Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1915-09-08
BIG GOLD SHIPMENT
REACHES NEW YORK
Coin and Securities, Said to
Exceed $4,000, 900, Come
From England.
NOT WELCOMED BY BANKERS
Mass Of Treasure, 1t Is Feared.
Will Accelerate Tendency
Toward Speculation.

NEW YORK, September 7.-Goid and
securities said to exceed $4,000, 900 in
value, the third and largest shipment
from England to New York within
month. arrived here late tonight from
Halifax, where it had been brought
by the British cruiser Argyle Guarded
By forty armed men, the special train
carrying the treasure left Halifax yes
terday.
The shipment is consigned TO j. p
Morgan & Co. financial agents of the
British government in this country
1t was announced that the six steel
cars would remain scaled until early
tomorrow, when the gold will be taken
TO the subtreasury here.
International bankers here did not
altogether relish the news that $780,
100000 in gold coin was coming to
New York to bolster Great Britains
credits 1t comes. IL was said at a
time when gold is wanted less than
ever before.
Bringing this mountain of gold to
New York at a time when the normal
demands of business are lower than
usual, and when the vaults are al
ready choking with gold. may, ii is
feared, accelerate the tendency toward
imitation and speculation. Already. ac-
cording to the weekly statement of the
Federal Reserve Board as Of Septcm-
Der 3. the gold reserve in national
banks has reached the total of S26s.-
100000.
THIS MASS OF TREASURE
CANNOT REMAIN IDLE
This mass of treasure. it was pointed
out. cannot remain idle. Seasonal de-
mands, such as the increased demand
for money in the dry goods trade and
the movement of the great corn and
wheat crops will decrease the sum. but
Will still leave, 1t is believed, a huge
amount which must be put to work
in other ways
a strong temptation, 1t was feared
would thus be presented TO employ the
big remaining surplus in speculative
enterprise which would tend toward
bringing about period of imitation and
fictitious values ,whose.collapse wouid
M 'ufffffeaithy eject upon bust
=neasriRegenernl:sSe as~S' az
Although pay for the supplies sent
TO Great Britain is, of course. both
wanted and expected, New York bank
ers do not want to be paid in gold
They would much prefer TO lend Great
Britain the money to pay them, taking
high-class American securities as col
lateral for the loan.
FURNISHES INDEX OF HUGE
VOLUME OF PURCHASES
An index of Great Britain's huge
volume of purchases in this country
was afforded by this shipment of gold
and securities, and the two preceding
shipments. which aggregate approxi
mately sls0,Oo00O0 This sum has
reached America since August . In
round figures. 100. o0o. 900 of the amour,
has been in gold coin
In normal times OF pcac. intern,
tional business is generally maintained
on basis of to 10 per cent. That
is. foreign credit of, say s1oo. ooO. 600.
could be carried. without disarranrinp
tho exchange rate, On cash basis of
s6.0oo,0o0 to S10,00o.000 on hand here.
Some authorities say that the wartime
basis is 25 per cent.
Should such be the case. Great Brit
aims three shipments of the past few
weeks. agsregatins s1SO.oo0 900. would
indicate, should the exchange rate re-
main near normal, that she had bought
goods to the value of S7oo.0Oo, 600 in
America. This is believed TO he heIop
the mi imum: the exchange rate is at
present 81 cents under normal o,ber
factors entering into ,ne itustion lead
to the belief that Encland.s hin ~
America is in the ncighborhood of
$1,000, 600. 600.
Some of this big bill. it was said
France.