Show I GOLD FLOOD SWEEPS UPON SHORES OF UNITED ED SUES STATES 1 I NEW YORK May 5 A A veritable flood of gold is sweeping upon the I shores of ot the United States Already the precious metal in the country has hasI I attained the unprecedented amount of I and yet the tide is rising Financiers attribute this to the fact that the United States is the worlds world's I one creditor nation and fo for the equally equal equal- ly Important reason that th the other nations nations nations na na- na- na of the world find tind it well nigh impossible to transact business with I this country by reason of their own depreciated currency I The precious metal is coming from all quarters of the globe but the European European European Eu Eu- countries more particularly Great Britain and 1 France rance as well as I the Scandinavian nations are paying 1 heaviest toll I Much of the gold received from England England England En En- gland represents shipments from South Africa a to London C while the French r n and I fI ct other consignments hark back to the days of or the war and in some instances to much longer periods I IS AVAIl All GOLD For example Sweden is sending gold received from Germany for war supplies supplies sup sup- plies also bar gold 1 or bullion which many believe to be of Russian origin By way of the Pacific have come occasional shipments of gold from Siberia Si- Si boria beria where they formed part of General General General Gen Gen- eral Kolchak's war chest South America and Central America also are making maltIng involuntary contributions contributions to this country's vast ast holdings of ot the yellow ellow metal mainly because unsettled economic conditions In Latin Latin- I America virtually preclude any my other form of payment nt to this country The local assay office a new structure structure I ture whose modern equipment includes huge vaults floors plow below the nIl street I level now holes bolts of coo roo fully third one-third of or which has come coma comei i from foreign countries En 1 BUSY i I The machinery of the assay office hE here re Is working at high pressure in an effort to reduce and refine the foreign i bullion and coin Reports that large quantities of the gold are being shipped to the Philadelphia mint lack official confirmation Commenting on this inflow which some bankers have viewed with apprehension apprehension i hension Geor George e E E. Roberts a a. vice I pres president of the National City bank and for years director of ot the United States mint is quoted as saying of It is natural that the people Europe should be sending us their gold Everybody everywhere owes us money The easiest way for them to pa pay if they can is in gold Pointing to the reduced International value alue of or the British banknote French and Belgian francs the Italian lira Ura and Austrian kronen Mr 11 Roberts adds WILL CONTINUE CO So long lone lon as the premium on the gold dollar exists and is general gold will probably continue to flow low here in greater great great- er or less quantities It seems Incredible incredible incredible ible however that It can long continue at the present rate Paul M M. r. r Warburg a recognized bankIng banking banking bank bank- ing authority now chairman of the newl newly newly- organized International Acceptance Acceptance Acceptance Accept Accept- ance Bank Inc says of the gold movement movement movement move move- ment With gold flowing our way way- having resulted In an unprecedented accumulation lation of ot gold in our country countr and I with the Increasing strength of of- the federal reserve system It would be plainly up to the United States not to hoard its vast banking strength but to make it available for other countries for the purpose of once more starting the wheels of commerce going IS GOLD PIVOT America having become the gold pivot of the world countries with strongly fluctuating exchanges in or order order order or- or der to do a world trade would have to lean heavily on American short- short term credits American banks in granting these credits could well take upon their shoulders a burden amounting amountIng amounting amount amount- ing to a billion dollars or more and to that extent relieve Europe This would be one of ot the man many me measures that the United States would have to take In order to bridge the gap now existing between the dollar and antl other currencies but on a very comprehensive scale It could safely be undertaken only when political and economic peace would have been re reestablished reestablished re- re established in Europe |