New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-08-06
NO RUSH HERE FOR
EMERGENCY MONEY
Few Banks Take Full
Share of Currency
Situation Calm.
S42,53S,O00 TAKEN
SO FAR TITS WEEK
c. S. Hamlin Says Financial
Conditions in City Are
Excellent Now.

At the close of business yesterday
the total of emergency currency issued
to New York banks from the Sub
Treasury amounted to s42,530,OOO, OF
which S28,205, 900 was taken out dur
| ing the day, the remaining S14,333,OOt
/ having been withdrawn Monday.
Charles S. Hamlin, Assistant Secre'
| tary of the Treasury, who, with W. +
G. Harding, member of the Federal Re-
serve Board, had been passing upon the
applications for the new banknotes
| said that there were eighteen banks
which had applied for them, but that
ten had taken only part of their full
I allotment.
OF all the New York banks who are
entitled to the new currency, Mir. Ham
/ lin. who is also a member of the Fed
eral Reserve Board, declared that there
we're twelve who had not as yet made
application for any amount.
about one-half of the SlOO,000,0OO
which will be sent TO New York City,
Mr. Hamlin added, "has either been
already issued or applied for. The Few
applications that are still TO be passed
upon by Mr.. Harding and myself, with
the SAP ,538, 900 taken by the banks. VIII
De signify III cAceSS VI IilS pfVbVNN'',N
sent to the Sub-Treasury this week.
We do not anticipate any difficulty In
meeting all the requirements OF the
banks. as the Treasury Department Is
capable of turning out $lO,OOO,0OO OF
the emergency notes day.
OF the S28,205, 900 issued to the banks
yesterday it was learned that $1,000
600 was taken by the Hanover National
in lots Of 81 900 900 and 100000 each,
81 800 600 by the Citizens National,
s., 600 600 by the Chase National and
S75O000 by the National Park, taken
away in four lots.
Figures supplied by Mr.. Harding
showed that there are twenty-one ma
tional currency associations in the
United States now in operation. These
organizations are the first to pass
uron the applications of the banks for
emergency currency, their action being
subject TO the approval OF the Treasury
Department.
The cities in which the associations
are located include New York, Albany
Boston, Philadelphia, Pittsburgh, Gin
cinnati, Baltimore, Washington, At
lanta, New Orleans, Detroit, Chicago
St. Louis, Louisville, Kansas City
Denver, Dallas, San Francisco, Mime
apolis, Birmingham and Los Angeles.
Mr.. Hamlin reported that the fnan-
cial situation in New York at present is
excellent, and his opinion was Endorsed
by bankers generally.
"The machinery of issuance is work
/ ing quite smoothly, and there are no
DELAYS" he added. 1.-THE National Cur
rency Association passes on the securi-
ties, and the application approved by
them is brought TO me for Treasury
approval. The situation Is entirely
calm and quiet. Bankers have called
frequently and all report that the stu
alton is excellent. There is an entire
lack Of excitement, and all demands are
being met"
Bankers pointed out that the total
emergency that has been taken out this
week BY the New York institutions was
by no means an index of the amount
needed, The head of one of the larg-
est downtown banks said that in many
instances the banknotes will be used
simply as a protective measure. Some
OF the out-of-town correspondents Of
the big banks have requested large
sums Of emergency notes, but when
told that they could have all they want
ed changed their minds and did not
lake any.
Some of the banks began issuing
emergency currency yesterday, but few
Of the recipients were aware OF the
fact. The reason was that the money
differs in no visible respect from the
ordinary national banknotc, unless it
happens to sntedate the passage Of the