The Providence news. (Providence [R.I.]) 1891-1906, 1895-09-14
FINANCE FURRY.
Heavy Shipments Of Gold Send Stock
Quotations Down.
NEW YORK BANKS TO THE RESCUE
Syndicate State Their Position
In Regard to the Reserve.

NEW YORK. Sept. l4.-Yestorday was an
exciting one, and for time bid fair to be
critical one In the financial field, so that
many feared that IL might pass into his
tory as smaller edition OF Black Friday
of years ago. But last night the disturb
ing elements were better understood, and
the outlook for the treasury and the main
tenance of Its gold reserve are compare
tively clear.
Uncertainty IA to the intention of the
government bond syndicate to maintain
the reserve at the century mark and AS to
It's ability to do SO, had disturbed tho
monied interests increasingly throughout
the week. A crisis was reached when an
announcement was made that the firm Of
Lazard Frores, which is a member Of the
oond syndicate, had engaged 81, SOC. 900 of
gold for shipment.
This announcement naturally gave rise
to the impression that the syndicate had
Withdrawn from its controlling position
bohind the throne, and it sent quotations
tumbling on Wall street, besides starting
stories that the syndicate had dissolved;
that bond issue was imminent, and that
the treasury would fast drift back to its
old position of the dark days Of early sum
mer.
sub-Treasury Relieved.
Before the afternoon had passed, several
OF the city banks had come TO the aid of
the sub-treasury with deposits of gold
made in exchange for greenbacks, ex-
plantations had been made by cmbers of
the syndicate and tho firm which started
tho panic, and quiet had been restored be-
fore the monied institutions closed their
doors for the day
It is expected in banking circles that
the deposits of gold by the banks for
greenbacks will reach S6,000,00 this
week The known shipments to Europe
today were 100000 by Lazard Freres.
u 100 by Crossmsn s. Bro, $500, ,OJ0 by
Hoskier, Wood q Co, 300, 900 by Hard t&
Band and 10000 by Nesslage s. Fuller,
while Handy and Harman forwarded be-
tween $3.50, coo and s2OO,0OO
This makes the total for the week 81, 200
600, the largest weekly outflow on record,
except the $7,50o,o0 sent abroad in one
week last January, when the drain upon
the reserve reached its highest tide.
How tho Syndicate Stands.
The following statement was authorized
by the bond syndicate last night:
1.-The impression has become general
entered into an agreement with the United |
States treasury 10 maintain the 100000 |
700 reserve until Oct. l. prox, and that
upon that date said obligation will cease |
and determine. Such is not the case.
The bond syndicate fulfilled all its |
obligations TO the government In June
last and has not since been bound in any
way TO the treasury. 1t is true that it has
from time to time since last juno paid
over various sums in gold coin to the
treasury, which have sufiiccd TO maintain
the reserve, but it has done so voluntarily
and Will continue SO to do in the same
spirit and for the same motive.
$50 far as Oct. is concerned 1t has no
relation to the action OF the bond syndi-
cate, and IL will continue to deposit gold
until Nov. l and Dec. !, and Jan. ]. il nee
essary, and il existing conditions make it
feasible 10 do so. But neither the bond
syndicate nor any one else can control the
elements. But the idea that its relations
20 the treasury will be any different on or
after Oct. from what they are now and
have been all along is erroneous, anu
should be corrected"