New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-06-08
THE MOVEMENT or GOLD.


The continuing outgo of gold attracts atten-
ton TO the extraordinary accumulation or the
precious metal In foreign banks. While the en-
gagement Of 81, 100000 for export already this
week probably reduces the amount or free goid
I'm the Treasury to about $I3OOO,OOO, the specie
reserve Of the New-York banks has been re-
markably well maintained being now Only
about S7OOO000 less than it was at the Degii-
ming Of the year. But the reserves IN the great
Europcan banks have been largely increased
and II Is important to notice that the increase
has not been wholly or even mainly because
of shipments from this country. AS THIS Is Il
point not commonly observed, the figures may
he briefly stated: The banks of Great Britain,
France. Germany, Austro-Hungary. Spain, the
Netherlands and Belgium held January ABOUT
Els 93s or in gold, and last week held tlo''-
cto s1o-an increase Of about 500. 100000 But
thc net exports OF gold from the United States,
according TO the complete official statement Just
issued for the four months ending with APRIL
were S13.973,4 76 in those months. ana the net
exports from New-YOrk alone In May have been
about S2G243,371, so that the aggregate IN hVe
months was about S40,20O,0O0, or less than hail
tho increase In the European banks above men
toned.
II seems to be the fact that the comparative
inactivity OF business In other countries as wen
rs in the United States has caused an uHuSual
accumulation OF gold In the great reservoirs oi
money Thus it is not in the least deErce
sensible nj this time 10 talk or scrlmoi' Oh
gold" rs affecting the course or prices. or 'u1
probable solvency Of Governments. lherc Is
no such scramble While Austria has recently
made HETEROGENEOUS to command Il greatly IL
creased stock ~ gold in preparation FOR the
establishment Of It's currency ON a gold pASlS
rcxt month. the amount held by the Bank OF
Austro. Hungary has not Increased rs much aS
81 OoOOOO Tho gold In the Bank or rance mas
increased about SiiO0OOOO since the year De
can. and the Bank Of Germany is suppoSed I"
have added Sf9O0OOO0 though the exact pro-
norton Of silver held by II Il rot known. me
other hanks. except that OF ENGLAND. nave
gained insignificant SIMS. But th" BANK 81
England has gained SJ6OOOOO0 since the year
began. and much the greater part Of that sum
has como from this country. At the beginning
~ thc wear the Treasury of the United STATES
held only $SOS9l 600 In excess OF ccri!ncA'8
outstanding. and its reserve was rapidly run
Ming down. the sale OF bonds not having been
comnletcd until February !. The Treasury now
holds considerably less than II held January l.
and n the amount actually owned June | was
81 ono 600 the decrease has been about S6.Wo,-
900 The banks ~ this city held January
about stpi31GiOO in specie. and last Saturday
rcportcI S9oOlSGOD. substantially The Whole
belng probably IN gold or gold certificates III
both dates. They have lost it appears. only
o,,ou, s73OOCoO while si0,O000o0 IN gold has
cone ont ~ the country The Treasury mas
bonds
or,lcr - rcpcnish It's stock ~ gold. and has lost
al IN. gold thus obtained that II has. In fact.
lost considerably moro than the entire amount
exported.
These 0:.r,rcs call attention 20 he fact that
thc net gold taken from the country has been
drawn mainly from other reservoirs than the
Tr.osurv and tie Ncw-York banks. The con
slant movement OF coin from the Interior 10
This city. which has continued all ihe year ana
does not cease even now with the end or tho
fiscal wear near nt hand. has supplied the large
sum which has been shipped abroad. The
h,rl,s - this city have only kept themselves
fairly suppl.l with The precious metal. refusing
10 allow The burden ~ exports 10 fail on thcm
Most ~ the coin has come from III" Interior
doubtless partly In payment for United states
bonds distributed. but also largely because the
banks ~ other cities have no longer ready use
for their specie reserve Tho root Or the mat
fer IL obviously the great depression In buSi-
ness which renders IT impossible for The banks
az th, interior 10 make profitable use OF the
money they receive. At such times the chsh
naturally gravitntcS TO this centre. because mere
something can bc obtained for II In the way OF
interest. although the banks Of this city ma II
imnossible of late 10 get interest on all the de-
posIts for which they are paying. When the
1.nrcsslon I'm business ceases, IL Is not improD
allie that 4 drain from the interior may he felt
somewhat sharply nj this centre. but at present
thc outgo Of gold is reflected almost exclusively
I'm withdrawal OF the precious metal from the
Treasury.