The Baltimore County union. [volume] (Towsontown, Md.) 1865-1909, 1908-01-18
WHAT THEY DO WITH THE GOLD FROM
EUROPE.
BY GEORGE W. MARLoR, CASHIER OF THE o. s.
SUB-TREASURY.

BY GEORGE W. MARLoR, CASHIER OF THE o. s.
sUB-TREAsURY.
| Buying SIC, 900, 900 worth of gold
/ from the Bank of England is no more
complex transaction than buying a
piece of real estate. Whatever diff
ference there is in the two is in favor
of the gold purchase. In it you are
pretty sure to get the value of your
money.
Much of the gold bought by the
large banking houses of New York
and other American cities is purchased
from the Bank of England or the
Bank of France. It's purchase is ar
ranged for by the English or French
agents of the bank that wishes to Sc
cure the gold. The price that will
have to be paid depends largely upon
the demand. At the present time,
| when every dollar of gold that can
be secured is being eagerly sought by
bankers here, the price is as high as
s and per cent.
The shipment of the gold is accom-
panied by comparatively few extra
precautions. An extra detective or
two from Scotland Yard, perhaps,
and as many other private detectives
employed by the Bank of England
furnish all the protection needed.
Ali gold imported into this country
comes in one of two forms. It is
either in gold bars or in coin. Ifin coin
it is usually American money that has
been sent abroad in some previous
year, for a comparatively small
amount of foreign gold coin is brought
here. Whether in bar or coin, how
ever, it is all shipped in small steel
cases. The bars are of an exact
length, so as to permit them being
packed tightly in the cases, while the
coins are in bags, irrespective of de,
nominations, that hold just 500
ounces.
The arrival of gold-laden ship at
her pier In the North River is not diff.
ferent, so far as precautions for the
gold itself is concerned, from that of
any other vessel. There are always
government officials, city officials and
private detectives to meet each ship
and the arrival of boat with SIo,-
600, 900 of gold aboard will result in
no more than one of two extra men
being present to ride on the Wagons
carrying the gold away from the pier.
The steel boxes, with their precious
contents, as they are carted down
from the ship to the wharfs, might
from their appearance contain only
ordinary merchandise. If unusual
precautions be taken, however, it is
during the. brief moments that the
boxes with their millions are lying on
the pier waiting to be lifted into the
wagons and carted away. Then they
are watched by a good many pairs of
eyes, and not stranger is allowed to
approach anywhere near them.
ThS nndf act Of the PufSHass of
gold differs in times of panic and at
ordinary times. At the present time,
when the necessity for gold is SO
great that every moment is precious,
its real value in relieving situation,
such as we have been going through
recently comes only when it is piled
high on the counters of the banks and
trust companies awaiting the demands
of the creditors of those institutions.
The gold that arrives in bars goes
direct to the Assay Office. Before
any attempt is made to analyze it and
ascertain its real value the purchaser
receives a certified check from the
Assayer for o8 per cent. of the value
supposed to be contained in the bars.
| The check can be converted into cash
Immediately and the delay of two or
three days necessary to make COM
plete assay of the shipment is avoided.
Whatever additional sum is due the
purchaser after the Assayer's S report is
made, he receives in day or two.
Much the same process, so far as
expediency is concerned, is gone
through with the gold coins. They,
instead of going to the Assay Office,
90 direct to the Sub Treasury. Each
bag is weighed unopened, and If
found to tip the scales of 500 ounces
So, 900 in cash is Immediately advanc-
ed. That process saves many hours,
for each bag has to be opened, the
coins assorted into their several de-
nominations, counted and weighed
for loss from abrasions. After that
is done the money is returned to bags
containing $1,000 each and the bal
ance due the purchaser, whatever II
may be, is forwarded to him.
The only other class of gold ship
ment that has to be handled is that
of foreign gold coins. They are moi
even counted but are placed immedi'
ately in a crucible, melted and ther
sent to the Assay Office, where they
are treated as were the gold bars
The extra time necessary to secure
actual American money for the gold
of foreign nations is the chief reason
for the small amount of gold imported
In that form.
AS between shipping gold in coin
or bars there is little preference. Il
is said that the motion of the ship:
causes loss of about $500 in every
shipment of 81 900, 900. 1t is afact
however, that the coins do lose con
siderably more in weight than the
bars.-New York Sunday W0,M.
HOW TO DO IT.