New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-04-25
GOLD FOR VIENNA.
BEGINNING OF THE EXPORT MOVEMENT
A MILLION TO BE SENT on ORDERS FROM LON
Don AND DESTINED TO HELP CARRY OUT
AUSTRIAN CURRENCY REFoRM-No
CAUSE FOR ALARM HERE.

DON AND DESTINED TO HELP CARRY OUT
AUSTRIAN CURRENCY REFoR@-No
CAUSE FOR ALARM HERE.
The export movement OF gold will begin On
Tuesday next, when the Trave OF the North
German Lloyd Line. sailing for Bremen will
take out SlO00oOO The shipment viii DO made
by Muller, Schal & Co.. No - Wall-st.. and the
gold will be Withdrawn from the Sub-Treasury
tomorrow. The gold is destined for Vienna and
Is to be sent on an order from the London cor
respondents OF Muller. Schall & Co. According
ly IT Is what in financial terms is designated a.
triangular operation. Vienna drew on London
for the gold and London directed the order to
be filed in NewYork.
The gold IL TO be used In carrying ou. the cur
rency reform in Austria, whereby that country
has placed itself on gold basis. Muller. SchalI
& Co. yesterday sold cables on London against
the gold. Gables" cable transfers, are
practically telegraphc money orders. The
buyers had Immediately placed to their credit in
London by cable the amount OF their purchases
The cables" were sold at 81 ssA for each pound
sterling. This price made the rate for demand
bills Of exchange. upon which gold exports
usually based. 81 So. 1t had been supposed
that gold could not be shipped. except at a loss
with demand exchange below 81 SsiI
In the Of Muller, Schal & Co.'S shipment
rAAHdibt COHIltIOUs are sdlu 10 UguTe only lus
cidentaly. II Is reported that the London cor
respondents are to be paid one-sixteenth OF ono
per cent commission for obtaining the gold. In
addition to the cost OF transportation and insur-
ance and all other expenses. This commission
the London house 1t IL understood. will divide
with Muller. Scha & Co. One-slxteenth OF one
per cent on Sl.OOO.V0O is equal TO S625. This
looks like small pront for conducting so large
transaction, but the exchange business is
handled on very narrow margin. Outlines the
profit is only one-sixty fourth OF one per cent
AS fact, there will be expense Tues
days gold export beyond the commission paid
1t. Owing to the high price OF gold in Lon
don a shipm mt be made from New-York to
Vienna on order from London without loss
even though the rate for demand sterling Is
only 81 s., and the cable rate one-fourth Of q
cent higher. The Bank Of England's present
charge for pure gold bars is IS shllngs
ounce. The par for bars is II shilngs y
pence. AS there are 10000 and some odd ounces
Of gold in S1.0O0.O00 the premium at the Bank
Of Engand's price is something more than
$1,000 The Bank OF Englands price for Ameri-
'an eagles is 16 shillings pence per ounce.
WITCH Is twopence above the par value. 1t may
be Explained that in London all United States
gold eoin~ are called eagles, whether they
douole-eases eagles. half-eagles or quarter
eagles
WHY IT GOES e--r ro---
In The Tribune Of April IL It was said that
gold would probably be exported before the
| end OF the month. and II was then explained
that gold would leave this country not oecaus'
Of adverse conditions here. but because OF meas
urea sdopted by the Bank Of England TO stop
| or reduca the Withdrawals OF gold from a's
vaults There is a large demand TOT so'd i."''
both Austria and Japan, for JAPAN As wen -
Austria. is going on a gold basis. japan .ou
like Austria has been drawing Its so'u s,n at
Iondon and It will noe De suIpI'sns ~ nHZ
l-o,..o" . - ,nid are soon made from this county
- Ianan On orde-s from London ,
1t is certain that ,ad Ine spnent a o,bers 5y ih:
S Scnd ana by other firms. An agreement or un-
Outstanding reached by nuthoer oi ~, ,.,
leading foreign houses in New-f fork lSw ;;, ua;
AGO Whereby they were not TO ship gold unti.
| Gsmand exchange touched 81 Ss%s. when, L.
| was stated would yield pront OF ohe,eie@nt.i I'LL -
| I ner cent or 81 80 on 81 ,UOO,Ooo. Inc ilhpoi
| tant firm of Muller. Schall a. Co was not. no. .
nartv TO this arrangement. and there are severa'
other concerns. which In the past na'' we"
gold shippers ard are not parties 10 IL
The departure or gold will not be due 10 or Ia IA .
c,,itoted in any way by lack OF commercia, pi,ls
or bankers bills in the exchange MAJ he., Th
are several millions In bills in the harkes, a..
eraid movement will have its origin ana nho ~
Trintenance in the high price OF god anu .ii'
low rate for money ir London: In othet MvruT s,I
the gold shipped from here VIII pe Pa,u ioi Ts 80
al, readily obtained at cheap rates IN lsonuoi-
Tho cold itself will pay the oDllsatlois y, i, ,s
q, Vienna or wherever else IL may pe oe'l'ei,u
Tho American gold coins that go into the Naui.e
or tho Rank of England are not meiteu up ~
often return to this country after an hpseES I'M va
aors Those sent 10 Austria and Japan VIII pe
sin,ad into the coins OF those countries: IL
I'm, a,er come hack il will be in different form
from which they went away. Inc Inlteu Sta.es
aold coins circulate less than those OF any otss'
',n,rv and consequently lose less by ABRASION
PLENTY OF GOLD IN THIS COUNTRY
There need BE- nc alarm over exports Oh so'o
!, is usual for exports to begin In FEBRUARY o'
uercb The amount which will be exported WIZ
10, y. large and IT can easily be spared There
g nIentv Of gold in the country The gold reserve
g., tho United States Treasury now exceeds sloo.-
mnO 600 The Sub-Treasury In New io.h eoe-
. toins SIS 600 600 in gold The associated panks
~ New-York hold Ss7OO0OOO in sold. or Whien
VI ,,,io over So 600 600 is deposited In the vauts
OF the Clearing House -. ,or,s ., s,o,d
There have been practically no exports OF goio
oxrent gold in transit through the United states
from one foreign country TO ahother simcs
e thursday July 23. 1896, when the Fuerst bis'
,,arck of the Hamburg American Line took ou'
So OCO 600 This was the last OF an aiarfnlhs.y
4 heavy series of exports when were apTupuy
terminated by the formation or syndicate o
= TariSara IN nrotect the Treasury gold reserve
Tha bankers furnished bills OF exchange drawn
against their credit in Europe 20 take the pIac'
az GOLD When the exports were stopped tn'
Treasury reserve had been drawn down TO sSl.
. | ono OOO IL had been placed above sl-o'oVo'VW
| bv the Government bond is9ue carry IN the year
Following is a record OF Ihe soiu mo, eneu ~ y
r. | from January |, 1so, to date. ana ior the cos
:, | rosnonding period in series OF years;
l. Imports OF gold from January to da'e y, = =
IL. yf-f1A l.lU