The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1895-09-13
ALARMED OVER GOLD.
Wall Street Excited Over With
drawals from Treasury.
Four Millions and a Half to be
Shipped Tomorrow.
THEY HAVE TO Do 1T.
Members Of the Bond Syndicate
Themselves Ship.
THEY HAVE TO Do 1T.
Say 1t Is Necessary to Nee )
Business Obligations.

NEwI DIRK, Sept. 13-The engage
ment of $2,5OO,O00 by Lazard Freres has
created profound sensation in Wall
street. The fact that Messrs Lazard
Freres are important members of the
government bond syndicate increases
the already great surprise in the matter
of Shipment.
A member of the firm made the fol-
lowing statement to a reporter of the
Associated Press; "We beIive1 that
during the first half of September a
sufficient amount of grain and cotton and
other bills would have been Offering and
that the necessity of exporting this gold
would thus be averted.
Our shipment of gold is an impera-
tive necessity in order to fulfill our
| business obligations with Europe. We
hold that it will be temporary expedient
and that within the next few weeks
plenty of bills will be offering aud that
everything will come around all right"
The firm recite the low prices ruling
for our breadstuffs, the low movement of
cotton and the fair supply of that staple
already in European hands as cause for
the shipment of gold.
The sudden engagement of $2,50O,0O0
of gold by Lazard Freres, who has bean
accounted leading member of the gov
ernment bond syndicate, gave the street
| the impression that the syndicate that
has stood between the treasury and the
gold exporters, had been disrupted.
The effect upon the stock exchange
prices was instantaneous, and material
declines were scored all along the line.
Subsequently the market mysteriously
developed supporting strength. A rep
resentative of the Associated Press called
upon Mr. j. Pierpont Morgan, the head
of the government bond syndicate, and
asked as to the truth of the rumors of the
dissolution of the syndicate.
| Mr.. Morgan replied: THE bond syn
dicate is still in the field I here has
been no rupture. 1he syndicate will
continue to do all thatit can to help main
tain the treasury gold reserve at the
I 800, ,0O0,G00 mark The obligations cf
! the syndicate expired, however, some
/ time ago"
! Mr.. Morgan expressed surprise at the
J slow movement of the cotton crop and
/ the present scarcity of the bills against
breadshlffs. He said that undoubtedly
! the offerings of those bills would be
] daily increased in the next few wee&s
and thus safeguard against export be
had
The president of large down town
bank, who is an influential member of
the bond syndicate, also denied the
report that the syndicate had aban
doned its efforts to maintain the
treasury gold at the $100,O00,0O0 point
He said that the syndicate was still in the
field. that it was accommodating gold as fast
as posslb bic and that this gold as soon as
collected would be turned over to the
treasury. The example of the Hanover
National Bank of New York in deposit
| ing S50O,U00 this morning for green backs
| is expected to be followed by a mum Der
of other New York banks.
Sub-treasury officials express conf
dence that the impairment of the treas
ury reserve by the gold exporters Will be
made good by the syndicate.
The following announcement of gold
shipments by tomorrows steamer have
been made: w. II. Crossman & Bros,
$1.0O0.O0O; Hoskier, Wood & Co., 500,
QUO; Hard & Rand $2),OOJ; Nesslage and
Fuller $100,ut0. Lizard Freres $2,5JO
0O0; Handy & Harman $500 D.
The National Bank of Commerce and
the American Exchange National bank
have each epo5ued at the sub treasury
$200,000 Of gold in exchange for green
backs. The National CITY bank will
probably deposit between $5OO,000 and
$1,u00,000 in exchange for greenbacks
The Hanover National bank has de-
posted $4,000 gold at the sub-treas-
ury in exchange fer greenbacks. The
sum Of $3,50O,0JJ was drawn from the
sub treasury this N Drning This amount
is part of the engagements announced
for export by tomorrow's steamer
Handy & Harmon later in the day in
creased Their shipments to $4,000 max
ing an aggregate Ihus far for shipment
tomorrow of $4.55O.OO0. Zimmerman &
Forshay will forward $4,000 English
gold tomorrow.
NatiOnaI Park bapL- =
5OO,0OO in G Id at the sub-treasury in ex-
change for greenbacks.
SENSATION AT WASHINGTON.
Gold Withdrawals, Cause Surprise Rut
Higher Officials are Not Alarmed
WASHINGTON, Sept. 13.-The hew:
that 81 5OO, ,0OO had been Withdrawn to
day for export from the sub-treasury a
New York was received here with sur
prise and the announcement created fol
the moment something like a sensation
in the treasury department
This feeling, however, was not shared
by the high officials. who apparently re
gard the Withdrawal as an inciden
to the speculative spirit that seem.
to pervade Wall street at thi!
time The heavy Withdrawals tina
have been made recently are declared t
/ have been warranted by the presen
legitimate business conditions, or the
legitimate demands for gold abroad
By soma otficials it is thought that the
Withdrawals are made with the sole par
pose OI forcing another bond Issue. 1
can be stated, however, on excel
lent authority that there will no
be another issue of bonds. Tn,
reason given is that none will be needed
Those who are co0nizant of the fact