New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-07-28
Records Broken for Gold
Shipments-Sterling Ex-
change Highest Yet.
SUD-TREASURY SELLS
S13,5OO,OO0 IN BARS
Grain Goes Up and Cotton De-
cIines-UndcrWritcrS Limit
Size of Cold CargOes.

" all NllFtt lNlI viz NHNNN
European war scare yesterday IN lover
prices under pressure OF heavy selling
from abroad. in record shipments OF
gold. in the highest prices for sterling
exchange ever recorded, in the prac-
teal cessation Of arbitraGe trading and
in higher prices for grain and lower
prices FOR cotton.
The amount of gold actually sold Tor
export was 5l3,5O0OOo The amount
delivered Yesterday was $l0,a0O,Ooo.
The remainder. s2.75O,0O0. was sold 10:
delivery to-day. The gold delivered
ycstesday was shipped on the hron-
prinzessin Ccciiie. which sailed at l
o'clock this morning. The largest ship
mert Of gold in ore vessel previously
was $4,000, 900. on April %. 1910. The
metal sold for delivery to-day. with at
least s5.00O,000 additional TO be sold
to-day. according 10 Sub-TreasurT estl-
lr3tcs. will be shipped on the Cunarder
Carmana. leaving this port on WeGnes-
day.
The size o. the shipment o. the
Cccilic was limited by the inability OF
tie Sub-Treasury 10 get out more metal
and the difficulty experienced IN OBTAIN
ing insurance. Tie limit Of safety, ac-
cording TO local marine underwater
on single hull is about S1.5OO,OOO.
This difficulty was overcome IN some
~ stances. it is understood. by insurinS
directly with Lloyds in London. Or
the remainder placed mere much was
lao reinsured in the big London eN-
change.
No War Risks Issued.
None Of the gold shipped on the
Cccile j. insured against the risks OF
war. The shipment scheduled for the
Carmania tomorrow may depend upon
the DEVELOPMENTS OF to-day. No rates
on war risks were quoted IN the dis
trct yesterday. though brokers thought
prices might be available to-day. In
ouirics. they said. were altogether for
rates on single shipments. ordinarily
war risk contracts cover everything a
shipper may send abroad in sixty or
ninety days.
The first news Of the day was from
London. Contrary TO the general I'M
preston. Wall Streets day begins not
at 10 o'clock. but at about the time the
suburban milkman is delivering his
wares. Then houses with London and
Continental connections begin work.
Ordinarily this is not far from
o'clock. Yesterday these brokers were
at their desks much before that time.
I he earliest cables were very disqulet-
ing. They told of troubles of brokers
in arranging for loans on the other side,
of general cutting OF credits. Of the
arbitrary closing out of accounts and OF
nervousness and trouble generally
G,,,. ,,.Lo coblob huvinO orders from
this side found them refused. When
London did open it sent over prices on
American securities of from , TO
points lower
As prices went down. foreign eX-
change went up. Cable transfers
opened at 400, advancing to 4.925S, re-
ceding to 400. and in the afternoon add
yancing again to 1850. Sight drafts,
which on Saturday closed at 4.oSl5. ad-
vanced TO 1872 at the close. This sharp
advance made dealings over the arbl-
TRACE rail almost out of the question
when this market opened.
Source of Selling Doubtful.
The opening here was much stronger
than in London and. the pressure con
sidered. prices were remarkably well
maintained How much of the selling
was for European account and how
much for the account of the bears who
caused Saturdays rally by covering
their commitments on the rumor that
Servia had yielded to Austria was I'M
possible TO estimate with any degree
of accuracy. Cables to houses with
, London and Continental branches, such
as Raymond. Pynchon g. Co.. were more
Measuring than the earlier messages
had been and the Street, while admit
ting that the situation was serious, was
hot inclined to think general war
would result.
The bankers won't let them fight"
1 seemed TO be the general impression,
though others were inclined TO think
that even lack Of money might not
prevent trouble.
or the SlO.750,000 in gold sent on the
Cecilie, So ,600.000 was engaged and re-
ported on Saturday. The additional
shipments included s5,000,000 by the
GUARANTY Trust Company, which goes
to London. and Sl.000.000 each by
Goldman. Sachs & Co. and the National
City Bank. for Paris This makes the
amount of gold actually shipped since
January 1913 100000. OF which $780,
100000 was in coin and the balance in
4 bars. or this amount all but S5.300.000
/ for London and 81 100000 for Berlin
went to Paris.
Rates on Gold Rise.
The question of gold shipments is
comp Heated by the fact that any war
might easily involve all Of the great
carving nationy. OF the gold sent out
Of New York substantially all goes on
the fast German and English ships.
Gold is contraband Of war. Any war
might be expected to involve Germany,
and the chances Of England's becoming
involved are. in the opinion Of insur-
ancc underwriters, almost strong.
This brings in the matter Of war risks
in addition 10 the ordinary risks OF
ocean navigation.
The ordinary rate on gold is SO TO
6 cents on the hundred dollars. lester-
day policies were written at 6ll cents.
The latter rate amounts 70 $500 on
81 100000 or, on fast boat, about
81 900 a day.
"ln writing risks on gold" said an
insurance authority yesterday. I'VE have
learned many things IN recent years.
For one thing, the Titanic disaster re-
minded US that there - such thing
as a total loss and disabused our minds
OF the idea of the unsuitable vessel
Further. ,there was "A fortune in silver
bullion On the Empress Of ireland.
Though she sank in the river not an
ounce Of that bullion has yet been re-
covered. When you consider the amount
that would have TO be paid IN ii single
loss and the long time IT takes to earn
that amount on risks that are all prott,
you will see why prudence limits the
i L