The herald., 1895-09-14
CONFIDENCE IS RESTORED
New York Banks Deposit ST.
100000 God
GOLD EXPORTS $l69,284,3O
This Being Since January the First
1895
Treasury Officials Unable to Account for
Increasing Demand-Exceptions
Do Not naterlalize
Associated Press Special Wire.

Associated Press Special Wire.
WASHINGTON, Sept. 13.-News that
&, 500. 900 had been Withdrawn today
from the sub-treasury at New York for
export was received here with surprise,
and the announcement created for mo.
ment something like a sensation in the
treasury department. This feeling, how
ever, was not shared by high officials,
who apparently regard the withdrawal as
an incident to the speculative spirit that
seems TO pervade Wall street. By some
officials it is thought the Withdrawals are
made with the solo purpose of forcing
another bond issue. 1t can be stated,
however, on excellent authority, there
will not be another issue of bonds, and
none will be needed. Those cognizant cf
the facts state that the Morgan Belm ont
syndicate, under the terms of the con-
tract, undoubtedly will protect the gold
reserve against the inroads of spectators.
and will see to it that reasonable balance
is maintained. No doubt is expressed
that as soon as grain shipments from the
northwest come in there will be an abun-
dant supply of foreign bills on the mar
ket to meet every demand, and with
drawals, it is thought, must necessary
cease. ]. Pierpont Morgan. head OF the
governmen bond syndicate, when asked
as to the rumors of the dissolution of the
syndicate, replied: "The syndicate is in
the field. There has been no rupture.
The syndicate will continue to do all it
can TO help maintain the treasury gold re-
serve at the $1oO, 900, 600 mark. This obliga-
tions OF the syndicate expired, however.
some time ago." Mr.. Morgan expressed
surprise at the slow movement OF the
cotton crop and the present scarcity of
bills against breadstuffs. He said un-
doubtedlv the offerings OF those bills
would be daily increased in the next
few weeks, thus forming safeguard
aaginst exports being made. The presi-
dent CT large down town bank said the
syndicate was accumulating gold as fast
as possible. and this would be turned over
to the treasury. The example of the
Hanover National bank in depositing
$500, 600 this morning for greenbaoks is
expected to be followed this afternoon by
number of other New York panks.
The announcement that New York
banks had deposited So. 400, 600 In gold
with the promise of a considera Bile addi.
"
a surprise at the treasury department as
the earlier news OF the Withdrawals.
This prompt action of the banks was
favorably commented upon, that the feel
ing of depression ana anxiety that pre-
vailed in the department this morning
gave place to one OF confidence. Even
those who by reason of their long expert,
ence are best able to judge of the situa-
tion, express themselves at loss to ac-
count for the continued apparently in
creasing demand for gold. Never before
in the history OF the department, they say,
has the financial condition of the country
contained so many contradictory elements
and never before have the officials been
unable to give an intelligent forecast of
what was likely to result from the next
congress. AT this time. they add every
thing seems going counter to the general
expectations. Several months ago it was
stated tEat the supply of whisky with
drawn from bond Just before the antici-
pated increase in the internal revenue
tax was about exhausted and that the
next few weeks would see a material in
crease in the revenues from that source.
But the revenues have fallen far below
expectations with no prospects for an ad-
vance. The receipts from customs
sOuTCcS were ALSO COHlsueullN 6AptCleu W
adavnce at rapid rate. 1t was argued
the stocks of merchandise in the country
were practically exhausted and that of
necessary importations would snow
marked improvement. 1t was predicted
also that as the canning season approached
the sugar importations would add mate
rally to the receipts, and vet none of
these expectations has been fully realized.
Although the receipts from internal rev.
enue and customs show some improve
ment there is a wido difference between
the actual figures and the confident ex-
pectations of the officials. Whether the
anticipated cotton and grain shipments
will relieve the situation so far as gold
exports are concerned re ema aims to he seen.
The amount of the expectations of gold
during the last twenty months is unprece
dented.
Since January l of last year the gold
coin and bullion exported from the
United States aggregate about Sl69 2S4,
800. while the importations during the
same perioI am0un. to only $4S. Sl3, 800,
which leaves the excess of exports over
imports about $120. 470. 800.