New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-08-03
$780, 100000 TO
MEET MONEY CRISIS

New York stock Exchange were m
conference at the Brooks Club. II wa:
an informal affair, the chief SUBJECTS
I'd being the efforts TO make II appear
that the curb market is TO open ior
business again to-day and the disposi-
ton that must he made Of the immense
volume Of stocks now OF the ocean
for Europe consigned TO New YORK
houses with due bills attached. IL IS
estimated that at least 100000 shares
of an average value Of AT ieast $50
share arc now in transit in TINS way
making approximately s25 100000 at q
conservative estimate chat must be
provided 90 care for them.
There was no one about who could
saw how this demand would be met. but
10 is understood that special commit
tee Of the exchange will take the mat
ter up this morning. As matters stand
DISPOSITION Of these stocks is very
largely for the banker to decide Some
members of the exchange who have
such securities coming TO them eX-
messed the opinion that moratorium
should work two ways and that Eng
lish brokers. protected by the action OF
their government. should not be un-
willing 10 wait for what mi ght be COM
irg to them from this side.
Keep Cool, Is Advice.
Immediately after dinner bankers be-
gan TO gather at tho Vanderbilt.
The first TO arrive was Frank A.
Vanderlip. who advised that everybody
keep as cool as possible. lie was
closely followed by A. j. Hemphill. Of
the Guaranty Trust; Richard Delaiield,
of the National Park Bank; William
Nash. chairman Of the Corn Exchange
Bank. who was at the head Of the
Clearing House in 1907; Walter r..
Frew, president of the bank; a. Barton
Hepburn. stephen Baker, president OF
the Bank Of the Manhattan Company,
and James S. Alexander, president OF
the National Bank Of Commerce.
Later the tall form of Secretary Nc
Adoo was seen emerging from an auto
mobile. With him was Mrs. McAdoo.
They went Immediately TO their apart
ment. which had been reserved by tele-
phone from Washington.
John SHELTON Williams. Controller OF
the Currency and By virtue OF his
Office a member Of the Federal Re
serve Board; William 7. &. Harding,
Of Birmingham, Ala, and Charles
Sumner Ilamlin. of Boston, appointed
members of that body. came in i'm
mediately after and proceeded TO the
conference room. Before they had got
settled. George f. Baker, jr., Gates W.
McGarrah. president of the Mechanics
and Metals National Bank; F. ..
Brown. Of Redmond & Co, and II. 7.
Dawson, Of j. =. Morgan & Co., ar
rived. Mr.. Morgan followed soon
after.
81 am looking for news myself" he
replied in answer to questions from
reporters. 81 really do not know a
thing except what | see in the papers
and the fact that there is a meeting
upstairs with the Secretary OF the
Treasury and members OF the Federal
Reserve Board"
Not word came from the confer
ence until about 10 O'Clock. when a
banker. retiring, said that it was
doubtful If any definite action would
be taken until this morning.
"Thc bankers" he said, "are con-
ferring with and explaining to the
federal officials the situation as II
exists, and it is evident that Mr.. Ham
lin and his associates are willing 10
do everything that is within their
power to aid the situation.
amount of emergency currency which
New York should have is limited by the
way in which the currency was APP
portioned when it was printed.
"Thus, though $500. 100000 was print
ed. the amount apportioned 70 New
York City at the time was but S46,000,-
600. Thus one bank. for example, that
under the law is entitled to $9,000,00O
of such money can at the most get
only S2,600,000.
at is a question Of printing new
money. Money bearing the name of a
Los Angeles bank, for example, could
not very well be issued to a bank in
this city"
The trading in securities on So
called curb markets was taken up by
Stock Exchange authorities last night
II. e.. s. Noble. president of the board
denounced the attempt of irrespon-
sible persons at this time TO seek to
establish quotations for securities.
at is highly undesirable said he
"that such practices should prevail and
on behalf of the exchange | must ask
the newspapers of New York to CO.
operate with the officials of the eX-
change in preventing these practices
not merely in the interest Of the banks
and the exchange, but in the interest
of the public"
Hartman X. Evans. vice-president Of
the Association of Partners of Stock
Exchange Firms. seconded the appeal
of Mr.. Noble with this statement:
an view of the advertisements which
appeared in the metropolitan paper,
this morning, in regard to establish
ing temporary or emergency stock
markets during the closing of the New
York Stock Exchange, the Association
of Partners Of Stock Exchange Firm:
wishes to warn its members and the
general public against dealing in Sc
curities in any irresponsible and un
regulated places. The best Interest,"
of all concerned will be, in their opin
ion, best served by complete stoppag,
of all dealings until the New Yorl
Stock Exchange again opens