The Birmingham age-herald., 1914-10-05
WILLIAMS TRIBUTE I'D BANKERS PROVES ! HIGHLY GRATIFYING Comptroller Says Their Co operation Is What Saved
 the Situation MANY DETAILS NOT
 YET MADE PUBLIC Sut Recognition Is General of Service Rendered by Financial Leaders
 in the Big Money
 Centers
By HOLLAND

New York. october 4.-(Special)-- comptroller of the currency, John Skelton Williams, is the first important execu- five officer in the administration at Washington to make public acknowledg- ment of the service by the bankers of the United States in these days of emerg- ency and stress. The Secretary of the Treasury, MT. McAdoo, did find occasion in his recent public statement to refer to the patriotic and valuable attitude taken by the banks in the large financial centers. It may be that no favorable op- portunity for formal acknowledgement came to any member of the adminlstra- ton until the meeting of the Indiana Bankers association, which Comptroller Williams was invited to address, ne could not have been long in the prepara- ton of this address since his ooserva- tions were based upon many things Una. have happened within the past six weeks. Yet he was well prepared, for he spoke as one having authorty and experence'
 Probably not until the war is either over or prolonged will there be good un- derstanding by the American people of all that was accomplished through the co-operation of the administration at confidence. Yet there are some deaileo Some of the details are still regarded as confidential. it being not expedient to make them public. All agree that nothing should be done or said which Will III any way tend to impair confidence, but. instead. everything that is spoken ana all that is done should serve to stimulate confidence. Yet there are some detialeo statistics now available which prove the magnitude of the work which has been done by the American bankers
 Since the beginning of the present year. the American banks have furnished, in cluding the one hundred million gold fund which was underwritten by the banks which are members of the federal reserve system, in round numbers three hundred million in gold, all of which has been. or presumably so, soon to be ex- ported. The heavy movement of gold in the spring and early summer contained one of the early symptoms of the dis uuieting situation on the continent or Europe. It was this situation which was thought sufficient cause by Frank A. vanderlip and one or two others to warn the business men of the United States that they must not count too confidently d The United States met cheerfully all those early demands for gold and was , continuing to send gold when the im- passe in international financing was sud denly created by the outbreak of the Eu- dopean war Since that time. the city Of New York has been served by an under writing syndicate so that it's credit could be maintained and it's existing obligations met This required an underwriting of as much as S2,0O0, GOO of gold. and the amount may be increased to 100,000000. So also, since the first of September, the under writing of gold pool of lO0,oo,Wo has been practically perfected The share of New York city banks in these two trans actions is at least 13O,00o,0o0 and may become as much as 145,0O0,oo0.
 The Fine Compliment
 Undoubtedly it was this assistance which was given by New York city, sup plemented by relatively as strong aid furnished by Boston, Philadelphia, Balti- more, St. Louis, Chicago and Minneap- oils, which the. comptroller of the cur rency had in mind when he spoke so earnestly in approval of the action or the American banks
 Comptroller Williams is spoken of here as qualified to speak of the situation as well as any one now in high executive authority at Washington, well quail fled as Paul Warburg and his associate upon the federal reserve board. MT. Harding. For the comptroller's associa- ton and experiences have during his bus mess life been with banks and with the relation of banks to great public under takings He therefore knew that, as the situation which confronted the American bankers was without any precedent and therefore entailed original and necessari- ly highly artificial methods of mobiliz- ing strength and resources so as to meet it, the achievement of the American bankers is of itself without precedent, and as it has been so far successful and presumably will be completely successful 1t must stand apart as one of the his torc triumphs of the highest order of financial ability
 A Plea for Courage and Hope
 In the financial district MT. Williams address has been spoken of as especial ly valuable not only because of his