New-York tribune., 1921-04-29
Flood of Gold
10 NY axes
Assay Office
Shippers Asked to Divert
M, Metal to Philadelphia;
thousands Lost in Inter
est Because of DELAYS

ne world is pouring gold into the
u"'.ea States through the Port of New
iofk IN such heavy volume that the
assaying and refining facilities of the
New York Assay Office are being over-
TAXED and shippers are being reouested
where possible to divert consionments
OF OF the yellow metal to the philadeIphia
.'..,, 1917 me capacity of the local office
GOO non saNe care or approximately $15.-
the mechanical department is working
ewehSy-tour hours daily putting the
new arrivals of metal through tho mill
ihc'dentally, the delay occasioned bv
the inability of the local ASSAY Office
90 handle the gold is causing loss of
thousands Of dollars a day in interest
20 the shippers, who are compelled to
hoid the metal idle until such time as
~ ~ can pc assayed and accepted by the
Federal authorities Not since the war
Gays when gold flowed into the United
aIa'es at an Unprecedented rate has
Ohe Assay Office been as busy as at
present
Shipments of gold diverted from
New York to Philadelphia by the Eoui-
eaole trust Company during the last
ten days have approximated S4.0O00O0,
"hlie other consignments have been
made by the Bankers Trust Company,
Sne American Express Company and
other interests. Some of the gold is
going by rail al ! in other cases motor
truck trains, proceeding under heavy
quart are being used. 1t is the hope
OF the Federal authorities in view of
the congestion at the local Assay Of
nee that shipments of gold from Eu-
@
sailing direct to the Port of Phladel-
Enfa, thus eliminating the trans
shipment overland.
CERTAIN banking houses in the finan-
cial district which are heavy recipients
OF gold, notably Kuhn, Loeb & Co..
have been placing such a portion of
their imports as could not be readily
handled at the a Assay Office in their
own vaults pending such time as it
could be accepted.
Gold bars from London bearing the
stamp of the Bank of England are be-
ing purchased at SO by the Federal
Reserve Bank of New York. The Assay
Office in accepting foreign gold takes
1t at 90, pending the completion of
the assay Gold shipped to the Phila-
delphia Mint is being handled quickly,
and in some cases telegraphic trans
fers Of the amount involved have been
made to the shippers in New York
within a few hours of receipt of the
metal in that city.
The opinion was expressed yesterday
that if the gold importations continue
for any length of time on the present
scale the Philadelphia Mint is likely
to become congested also, and it is not
improbable that shippers in other coun-
tries will be asked to spread their
shipments over q longer period. spac
ing them in such way as not to bring
them into American ports in bunch.
1t is expected that the movement will
continue heavy for an indefinite period.
At present England, France, Sweden,
Holland, Turkey, Persia, India, China
and the South American countries are
sending gold here in steady stream.
In the year ending April 27 last hold
ings Of gold of the Federal Reserve
system have been swelled approximate
ly S500,0O0, eco through imnortations Of
the metal, and of late it has been
coming at a rate of about $4,000 900
week. Indications are that the total
will be increased shortly by shipments
from Argentina. as the government
there is considering the advisability
of releasing approximately $4,000 900
for export to the United States to
correct the unfavorahle exchange posi-
tion