The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1895-09-14
IS A CRISIS HERE2|
CONTINUED from Fifth Paee.)

large quantities of cotton at cheap pTi-
ces, and its indisposition TO buy freely
\ at quotations now ruling. Further reas-
ons are the poor demand for our wheat
at this centre which makes il undesir-
able for European bankers ID increase
| their loanable funds here.
In reply to questions member OF the
| firm said ne desired to state that there
| was no special significance in the ship
ment of gold. but that ii had to go 10
meet a temporary emergency ana that
with the moving o fthe cotton crop IN
few weeks the whole difficulty would
adjust itself.
TREASURY is SURPRISED.
Washington, Sept l3.-The news that
1850, 600 was withdrawn today for ex-
| port from the sub-treasury at New
| York was receive with dsurprise al the
| treasury department. 1t can De stated,
| however. on excellent authority, that
| there vii, not be another issue of bonds.
| The reason given is that none will be
needed. No doubt is expressed that as
| soon as grain shipments from the north
west fully set in there will be an album
| dant supply of foreign bills on the mar
| ket to met every demand and with
| drawals must necessarily, 1t IS thought,
| cease.
The announcement that New York
| banks had deposited S2,400,000 in gold
| with the promise of considerable ad
| dition to that amount was quite as
| much surprise at the treasury de-
partment as the earlier news of the
| Withdrawals. This prompt action OF
| the banks was favorably commented
upon that the feeling of depression and
enxiety that pervaded the department
| this morning gave place TO one of con-
fdpyHa uhn reo
| their long experience are best able to
judge of the situation, express them
selves at a loss TO account for the con-
tinued and apparently increasing de-
mand for gold. Never before in the his
tory of the department, they say, has
| the financial condition of the country
contained so many contradictory ele-
ments and Never before have the Of
fcials been unable to give an intelligent
forecast of what was likely to result
from the next conditions. At this time,
they add, everything seems going coun-
ter TO the general expectations. Sew
eral months ago il was stated that the
supply of whisky Withdrawn from bond
just before the anticipated increase in
the internal revenue tax was about ex-
hausted and the next few weeks would
see material increase in the revenues
from that source. But the receipts
nave fallen below expectations, with
no prospect OF an advance. The re-
celptS from customs sources We're also
confidently expected to advance at a
rapid rate. 1t was argued that the
stocks of merchandise in the country
were practically exhausted and that of
necessity importations would show
marked Improvement. 1t was predict
ed also that as the canning season ap-
ha
add materially to the receipts and yet
none of these expectations has been full
~ realized. Though the receipt from
internal revenue and customs show
some improvement, there is a wide diff
ference between the actual figures and
the confident expectations of the Of
Metals. Whether the anticipated cotton
and grain shipments will relieve the
situation so far as gold exports are
concerned remains to be seen. The
amount or the expectations of gold dur
ing the last twenty months is UMPIRE
cedented. Since January / Of last year
the gold coin and bullion exported from
the United States aggregate about 1859
2S4,S00 while the importations during
the same period amount to only s4S.-
HS,5o0 which leaves the excess of ex-
ports over imports about 1926, 470, 5000.
ON THE STOCK EXCHANGE.
New York, Sept 13.-The eccentricity
OF the movement which has nearly ali
OF the week characterized the specuIa-
llon IN Wall street was again conspic-
uous today. The volume of the trans
actions in STOCKS exceeded the record
OF the previous day by 100. 600 shares
ana the distribution of the business
was excellent. The leaders in point OF
acuvily We're Sugar, st. Paul. Burling-
Ton, ROCK Island, Atchison, Reading
ana Tennessee Coal. There was COM
paratively little news affecting special
stocks and if there had been, the DOM
mating influence of teh developments
bearing upon the entire market would
nave completely oversha dowed it. Lon
don prices Tor Americans came lower
Tor the most part but the declines re-
ported did not exceed u per cent.
The local market developed weakness
at the outset on rapidly succeeding an
nouncements of engagements of gold
Tor export tomorrow aggregating up to
ii O'Clock S2.250,0 900. Ordinarily the ex-
pectation that the government bond
syndicate would come TO the rescue
would have Offset even the larger ex-
ports, but undoubtedly a favored few
were taking advantage OF prior knowl-
edge OF an event that soon threw the
I financial community at large tempo
rarily into Semi-panic. This was the
startling announcement that MeSsrs.
Lazard-FTere who, previous 70 tn.
formation OF the government bond syn
dictate, had been among the largest
shippers of gold in international move
ments, had engaged $500. 900 in gold
for export tomorrow. AS this firm has
been a leading firm of the syndicate
the news denoralized the general mar
ket and the inference Immediately be-
came general that the famous syndi-
cate, which up 10 the present time had
successfully carried out ont OF the most
remarkable financial undertakings on
record, had abandoned the unequal task
of maintaining the treasury reserve a
the 100000, 900 mark Rumors quickly
followed of a disruption OF the syndicate
itself and of consequent impending ex-
ports Of gold on a larger scale. 1t was
aAso said that the gove-nment officials
and the leading members OF the syndi-
cate had arrived at the conclusion that
the only way out Of the dilsZna was the
speedy issue OF a new government loan.
No confirmation of the last story could
be obtained in official circles. The
gloomy temper OF the financial COM
mulity was soon relieved TO a consid-
cradle extent by authoritative inter
views with leading members OF the syn
O-Cate headed Dy J. Hleffeonl MOI z an.
u the effect that although tire legai'
obligations Of the syndicate 70 the gov
eminent had expired il would continue
its efforts 20 maintain the treasury re-
serve at the 500. 900 ceo limit Mr.. Nor
gan denied thai the syndicate had dis
ruptei. and intinated that X was col
Letting gold at every available point
from which. as soon as il was secured,
would be turned over 20 the treasury.
He expressed surprise al the slow move
ment OF cotton and al the continued