Russian gold

Bibliographic data

Monograph

Identifikator:: 1772009490

URN:: urn:nbn:de:zbw-retromon-156190

Document type:: Monograph

Title:: Russian gold

Place of publication:: [New York]

Publisher:: Amtorg Trading Corporation, Information Department

Year of publication:: 1928

Scope:: 72 S.

Digitisation:: 2021

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Editorials in the American Press regarding the recent shipments of Soviet gold to the United States

Collection:: Economics Books

ty id ne le! in as is. er 1n n. ys 117 m 5- y 0 Ky [- at ce 1 1e h or le y I< XN. is 14 N MN IY and the United States is growing and contrary to popular opinion already exceeds the volume recorded in years when the czars ruled at St. Petersburg. The annual commerce between Russia and the United States now totals more than $100,000,000. “The $5,000,000 received in New York from the Seviet State Bank of Moscow is the first Russian gold to enter the United States since 1917. The shipment demonstrates the intent of the soviet government to establish credits here on a sound basis and to increase its volume of trade with the United States. Soviet radical- ism is gradually giving way before the necessary adjustments of a vast empire which cannot take its proper place in the world without commercial contact with other commercial countries.” Indianapolis, Ind., Times, March 12, 1928 THE STRANGE CASE OF RED GOLD “When is $5,201,000 in gold neither gold nor money, but merely ‘material’ which costs $700 a day to keep? “The answer is: When the gold belongs to Soviet Russia and is locked up in a couple of New York banks from which certain quixotic technicalities prevent it from getting into circulation. “About a month ago Russia sent twenty crimson casks of gold bars to the United States to be used as a basis of credit for pur- chases in this country. After placing them in the vaults of the Equitable Trust and the Chase National Bank of New York, the Russians felt, no doubt, that they might proceed with their shopping. “But they had reckoned without their host, that host, in this instance, being the red tape entanglements which hair-splitting offi- cials can throw in the way. “Before business could proceed, it was deemed necessary to deposit the gold with the Federal Reserve Bank. But an embargo, dating back to 1920, stands against Russian gold in this country, so, after two weeks’ delay—and a loss in interest of about $10,000, or more than $700 a day—the Treasury Department ruled against accepting the casks. Russia’s title, it seems, is not quite clear and the millions might be tainted. “Of course, after Germany, we may get more Russian trade than from any other nation in the world. And in one way or another—in bills of exchange, for instance, bought with Russian gold in London, or Paris, or Berlin—we are accepting Russian money every day of the year. But these casks of actual ingots, well, they seem to be different. Ly

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