The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-06-12
GOVERNMENT CAN'T
STOP GOLD EXPORT
Sub-Trcasury Official Denies
Effort TO Halt Euro
pcan Drain.
EXPECT S5O,OOO,OOO no GO
Bankers Attribute Movement
to Tariff and Business
Harassment.

International banking houses in Wall
Street learned yesterday when they made
arrangements to obtain $4,000 In gold
from the United States Sub-Treasury for
export that they had to accept one-half
" the amount in double eagles and one
half in single eagles. AS there is so per
cent. less abrasion when double eagles
are shipped these coins are preferable
to eagles for export purposes.
The use of single eagles and the fact
that more than 5000. 900 in gold has
been arranged for export In the present
movement, which bankers think may
reach $4,000. 900. gave basis for rumor
In the financial district that the Treasury
Department was making an effort to dis
courage the huge outflow of gold. At
the SubTreasury this was ridiculed
"The encouragement idea is all nom
sense" said Cashier Hale" The Govern
ment could not prevent gold exports II 1t
wished to- The only reason that the ex-
porters of gold have been required to
take half their allotments OF gold in
eagles is that there has been such
large drain on the supply OF gold here
that IL all were permitted TO take double
eagles the supply OF these coins would
be exhausted and we would have to bring
gold here from other parts of the coun-
try to satisfy whims.
"The supply OF gold bars at the Assay
Office is also light. But any holder or
national banknotes can come here and
get gold coin for them. But we are not
going to bring gold here from other parts
Of the country until 1t is necessary.
shortage Not Possible.
'There need be no fear OF a shortage
Of gold coin. At the close OF business
on Saturday last the United States mad
a total gold reserve of S1,12S,927,S6
or this amount $3.50. Os6.5S2 was in gold
coin and S24S,S4l .2S7 was In gold bull
lion. All of that amount was not In New
York city, but 1t is available when
wanted"
At the Assay Office the drain in gold
bars has been the heaviest In recent years.
Selling of American securities by Eu-
rope. particularly France, and the increase
in imports under the new tariff are emu
merated as the salient reasons Tor the
outflow of the yellow metal
Counting the latest engagement and the
shipments which have already taken place
this week. the total for the week is sl1.-
TOO 600 the largest amount OF gold ever
shipped from this port within such
short time ia the memory of local bank
ers. When the gold engaged yesterday
is shipped OH Saturday practically WIS.,
600, 900 IN gold coin and gold bars VIII
be upon the ocean. The largest shipment
which ever took place from this port
on any one vessel was few years ago,
when "A North German Lloyd steamer
carried away 100000.
Going on the st. Paul to-day Is s3,Zoo'-
600. of which Lazard Freres are ship
ping $1,000. 900, Hedelbach. lckelheimer
& Co. 81, 1000, 600, both to Paris. and 5000
900 in gold bars shipped by the National
city Bank. The Oceanic. sailing to-mor-
row. will carry 100000 to Paris.
shipped by the National city Bank. The
total gold engaged 40 far on the present
movement Is S36,200,0OO. with a total or
SSa. zoe, 900 since the beginning of the
year