Freeland tribune. (Freeland, Pa.) 1888-1921, 1894-11-22
GOLD IN GREAT DEMAND.
Bankers Have Trouble in Securing
the Metal.


New York, Nov. 2O.--There has been
considerable missionary work among
the bank presidents regarding the sub
scriptions to the bond issues. There
We're many informal conferences of
two and three different presidents. The
result of these conferences brings to
light the disnclination of the banks
TO distribute the loss of gold which
win come from the bond subscriptions
pro rata among the associated banks
of New York, according to the per-
centage of each banks holding of gold.
This was the method taken in Febru-
ary, The banks now appear to prefer
to let each individual bank take its
own course of action regarding the
surrender of its gold.
The calls for gold from out-of-town
correspondents are quite numerous
and the Withdrawals of gold from the
sub-treasury by New York banks are
made on orders from correspondents in
the interior.
There was withdrawn yesterday be-
tween $1,500000 and 02,000000 from the
sub-treasury ana the amount of gold
Withdrawn from the sub-treasuries
throughout the country with which to
purchase bonds is estimated at $4,000,
coo, since last Thursday. The net loss
of gold to the government is not so
great as some gold has been paid in
during that period
The largest withdrawal was made
by the Third National bank, which
took $l000OO President Hepburn
states that he has had inquiries from
out-of-town customers which would call
for 100000 gold more than his bank
holds. He is willing to give up $1,00O,-
Geo from the holdings of his bank, but
was compelled to call upon the sub
treas sury for out-of-town demands. All
of the banks report a similar demand
from the country, indicating that the
subscriptions for the bonds will be
large outside of New York city.
1t has not yet been decided when the
presidents of the banks shall meet in
formal conference, but it will not be
later than tomorrow. The subscrip-
tions from the foreign houses will not
be so large as expected as they are
having difficulties in securing the gold.
The exchange rates make it impossible
to secure gold on the other side with
out loss, and the banks have not
shown any disposition to give any large
amounts of gold to the foreign houses.
itS NlSil " hNtp tllt bbiiA9 III lills
country and consequently do not en-
courage the international houses to
make large bids. They argue that If
the foreigners held the bonds they
might thrust them back upon the
United States at any moment on ac-
count of some unfavorable develop
ments abroad and force down the mar
ket price by sudden liquidation. The
bankers feel more confident that the
value of the bonds will remain more
secure If in the hands of domestic in
vestors. The foreign houses are de-
sirous, however, of placing large blocks
abroad and their bids will be only linn
tied by the amount of gold they can
secure.
Washington, Nov. 2O.--The treasury
stated balance Is $101 162 900, of which |
$6l ,S32 900 Is in gold. This statement
of the gold does not take in $2O75, 900 IF
gold withdrawn at New York, whic h |
will not begin to show in the treasury
books until to-day, So far slightly
over $3,00O,OO1 in gold has been with
drawn at New York since Nov. 49, and \
500 900 at other points. Otherwise, eX-
cept for gold withdrawn to bid for
bonds, the treasury has been gaining
gold since Nov. 13, as it did before,
from mntage and in the western sub
treasures