Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1917-10-26
RICH HOARD OF
GERMAN GOLD
FOR U. S. HERE
A. Mitchell Palmer Expects
to Take Over Millions
in City and State
so DAYS FOR DECLARATION
Property of Resident Germans
and Other Aliens Not to Be
Disturbed by Custodian
Bv a star Correspondent

WASHINNfTON, OCt.
Millions Of dollars in German gold ana
property in Philadelphia and other Penn
sylvania cities are to be taken over TOT
ne period Cf the war by the United states
and invested In Liberty Bonds. The Ger
nan money will be used to purchase NUM-
dons os war to be used against Ge' many
A. Mitchell Palmer. who. as custodian
Of alien property, has made plans to en-
ploy this money against germany saIG
Today that he does not know the tolal
AMOUNT that can be seized in Phllaue'phia
VI In the State at large.
When asked whether thgre would not
te millions taken out OF The single city OF
Philadelphia, he replied;
.arhat is a reasonable estimate. There
il no doubt that the German properly
4 which the Government Is luthorizeu 10
take will run into the hundreds Of MIL
lions uf dollars
"Al,bouqh have made no effort officially
10 ascertain the total amount. the oners
voluntarily made to turn over hundTods OF
thousands of dollars show that the total
will be great.
ain runnng oyer the hundreds Of letters
that come in find that the amounts which
Il is proposed 10 turn over to me run from
night cents to 100000 The concern ouer-
ing to turn over $500 600 was virtually
unknown and therefor it is safe to assume
that the big companies known TO ne owned
by German interests viii have much larger
sums that can be utilized by the United
States Government
Reports from Pittsburgh to the effect
there is 50 O0O. 900 of German gold in the
hanks of that city which the Government
win seize, W. re declared by Mr.. Palmer
70 be reasonable OF course, the German
money in Philadelphia viii be much more
than tina. and many OF the German-o"hed
.rternrises tn re have been making big in
u comes ever since the outbreak OF the war
For three year, IL has been virtually mn
possble to send any Of these earnings I"
Germany and a result they nave pee''
pifing up here. The Government intends 10
take charge OF the entire amount.
German steamship lines have big invest
ments in terminal fac lities in philadelphia
which have been earning big returns even
though German ships have been driven from
the seas Gsrman-owned importing com
panies operating hig nterpr ses in Ptiladel-
phia made big ear ,ings for the irst three
years OF the war. - did the German-owned
Insurance companies
ROYALTIES DUE
Large royalties are due German citizens
and bus ness concerns on patents that are
being used here. The persons who owe these
sums TO German interests are Cor the most
part not only willing but anxious to turn
them over to the United Staes. This Is due
70 the tct that they have to pay high rates
Of interest on the German money which
they have been unable to deliver to its
owners
Reports from Philadelphia. Pittsburgh
and other Pennsylvania cities indicate that
many citizens OF foreign countries with
which the United States is war. but who
are living In America. are Withdrawing their
savings from United States banks. They
have the erroneous impression that a prop
erty owned by aliens IS to be seized.
II is not the intention to take the prop
erty OF any German, Austrian or Turk rho
is living in the United States now. only
the property of citizens OF those countries
who are living abroad Is to be seized. None
Of the property Of foregn-horn persons vino
are now residing In the United States will
be conscripted unless the President by proc
lnmation should declare all Of them to be
enemy aliens.
Not only will German-owned gold be
seized in philadelphia and elsewhere
throughout the United States, but German
goods will be taken. Vast war supplies are
reported in terminal warehouses there
awaiting shipment ia Ge-maly.
Copper. brass. zinc and other metals
needed in making mu"itions Of war. which
were bought by Germany long ago when
II thought these could be carried to the
Teutonic allies will be seized.
Because sixty days time is given cor
poratons. banks and trust companies to
report the amount Of German property they
have on hand 1t is not believed likely that
Mr.. Palmer can use many millions OF Ger
man gold In purchasing bonds of the present
Liberty Loan issue. II is considered alto
gether probable. however. that the next loan
can be hoated entirely from the proceeds
of Germany nroperty co1scripted In the
United States.
PALMER OUTLINES POLICY
Il have not made any attempt to ascer-
tain the total amount OF German money
that can be used in this way" said Mr. PAL
mer today, "and | have had a chance only
TO skim through the hundreds of letters that
have come in voluntarily. but there are
hunderds of offers 20 turn over hundreds of
thousands Of dollars Of German property.
within short time I will require from
every corporation In the United States any
German stock holdings and the money owed
to any residents OF Germany. German cor
porations or those of Germanys allies"
Mr. Palmer indicated that from such
icities as Philadelphia. Cleveland. Cincln.
natl, ST. Louis and Milwaukee. where there
are big German populations, millions Of d,l.
lars would be derived.