New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-09-14
CLOSING PRICES OF CHICAGO STOCKS.
ON THE STOCK EXCHANGE.

Friday, September 13-p. m
The foreign exchange market was again the
chief factor in Stock Exchange business. which
in the first few hours OF trading consisted Of con-
siderable liquidation and falling prices averaging
losses from to per cent In almost the entire
list. The fact that one OF the prominent foreign
banking houses Of the Street, closely allied TO
the Government bond syndicate, withdrew g.
100000 gold for export, made light holders Of
stocks and even & few larger interests. reach the
immediate conclusion that the syndicate had
gone out OF business, and they lost no time In
throwing their holdings the market To-mor
rows gold shipments will include the first large
expectation by syndicate house since the bond
contract was made, and first opinions OF this
withdrawal were that the syndicate managers
had given up their control over the members and
that no further efforts would be made to protect
the Treasury's gold reserve, except by subscrip-
tions to an issue Of bonds which now seems to
be no remote possibility. Subsequently, how
ever 1t was announced that the syndicate had
made arrangements to deposit more gold at the
ub-Treasury, and it was reported at the same
time that the syndicate member Withdrawing
gold did with the full knowledge and consent
OF the managers and that there never had been
any agreement that the members should not snip
gold. The gold taken b! the banking house VIII
be used in settlement of obligations abroad, and.
according TO members OF the firm, II was with
drawn as an absolute necessity. This house, like
many others, has been hoping that bills of ex-
change against merchandise exports would APP
pear in the market in the first half OF this month
and so II continued to furnish Its customers with
bills expecting to cover later on, out the export
trade has not, up to the present. made this pos
sibe, and the firm has been forced TO ship gold
to cover its accumulated indebtedness and TO
continue to supply the daily demands or us Gus
toners for exchange. The house does not deem
Il wise to make further use OF It's credit while
waiting for expected supply OF bills The
total amount Of gold withdrawn was $4,000 OOO
far
ments include 100000 not taken from the Treas
ury From Information obtained to-day II was
learned that influential men in Wall street dis
cussed a bond issue with the representatives OF
the Treasury Department In the last week ana
that the question Of issuing bonds now or walt
ing for the result Of the crop movement was the
principal point yet unsettled. BY the course OF
the Democratic Administration In the last TWO
years the country has been forced Into situa-
ton where one issue Of bonds merely pospones
emergency which soon has TO be met by an
other issue. and while the outlook Just at pres
ent Is favorable to Improvement In our export
trade, there Is little encouragement Tor thOse VINO
hope that the winter will come and go without
the necessity OF another Government bond Issue.
The syndicate continues TO express confidence
in the situation. but members Of II cautiously re-
marked to-day that II was no longer compelled
TO prcte, I the Treasury Nevertheless Mr.. Nor
gan said that the syndicate would not cease In
its efforts OF helping the Treasury ana he IN
dorsed the statement OF member printed In this
column a few days ago to the effect that the
syndicate's efforts would not end on October j.
II the syndicate should allow. or be helpless TO
prevent the gold from going lower II
would not be blamed for thinking that another
issue OF per cents al 4.496. which II can sell
TO the public for 112 and more. would be TO us
advantage. for II has the option on all bonds IL
sued before October /. and II an issue - TO De
made the syndicate certainly would ike the
profits OF the business. The Administration can
get better terms in the open market. and me
public in general should have the same dement's
as the syndicate This can be made possible by
deferrlng a call for bonds until the syndicates
option has expired. Deposits OF gold for the
Treasury's account were made to-day by several
banks closely connected with the syndicate, and
before the close OF business 100000 had been
turned over to the Treasury in exchange Tor