New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-10-24
YORK OVERTIME
COUNTING GOLD
capacity of Assay Office
Pushed to Limits to
Handle Deposits.

The Unprecedented conditions createu
By the abnormal exchange situation IN
necessitating shipments Of foreign god
TO New York, in addition 20 the estso-
lishment Of credits with American
bankers, the largest OF which was the
$500, 900 900 Anglo-French loan, have
taxed the working capacity OF both the
local Sub-Treasury and the Assay once
10 their limits.
Owing 20 the depletion Of the sup
plv of United States gold coin at
Ottawa. which apparently has all been
sent back 20 this centre, however, the
Sub-Treasury clerks have been able 10
shift the burden Of handling and count
ing the millions OF gold now coming IN
90 the ninety employees Of the Assay
Office, who have been forced 70 work
overtime and Sundays 20 keep up with
the enormous deposits.
They will an be busy to-day clean
ing up" the gold that arrived last week.
About S25.000000 was deposited IN
British sovereigns, but Superintendent
Verne VI. Bowie stated yesterday that
everything will be in readiness to-mor-
row 70 handle the further big ship
ments that are expected this week. Mr'
Bowie declared IL was not likely that
the precious metal would come IN again
IN such large single amounts as the
record shipment Of S25,OOO,OOO deposit
ed 10 the account Of }. 7. Morgan q 60
FIXTURE shipments, while big IN the
scrregate. will be imported in smaller
lots owing 20 the present inadeQuacy OF
tho Assay Office force. which Is far be-
low the needs Of what the present sit
uation requires. For this reason super
intendent Bowie will probably ask Con
eress at its next session 10 make a
larger appropriation for an increased
working force No more men can be
added until this is done, and conse-
quently the extent Of the import move
ment must needs be more or less meas
ured by the ability Of the present staff
20 handle the millions still to De
shipped here.
"Since July l." said Superintendent
Bowie 70 a Tribune reporter, "the Assay
Office has handled over and above the
ordinary work about SS7 100000 OF for
eign coin. OF which S2,5OO.OOO has
been in French twenty franc pieces
known as Napoleons, S4,5OO,OOO IN
Japanese yen, SlS.000000 in bullion and
the remainder in English sovereigns.
"By working overtime and on sun
DAYS our force has been able to keep
I'D with these unprecedented deposits,
as we have at present no means OF IN
creasing the staff. which has done It's
work with remarkable accuracy and
swiftness.'
Mr.. Bowie explained that the reason
why Great Britain was sending her own
coin 10 pay for the enormous purchases
Of the Allies in this country was be
cause very little of her gold was in any
other form This will necessltate the
reshipping Of the sovereigns and other
foreign coin to the Philadelphia Mint
where IL will be made over into Amerl-
can eagles.
Office totalled $500. 900. of which 81
800. 600 was by the Guaranty Trust
Company and 81 900, 900 by Wells Fargo
& Co. Ii was learned that the total
gold which arrived on the Baltic Fri
dav amounted to 100000, leaving ST.
100000 more TO be deposited this week:
In view Of the present widespread
movement Of gold 10 this country from
sources other than England, II IS I'M
possible TO give up-to-date figures on
the imports for the whole country. Inc
latest available details are furnished by
the Federal Reserve Board in its Octo-
Der bulletin, compiled as OF. september
II. From January | up to that date
gold imports amounted TO S252,OoO,OOO.
Since then the local record of imports,
including the S25,OOO,0OO which arrived
last week. shows that at least $4,000
600 must be added TO this total. So
that the aggregate imports at all points
of the United States since January
probably exceed S3O0,000,000. J: p.
Morgan & Co., on. the movement from
Ottawa and London, have received
sl3s, 900. 900.