New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-08-03
PRICE THREE CENTS.
GOLD TAKEN FOR EXPORT.
sl,s5oOoo TO BE SHIPPED TO EUROPE TO.
DAY.
THE WITHDRAWAL YESTERDAY AMOUNTED 10
s23OOOO. BUT ONLY PART OF 1T GOES
ABRoAD-LITTLE EXCITEMENT CAUSED
IN WALL STREET. AND THERE IS
NO FEAR OF SERIOUS DEPLE-


IN WALL STREET. AND THERE IS
NO FEAR OF SERIOUS DEPLE-
TIoN OF THE RESERVE
Gold to the amount Of s235O,OOO was withs
drawn from the Sub-Treasury yesterday. and
OF this sum 81 350, 900 will be exported to Eu.
rope to-day. When the fact became known In
Wall Street exaggerated reports Of the amount
engaged were circulated, and the bears on
the Stock Exchange succeeded in causing
enough fright to bring about a small-sized
liquidation. Later on. however. when the
nature Of the withdrawal became better under.
stood. the market developed an upward ten-'
dency, and closing prices were we'll above the
lowest quotations Of the day.
OF the entire amount withdrawn sl.o00,0O0
was taken by W. II. Crossman & Bro. $25O.oV0
by Stenwender G. Stoffregen-both coffee
houses-and 100000 by Handy & Harmon. goid
and silver bullion brokers, all Of which VIII De
shipped to England by the steamer Saale. whicn
sails to-day. The remaining 81, ,0000 900 was taken
by the Bank OF Montreal for its own use ana
was deposited in this institutions vaults at NO.
81 Wall-st. It was said at the Bank or Nom
treal yesterday that at the time OF the Gov
ernment bond sale last winter the bank broughs
to this city sl,OOO,oOO gold and placed 1t In the
ub-Treasury, and that 1t was sLken out yes'
terday for current requirements.
REASONS FOR THE WITHDRAWAL.
The Withdrawals of gold for export by the
coffee firms and the house OF bullion brokers
were made because they could not get satisfac-
tory rates from the syndicate FOR It's biiis' tno
present high rates for sterling exchange are such
that shipn ents OF gold en- be made shgntiy
cheaper than tn. purchase Of bills. and II Is not
at all unlikely that more exports VIII De haue'
They will be made, however, BY houses outsios
the syndicate, and as most of the firms wnich
are usually large shippers Of gold are cohhecteo
with the syndicate there is little propapni'y
that the movement will reach high hsutes'
There Is no disposition among the large pahh'ns
houses to ship gold and although the u"hdho
for remittance |; rather heavy just now, anu
the syndicate bills are about the only ones ~ tne
market there Is little chance that the goio exc
port movement VII! extend to the big houses.
II Is hard for some people in the Street to
realize that the Treasury's sold holdings VIII
not be affected to any appreciate extent py 'ho
present Withdrawals OF gold, ana they lorscs
tha. the synd.cates contract with the Govern
nent Is still In force and that II Is piedged 10
protect the Treasury against any dram upon us N
gold reserve The syndicate controls goid IN
this country and in Europe. ana tnat II in'ehus
10 replenish the Treasury for the gold taken oue
by exporters made evident by us acuon
last week In turning in s2.0OlOO0 OF the precious
metal to make good the amounts eAPOieeu "
commercial houses.
Exnorts of gold Will always be taken advantage
~ by the bear faction the Stock Exchange for
depressirg prices but present conditions are sucn
that only lightly margined holders rush 10 SELL
and big holders OF stocks and conservative men III
the Street retain their composure when gold ex"
port talk Is heard
REDUCTION IN STERLING RATES EXPECTED.
The high ratea for sterling exchange are caus"
ing a good deal OF criticism and discomfort. but IL
cannot be long before natural conditions VIII re-
move the present high pressure. The syndicate
does not force exporters TO take Its bills, and IL
never contracted to prevent gold exports. but the
public may rest assured that the Treasurys goia
reserve will be protected. Members OF the bei-
mont Morgan syndicate refuse 10 express any
opinion on the course Of the syndicate IN keeping
I'd exchange. but they are unanimous IN saying
that there is no cause for alarm. The hgh rates
imposed by the syndicate may create new situa-
ton in the exchange market by bringing in OUT
side firms as dealers in exchange at lower rates
than those posted by the syndicate. The trfn OK
W H. Crossman & Bro. We're said 10 nave with-
drawn the gold for to-day's shipment 10 protect
exchange drawn by them. and not for the settle
men, OF ordinary debt obligations. In that case
other houses may follow the example, ana rates
may fall from competition. The withdrawals
Yesterday reduce the gold reserve 70 about
tr0