The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-10-01
FIRST OF GOLD POOL
SHIPPED TO CANADA
Nine New York Banks Supply
S1O,OOO.000 in Advance
Of General Call.
EXCHANGE MARKET EASED

The gold pool committee decided not
TO await the completion Of the $780,
100000 gold pool and the issuing OF
the first call for 5000 900 and shipped
$4,000 900 In gold to Ottawa last night
to relieve the strained situation In the
exchange market. Nine OF the largest
banks and trust companies In the city
provided tire amount
The decision Of the committee was IN
terpreted In The financial district "a an
evidence that enough assurance had been
received 10 convince them that the pool
would be success. II had beer pre-
viously announced by Albert II wiggin.
chairman Of the gold pool committee,
that no call for the hrst s2t 900. 900
gold would be issued until 1t was learned
that all the banks expected TO participate
had agree 10 come IN l, was announced
In THE SyS a few days ago that az
soon az the 500. 100000 was assured
New York banks would ship a portion
OF their required ti5. 900. 900 to Ottawa
TO aid In lowering the rate OF exchange
Chairman wlggin issued tle following
statement announcing the committees In
tertion 20 make a shipment at once
I'm response 70 many inquiries that
have been made % members ~ the com
mttee the chairman announced to-day
that 1t was the intention OF the committee
TO adopt such rules IN making sales OF
exchange ms would edultably meet de-
mards from all parts OF the United States
These rules necessarily may be modified
from time to time. No brokers will be
used by the committee. and Il will be
Its endeavor 10 sell exchange directly to
those having payments 10 make abroad
without Intermediates. Such profits a.
may be realized after payment OF neces-
sary expenses are 10 be pro rated among
all the institutions which contribute 10
the FUND
Tn anticipation OF the collection OF
the hrst !nstalnent % the gold fund OF
800 600 900 the New York committee
has arranged with number of New
York banhs and trust companies to ed-
vance an instalment OF gold which the
committee Is shipping 10 ottawa The
! committee expects therefore to be IN a
! position to sell exchange within few
days and % receive applications for
| checks or cable transfers on London"
As a result the scene at the Clearing
| House yesterday WAS one OF activity. In
/ the committee room a mart Of the gold
/ pool committee we're holding session.
/ In another room. under the eyes Of two
! members OF the committee. several clerks
we're ouslly engaged In counting millions
/ OF dollars OF gold certificates. out IN
! The hallway messengers bearing heavy
/ leather valises and accompanied by stall
wart guards were constantly arriving.
The nine banks and trust companies
contributing the $4,000. 900 are as fol-
| 'ows National City Bank. $4,000 900
/ Chase National Bark 100000; FRS,
! National Rank 81 coo 400 Hanover Ma.
tioral Bank. 81 100000: National PARK
Bank. 500" mo National Bark ~ Com
merce. $1,000 600 Guaranty Trust Com
rany. 81 .O0O, 0oO: Central Trust Company
$1,000 900, and Bankers Trust Company
81 200. 900
VITA sio.00o.o0o In gold soon 10 arriv,
In Ottawa In payment Of our debts &c
| England the committee expects 10 be II
a position N a few DAYS 20 sell exchange
against the shipment and to receive sp
/ p'ications for checks or cable transfers
on London
The rumors that the committee plannet
70 ship the $40 600. 900 at once cause
q decided drop IN exchange on London
Demand sterling. which closed at 49,
on Tuesday, d-onped to 4s7E, while
cables were quoted at IeSL. agains
> 90 on the day previous Parts check
and cables were unchanged. selling a
sos and 500 respectively. MARKS SOLE
az a4h tor cables and checks
Foreign exchange experts were es
pecally pleased at the drop and said tina
with the gold pool IN operation the!
did not believe exchange would agaiI
20 to $500 the pound sterling. Lon
don's willingness 10 accept finance bilIi
at a discount ranging from a. per cent
to 80. per cent. Is also giving them con
siderable satisfaction Bankers do no
believe, however, that exchange Will b.
allowed 10 go below $50 BY Europe, a.
that would put an end 10 gold ship
ments Just when Eng and Is most dssir
Gus OF Increasing her gold supply.
Cotton bills are coming INTO the mar
ket In Increasing numbers and IN SOM
Instances bankers are accepting then
without confirmed credits Grain bill
fell or somewhat as compared with Tues
day. but foreign exchange men reporte'
that they did a fairly large business II
such bills.
IL is the opinion % foreign ~NchanE
men that the gold pool committee VII
draw a strict line between sales Of eN
change to cover maturing finance bill
and other obligations and the payment
OF the New York city debt. az that 4
already cared FOR The gold pool, more
over. IS FOR the benefit OF the entir
country and not FOR New York city alone