The Birmingham age-herald., 1914-06-21


 in two places.
 The contest of the will of the late Mrs Matte C. Carpenter which has been on trial in the probate court here since Wednesday morning, went to the jury this afternoon. Two nieces of the testa- tor are contesting the will on the grounds that it Is a forgery and the outcome of the fight for the estate is eagerly await ed by the people of the southeast por- tion of the county, where all the parties involved are prominent.
 The Kendall Cedar mill on north Church street was destroyed by fire Thursday night, causing a loss of about $500. A small quantity of cedar in the yard was burned also.
 Some who are of expert authority think it possible that the exportation of gold which is now in progress may continue until possibly as much as $75,00o,000 have gone abroad.
 And as this movement begins to assume almost unprecedented magnitude it is ob- served that 1t is causing more discus sion in London and upon the continent of Europe than in the United States. The great financiers across the seas known that the New York is the great est free gold market in the world. They also know that the United States pos- states, according to recent estimates somewhat in excess of s1 ,S00,000, GOO of gold and that as much of this as is desired can be obtained by anyone who offers gold certificates or legal tender notes for it. There is no bidding in the New York market for fresh supplies of gold as is the case in the London market Therefore, it is possible for the treasury department at Washington to use an authority for preventing the exportation of gold. Not any artificial means of checking this movement could be de- vised by the treasury department. But information has come from Washtingtin to the effect that the treasury depart plent looks upon this exportation of gold of course with some interest and yet with indifference The United States possesses gold reserve of S1129. .O00, GOO in round numbers. two-thirds of which is in gold coin and one-third in gold bull lion. Every dollar of this gold is avail able should there be demand for so much as that
 One of the features of this move ment which has interested bankers across the sea is the fact that were it not for the publication every day of the figures which tell of the withdrawals of gold for export the people of the United States would not have the slight est knowledge of this movement or of its magnitude. It has not, apparently affected the money market in any way. But if there were a movement the other way-that is to say, from Europe-of magnitude there would be excitement and perhaps sensation in the great money markets across the seas. Another fea- ture of the movement is reflected by the mpossibility of determining with per feet accuracy what the underlying causes are. Many are disposed to think that they are chiefly due to the ef- feet of the low tariff. and as they seem to be representative of trade move- ments there is undoubtedly some foun- dation for this view.
 Yet the ablest foreign exchange au- thorties in New York do not ascribe to the new tariff law much of the in- fluence which is aiding to these inn portations. In Europe Max May. who, as vice president of a New York bank, ne- gotiated last year over g. 900, ,00, ,0O0 of for eign exchange, is ranked among the three or four very able foreign exchange ex- perts of the United States. MT May is beginning to wonder whether this new movement may not mean that the level of exchange has been permanently raised. If that should prove to be the case. he is inclined to think that it will be due both to economic and to political reasons. ct MT. May Is not convinced that the lower tariff has been thus far material factor in the present rate of exchange since imports have not in- creased sufficiently to account for this high rate. Yet the low tariff, he ad- mits. may soon have far-reaching conse- quences. serving permanently to raise the level of exchange. The promise of un- precedented harvests will if fulfilled re- suit. MT. May is certain, in greatly in- creased exportation of commodities But he also is convinced that this movement will be followed by large increase of mportations. a good part of which will represent the demand for the agricul- tural product of the farmers Mir May is no critic of politics or of public men. but he does believe that agitation and legislation which are now affecting busi- ness are making capital very timid and are almost completely putting an end to new undertaking. This explains in great measure the enormous accumula- ton of money in bank vaults.
 There are various technical reasons which none but bankers could understand which MT. May also looks upon as of Influence in causing these heavy ex- portations These have cut off what usually is a large source of foreign ex- change in the United States in the late spring and early summer.
 
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