New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-11-02
Bankers Plan New Meas
ures to Strengthen For
eign Exchange Market.
BANK OF ENGLAND
TO HOLD SECURITY
S4,25O.00O More British and
French Gold Deposited at
Assay Office.

One OF the most important banking
conferences since the completion Of the
$500. zoo, 900 Anglo-French loan was
held at the National City Bank yester-
6av afternoon. The purpose of the
meeting was to discuss the establish
ment of additional credits with the
New York Clearing House banks and
trust companies in cooperation with
the London joint stock banks and other
institutions of Great Britain.
! One of the bankers present stated
after the meeting that the entire credit
situation was discussed in general
way, and he considered IL quite likely
that definite measures TO strengthen
the foreign exchange market would
be taken in the near future. Among
| the plans under consideration. in ad-
dition TO the establishment of credits
in the form of acceptances. is direct
loan to the London banks by New York
institutions.
This banker said that in either case
the London banks participating In the
negotiations would probably deposit
securities for the loans or credits with
the Bank of England. which would act
as depositary in the transaction.
conference take definite form it is ex-
pected that provision will be made in
case acceptance credits are determined
upon for the New York banks to ac-
cept bills drawn by the London insti-
tutions. II direct loan is made the
banks in this country that are parties
to the agreement will recognize bills
for the payment of cotton. grain and
n
try to Europe.
Among those who attended yester-
days meeting were William II. Porter,
of ]. p. Morgan e. Co; James s. Alex
ander, president of the National Bank
of Commences: W. b. Hebden, of the
Bank of Montreal: Fred /. Kent. vice
president Of the Bankers Trust Com
pany; William Woodward. president
Of the Hanover National Bank; Frank
A. Vanderlip. president Of the National
City Bank: John E. Caroline, n. NJ.
Kilborn and Stephen II. Voorhees,. vice
presidents of that institution.
The committee on securities Of the
New York Stock Exchange has ruled
that contracts for Anglo-French FIVE
year per cent external loan when
issued must be settled on Wednesday
November 3. Settlement of contracts
may be enforced under the rules. Tenn
porary bonds. In denominations Of $500
and $1,000. will be a delivery. Inter
est on the contracts accrues from Oc-
tober 10 to November 3. eighteen days.
Official announcement of the sl5.-
900 credit to France in the form
of ninety-day acceptances, renewable
at the end of that period into one-year
bills, is expected TO be made on Thurs
day by the private banking house man.
aging the loan.
A total of s4,25o,O00 in British and
French gold was deposited at the As
say Office yesterday. OF this sum 49,
100000 was in sovereigns and the re-
mainder in 20-franc pieces. The Guar
anty Trust Company, which received a
large shipment of gold on the New
York on Sunday. deposited most Of the
gold received by the Assay Office. a
email amount being for the account of
the Canadian Bank of Commerce.
The local Assay Office has handled
more gold in the last two months than
any other Assay Office in the country
has ever done in year It's facilities
have been taxed to such an extent that
one of the big vaults in the Sub-Treas-
TRY next door is now being used.