The Washington times., 1928-08-22
WORLD BACK TO
BASIS OF
COLD
By RICHARD HATTON

Summarizing the past IL months
movement OF gold. the Fedora
Reserve Bulletin. made public to
day, says the past year has wit
messed the practical completion 9
the worlds return to gold basis
Currencies Of nearly all countries
It states, have resumed definite
relationship to gold, and free inter
national gold movements have beer
substantially restored, though ther'
are sim certain restrictions upor
gold Withdrawals in many foreigf
countries. The return to free golt
movements has reduced fluctuations
OF the exchanges to a range within
the gold points. has brought about
! closer adjustment OF money rates
ut the principal money markets
and has been an influence fol
effecting q closer interrelationshiT
Of commodity price movements 81
between different countries. Re
establ ishanent of these relationship
has had the important consequence
from the Reserve Bank point o.
t,.st ,,,.ssar +hs. eoId standard tend
-. s..,,,.,.a,.t ex.eenfional credit devel
oy,s,s as,ts u, anv country that takes
& s s. i,,1,,,rtaY,t nart in international
fis.anre ana trade.
ssc.arva Hoard Renort
The complete edition at the an
nual report Of the Federal Reserve
board covering operations for the
saa- :. a. 90 q
yeAr AsA'' - AuW - pAesa
expected to appear about the enc
81 August. 1t contains, In addition
- ia ta~t az tha renort issued in
- -,.,s .1....gst,, pase,.ve
~ ~
bank credit, member and nonmem-
Der bank credit. gold stock, gold
movements, money in circulation.
money rates at home ana ABROAD,
and general business conditions II
the Emitted States Il also gives n
4 - me ,,s Un Gornni, d,,rine
1907 and the regulations of the
Federal Reserve Board.
Many of the tables cover ionger
,es,n,.t 10. 49, ar, 1890 1aIz.Iaa7 for he
nrinriral statistics relating to the
Federal Reserve banks and to mem
Der and nonmenber banks. For the
reportlns mempeI PANS 1870 s sa..
which r,Lt tl, he are available I191s.1927),
and most oE the tables relating TO
money rates and to industrial and
commercial cond itions IN the United
States cover the same period. The
revised data relating to the mon
etary gold stock ef the United
States and to United States money
in circuIat iOn, which were given for
the last five years IN the BHIletln
for December. 1927 are shown In
the annual report hack to 1914.
"A larger number of tables than
in previous reports show monthly
averages OF daily figures. or OF
weekly figures. and weekly aver
ages of daily figures.
f,on.tr,.ct;o,, Industry
Inc construction lnuusers' "nich
has 80 often COMPOUNDED the bust.
ness nronhets has established a
Lt-,, r.a.,.d. 4, -.
new setles " - 70 - 80
last hah year, notwltnstandlng re-
peated assertions to the effect that
activtty was about to decline. and
49, /. 80 o.,,at,,, - ,ho
~. 60. 80,
sue Oh lhe uusiahes sulfes' pun
hshed by the Guaranty Trust Com
pany Of New York Building and
engineering contracts awarded in 81
States east Of the Rocky Noun.
tains REPRESENTING about nine.tenths
OF the total for the entire country,
had an ayrrenatae value in the
first na1f 81 1928 of S3.444. S67 500
which f. per cent above the
previous record established in the
first six months OF last year.
In a comparison of the floor
space area. the level of activity
attained this year is even more
striking. the survey says. Con-
tracts awarded in the past six
~