The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-09-25
PLANS To MEET FOREIGN
OBLIGATIONS IN CASH
Final Steps by Federal Reserve
Board to- Aid Banks In Raising
SiOO,OOO,OOO Gold Pool.
TO DE HANDLED IN NEW YORK
Circulars, Giving Details and Setting
Forth Amount Each Particular
City Is Assessed, Sent to Clearing
House Associations i'm Many Cities.

WASHINGTON. September 24-F'inaI
steps were taken to-day b. the Federal
reserve Board to aid the banks OF the
united states I'm raising II 100000, 900
eoid pool to meet the nations foreign
Obligations I'm cash Assurances wero
received from bankers In Boston, New
York. Philadelphia. Chicago and St.
Louis. that the major part Of the fund
VIII be subscribed by them on pledge of
! other cities to take due proportion
toilowing tho receipt of this word.
INC board sent out to the chief officers
Oh the clearing house associations in
the reserve ana central reserve cities
CIRCULARS telling Of the plan. and set
IhS iorth the amount each particular
CIT! has been assessed. IT incloscd
also the report made by the bankers
pool plan
Tho board" the circular saws has
carefully considered the committees re-
port;' ana concurs in its conclusions
ana recommendations. The board is
! c"iU ihced OF the necessity OF an ude-
fudtc piah OF national cooperation to
meet a situation which is Of national
dimensions. and II has no hesitation
therefore, In giving it's approval 10 thu
plan proposed by your committee. and
rccoininends your earnest co-operation"
ftND 10 III; HANDLED
The bankers report recomncnf;nd
that the fund be handled by n resident
committee in New York and suggested
Albert H. Wiggin. William Woodward,
D. o AicEander. Francis L. Hinc, Benja-
man Strong. Jr., and + A. VandorHn
inns committee the board In turn an
proved.
sach clearing house association is
asked TO appoint q committee OF lis
own 20 secure the pledges for the quota
10 De raised from the national and State
banks In It's territory. In accord with
the bankers Recommendations. onlv
sZo,ooO.0oO OF the total is to tic maid
down at present. but the whole amount
IL TO be pledged. Contributing banks
are To be permitted to deposit their
contributions with the nearest sub
treasury. The New York committee
viii have authority to call for install
ments OF the total after the first %
per cent Is paid The bankers commit
Tee had this TO say in It's report:
This committee is of the opinion
that the continuance of the high credit
OF this country abroad Will be demon
stratcd. and that normal conditions OF
the foreign exchange market will best
De Established, BY the prompt crea-
ton of large gold fund. for ex-
port II necessary, AS suggested in our
former report. We propose TO arrange
the details OF the plan of administra-
ton with the New York committees. so
that The requirements of all parts of
the CEited states for foreign exchange
VIII be fairly and impartially dealt
with and We suggested. in the event
OF any complaint on tho part Of any
contributor to the fund In connection
with Decentralization or use thereof.
your board shall appoint II committee
OF bankers 20 pass upon any such ques-
tion, whose decision under such rules
and regulations as you may prescribe
shall be final"
The board did not make public the
, amour; assessed against any particular
l'ciearing- house association. II an
nounced, however. that any sums
pledged in excess of the $1,000 900. coo
seemed necessary would be applied to
a pro rata reduction of all subscrip-
tons
Among the cities to which the cir
cuiar was sent We're the following:
Baltimore. Richmond, Savannah and
Washington. d. c.
The original plan was for the deposit
OF s250c0o00 in the branch of the Bank
of England, in Ottawa. but the pres
ent intention is To keep the fund In
New York and have the committee there
conduct the exchange transactions
/ either direct through OTTAWA