The Arizona sentinel., 1886-09-04
GOLD SHIPMENTS.
Interesting Facts on Subject of More
 Than Ordinary Interest.

Interesting Facts on Subject of More
 Than Ordinary Interest.
 was not acquainted with the odd
 facts concerning the shipment of gold
 to Europe nntil the other day. Each keg
 contains $5O,OO0 in clear gold. It is
 from the Bank of America at New York
 that most of the gold is shipped from
 that city. The foreign steamships sail
 ing from Boston now carry little or no
 gold, although the reverse was the case years ago. The shipments of gold are not generally on the banks account. At first glance persons might well
 suppose that when the demand arises for gold to send abroad the shipper would only have to send in his order for his hundreds of thousands to the sub-treasury, where millions of specie are on deposit. But there are sufficient reasons why this plan will not work.
 The sub-treasury can pay out it's coin only to creditors of the Government.
 With the Bank of America the asso- ciated banks keep on deposit con- stantly an enormous sum of gold, sometimes amounting to $40,- 100000. To the members of the bank association the Bank of America issues its own certificates against these deposits, redeemable on demand. So, when there is occasion for making a gold shipment the coin is prepared for that purpose in the rear office of that bank-there it is bagged and kegged and made ready for shipment. Kegs in which gold is packed -"spee'ie kegs" as they are called-are made of extra hard wood. They must have an extra iron hoop. Specie is not thrown loosely into keg, nor, upon the other hand, is it carefully wrapped in tissue paper and piled up one coin upon another. The keg serves only as protection for can- vas bags, into which the gold is placed in the ordinary hit-and-miss fashion of pennies in mans pocket Into each bag go 5000, and ten bags fill keg. In the interests of security each keg is treated to what is technically known among the shippers as the ''red-Gaping'' process. At each end of the keg, in the projecting rim of the stove above the head, are bored four holes at equi-dis- tant intervals. A piece of red tape IS run tnrouSn these holes, crossing on the head of the keg and the ends finally meet in the center. At the point of meeting the tape is sealed to the kegs head by wax bearing the stamp of the shipper. Gold crosses the ocean very much as does every other kind of freight, without any special looking after. The average rate of insurance is about $2,OOO upon a ! shipment of $1,000,00O. There are { shippers who do not insure. Having to ship $1,000,000, they will give it in equal parts to half dozen different ves- 1 sells. It is a strict rule with some firms 1 never to trust more than S25O, 900 at a time on any ship. Peabody x Co.,, of 1 Boston, recently shipped S1,OOO, 900 in this way. A certain party furnishes all the kegs for gold and packs them. The man who does this is monopolist in | his way. Shippers of large amounts always lose few dollars by abrasion, but not exceeding sixteen ounces on a 1 shipment The only pro- lection to be found against abrasion lies n the shipment of gold in bars instead of coin. Gold bars are not readily ob- 5ained.-M Y. Cor. Sdn Francisco Call.