New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-29
GOLD IMPORTS
ESTABLISH A
new RECORD
Arrivals Include American
Coin Shipped to France
~ Years Ago

Nearly thirteen years ago, under the
Roosevelt Administration, the United
States government shipped s25,0OO,OOO
in American gold eagles to Paris as
part Of the $4,000, 900 paid to Ferdi-
nsnd de Lesseps's bankrupt French
Panama Canal Company for its equi-
ties in the Canal Zone. Yesterday the
mysterious currents OF international
war finance brought the same gold,
packed in the identical boxes in which
it was originally shipped to France in
1904, back to New York as a part Of
tho largest single days arrival OF the
metal on record.
The gold came from the British gov
ernment's special depository at Ottawa
and was deposited at the Sub-Trcasury
vaults to the account Of j. P. Morgan
& Co. Another arrival Of SS,000,000 in
gold bars, also from ottawa and for
the Morgan account, went to the Phila
delphia Mint making the total arrivals
for the day S33,0OO,OOO. This set new
high record for single month as we'll
as for single day. Since December /,
and incidentally since the Federal Re-
serve Board issued its warning against
the investment by American banks in
treasury bills Of tho allied govern
ments, approximately sl50,000,000 has
been imported from Cannda. The larg-
est previous month was June, when
gold imports aggregated $4,000, 900.
Since January l the total gold arrivals
from all sources have amounted to
1912 100000, greater part Of which
has come from Canada.
The return of the American gold
from Paris. via ottawa, is one Of the
most interesting developments IN the
whole maze OF criss-cross gold move
ments since the beginning of the war.
Bankers explained that the eagles prob
ably had been deposited in the vaults
of the Bank Of France on their arrival
there in 1904 and had remained I'M
touched as a part Of the banks re-
serve until few months ago, when
England, France and Russia contrib
uted 10 a gold pool OF enormous pro-
portions and shipped several hundred
million dollars worth OF the metal to
Canada in anticipation Of large move
ment to New York in payment for mu-
nitions of war bought in this market.
Still More Gold Expected
Further large gold imports on Allied
account are expected. A banker who
is intimately connected with British
financing in this country said yester-
day that while the influx would not
continue at the rate of the last week
or so, he had reason to suppose that
the movement would not cease for some
time to come.
Reports that negotiations were on
for a new British collateral loan for
5000 600 600 to S3oO,OOO.OOO were denied
in authoritative quarters, where 1t was
said that Great Britain was well sup
piled with dollar credits for the time
being.
limitations that the Dominion OF
Canada might enter the New York
money market for considerable
amount were not confirmed. 1t is
known, however. that renewals Of or
ders for munitions amounting 70 be
tween s90O,000,000 and s400,OOO,OO0
have been made with Canadian con-
Germs In preference to companies To-
Gated In the United States, and the un-
derstanding is that Canada will have
TO come here for funds with which TO
finance these undertakings.