The Bridgeport times and evening farmer., 1921-05-13
COLD FLOODS
 INTO AMERICA

New York, May 12 - A veritab1e flood of gold is sweeping upon the scores of the United States. Already the precious metal in the country has attained the unprecedented amount of $3,0o1, ,4S7, ,915 and yet the tide is rising.
 Financiers attribute this to the fact that the United States is worlds one creditor nation" and for the equally important reason that the other nations of the world find it well nigh imp oSSigole to transact business with this country, by reason of their oown depreciated currency.
 The precious metal is coming from all quarters of the globe, but the European countries, more pardcu- larly Great Britain and France. as well as the Scandinavian nations, are paying heaviest toll
 Much of the gold received from England represents shipments from South Africa to Londoon. while the French and other consignmentS hark back to the days of the war and in some instances to much longer periods
 For example, Sweden is sending gold received from Germany for war supplies; also bar gold or bullion which many believe to be of Russian origin By way of the Pacific have come occasional shipments of gold from Siberia where they formed part of General Kolchak's war chest.
 South America and Central America also are making involuntary contribu- tions to this country's vast holdings of the yellow metal, mainly because unsettled economic conditions in Latin-America virtually preclude any other form of payment to this coun- try.
 The local Assay Office, a new structure, whose modern equipment includes huge vaults five floors below the street level, now holds upward of 00,00O,00O, fully one-third of which has come from foreign coun- tries
 The machinery of the Assay Office here is working at high prssure in an effort to reduce and refine the foreign bullion and coin Reports that large quantities of the gold are being shipped to the Philadelphia mint lack official confirmation. Commenting on this inflow. which some bankers have viewed with ap- | prehension, George F. Roberts, a vice president of the National City Bank and for years director of the ! United States Mint. is quoted as say ing:
 Europe should be sending us their gold Everybody everywhere, owes us money. The easiest way for them l to pay, if they can, is in gold" Pointing to the reEuced inHernauon- al value of the British bank note, French and Belgian francs, the Ital- ian Gra and the ShrinkaSe almost to the vanishing point of German marks and Austrian kronen, Mir. Roberts adds:
 50 long as the premium on the gold dollar exists and is general, gold will probably continue to flow here in greater or less quantities. It seems incredible, however, that it can long continue at the present rate"
 Paul M. Warburg, a recognized banking authority, now chairman of the newly organized International Ac- c>ptance Bank, Inc, says of the gold movement:
 '~WEth gold flowing our way. having resulted in an unprecedented accu- mutation of gold in our country, and with the increasing strength of the Federal Reserve System, it would be plainly up to the United States not to hoard its vast banking strength, but to make it available for other coun- tries for the purpose of once more starting the wheels of commerce go- ing.
 America having become the gold pivot of the world countries with der to do a world trade, would have to lean heavily on American short term credits American banks. in granting these credits. could well take amounting to a billion dollars or more and, to that extent, relieve Eur ope-
 'eThls would be one of the many measures that the United States would have to take in order to bridge the gap now existing between the dollar and other currencies, but on very comprehensive scah 1t could safely be undertaken only when pol iticaI and economic peace would have. been re-established in Europe
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