Salt Lake Telegram | 1926-05-07 | Page 12 | Movement of Gold

T 1 L Movement of Gold i DURING 1925 the United States exported in gold to foreign coun coun- tries Before Detore the war uch a loss as was experienced experienced ex ex- in 1925 5 would have caused a panic but thanks to the stabilizing influence of the Hie I federal reserve system the loss of or gold that sear tear Tar passed almost unnoticed d ant mt the nation 1 l an n exceptionally healthy twelve twelvemonths months During the first quarter of f 1926 the United States imported in gold goki Indicating that the supply is again coming hack back ack The United States has a substantial surplus s of gold above current requirements lit Iti addition to the gold owned by the United States treasury and the federal reserve banks there ther are of gold certificates in circulation The United States is now a gre great t exporter exporter ex ex- porter of If manufactured goods as well as of raw materials Since the war wr this country's foreign trade has changed materially Instead of being a nation that ships raw materials abroad and imports manufactured goods the United States has developed a great export trade in manufactured articles importing much raw material This naturally ha has kept the I great supply o 0 of gold that accumulated in inthe inthe inthe the United States durin during the war within the country Trade r Trade balance m may my y mean large shipments 9 o gold Irom from this country to foreign m markets jut But bt eventually it gets back here in payment Jf tt our goods The federal reserve bank i is able to so stabilize transactions that this transportation on of f gold old oId back and forth may b be carried on without any serious effect on b banking or money in the United States thus eliminating panics which were a source of dan dancer danzer er bc before re the federal reserve system was instituted