The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-03-15

and at the same time engage for import
a like amount upon the other side these
two golden cargoes passing one another
somewhere I'm midocean. Is the incident
Of this transaction that arOuses curiosity.
Why could the bankers. IL was asked. have
not through the use OF the cable and by
such bookkeeping as is carried on In our
Clearing House Association, arrange this
matter without going TO the expense and
risk OF both shipping and importing gold
upon the same day? Why could they not
do as the government sometimes does
through shifting OF credit, transfer sold
from San Francisco or Chicago or vice
versa. Twenty millions or thereabouts were
thus transferred TO San Francisco last
week.
No one who is not justified in asking
the reason will obtain any explanation
from those who authorized these two trans
actions of their purpose in shipping
and importing a Ike amount OF gold at
the same time, except that a questioner
who was also a friend would be smilingly
assured that there profit I'm the trans
actions and that IL might be assumed that
these two things would not have been done
If there were not proht-making reasons
for the doing of them.
Only once before have transactions OF
this kind been reported here, and that was
at a time when some very exciting things
were occurring in our markets. SO that this
apparently needless exchange of gold passed
unnotced.
henslble that there could be profit I'm trans
actions of this kind carried on stimuli
taneously, nevertheless IL may be taken for
granted that the transactions have Occa-
stoned no little interest and much discus
sion among the high inanciers on the other
SIDE of the ocean. They recognize that they
point emphatically 10 the gradual and inn
portant change that New York and the
United States are assuming with relation to
international finance. IL is not too great
a presumption to assert that this trans
action will be accepted by the more i'm
portant financiers of the world as one OF
the most impressive proofs that New York
Is gradually assuming equal rank with the
hitherto great financial center Of the world
as city where international specie arbi-
TRACE transactions are conducted Trans
actions of this kind are reserved only for
the chief financial centers of the world
Four years ago they would have been inn
possible for New York. While in this coun-
try the transaction OF like nature which
took place two years ago passed unnoticed
by reason of other excitements. IL was the
subject of most earnest comment in Lon
don, Berlin and Paris.
In the assay office &C Wall street where
gold is tested and its weight and fineness
ascertained, the chemical and mechanical
operations performed by the experts are OF
the utmost delicacy and precision. And yet
they are in their way no more delicate, sub
tie and precise than were the complications,
the figuring, the estimate upon 5vff+o14-7-----s
based the reasoning of the bankers, who
found profit I'm sending abroad $500 900 in
gold and at the same time ordering ap-
proximately the same TO be shipped from
the other side to them. One of the experts.
familiar with this process, spoke OF IL this
morning as probably the most delicate and
perfect piece of computation that had been
done in this city. Those who have done IL
have discovered wherein the profit lies. and
ii is doubtless for that reason that they are
reluctant to make any explanation OF the
reasons for the transaction, since were
there publicity upon this point others would
at once undertake the same line OF transact
tons as they ultimately will be certain TO
undertake them. but they must work out
the problem for themselves.
The great significance in this transaction
is that the worlds great fnanciers Will ac-
cept il as convincing proof Of the changed
relations Of New York and OF the United
States TO international financing.