The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1895-09-14
A GOLDEN STREAM,
The Weeks Outflow Next to the
Largest in the
COUN7RYS FINANCIAL HISTORY,
New York City Banks Como to the
Rescue OF tho Natioa'S oEsdIt-The
Hond Syndicate Makes a Statement
DOpyIuc a Rumor Announcing isS
DISsoIution-Ths Elements of tho
situation Very Complex.

New YoRK, Sept, I3.-This day was an
exciting ono and for time bid fair to
be critical one in the financial field, 90
that many feared that it might pass
into history as smaller edition Of q
certain "BIack Friday" Of years ago.
But tonight tho disturbing elements
RFe better understood and the outlook
for the treasury and the maintenance ci
its gold reserve 10 comparatively clear.
Uncertainty as to the intention Of the
government bond syndicate to maintain
the reserve at the century marx and aa
TO iIs ability to do so had disturbed the
| monted interests tncrdaIiagfy through.
out the week. A crisis was reached
this morning when au announcement
was made that the firm OF l.azard Ere.
res, which IL member OF the bond
syndicate, had engaged two and half
| millions In gold for shipment This
announcement naturally gave rhe 70
the opinion that the syndicate had,
withdrawn from its controlling position
behind the throGe, RRd 1t sent quota.
tious tumbling in Wall street, besides
starting stories that the syndicate had
dissolved, that q bond issue Was immi.
nent and that the treasury would fast
DRIFT back to it's old position OF the dark
days OF last winter.
BANKS coNE TO THE. RESCUE
Before the afternoon had passed
several Of the city banks had come 10
the aid OF the sub.treasuRry with de.
posits OF gold made in exchange for
groeubaCks, explanations had been
made by members of the syndtcate
aud the firm which started the panic,
aud quiet had been restored when the
monIed institutions closed their doors
for tho day.
The gold deposits mado by the banks
will offset tue shipments OF tomorrow.
The Hanover National bank set the OK. :
ample with a deposit OF $500,0O0 That
made 50, 100000 in gold that the Han.
over bank had paid in, President How.
ard said, since the last loan was made.
The American Exchange National Bank
OF Commerce followed suit with another
100000. With reference TO this de-
posit, President Sherman said that the
100000 represented one.third OF his
banks holdings aud that ii all the banks
contributed gold IN tho same proper.
tions, there would be no further diti'
Guilty.
The National City bank 10 credited
with an intention to deposit half mill.
ION or double that amount. 1t is ex.
pected IN banking circles that the de-
posltS oil gold by the banks for green.
backs will reach S6.00l,000 this week.
The known shipments TO Europe to.
morrow will be S2,5O0,000 by LaEard
Freres; $1,000, 900 by William II. Cross
man & Bro; 100000 by Hoskier, Wood
& Company; 100000 by Hard 4 Rand
and 100000 by Nesslage q Fuller;
while Handy & Harman will forward
between Sl5O,000 aud 100000
NEXT TO THE LARGEST.
This will make total for the week Of
s7,9OO,OOO, the largest weekly outflow on
record, excepting the s7.7OoOOO sent
abroad in ono week last January, when
the drain on the reserve reached its
highest tide.
Explanations OF the position OF the
bond Byndicate toward the treaSuryAnd
Of the reasons impelliug Lazard Freres
to combat the policy of his colleagues,
were secured by Tho Associated Preas.
The following statement was author.
ICED by tho bond syndicate tonight:
"The impression has became general
that the members OF the bond syndicate
entered into an agreement with the
United States treasury to maintain the
Sl00,0OO,0O0 reserve until October
prox., and that upon TINT date said OBJ
legation will cease. Such is not the case.
"lhe bond syndicate fulfilled all It's
obligation to the government IN June
last and has not a,nCo been bound in
any way to the treasury. II is true that
II has from timO to time since last juno
paid over various sums in gold coin to
tho treasury, which hNvO sutEcsd TO
matntain tho reserve, but 1t has done 80
voluntarily aud will continue so toIdo
in the same spirit aud for tho Same
motive,
80 far NI October is concerned, II
has 10 relation TO the action OF the
bond Syndicato, and IT will continue TO
deposit gold until November aud De-
colnbur and January il necessary
aud II existing conditions make It
feasible TO do 40. lut mother tho bond
syndiCnlO nor anyone else can control
the Gloments But the idea that lta 70.
lattona to the treasury situation Will DO
any dilerOnt on or after October from
what thoy nro now aud have been AL
along Ia erroneous and should be c0r'
FnrlOI