AMERICAN BANKERS

Hokitika Guardian, 4 October 1928, Page 5

AMERICAN BANKERS

THE GOLD RESERVE. (United Press Association—By Electric Telegraph—. Copyright). (Received this day at 11.25. a.m.) PHILADELPHIA, Oct. 3. R,oy Young, Governor of the Federal Reserve Board at Washington addressed American Bankers’ Association and said mat in order to maintain sound banking conditions, the Federal reserve system must shape a policy in such a manner as to protect gold reserves against too rapid depletion. During the past year we had lost five hundred million dollars in gold, and nobody knows whether the redistribution has been completed, or whether United States will lose additional gold to the rest of the world. Our gold reserves are now a thousand million dollars in excess of the legal requirements. It is fortunate they are, because it puts bankers in a position to handle the growing credit needs of the country. PHILADELPHIA, Oct. 3. “Stocks are now selling on expectation rather than realisation, and prices must come down,” said Leonard Ayres, President of Cleveland Trust Coy., shaking at the convention of the American Bankers’ Association. He added that the American people were still in a. mood of invincible optimism, but a new ago was coming that would would be more sober. America’s golden age of business which began with th© Great War was coming to an end.