New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-08-04
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foreign goods. No relief for the en-
bargo is vet in sight and none IS bold
enough to attempt to predict wheh II
will come. Insurance on such cargo
as space can be found for sold at 10 per
cent Yesterday on ships flying the Eng
lish flag. and there were reports Oh
policies at higher prices.
The stiffest rate at which a pohcy
was written was at 30 guineas per ceh'
Approximately 81 per cent? on a
consignment of goods for New YORK
house i'm a German bottom on the Med
;terranean. the underwriters assuring
that the vessel would succeed IN reach-
ing a neutral port and not that inc
goods would reach America.
This lack OF ships has also had inc
effect of restricting the exports OF gold'
underwriters positively refusing 10
rlace more than a small amount OF IN
surancc on yellow metal. The S3,oOO,-
600 that the Lusitania was to take out
for the Bankers Trust Company on
government account was all that could
be written at per cent or less. When
that was insured brokers quoted 2 per
cent as the rate and said they were
written up to their limit.
The day began with a series of con
ference. At the Hotel Vanderbilt
Secretary of the Treasury McAdoo.
John shelton Williams, Controller OF
the Currency, and William p. G. HARD
ing and Charles 5. Hamlin, OF the fed,
era Reserve Board, were IN ma,
conference before the Secretary ana
Mrs. McAdoo should depart for WASH
ington on the 10 o'clock train Inc
Secretary wished to remain IN New
York. but felt that with matters easing
IN here he should be in Washington:
1t was arranged to keep him informed
on the progress OF events "hlle Ell
route 20 the capital.
Clearing House Acts.
Downtown the Clearing House Asso,
ciaticu was in session. II was decided
20 follow the advice OF the committee
agreed upon after a conference with
MIR. McAdoo on Sunday night, to at
once issue certificates. The member
banks had already arranged TO do this,
having presented the securities against
which these were TO issue for certliica-
ton on Saturday and Sunday. and S2O,-
600. 600 was issued at once. The names
Of the banks taking out certificates we're
rot made public. II was also decided
I that for the present the usual Satur-
dav bank statement will not go into
! details as to the condition of the indi-
/ vidual banks, if, indeed, any statement
[ be issued.
At the same time the officials Of saw
/ ings banks in the city were IN confer
ence with Eugene Lamb Richards. State
I Superintendent of Banks. II was unanl-
mously voted to demand the siXty-day
notice allowed by law on all deposits,
I though persons having need for money
will rot be Inconvenience by the oper-
alton of the rule, which is intended TO
prevent useless and dangerous runs
and foolish boarding of currency.
Before the order was issued some Of
/ the banks experienced a taste Of what
would have followed had the order not
been issued. At some of the banks
there were queues half a block long
when they opened for business. Those
who reached the windows OF the paying
tcllers before the vote was taken got
their money; those who did not we're
offered $50 and told to file the neces-
sary notice. The offer and the advice
were usually refused.
Some officers of savings banks who
tried to reason with their depOsitors
had difficulty in making it clear that
il was necessary for the protection of
the depositors Mat the moneys Of the
banks should be conserved at this time.
The average depositors have little
knowledge of banking. and it was herd
10 make them see that If they were TO
have their money at once it would be
necessary to sacrifice the high grade
securities in which the banks had in
vested the money they had deposited,
the loss falling on the depositors, 10
whom all the moneys in the banks be-
long.
Already this shrinkage in the market
values Of high grade bonds is eonsid-
cradle, and in some OF the smaller
banks the dents made in the surplus
are not email.
The private banks of the East Side,
which foreign residents patronize in
preference to savings banks. also &C.