Tombstone epitaph., 1921-05-29
FLOOD OF COLD IS SWEEPING INTO U. S..
 CREDITOR NATION


 ed the unprecedented amount of s3 90i. .iS1.9l5 and yet the tide is rising.
 FinaEciers attribute this to the fact that the United States is worlds one creditor nation" and for the equally important reason that the other ma tions Of the world find il well nigh impossible to transact business with this country. by reason of their own appreciated currency.
 The precious metal is coming from all quarters of the globe. but the European countries. more particular ly Great Britain and France. as well as the Scandinavian nations. are pay ing heaviest toll
 Much Of the gold received from England represents shipments from South Africa Ia London. while tn. French and other consignments hark back to the days uf the war and ;n some instances to much longer per iods
 For example. Sweden is sending gold received from Germany for war supplies; also her 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 var chest.
 south America and Central Amer ica also are making involuntary con tributions to this countrys vast hold ings of the yellow metal. mainly be cause unsettled economic conditions in Latin-America virtually preclude any other form of payment to this countrs
 The local assay office. q new struc- tnre. whose modern equipment in cludes huge vaults five floors below the street level. now holds upward sl00e. .O0O. .Ooc fully one-third of which has come from foreign countries.
 The machinery of the assay office here is working at high pressure 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 otficiai confirmation.
 Commenting on this inflow, which some bankers have viewed with ap- prehension. George F.. Roberts. d vice president of the National City bank and for years director of the United States mint. is quoted as saving
 "lt is natural thai the people of Europe should be sending Is the.r gold Everybody. everywhere owes us money The easiest way for them to pay. if they can. is in gold
 Pointing to the reduced interna- tiunai value of the British bank note French and Belgian francs. the Ita- Han lira and the shrinkase almost to the vanishing point of German marks and Austrian kronen. Mir Roberts adds:
 So long as the premium of thA 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 NJ. Warburg. recognized banking authority. now chairman of the newly organized International Acceptance Bank. Inc. says of the gold movement:
 With the gold flowing our way. having resulted in an unprecedented accumulation of gold in our country. and with the increasing strength of the federal reserve system il would be plainly up to the United States not to hoard it's vast banking strength. but fo make it available for other countries for the purpose of once mo-e starting the wheels of commerce going
 America having become the gold pivot Of the world. countries with strongly fluctuating exchanges. in order to do q world trade. would have to lean heavily on American short term credits. American banks. in granting the credits. could we'll take upon their shoulders burden amounting to q billion dollars or more and. to that extent. relieve Europe.