New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-07-20
A BIG SHIPMENT OF GOLD.
THE ETRURIA WILL CARRY OUT $l,loo.oee
OF THE PRECIOUS METAL TO-DAY.
W. H. cRossMAN 4 BROTHER ARE THE coNsIoN-
oRs OF 100000 OF THIS AMouNr-HI0H
RATES OF STERLING EXCHANGE I'M
PEI THEM TO THIS AcrroN-A
PURELY BUSINESS MOVE
ON THEIR PART.

The steamship Etruria, sailing for Europe To-
day will carry sl,1OO,O00 in gold. or this amount
81 Ooo 900 Is shipped by W. II. Crossman &
Brother and 800 900 by Nessage. Colgate Co.
The ARRANGEMENTS for the shipment OF the smaller
amount were made two days ago. and the gold
was placed upon the steamship 1t was not. now
ever until yesterday that w. II. Crossman q
Brother announced their positive intention OF
shipping gold though rumors to the effect that
they would ship first attracted attention on
Thursday The firm is a leading house In the
coffee business. and the gold goes to London to
liquIdate some accounts there OF the firm. 1t
consists of gold coin and Withdrawn early
yesterday afternoon from the Sub-Treasury IN
exchange for United States notes.
G. W. Crossman, OF the firm, said that the ship
ment entirely a commercial transaction. 'Tne
remittance had been delayed for three weeks In
the hope that the rate Of sterling exchange might
be reduced. but the time had come when the Arm
could not wait any longer. 1t was cheaper to
ship the gold than to buy bills Of exchange at the
rate asked Mr. Crossman declined to tell at
what rate bills OF exchange had been offered TO
the Arm, or what amount 1t saved to ship the
gold Nor would he say whether there had been
any negotiations between his firm and the bond
syndicate In regard to obtaining concession
from the ruling rate OF exchange. In the amount
Of saving by the shipment the abrasion on the
gold is point to be considered.
SOME REASONS FOR THE SHIPMENT.
The cost to the firm of laying the gold down
in London. it was said. IS less than 1t would DO
to other shippers because the firms banking
agents in London will not charge any commits
sion for handling t.. The agents receive COM
mission for accepting for the firm South Amert-
can drafts drawn on its account and as the goio
is RENTED to cover these drafts. the cost OF
| handling it is considered included In the COM
| mission.
II was rumored yesterday that a slight con-
| cesson had been offered to Crossman d Brother
| by the bond syndicate Early in the day II was
! reported that the rate for demand bills mad
| eased to 4s9s5. Later this was denied and the
rate was quoted unchanged at 4so The report
OF ar easing was explained as probably due 10
| some outside drawers Of exchange prematurely
reducing their rate on the expectation that the
| syndicate would reduce IT. That the rate was
not reduced was looked upon by some in Wall
street as a bull argument. IN the ground that
1t proved that the syndicate was satisfied with
| the situation and does not fear any general
| movement Of gold abroad.
THE BOND SYNDICATE CRITICISED.
c. Schumacher & CO.. leading firm of brokers
| In commercial bills. In their review OF sns
| week criticise the bond syndicate's position
| The firm says
The attitude OF our bond syndicate IN holding its
| price OF exchange far above the normal goid ex-
port point is being more ana w more are evsees in
ssd rsd by 70 Tsk snk thas was policy
| have screwed It's prices as high as L did nenS ~
Tor what II has accomplished We would rather eave
the syndicate the full merit OF II. unaioyed ny tnS
suspicion now openly expressed that pr'vSo.o
gain more than patriotism prompted its acuon ,i ri
IA is here
on the part OF many remitters ana thIs senmc1s
/, is no doubt which prompted the gold shipments
yyossmao oy Brother and 100000 by Nesslase. Coi-
gate & Co When considering these trahsac ',oms on
from the purely business STANDPOINT tney are Hes
fectly justified nor can the syndicate assure e'tmer
~ these shippers OF any lack OF patriotism AZ IonS
as lis own members are not themselves Wiling 20
sacrifice the smallest part OF the Dlg prort msus
kept demand exchange at 49, irstead OF go wou!d
! NOT have cost them one-twentetn part OF
| their profit on the bonds. 49,. ...,,..
nd HES were sold week for further various
| American and Canadian bond emissions IN t>omaoni
| the syndicate prices Of exchange nave hos varse
| The onlv exception In French exchange. which
has declined nearly u per cent owing % tne iart
| that while the Chinese loan Of floVoW was IN
rvshsd 70 Paris which caused the decline OF ster-
| linz in paris OF fortnight ago and correspond.
| ing advance in francs in our market Now ,,t tnat
this loan is covered me ocRea up rsh TO Lon.
| ION which will cause an advance OF stesnne IN
Paris az IT has already caused correspondns h de-
cline OF francs in our market we daw nave sIs
sIss'ses srery GS ans for delivery
| week The result in our market Is that cacts
transfers sd in Parts 6a n Paris s0ns next weeG
| COST I4as-Ll-l6-5l0.