The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-10-02
FUND APPORTIONED
AMONG LOCAL BANKS
CONTINUED From First porcl

continued FROM FIRST lagc.b
ni'tec appointed hy u confcrcnc" OF
American bankers. This committee
recommended on September 1 the fol-
lowing plan:
THAT the banks Of this country. cspc-
cially those located in r,scrv, ana c.n.
trail reserve cities, bc r-orcs,.d "a CON
tribute 70 a gold fund or SI50 GOO oOn
81 winch S2o.coo,o0o to be immcdiatclv
paid into the depository OF tho Rank
oil England IN Canada. for which.
participation deposit receipt viii be
furnished TO each contributip,. h,nl.
ihc remainder Of the contributed
amounts to bc subject to call ne ~
,>cW 1"rk committee through tho local
committees Of thu. Respective cities ana
TO bc paid FOR IN New York exchange
'''u New York committee To be an
pointed by The New York C'lcarins,-
House Associations and said local com
,ii'rcS % appointed by tic clearing
house associations Of tue respc,tiye
contributing cities. The committee an
pointed by the New York Clearing
i,ousc Association 10 he charged with
me dntE OF handling the said fund. OF
hNinS the price at which foreign -
'hanEe is TO be bought and sold. and
IS 70 make rcauisition from time to
'llnc upon the respective contributing.
cities through the local committees
thereof. said local committees shall
nave supervision IN the respective
cities 81 III" shipments and general
Withdrawals Of gold.
RMS committee recommends that the
Federal Reserve Board take steps to
ascertain the amount Of gold that will
nc contributed by the banks in the re-
spccilNc cities, ANA thai ii use it's in
Hncuc" To- HAY" the said banks con-
tribute their proper pro rata"
The members 81 the committee Were:
James i. Forgnu, Chicago; Sol Wexicr.
New Orleans. Ecntanin strong, Jr.. New
York; Thomas i. Bcal Boston. ana
l.. l.. Rue. Philadelphia
FURTHER RECON-
TO MEET EMERGENCY
This committee reported on Sept EN-
Der - some further recommendations
Including the following:
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
be rc-estahlished by the prompt creation
Of large gold fund for export If neccs
snry. as suggested IN our former re-
port We therefore recommend that
the central reserve and reserve city
y o'''lNS W tiic CI4ttt suites ibOth ma
ucnal and state iistitulions) bc request /
"a To contribute 10 i sold fund OF 500
.co,ooo instead OF Slia.u"O, 900, as origin
a'ly proposed. of this amount, S2:.oo0
, rru should hc made Immediately avail
able. The adminiSt ration OF the fund
should be conducted by a resident com :
mittec in the city al New York where
'hc principal foreign transactions OF
thc country take place. and we suggest
that the recommendation Of the Clear
ing House Association Of the city OF
New York for the appointment Of the
following gentlemen as such committee
nc approved. namely: Albert III. Wig
r,n. chairman: William Woodward. j.
:. Alexander. Francis l.. IIinc Eenja
inin strong, Jr., ANA T.. y. Vanderbilt
We propose 10 arrange the details OF
the plan of administration with the New
York committee 80 that the require
mcnts of all parts of tie United St.tte'
for foreign exchange. Will be fairly and
taparttaily dealt with, and we suggest.
~ IN" event of any complaint on the
part o! amy contributor to the fund in
connection with The distribution or use
ther"of. your board shall appoint q com :
mitt"e of bankers to pass upon any such
question. whose decision, under such
rules and regulations as YOU may pre-
scribe. shall he final.
We further recommend that the IN.
uonai and state banking institutions In
the central reserve and reserve cities Of
IRE United States be requested bv YOU
10 contribute To this fund, due regard
oene given In their present holdings Of
Gc!d as recently asccrtained by Your al !
r.cttoii."