Weekly independent. [volume] (Elko, Nev.) 1887-1914, 1895-09-22
Heavy Drain of Gold.

NEh iohh, oept. 10.-lHo IOllOW
ing announcement OF gold shipments
by to-morrow's steamer have been
made: w. IL. Crossman & Bro. $780,
600; Hoskier. Wood & Co, $500, 600;
Hard & Rand, 100000: Nesslage &
Fuller, 100000; Lazard Freres. 81
SOC, Handy e. Harmon, s250,OOO,
49, totrl cn-arnmant 81 gold at
900 -%@'l,i. ", &. $3.50 ~ TO-
morrow steamers.
The Hanover National Bank has
deposited 100000 at the sub-treasury
in exchange for greenbacks. The
sum OF 100000 was Withdrawn from
the sub.treasury this morning. 1t is
part OF the engagements announced
for shipment.
The fact that Lazard Freres are i'm
portant members Of the government
bond syndicate increases the already
great surprise regarding the gold
shipments. 4 member OF the firm
made the following statement to the
Associated Press: I'VE believe that
during the first half of September Il
sufficient amount OF grain and cotton
and other bills would have been of.
Tered and the necessity OF exporting
these goods be averted. Our ship
ment OF gold is an imperative ueces.
sity in order to fulfill our business
obligations with Europe. We hold it
will be a temporary cxpedient and
that within the next few weeks plenty
OF bills will be offering and everything
come arcuhda ali right"
Tho firm recite the low prices rul.
ing for IL breadstuffs, slow move
ment OF cotton and a fair supply OF
that staple already in European
hands rs causes for the shipment OF
gold.
j. Pierpont Morgan, head of the
government bond syndicate, when
nskcd as to the rumors OF dissolution
Of the syndicate, replied: The syn
dictate is still in the field. There
will be no rupture and the syn.
dictate will continue to do all it can
to help maintain the treasury gold
reserve at 800, 5000. The obliga-
tons OF the syndicate expired, how.
ever, some time ago"
Morgan expressed his surprise at
the slow movement OF the cotton crop
and tho present scarcity OF bills
against breadstufTs. lie said I'M
d~oubtedly the offerings of those bills
will be daily increased i'll the next
fcw weeks, and thus Il safeguard
against exports will be made. The
president OF Il large down town bank
said the syndicate was accommodating
gold as fast as possible aud this would
he turned over to the treasury. The
example OF the Hanover National
Bank in depositing 100000 this
morning for greenbacks il expected
to be followed this afternoon by a
number OF other New York banks.
The National Bank of Commerce
and American Exchange National
Bank have each deposited in the sub.
treasury $4,000 i'll gold in exchange
for greenbacks. Tho National City
Bank has deposited s1,5OO,OO0 for
greenbacks.
WASHINGTON, Sept. l3.-Tho news
that S~i,550,000 had been Withdrawn
to-day from the sub treasury Mt New
York for export was received here
with surprise and the announcement
created for the moment something
like Il sensation in the Treasury De-
partment. This feeling, however,
was not shared by the high officials,
who apparently regard tho withdraw.
al rs incident to speculate on the spir.
1t TINT seems to pervadc Wall Street.
BY some officials it il thought the
Withdrawals are made with the sole
purpose Of forcing another bond issue.
1t can be stated. however. on excel.
lent authority that there will not be
! mn other issue Of bonds and none will
DO needed. Those cognizant Of the fact
state that the Morgan belmont syn
dictate, under tho terms Of the ron.
tract undoubtedly will protect the gold
reserve against inroads Of spectators
and will see to it that II reasonable
| I.Ix.. = sl
expressed TINT MS soon MS the grain
shipments from tho northwest cOmo
in, there will DO mn abundant supply
OF foreign bills on the market to meet
every demand, and the Withdrawals.
1t il thought, must necessarily cease.
To.day's statement Of tho condition
OF tho treasury show MI available cash
balance Of s1SI, 0G2,5 $ and n gold re.
a 49,. = "a. 4.