The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-05-01

RANKS mad DORR0WgD PAsT "
BEgOR& ANN0rNCEMENT.

No 1AHsit 0oesgvabts Vet ~ ire Tisls o
Baah ttay 9sVe tRe eaaa IHsepesa Pves
-Tws naAss slaVs &c, - ~ - ~
Days-Eseaaaaa stsFhst sefsQsea.
WIN sseFssssy ~ che Treasury shaw
~ahaOuncad On Apgil ~ that he had dspcalea4
ei5,Do0,A0 0 from the aub-Traaaafy IN M
tionai baass. Uhich ha' aareed 10 import
Goid " that amsunt. he put e1s,eoo.s0a -
the eotal amount which o0,ild 10 taksa
By banks under this plan. Tbas he had
made such Q llanls he DID aos mats known
a tho tisns. bus n go announced yosteFs
day thal he had removed the limit. Heness
forth, according h. the announcement,
theirs h M limit % the amount national
bankB can withdraw by deposltiae savings
hank collateral In Tho Sub Treasury and
announcing an intention 10 lnpoFt gold 10
The emouht 81 the withdrawal.
The sxtsason Of the sscretaFy's plan
was considered important. not only BE-
GAUSS 10 served 10 facilitate gold importa.
but becauas n teEded 10 establish the new
way Of thtngs So Q ssttied policy. In the
beginning. the Secretary aid. hs action
was 40 expedient 10 be resorted 10 In ttnnes
Of financial stringenoy. 10 was o pPeee-
dsat. but not . policy. and would be fol-
lowed only when In the Judgment Of the
Secretary conditions warranted. Now Wall
street bankers believed yesterday. the order
10 applicable a. any time.
Though the secretary has raised the
limit Of tho money banks may secure under
the conditions Of bic order. he has not put
a limit on the time the banks may keep
Az VaA1lw TkA aatN.Rn0 ~ thA nF6Gf
as stated on April II, wac 10 save banks
interest on irnportations Of gold vhile
the gold wal in transit. IL was pointed
out By bankers who objected 70 the order
that Mr.. Shaw's delivery OF Government
money might permit banks TO keep IL for
q much longer time than that act ually
consumed ~ transportation since 18th, the
express an intention to import gold and
not after they make the formal engage.
ment. II would be much better, theee
bankers suggested. as establishing the
foreign exchange rates a. with banks
we're 70 aT a defnite time for which the
banks could keep the Governments money.
The critics instance the wor. ngs OF the
order as to the first weeks DO, rowings as
follows;
National City Bank took ss.ooo.oco April 10.
replaced IL April 20 tt days.: National CITY
Bank took IS, 900. 900 April Is. replaced sl.soo,-
900 April 81 "a days. and 100000 April 30
u7 days. Still has t2.5oo.ooo.
Hanover National took 100000 april IL.
replaced o., 900, 900 April 20 u3 days. Still
has 81 .ooo. 900.
National Bank Of Commerce took si.ioo.ooo
April II, replaced IL April Is 10 days..
Accordingly, while the National Bank OF
had the free use OF Government
money but eight days, the City BANK had the
use Of IS 600. 900 for fourteen days. Sl,oO0,OOo
for fourteen days 81 ,000, 000for % days
eighteen days ago, and the Hanover Ma
tional had the use OF 81 100000 for thirteen
days and still has 81 900 900 secured eighteen
days ago.
gold import point said a foreign 9anker
culating how long the Secretary will permit
banks 70 keep the Government money. II
thew can keep II long enough they can i'm
port gold very probably no matter what
the rates for bills Of exchange or what the
70 figure ten days as a very liberal allowance
for the loss Of interest on gold in transit.
The ten day period apparently cuts very
little figure now
Assistant Treasurer Fish said yesterday
that the Secretary depended on banks uaing
ali reasonable expedition In bringing over
the gold, In case they o o Undue Liberties,
he ala. be should report It at Washington.
Il was explained also that some OF the
money replaced was not credited as re-
placed at the Sub-Treasury. for the reason
that II took the employees a day to count
Il. The force has been working overtime
since the heavy money movements began
and has been unable in some cases TO get
the eold counted on the day II 10 received.
Yesterday there was a total OF IS, zoe 900
withdrawn from the Sub Treasury on &C.
count Of gold imports, the City Bank taking
% 900 COO, the First National, 10000 for
400, 900 for the Guaranty Trust Company.
The total withdrawn for the same purpose
tary before il was announced that he had
removed the limit, and is now 81? ,s7o. 600.
Treaa,iry Yesterday were o. 40 900, making
a total Of $a2 ,e4S 900 sent In this way TO that
IT,. ixao ,ha Aar4h1ilaka