The times. [volume] (Richmond, Va.) 1890-1903, 1895-08-09
THE GOLD RESERTE.
1t Has Decreased Some, but IL f. Thought
That the Tide viii Soon Turn.

ticence that usually prevails anon,
treasury officials when they are ep-
preached on the subject of the condition
OF the gold reserve and their absolute re-
fusal TO allow themselves to be quoted as
to what this outflow of gold for the past
two weeks signifies leads to the con-
clusiOn in some quarters that the treas
TRY is uneasy about the situation.
Ii is quite possible that by Saturday the
syndicate will 5e compelled to provs
vi ether II considers Ats contract fulfilled
or whether It feels constrained TO assist
the Government in maintaining the re-
serve. The rapid diminutson OF the
treasury, the speedy descent from. moro
than one hundred and seven millions TO
very little margain over the amoLnt the
reserve is required to be, has shown how
easy raid, even under the guise OF
the ordinary course of business, can be
conducted. Some OF the treasury officials
are emphatic In their statements that
this loss of gold Is taken out in legiti-
mate business. and point 10 the character
of the houses taking IL out 10 show that
If done, II is not because Of speculation.
Whatever may be the cause, the loss is
felt and will be felt 20 still greater
extent before the week Is ended. There
was an intsmatiOn at the Treasury To-
day that notice would be given tomorrow
OF a withdrawal for export Saturday, and
officials do not hesitate to admit that the
indications point 10 the further loss OF
an amount equal, If not greater, thah
that which was shipped on to-day ;
steamers.
AT the close Of business this afternoon
the reserve stood at the SlO4. 1862 mark.
a loss over yesterday OF ~, isl, AZ. Inc
one million shipped to-day has not Deen
reported TO the treasury with the OF
fetal balances from New York. aud will
not, therefore, appear In the reports unui
Tomorrow The actual condition OF the
treasury will then lind the reserve
amounting TO only SlHi,llSOb- inns
hn1f IN
since the syndicate made its last pay
ment. July Jth, and sent the reserve UP
to SlOI, JGy 2Us.
The gold reserve was not nearly 20
low as this on the 9th or July, when
the syndicate felt called upon 10 increase
H. AT that time the reserve had
dwindled down to little below Slo9-
OOO,O,o, and by Monday II had been swell
ed TO a little more than >loi ,2bpO.
Some treasury officials, who discuss the
situation privately, admit that unless
the syndicate again steps I'm ana mis-
the gap that has thus been made, the
public viii be warranted IN believing lhat
the syndicate considers It's contract 10
have been fulfilled I'm its entirety. and
that il il no longer morally bound, II
not by the disputed meaning or the text
of the contract, TO maintain the reserve,
Secretary Curtis said to-day mat ne uld
not know what the intentions or t3e
syndicate ~rere. but so far as the Treas
ury situation was concerned ne saw
nothing IN t now 10 justify any feei-
ing for alarm The gold that was going
out was s,Dt abroad In the payment
of debts ard within few days he be-
| ieved there would =" a flow In this direc.
| ton Crops were beginning TO move, AMI
| the presence of commercial bills in New
| York some OF which were already quoted
| on the street. would loosen the tension
ard bring down the rate of exchange
| and stop the expectation OF gold.
There are Others, however. IN me
~.
it's and many of them are beginning 10
| look forward to the next week IS a critl-
| cal period, one that must snow whleh
way the tide will turn. Meanwhile tne
| gold continues 20 go out ana no offirial
| expression OF the proper Interpretation
| OF the bond contract Is made. ,..
NBW YORK, Aug. s-The Belmont
| Morgan bond syndicate to-day ho'iiieu an
| subscribers 10 the syndicate that upon
| presentation Of their certificates or sun
| serintion al the offices of j. =. Morgan n
| Co. on Friday August 9Th, they VIII
| receive "A return OF a. per cent. OF their
| subscription. 50 far ~ per cent. vL ~
| original subscription has been returned
| IL is a question whether the "a IL per
| cent 10 be paid will be i'm cash or IN
| checks The bond syndicate VIII aiso
| close up their deal on the other siu' p'.
deliver the bonds. turn back the ceftil-
| Gates which We're issued, ana the enure
| deal will be ended, as the syndicate mas
| received the money for the bonds.
So far there has been nothing salu
| about "A distribution of the profits among
/ the members. To-day 100000 I'm g0id
| was deposited in the local sub-Treasury
| by the syndicate.
This offsets the gold Withdrawn by GER
| tain commercial houses from the sub
| Treasury for export and is in line WIN
| the policy of the bankers VINO so sue
| cessfully placed the last Government
| loan.
| Speaking of re-sales of the new bonds
| here bv certain arbltrage houses, deal
| er claiming 70 have inside Information
| to-day said: That as almost all OF the ar
| bitrage business I'm the resales OF Gov
| eminent bonds here for European ac-
| count has been done by a single nrnl.
| the average Of transaction might equal
| 100000 or 100000. az reported. II IS not
| unreasonable to suppose 10 expect tnat
| more bonds will see this market although
| II was purely guess-work as 10 the prop-
| able extent OF these sales. The present
| quotations for Government bonds are
| only nominal and are merely made 10
| facilitate transactions over the counter.
| The market is at present awaiting one.