The Cordova daily times., 1921-10-08
GOLD RESERVES
 GAIN

$250 900, 900 in gold in the first six months of the current year above receipts from this country, never theless a slight gain occurred in that period in the total gold reserves of Europe held by central banks or gov ernment agents.
 Only three of the fourteen chief European gold holding countries ! showed a diminution in their gold stocks from January 1 to July l, and these losses were relatively slight, their combined total amount ing to less than s12OOOOOO. This loss was more than offset by gains among the other eleven countries. the net increase of the fourteen com bined amounting to $l,199,OOO, ac- cording to figures given out by the National Bank of Commerce.
 Yet between January and July the gold stocks held by the federal ! reserve banks in the United States I increased by s402 2601, ,00O, or nearly 20 per cent of the $2059, ,330,00O they held the first of the year, al most two-thirds of the increase be- | ing made by the gold from European shipping points. the rest coming from non European and domestic sources
 An analysis of this gold move ment shows that present European gold reserves are not being drained l to swell America's holdings" con tinues the bank, but that the in crements to this country's hoard since the first of the year. insofar as shipments from European points are concerned, are chiefly accounted for by three great streams of the metal consisting of newly mined supplies 1 from Africa coming by way of Lon don, of gold yielded up by India. also coming by way of London. and of metal thought to have originated from Russian sources eventually coming to America through various European countries.
 "Europe's centralized reserves were built up subsequent to the outbreak of the great war far above pre-war figures, and were further increased since the armistice, by increased in them as far as possible all gold privately held. While these reserves have been. by continued government impoundage, kept rigidly stabilized at the points attained as result of | those extraordinary war and post war measures, in the face of the re cent tremendous suction toward Am erica, nevertheless the three great streams have flowed 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 mp further the reserves there. The gold has served to reduce Flu ropean indebtedness in America rather than to aid in restoring the gold standard in Europe
 Tt was stated in the Federal Re, serve Bulletin for June, 1921, that the director of the Swedish mint had recently estimated that seventy tons of Russian gold were received in Sweden since 1920 He was quoted as saying that after refining it was re-eXported chiefly to the United States, representing an assayed val ue here of about $4O.OOO.OOo The bulletin also said that not less than another $6O,OOO,O0O of Russian gold or it's equivalent had found it's way to the United States through France and other channels
 The movement of gold from Rus sia to the United States is not def initely traceable. It is thought to have various continental countries in addition to those mentioned above. At the outbreak of the war in 1914 the Russian State Bank held $S779. .75O,- 900 in gold: by the end of 1917. the date of the last definite statement of gold held in the bank. the stock had dwindled to $633 900. 900. It has 1: been reported that this balance has since been largely dispersed and the amount remaining is unknown, but is though to be small.
 'It appears, therefore that the United States received between Jan uary 1 and July 10, the equivalent of S106, 6,599000 of African and Indian gold by way of London, and the equivalent of more than s1OO,OOO OOC of Russian gold by way of continental Europe. These three chief sources