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The Federal Reserve Bank of New York announced last night that it had received $28,000,000 gold and gold certififcats yesterday, making a total of $174,000,000 gold restored to its reserves since March 7. For the entire country bankers estimate at least $300,000,00 gold has come out of hoarding or been turned in by banking institutions to swell the credit (bast?) of the central banking system.
On the basis of the legal reserve requirements of 40 per cent gold backing for Federal Reserve notes, the $300,000,000 recovered by the Federal Reserve Banks could support $750,000,000 of additional circulation.
Of the $28,000,000 taken in yesterday by the New York bank of issue, $13,000,000 was to coin and $15,000,000 in gold certificates.