The Roanoke times. [volume] (Roanoke, Va.) 1890-1895, 1895-08-21
OVER TWO MILLIONS IN GOLD
Withdrawn From the sub.Treas-
ury Yesterday,
But the Bond Syndicate Turns In 81, ooo.-
600 in aold-This Prevented the Re-
sefve From Falling Below the
S1Oo.o0O,oOo Mark-The Gold Sup
posed to Come From California.
Omoials Display No Apprehension.

NEW YORK, August 2O.-The govern.
ment bond syndicate has turned 50, ooo.-
600 In gold into the sub Treasury. This
brings the net gold reserve to over
Sloo,o00,o0o after deduc.ing the
amount withdrawn for shipment to
Europe.
A Washington dispatch says: The
gold syndicate to day prevented the
gold reserve from falling below the
SloO,0o0.o00 mark. About Q o'clock
the Treasury Department was informed
that 50. $500 600 in gold had been with
drawn for export from the ub-Treasurv
In New York. AS the gold reserve at
the close OF business to day stood at
CIV oSI' i4o' the withdrawal would have
reduced the reserve to 500 ,677,I4s.
a few minutes afterward, however.
Acting Secretary Curtis received a tele.
gram saying that Mr.. Pierpont Morgan,
Of the syndicate, had deposited SO, ooO,..
OOO In gold In exchange for greenbscks.
This deposit swelled the reserve 10
SlOl or, las. The officials at the De-
partment display no apprehension az to
the gold reserve and intimate that the
syndicate will continue to make deposits
10 oHoet WITHDRAWALS.
But they decline to express their
reasons for their faith, and the question
raised constantly is as to the pledge
unuer which tho syndicate is making
these deposits and the period it covers.
as vol as the ability of the syndicate
TO continue to protect the reserve. But
little light can be shed on theae oues-
lions, however. as IL Is said that prob
ably only two government officials
freslden5 Cleveland and Secretary Car
lls!e-know tho unwritten part of the
agreement made with the syndiaate
which secured the last issue of bonds.
Inc syndicate has, so fsr. voluntarily
deposited about SIS, 600 GOO In gold
Inc manner In which the syndicate
mas accumulated the gold which 1t has
Voluntarily exchanged at tho Treasury
ior greenbacks Is not absolutely known.
as the syndicate does not make public
It's operations, but at the Treasury De-
partment Is is believed that most of it
10 obtained by giving exchange on San
francisco and by buying bullion checks.
Inc circulation In San Francisco la
practically all gold.
The movement of money is east, az a
result of which San Francisco exchange
on New York is usually at q premium,
equal to the cost of transportation of
gold across the continent. For the
same reason New York exchange ON
San Francisco is often at a slight dis
count, although just now 1t is at par.
By Offering exchange on San Francisco,
therefore, the syndicate can accumulate
large quantities of gold in San Fran.
cisco at practically no expense.
The syndicate can also procure gold
by buying bullion checks issued for bull
lion deposited st the essay offices and
the government mlnts. These, at the
present time. when there ia demand
for gold, bring a slight premium. 1t is
not believed, however, that the syndi~
GATE is put to much expense In accumu-
iaang IN this fashion prac .ically the en-
tire product OF the American gold mines.
which averages usually about S35, OOO,-
600 year.