New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-12
Regulations for
Gold and Silver
Exports Issued
Albert Strauss Chosen to
Pass On Applications
for Licenses

Reserve Bank Of New York yesterday
from local banking institutions desir-
Gus Of exporting gold and silver from
the United States under the provisions
Of the embargo. Gold coin TO the
amount Of S2,738,O00 was withdrawn
from the Sub-Treasury, apparently Tor
eyport, although it was stated at the
Reserve bank that no license has yet
been granted, so far as was known
there.
Albert Strauss, Of the private bank
ing house of J. and W. SeIigman q
Co.. has been designated by the Fed
eral Reserve Board as the official ex-
pert who will pass on all Applications
made to the board for licenses to eX-
port gold and silver from the country
Mr.. Strauss is now in Washington IN
conference with the government ON
Gals.
Regulations in Detail
The detailed regulations governing
all future gold and silver transactions
involving the shipment Of the metal
out of the United States were received
at the Federal Reserve Bank yesterday
from the Treasury Department at
Washington. They follow:
I. Any individual, firm or corporation
desiring to export from the United states
or any of its territorial possessions TO any
foreign country named in the proclama-
ton dated September I. 1917, any CON-
bullion or currency shall first file an ap-
plication in triplicate with the Federal
Reserve bank of the district in which such
individual firm or corporation Is located,
such application TO state under oath and
in detail the nature OF the Transaction, the
amount involved. the parties directly ana
indirectly interested and such other intor-
nation "a may be of assistance TO the
proper authorities in determining whether
the expectation for which a license Is de-
sired will be compatible with the public
interest.
>. Each Federal Reserve bank shall
keep a record copy of each application
filed with il under the provisions OF TINS
regulation and shall forward the original
application and duplicate TO the Federal
Reserve Board at Washington, together
with such information or suggestions "a II
NAV believe proper in the circumstance
and shall in addition make formal rec
ommendation as 20 whether or not IN us
opinion the expectation should be per-
mitted.
3. The Federal Reserve Board. subject
to the approval OF the Secretary OF the
Treasury. is hereby authorized and en-
powered upon receipt OF such application
and the recommendation OF the federal
Reserve bank, TO make such ruling as IL
may deem proper in the circumstances ana
If in its opinion the expectation in ques-
ton be compatible with the public interest
TO permit said expectation to be MADE
otherwise 70 refuse it.
The official application blank which
has to be filed out and forwarded to
the Federal Reserve Board at Washing
ton, bearing the signature of the appli-
cant and sworn to before a notary pub
lie, requires among other things de-
scription of the shipment, the destina-
ton, the proposed route and the name
Of the vessel, name and address or per
son, firm corporation or government Tor
whose account shipment has been or
dered; name and address of interests
TO which account the shipment VIII be
charged, and the names and addresses
of all other persons interested IN the
shipment. directly or indirectly.
Furthermore. the nature of the trans
actions which resulted in the order for
shipment is required, and if the ship
ment is made for the applicants own
account il must be stated whether the
purpose is TO furnish customers with
exchange. Each apI lication W III be &C.
companied by the recommendation OF
the Federal Reserve Bank OF New YORK
as to whether the license should or
should not be granted.
Silver Dealers Confused
Inquiry among dealers in silver bull
lion disclosed the fact yesterday that
there is considerable confusion IN the
trade as to how the silver market viii!
be affected by the embargo. A repre-
sentative of one of the leading bullion
houses in Wall Street left last night
for Washington. where he will consult
with Treasury Department officials on
the matter. Generally, it is believed
that nothing will be done 10 impede the
EXPORT movement OF silver to the Al
lied countries and to the Far East.
This is a point, however. which IS not
definitely settled in the minds OF the
local bullion dealers. Meanwhile the
price of bar silver continues TO crowd
the dollar market, and yesterday 1t
touched 9S5s cents an ounce, new
high record.