New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-08-03
Continued from page I

moving and other purposes.
81. Us my intention. as already an
nounccd. 20 permit the issuance Of
similar currency TO banks in other see
/ tions Of the country upon their appli
cation 70 the Treasury Department, ~
compliance with the provisions OF th'
Aldrich .Nrccland act
This statement was followed by this
announcement from the Clearing
House Association. made public by
William Woodward:
"The Clearing House committee was
in session most of the day and met
with the Secretary OF the Treasury and
the Controller Of the Currency and
members of the Federal Reserve
Board The aim Of the Clearing House
committee has been 20 conserve the
gold supplies Of the country, and adj
equatc measures will be taken toward
| that end.
"There will be meeting of the
! Clearing House at $3.50 tomorrow
morning. when the banks will be asked
/ TO act upon such recommendations as
/ the committee may make.
Relief in Near Future.
4 In addition to the foregoing. August
Ulrch. Of Ladenburg. Thalmann & Co.
one OF the leading foreign exchange
experts in the country, who went TO
Washington TO see Mr.. McAdoo rela-
tive TO relieving the decentralization
that has existed in that market, an
nounced that arrangements had been
made by which the market would re-
turn to much more nearly normal con-
ditions.
81 cannot say what will be done un-
. . he
word for it that there will be an end
to the So and 81 rates that have pre-
vailed during the last few days.
Mr.. Ulrich said, however, that this
was not to be accomplished by the
establishment here Of SlO0,0OO,OOO
trust fund for European bankers, as
/ had been suggested.
Following the adjournment of the
/ conference with Mr.. McAdoo at mid
night several leading bankers adj
iourncd TO the Metropolitan Club, there
TO continue the discussions. THIS
gathering was entirely informal, but
/ il was still in session at an early
/ hour this morning.
Confer Till Dsybreak.
/ Just ways and means and going
| over various phases of the SITUATION
was the way one Of the conferrees
/ described the continued meeting. 1T
is entirely probable that some OF me
/ gentlemen will be there until pretty
close to daybreak.' AIT
"What. STAY at the club all night ??
asked a reporter.
"Sure. lots Of US do it every night,
he replied. "You sec, with many OF
US it is our town home during the
summer
II was learned from another mem
bcr that il is Secretary McAdoO's in
tention 10 remain in New York to-day
and confer with bankers from ST.
/ Louis. Chicago. Philadelphia and Bos-
ton. II was intended that this con-
ference should be held in Washington
this morning. but altered conditions
made necessary changes IN the SEIZED
ule.
II is understood that this conference
will be held at the b-Treasury. For
the convenience Of the Secretary and
TO enable Deputy Assistant Treas
urcr OF the United States Hale, IN
charge in the absence of ub-Treasur-
or Vorel. on his honeymoon, TO keep
in instant touch with the department,
q direct wire was set up between the
Suh.Treasury and the Treasury De-
partment in Washington yesterday.
Heavy Gold Calls To-day.
Heavy calls for gold are expected
N no made upon the Sub-Treasury this
morning. though as none OF the metal
nor on hand has been "ear marked 49,
that is 20 say. bought and paid for for
later delivery-no line could be had
Yesterday as to the amount that may
be called for. ,,.
There is good reason for thinking,
however. that the amount taken out
will be limited only by the amount o.
cold the underwriters are ready 10 IN
sure on the Lusitania, which Will sail
according to present plans, at O'CLOCK
tomorrow morning. The chances arc
much against the underwriters being
willing TO assume a risk on more than
SO 600 600. which would indicate that
close to S10.O00,000 would be taken
out. S2.5O0OOO having gone Saturday.
Heavy consignments of the metal are
/ expected from Philadelphia and points
/ further West, beginning to-day On
account of the danger attending pup
/ licitv. the amounts in sight ana the
places the gold Is coming from are
| withheld by the authorities:
/ Max May, vice-president OF the Guar-
anty Trust Company and an authority
| on foreign exchange, said last .nlght
/ that il was probable an arbitrary. rate
/ on foreign exchange will be established
| to-day. He would not indicate what
| this would be, but other shippers OF
/ gold we're of opinion that 1T would not
/ be far from So.
Bankers in Long Session.
! The conferences Of bankers began
I early in the morning on the arrival
/ from Washington of Francis l.. Hine,
head of the Clearing House Assocls-
/ ton. and William Woodward. presl-
dent of the Hanover National Bank.
b Practically the full membership Of the
! National Currency Association was at
/ the Metropolitan Club, and during the
/ day the informal meeting continued.
| Among those who came early and
STAYED late were J. p. Morgan and his
partner. II. p. Dawson; Frank A. VAN
/ derlip. of the National City Bank;
/ BENJAMIN Strong, lT., A. Barton Hep
burn and Eugene Lamb Richards, State
/ Superintendent of Banks. George Is
/ Cortelyou, who as Secretary of the
Treasury, helped solve the problems OF
/ 1907, was also on hand.
At this conferences cable messages
/ and views were exchanged, and scores
/ of kilograms sent TO bankers in other
parts of the country. The Secretary
/ of the Treasury also was on the wire
a good part of the morning and early
afternoon Finally, as the best way TO
get at all facts in the situation. it was
/ decided that Mr. McAdoo, with Mr..
Williams. Mr.. Hamiin and Mr.. Hard
ing. should come to New York i'm
mediately, and hurry calls went out
for bankers here and in nearby cities
10 assemble in New York for con
ferences that would begin on Mr.. Nc
Adoo's arrival.