The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-11-17
Meqv York S Reserve Bank
Starts Without a 7remor
Financial Centre lndiSturbcd by Complete Change Of
Money System in Single Day-8O Per Cent. Gold
in Payments-Ontside Banks Help.


The New YORK Reserve Bank ended h>
Hrst day yesterday with total resources
in gold aud lawful money Of siO2,a33.-
ssO.32. OF this ss0.8i .e.O.iO-to be
esact-hnd been paid In rs reserves dur
Ing the day. The balance, s3,32i .9iO.2:,
Il the present paid up capital Of the bank.
New Yorks great financial interests did
not feel even a tremor OF dis;urbanc"
yesterday when the banking resources Of
the country were moved from the old into
the new system.
The transfer OF millions Of reserve
money throughout the COuntry-neariy
500, Oo0. 600 IN the New York reserve dis
triCt alone--was accomplished with such
smoothness, due to the gradual nature Of
the transfer and the splendid execution OF
the plan by those in authority. that the
market rate for money. the most sensitive
barometer 20 change. registered hardly a
WAIVER OF the Indicator
Money rates were praot 'cally unchanged,
although there was "A tendency To- easier
conditions The temporary tension. looked
FOR b. some bankers as almost a corollary
of change In the system. failed to ma
terialZe.
Chemical First TO Apply.
The Federal Reserve Bank OF New York
started Its first real work yesterday, I'M
nediately upon its opening, In accepting
for redscount a considerable block OF
paper. There We're several applicants for
red!scoun, The Chemical National was
the first 10 apply. This application was
regarded ~ the strongest evidence of the
determination OF the bank to pledge its
support to the new system.
}. II. Martindale president OF the Chem
ical. vigorously opposed some features Of
80 -.
with the bill a law the Chemical has
come forward as one Of its hcartiest sup
porters. making use Of its first and funda-
mental privilege and leading the banks OF
New York In throwing of their ncsitarcy
to redlscouut. II was announced yester-
day that the Chemicals action was en-
tirely matter Of expression OF indorse-
m.nt OF the act.
The gathering iu of the reserve pay
ments from the member banks 20 the re-
serve bank occupied most OF the day. II
was accomplished withou; the least ex-
citcment or Interruption. passing of IKE
clockworl. du" largely TO the able plan
ming OF the opertt by q. T.. Gregory.
cashier ~ the National city Bank who
had arranged a schedule OF payment with
each big New York bank assigned before
hand 20 the hour and the minute and the
place for its payment.
In $4,000 Gold Certtacates.
The National Ci.y Bank was the flrs,
to make us payment. getting the iirs. re-
ceipt. It turned INFO tho Federal Reserve
Bank ~ the Clearing House s2l. 900, 600.
II which $4,000. 900 was payment of op-
tional reserves in excess of the required
amount. II was In $4,000 gold certit-
Gates. i.
The movement OF the great amount OF
currency from all the banks In the
financial district through the streets of
lower New York was done by messengers
and wagons heavily protected. Some OF
the big payments came IN trunks and
hampers hllcd with packages OF bills.
Among .he other hg payments OF re-
serves from New York city institutions, as
learned 10y irQu,ry at the banks were
$4,000 900 by the National Bank OF Com
MERGE. of which $500. 000 was excess re-
serve, 5000 600 from tn, First National.
s. 000 600 from the Chase $500 900 from
the National Park, S6.20O.000 from the
Hanover, Sj.500.0 600 from the American
Exchange National, OF which $4,000. 600
was excess reserve $500. 900 from the
Mechanics and Metals s2.l00.000 from
tho Chemical. 1000. 900 from the Sea-
h"ard and Sl.IoV.0OO from the citizens
Central
Tie larger payments From banks ia
Manhattan were M de ~ the Clearing
House, whore sjS.Si3.00o was received