Show NEW YORK ASSAY OFFICE IS CHOKED WITH GOLD new york curb deluged with a steady stream of gold from every quarter of the world and with their vaults choked and creaking under the weight of gold in bars in strips and in coin officials in the government assay office in new york have thrown up their hands and called a halt to the amount that shall be dumped upon them by bankers for melting and assaying the assay office in new york has instructed ted bankers importing gold to send the metal to philadelphia this is being done with approximately half of the that has arrived in new york since april 1 the equitable trust company has sent its last shipment of gold to philadelphia for assay and credit the bankers trust company is shipping some same of its imports to the same mint and the american express company is sending virtually every bar it imports in especially guarded cars there are two means by which bankers can dispose of the metal now rolling in on them one is to deposit it with the federal reserve bank the other is by depositing it with the assay office the reserve bank now will take only british bars on which it makes an advance of 98 per cent to importers settling up when the metal is assayed the assay office advances 90 per cent of the estimated value remitting the balance when the gold finally is melted and weighed officials of the assay office say there is ample room in the underground vaults of the new building but that the gold before storage in these vaults must be weighed and assayed this department acts as the neck of the bottle and it is here the congestion in the gold traffic has interfered men employed in the department have been put on a twelve hour shift to reduce the quantity of gold on hand |