The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-08-04

rms Is ny time for individual opinion, -
MT SchiH SAID. The precedent for II
uoes not exist. Possibly---to say probably
would be hazardou5--the worst may be
behind us. Agreement has been reached
practically To stop the machinery for the
WORLDS financial intercourse and to await
deVelopments 10 assure us OF safer condi-
tons before the machinery will once more
be set In motion.
This leaves II to the individual TO deal
with his existing affairs and obligations
as best he can arrange, and ! have lit
tie doubt as far as the United states Is
concerned banks, trust companies and
bankers Will pursue n liberal, IL prudent
attitude toward their dealers TO enable
these TO arrange their affairs Fortu-
nately the Federal Administration APP
pears to be fully alive to the necessities
or the situation and to be taking with
praiseworthy promptness all practicable
steps within its power to forestall diff
Guilty or disaster.
What is needed Is general cooperation
and this Is certain to be forthcoming"
The situation appears to be brighter"
said the Comptroller when he arrived
There appears no cloud we need fear.
Arrangements will be made for IA
cilitating the transportation and delivery
OF the rrst consignment of emergency
currency. There have been no appica-
tons for II al this hour, hut we under
stand that there will be applications.
THE notices that the emergency cur
rency would he issued were sent out by
Secretary McAdoo last Friday and Sat
urday. About 100000 has been sent
TO the Sub-Treasury. Baltimore; 100000
600 to Chicago. and between S.. 900 900
and $40. 600, 900 to Boston.
There Ia now moro fupneV mar rfta
In the United States than at any other
time In our history"
The first instalment of emergency cur
rency. roundly si6 200, 900, was then on
It's way from Washington and Philadel-
phie. II had been prepared for allotment
when the act first went into effect The
amount was the pro rata share In the
first f50o,00o.000 printed by the Govern
ment. II was IN IS, SO. $40 and $50
bills. II was TO become available under
the conditions prescribed in the orisina al
law. giving each bank OF the city an
Arbitrary amount fixed as It's share, All
that was changed later In the day by the
legislation at Washington.
The emergency currency amounting to
about sis,00o.O0o arrived at the Penn
sylvania Terminal yesterday by express
1t came IN huge steel boxes heavily pad
locked and Just as heavily guarded It
required twenty trucks 10 remove IL to
lIt SUP ana every Truck MAD
three or four secret service men and detec-
tives. The arrival OF the trucks at tho
back door OF the building drew n crowd
Inside the SubTreasury were long lines
about different windows A very few were
there to exchange gold certificates for
gold, but the majority wanted 10 know
how money could be transmitted to reia-
tives stranded in Europe with letters OF
credit they could not use. The best that
COnlI he tOnp u-aa 70 al oil
names and promise TO do everything pos
sible.
Formal notice was served on Comptroi-
Ter Williams around l o'clock when Frank
a. Nanderlip, president OF the National
city Bank, called on behalf Of his own
bank and others that the National City
Bank would offer the proper securities
to enable IL to take 100000 900 OF the
currency. The original allotment OF the
bank under the old law was n little more
than 100000. Other banks will Increase
their amounts as they need the money
New Money Ont To-day.
Mr.. Vsnderlips call was followed by
one from AR. Schff and then from a
dozen or more representatives OF banks
At the conclusion OF the visits che Comp
troller said:
AS far as we have been advised me
situation Is we'll in hand IN New York, as
well as the rest Of the country.
There are no symptoms or Indications
OF anything disturbing in the United
States. Every report IL extremely reas-
surfing. As matter OF fact the bankers
of the country got together to-day with
out waiting for the emergency cur
rency. Not one dollar has yet been taken
out Some applications have been re-
ceived and the money will go out to-mor-
row. The fact that the si5,O00,000 was
available was In itself extremely reassur-
ing and WAS OF great benefit. l will re-
main over tomorrow, but there is no rea-
son why ! should not return 10 Washing
ton on the following day. ] will have no
further conferences.
II am told that the banks had fewer
Withdrawals to-day than they expected,
which Is most favorable sign"
The Withdrawals for foreign shipment
yesterday amounted TO $6.626,ooO, of
, which s3,5o00O0 was taken out by tho
American bankers for Americans abroad
and s3,025.000 was taken out by the
Bank OF Montreal for Canada. No i'm
portance was attached TO the last with
drawal and every facility was afforded
10 assist in the first In addition s625. 900
out there, while 100000 was started for
San Francisco
The action of the Clearing House Asso-
citation in deciding to issue certificates was
the tenth time this emergency precaution
has been taken. The dates and figures
follow:
| Date Of drs Date Of last Aggregate
issue. issue issue.