Full text of Papers of Benjamin Strong, Jr. : Correspondence Files by Subject : Gold Fund Committee, 1914-1915

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REPORT AND PLAN

WASHINGTON, September 19, 1914.

To the Honorable the

Secretary of the Treasury and the Federal Reserve Board.
GENTLEMEN:

Referring to the recommendations contained in our communication of September 4:
We have, in compliance with your suggestion, given further consideration to the present international
exchange situation, taking into account the changed conditions arising from the completion of plans for
meeting the obligations of the city of New York payable in Europe.
This committee is of the opinion that the continuance of the high credit of this country abroad will be
demonstrated, and that normal conditions of the foreign exchange market will best be reestablished by the
prompt creation of a large gold fund for export if necessary, as suggested in our former report. We therefore
recommend that the central reserve and reserve city banks of the United States (both National and State
institutions) be requested to contribute to a gold fund of $100,000,000 instead of $150,000,000, as originally
proposed. Of this amount, $25,000,000 should be made immediately available. The administration of the
fund should be conducted by a resident committee in the city of New York, where the principal foreign
exchange transactions of the country take place, and we suggest that the recommendation of the Clearing
House Association of the City of New York for the appointment of the following gentlemen as such committee
be approved, namely :
Albert H. Wiggin, chairman.
William Woodward.
J. S. Alexander.
Francis L. Hine.
Benjamin Strong, Jr.
F. A. Vander lip.

We propose to arrange the details of the plan of administration with the New York committee so that
the requirements of all parts of the United States for foreign exchange will be fairly and impartially dealt with,
and we suggest, in the event of any complaint on the part of any contributor to the fund in connection with the
distribution or use thereof, your board shall appoint a committee of bankers to pass upon any such question,
whose decision, under such rules and regulations as you may prescribe, shall be final.
We further recommend that the National and State banking institutions in the central reserve and
reserve cities of the United States be requested by you to contribute to this fund, due regard being given to
their present holdings of gold as recently ascertained by your direction.
As recommended in our report of September 4, we believe that a committee representing the clearing

house association of each central reserve and reserve city should apportion in its district the amounts and
http://fraser.stlouisfed.org/
supervise
payments
of gold or gold certificates for the creation of this fund, and we therefore suggest that
Federal Reserve
Bankthe
of St.
Louis

you address a letter to the chairman of the clearing-house committee in each of those cities recommending
the appointment of such a committee, urging prompt cooperation in this plan and stating the amount of gold
which you may consider to be the proper quota to be furnished by that city.
In order to facilitate the transfer of gold or gold certificates to New York by the contributing banks, it is
recommended that they be permitted to deposit their contributions with the nearest subtreasury of the United
States, and that all expenses incident to transfers, whether made through subtreasuries or otherwise, shall be
an expense of the fund and shall not be borne by the respective contributors.
The committee representing the New York Clearing House Association should have authority to call
upon the contributors for gold or gold certificates from time to time in instalments as required (provided, that
the contributors shall not be called upon to pay any portion of an instalment which may make their investment
in the fund at any one time exceed 25 per cent. of their original contribution), to arrange for shipments of
gold to other countries, to sell exchange and cable transfers against such shipments at such prices as they
may fix, to determine to whom and under what conditions foreign exchange may be sold, to distribute the
proceeds of such sales among the contributing banks in New York funds, and to fix a date for the termination
and final settlement of the fund. We, therefore, recommend that the gold or gold certificates be deposited in
trust for the contributors in the vaults of the Clearing House Association of the City of New York, subject to
the control of the New York Committee, and that such committee issue to each contributing bank a certificate
evidencing its contribution. The proceeds of sales of exchange may then be distributed by the committee
among the contributing banks in New York funds and the amount of such repayment indorsed upon each
certificate.

We have recommended that contributors to the fund be confined to the banks and trust companies in
the central reserve and reserve cities, so that banks which are members of the Federal reserve system may
make their payments at the time of the organization of the Federal reserve banks out of their own cash.
We attach forms for pledges to be signed by contributing institutions and certified resolutions to be
passed by their boards of directors or trustees. In case the plan should meet with your approval, we respectfully suggest that you inclose copies of these forms in your letter to be addressed to the presidents of the clearinghouse associations.

Respectfully submitted.

(Signed)

JAS. B. FORGAN, Chicago,

LEVI L. RUE, Philadelphia,
BENJAMIN STRONG, Jr., New York,
THOMAS P. BEAL, Boston,
SOL WEXLER, New Orleans,
Committee.

APPROVAL

FORM OF CERTIFICATE ISSUED BY COMMITTEE

ORIGINAL SUBSCRIPTION CONTRIBUTION
Instalment paid on issue
of this Certificate

No.

Certificate of Contribution and of Payment of Initial Instalment
GOLD FUND
Contributed pursuant to Report and Plan set forth in the letter of September 19, 1914, addressed
to the Secretary of the Treasury and the Federal Reserve Board by a Committee, consisting of James B.
Forgan, Chairman, and others, and approved in the answer of September 21, 1914, to said letter, made by
said Federal Reserve Board and approved by said Secretary.

The undersigned Gold Fund Committee named in and appointed pursuant to the Report and Plan
above named, hereby certify that

has subscribed for an Original Contribution to the Gold Fund provided for in said Report and Plan, in the
and has paid to the undersigned Committee on account of such
amount of $
Original Contribution, an initial instalment of $
_.
Payments of further instalments towards said Contribution shall be evidenced by endorsement thereof hereon by the undersigned
Committee, or their duly authorized agents. All such payments are received, and are to be administered and
disposed of, as a part of said Gold Fund, subject to the terms and conditions of said Report and Plan, and
subject solely to the directions of the Gold Fund Committee, as it may be constituted from time to time.
The holder hereof by acceptance of this Certificate agrees to all the terms and conditions of said Report
,

and Plan and of this Certificate. This Certificate is valid only when signed by two members of the Gold Fund

Committee. Any repayments from the Gold Fund on account of said contribution shall be made only for
account of the holder hereof, as registered on the books of the undersigned, upon presentation of this
Certificate at the office of said Committee, No. 77 Cedar Street, New York City, or of its authorized agents at
places within the United States of America, as may be designated by it, for endorsement of any such
repayment hereon. No final repayment on account of said Contribution will be made except upon surrender
hereof for cancellation.

Dated, New York City,

191

ALBERT H. WIGGIN, Chairman;
WILLIAM WOODWARD,
JAMES S. ALEXANDER,
FRANCIS L. HINE,
BENJAMIN STRONG, Jr.,
FRANK A. VANDERLIP,
JAMES N. WALLACE.
Cold Fund Committee.
By

Two members of such Committee.

THE EVENING POST JOB PRINTING OFFICE
156 FULTON STREET. NEW YORK
67219 P

MINUTES
FIRST MEETING - G-LD FUND COMMITTEE.

The above Committee, consisting of Albert H. wiggin, Chairman,
wrilliam Woodward, James S. Alexander, Franc s L. Fine, Benjamin Strong, Jr.,
and Frank A. Vanderlip met at the New York Clearing House at 3:30 P. M. on
Monday, September 21, 1914, all members being present except Mr. woodaard.
Mr. Wm. P. Holly was appointed Secretary of the Committee.
The Chairman outlined a plan of procedure and a discussion thereof
ensued.
The report of the Committee represert'na the delegates from the
Clearing House Associations of the various Reserve and Central Reserve Cities
as made to the Federal Reserve Board, was submitted for consideration and it
was the sense of the Committee that its efforts be used to persuade the New
York institutions, both state and national, to co-operate with the rest of the
country in rais;ng the $100,000,000. gold fund.
It was regularly moved and seconded that the Chairman be authorized
to send a letter signed by the Committee to the banks and trust companies of
Greater New York stating that New York City's proportion of the $100,000,000.
gold fund is 45,000,000. and asking them to co-operate and express their
willingness to contribute to this fund on an equitable plan based upon their
legal reserve.
The Chairman suggested that a Committee consisting of Messrs. woodward (Chairman), H'ne, Strong and Vanderlip be appointed to receive and care
for the gold and that a Committee known as the Exchange Committee, consisting
of '!assrs. Alexander (Chairman) Strong, Woodward and Vanderlip, be appointed
to supervise the purchase and sale of exchange.
Upon motion of Mr. Hine,
regularly seconded, the above Committees were thereupon appointed.
Upon motion, the meeting adjourned.

MINUTE'S
SESrIND 1.1.71!T INC

Gr'ID

.7 ND C "If 11"11T.

In r-sponse to call of the Chairman, the Gold Fund Committee met
at the New York Clonring lieuee nt 11:15 A. M. on '7RdnosdRy, September 23d,
1914, all membere being present.
The Secretary read the mInutes of the previeue meeting which, in the
absence of objection, were crdered placed on file.
The Xeirman reported ti, '-t, as nuthori-ed et the previous neeting, he
had sent out a letter to the berke eni tract compeelos of Grertor New York tasking
their co- oporaticn in the raiding of Nee York City's share of the t100,000,000.
gold fund.
Fe expleined that ho had selectee 10% of the legal reserve as the
amount of the contribution requested from each institution and that he had sort
a special letter to those !netitutIonn where the composition of the reserve Was
such thet cemplience with the Committee's request 'rculd take to treat s fe,rcentaze of their gold holdings from them.
Following ft general discussion as Lc the best method of handling the
gold fund, ft rases voted that Uesere. Strong and Velleierlie be requested tc act
as a Sub-Committee to represent the sold Fond Committee &breed, R Governor of
the Bank of England to be invited tl core* to this ceertry for the purenee of
conferring pith the Gold Fund Committee here.
It wee further recommended that
Ur. Strong take up by telephone with Seeretery of the Treasury McUloe, the Twitter
of erreingtni, an exchaege of representatives between this onuntry era Europa.
It sae decided that in the event of the consummetion of tee errangement referred
to, Meeors. rine end Wiggin vinuld take the piece of Users. Strorz end iienderlip
on the Exchange Committee.
It was suggested by Ur. Alexander that refireeentetivel from the Gold
Fund Comeitteuu of the other cities be invited leitor on to cone to. New York to
confer with this Coenittee.
Upon riot! en the meeting adjournee

MUM
TURD 7.1rETTNG

Gov) rim

GnMM1TT7F.

UeetinF of Gold Fund Committee was hold at the Now York
Clearing F.,use September 24th, 1914; all members present.
Ulnutes of previous meeting rend and a,,proved.
Voted to request Ur. Strong to notify hr. Paul U. Tnrbarg
that the Federel Reserve Bo-rd could count definitely on the amount
of the Gold Fund apportioned to W./ York.
Details as to the proposed nrrmngemert with the authorities
abroad under which the Gold rand is to be made available were discussed
and it was the sense of the Committee that one of the conditions should
be an agreement on the part of Europe to import cotton.
Ur. Strong reported the suggestion from 'nehington that it
would be desirable to have :Ir. James B. Forgan serve on the Committee
that it is proposed to send "'broad.
Voted that until further notice the Gold Fund Committee meet
each morning except Saturdays lit the Clearing House nt 11:15 A. M.

MINUTES
TIME ir7TING - 001,3 P]ND CMUITT7E.

A meeting of the Gold Fund Committee wee held nt the New York
Clearing Fouse on September 25th, 1914, at 11:15 A. N.; 1'1 members
present.

M'nutes of the previous meettng read and a7provod.
The Chnirmen reported that the Cleer"ng House Committee had
appointed Mr. James N. 'allace a member of the Gold Fund Committee and
that Governor Hamlin of the Federal Reserve Board had been notified of
the appointment of Mr. 'fallace.
The Chairman reported that J. P. Morgan & Co. had advised that
they had some gold on hand and that if the Committee desired, they would
be glad to c:mtribute to the fund.
The Chairman submitted a letter 'roe the First National Bark
of Syracuse with saggested reply thereto, concerning the desirability of
Country Banks participating In the Gold Fund.
The Chairman's reply was
approved.
After a general discuseicn the Committee adjourned.

MINUTES
FIFTH MEETING - GOLD FUND COMMIT FE.

Heaw
Meeting of Gold Fund Committee was helennt the Clearing House
September 28th, 1914; all members present.
Chairman reported that ?resident Tule of the St. Louis Clearing
House Association had forearded to the Committee the subscriptions of ti-ie St.
Louis banks mad trust companies aggregating 15,000,000. and t;et in accordance
with a later cnmmunicetion from the St. Louis Cleering House Associ.tion, the
said subscriptions would be forrPrded by this Committee to the Federal Reserve
Boerd.

Chair .ne reported that m number of institutions loceted in other than
Reserve Cities eere offering to centrceute to the fond.
The !lecretery was instructed to see teat proper credit in the press be given for all such outside
contributions received, but that the figures be not published until completion.
Voted thet
James v. "mllece be appointed an additional member of
the Exchange Coemittee.
The Committee conaidemd the preparation of a formal receipt to be
issued
against
geld contributions and discuesed the question of employing

covnsel
for
the
Committee in connection with this and otaer matters.
It was
http://fraser.stlouisfed.org/
Federal Reserve decided
Bank of St. Louis
to defer the question of geroral counsel and to have Messrs. rhite 6

MINUTES
SIXTH MEETING - GOLD FUND CO'llITTEE.

A meeting of the Gold Fund Committee was held at the New York Clearing
House at 11:15 A. M., September 29th, 1914; all members present except Mr. "rood*arid and Mr. Vanderlip.

Minutes of previous meeting were read and approved.
It was decided that the records of the Exchange Committee be treated
as a part of the Gold Fund Committee recoto's.
The Secretary thereupon read the
minutes of the first and second meetings of the Exchange Committee, which with
certain additione and amendments were ordered filed.
The question of the personal liability that would be assumed by the Committee in conducting their oper,tions was discussed, and Mr. Strong read an opinion
from ',iessre. Thite d. Case upon this aubject, which follows:

"It was suggested that .e give some opinion as to what might be the
sonal liability of members of the Commit tee.
There are no restrictions
in toe plan on this point.
'de think, horever, that the Committee is
plainly acting in a representative canacity for each contributor, and
of which fact each coni.ributor will have notice, and that personal liability for losses would be restricted to causes arising out of direct
misdoing or plain exceedina of authority.
It will be somewhat difficult to establish a source from which the Committee derived its authority, but contribution and acceetance of tne certificate, after notice,
will mount to ratification by contriautors of the steps already taken
and of steos to be taken oursuant to the two letters referred to."

er-

Mr. Strong submitted a :orm of receipt which aressre. rhite & Case had prepared, at
hie request, to be issued eeainst gold contributions.
In a further discussion of the question of financial responsibility that
would devolve upon the Committee in the event that the Committee opened its own
accounts abroad, Mr. Strong seg.:To-tad that liability could be avoided by depositing the gold in trust with the Bank of England.
Mr. Strong stated to the Committee that Mr. ¶arburg was in favor of the
Committee proceeding with the plan of calling for !'in,ono,000. gold in anticipation of the completicn of the Sold Fund.
Methods of procedure tc be followed 1n connection with receiv'ng applications for allotting the exchange to be sold against the Gold Fund were discussed.
Mr. Alexander talked on the telephone with Mr. 'oodwerd at Washington
and reported that .r. Woodward would not be in a position to secure the desired
informot on from the Government Officials before three P. M.
The meeting adjourned.

-2-

A general discussion Was had as to the methods to be followed by the
Committee in fixing the rates at which exceantle should be sold.
Tha Gold Fund Committee adjourned nt this point and the Sub-Committee
on Exchenee continued in session.
Messrs. J. F. Schmid and J. E. Roveneky of the Bankers Trust Co. and the
National Bev* of Commerce respectively, were called into the meeting and gave their
views in regard to certain details respecting the fixing by the Co ,mittee of the
rate at which exchnnee should be sold.
Mr. Strong reported Vet on behalf of the Committee ho and Mr. Venderlip
were in cable correspondence with Messrs. Jacobs and Kent eith reerect to errangements that the latter were making abroad for the Committee.
The Committee discussed further the question as to whether the Committee
should open accounts direct abroad or handle such matters through the Bankers Trust
Co. and the National City Bank.
It was decided that the Committee should send their signatures to the
four banks in London with whom 'essrs. Jacobs end Kert were arranging to open
accounts on behalf of the Committee.
The Committee euthorieed the opening of an account in the Chase National
Bank by the Committee with the proceeds of sales of exch-nve, 2% interest tc be
allowed on balances.
The following resolution was passed:
"RESOTIRD, that all checks drawn against any of the funds on deposit with
the Chase National Bank, New Ycrk City, in account known as 'Gold Fund Committee'
shall, beer the signeturesof twc members of the said Committee."

Copy of letter sent by the Gold Fund
Committee on Sept. 30th, 1914, to the
nine institutions participating in the
40,0040,000. advance contributions of
4

Hew York City, Zeptember

National City Bank,
55

treat,
flew York City.

Deer airs:
ilArsuE:nt to the arrangement made, will you please pay in
gold or geld certificates, at the New York Clearing !louse, to

abert H. Wiggin, Chairman,
illiam Woodward,
3. Alexander,

Francis A.. Hine,

Benjamin Ctrong, Jr.,
F. A. Vanderlip,
N. wallace,
.1.

the Committee appointed under a Report and Flan submitted to the Federal
Reaerve board in a letter dated September 19, 1914, ana take the receipt
of any two members of the Committee therefor,
iJollars (4

eayment of such sum is not in any way payment by yourself
on account of your subscription to the Gold Fund to be administered
an6 disposed of by such dommittee, but constitutes an advance by yourself to such elommittee.

The Committee will repay you in gold or gold certificates,
the amount of such advance, Lie the Committee may be in funds from the
payments made by the eubscribers to such Gold Fund, in response to the
first general call to be made by such Committee for such payments.
so made by youraelleo is part
The advance of ,
of a total advance of 410,000,000., in gold or gold certificates, made
by nine Now York City Bank or Trust Companies, of which you are one.

It is understood that if the Committee does not by November
1, 1914, so repay the advance so Made by you, such 40,000,000. total
advance will be administered an6 disposed of by the Committee for the
pro rata profit of such nine Banks or Trust Companies, exclusively.
If your aevance, however, is repaid before November 1, 1914, from the
proceeds of the first general call by the Committee, the Committee will
have fulfilled its obligations to you on account of such advance by such
in gold or gold certificates, and any
repayment to you of

, 191

;'0114 of receipt prepared by bosom. hits

Cass, and
ieaued by Gold Fund Cosuittee on tieptember 30th 1914, to

the nine institutions participating in the 410,000,000.
wivance contribution of gold.

The undersigned Comwittee appointal under a certain .op.rt
and ?len submittal to the Federal Reserve hoard in a letter
dated 5eptaaeer 19, 1914, horsey, by two ambers thereof,
aoknowludgeerecelpt on behalf of the ehole Cor_mittoo,
f rob the
of

in Gold or gold Certificates, the setae to constitute an

udvance to such Corwaittee as a part of a total Ldvence of
ativanoed to the Comittee by nine !low York
.,1
City
I :'rust Companies, such total advance to be
administered and disposal of by the Coradttee for the
purposesof the Gold Fund, in reopect of which the Committee
has been created. The relvense represented by thin receipt

has been received by the Comittee, purnumnt to a certain
http://fraser.stlouisfed.org/ letter dated 1aepteraber 30th 1914, widreased by the Committee
Federal Reserve Bank of St. Louis

Form of receipt issued by National City Bank to Gold
Fund Commit tee in connection it i th ndvo nee fund of 110 1000 ,000.

1100,000,000. Gold Fund.
%see i pt.

MATICNAL CITY HA MN ncknowledges receipt frnm Albert E. V1ggin,
Tcodwnrd, J.
a. Alexander, Frtrcis L. Eine, Benlamin Strong, Jr.,
F. A. Vanderlip nrd J. N. Vannes, R Committee nppointed under n certain
Roport And Plan submitted to the Federal Reserve Boord in a letter dated
September 19, 1314, of '.5,000,000. Gold or Gold Certificate m, which the
National City Sank is to transmit to the Minister of Finerce, Dominion of
!finials

Canada, Rt °towel Canad; such shipment of gold is to no used for opening in thv name of the National City Rank, through the Bnrk of England,
special deposit accounts with Union of London & 5m!tia's Bonk rend Lloyds
Bnrk, 714., London, in substantially er:unl amounts, to be administered
as the National City Hank ony be directed, from tiro to time, by said
Comm i ttee.

Dnted, Net York City
Leptemer 30, 1914.
,

NAT7ONAL CITY W.nic,
Sy
V i Ile-P re s deut.

Form of receipt issued by Bankers Trust Co. to Gold
Fund Committee in connectiln with advance fund of t11,000,000.

t100,000,000. Gold Fund.
Receipt.

BA4URS TRU3T OOM!'ANY acknowledges receipt from Albert E. Ifiggin,
loodward J. S. Alexander, Francis L. Ein©, Bcmjamin Strong, Jr.,
F. A. Venderlip and J. N. wg11rice, g Committee appointed under a certain
Report and Plan submitted to the Federal Reserve Board in R letter dated
September 19, 1914, of 43,000,000. Gold or Gold Certificatiie, which the
Bankers Trust Company is to transmit to the Miniet-a of Finance, Dominion of
Canada, at Ottawa, Cantata; such ahipmant of gold is to be used for opening
in the name of the Banisters Trust Compeany, throu01 the Bank of England, epecial
Jepoeit secounte with I,ondon City and Midland Bank, Ltd., end Parr's sank, Ltd.,
tendon, in eubstartielly elur4.1 &mounts, to be administered as the Rankers Trust
Com-eery may 1.4 directed, from time to time, by a -id Committee.

Dated, Mew York City,
September 30, 1914.

BAMilri. :7 TRUST C WANT,

11=11
Vice-President.
3y

Trensuror.
By

soet Treasurer.

Copy of announcement given to the press by the Gold Fund Committee,
September 30, 1914.

"In response to many inquiries that have been made of members of
the committee the Chairman announced today that it was the intention of the
committee to adopt such rules in making sales of exchange as would equitably
meet demands from all parts of the United States. These rules necessarily
may be modified from time to time. No brokers will be used by the committee,
and it will be its endeavor to sell exchange directly to tAose having payments to make abroad, witnout intermediaries. Such profits as may be realized
after payment of necessary expenses are to be pro rated among all the institutions which cArtribute to the fund.
In anticipation of the collection of the first instalment of the
gold fund of i100,000,000. the New York Committee has arranged with a number
of New York banks and trust companies to advance an instalment of gold which
The committee expects, therefore, to
the committee is shipping to Ottawa.
be in
position to sell exchange within a few days and to receive applications
for checks or cable transfers on London.
All applications must be on forms which will be provided by the committee, which has arranged for quarters at the New York Clearing abuse, where
such forms may be obtained.
All applications must be made before 12 o'clock each day and must
be accompanied by a detailed explanation of the :naposes for which the exchange
is required.
-o applications will be received on Saturdays.
The committee will meet each day (Saturdays excepted) at 3:3C P. L.
to consider applications, which, to the extent granted, will be at fair rates
for the day as may be determined by the committee.
The committee reserves the right, in its sole discretion, to reject any
or all applications, or to allot a reduced amount, or to change the method of
fixing its rates.
Pcor the present the Comittee will not consider applications for
cable transfers in a ounts of less than 4,000., but applications from all
parts of the United States will be received.
Payments for exchange must be made by certified checks drawn to
the order of "Gold Fund Committee" on New York banking institutions upon
acceptance of allotment and prior to delivery, not later than 10:30 A.
the following day."

MINUTES
EIGHTH MELTING - GOLD FUND COMMITTEE.

At call of Chairman, a meeting of the Gold Fund Committee was held t the New
York Clearing House at 11:15 A. M., Thursday, October 1, 1914; all members present.
The Chairman announced that the total subscriptions and assurances from New
York City institutions to date aggregated 445,815,520; that there were seven institutions,
havine aggregate allotments of 069,000., who were non-committal as yet, and that there
were seven institutions, hnvine aggregate allotments of 076,430., who had declined to
participate in the Fund.
The Chairman announced that according to advices received from the Federal
Reserve Board to date, approximately 488,00o,000. of the total Fund had been subscribed
or assured from Clearing House institutions in the various sections of the country.
eepresentative from Lesere. 'Alto & Case (Mr. Fay) was celled into the meeting
and discussion followed as to the method of procedure to be followed in connection with
It was suggested by I:: r. Alexander and voted
the sale of exchange by the Committee.
that application blanks be distributed immediately and an announcement made in the press
as to the rules to be followed for the present in acting upon applications for exchange.
Upon motion of IT. Alexander, the following resolution was unanimously voted:

"RESOLVD, that the Cold Fund Co.mittee hereby authorize the National City
Bank and the Bankers Trust Company to execute cable transfers, issue drafts on London
and deliver same upon instructions given by any two members of the Committee."
It was arranged that Counsel should prepare a form of instructions from the
Committee to the Bankers :rust Co. and Eetional City Bank with respect to authorizing

these two institutions to conduct exchange operations for account of the Committee.
http://fraser.stlouisfed.org/
er. eoodeard reported that a total of ;,10,00o,000. had been received by the
Federal Reserve Bank of St. Louis

GOLD FUND COMMITTEE
NEW YORK CLEARING HOUSE ASSOCIATION BUILDING

NEW YORK CITY

The Purpose for which the Exchange applied for is wanted should be fully explained.

Indebtedness covering imports of commodities.
B. Corporate obligations; principal, interest or dividends due abroad.
C. Bills representing money borrowed.
D. Other purposes not mentioned above.
A.

State on the reverse hereof under which of the above headings this application may be classified, and explain fully the nature of the transaction to
be covered by the exchange.

The Purpose for which the Exchange applied for is wanted should be fully explained.

Indebtedness covering imports of commodities.
B. Corporate obligations; principal, interest or dividends due abroad.
C. Bills representing money borrowed.
D. Other purposes not mentioned above.
A.

State on the reverse hereof under which of the above headings this application may be classified, and explain fully the nature of the transaction to
be covered by the exchange.

GOLD FUND COMMITTEE
NEW YORK CLEARING HOUSE ASSOCIATION BUILDING

NEW YORK CITY

APPLICATION FOR CHECK

NO.

(WHEN APPLYING FOR CABLES USE OTHER FORM)

NOT TO BE FILLED IN BY APPLICANT

The undersigned submit the following application for CHECK ON LONDON s
GOLD FUND COMMITTEE.

t to the rules of the

NAME AND ADDRESS OF APPLICANT
STERLING AMOUNT DESIRED (IN WORDS)

SAME AMOUNT (IN FIGURES)
p.,5

STATE BELOW NATURE OF TRANSACTION TO BE COVERED BY EXCHANGE APPLIED FOR WEE OVER)

v'\
SOS

CHECK TO BE DRAWN TO THE 013('IsFR OF

DELIVERED OR FORWARDED 1
AC,
IF APPLICANT IS NOTSOCATED IN NEW YORK CITY. STATE NAME OF THE NEW YORK BANKING INSTITUTION THAT HAS BEEN INSTRUCTED TO
MAKE PAYMEllt FOR THIS EXCHANGE, IF ALLOTTED, AND TO WHOM NOTICE OF ACCEPTANCE OF APPLICATION MAY BE GIVEN
REMARKS

WILL PARTIAL ALLOTMENT
BE ACCEPTED

AUTHORIZED SIGNATURE OF APPLICANT

SPACE BELOW RESERVED FOR USE OF GOLD FUND COMMITTEE
CLASSIFICATION

eOUN T ALLOTTED

DISPOSITION

RATE

CHECKED

DRAFT NO.

COMPARED

REGISTERED

APPROVED

MINUTES

NINTH MEETING - GOLD FUND COMMITTU.

At call of Chairnan a meeting of the Gold Fund Committee was held on
Friday, October 2d at 11:15 A. M., at the New York Clearing house; all members
present.
Mr. Fay of White t: Case was also present.
Copies of the Minutes of the meetings of September 30th and October let
respectively having been forwarded to members of the Committee, the reading of
same was dispensed with end it was voted to approve.
Chairman submitted a letter from the Federal Reserve Board Quoting a telegram from President Thames K. Lynch of the San Francisco Clearing H-use Association
in which Mr. Lynch stated the reasons why the San Francisco institutions believed
they should not be eet]luired to participate in the Gold Fund.
Mr. Lynch's telegram requested an expression of the views of the Federal Reserve Board in the matter, and the Board in their letter to the Gold Fund Committee stated that they
would appreci'te such an expression of opinion in the premises as the Committee
might wish to make.
It was the sense of the Committee that San Francisco should
contribute its proportionate share of the Gold Fund and the Chairman was instructed
to reply to that effect to the Federal Reserve Board.
Mr. Stron; reported that Mr. Vogel, Assistant Treasurer of the Ueited
States, et New York, had been most courteous in facilitating the recenttraneaction
in connection with the 110,000,000. gold shipment, and the Secretary was instructed
to send a letter to lr. Vogel expressing the thanks of the Committee.
The form of letter ;n preparation by the Sub-Committee consisting of
Messrs. Woodward, Alexander and Strong, to be sent by the Committee to the various
Clearing House Associations was discussed, and after certain amendments it was
voted to adoptthe same (see copy herewith).
Form of schedule (see copy herewith) to be used by the Clearing House
Associations in forwarding to the Committee the data requested in the above letter
was discussed and it was voted to adopt same.
It was decided to accompany the nbove mentioned letters to the Clearing
House Associations with a statement (see copy herewith) embodying the methods of
procedure to be followed in making application for exchange, said statement being
a reseme of announcements given to the press on September 30th and October 1st.
The following resolution was adopted:
"Voted that both the Collection Committee and the Exchange
Committee be and they respectively are, each of them, fully authorized
to designate and appoint such managers and agents and tr employ such clerks
as the needs of the work of such Committees in connectior with the Gold
Fund may seem to them respectively to require and withsuenorganization as
they may determine."

Mr. Strong brought up the rate that the Committee had been compelled to
pay in connection with the 110,000,000. gold lust shipped, and it was the sense
of the Committee that the rate wee unjustifiably high.
After a general discussion

it was voted that Messrs. Strong and Vanderlio should send the following cable to
http://fraser.stlouisfed.org/
Messrs. Kent and Jacobs in London:
Federal Reserve Bank of St. Louis

GOLD FUND COMMITTEE
NEW YORK CLEARING HOUSE BUILDING
ALBERT H. WIGOIN. CHAIRMAN.
WILLIAM WOODWARD.
JAMES S. ALEXANDER.

77 CEDAR STREET

FRANCIS L. HINE.
BENJAMIN STRONG, JR.
FRANK A. VANDERLIP.
JAMES N. WALLACE.

NEW YORK, October 2, 1914

W. P. HOLLY,
SECRETARY.

To the Chairman, Clearing House Committee,
DEAR SIR:

Referring to the letter addressed to your Association by Hon. C. S. Hamlin, Governor, Federal
Reserve Board, and approved by Hon. W. G. McAdoo, Secretary of the Treasury, dated Washington, D.C.,

September 21, 1914, relating to the creation of a Gold Fund of $100,000,000 to be contributed by
banks and trust companies located in central reserve and reserve cities, the undersigned on behalf of the
Gold Fund Committee, appointed pursuant to the Report and Plan referred to in said letter, requests you
to advise such Committee of the contribution subscriptions secured by your Association. In transmitting
such advice please use the form enclosed. You will note that your advice provides that the certificate
issued by the Gold Fund Committee evidencing subscriptions (specimen enclosed), should be held in
New York City by the New York City correspondents of the respective contributors for convenience in
endorsement of payments.

Upon the receipt of this letter will you kindly call upon your contributors to make immediate
payment in gold or gold certificates of twenty-five per cent. of their respective contributions, which
payments should be made to the Committee in your City with whom subscriptions were made, that
Committee giving such temporary receipts as may be appropriate, indicating, however, that for the same
there will be substituted the certificates of contribution (in form of the enclosed specimen hereby lodged
by us with you) to be issued by the Gold Fund Committee, and so to be held by the New York City
correspondents of such contributors. Payments so accumulated by your Committee should be transmitted
to the Gold Fund Committee at New York Clearing House Association Building, New York City, upon the
receipt by yourself of telegraphic advice from the undersigned.
Transfers should be made through the nearest Sub-Treasury or by express shipment, insured, whichever may be the less expensive. All expenses, including insurance, should be prepaid and a statement of
the total of such expense forwarded to the Gold Fund Committee in New York City, on receipt of which

remittance to cover will be made. All shipments made direct to the Gold Fund Committee (and not
through Sub-Treasury transfers) should preferably be in gold certificates of the largest available denominations, rather than in coin or bars.

We enclose copies of the Report and Plan and the Approval thereof and of the form of the
Certificate to be issued by the Committee which copies you will kindly bring to the attention of each of
your contributors as stating the terms and conditions upon which the Gold Fund, and the contributions
thereto, are received, and are to be administered and disposed of.
We are sending you under separate cover a set of authorized forms to be used by applicants for
checks and cable transfers. Applicants filling out such forms may forward the same direct to the Gold
Fund Committee at the above New York City address, or through applicants' New York City correspondents.

While the first call upon the contributors is for twenty-five per cent. of their subscriptions, the
Committee will distribute from time to time the proceeds of the sales of exchange so that prior to subsequent calls the greater portion of former calls will have been repaid to contributors in New York exchange
through their New York City correspondents, and such repayments will be evidenced by endorsements upon
the certificates of contribution on presentation thereof for such purpose by such correspondents. Calls
subsequent to the first call, as provided in the Plan, will be so limited in amount that no contributor will
at any one time have invested in the Fund an amount in excess of twenty-five per cent. of its full subscription, the difference having already been repaid.
For your information there are enclosed copies of announcement made by the Committee.
If you desire further information or additional copies of the report and plan sent you by the Federal
Reserve Board, kindly communicate with the Secretary of the Committee and he will give the matter
prompt attention.

Chairman.

Messrs. ALBERT H. WIGGIN, Chairman,
WILLIAM WOODWARD,
J. S. ALEXANDER,
FRANCIS L. HINE,
BENJAMIN STRONG, Jr.,
F. A. VANDERLIP,
J. N. WALLACE.

1914.
Gold Fund Committee,
77 Cedar Street,
New York City.

GENTLEMEN:

In compliance with your request of October 2, 1914, we beg to advise you that we
have secured from the institutions named below their respective subscriptions as there
Against
stated to the Gold Fund, amounting in the aggregate to $
.
such subscriptions we have made the call as you requested, for the payment to us of the
first instalment of twenty-five per cent. On receipt of such payment we will hold the
same for transthission to you on the receipt of telegraphic advice from your Chairman.
On our payment to you of the first instalment of such contributions, you will issue (in
the form of the specimen sent us) your certificates of contribution in the names of such
contributors accordingly, and deliver them to the respective New York City correspondents
named below, to whom you are directed to make any repayments from the Gold Fund for
account of such contributors.
Very truly yours,

Clearing House Association,
By

Chairman.
(All contributions and payments subject to the terms and conditions of the certificates of contribution
to be issued by the Gold Fund Committee.)

Contributor

Contribution
Subscribed

New York City Correspondent

COPY OF ANNOUNCEMENT MADE BY GOLD FUND COMMITTEE.
The Gold Fund Committee announces that it has adopted the following rules in making
sales of exchange with a view to meeting equitably demands from all parts of the United States.
These rules necessarily may be modified from time to time. No brokers will be used by the
Committee, and it will be its endeavor to sell exchange directly to those having payments to
make abroad, without intermediaries. Such profits as may be realized after payment of necessary expenses are to be pro rated among all the institutions which contribute to the fund.
In anticipation of the collection of the first instalment of the gold fund of $100,000,000.
the New York Committee has arranged with a number of New York banks and trust companies
to advance an instalment of $10,000,000. gold as follows, which the Committee is shipping to
Ottawa :
CHASE NATIONAL BANK
NATIONAL BANK OF COMMERCE
FIRST NATIONAL BANK
NATIONAL PARK BANK.
NATIONAL CITY BANK
HANOVER NATIONAL BANK
BANKERS TRUST COMPANY
GUARANTY TRUST COMPANY
CENTRAL TRUST COMPANY

$1,000,000.
1,000,000.
1,000,000.
1,000,000.
2,000,000.
1,000,000.
1,000,000.
1,000,000.
1,000,000.

The Gold Fund Committee is now prepared to receive applications for checks on
London, which must be made on forms which may be obtained on application at the office of

the Committee in the New York Clearing House Building, or from any member of the
Committee, as follows :
ALBERT H. WIGGIN, Chairman,
WILLIAM WOODWARD,
JAMES S. ALEXANDER,
FRANCIS L HINE,
BENJAMIN STRONG, JR.,
FRANK A. VANDERLIP,
JAMES N. WALLACE.

Applications will be considered by the Committee daily, commencing Friday, October
2nd ( Saturdays excepted ) at an hour to be fixed by the Committee, which until further notice
will be 3:30 P. M., and applications must be filed with the Committee not later than noon of
the day on which they are to be considered.
The Committee will notify promptly its decision as to applications with the rate to apply
to those favorably acted upon. Payments for amounts allotted must be made not later than

10:30 A. M., on the following day by certified checks drawn to the order of " Gold Fund
Committee" on New York banking institutions, and failure to make such payment prior to
that hour will be considered a rejection of the allotment.
The Committee reserves the right, in its sole discretion, to reject any or all applications,
or to allot a reduced amount, or to change the method of fixing its rates.

A later announcement will be made when the Committee is prepared to sell cable

transfers.

UINUT118

GOLD
YUND COL:1TTEN
'MATH
UNLTING

A regular meeting of the gold rued Committee was held at
ew York Clearing house at 11:15 A. L. Loneay, uctober 5,
lresent, revere. :iggin. Alexander, hive, .strong and
L.r. Fay
ace; absent, iesers. goodwurd and Yandorlip.

kite

Case veep also ,}resent.

The minutes of the previous meeting were a-pdroved as
tted.
The status of subscription° from hew York City institutions
onsidered, and the :Iscretary was directed to comaunicate
those who had not yot responded definitely.
The present figures with respect to the 21uu,OUU.OeC. Cold
were read, showing a total of subscription and assurances to
of .917,5i:L,L.u.
Ix. Strong read the following cable from hr. Kent:
"Expect to see Governor ask ,.ngland Ilonday about rate."
it was oecidod to send complete copies of all minutes and
,:arburg
ents of the Gold i'und Committee to date to ..r. Puul
o hereafter furnish him with a copy of all minutes unu docus as prepared.
Er. btrong read a letter from Lr. Kent, written in London,
mber 25th, 1..;14, giving Lr. Kent's ides of the proceuure
should be followed by the Gold i'und Committee (see copy of
r herewith,.
It was the sense of the committee that LT. btrong should
est tr, Kent to remain in London for the time being, in order
ntinue negotiations on behalf of the Committee.
Lounsel submitted a form of Call for payment to be issued to
'Zile
:ew York blinks when the :.1c0,00C,OCC. fund is complete.
r was referred to the Committee that has charge of receiving
aring for the gold.
Fr. .1exander brought up the question of inviting represenes of the various clearing house associations to come to hew
for a general discussion with the Gold i'und com'Attee us to
ethod of distributing exchange, etc., and it vas decided
!;ir. idexander should notify the ComA.ttee when ho deemed the
had arrived to issue the suid invitation.
The mooting adjourned.

COPY OF laTTEK DAM) SMPTNIABlih 25Th, 1014
YoRWAUDZD by hA. Y. I. KLNT Yhoi: LONDON TO
UR. DliNJA4IN BUONO, Jh hAJ.hiA,* TLIJLT Uo.,
NA
YuHK

Ur. Benjamin Ltrong, Junr.
Bankers' 'iruot Company,
16, Wall 3 treat,

Yohh

Dear Ben,

he,;arding the luU million gold pool formed by hankers
of America for the purpose of making foreign exchange, would say
that I fully agree with the contents of your letter in which you
stated that the exchange should not be used for trading purposes.
It is of course going to be impossible to control bankers who buy
exchange in the United5tates from &porter° and requile them to use
such exchange to meet current obligations of the business interests
hanks purchasing exchange in
of the United 3tatos in 'ngland.
the open market or from their customers are therefore going to be
in position to carry such exchange, which under present conditions
would be equivalent to hoarding it, and then endeavor to buy
exchange of the New York Colwittee that had been made by the gold &
,;ith discouw.s
fund in order to moot their legitimate demands.
and deposit rates in London ruling as they do to-day there is going
to be a natural desire on the part of many buyers of exchange to
discount their purchases of eu day bills, for instance, at
and put them into their account at 3-1/P.: where they have such
arragements with their hondon correspondents, provided they can
feel that the rate of exchange, should it drop considerably at the
IA the higher
moment because of the gold pool, might recover 2.-ter.
rates prevailing now, there is of course no temptation to hoard
I question
exchange, unless one hue an actual forward use for it.
whether the how York Com-ittee can handle the gold fund without too
much friction unless they ignore the question of exchange supplies
that banks may have when called upon for exchange for certain
Un the other hand, the
specific requirements that are legitimate.
Nev York tdomplittee will undoubtedly be in position to demand that it
know the actual foreign balances of banks asking for exchange against
if the Danko did not
the gold, should they goo fit to do so.
choose to show their balances, it would merely mean they did nut
cars for the exchange with sufficient urgency to give up their position
J.t would therefore uo entirely possible to
in order to obtain it.
control the hoarding of exchange that might be purchased if it is
the natural objection
ogngidered wise to do so taking into accmt on.
The first; thing
of roroign exhcnage man to ShOW tnoir pos
therefore, seems to me
decided
by
the
Comaittee,
that
will have to be

to be what policy they will pursue in thin particular matter; that
is, whether *hey will sell exchange to banks asking for it upon
satisfactory proof that it is to be used for purposes that are
cow:Idered legitimate, or whether in add. Lion they will demand
knowledge of the amount of exchange that the bank has available
as woll as the amount that it requires,
After this question is settled, what constitutes legitimate
in order to settlers this matter,
requirements oust be determined.
the object of the fund must be borne in mind.
it hrie been created
for two peraosei; primarily to settle the obligations of the people
of the United atates in Ureat aritain, and secondly to help the exchange
market.
'The first is a matter of honour and integrity, but the second,
The second, therefore, should only be considered
merely one of profit.
';.hio being true, will first list our
after the first ie satisfied.
ahooe consist at the moment of 7 items:obligations.
1.
2.
3.
4,
5.

Laturing short term notes or bonds,
aaturing commercial paper,
bemand dollar deposits of foreign banks,
Amounts due for securities sold in America, but not yet delivery
haturing acceptances of american Tanks for commercial Letters
of Credit and finance paper,
6. Obligations of aaerican banks under Trayellers' letters of
Credit where their accounts have not boon covered by the
gold fund or otherwise,
7, Contracts already meat, by American importers for goous in
the process of manufacture or otherwise where the nature
of the contracts is such that it should be kept.

it would oeso as though you could obtain a fair idea of
ao, 1, after a little careful enquiry in Now York, and that No. 2
could be ascertained with considerable certainty by getting figures
Co., and such others
1dman Sachs
froo eatkaway, Nauaberg & Co.,
as these firma may advise you to call upon for information,
No, 3. . The total of Such deposits can easily be obtained by
asking for information from tanks in New York and a few banks outside
No bank should object, to giving such information, as
of New York.
they would not have to give any names of institutions, and it would be
confidential information for the Comaittee us well.
Ne. 4. - comes to about lu million dollars and is represented
by stalks that have bean sold in New York by London brokers where
The actual
delivery has boon made by borrowing stock in America.
stscl at: the ooment is being carried for the London brokers by the
This stock when cent to aaerica to replace borrowed
London banks,
have good reason
stock, will have to be paid for by American houses,
to believe that the figures mentioned are correct, as they were compiled by responsible people in this market.
No. 5, - The same bankers who would furnish the figures
for ao, 3 and quite a number of others, could furnish these figures if
ahether you would care to ask that the commercial
they wished to.
credits be separated from the finance bills is a further matter for

consideration.

- 3 -

- Al far as i can judge, this amount is of neglibible
The large majority of americans have returned to the
quantity.
United States and as very few are coming to hurope at thistime,
no appreciable amount of money is g ins; to be needed to cover this
requirement unleos all reports from embassies and others as to the
number of amerieans still in k;orope are absolutely incorrect.
This amount cannot be determined, but is undoubtedly
No. 7. so small that it can be left out of the calculations, although it
The reason this may be small is
should be borne in mind.
because in great numbers of cases the parties on this side are
unable -to make oelivery, which will naturally cancel the contracts.
All of these matters should represent obligations of the kind
incurred say before the date of the actual original deposit of gold,
or uctober 1st, or such other date as the Committee may think proper.
All new obligations should be incurred at the risk of those undertaking the transactions and they should not be allowed to call upon
the gold fund for cover.
Letters which have to do with profits are only five in number, 1. New letters of credit which might be issued to importers.
2. New letters of credit which might be issued to travellers.
3. Ordinary foreign remittances from America.
4. The further purchase of securities from abroad.
5. The purchase of exchange for balances either for the purpose
of obtaining higher rates of interest or in anticipation
of oxchange profits.
No.

1. - It might be valuable to the country to encourage importing
from 'earepe where such trade is possible, for it would increase the
power of the countries to buy from us and would so help our exports.
It need not be considered as an amount of im?ortance, as the natural
exports under present conditions will probably exceed the imports.
2. - .tuite a number of business houses are going to find in the
present condition an o?portunity to increase their trace because of
their specialties being required, and they will be obliged to send
it is of value to encourae
travelling men to obtain the business.
such traveling, but the amount in credits issued woulu seem to be
negligible.
3. - It would seem as though such remittances would have to
stand upon their own bottom and that the remittors ought to pay
rates of exchange which would cover the transactions without reference
In the case of Americans abroad who are in the
to the gold fund.
habit of receiving monthly remittances, the demand has probably been
reduced because such persons have returned to .morica, to a point
where it need not be considered.
4. - While we are under obligations to take up securities which
we have purchased, yet should means be found for the making of further
sales to America from urope it should be clearly understood that no
payments can be mace out of the gold fund, and that one of the risks
of the sale lies in the question of ability to obtain exchange for
The Securities eeld here were purchased for the profit of
cover.
those making the purchases and not for any accommodation to American

are under no obligation whatever to buy further of
interests.

our securities although we are under obligation to pay for those
which we have bought.
5. - It would not be a legitimate use of the gold fund to allow
Franke or bankers to purchase exchanee against it for either interest
or exchange profit,
have had no time to study the matter, having been obliged to
sit down and dictate without notes or references of any kind, and it
is possible that T may have overlooked some traneaotione that 'should
be conoidored, but if so, they will undoubtedly occur to you, end
with this outline, think you can see about what idea I have in regard
to the use of the fund.
'Ake question of what is going to be necessary
to satisfy: the Committee of the legitimacy of each demand for
exchange aw, it is made, is one that seems to no rather simple to
work out, for the rules can be published if desired, or put in such
form that every canker wishing to make purchases will understand
exactly what is required of him and know that there is no discrimination or doubt as to integrity.
ouch being the case, documents
can be required or not, us the eommittee thinks best.
Personally,
I think that as the exchange buyer is not obliged to purchase of the
gold fund Committee unless he wants to, the Committee will be
justified in making as stringent rules as it wishes.
should a buyer
find it impossible to _ purchase exchange from any other source than
the Committee, it would be just as valuable to him to have rules that
would protect the exchange from misuse as to anyone else.
in order to have this catch the steamer must stop.
Hoping that
this may give you some of the information which you desire, 1 am,

Sincerely yours,

um:Tim
"LEY7J11111 VEINS -

crmtrrry.

4 regular meeting at the Cold Fund Committee wee held et the Nem York
Tuesday October 6th, 1914; present, resars. "Aggin,
Clearing linuee at 11:15 A.
Alesenuor tine and Strong; absent, ilessre. Toodward, Venderlip and ranee..
linutes of previ..ue :eating erprovad as submitted.
The Secretary reported that actoording to advices received to date, 30

cities had subscribed a tots' of t98,100,000.
It was anrounced that total subscriptions azgrsgating 145,334,160. to

the Nett York Fund had been received, together with assurances geregAtIng 1464,900.
Mr. Strong reported the following advice of crudity on account of the
recent gold ship-Ants:
thnkore

TrJ4t cosicairctil

.uivelant:

Cre I !tea London:

5,004,271.76

I5 1,022,009. -.-

Creditod London:

1,022,802..

Dollar '7quivalent plus ispense:

Netiunal Cl_ty 'lank 0.1141 3himlent:

$ 5,008 9741. 50

Rate:
4.8926258

Rate:
4.8970448

MINUTFS
T"TIFTII ',METING - GnLD FUND commITTrx.

A regular meeting of the Gold Fund Committee was held at the New York
Clearing house, at 11:15 A. M., 7ednesday Octobor 7th, 1914; present, 7.essrs.
Wiggin, Woodward, Alexander, Hine, Strong and Vandorlip; Nr. -allece telephoned
that he Was unable to be present.
The Mioutes of the previous meeting were fpprovod as submitted.
The Secretary reported that according to advises received to Jets a
total of 34 cities had been heard from, the respcneee aggregating 496,768,650.,
this leaving 11 cities to hear frau with eubscriptions aggregating A9,581,350.
The Secretary reported with respect to Now York City that subscriptions end assurances aggregating 45,8:6,760. had been received.
The Chairman was authorized to write a letter to ir. J. F. Rourk,,
Comptroller of the Currency, Ottawa, Canada, expressing the appreciation of
the Committee at the courtesy extended by Mr. Rourke in facilitating the details in connecticn with the recent 410,000,000. gold shipment.
Mr. Strcng reported receipt London,
of the following
Octobor 6,cables:
1914.
Benj. Strong,
Message 32.
Your message 53 will remain London while
Have just seen Lloyd George
needed by Gold Committee.
Confidential.
about gold rate which is under consideration.
Fred Kent,
Waldorf hotel."
a

London, October 6, 1914.
Benjomin Strong Junr and Fran A. Venderlip,
Bankers Trust Co.
14 Tall Street,

New York.
Message thirty-one.
Working on gold rate.
cannot answer definitely for fe": days.
Kent
Jacobs"

Probably

A goner ldiscussion was had as to the proper course for the Committee
to adopt with respect to future gold shipments, etc.
It was the sense of the Committee that further shipments of gold be
not made until same definite arrangements could be effected with the Bank of
England for toot institution to pay a proper price for the gold and to agree,
in the event of the foreign exchange market turning in favor of this country,
to return,on or:so:lest, all gold stripped by the Committee at the price paid the
Committee for it.
The meeting adjourned.

MINUTYS
ThIRTFENTE WITT14G - GOLD FUND COUUTTT7E.

A regular meeting of the Gold Fund Committee was held at the New
York Clearing House et 11:15 4. U., Thursday, October e, 1914; all membets
present.

The Secretary reported that no additinnel definite edvicee had been
received with respect to the general fund since *e previous meeting.
The Secretary reported with resneet to New York City that the aggregate of subocrirAiens end Assurances was the same RS reported et the
previous meeting.
The following resolutinn was adopted:
twat tus $4,221.76 of gold shipped 1.; 7!raters Trust Company
with its $5,000,000. gold shipment to Canada on October 1st, 1914,
directed by the Committee, constitutes an increase of 4,221.76 to
the $1,000,000. gold advance of such Trust Company to the Committee,
made September 30th, 1914, on the same terms and conditions, end also
n like incrense of the $5,000,000. gold received by such Trust Cempary

http://fraser.stlouisfed.org/ frnm the Committee for shipment to Canada on the Berne terms and condiFederal Reserve Bank of St. Louis

IIINUT7e

RIND COLIIJITTa.

FeURTerelli 2FITING

A reguler meeting of the Gold Tutu! Committee was held nt the Nee
, Friday, October 9th, 1914; present, Lssors.
York Clearing Mouse t 11:15 A.
xf

in, Alexer,der, !Inc, Strong, Vander lip and /alines; ribser.tddr. nedwerd.
Minutes of the meetings of October 9th end 8th sere approved es

subm i tted.

The Secretary reported thet necerding to advice received to dete
n total of i99,668,650. had beer contributed by institutions in 35 cities and
teat allotments negregeting $8,650,000. had

not

been heard from.

It was else

reported that a tote' of $298,500. bed eeen suescribed to dete by institutions
in cities not included in the or!gir.el alentn3ents.
Mr. eeillece sulenitted a letter from the :lecheries k Farmers Berk of
Alban), N. Y., offering to subscribe 150,000. to the Gold Tund, and the Chair*
was instructed to reply to the same.
The Chairmen reported a letter 'roe 'Jr. :Alban:, Assistant Gecretery
of the Treerery, outlining his uncierstandtror of tee procedure that mill be

followed by the Treasury Doperteert in trarefferring gold to Nee York tereugh the
various Sub-Treeserie, end the Chairemn wets instructed to reply to the sari.
The following resolution wee rfopted:

Wit additionel contributions is gold to the Gold Turd be received from banking Institutions not included in the ellotmerte made by the
federal Reserve Board, nee! thet try such cntribetions shell be held end disposed of by the Coreeittee subject to the SA,* terms and conditions under which
contributions ere received 'rent banking institutions included In such Allot..
mer.te, except that ouch additionel contributions,
(1.) Shell not be deemed to increase the Cold Fund
so es

cluded in such al

(e.)

!4c, pro

over ticos000veoc.

to require a pro rite reduction of the contributions

in-

ioteents, end

net" reductions shall be male in such additional con-

tribution by reason of tee ageregete amount of certribetions
to the Gold Fund.

TUVI7R VOTM, If the contributions in tiny city
med by the Federal Reserve nerd shell exceed the

included Ic the cell

ellotmer.t rands

for

-t

city,

Tette by th"t city's Coeetittee but only
suer,
before nr.y payments are rtin-le thereon) so es to meet) thee equal that city's
elletner.t, and
thit the Committee defer notion for the present in
reTereee
making cry pro ret.n reduction of t's pledges from New York City.
contributions may

be reduced ere

It Weis voted thnt dlebirseeer.te should be made out of the Tend, of the
Committee only

upon approval of

the

Chairmen of

the Gold Turd Committee

approval of the Mei:elev. of the Coeerttee for roes ivfne-

or tee Cheirmar. of the Zxchnnee Committee.

the

c-rir.g for the gold

MINUT'S
TIFTKENTH MFMTP4G - MID IF ND COIMITTI.T.

York
A regulor meeting of the Gold Fund Committee was held at the
Clearing Houoe at 11:15 A. ., Tueaday, October 13, 1914; present, Messrs.
'"oodward, Alexander, Hine, Strono and Venderlip; Absert, Ur.
Minutos of previous meeting read and approved.
The Secretory reported tho at"tue of the General 'Fund, indicoting thet
total of 36 cities to whom original allotments were oade had been heard from
with subscriptions aggrogoting $105,224,360.
It was reported that subscriptions and assurances had been received
from New York City institutions aggregating 145,828,950.
It sae voted to declnre the *100,000,000. Gold Fund plan operative
and to immediately call for a shipment, to the Gold Fund Coloittes at New York,
It WIC further voted that the excose subscriptions
of a first instalmert of 251,.
over $45,000,000. received from New York Cite institutions should be applied pro
rata to a reduction of such subscriptions, so toot the aggregate from such New
York City institutions would be $45,000,000., and it was voted that a call be
issued to the institutions subscribing the $45,000,000. asking for a payment of
to be male to tne Committee on Thursday, October 15th, 1914.
25

It was voted that as the Committee wes no in fonds to do so, the
http://fraser.stlouisfed.org/
special
advance of f4,221.76 made by the Bankers Trost Co. to the Gold Fund ComFederal Reserve Bank
of St. Louis
I'

GOLD FUND COMMITTEE
ALBERT H. WIGGIN. CHAIRMAN.
WILLIAM WOODWARD.
JAMES S. ALEXANDER.
FRANCIS L. HINE.
BENJAMIN STRONG. JR.
FRANK A. VANDERLIP.
JAMES N. WALLACE.

NEW YORK CLEARING HOUSE BUILDING

77 CEDAR STREET

NEW YORK, October 14, 1914

W. P. HOLLY.
SECRETARY.

New York City.
DEAR SIRS:

With respect to the Gold Fund subscribed in the amount of $100,000,000, by banks
and trust companies located in Central Reserve and Reserve cities, pursuant to Report and
plan contained in the letter of September 19, 1914, addressed by the Committee, consisting of
James B. Forgan, Chairman, and others, to the Federal Reserve Board and the Secretary of
the Treasury, approved by such Board and the Secretary of the Treasury, September 21, 1914,
the undersigned, Chairman of the Gold Fund Committee named in such Report and Plan, and
with which pledges of contributions to such Gold .Fund were subscribed by the banking
institutions located in the City of New York, hereby calls upon you to make payment of the
first twenty-five per cent. ($
) of $
, the amount to which
your total subscription to such Fund has been reduced. You will please make such payment, in
gold, by delivery of such twenty-five per cent., so far as possible, in gold certificates of the largest
House Building,
77 Cedar
New York
City, on
, 1914,
at
available denominations
to the Gold
FundStreet,
Committee
at its office
at October
the New York
Clearing

o'clock

M., against which payment the Gold Fund Committee will issue its certificate of
contribution and of payment of such first instalment. Punctual observance of the time above
set will greatly assist the Committee.
We enclose copies of the Report and Plan and of the approval thereof, and of the form
of the certificate to be issued by the Committee as stating the terms and conditions upon which
the Gold Fund, and the contributions thereto, are to be received, and are to be administered and
disposed of.

A set of authorized forms to be used by applicants for checks and cable transfers, in
connection with the work of the Gold Fund, may be obtained upon request of the Secretary of
the Committee.
While the first call upon the contributors is for twenty-five per cent. of their subscriptions, the Committee will distribute from time to time the proceeds of the sales of exchange so

that prior to subsequent calls the greater portion of former calls will have been repaid to
contributors in New York exchange, and such repayments will be evidenced by endorsements
upon the certificates of contribution on presentation thereof for such purpose. Calls subsequent to the first call, as provided in the Plan, will be so limited in amount that no contributor
will at any one time have invested in the Fund an amount in excess of twenty-five per cent. of
its full subscription, the difference having already been repaid.

If you desire
tion. further information or additional copies of the Report and Plan, kindly
ALBERT
H. WI
communicate with the Secretary of the Committee and he will give the matter prompt
attenN. B.-When making payment, please present this notice.

total subscriptions to the Gold Fund listed in your advices to us of October,

per cent. of $

1914, against

which payment we have issued our certificates of contribution in the names of the contributors named below, for their respective sub-

GOLD FUND COMMITTEE

scriptions as there stated, and reciting payment of the first twenty-five per cent. instalment in the respective amounts below mentioned.
CLEARING HOUSE BUILDING
The certificates have been lodged withNEW
such YORK
contributors'
designated New York City correspondents,--all as specified in your advices

above mentioned.
ALBERT N. WIGGIN. CHAIRMAN
you may have
*WILLIAM WOODWARD
JAMES S. ALEXANDER

FRANCIS L. HINE

STREET
You should therefore, if you 77
haveCEDAR
not already
done so, arrange to call in and cancel any temporary receipts which

issued against such respective payments.

Will you please advise the respective contributors of the foregoing.
1914
YORK, OCTOBER
Very trulyNEW
yours.
For THE GOLD FUND COMMITTEE.

BENJAMIN STRONG. JR.
FRANK A. VANDERLIP
JAMES N. WALLACE

CONTRIBUTOR

FIRST PAYMENT

CONTRIBUTION
SUBSCRIBED

25 %
$

NEW YORK CITY
CORRESPONDENT

GOLD FUND
COMMITTEE
New York City.
Dear Sirs:-

NEW YORK CLEARING HOUSE BUILDING

We hereby lodge with you, pursuant to instructions received by us, certificates of contribution issued by the Gold

ALBERT H. WIGGIN. CHAIRMAN
WILLIAM WOODWARD
Fund Committee to the institutions listed below, for the amounts of respective subscriptions as there stated, which certificates further
JAMES S. ALEXANDER
recite the payment to us of the first instalment of twenty-five per cent. of such subscriptions in the respective amounts there mentioned.
FRANCIS L. HINE
BENJAMIN STRONG.
WillJR.
you kindly advise the respective contributors of your receipt from us of such certificates. It is our understanding you are to hold
FRANK A. VANDERLIP
such
JAMES N WALLACE certificates at your office for account of such contributors, so that the certificates can be presented from time to time to this Com-

mittee for endorsement thereon both of such further payments as may be made toward such subscriptions, and of the distributions of
repayments which may be paid to you for the account of such contributors. Will you kindly receipt the duplicate hereof and return the
same to the Gold Fund Committee, New York Clearing House Building, 77 Cedar Street, New York City.

Very truly yours,

For THE GOLD FUND COMMITTEE.

CONTRIBUTOR

ADDRESS

CONTRIBUTION
SUBSCRIBED

FIRST PAYMENT
25

MINUTTS
EICKTEENTH UF-TTNO - U LD FUND COMMITT7r.
A regular meeting of tee Gold Fund Committee was held at the New York
Clearing House at 11:15 A. M., Triday, nctober 16th, 1914; present Uesers. riggin,
Woodward and Alexander; absent, Messrs. Hine, Strong, YanPerlip and 7allace.
Minutos of previous meeting approved as submitted.
The Secretary reported that accent:If:1 to advice,' to date 43 cities had
subscribed a total of 1107,349,40. ani that apbecripticrs from cities not included
in original allotments amounted to $1011,oo.
The Chairmen reported a telegram from Ir. Jam,!gs A. Torgar to the e_4.11t
that Mr. Tongan would be in Ns' York on Setarday, October 17th, and would disoues
with the members of the Committee the method of handling the gold contributions of
Chicago.
Wr. 7oodeurd reported thtt a total of 16,049,595. gold had been received
on Octob-r 15th, 1914, Against the cell for the first instalment of 251. n,contly
issued.

On motion duly male,seconded and Gerrit/dolt was

VOT7D, that the Committee approve the motion in issuing certificates of
contribution to vino banking institutions participating in the *10,000,000.
gold novenae, by having the amounts payable by them as their first twentyfive per cent. Instalment credited upon the receilts Iven September 20, 1914,
against their advances.
And
FURTEMI VOT7D, thrit the Committee dirct payment in gold to such nine
banking institutions of the amounts of the twenty per cent. refund made to
them in Now York funds on October 13, 1914, such payment to be made against
the receipt from then of their cashier's checks for the amounts of such
refund.

And

1111n7A VOT".D. Vint the Committee direst the repayment in gold to such
institutions of any balances then remaining unpaid of such advances.

On motion duly made, seconded ono carried, it was
VOTIM, that with respect to any Treasury Certifisatee, or orders for
the payment of money drawn upon the Trensurer of the United States or upon
any Assistant Treasurer, in favor of, or payable to, or for account of, the
Gold Fund Committee, the endorsement of such certificates or orders may be
mec;e in the name of the Gold Tuna Committee by any two membtra of such Committee, and Jr. 17. P. Holly, Secretary of the Committee, in authorized to
certify to the Treasurer of the United States or any Assistant Treasurer,
this resolution and the personnel of themembership of the Committee, together with specimen signatures of them respectively.
Mr. Alexander reported that the following exchan3s was sold October 15th:

4:37,734.1.6

(Check) at 4.96f and 4.974.

MINUTES
NMTICE1114 ;JESTING - GOLD FUND COMMIT x.

A regular meeting of the Gold Fund Committee was held at the New
York Clear'ng Howie at 11:15 A. M., Monday, October 19th, 1914; present,
Messrs. Woodward, Alexander and Hine; absent, Meesrs. Wiggin, Strong,
Ihinderlip and 77allace.

Minutes of ;.-rovious meeting were approved as submi tted.
The Secretary reported thr't according to schedule lust received,

the Detroit subscriptions amounted to $760,000. instead of $750,000. end
that the aggregate of all pledges to date wcs $108,376,360.
Mr. Woodward reported twit his Car,littes had received direct on
October 17th, $254,100. and a letter from the Sub-Treasury steting that
$7,219,975. had been received via Sub-Treasury transfer.
On y-tion duly made, seconded and carried it was
VOTED that it is the sense of the Corlmittes that too situation
now permits that such exchange as is sold from the Gold Fund be in the form
of drafts drawn by the Committee and in direct cable transfers by the Committee, and that Ur. Alexander, Chairman of the Exchange Committee, be and he
hereby is, authorizedand directed to take tho necessary steps to that end
under conditions that will permit of uninterrupted exchange trot:sections by te
Ce:mittee.

On motion duly made, seconded and carried it '1111
vorra that Mr. George 72-.. Lewis of the Uanover National Hank, now
working with the Receiving Committee of the Gold Fund Comalittee, be and he
hereby is, authorized to receipt in the name of the Gold Fund Committee for
any and all packages or 2nrcels shipped to the Committee by express, or by
rwircel post, or by registered mail, and thet any receipts heretofore given
by him on behalf of such Committee as to said parcels be and they hereby are,
ratitiod and confirmed.
The mooting adjourned.

1111MTES

T"INTTSTh '/IFFTING - 0')LD TUC,

A reguIrtr mooting of the Gold Fury: Cosa:! t tee was held at. the New York
Clearing House at 11:15 '1. Wit., Tueeday, October 20th, 1914; proner.t, ttessr.7-.
Tiggin, Albsearder and Hine; abeent, Velure. *o-elverd, Strong, Vanderlip and
Vallace.
Minutes of pr-vInue meeting n-proved as submitted.
The :ha in an reported tho illn,se of Ur. 11nntierlip.

The Secretary reported the aggregate of all pledges to date an
$108,376,360. with Spokane and Salt Lake City as the two cities not yet definite...
ly hoard from.
The Soorstnry referred a tor.cier of $5,000. gold fro..- Users. J. P.
iiorgan & Co. on behalf of a Per.nsylvanis client, whish client desired the Gold
Fund Committee's check in exchange for ,VACkl gold.
It was the sense of the Come.
mitts* that to der: of this nature should not be accepted a:xi that the suggestion
be made to 4essrs. J. P. Morgan & Co.'s client t!,--t he bonen* a contributor to "le
Fund eerier the usual conditions.
On motion duly made, eecor.:led ar.i1 carr.Iod, it was

VOTt:D, that the respective accounts to be opened by the Committee 'el th
the four London banks hereinafter mentioned, be under the nuns and style of "Gold
Fund Covisittas, consisting of klbort
vtggin, Chair-An, William Toodwnrd, Jhteas
S. Alexer.der, Francis L. Dine, Benjamin Strong, Jr., Tr-,nk A. Vanderlip and James
R. Trainee", and lust the tArms and blnditions with respect to the trir.sactione
es to s Leh accounts be as stated in the letter addressed on Octoblr 7, 1914, by
Albert 14. Vsiggin Chairawm, to each see of such banks, r.artely, "area Sank,

Limited, London City 6 Midland Banks Limited, Union of London & Smith's Stank,
Limited, and Lloyd's Sank,

The sleeting adjourned

MINUT7S
TWENTY-Tii1RO M7511NO - GOi..il FUND 03gMITTEX.

A regular meeting of the Gold Turd Committee was held nt the New
York Clenring Boas. et 11:15 A. M., Monday, October 26th, 1914; present,
Messrs. Tiggin, Alexander, Eine and 77allace; abent, Masers. 'Voodward, Strong
and Vanderllp.
Minutes of previous meeting approved as submitted.
The Secretnry reported that advice heed been received from the Gelt
',eke Cleering 'louse Associntion to the effect that the institutions in that
city would contribute their allotment to the Gold Fund, and thst the Yancock
County Bark of By St. Louis, Mississippi, had subscribed 4,000. to the Fund,
the ei!gregete of all subscriptions to date being $108,929,360., with J. D.
borgen & Co.s client who had tendered, under special c:,nditIons, a *5,000.
subscriptien,still to hear frlm.
The Chalrean submitted a stntement from the Auditor es of tiro clone
of business October :'4th, 1?14.

On motion duly made, eeconled and carried It wee
VOTFD, thmt no further contribution subscriptions totbe Gold Fund
be received and the Gold Fund be closed with the contribution subscriptions
now made.

FURTI.tR VOTD, that from proeeede of sales of exchnne made by the
Committee, 9 repayment be male to contributors in New York funds of ten per
cent. of the first instilment on eccount of respective contribution subscriptions to the Cold Fund, And the Exchange Committee and the Receiving
Committee are hereby nuthorited and directed to sake all necessnry actiot
to th:A end.

After 3 general discussion the meeting adjourned.

Dear Sirs:

the form below.

For the GOLD FUND COMMITTEE,
For the Receiving Committee.

Sew York City, October.

RECEIVED of_
issued to

1914.

Certificate of Contribution

it for endorsement thereon of the repayment made by the Gold Fund Committee as to such

certificate, from proceeds of sales of exchange made by the Committee, of ten per cent. of the first instalment
paid on account of the contribution subscriptions to the Gold Fund.
Upon completion of such endorsement this receipt is to be surrendered in exchange for such certificate and for the check of the Gold Fund
Committee, payable in New York funds, of the amount of $
, constituting the repayment now made as to said certificate.

For the GOLD FUND COMMITTEE,

For the Receiving Committee..

The Gold Fund Committee has directed, from proceeds of sales of exchange made by the Committee, a repayment of ten per cent. of the first instalment paid on account of the respective contribution
GOLD
subscriptions to the Gold Fund.
You FUND
will pleaseCOMMITTEE
present to the Committee at its New York City office
the certificates of contribution now
lodged
with
you,
as correspondent,
for endorsement thereon of the
NEW YORK CLEARING HOUSE
BUILDING
respective amounts of such repayments as to such certificates. Upon completion of such endorsement the
77 CEDAR STREET
Committee
OALBERT H. WIGGIN.
CHAIRMAN will return such certificates so endorsed and will give you its check in New York funds for the
WILLIAM WOODWARD
aggregate amount of such repayment to be made as to such certificates, and you will please thereupon
JAMES S ALEXANDER
R
FRANCIS L. HINE
credit in like funds the respective shares in the payment so received by you of the respective contributors
BENJAMIN STRONG. JR.
pondent
o
for whose account such certificates are held by you, all as listed in the receipt hitherto given by you to
FRANK A. VANDERLIP

You will please thereupon advise such by such co
the Committee for such certificates upon issue thereof.
made by t
contributors of such endorsement and repayment.
Pending such endorsement you will receive receipt for certificates presented by you, on the of the firs

JAMES N. WALLACE

completio
for the che

form below.

For the GOLD FUND COMMITTEE,

constituti

tb,, Comm

For the Receiving Con,

ttee.

GOLD FUND COMMITTEE
NEW YORK CLEARING HOUSE BUILDING

77 CEDAR STREET
ALBERT H. WIGGIN. CHAIRMAN
WILLIAM WOODWARD
4110JAMES S. ALEXANDER

FRANCIS L. HINE
BENJAMIN STRONG. JR.
FRANK A. VANDERLIP
JAMES N WALLACE

bUBSCRIPTIMB ieiiiiu4Cr Ut
Bask of 1:aw York, L.B.A.
bank of
Inhattan County
Merchants National ..:ank
Mechanics g; ;Aztals N/B
bank of 41erica
National City bank

Chemical VD
Merchants ;:achange
Nat'l butchers
Drovers bank
Greenwich Lank
American ixchng.
N/b of Commerce
Chatham
Phenix fl/u
Peoples tank

Hanover National Bank
Citizens Central W/B
Fulton N/B
Market
Metropolitan Bank
Corn ii;xchng Lank

Traders
Importers
National Park Bank
Last hirer National Bank
:second N/B

First N
Irving N/B
Bowery Bank
New York County ;iational Lank
Carman ilmerican bank
Chase National :ank
Fifth Avenue Bank
Gorman i4change bank
Germania bank
Lincoln H/B

YORK Cril"
598,066.
1,124,780.
535,730.
1,604,05u.
718,27o.
4,990,960.
577.760.
186,270.
27,790.
245,580.
2,496117(-578:23.2223C)u.:

47,330.
2,178,570.
Sot ,190.

98,190.
378,530.
1,711,670.
572,850.

1,1(9):t:
312,440.
2,144,100.
1,101,710.

83,17u.
179,590.
115,280.

2,70,60c.
381,370.

C4,54o.

133,340.
428,510.
Garfield ii/ii
186,660.
Fifth
72,660.
Bank of Metropolis
2u7,480.
West -ide i;ank
115,670.
705,600.
beaeoard -ationsl Lank
440,680.
Liberty National bank
btate innk
5u2,54u.
becurity bank
360.950.
19u,88u.
Iron
Coal
Union Exchange
193,340.
Brooklyn Trust Co.
291,330.
1,692,820.
Bankers Trust Co.
406,716.
United 6tates Lort.
TrustCo.
267,38u.
Astor Trust Co.
Title Guarantee
',rust Go.
333/85L.
Guaranty Trust Co.
1,698,620.
Fidelity iruat Co.
Lawyers Title Ins. 6. Trutt Go.
Columbia Knickerbocker TrustCo. 535,340.
20,97o.
Peoples Trust Company
426,640.
New York Trust Co.
Franklin Trust Co.
137.470.
124,311.
Lincoln Trust Co.
192,060.
Metropolitan Trust Co.
136,090.
Nassau N/b brooklyn
Broadway Truut Co.
185,580.

1!2t.

car

Battery Park N/b
Bronx National hank
Gotham national bank
Harriman National i.enk
bher.an National bank
First U/B Brooklyn

28,860.

16,20.

52,710.
228,910.
23,470.
37.090.
Greenpoint 0 Brooklyn
11,190.
ational ;.ank,frkln 18,830.
!eloping
National City Bank,brklyn
52,300.
2,980.
Comiercial N/B, L.I.City
First U/B, Corona
3,500.
2,440.
First N/B, Jamaica
First N/B, Oskne Mark
3,870.
First N/B, thitestons
1,330.
2,870.
Mariners Harbor N/B
hichmond Borough
3.010.
Tottinville 11/B
2,340.
Port Richmond N/B
9.850.
24,850.
Lank of ,:uropo
Lank of U.
62,430.
Bank of :.ashington heights
18.850.
Broadway .,antral Lank
7,560.
Bronx borough Bank
17,040.
Bryant !ark Bank
17,230.
Century liank
84,890.
Chelsea .4change Dank
25,630.
Colonial ;:ank
141,800.
Conoopolitan :sank
2,130.
Columbia Ma
90.330.
Fidelity Dank
17,660.
International Bank
28,690.
89,250.
Mutual INA
New Netttedeside Beek
40,780.
rublie Dank
112,210.
llventy Third tard Bank
28,416.
'1.estchenter ;venue lank
8,220.
Yorkville Lank
93.580.
:.echanics Lank, Brooklyn
2(.8,140.
Lorth .4414, Bank, Brooklyn
39,440.
iank of Coney Island
10,43u.
Lorestoad Bank, brooklyn
6,770.
hank of Flatbush, Brooklyn
8,170.
Lank of Long Islani,Jam.
71,680.
hillside bankthehmda till
5,710.
Central 'Trust Co.
677.1-3c.
Couriercial Trust Cc.
22,160.
Zmoirs trust Co.
115,590.
Equitable Trust Co.
406,560.
Farmers Loan tt Trust
900,790.
Fulton Trust
101,220.
Transatlantic Trust co.
10,850.
674,020.
Union Trust Co.
U.6. Trust Co.
441,860.
Citizens Tr.Co.Brooklyn
93,910.
Hamilton Tr.Co.brooklyn
bu,120.
home Trust Co.,Brooklyn
24,670.
Kings County Trust Co.brkln 157,240.
iiueens County Trust Co.
18,570.

SUBSCHIMOB Flit, cnsiss
Chicago
Mew York City
St. Louis
Albany
A tlanta
Baltimore
Boston
C edar Rapids
Cincinnati
Cleveland
Columbus

16,ume0 i00.

45,ouo,uoc.
5,000,uck.

No return*
500,000,
1,000,000,
7,000,000.
50,000.
1,500,000.
1,805,000.
506,000.
500,000.
1,000,000.
200,000.
760,000.

Dallas
Denver
Des tA:lines

Detroit
Dubuque

No returns
50,000.

Ft. b.orth

Galveston
Houston
Indianapolis

Ka City, ko.
Kansas City, Kans.No returns
Lincoln
Los Angeles
Louisville
Milwaukee
Minneapolis
Muskogee
Kew urloans
Oklahoma City
Umaha
Philadelphia
Uittsburgh
Portland
Pueblo
facia:load

belt !Aka City
an Antonio
ban Francisco
Savannah -No rot. Lme below
Seattle
Sioux City
Do returns
South Gmaha
Spokane
lit. Joseph

.4. Paul
Tacoma
Topeka
Waco
Washington,DC Ho ret.Soo below
Wichita, Kano.

50L,000.
500,00;,.

1,000,00C.
50,000.
1,000,000.
500,400.
1,000,000.
1,249.710.
5o,uoo.
6oc,00e.
50,000.
750,000.
8,000,000.
3,000,000.
1,500,4)00.

100,000.
(50,000.
250,000.
153,650.
3,250,000.
750,000.
100,000.

300,000.
150,000.
1,000,000.
250,000.
47,000.
43,000.

So.ow.

LIMB SUBSCRIPTI0NS
Albany
Mech.& Far.Bank

Boosick Fsills repplem 11/L

50,000.
5,000.

107,914,36c.

illTTUT73

TIMiTTTITTV

(Mr, rrtu:t

it the cell of the Chairman. n ssotlr.?, of till Co11 Turd Committee
efts held at the New Tort Clearing House at 1:3r) P. ';41. II Thursday, November
12th, 1914; present. Weser". insto, ";oolverrie nesender and Hine; absent.
Upsets. Strong, Varderlip and ',Palace. Ur, Tay of °hits I Case was nlsf
priest:fp.

iiinutAs of pretv1.3te meeting approved as submitted.

Tho 3a.ittor proser.ted the follovin.- statements As of the close of
business ./over-'btr 1- 1314:
Balance rhnot.
':ocelots and isburee,-erts of Sub -Cain` ttees.

Profit end toss account,

thien state:mental war.) ordered raceived and pinged

-41

A gerarel Jlecussior. folloeeds after ihichopmes 'pitta's regularly
made, sec<osied Ord carried it vas
VriT De thlt the Committee sell :11001,(Y31. exchan:e,

utilising the

feeilities of the MettosAl auk of Commerce in N4p York, slosh Beck to uee
Its arc Bill or 3111s for the perpose end tc *ell the 3AAIII et sash price ar
prices Re It (my JeterrsIno.

The meeting *zi Jour': 'd subject to tiro call of thft Chairmen.

IMmnmsber 12, 1914.

BALANCX
LF

11111CNT
011 HMIS= 12, 1914.

MEL
Gash LA Vault
Roseiss Asset. irons. U 6 A

Pres as U

0,649,2L7.12
23495,192.80

i'reaatu7

WNW Delks4945,,,56.17.1s.,
C ass Smilismal Bank

Gold t hipments

(old Laceipta
General 4xpense and ratty Gelb

19.08

AkaluaL

5,410,522.26

8,469.84
2,622.78
1.44..53

12,R3.15

November 12, 1914,

AND Lii4L4.;; -4.,21. 447

1111C8110111

7irat itastall_lont of 2:;.,

k 737 ;41bogrii.reirei

a:vested in !nridsr.
Lnlmnes not invested

..alnace not invosted
-

ocoipto fran Action& O.
._otn1

:Li

DI4E;

-31s of

Intoront

zeta:awe

Loptarsont 1.

installment

.17,226 &Ilk .24

jAttaiwit
19

5,434,212.71
369 .41

5,436,6,2.12

of first
4 2.723.234,k,v

Expense Recount

Own liational
Leastwise tow ittee

rAlf.11.
(,3 .513.21

t LA94.97

MTNUTTS
717:7TY-SIXTP tri72TING - DOTI Men cmAITTrr.

At the cell of the Cheirmen n meeting of the Gold Fund Committee
efts held at tha No York Clearing Rouse et 3:30 P. M. Friday, November 13th,
1914; present, Messrs. 'igen, '°oods:Ards Alexeneer, Vine and Strong; absent,

Ur. Fay of Thite & Case WAS also present.
Messrs. Venderlip and relines.
Minutes of previous meeting approved Re submitted.
Mr. 41exander, Chaireer of the Fechanee Co-roittee, reported teat the
Nottienal Bark of Commerce had sold for account of the Cold Fund Committee
17196,000. et sr average rate of 4.88316 plus, net, and that the nationel Bank
of Commerce bed ordered, by cable, paymente to be made from their accounts to
the parties to whom the various cable transfers were sold, the Coll Fund Committee to order the Loudon City & Midlerd Bark, Ltd., to trftrefer 2100,000.
to the creuit of the National Bank of Commerce in New York, and to order the
Union of London & Smith's Bank, ltd., to transfer '96,000. to the credit of
the rational Bank of Commerce in New York.
The Rational Bank of Commerce
delivered to the Gold Fend Committee to letter corfirming the trarsections
57,107. eould
reported by Mr. Alexander, and stating thrt their check for
be eeliverld to the Chase National Bank on November 14, 1914, for crcdit of
the account of the Cold Fund Committee.
Upon motian regularly made, seconded ani carried, it was

VOT7D, that the Committee sell up to _..300,000. exchange, utilising
the facilities of the National Bank of Commerce in Now York, such bank to use
its own bill or bills for tne purpose and to eon the same at such price or
prices RS it might determine, the total Amount sold up to the above named
maximum to be in the discreticn of the Chairmen of the Exchange Committee.
The meetire adjourned subject to thk cell of the Chairman.

S
mnuirs
1110111.41011T11 biUTIIIKI GOLD VUND CZNINITTVE.

At the cell of the ChnIrmec a meeting of the Gold Fund Committee wee
held at the Mew York Clearing House Rt 3:30 P. M., Tuesday, November 17, 1914;
present, Messrs. T,ggin, voodward erA Alexander; absent, ;losers,. MIAs, Ostr."nge
Mr. Tay of vhIte & Cese vies also presort.
Tanderlip end 'ellece.
Minutes of previous meeting approved as submitted.
The report of the Auditor was crdered received and pleeed on file.
Ur. Aleeeader, .:hair.7.em of the 2achenge Committee, reported Qst the

410

National bank of Commerce had sold for account Of the Gold Feed Committee an
November 17, 1914, 499,500. at an average rate of 4.87895 net, end that the
Reties's; Bank of Commerce had ordered, by eRble, payments to be made free their
Mr.
escounts to the :Arties to whom the varic7us cable trensfere "fere sold.
Alexander luso reported trust the Gold rued Committee had ordered the London
City A Midlend Beck, Ltd., to trerester 09,500.to the credit of the National
Sack of Comnerce le New York, end Lloyds Bank, !ti., to teamster A20,000. to
The Metionel Back
the credit of the National Beni of Commerce in New Test.
of Commerce delivered to the Cold Fund Committee a letter coctirmieg the traria-.
actions reported by Mr. Alexander and stating thnt their cheek for 1913,315.49
would be deposited to the credit of the Gold Fund Committee in the Chase National
Bank on November 18, 1914.
Upon motion regularly wades seconded end carried,it was

110°M tent the Committee sell an additional amount of /*change, uttlizInc the ffteilitles et the Netional Bank of Commerce is Dew York, such bark to use
its men bill or bills for the purpose and to sell the $61110 at such price or prices
RS it might determine, the total amount sold to be in the discretion of the Chair-

man of the 7schange Conant**.
'otter frem the Corn 4sehange
The Chairmen reported tar reseetpt of
et bew Terii sebleg as tit "Ate aes***Ity if 4:Astir:ming the Gold Fund and the pledge
The Cbmirmaz ems tastreeted to reply to the said letter to the
isvelved thereto.

affect th>t in the Committees *plates the very axistence of the Gold Fund is a
pretestion and tt, veers le the greatest stoesesity of continuing it.

Tee Committee mljcureed to roost at 3:30

on Kove-lber 18, 1414.

New York City.
Dear Sirs :

The Gold Fund Committee has directed, from proceeds of sales of exchange made by the
Committee, a repayment of a second ten per cent. of the first instalment paid on account of the respective
You will please, therefore, promptly present to the Comcontribution subscriptions to the Gold Fund.
Ilk,ERT H. WIGGIN.
CHAIRMAN
mittee
at its New York City office the certificate of contribution issued to you for endorsement thereon of
-WILLIAM WOODWARD
the amount of such repayment dne you, and receive check of the Committee for $
JAMES S. ALEXANDER
FRANCIS L. HINE
BENJAMIN STRONG. JR.
FRANK A. VANDERLIP
JAMES N WALLACE

payable in New York funds as such repayment.
Pending such endorsement you will receive receipt for certificate presented by you,
the form below.
For the GOLD FUND COMMITTEE,

For the Receiving Committee.

.Vew York City, November

issued

1914.

, Certificate of Contribution
RECEIVED of
to it for endorsement thereon of the repayment made by the Gold Fund Committee as to such

certificate, from proceeds of sales of exchange made by the Committee, of a second ten per cent. of the first
Upon completion of such
instalment paid on account of the contribution subscriptions to the Gold Fund.
endorsement this receipt is to be surrendered in exchange for such certificate and for the check of the Gold
Fund Committee, payable in New York funds, of the amount of $
constituting the repayment now made as to said certificate.
For the GOLD FUND COMMITTEE,

For the Receiving Committee.

GOLD FUND COMMITTEE
NEW YORK CLEARING HOUSE BUILDING

77 CEDAR STREET
ALBERT H. WIGGIN. CHAIRMAN
WILLIAM VVOODWARD
JAMES S ALEXANDER

FRANCIS L. HINE
BENJAMIN STRONG JR.
FRANK A. VANDERLIP
JAMES N. WALLACE

NEW YORK. NOVEMBER 17TH, 1914

W. P. HOLLY
SECRETARY

(N. B.- PRESENT THIS LETTER AND RECEIPT BELOW WITH CERtIFICATES.)
(RECEIPT TO BE DETACHED ONLY BY COMMITTEE)

New York City.

Dear Sirs:The Gold Fund Committee has directed, from proceeds of sales of exchange made by the Committee, a repayment of a second ten per cent. of the first instalment paid on account of the respective Contribution subscriptions to the Gold Fund. You will please, therefore, promptly present to the Committee
at its New York City office the certificates of contribution now lodged with you, as correspondent, for
endorsement thereon of the respective amounts of such repayments as to such certificates. Upon completion of such endorsement the Committee will return such certificates so endorsed and will give you its check
in New York funds for the aggregate amount of such repayment to be made as to such certificates, and
you will please thereupon credit in like funds the respective shares in the payment so received by you of
the respective contributors for whose account such certificates are held by you, all as listed in the receipt
hitherto given by you to the Committee for such certificates upon issue thereof. You will please thereupon
advise such contributors of such endorsement and repayment.

Pending such endorsement you will receive receipt for certificates presented by you, on the
form below.

For the GOLD FUND COMMITTEE,
For the Receiving Committee.

. \ew

York City, Xorember

RECEIVED of

, 1914

(as New York City corres-

pondent of contributors to the Gold Fund named in certificates of contribution as listed in receipt hitherto given
by such correspondent to the Gold Fund Committee), said certificates, for endorsement thereon of the repayment
made by the Gold Fund Committee, from proceeds of sales of exchange made by the Committee, of a second ten
per cent. of the first instalment paid on account of the respective contribution subscriptions to the Gold Fund.
Upon completion of such endorsements this receipt is to be surrendered in exchange for such certificates so endorsed
and for the check of the Gold Fund Committee, payable in New York funds, of the amount of $

constituting the aggregate repayment now made as to said certificates, to be credited as stated in the letter of
the Committee of November 17, 1914 covering such repayment.

For the GOLD FUND COMMITTEE,

For the Receiving Committee.

LBERT H. WIGGIN. CHAIRMAN
WILLIAM VVOODWARD
JAMES S. ALEXANDER

=RANCIS L. HINE
BENJAMIN STRONG JR.
FRANK A. VANDERLIP
JAMES N WALLACE

GOLD FUND COMMITTEE
NEW YORK CLEARING HOUSE BUILDING

77 CEDAR STREET
ALBERT H WIGGIN. CHAIRMAN
WILLIAM WOODWARD

JAMES S ALEXANDER
FRANCIS L. HINE
BENJAMIN STRONG. JR.
PRANK A VANDERLIP
JAMES N. WALLACE

NEW YORK. DECEMBER 7TH. 1914

W. P. HOLLY
SECRETARY

(N. B.- PRESENT THIS LETTER AND RECEIPT BELOW WITH CERTIFICATES.)
(RECEIPT TO BE DETACHED ONLY BY COMMITTEE)

New York City.

Dear Sirs: -

The Gold Fund Committee has directed, from proceeds of sales of exchange made by the Committee, a repayment of a third ten per cent. of the first instalment paid on account of the respective contribution subscriptions to the Gold Fund. You will please, therefore, promptly present to the Committee
at its New York City office the certificates of contribution now lodged with you, as correspondent, for
endorsement thereon of the respective amounts of such repayments as to such certificates. Upon completion of such endorsement the Committee will return such certificates so endorsed and will give you its check
in New York funds for the aggregate amount of such repayment to be made as to such certificates, and
you will please thereupon credit in like funds the respective shares in the payment so receivedRECEIVED
by you of of

pondent
of
contributors
http://fraser.stlouisfed.org/
the respective contributors for whose account such certificates are held by you, all as listed in the
receipt to the Gold F
Federal Reserve Bank of St. Louis

GOLD FUND COMMITTEE
NEW YORK CLEARING HOUSE BUILDING

77 CEDAR STREET

NEW YORK, DECEMBER 7TH. 1914

P. HOLLY.
SECRETARY

(N. B. PRESENT THIS LETTER AND RECEIPT BELOW WITH CERTIFICATE)
(RECEIPT TO BE DETACHED ONLY BY COMMITTEE)

New York City.

Dear Sirs:

ALBERT H. WIGGIN,
the CHAIREAN
amount of sach repayment due you, and receive check of the Committee for $
http://fraser.stlouisfed.org/
ILLIAM WOODWARD
Federal
Reserve
Bank of St. in
Louis
payable
New York funds as such repayment.
AMES
S. ALEXANDER

GOLD FUND COMMITTEE
NEW YORK CLEARING HOUSE BUILDING

77 CEDAR STREET
H. WIGGIN, CHAIRMAN
LLIAM WOODWARD
OIBERT
JAMES S. ALEXANDER

FRANCIS L. HINE
BENJAMIN STRONG. JR.
FRANK A. VANDERLIP
JAMES N WALLACE

NEW YORK. DECEMBER 7TH. 1914

W P. HOLLY.
SFCRETARy

CHAIRMAN, CLEARING HOUSE ASSOCIATION,

Dear Sir:The Gold Fund Committee has directed, from proceeds of sales of exchange made by the Com-

mittee, a repayment of a third ten per cent. of the first instalment paid on account of the respective
contribution subscriptions, and has notified the respective New York City correspondents of the con-

tributing institutions who made their contribution subscriptions through you, to present to the
Committee at its New York City office the certificates of contribution now lodged with them respect-

ively, for endorsement thereon of such repayment. Upon completion of such endorsement the
Committee will give such New York City correspondents its checks, payable in New York funds, for
the aggregate amount of such repayments now made. Such repayments are to be credited by such
correspondents in like funds to the accounts of such respective contributors. The Committee has
requested such correspondents to advise the respective contributors of such repayment and endorsement. The aggregate amount of such repayment as to the institutions who made their contribution
subscriptions through your Association is $
You will please advise such
contributors of the foregoing.

Yours very truly,
GOLD FUND COMMITTEE,
By
For the Receiving Committee.

C:Z477:TE :711 GoLD FUR;

Albert H. Viggin, Chairman,
Toodward,

J. S. Alexander,

Francis
Hine,
Benjamin Strong, Jr.,
Frank A. Vander lip,
Janes N. Wallace.
suB-C1! ATTT7 T^ VIEIv7 kln 7,1T

Ti" C:

'11.11am `rood-card, Chairman,

Francis L.
Benjamin Strong, Jr.,
Fran', A. Vrnderlip.

EXCHANG7 Cr"itirrli7F2 To `11AFY CFARGF nF PURCPASIQS
S AT r
OF FICHAt

J. S.

Al.exaoder, Chairman,

Benjamin Strong, Jr.,
'Ai 111am "roodward ,

Frank A. Vanderlip,
James N. "Iallace.

SITNUTM

THIRTYoWIRTE Mr ?MO

frl.D V1

c.,!flerrE.

At the cell of the Chnirenn, g re-mt lag of the Gold tend Committee
was held at the Nay York Closer ing tiOSe rt 100 P. ye, iredriesdnyt Jenurry
13th, 1915; present, Messrs, ',Figgie', "eoodward, kleiten.er, Pine, Strong Piro
Tellsme; Absent. Mr. Yonderlip.
Minutes of previous emoting approved ae submitted.
Jri raft ry eth, the
The Ctut !rent ate tee to the Come ttee hew t
'Retinae' Berk of Commerce had beer. informed by the 3aneo de is Republica
Orientel del Uruguay of liaatevideo (the Government Sega of Uruguay), that
a oryment of 1200,0t Y). due in Nianteeidee for geode shipeed to the tin! ted
States would be made only on the cosi iti -n that a like am unt of *earthen
gold coin be ehloped to them. The Pktional Teak of Comreree, after consulting with the Che !men of the Commi Utile eh I,ned the gold, eherging, the
ceount of the B-reo de le Repsblice Orientel del Ur.kgoay for the amount
shipped mad all expenses.
Upon motion duly volde, seconded end carried, It was
Committee through the .r.oharg Cumnittee
YOM, that the
regeburee the Xettonal Sink of Conferee for the gold sh1np#4 to Uruguay, the
Notion/a Sank of Comore* to deliver to the Emcbtoge Committee its Cashier's

cheek for 4200,001. and to receiva froo t e said Committee a like fultrmnt of
http://fraser.stlouisfed.org/
gold.
Federal Reserve Bank of St. Louis

MINUTES
THIRTY-FIFTH MEETING - COLD FUND COL:nITTEE

At the call of the Chairman, a meeting of the Gold Fund Committee
was held at the flew York Clearing house, Friday, January 22nd, 1915, at
3:00 F.Iq.; present, Eessrs. Wiggin, Woodward and Alexander; absent, Messrs.
Strong, nine, Vanderlip and Wallace.
Mr. Fay of White
Case was also
present.
Minutes of previous meeting approved as submitted.
Upon motion duly made, seconded and carried, it was
VOTED, that the Receiving Committee, through the Exchange Committee,
reimburse the National Bank of Commerce for gold shipped to Uruguay, the
National Lank of Commerce to deliver to the Exchange Committee its Cashier's
check for ,)200,000., and to receive from the said Committee a like amount
of gold, - this transaction being in addition to a similar transaction for a
like amount authorized at the meeting of the Gold Fund Committee held on
January 13th, 1515.
Bill of New York Clearing house Association, 415.25, covering
furniture, Watchman, telephone and stationery was approved for payment. The
Chairman was authorized to sell the furniture to the best advantage possible.
The Chairman submitted copies of letters addressed by him to the
Hon. Secretary of the Treasury, hon. Charles S. Hamlin and hon. Paul M.
Warburg, under date of January 15th, 1515, advising the sense of the Committee
to be that the necessity for the fund no longer existed and that the Fund
should be terminated, the money in hand returned to participants and the
Contributors released from their subscriptions.
The letters requested that
the Committee be advised if there was any objection on the part of the
Secretary of the Treasury or the Federal Reserve Board to the Committee
proceeding to dissolve the Fund.
The Chairman explained that no replies
had been received to these letters.
Upon motion duly made, seconded and
carried, it was
VOTED, to proceed with the termination of the Fund, the return of
the balances in hand due subscribers and the releasing of Contributors from
their subscriptions; and
VOTED, that the action in that respect be as indicated in the forms
of letters to be sent tot he
-s-evera.L.Contributors and to the respective Chairmen
of Clearing House Associations, as follows:

The

See exhibits "A", "B", "C", "D" and "E"

question of expenses and compensation on behalf of the various

-2 Er. Tay of ..wars.
Case, Counsel to the Committee, stated that
his firm had had no thought of making any charge for any services and
desired to contribute their services without charge.
This offer was
accepted uy the Ca_Attee with thanks and an expression of its appreciation
of the liberal attitude and co-operation of Loesrs. Ulite e: Case.
The
amount of the compensation, to be granted to other individuals for services
rendered the Co-ffisittee was left to the Chrinna :T. with power.
The balance sheet of the Committee as of the close of business
January 22nd, 1915, was submitted by the Auditor and ordered filed.

The meeting adjourned subject to the call of the Chairman.

GOLD FUND COMMITTEE
NEW YORK CLEARING HOUSE BUILDING

77 CEDAR STREET
eALBERT H. WIGGIN. CHAIRMAN
WILLIAM WOODWARD
JAMES S. ALEXANDER

FRANCIS L. HINE
BENJAMIN STRONG. JR.
FRANK A. VANDERLIP
JAMES N. WALLACE
W, P. HOLLY
SECRETARY

NEW YORK. JANUARY 27TH, 1915

Dear Sir:The Gold Fund Committee, believing that conditions are such that it is no longer necessary to
continue the Fund, has decided to make no further calls upon the Contributors and to release Contributors from the balance of their subscriptions. The cash on hand from proceeds of exchange sold and
the unused gold already paid in to the Committee will be returned. The Committee desires to express

its appreciation and thanks for the cooperation of the Contributors in rendering a distinct public
service.

, which is the balance
The amount now returned entitles you to receive $
of the twenty-five per cent. (25%) instalment paid by you on your subscription. Thirty per cent. (30%)
of such instalment has already been returned. The present payment therefore completes the remaining seventy per cent. (70%).
The present payment will be made to you in one of the following four ways as you may select,
and in each instance against the surrender by your New York correspondent, hitherto designated by
you to us, of the Certificate of Contribution now held by it for your account :
FIRST : Check of the Federal Reserve Bank of New York to your order, which
will be mailed direct to you.
SECOND :

Check of the Federal Reserve Bank of New York to the order of such

New York correspondent, for your account, to be delivered to such
correspondent.
THIRD : In gold, by actual shipment to you.
FOURTH: In gold, by transfer to you through United States Sub-Treasury.
Appropriate receipt for the Certificate surrendered will be given such correspondent if you in-

struct payment to be made in either the "First," "Third" or "Fourth" way above specified. For the
sake of convenience and economy, it is to be hoped that either the "First" or "Second" way will be
selected.

The situation as to balances between the various Federal Reserve Banks is such that the
Federal Reserve Bank of New York suggests your selection of the "First" way, unless your own
interest indicates otherwise.
Please instruct your New York correspondent and ourselves promptly in this matter, using the
enclosed forms for the purpose.

After such payment there will remain a small sum, in the hands of the Committee, resulting
from the operations of the Fund, with respect to which a check in final settlement will be sent you as
soon as the accounting is completed.
Yours sincerely,
ALBERT H. WIGGIN,
Chairman.

GOLD FUND COMMITTEE
NEW YORK CLEARING HOUSE BUILDING

77 CEDAR STREET

BERT H. WIGGIN, CHAIRMAN
WILLIAM WOODWARD
JAMES S. ALEXANDER
FRANCIS L HINE
BENJAMIN STRONG. JR.
FRANK A VANDERLIP
JAMES N WALLACE

NEW YORK. JANUARY 27TH. 1915

W P. HOLLY,
SECRETARY

CHAIRMAN, CLEARING HOUSE ASSOCIATION :

Dear Sir:We beg to enclose copy of the letter with accompanying forms of instructions that is

being sent to-day to each Contributor to the Gold Fund, according to the records of
the Committee. As indicated therein, the Committee has decided that there is no longer
a necessity for the continuance of the Fund and is returning to the Contributors the amounts

paid by them to the Fund, less repayments already made. We are sending such letter direct

to the Contributors in order to facilitate the matter and to avoid unnecessary work on the
part of your Association.

We are forwarding you the enclosed so that your records in this

matter may be complete.

Please accept for yourselves, and extend to the institutions which contributed to the
Gold Fund through your Association, the Committee's thanks and appreciation for your and
their cooperation in rendering this public service.

Yours sincerely,

Chairman.

(FORM FOR CONTRIBUTORS TO USE IN INSTRUCTING
GOLD FUND COMMITTEE)

January

1915

MR. ALBERT H. WIGGIN, CHAIRMAN,
GOLD FUND COMMITTEE,
NEW YORK CLEARING HOUSE BUILDING,
77 CEDAR STREET,
NEW YORK CITY.

Dear Sir :

Referring to your letter of January 27th, 1915, we instruct you, upon the
surrender

to you of the Certificate of Contribution

issued to

us by you, to pay

the amount specified as now

(Insert above, amount advised now to be paid)

payable to us under the Gold Fund distribution as advised in such letter, in the
(Insert above, "first," "second," "third" or "fourth")

_way mentioned in such letter.

We have instructed our New York City correspondent, hitherto designated by us to

you, to surrender against such payment the Certificate of Contribution issued to us

and held by it for our account.

(Insert above, name of contributor)

(FORM FOR CONTRIBUTORS TO USE IN ADVISING
NEW YORK CITY CORRESPONDENTS)

January,

(Insert above, name of N. Y. City correspondent holding your
Certificate of Contribution.)

NEW YORK CITY.

Dear Sirs :

Please present to the Gold Fund Committee, at its

House Building, New York City, for surrender and cance
Contribution,

issued in our name by the Gold Fund Com

you for our account, against the payment of $
(Insert above,

the amount specified as now payable to us under the Gold Fun
its letter of January 27, 1915, in the

(Insert above, "first," "second

mentioned in such letter.
If we have specified above either the "First", "Third"

against the surrender of such Certificate of Contribution, recei
Gold Fund Committee.

If we have specified above "Second"

you will receive check of the Federal Reserve Bank of New Yo

count in the above amount, which you will please place to the c

(Insert above,

GOLD FUND COMMITTEE
NEW YORK CLEARING HOUSE BUILDING

77 CEDAR STREET
LBERT H. WIGGIN, CHAIRMAN
WILLIAM WOODWARD
JAMES S. ALEXANDER

FRANCIS L. HINE
BENJAMIN STRONG. JR,
FRANK A. VANDERLIP
JAMES N. WALLACE

W. P. HOLLY
SECRETARY

NEW YORK. JANUARY 27TH, 1915

NOTICE:
Institutions, who subscribed:through New York
Clearing I lorNe Association and hold their
(,,.; a certificates, will please themselves present
certificates for surrender and receive
.

Trent next day after they have mailed in-

Dear Sir:-

::,...ctious to the con:mittee.

The Gold Fund Committee, believing that conditions are such that it is no longer necessary to
continue the Fund, has decided to make no further calls upon the Contributors and to release Contributors from the balance of their subscriptions. The cash on hand from proceeds of exchange sold and
the unused gold already paid in to the Committee will be returned. The Committee desires to express

its appreciation and thanks for the cooperation of the Contributors iu rendering a distinct public
service.

The amount now returned entitles you to receive $
, which is the balance
of the twenty-five per cent. (25%) instalment paid by you on your subscription. Thirty per cent. (30%)
of such instalment has already been returned. The present payment therefore completes the remain-

ing seventy per cent. (700
The present payment will be made to you in one of the following four ways as you may select,
and in each instance against the surrender by your New York correspondent, hitherto designated by
you to us, of the Certificate of Contribution now held by it for your account :
FIRST : Check of the Federal Reserve Bank of New York to your order, which

will be mailed direct to you.
SECOND :

Check of the Federal Reserve Bank of New York to the order of such

After such payment there will remain a small sum, in the hands of the Committee, resulting
from the operations of the Fund, with respect to which a check in final settlement will be sent you as
Yours sincerely,
S0011 as the accounting is completed.
ALBERT H. WIGGIN,
Chairman.

DigitizedALBERT
for FRASER
H WIGGINI, CHAIRMAN
http://fraser.stlouisfed.org/
WILLIAM WOODWARD
FederalJAMES
Reserve
Bank of St. Louis
S ALEXANDER

GOLD FUND COMMITTEE
NEW YORK CLEARING HOUSE BUILDING

77 CEDAR STREET

GOLD FUND COMMITTEE
NEW YORK CLEARING HOUSE BUILDING

77 CEDAR STREET
ALBERT H. WIGGIN. CHAIRMAN
WILLIAM WOODWARD
JAMES S. ALEXANDER

FRANCIS L. HINE
BENJAMIN STRONG. JR
FRANK A VANDERLIP
JAMES N WALLACE

W P. HOLLY.
SECRETARY

New York City, March 12, 1915

Dear Sir:-

Referring to our letter addressed to you under date of January 27, 1915, we now advise you
that all Subscribers have been repaid the amount of their contributions. An accounting of the small
amount resulting from the operations of the Fund has been completed and your pro rata share therein
for which the check of the Committee to your order is enclosed in final settlement.

is $

The total expenses of the administration of the Gold Fund have been $16,542.67, of
which $11,205.81 was cost of transporting gold to New York and Ottawa and the balance was
for cablegrams, clerk hire, printing, stationery, postage and like items. No fees have been paid to
any member of the Committee, and Messrs. White & Case, who acted as counsel, declined any
compensation.

The payment now made by the Committee constitutes the final step in terminating the
Gold Fund.

Yours very truly,

GOLD FUND COMMITTEE
NEW YORK CLEARING HOUSE BUILDING
ALBERT H. WIGGIN, CHAIRMAN.
WILLIAM WOODWARD.
JAMES S. ALEXANDER.

77 CEDAR STREET

FRANCIS L. HINE.
BENJAMIN STRONG. JR.
FRANK A. VANDERLIP.
JAMES N. WALLACE.

NEW YORK,
April 2, 1915.

W P HOLLY.
SECRETARY.

essrs:
William r;oodward,
:Jaren S. Alexander,
';rancis L. line,

Benjamin Strong, Jr.,
Frank A. Vandorlip,
James L. ..allace.

)

)
)
)

7,0bers Cold Fund Committee.

)

New York City.
Centlel.zen:

Pursuant to the vote adopted at the lust reetinr
of the Cold Fund Committee, held January 22, 1915, the balance
then not yet returned of the amounts paid in by the subecribers
has been repaid them and they have been notified of their release from their subscriptions to the Gold Fund.
Against
such repayment, the subscribers surrendered their respective
certificates of contribution, which have been cancelled and
filed with the records of the Committee.
After such repayment an accounting was had of the
small amount resultinG from the operations of the Cold Fund,
which accounting is sum xized as follows:

Profit on -xchange
interest received
Cross 'refits

Office and general expense
Transporting Cold to N. Y.
"
"
Canada
Cables and -elegrare
Total Exoense
Not Profit

;i41,799.91

,251C10.4B
66,810.39

4,475.64
21'135.97

8,469.84
861.22

416.542.67
$50,267.72

Actinr under the power granted me by the Comrittee,
and in conference with the other members of the Committee,
compensation was awarded by me to the eernons who had rendercr'
services to the Committee, in the total amount of :2,610.00,
constituting part of t..0 "Office and General expense" ntated
in such summary; an itelized stater ant of such awards has been

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Federal Reservefiled
Bank of St. with
Louis

the records of the Committee.

a
MINUTv,S

FIRST MEETING - FXCEANGE COMMIT/TE.

The Exoivmge Committee, consisting of Mleers. Alexander, Chairman;
Strong, Wnodward and Vanderlip, mat at the Clenring
12:00 o'clock
on Wednesday, September 23d, 1914, all membr3rs being present.
Mr. WM. P. Holly was appoinui Secretary of the Committee.
A genetal duecuesion of the work of the Commi Ltee followed, -4ft:r
which the meeting adjourned to meet again after the Chairman had formulated
a tentative plan of procedure.

The documerte nprenrIng on the followinv ,ogee pre mnrked
for 1:ientifiention as follows:

Copy of originn1 report of Forger. Committee made
September 4, 1914.

"B",

Copy of supplemental report made by Forger Committee
under dnto of September 19, 1914.

"C".

Copy of form of pledge referred to in supplemontml
report of Forgan Committee dated September 19, 1914.
Copy of resolution ref;rred to In ouTlemertel report
of Forgnn Committee anted September 19, 1914.

Ossoi
.4

Copy of FederR1 Reserve do,. rd letter, urvier d, to of

3eptemb,!r 21, 1914, npprovIng reports of Forgan
Committee.
"F".

Copy of letter gent to teCr York inntitut-one by Gold
Fund Committee under dote of September :'24, 1914.
Cloy of ev_reemort sent to New York institutions by
Gold Fund Committee to letter &gtod September 22d,
1914.

"b".

Copy of resolution sent out by Gold Fund Committee in letter dated September %!d, 1914.

"A".
Form 23.

WASHINGTON, D.

C., September 4,1914.

To the honorable the SECRETARY OF THE TREASURY and the FEDERAL RESERVE BOARD.
SIRS : The committee appointed by the conference of bankers appreciates the desirability

of relieving the present international exchange situation and particularly of regulating the
outflow of gold. The committee at the same time realizes the necessity of promptly meeting
the obligations of banks, corporations, and individuals to Europe, thereby maintaining the
high credit of this country and demonstrating its ability to meet its obligations.
For this purpose and with this object in view, this committee recommends to the Federal
Reserve Board the following plan:
That the banks of this country, especially those located in reserve and central reserve cities,
be requested to contribute to a gold fund of $150,000,000, of which $25,000,000 to be immediately
paid into the depository of the Bank of England in Canada, for which a participation deposit

receipt will be furnished to each contributing bank. The remainder of the contributed
amounts to be subject to call by the New York committee through the local committees of the
respective cities and to be paid for in New York exchange.
Said New York committee to be appointed by the New York Clearing House Association
and said local committees to be appointed by the clearing-house associations of the respective
contributing cities. The committee appointed by the New York Clearing House Association
to be charged with the duty of handling the said fund, of fixing the price at which foreign exchange is to be bought and sold, and is to make requisition from time to time upon the respective
contributing cities through the local committees thereof. Said local committees shall have
supervision in the respective cities of the shipments and general withdrawals of gold.
This committee recommends that the Federal Reserve Board take steps to ascertain the
amount of gold that will be contributed by the banks in the respective cities, and that it use its
influence to have the said banks contribute their proper pro rata.
Respectfully,

JAMES B. FORGAN.
S. WEXLER.
BENJ. STRONG,

Jr.

THOMAS P. BEAL.
L. L. RUE.

Form 24.

To the honorable the SECRETARY OF THE TREASURY and
GENTLEMEN : Referring to the recommendations c
tember 4:
We have, in compliance with your suggestion, g
international exchange situation, taking into account
completion of plans for meeting the obligations of the

This committee is of the opinion that the contin
abroad will be demonstrated, and that normal conditi
best be reestablished by the prompt creation of a large
gested in our former report. We therefore recomme
city banks of the United States (both National and

tribute to a gold fund of $100,000,000 instead of $150,
amount, $25,000,000 should be made immediately ava

should be conducted by a resident committee in the
foreign exchange transactions of the country take plac
tion of the Clearing House Association of the City o
following gentlemen as such committee be approved
Albert H. Wiggin, chairman.

William Woodward.
J. S. Alexander.
Francis L. Hine.
Benjamin Strong, jr.
F. A. Vanderlip.
We propose to arrange the details of the plan of a
mittee so that the requirements of all parts of the Un
fairly and impartially dealt with, and we suggest, in t
any contributor to the fund in connection with the dis
appoint a committee of bankers to pass upon any suc
rules and regulations as you may prescribe, shall be fin

We further recommend that the National and S
reserve and reserve cities of the United States be req

due regard being given to their present holdings o

direction.
As recommended in our report of September 4, we
clearing-house association of each central reserve and r

September

1914.

The undere:7r.Ed blinks and trust col:snnies horoby subscribe
ton fund of 1100,0001,000. to be psychic in gold or gold certi fientes,
nd

to be held "rd nerninisterd in a-con:sive with the terse of n

resort dated September 19, 1914, made by At cormcittee representing
centre]. reserve semi reserve city tor.ka of the United Strates, n copy
of which report is okttechad hereto. The emnunt pledged fr.r contribution by witch of tAs undersigned institutive is set oppositethe aignrature of Ft duly authorized officer ti-:rareof affixed hereto, nr.d such
pledge 10 clef* by authority of r roeolutl en of the be ord of d !meters

or borard of truetree (or c duly a:Ithoritea committee tnereof) of enoh
of the undersigned.

fl re of beak ar trust company

Amount of pledge.

"D".

Err.
FTMERAT RESF1RVF. BO!RD.

'Pew Jorh Cleating 'bonze,
77-83 CEDAR STREET.
NEW YORK, September 22, 1914.

GENTLEMEN :

A plan for securing the pledge of a gold fund of $1oo,000,000 to relieve the present foreign exchange

situation has been formulated by a committee appointed at Washington on September 4th, at the conference of delegates from the clearing house associations of the various reserve and central reserve cities.
This committee consists of James B. Forgan, of Chicago,. Chairman; Levi L. Rue, of Philadelphia ; Benjamin Strong, Jr., of New York ; Thomas P. Beal, of Boston; Sol Wexler, of New Orleans. The plan has

received the approval of the Secretary of the Treasury and the Comptroller of the Currency, and the
unanimous approval of the Federal Reserve Board. In accordance with the recommendations so approved,
the Clearing House Committee of the New York Clearing House Association has appointed the undersigned a committee to represent the banks and trust companies of New York in securing the amount apportioned to the institutions of this city and to manage the transaction. We enclose a copy of the report made
to the Federal Reserve Board by the Committee above referred to.
The banking and commercial interests of this country are suffering from the unprecedented derangement of our international trade and banking arrangements. European credits are curtailed and foreign exchange in volume is unobtainable. It is of fundamental importance that the credit of the corporations, firms
and individuals of this country be maintained by the prompt payment of foreign indebtedness, and it is equally
and difficulties now imposed
manufacturers be relieved
upon them in settling their foreign accounts.
The Federal Reserve Board recognizes the necessity of providing an immediate solution of the problem and asks the co-operation of the entire country. The members of the Federal Reserve Board are
government officials and the membership of the Board includes the Secretary of the Treasury of the United
States and the Comptroller of the Currency. The Federal Reserve Board is best able to cope with this
international situation and proposes to give its endorsement and recommendation to a request to the banks
and trust companies in all the central reserve and reserve cities of this country to subscribe to this gold
fund, if it is evident that the banks of New York, Chicago, St. Louis, Boston and Philadelphia, where the
largest supplies of gold are held, will co-operate.
The problem is a national one. The apportionment of the amount of gold to be contributed by the
various cities will be determined by the Federal Reserve Board, due consideration being given to present
gold holdings. This plan cannot succeed without New York, and the ability of Now York to do its share
depends upon the willingness of each institution to help.
The proportion of the $10o,o0o,000 fund to be contributed by New York is $45,000,000. Your share
Will you advise this Committee
, payable in gold.
of this contribution will be $
promptly if we may count upon your contribution of this amount. No bank will have more than 25% of
its contribution invested in the fund at one time.
We enclose form of resolution to be passed by your Board of Directors if such action is necessary
and we also enclose form of agreement for signature.

Yours sincerely,

ALBERT H. WIGGIN,
WILLIAM WOODWARD,
JAMES S. ALEXANDER,
FRANCIS L. HINE,
BENJAMIN STRONG, JR.,

II GII.

Sept.

Bank

..... 1914.

t hereby subscribes to a fund of One Hundred Million Dollars,
Trust Company )
to be payable in Gold or Gold Certificates, and to be held and administered in accordance with the terms
of a report dated September 19, 1914, made by a Committee representing Central Reserve and Reserve
City Banks of the United States, a copy of which report is attached hereto. The amount pledged for
contribution by the undersigned institution is set opposite the signature of a duly authorized officer thereof
affixed hereto, and such pledge is made by authority of a resolution of its Board of Directors or Board of
Trustees (or a duly authorized Committee thereof).
The undersigned

Signature of Bank or Trust Company

Amount of Pledge

WASHINGTON, September 19, 1914.

To the HONORABLE THE SECRETARY OF THE TREASURY
AND THE

FEDERAL RESERVE BOARD.
GENTLEMEN :

Referring to the recommendations contained in our communication of September fourth:
We have, in compliance with your suggestion, given further consideration to the present international
exchange situation, taking into account the changed conditions arising from the completion of plans for
meeting the obligations of the City of New York payable in Europe.

This Committee is of the opinion that the continuance of the high credit of this country abroad will
be demonstrated, and that normal conditions of the foreign exchange market will best be re-established
by the prompt creation of a large gold fund for export if necessary as suggested in our former report.
We, therefore, recommend that the Central Reserve and Reserve City Banks of the United States (both
National and State institutions) be requested to contribute to a gold fund of $too,000,000 instead of
$15o,000,000, as originally proposed. Of this amount, $25,000,000 should be made immediately available.
The administration of the fund should be conducted in the City of New York, by a resident committee,
where the principal foreign exchange transactions of the country take place, and we suggest that the recommendation of the Clearing House Association of the City of New York for the appointment of the following gentlemen as such Committee be approved, namely:

ALBERT H. WIGGIN, Chairman,
WILLIAM WOODWARD,
J. S. ALEXANDER,

FRANCIS L. HINE,
BENJAMIN STRONG, Jr.,
F. A. VANDERLIP.
We propose to arrange the details of the plan of administration with the New York Committee so that
the requirements of all parts of the United States for foreign exchange will be fairly and impartially dealt
with, and we suggest, in the event of any complaint on the part of any contributor to the fund in connection with the distribution or use thereof, your Board shall appoint a committee of bankers to pass upon
any such question, whose decision, under such rules and regulations as you may prescribe, shall be final.
We further recommend that the National and State banking institutions in the Central Reserve and
Reserve Cities of the United States be requested by you to contribute to this fund, due regard being given
to their present holdings of gold as recently ascertained by your direction.

As recommended in our report of September fourth, we believe that a committee representing the
Clearing House Association of each Central Reserve and Reserve City should apportion in its district the
amounts and supervise the payments of gold or gold certificates for the creation of this fund ; and we,
therefore, suggest that you address a letter to the chairman of the Clearing House Committee in each of
these cities recommending the appointment of such a committee, urging prompt co-operation in this plan
and stating the amount of gold which you may consider to be the proper quota to be furnished by that
city.

In order to facilitate the transfer of gold or gold certificates to New York by the contributing banks,
it is recommended that they be permitted to deposit their contributions with the nearest Sub-Treasury of

the United States, and that all expenses incident to transfers, whether made through Sub-Treasuries or
otherwise, shall be an expense of the fund and shall not be borne by the respective contributors.

The Committee representing the New York Clearing House Association should have authority to
call upon the contributors for gold or gold certificates from time to time in instalments as required (provided, that the contributors shall not be called upon to pay any portion of an instalment which may make
their investment in the fund at any one time exceed twenty-five per cent. of their original contribution) to
arrange for shipments of gold to other countries, to sell, exchange and cable transfers against such shipments at such prices as they may fix, to determine to whom and under what conditions foreign exchange
may be sold, to distribute the proceeds of such sales among the contributing banks in New York funds, and
to fix a date for the termination and final settlement of the fund. We, therefore, recommend that the gold
or gold certificates be deposited in trust for the contributors in the vaults of the Clearing House Association
of the City of New York, subject to the control of the New York Committee, and that such Committee
issue to each contributing bank a certificate evidencing its contribution. The proceeds of sales of exchange
may then be distributed by the Committee among the contributing banks in New York funds and the amount
of such repayment endorsed upon each certificate.

We have recommended that contributors to the fund be confined to the banks and trust companies
in the Central Reserve and Reserve Cities, so that institutions which are members of the Federal Reserve
System may make their payments at the time of the organization of the Federal Reserve Banks out of
their own cash.
We attach forms of pledges to be signed by contributing institutions and certified resolutions to be
passed by their Boards of Directors or Trustees. In case the plan should meet with your approval, we
respectfully suggest that you inclose copies of these forms in your letter to be addressed to the Chairmen of
the Clearing House Committees.

Respectfully submitted :
( Signed ) . . . . JAS. B. FORGAN, CHICAGO,
....LEVI L. RUE, PHILADELPHIA,
"

....BENJAMIN STRONG. JR.. NEW YORK,
....THOMAS P. BEAL, BOSTON,
....SOL WEXLER, NEW ORLEANS,
Committee.

stir

On motion, it was resolved that the President, Vic
of them, be, and he hereby is, authorized, ita behalf of th

Dollars, payable in gold or gold c
ministered in accordance with the terms set forth in the
1914, appointed by the delegates to the conference of Cle
and Reserve Cities held in Washington on September fou
fund of One Hundred Million Dollars be contributed by
located in such cities, said report having been approved b
letter of September
, 1914.

I hereby certify that the above is a t
Board of Directors or Trustees or o

(Seal)

MU=
FOURTH ILZT1110

IDOIli:Z7.;

The ..Wohange Comlittoo not at the :.aw York Clearing :louse at
Pro9ont, 'b-ars. Alexundars Strong and ,11.10e; absent,
-oLo,or 5th, 34)14.

:seem Woodward and Vandorlip.
.too Linutee of meetinz of October 2nd having been eoLt Lc/ ouch meLibor,
the reading of our was dispense.' with wad it vas voted to a..:Irovu.
iipplieations arzregating pouals 265,M.6.11 wuro oansidered, ai;alhet
rare made at 4.55-1/4.
which allot Tonto agryoguting pounds
Corr.,itt.o Aoeidc'd that it WAS um in c. 2osition to reeekwo

applications for cablo trannfors
LINISMIS and th.4 public al,houncermat thereof
should be rude.
The Secretary was divested to send writtwinotiee to the
Clearing :!aura Associations in the cities Sabsmrihing to L:lo fund.
'Ala meting adjourned.

kinurrEs
zumati MISTING - EXCiiliNGE

A regular meeting of the Ixchar.ge Committee was held at the New

York Clestring douse At 3:30 P. IL, Thursday, October 15th, 1914; present,
Messrs. Ateitftnder And Irecbdsordi absent, liessrs. Strong, Ihindrlip and
'dal Lacs.

Minutes of previous meeting approved as subeiltted.
Appliestiame for check aggregating a06,389.17.2 wore considered,
against which allotments aggregating C106,382.17.2 were tussle at 4.981 and
4.97. Applications for cable transfore aggrefaiting 1U-0,430.16.6 wore
Ourtaidared, against which allotments aggregating A00311.16.4 sore made
at 4.981. Of tne sneak allotments Z37,734.1.6 wore me041 :ted, and of the
cable allotments i110,100. ware accepted.

It was voted to sell to the rostfeaster Rt Rev York 25,000. at a
net rite of 4.8999479 to be paid for in gold cart ificaten.
After a general discussion the ...siting adjourned.

ThIRT-vrIV rL TI"IG - '-',XCHANGE CnrgITT^E.

A regular meeting of the Exchange Comm!ttee was held nt the New York
Clearing house at 3:30 r. M., Monday, October 19, 1914i present, Messrs.
Alexander, 'Woodward and Wa'lace; absent, Messrs. Strong and VInderlic.
Minutes of previotis meeting approved as submitted.
Applications for checks aggregating 1147,794.14.2 were considered,
against which allotments aggregating X147,794.14.2 were *nods at 4.961 and 4.97.
Applications for cable transfers aggregating e16,687.12.6 were coneidcred,
against which allotments aggregating ::16,687.12.6 were made at 4.971 and 4.98.
Of the check allotments 163,070. were accepted, and of the cable allotments
A800. von, ?Incepted.
The meet; n7 n1 journal.

UT suns
TrWIT7EINTli =TT NG YICHANG" 00141ITTKII.

A regulnr meeting of the lz.zehnwe Corned ttee was held 't the 1!et. York
Cle.tring Hous nt 3:30 *T'. H., Tuesday, October 20, 1914; prosent, Hr. Alezarder

also Messrs. "igen ,rid Eine; absent, ilessr3. Strong, Woodward, Vanderlip and

ifinuteo of provie.,us meettrz apprev-ci as eobmitted.
Appliolltione for chocks et,..greg.stirtg f5,000. were nsidereci, against
All wore :Incepted.
sggragnting Z5,000. were raRle P t
No orplicntlors for cable transfers wer9 rF;,ceived.
The meeting aditiurned.

MINUTES
INICE4N1- Crngt7TTITIZ.
r7ZNTY-TIRLT 077TING

A regelmr meeting of the Exchange Committee was hall st the Nee
York Cle...r'ng Fease rat 3:30 P. V., M-nday, Novembar 9th, 1214; present,
!Jr. Alexan6or; ab?.ert, Messrs. Strong, Vemdward, VanJerlip and 7altace.
Minutes of pr.rieus meeting approved P$ submitted.
A check application in the a.tount of 2L5,00014, was submitted Rnd
No appliciAtions for er*Llus
the snag mme allottA at 4.90/ Rnd accepted.
were received.

The n:netlr,; mdpAirnad.

Instalment paid on Issue of this Certificate

Original Subscription Contribution
Instalment pald on issue of this Certificate

No.

(31

ORIGINAL SUBSCRIPTION CONTRIBUTION
CERTIFICATE OF CONTRIBUTION AND OF PAYMENT OF INITIAL INSTALMENT

GOLD FUND

00000
Certificate of Contribution and of Payment of

No. 00000

Initial Instalment

GOLD FUND
Issued to

Contributed pursuant to Report and Plan set forth in the letter of September 19, 1914, addressed to the Secretary of the
Treasury and the Federal Reserve Board by a Committee, consisting of James B. Forgan, Chairman, and others, and approved
in the answer of September 21, 1914, to said letter made by said Federal Reserve Board and approved by said Secretary.
The undersigned Gold Fund Committee named in and appointed pursuant to the Report and Plan above named, hereby certify that
has subscribed for an Original Contribution to the Gold Fund provided for in said Report and Plan, in the amount of
, and has paid to the undersigned Committee on account of such Original Contribution, an initial instalment of $
Payments of further instalments towards said Contribution shall be evidenced by endorsement thereof hereon by the undersigned Committee, or their

Schedule of Payments and Repayments
First Instalment Paid $
DATE

Additional Instalments Paid

Repayments

Balance

COMMITTEE

GOLD FUND COMMITTEE
NEW YORK CLEARING HOUSE ASSOCIATION BUILDING

NEW YORK CITY

S
APPLICATION FOR CHECK
NO

(WHEN APPLYING FOR CABLES USE OTHER FORM)

NOT TO SI PILL= IN DT APPLICANT

The undersigned submit the following application for CHECK ON LONDON stliVret to the rules of the
GOLD FUND COMMITTEE.
kit'
NAME AND ADDRESS OF APPLICANT
SAME AMOUNT (IN FIGURES)

STERLING AMOUNT DESIRED (IN WORDS)

STATE BELOW NATURE OF TRANSACTION TO BE COVERED BY EXCHANGE APPLIED FOR4sxE OVER)

CHECK TO BE DRAWN TO THE OFOR OF
DELIVERED OR FORWARDED

.6)

;by

IF APPLICANT IS NOT
MAKE PAYMEN

ATED IN NEW YORK CITY. STATE NAME OF THE NEW YORK BANKING INSTITUTION THAT HAS BEEN INSTRUCTED TO
FOR THIS EXCHANGE, IF ALLOTTED. AND TO WHOM NOTICE OF ACCEPTANCE OF APPLICATION MAY BE GIVEN

REMARKS

WILL PARTIAL ALLOTMENT
BE ACCEPTED

AUTHORIZED SIGNATURE OF APPLICANT

SPACE BELOW RESERVED FOR USE OF GOLD FUND COMMITTEE
CLASSIFICATION

AMOUNT ALLOTTED

DISPOSITION

RATE

CHECKED

DRAFT NO.

COMPARED

REGISTERED

APPROVED

The Purpose for which the Exchange applied for is wanted should be fully explained.

Indebtedness covering imports of commodities.
B. Corporate obligations; principal, interest or dividends due abroad.
C. Bills representing money borrowed.
D. Other purposes not mentioned above.
A.

State on the reverse hereof under which of the above headings this application may be classified, and explain fully the nature of the transaction to
be covered by the exchange.
If the indebtedness is for commodities imported, specify character of the
merchandise, date when ordered, and date of maturity of the indebtedness.
As to bills representing money borrowed, specify date when they were
drawn, and their maturity.
Applicants should direct that exchange be drawn to the order of the
party to whom payment is to be made, and not to order of the applicant.

GOLD FUND COMMITTEE
NEW YORK CLEARING HOUSE ASSOCIATION BUILDING
NEW YORK CITY

The Purpose for which the Exchange applied for is wanted should be fully explained.

Indebtedness covering imports of commodities.
B. Corporate obligations ; principal, interest or dividends due abroad.
C. Bills representing money borrowed.
D. Other purposes not mentioned above.
A.

http://fraser.stlouisfed.org/
WIGGIN,
Federal ALBERT
ReserveH.
Bank
of St. CHAIRMAN
Louis

GOLD FUND COMMITTEE
NEW YORK CLEARING HOUSE BUILDING
77 CEDAR STREET