Clarke courier. [volume] (Berryville, Va.) 1869-1997, 1908-01-08
BUYING GOLD ABROAD
Methods EmpIoycI IN Its Pur-
chase and Shipment.
NOT A COMPLEX TRANSACTION

The Simple System by Which Foreign
Bullion or Coin Arriving b. Ship In
New York Is Turned Into American
Money-The Loss by Abrasion.
Buying 100000 worth of gold
from the Bank Of England. says the
cashier or the subtreasury in New
York. IS no more complex n trans
action than buying a piece OF real
estate. Whatever difference there is
in the two is In favor OF the gold pur-
chase 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. Its purchase IS arranged for
by the English or French agents Of the
I bank that wishes 10 secure the gold.
The price that Will have to be paid de-
Ponds largely upon the demand. In
panic times. when every dollar OF gold
that can be secured Is being eagerly
sought by bankers here. the price is as
high rs > aud per cent.
The shipment OF the gold is accom-
/ panied by comparatively few extra
/ precautions. IN extra detective or
two from Scotland Yard. perhaps, and
as many other private detectives en-
ployed by the Bank OF England fur
uish all the protection needed.
All gold imported into this country
comes in one OF two forms. II is either
in gold bars or in coin. II in coin it is
usually American money that has been
sent abroad In some previous year. for
comparatively small amount Of for
eiSn gold coin Is brought here. Whether
in bar or coin, however it is all ship
ped 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. irrespec-
tive OF denomination. that hold lust
800 ounces.
The arrival OF gold laden ship at
her pier in the North river is no diff
ferent. SO far rs precautions for the
gold itself are concerned. from that OF
any other vessel. There are always
government officials, city police and
! private detectives TO meet each shin
and the arrival Of a boat with $1,000
600 in gold aboard VIII result in no
, more than one or two extra men being
! present 10 ride ON the wagons carrying
the gold away from the pier
The steel boxes. with their precious
: contents, rs they are carted dowr
from the ship TO the wharfs might
, from their appearance contain only or
, binary merchandise. II any unusua
precautions Ice taken. however. II Z:
, during the brief moments that til,
: boxes with their millions are lying OF
the pier waiting TO be lifted into tn,
wagons and carried away. Then they
D are watched 10y good many pairs OF
. eyes, and not stranger is allowed {,
I approach anywhere near them
Z The final act OF the purchase OF Col,
differs In times OF panic and at ordi
p nary times. In times Of panic. whel
the necessity for gold is so great tina
D every moment is precious. Its real va
: ne I'm relieving a situation comes Onl,
l. when ii is piled high on the counter
OF the banks and trust companie
+ awaiting the demands OF the creditor
OF those Institutions
! The gold that arrives in bars zoe
. direct 10 the assay office. Before an.
n @%NNN- IL - AAlsAAAf ~ NA4AAA - II ALlQ Is
. certain its real value the purchaser IT
ceives a certified check from the rs
, saver for 9S per cent OF the value SUI
; posed TO be contained IN the bars. Th
!, check can be converted into cash In
. mediately, and the delay Of two O
= three days necessary 10 make com
J, plete assay OF the shipment is avoided
: Whatever additional sum IS due III
purchaser after the asSayer's report (
q. made he receives IN a day or two.
Much the same process SO Tar Is ex
Z, pediency is concerned is gone through
, with the gold coins. They. instead @
going 10 the assay Office, 80 direct Z
$ the Subtreasury. Each bag is wciChe,
+, unopened and II found 10 tip tn
scales ~ 500 ounces $4,000 in cash j
Immediately advanced. That process
> saves many hours. for each bag has L
be opened. the coins assorted into thei
= several denominations. counted an,
, weighed for loss from abraslonS. Aft
|, er that is done the money is returne,
! to bags containing $1,000 each. and tn
balance due the purchaser. whateve
l II may he, IS forwarded 10 him.
The only other class OF gold shipmen
that has 10 be handled Is that Of FOL
eign gold coins. They are not eve
counted, but are placed Immediately +
4 crucible. melted and then sent 10 tn
assay office. where they are treated q
were the gold bars. The extra tim
3 necessary 10 secure actual America
G money for the gold coins OF foreign rs
e tons is the chief reason for the Sma
: amount of gold imported in that form.
As between shipping gold in coin O
{ bars there is little difference II
= said that the motion OF the ships cause
: a loss Of about 5000 in every Shipmen
Of 100000. II IS fact. however
/ that the coins do lose considerably
{ more in weight than the barS.-Nev
- York World
o Political View.