TOO MUCH GOLD

Hokitika Guardian, 7 September 1931, Page 5

TOO MUCH GOLD

U.S.A. COMPLAINT (United Press Association.—By Electric f Telegraph. —Copyright.) NEW YORK, September o. The “New York Times’s” financial editor is stating in to-morrow’s Sunday’s) issue: “With the announcement that five billion dollars worth of monetary gold, or approximately 43 per cent, of the world’s whole stock, is now piled up here, and that almost daily additions are pouring in, the situation has become an economic paradox. No county has ever experienced so pronounced and bewildering an influx of gold which has continued despite the reluctance of the American banking authorities to receive it, and of the foreign countri. s to send the •precious metal. It has* reached proportions that are calculated to bring the United State s scant popularity in a world that is already fearful. An early shortage of the metal is threatening to force many countries off the gold standard. It has aroused deep concern on the part of the bankers here concerning its ultimate effect on our ouwu country. ' BIG CHICAGO. BANK FAILS. NEW YORK, September 3. , The Chicago Bond Mortgage Compniiy „ large underwriting concent in building securities, has hern petitioned into bankruptcy. The total liabilities are about sixty millions dollars.