
treasury reserve will be placed above
the sl00. 600. 600 mark imme diately. The
banks will continue to turn gold into the
sub-treasury as requested. They will
generally do this by depositing with the
sub-treasurer clearing house gold GER
tificates, which are the same as ware
house receipts, and receive legal tender
notes therefor. The assistant treasurer,
az he needs the gold, can then get IL on
demand. 1t is believed TO be unlikely
that II will even be necessary to disturb
the gold In the clearing house vaults.
Action at Philadelphia.
Philadelphia. July 23.--Philadelphia
banks will aid in restoring and main
tanning the national treasury gold re-
serve. A movement was started among
them yesterday 10 raise 81 ,000, 900 in gold
for this purpose, and before the close OF
business over 100000 was pledged. A
v
number OF its correspondents in the
states yesterday, as to whether the sub
treasury would pay the expressage IL
the banks will ship gold coin to this
city In exchange for legal tender notes,
and were Informed by the government
officials here that the charges both wars
would be paid by the treasury depart
ment. This s!quiry, 1t is believed, fore
q
metal from the interior
At the Boston End.
Boston. July 23-Boston bankers are
coming forward in pursuance OF the
course taken in New Yor., and are sub
scribing a part of their gold holdings
for the benefit OF the national gold re-
serve. President Beal of the Boston
clearing house was asked over telephone
by President Tappan of Gallatin Ma
tional bank. New York. If he would do
what he could TO get the Boston banks
to subscribe solSle of their gold, and he
has been about the street conferiing
with the different bank officers IN regard
to the matter..It was proposed that each
bank should turn over 30 per cent of its
gold, and a subscription paper was cir
culated for signatures. The banks
showed no apprehension at the situation,
but came forward promptly to sign tAc
paper. In some cases the signatures
came after considerable deliberation but
in general there was a readiness to help
out the government in the way offered.
There was no general conference of bank
officers in regard to the matter, although
Mr.. Beal had talk with several repre-
sentativcs at the clearing house. The
rest has been done by personal inter-
views with the bankers In circulating
the subscription paper. The total gold
holdings in the city are, actually, about
s5.OOO.00O.
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