Juniata sentinel and Republican. [volume] (Mifflintown, Juniata County, Pa.) 1873-1955, 1882-11-15
How Gold Is Sent abroad.

An idea in Wall street, New York, is
that the BsnS of America has q cooper
shop attachment. This is scarcely true,
however, though the crest array OF kegs
which sometimes are rolled out ali dav
from the rear of the institution would
seem to give color to the belief. The kegs
are considerably smaller than those which
usually ornament beer-salOOn sidewalks.
snd they are always new. Bat to those
conversant with the subject, the interest
ing feature Of these kegs is their contents.
Each keg contains $50, 900 in clear gold.
''On an average" said prominent ship
per recently, "a million of dollars sent
across TO London Will lose-wei.-a few
dollar"
Pressed to estimate more definitely, the
shipper said, "a few dollars Oh, that's
definite enough"
What the Wall street man considered ''a
few dollars was shown by reference 20
the account books Of one of the heaviest
houses IN the street. Taking shipments at
81, 900, 600, recently made, one was found
to have fallen short IN the voyage fraction
more than nine ounces, another frac,iGn
more than IS ounces, another 3 traction
more .han l9 ounces, while IN a Shipment
OF S75 900 there was a loss OF fraction
more than 10 ounces. The average loss
can be safely estimated at 16 ounces on a
million dollar shipment. Gold being worth
SIS dollars an ounce, sends the ''few do
la-s up to about S256 Any movement
will have a similar effect.
In Great Britain it is declared tnat a
shipment from the Bank of Edinburgh
down town to the Bank OF England, will
cause the loss of an appreciable percentage
and Government officer said very recent
IL that bag of COIN cannot be carried
down Wall street single block frem the
Sub Treasury to the Custom house without
an abrasion which is dsccverable.
It's popularly supposed that all gold re-
ceIved from this side of the ocean by the
Bank of England is ressssyed there before
acceptance. This Is probably strictly true
of gold shipped in bars, aud also, perhaps,
OF coin which shows wear or loss by abra-
sion,
The Bank of England managers have
tried to convince the world that they assay
every ounce Of gold received, but the
president of prominent Wall Street bank
i'petty hum5Igs' which filed the atmos-
phere bTeaihed out from behindthe counters
of the Bank OF England.
Il always placed some faith IN the stale
ment of a re-assay OF all gold taKen IN ky
the bank" added he. ''until year or So
ago, when there was sudden influx of
gold into the United States from England.
Fully two thirds of that gold came here 10
the shape OF United States coin, and this
too, in the face Of the fact that We had
shipped no such quantity Of coin TO Eng
land in long time. This COIN came from
the vaults of the Bank of England, where
it evidently had been treasured, and not
melted ana assayed as the directors of that
big institution would fam convince us poor
Yankees. Ies, indeed, there ls vast deal
of humbug about the Bank OF Engaud's
pretensiOns in such matters as these.
There is occasionally an interesting item
of expense of another Daturr, the mere
entry ot which on an account book would |
be apt 20 puzzle the man not acquainted |
with all the petty details Of shipping,
''SIxty bags" is the charge recently sent |
from London to ore big new York shipper |
THIS signiisd thSt the cooper here in fas-
tenIng the non bands upon the specie kegs |
mad driven his nails through the bags con- |
tanning the coin. The result WAS that the |
OndoD agents of the New York house |
were obliged to repack every bag 50 torn
be the hole ever SO slight. before 1t could |
be placed on the English market.
The cost OF new bags was trivial mat 1
ter, but Il is OF trivial matters the man who |
handles millions is generally the most care |
full
Shippers Of gold to Europe frequently |
find it much more favorable to their inter- |
ests TO sell to bullion brokers than to deal |
with the Bank of England London bull |
lion brokers very often are willing to pay |
as much as au eighth Of a penny or even a |
per ounce above the bank rate. |
Under such circumstances the average |
New Yorker does not deal with the bank. |
Ask in Wall street at what rate it pays to |
ship gold. an ! in nIne cases out OF ten the !
answer will be ''four-nInety. Sometime |
ago 81 90I to the pound sterling was con
sidereG the safe shipping point; but gold |
mas increased in vSlue on the other side, |
and caR be sold there for T6s. 3 u. per |
ounce, an advance OF from II. TO 3-l6i. |
per ounce. Pracucal operations have |
shown that a shipment can be made at |
81 S9t-equivlent 10 buying here three |
days sight bill for that Amount.