Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1895-09-14
PURE PATRIOTISM.
Seems to Control the Action OF
That Bond Syndicate.
NOT BOUND TO BACK THE RESERVE

So 40 Authoritative Statement Asserts
Maintaining the 500, 600 Of Gold in
the National Treasury Without Any Obli-
CATION, and VIII Continue So to Do as
LON; rs I, Necessary or Possible-A Finan-
cill Scare cG Wall Street.
New YORK, Sept. 14.-Ycs.criay was an
exciting one-and for Il time bid fair to be
critical onc-in the financial field. SO
that many feared that it might pass into
history as a smaller edition of n certain
Black Friday Of years ago. But last night
the disturbing elements were better I'M
derstood, and the outlook for the treasury
and the maintenance of its gold reserve
was comparatively clear. Uncertainty as
to the intention of the government bond
syndicate to maintain the reserve at the
century mark. and as to its ability TO do
so, had disturbed the noricd interests in
crcasingly throughout the week. y crisis
WAS reached yesterday morning when the
announcement was made that the firm of
Lazard Frcrcs, which is a member of the
bond syndicate, had engaged Sa,5Oo,Ooo Of
gold for shipment
This announcement naturally gave rise
to the impression that the syndicate had
withdrawn from its controlling position
| behind the throne, and 1t sent quotations
tumbling in Wall street, besides starting
stories that the syndicate had dissolved,
| that Il bond issue was imminent, and that
the treasury would fast drift back to it,
\ q, - I., I,1-x IF In
winter Before the afternoon had
passed several of the city banks had
| come to the aid of the stib-tr2asury witt;
deposits Of gold made in exchange 70:
grocnbacks, explanations had been made
| by members of the syndicate and the firm
| which started the panic, and quiet had
| been restored when the monicd institu-
tipns closed their doors for the day.
Deposits VIII Ofisc; Shipments.
The gold deposits made by the banks
| will offset shipments today. The Hanover
| National bank set the example with IL de
| post of SOD 90. That made 81, tO0GO in
| gold tha: the Hanover bank had paid in
| President Howard said, since the last LOAF,
was made. The American Exchange Ma
| tiCEai bank also paid into the treasury
! s30O. 800. ard the National Bank Of Com
m@rc2 followed suit with another Sa0O.Qo
| With reference to this deposit President
| Sherman said tina, The s.,o3.G0 represent
| ed onc-;hri of the banks gold holdings
and that if all the banks contributed gold
| in the same proportion there would BE- Nc
| further difficulty. The National City
| bank l., credited with AZ intention - dg
post $4,000 or double that amount. Ii
is expected in banking circles that tho dc
posts OF gold by the banks for green
backs viii ,ach Sj,0)0.00O this week.
week ,.carly Equal. thu Record.
| The known shipments 10 Europe tod rs
| vii be: ,O10 by LaZari Frcrcs, 81,
| U0.noo by William y. Crossman & Bro.
SiDO,OJ0 by Hoskicr, Wool &; Co s30D, on
| by Hard and Rand, and slU0,W0 by Ness
lage * Fuller, while Handy s. Hartman
| VIII forward between Si51,o00 and COCOON
\ This will MAKE IL total for the week OF s.,
| 2U,G1O, tn, largest weekly outflow on rec
o,,l except the s.. .o3, 800 sent abroad in o1'
week last JANUARY, when the drain upof
the reserve reached its highest tide. Ex
plantations Of the position Of the bond syn
| dicatc towards the treasury and of the rca
: ms imprling Ia,zard Trsres 10 combat
the policy of his colleagues have been Sc
cured by the Associated Press.