The Washington herald., 1919-01-28
Thirty Millions Redeposited.

Thirty Millions Redeposited.
In this view. Mr. Mills seems to
have been already justified. for it
was semiaUthOritatively reported in
the financial district a day or two
ago that in New York approximate
~ $4,000, 900 that has been hidden
for several years has been rede-.
posted in the savings banks and in
other fdUciary institutions. So also
there came reports from other parts
of the country that TedepOsits OF
this kind were in progress and it is
the belief that within a few weeks
almost all of the money that was
withdrawn by depOsitors shortly
after the war began, and especially
after the United States became ono
of the beIligerents, will be returned,
most of ii not having been touched
since withdrawal.
There are several points of view
from which this somewhat uneN-
pected release Of money from stock
ings, cupboards or other hiding
places can be considered. First of
all. the bankers speak Of the favor
able effect upon the floating Of the
forthcoming victory loan which
these redeposits may have. For the
banking world knows that it prob
bly, will be chiefly or at least
considerably relied upon for the
successful marketing Of this loan
Think Glass too Confident.
Some authorities are persuaded
that Secretary OF the Treasury Glass
is little too enthusiastic in his
view that the loan will be easily
absorbed. although it bears no
greater rate Of interest than do the
bonds Of the Fourth Liberty Loan.
These authorities have no doubt
that il the interest rate is fixed at
= per cent if income from the bonds
he free up to considerable amount.
and il the life Of the issue be not
more than ten years. then these
bonds will be absorbed easily and
the banks Of the United states will
be relieved from some embarrass-
ment which might be OcCasiCned II
the issue bore no greater rate Of
interest than do the bonds of the
Fourth Liberty Loan. and if the life
of the bonds were for a long term
of years
Release Of several hundreds mil |
lions Of cash. which has been for
three or four years as though it
d,d mot exist. will furnish a con-
siderable aid. direct or indirect. to /
rnr banks and to others in float !
ing the fifth issue OF bonds
Troof Of Confidence.
ThrurEhout the United States or at
..a-t ln those portions where savings
banks are established. it was OBJ
.--r-ved soon after the war began that .
depositorS who were of foreign birth
or OF foreign descent were beginning
In be tinid. II was useless to reason (
with them. They f"'t that If they
had their- money i'm their own hands
then whatever might happen they
would he safe. After the United
States entered the war report was
in wide circulation that tn" govern
uent might take over the money that
was i'm the savings banks. and this
caused great deal OF anxiety.
Therefore deposits. i'm the aggregate
~ many millions. We're withdrawn.
Vow that the war is ended and peace {
negotiations are under way. these
tirnid depOsitOrs are revealing such
confidence. so far as the safety OF .
their money is concerned. that they
are returning these withdrawn de-
pOsits
Great Tunnel Proposed.
or a sudden public opinion. both IN
%ew York and in New Jersey, has
bcer strongly .set IN favor Of con-
.ztrIctinE a great tunnel under the
Hudson River. whereby tho mainlandS
or %rvr Jersey and Manhattan Island
shall bc provided with an artery for
vehicle traffic equal to any demand
likely To be made upon it for service
Of this kind at least for many years.
From one point Of view a public work
- ~. 90 no
tional as we'll as local importance.
At least thirty years ago the late
Austin COrbin stimulated public in
tereSt in the subject Of uniting Man
haitian with Long Island and New
Jersey by means Of tunnels under the
East and Hudson rivers. Mr.. Corbin
not only agitated in public the ques-
lion but he went so far as to cause
surveys to be made by competent en-
Sineers. These men Of science chart
I'd the bottom of the two rivers and
reported that tunnel construction was
feasible. Perhaps it might have been
undertaken at that time but for Mr.. I
Corbin's death. But what he pro-
posed In undertake nearly twenty
years later William O. .McAdOo, re- (.
rently Secretary of the Treasury. did
actually undertake, having secured the
moral though not the financiA sup
port OF the Pennsylvania Railroad. /,
50 also President Cassatt. of the
Pennsylvania. taking advantage of
The research work whfh Mr.. Corbin !
began. persuaded his directors to au-
rhorize construction Of tubes under
the Hudson, also under Manhattan !
Island. extending therefrom under the
East River to Long Island These are
tubes for passenger traffic alone.
Public Interest Latent
There were heard occasionally !
suggestions that greater tube tina n /
any OF these. or Lerhaps the worlds /
greatest bridge. should be construct :
I'd so as TO bring New York and
New Jersey into actual physical
touch. But there was procrastina- /
Iion. Public interest was not stim- /
ulated. IT was necessary to have (
the severe ice blockade Of last win /
ter and the harbor strike Of this
winter to demonstrate that il is of /
vital Importance that the mainland
and Manhattan Island be connected
by a tunnel great enough for the |
, transportation Of carts, vehicles,
trucks. express wa gons. and the like I
back and forth. Once started the
r,,oyement now seems IN he u-eIl ,,r