New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-02-20
FIRST GOLD DRATN BY LUROPE
a SHIPMENT or 100000 TO Ri MADE TODAY
pr.Nops OF OTHERS TNCONnEMED.

SHIPMENT or 100000 TO Ri MADE TO-DAY
rrNoRs OF OTHERS UNCOY1ENED.
11. fir, engagement Of gold for export thi- season
W., made Yesterday Nv lidcllaoh. Ickchener & Co..
l,nker- al Exchange Place and Wiham--t II
Amounted 10 53OIOO Wal street has been discuss
Ing the question Of gold shipments for some time ana
the strength Of the foreign exchanges hae prepared
| banker for outward movement. PREDICTIONS were
| madc within "A h,w days that some gold would be-
shipped 10 Europe but the rltcs Of exchange do not
yet wnrIont the movement. Y-teriay's announce
mcut excited considerable discussion IN tie street ana
the effect on the stock market W.. unflv"ribc.
R,onitI,ders rushed 70 realize and the early strength
which had pr, vailed gave way 10 wo:kncse Except
Ing the coal shares and u f'w other stocks prices
generally declined per cent or more Tier J. no
alnrm felt however. IN banking circle at ., pros
no., ~ shipments. which are Incident - the -phng.
several bank presidents dcclfoi that there Wa no
cuusc for unqulet md It Wa, infatuated mat inlr
movement II gold 10 Europe mght he beneficial In
strengthening the money market which i now :"
easy ~ to excite dl,ats fnctcn among money lenders
~ the Office Of IIedobssh. lcIsslhdInT d Co. II "a.
stated that they hne. u.thiug Of me uthnais de'n
natior OF the shipment after r,schos the Continent
II was special smyrDeni. not tssoi On the exchange
Transactions but It the first indication that Europe
wanted American gold. The actual rate 81 sterling
exchange f. "a II Tor short bile and - e. =
for cable acc, panocs. while the rate At Which gold can 90
Abroad with any profit al exchange transaction
f. about - 81. The Director Of the Mint pMces the
rate AT ~ $50 There ruHiors that --OOOOO In
addition would ~ BY next TuesdHy's steamers but
no iltinaiiOus this effect were glven 10 the sub
Treasury II Is said that 100000 was withdrawn
from the PrJduc. Exchange Bank for shipment by to-
DAYS steamers but dealers I'm foreign exchange express
donbt That such small shipment would be attempted. In
connection with the engagement Of tine 100000 for eN
port the sub Treasury officers have bech surprised
al evidence that 100000 had been called for
by Chicago banks from their New York pondcns.
such a demand + unusual at thi,
| The Assay once here holds si2,oo0O00 In gold
MIuou and coin. against SaG,CoOo00 lnst August.
when IFS holdings were vt the minimum Of the year.
The sub Treasury holds Soo,00O.O0O gold. against
| -,Ita 900 when Tie European rush for gold was
| made last year. The export movement last year
began Oh February H. when I@zard Freres and Heiccl
bach. Ic,eheimor d Go. took slrOOoO gold BAR be
tween them. From February 10 to March the cx
ports of gold bars from Ncw.N ork amounted 10 S3oO"
! 49,. Then the Government declined TO sell bars
and shippers were compelled " secure coin. which
is not 80 profitable or desirable for export because Of
the greater abrasion In transit. From March II TO
nly "a there was sent IN gold coin from this port
$50 1893. 5O5 The total shipments Of gold bars and
| coin from New-York from February - TO July "a
amounted TO sC9 800. G37. All but 7930OOOO Of this
sum went 10 Europe when sterling exchange rates
below the point at which shipments can he mndc
without los, Tn. NcW-NOrt bank ar" much stronger
now than when the gold movement began last year.
The last statement of the banks showed holdings In
specie Of ~lI2.D3j.JOO. ana surplus reserve over
deposit labltc, of Sa3G33.s@j, against S-e.3o5.SOO
specie and @l- ,1O21OO surplus reserve NJ the cor
| resi- of