New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-09-14
4 DWINDLING GOLD RESERVE.
LAZARD FREREs. MEMBERS OF THE BOND SYN
DICATE AMONG THE EXPoRTERs-MR.
MORGAN'S STATEMENT

MORGAN'S STATEMENT.
The withdrawal OF s42OOOOO in gold from the
Sub-Treasury yesterday for shipment to-day. with
deposit of only sSoO,oOo brought the question Of
the gold reserve sharply to the fore. The further
fact that Lazard Freres. who withdrew s25o00 900.
or more than half Of the total. members OF
the syndicate intensified the interest and induced
speculation as to whether the syndicate had
abandoned its endeavors and had left each men,
Der to pursue his course. regardless Of fur
ther sustaining the National reserve.
The shipments to-day are made up as follows:
Lazard Freres. s2.5oo.oOo W. H. Crossman & Bro
Rand, 5000 900; Nessage & Fuller. 100000 OF
this amount 100000 was not taken from the
Treasury. Hardy & Harman will ship s250.oOO
in gold exchanged for smelters' bars. while Zim-
norman G. Forshay will export 5000 In English
gold.
From the associated banks the Sub Treasury
acquired $500, ,0O0 to waich sum the Hanover Ma
tional Bank contributed s5O0o oo0 and the American
Exchange National Bank and the National Bank
Of Commerce 100000 each. The National City
Bank which keeps on hand more gold than any
other bank in this country. stands ready to lend
helping hand.
j. Pierpont Morgan made the following state
ment:
1t is the intention OF the Government bond syndi-
cate to continue TO assist the treasury IN maintain
accommodating gold and fast as any quantity has
been collected IT will be turned over to the sub
Treasury.
Mr.. Morgan. when asked II he did not antic.-
pate a decided increase in the supply OF bills
against cotton and breadstuffs, replied In the af
frmative and expressed surprise that greater
supply OF bills not in the market.
sked rd ErSrpq broken
the syndicate agreement that none OF the men,
bers Of that body should export gold, Mr.. Nor
gan replied:
There never any such agreement, direct
or indirect, expressed or implied. Each house is
at perfect liberty to exercise Its own discretion
in that regard
The following statement was authorized by the
bond syndicate:
The impression has become general that the mem
bers OF the bond syndicate entered into an agree
the 100000 reserve until October l. and that
upon that date said On will sea safh % It's s
obligations the Government in June last and
nry II is true that it has from tine 10 time since
last June paid various sums in gold coin 70 the
b TSa II has done SO vounoy and viii
tinue to do in the same spirit and FOR the same %
ssry and # existing conditions make IT feasible to
Lazard Freres made the following statement:
Hoping that bills OF exchange against mer-
chandise exports would come in the market in far
amount during the first half of September. we con-
tinued for long time TO supply our customers with
bills Of exchange for which we could not al the
time find cover 4 combination OF circumstances
leaves the market bare Of commercial Dilis ana
makes necessary the shipment OF gold TO cover
part Of the accumulated Indebtedness and to con-
tinue supplying the daily demands OF the trade
Eugene Meyer one Of tie representatives OF
the house in this country. said:
The need OF the shipment Of s2,5oooOo IN gold Is
only n temporary one; II does not come from any
permanent cause. As the crops make their
effect felt the temporary need Of gold for foreign
remitters Will pass away. and that ought not 10 be
more than week two off | Go not anticipate
any continued depletion OF the reserve There is no
occasion for any alarm excitement.
President Sherman, OF the National Bank OF
Commerce. said tina: the 100000 paid in exchange
for greenbacks by the bank represented one-thrd
Of the institutions holdings, and that II all the
other banks contributed in the same proportion
the 800 900 900 mark would readily be reached
again.
The question was again prominently brought
UP yesterday as to an impending need OF another
bond issue. The opinion was common that II the
falling off in the reserve should continue for any
length Of time the new issue would be necessary.