Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1895-09-19
NEARLY A BLACK ONE
THE HISTORICAL FRIDAY Is AL
MOST PARALLELED.
BANKS COMETOTHE RESCUE
Uncle Sam Is Not So Successful as
the Defender When II Comes TO
Holding Coin That We Want
Statements From People in In
terest.

tefeSt.
New York, Sept. 14.-Iesterddy was
an exciting day and for time bid fair
to be u critical one il the financial
field. Many feared that it might pass
! into history as 4 smaller edition OF 4
! certain black Friday Of years aSo.
The crisis was reached in the morning
when the announcement was made
| that the firm Of Lazard Freeres,
| which is a member Of the bond syndl-
cate. had engaged two and
| half millions of gold for shipment
Before the afternoon passed several
city banks came to the aid Of the sub
treasury with deposits Of gold, made
| in exchange for greenbacks, the de-
posts made being sufficient to offset
the shipments of Saturday. 1t is e1-
pected in banking circles that the de-
posts Of gold Oy the banks for green
| backs will reach 100000 this week.
The known shipments to Europe to-
day aggregate S4,5O0,000, making a
total for the week Of $7,200,O0O, the
largest weekly outflow on record, eX-
cept the $7.7OOO00 sent abroad in one
week last January when the
drain upon the reserve
reached it's highest tide.
The following statement was author
lied by the bond syndicate last night:
"The impression has become general
that the members Of the bond Syndi-
cate entered into an agreement with
the United States treasury to main
| tain the hundred million reserve until
October, and that upon that date said
obligation will cease. Such lis not the
case. The bond syndicate fulfilled all
of its obligations to the government
June last, and not since then has been
bound in any way to the treasury. 1t
is true that it has from time to time
since last June paid over various
sums of gold to the treasury, which it
has done voluntarily and will continue
so to do in the same spirit and for the
san motive"
The following StaEement was made
in writing by Lazard Freres: Hoping
that bills of exchange against the mer-
chandise export would come in the
market in fair amounts during the
first half Of September, we continued
for long time to supply customers
will bills Of exchange on which we
could not at the time find cover 4
combination of circumstances leaves
-, the market bare of commercial bills
and makes necessary the shipment of
gold to cover part of the accumulated
Indebtedness and to continue supply
ing the daily demands of trade. The
reasons for these conditions are in
, part the late cotton crop and the slow
, movement thereof by Europe holding
large quantities of cotton at cheap
prices and it's indisposition to buy
, freely at quotations now ruling.
Further reasons are the poor demand
for our wheat and the low prices it
brings and the cheapness of money
-, at this centre, which makes it unde-
sirable for European bankers to IN
crease their loanable funds here
Washington, Sept. 1.-THE -
nouncement that New York banks hid
: deposited S2,4)O,OOO in gold with the
promise CT a considerable addition to
l tbat amount was quite as much Of a
surprise to the treasury department as
the earlier news of S4,5O0,000 in
withdrawals for shipment today. This
prompt action of the banks was fav-
prably commended upon and the feel
ing of depresSiOnand anxiety that per
gadcd the department ir the morning
: gave place somewhat to one of con
: tidence. Even those who by reason of
: their long experience are best able to
judge of the situation, express then
/ selves at a loss to account for the con
tinued and apparently increasing d
mands fOr gold. Never before in th2
history of the department, they say
has the financial condition of the cou,
try contained SO many contradictory
; elements. Everything seems to be going
counter to the general eXpecta tons.
} Several months ago it was stated til {
: the supply of whisky withdrawn from
bond just before the anticipatld
increase in the internal revenue tax
was about exhausted and that the
next few weeks would see a material
increase in the revenues from that
source. This increase, however has
fallen far below expectations, with no
! immediate prospects of an advance.
Receipts from customs sources were
also confidently expected to advance
at rapid rate. 1t was argued that
stocks Of merchandise throughout
the country were practically exhaust
ed and the necessity of importations
would show a marked improvement.
1t was predicted also that, as the can
ming season approached, sugar impor-
tations would add materially to the re-
ceiptS and yet none of these expecta-
lions have been fully realized
Though the receipts from internal rev.
enue and customs show some improve
ment there is a wide difference be-
tween the actual figures and the con-
fident. expectations of the officials.
Whether the anticipated cotton and
grain shipments will relieve the situa-
ton so far as gold eXporta tons are
concerned remain to be seen. The
| amount of the. exporta tons of gold
during the last twenty months is I'M
| precedented. Since January 1. last
year. gold coin and bullion exported