The Hartford republican. (Hartford, Ky.) 18??-1926, 1915-09-10
STREAM OF GOLD
FROM ENGLAND
More Than $80,0O0,000 In
Last Shipment.
Vast Store Of Yellow Metal May
Cause Unsound Spec.
ulation.

Portland, Me-. Sept. THE value
of the gold and securities brought to
Halifax yesterday on the fast cruiser
Argyle, and which passed through
Maine early today on the way to New
York to strengthen British credit, ex-
ceeds $50. 900. 900.
The gold consists OF 11.650,000
English sovereigns. equivalent to
about s5S,25O,0OO, and $7.S50.000
in United States coin. The value Of
the bonds is $4,000 900.
This is s3O.O0O.0OO in excess of
the value of each of the two previ-
Gus consignments Of gold and col
lateral securities.
Gold Not Desired.
New York, Sept. 7.--Internation-
al bankers here did not altogether
relish today the news from Port
land. Me-. that more than $65,000,-
900 in gold coin was speeding to
New York to bolster Great Britain's
credits in this country. This. 1t is
believed. is the largest single gold
shipment ever made here by for
eign power. II comes, II was said,
at time when gold is wanted less
than ever before in the history Of
the country.
Bringing this mountain Of gold to
New York at time when the nor
NAL demands OF business are lower
than usual and when the vaults OF
the country are already choking with
gold may, il is feared accelerate the
tendency toward imitation and specu-
Htion. Already, according to the
weekly statement of the Federal Re-
serve Board as of September 3, the
gold reserve in national banks has
reached the total of $26S.O0O. 900.
This mass OF treasure, 1t was
pointed out. cannot remain idle.
Seasonal demands. such as the in
crease demand for money in the
dry goods trade. and the movement
of the great wheat and corn crops,
will decrease the sum, but will still
leave, it is believed, a huge amount
which must be put to work In other
ways.
Fear Fictitious Values.
A strong temptation, 1t was feared,
would thus be resented to employ
the remaining surplus in speculative
enterprise which would tend toward
bringing a period OF imitation and
fictitious values, whose collapse
would have an unhealthy effect upon
business general.
While pay for the supplies sent to
Great Britain is, Of course, both
wanted and expected, New York
bankers 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 collateral for the loan.
In the face of England's great
shipment of gold and the accor-
panying securities. aggregating more
than $50, 900 and of the convic-
ton that other huge shipments soon
would follow, the foreign exchange
rate on sterling opened today at
loss of S4.67. Within two hours it
lost two cents more going down to
S4.64. Francs remained at virtually
the same figure, $3.50. This. too.
was the case with lires, which were
quoted at $6.46 while reichsmarks
were trifie stronger at 81 cents.
Quotations, however, were said to be
purely nominal.
Total Near SiSO,OOO, 900.
An index of Great Britains huge
volume of purchases in this country
was afforded by this shipment OF gold
and securities and the two preceding
shipments, which aggregate approx
mately $1SO.O00,000. This sum has
reached America since August 2. In
round figures. $1OO.00O.0O0 of the
amount has been in gold coin.
In normal times OF peace, interna-
tional business is generally main
tanned on a basis OF 6 to 10 per
Aant. That is. foreign credit of,
say. $1OO.O00,000 could be carried,
without disarranging the exchange
rate, on cash basis of 100000
10 $40. 900. 900 on hand here. Some