The Alaska daily empire., 1921-09-26
EUROPE'S GOLD RESERVES.

While Europe sent to the United States than two hundred and fifty million dollars in gold during the first six months of the current above receipts from this country, nevertheless slight gain occurred in that period the total gold of Europe held by central banks government agents.
 Only three of the fourteen chief European gold holding countries showed diminuton in their gold stocks from January to July 1, and these losses relatively slight, their combined total amount ing to less than twelve million dollars. This loss than offset by gains among the other eleven countries, the net increase of the fourteen combined amounting to $1199,0O0.
 Yet between January 1 and July 1, the gold stock held by Federal Reserve banks in the United States increased by $4O2 6O1 900 nearly 20 per cent. of the $2 2,O5933 900 the held the first the year. almost two-thrds of the increase being made by the gold from European shipping points, the rest coming from non- European and domestic
 An analysis of this gold movement shows that present European gold not being drained swell America's holdings but that the ncrements to this countrys hoard since the first of the in far shipments from European points cerned chiefly accounted for by three great streams of the metal consisting of newly mined sup plies from Africa coming by way of London; and of metal thought to have originated from Russian sources, eventually coming to America through var ious European countries.
 Europe's centralized reserves were built up sub sequent to the outbreak of the Great War far above prewar figures, and further increased since the Armstice by concentrating them as far as pos sible all gold privately held. While these reserves have been, by continued impoundage, kept rigdly stabilized at the points attained result of those extraordinary and postwar measures, in the face of the recent tremendous suction toward America, nevertheless the three great streams have flower through these countries to the United States with little impeachment during the last six months. No material effort has been made in Europe to divert the gold from them for the purpose of building up further the reserves there. The gold has served to reduce n ther tO n; tn restoring the gold standard in Europe.
 It stated in the Federal Reserve Bulletin for June, 1921, that the Director of the Swedish Mint had recently estimated that seventy tons of Russian gold received in Sweden since 1920. He was quoted saying that after refining reexported chiefly to the United States, representing assaycd value here of about $40,000.000 The bulletin also said that not less than another s60,OOO. 900 Rus sian gold or it's equivalent had found it's way United States through France and other countries
 The movement of gold from Russia to the United States is not definitely traceable. It is thought to have come to this country indirectly through continental countries in addition to those mentioned above. At the outbreak of the in 1914 the Rue- sian State Bank held $77975O O0O in god by the end of 1917, the date of the last definite statement Of gold held in the bank, the stock had dwndled $63300 ,000. It has been reported that this balance has since been largely dispersed and the mainng is unknown, but is thought to be small.
 It appears therefore that United States re- ceved. between January and July 10, the equivalent of $106, 5000 of African and Indian gold by W y Of London and the equivalent of than $1Oo . 100000 of Russian gold by way of Continental Eur ope These three chief sources account for the fact that Europe as a whole has been able to make su' . stantal gold payments the United States without further imparing her existing centralized gold stock