The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1895-09-14

NEW YORK, Sept. 19.-This day
was an exciting one and for time
bid fair to be critical one in the finan-
cial field.
Many feared that it might pass into
history as a small reflection of a Black
Friday of years ago. But tonight, the
disturbing elements are better Under
stood, and the outlook for the treas
ury and the maintenance OF its gold
reserve is comparatively clear.
Monied interests Disturbed.
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 monied interests
increasingly throughout the week. a
crisis was reached this morning when
the announcement was made that the
firm of ! Lazard Freres, which is a
member of the bond syndicate, had en-
gagged $2,2500O0 of the. gold for ship
ment. This announcement naturally
gave rise to the impression that the
syndicate had Withdrawn from its con-
trolling position behind the throne.
and it sent quotations tumblinS in
Wall street, besides starting stories
that the syndicate had dissolved. that
a bond issue was immine1-, and that
the treasury was fact drifting back to
it's old position of the dark days Of
last winter Before the afternoon had
passed, however, the city banks had
come to the aid of the sub-treasury
with deposits Of god. made in ex-
change for greenbacks, explanations
had been made by members Of the syn
dictate anent the firm which started the
panic and quiet rad beer restored
when the monied institutions closed
their doors for the day
VIII Offset Shipments.
The gold deposits made by the banks
will offset the shipments tomorrow.
The Hanover Nationa bank set the
example with deposit of $500.CG0.
That. made So, 100000 in gold that the
Hanover bank mas placed in, President
Howard said, since the las loan was
made, and the American Exchange
National bank also paid into the treas
ury 5000 600, and the National Bank Of
Commerce followed suit with another
5000 600. With reference To this deposit,
President Sherm lin said that the $780,,
900 represented one third of his baLk's
gold holdings, and that If Ill the banks
contributed gold in the same IrCL or
ton, there would be no furthe' diff
Guilty. The National City bank is cred
tied with an intention to dercsit
half-million, or double that amt art.
1t is said in banking circles that the
deposits of gold by the banks for green
backs will reach $6,000.000 this week.
The known Shipments to Europe to-
morrow will be $259O,OO0 by Lazard
Freres $1,OO0,OOO by Crossman & Bros,
100000 by Hoskier, Wood x Co, $780,
900 by Hurd e. Rand. and 100000 by
Message e Fuller, while Handy e.
Harmon will forward between $150GO1
and 100000.
Morgnn's Views.
This will make a total for the week
of $7,200,000 the largest weekly output
on record, except the S7,700,O00 sent out
in one week last January, when the
drain on the reserve reached its high
est tide. Explanations of the position
of the bond syndicate toward the treas
ury and CT the reasons impeIling Lag
ard Freres to comoa. the policy of his
We're secured by the Asso-
ciated Press. The following statement
was authorized by the bond syndicate
tonight:
THE impression has been general
that the members of the bond syndi-
cate entered into an agreement Wit,
the United States treasury To main
tain the 800, 100000 reserve until DC
tober 1, proximo, and thai upon that
date said obligation will cease. Such
is not the case.
THE bond syndicate fulfilled all
its obligations to the ;rovernmen. In
June last, ond has rot since been
bound in any way to the treasury. 1t
is true it has, from time to time since
last June, paid over various sums in
gold coin to the treasury, which have
suftfced to maintain the re serve. bu+ Il
mas done SO voluntarily and viii con-.
tinue to do so in the same spirit AMI
for the same motive.
so far as October 1 is concerned. it
has no relation to the action of the
syndicate, and it will continue
to deposit until November I
and January l, if existing conditions
make it feasible to do so. But neither
the bond syndicate. nor anyone else
can control the elements. But the
idea that its relations to the treasure
situation will be any different on or
about October 1 than they now are
and have been all along is erroneous
and should be corrected"
j. P. Morgan, the head of the bond
syndicate spoke reassuringIy of the
outlook to reporter of the Associated
Press. He said:
The bond syndicate is still in the
field. There has been no rupture. The
syndicate will continue to do all II
can to help maintain the treasury gold
reserve at s10O,0O0,000 The obligations
Of the syndicate, however, expired
some time ago."
The following statement was made
IN writing by Mr.. Lazard Freres:
Hoping that bills of exchange
against merchandise exports would
come in the markets in fair amounts
during the first half of September. we
continued for a long time to supply
our customers with bills of exchange
from which we could not at the time
ind cover. A combination of circum-
stances leaves the market bare of
commercial bills and makes necessary