Evening star., 1914-09-25
Bankers in New York, Chicago,
Philadelphia and St. Louis
Assure Reserve Board.
REPORT OF COMMITTEE
HAS BEEN CONQUERED IN
Sum of $1OO, ,0O0, 900 to Be Available
to Pay American Foreign
Debts in Cash.

Bankers in New York, Philadelphia,
Chicago and ST. Louis have given as
surances to the federal reserve board
that the major part of the proposed
100000, 900 gold pool to meet Amer
lean foreign obligations in cash will be
subscribed by them on pledge of other
cities to subscribe a due proportion OF
the fund.
Chief officers Of clearing house asso-
Citations in reserve and central reserve
cities have been advised of the plan
by the federal reserve board in cir
cular which sets forth the amount each
particular city has been assessed. The
report of the bankers committee which
recommended the pool is inclosed.
Board Concurs in Report.
"The board" the circular says. has
carefully considered the committees
report, and concurs in its conclusion
and recommendations. The board Is
convinced of the necessity of an ade-
Quate plan of national cooperation to
meet a situation which is of national
dimensions, and it has no hesitation,
therefore, in giving its approval to the
plan proposed by your committee, and
recommends your earnest cooperation.
The board shares the committees be-
lief that the creation of a large gold
fund at this juncture will have far
reaching effect for good. and will prove
an effective factor in restoring con-
fdence, in bringing relief, in protect
ing and strengthening the country's
credit. and in facilitating the exporta-
rion of our products.
New York Committee.
The bankers report recommended
that the fund be handled by a resident
co,1mittes in New York and suggested
.s:bart Fl. Wiggin, William Woodward,
=. 8. Alexander, Francis L. Hine, Ben
5.,nia GtrOng. jr. and E. A. Vanderlip.
proved
Each clearing house association is
asked to appoint a committee of it's
own 20 secure the pledges for the
quota to be raised from the national
and state banks in it's territory. In
tions, only s25,000.000 of the total is
to be paid down at present. but the
whole amount is to be pledged. To ia
cilitate the transfer of gold or gold
ing banks they are to be permitted to
deposit their contributions with the
nearest subtreasury. The New York
committee viii have authority to call
FOR installments of the total after the
first . per cent is paid.
The board did not make public the
amount assessed against any particular
clearing house association. 1t an
bounced. however, that any sums
pledged In excess of the 100000
leemed necessary would be applied to
pro rata reduction of all subscrip-
tions.
Cities to Subscribe.
The circular was sent to the follow
lng cities:
Brooklyn. New York, Chicago. Phila-
.lelphia, Boston. St. Louis. Atlanta, Bal
timore, Cedar Rapids. Cincinnati,
Cleveland. Columbus. Dallas. Denver,
Des Moines, Detroit. Dubuque, Fort
Worth. Galveston, Houston, Indianapo-
IS. Kansas City, Mo-: Kansas City,
ian Lincoln. Los Angeles. Oklahoma
ity, Omaha. Pittsburgh, Portland, Ore;
'ueblo. Richmond. Salt Lake City, San
antonio. San Francisco, Savannah, Sc
title, Sioux City. South Omaha, Spo-
zane, st. Joseph. No.; st. Paul, Ia
aoma. Topeka, Waco, Tex; Washing
on. D. c.: Wichita, Kan.
The original plan was for the deposit
IF the $25,000,000 in the branch of the
Sank of England in Ottawa, but the
present intention Is to keep the fund in
New York. and have the committee
here conduct the exchange transac-
ions either direct or through Ottawa,