Indianapolis Times, Indianapolis, Marion County, 19 June 1936 — Page 28

value of the dollar and the franc.

ALL-TIME HIGH

$10,500,000,000 in Metal Stored in Vaults, Report Shows.

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BY United Press WASHINGTON, June 19.—Gold plied up to a new all time record high in the United States today. The enormity of this country’s Present gold holdings almost is beyond the comprehension of the average layman. If a prehistoric cave man had

spending gold at the rate of $1 a minute 18,041 years before the

| of Christ, and had been able |

to live long gnough and stand up Under the strain, he would just now be passing the $10,500,000,000 mark. “In other words, it would require /19.977 years, at the dollar-a-minute rate, to spend the gold now piled up in the Treasury and the Federal Reserve Banks.

Imports Exceed Exports

Imports of the yellow metal during e last year have exceeded exports by $1,500,000,000. A recent Treasury statement showed the government hoiding $10,501,522,015 in gold. It was the first time in history that holdings had passed the $10,500,000, - mark. The gigantic stocks of gold mean * little to the average man, of course. All transactions in the metal by foreign firms and governments are carried out with the United States ‘Treasury. Individuals are forbidden by law to either hold or deal in gold, except for certain specified purposes. Gold which has been piling up in this country at an unprecedented rate has come mainly from Europe 88 a result of unsettled economic conditions. Much of it has come from France, where the franc has been fluctuating widely, giving traders and speculators opportunity to ship the yellow metal back and forth across the Atlantic, making a profit on each transaction by taking advantage of differences in the gold

Weighs About 10,500 Tons

The government's stock of gold; most of which is now stored in New York and Denver, weighs about 10,500 tons, or equal to the weight of a medium sized ocean liner, or two large locomotives and two trains of cars. Most of the gold has been melted down into its finest purity and cast into bricks of about the size and shape of ordinary building bricks. Each of these contains about $14,000 worth of gold at the present value of $35 an ounce. Each brick weighs 400 troy ounces. The bricks are stacked on shelves in the gold rooms of the vaults at New York, Denver and Philadelphia. Mint officials allow 1.788 cubic feet of space in the gold rooms for each $1,000,000 of gold in the brick form. The total gold supply therefore could be stored in a room providing 18,774 cubijé feet of space.

New Vaults Nearly Ready

‘The amount of gold now held by the Treasury is enough to back almost two for one every dollar of paper currency now circulating in the nation. On the other hand, it :s less than a third enough to pay the national debt of more than $34,000,When the government's ultramodern underground gold vaults are completed at Fort Knox, Ky. most of the gold supply will be moved there under armed guards within a month. Incorporated in the Fort Knox vaults will be latest and most improved of safety devices such as electric and radio alarm systems, steel bars so hard they can not be cut or filed, with electrical devices attached to the bars to give the alarm if any tampering is attempted. The gold vaults are located adjacent to a military post where a large number of Federal troops, including the mechanized cavalry, is maintained at all times. The vaults are believed to be impervious to any

As third party rumors flew thick and fast, Dr. Francis E. Townsend, seated, and his directors met in Chicago to plan for their Cleveland convention in July and for the November election. Shown behind Dr. Townsend is John B.

Kiefer, OARP central regional director. Back of Kiefer is the Rev. Gerald L. K. Smith, Share-the-Wealth leader, who .says he now is the “board of strategy” for Townsend.

ROOM WHERE RILEY WORKED TORN: DOWN

Poet Once Painted Signs in South Bend Building.

~Times Special

A building .in which James Whitcomb Riley, famed Hoosier poet, once - worked as an itinerant sign painter, is being torn down here. A room at the rear of the second floor of the three-story brick structure was the scene of his labor. Riley, who had come here in- 1878, was employed by Maj. Henry J. Blowney. The building Dame University.

BANKER 1S TO SPEAK

Four-County Association to Hear Cincinnati Man. Times Special COLUMBUS, Ind., June 19.—John J. Rowe, president of the Fifth Union Trust Co. of Cincinnati, is to speak at a meeting of the FourCounty Bankers Association here Thursday. Bank officials and employes from Bartholomew, Decatur, Johnson and Shelby counties are to attend. C. F. Dehmer, president of the First National Bank of Columbus is to preside at the meeting.

is used by ‘Notre

SOUTH BEND, Ind. June :19.—|

STAGE Arrange Outing at Garfield Tuesday.

workers employed on the Indian-

Traffic Survey Workers Instructor

National Youth’ Administration |

-| Annual Outing. Scheduled at GarThe Christian ministers of Indianapolis and their families are to meet at -Gdrfield Park - tomorrow afternoon for an annual picnic. Games and contests are to begin at 2:30,

Lynch | followed by picnic supper at 5:30.

Clarence Baker is president.

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known type of attack.

To ST. LOUIS

Pennsylvania Railroad adds another to its fleet of fast, de luxe flyers daily between Indianapolis and St. Louis. Look at these new schedules (effective June 21). : . “SPIRIT OF ST. LOUIS” Lv. Indianapolis yada 8:36 A.M.(C.S.T) Ar. St. Louis. . 1:20 P. M.(C.5.T)

Ar. St. Lovis . . 3:45 P.M.(C.S.T)

tv.

12127. M. (CST)

Ar. Sn Louis. . 4:55 P.M. {C.S.T)

PASTORS PLAN PICNIC |

| washable. - Others have a hand-tailored finish.

Buy Dad the Best Shirt Value in. Town at This Low Price!

| “Cranbrook” Shirts ; With Custom-Tailored Features! 1 $ § .00

"Cranbrook" ‘offers you a shirt for this price that's a worldbeater! It has custom tailored features, gathered: back, semi-standup collar and pleated sleeves and full mercerized broadcloth. Even the small details are exceptional, ocean pearl buttons, hand pressed and folded. In white, plain colors and fancy patterns. Sizes 14 to 17. EACH

: i 9 D yo * | Father’s Day Gift Ties = An impressive selection of cotton shantungs, crepes and silk ties in a great

variety of patterns and colors that will be a welcome gift. Some of them are

—Downstairs at Ayres.

Men’s White Shoes $22.00

PAIR An unusual low “price! White buck with leather or rubber crepe soles. Pointed toe or blucher type oxfords. For sports, for dress, for business. - Sizes for men and-young men, 6-10 11, A to D.—Downstairs at Ayres. : ]

Temperature Outside 90 Degrees— Forecast, Fair and Warmer—

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Also 3-Pe. Year "Round Suits, at $12.95

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