The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-08-09
A DROP in THE GOLD RESERVE.
THE TOTAL ON HAND FALLS TO
SIO3.I .OG2.

Considerable Interest Felt ns to tho
Course the bond syndicate VIII
Take in Reference 20 It-Assistnnc
Secretary of the Treasury Curtis
Confident That Crop Exports WIZ
soon Turn the Tawny Tide This
WAY Again.
Washington. Aug. s.-The usual reti-
cence prevails among treasury officials
when they are approached on the subject
OF the condition OF the gold reserve AMI
they absolutely refuse 10 allow them-
selves to be quoted as TO what this out
flow of gold OF the past two weeks will
lead 20. II is probable that by Saturday
the syndicate win be compelled TO prove
whether it considers its contract fulfilled
or whether it feels constrained TO assists
the government In maintaining the reserve.
The rapid diminution Of the reserve, the
speedy descent from more than sl07. .0O0.O 90
20 a very little margin over the amount
Of reserve required. has shown how easily
a raid. even under the guise of the or
dinary course CT business, can be cons
Quoted.
Some OF the treasury ofilclals are ems
phatic in their statements that this loss
of gold is due TO legitimate business, and
point TO the character of the houses tax,
ing u out to show that it is not the result
of speculation. Whatever may be the
cause. the loss is felt and will be felt to a
still greater extent before the week is
ended. There was an intimation at tha
trt.s
tomorrow OF a withdrawal for exporr
saturday, and officials do not hesitate to
admit that the indications point TO the
further loss Of an amount equal, If not
greater, than that which was shipped on
to-day 8 steamer. At tho close of business
ms afternoon the reserve stood at Sl0a.-
llo1oz, loss over yesterday OF $349 442.
The slO00,000 shipped to-day has not been
reported from New York, and will not.
therefore, appear in the reports until to-
morrow. The actual condition OF the
treasury, then finds the reserve amounting
70 only Slw,llSG62. This shows a loss OF
@iWOUD since the syndicate made its last
payment. on July s. and sent the reservs
up 10 SlOI5692o8. The gold reserve was not
nearly so low as this on July a. when the
syndicate felt called upon to increase IL.
AT that time the reserve had dwindled
down to little below S05. 600, 900, and by
Monday It had been sweled to a little
more than Si07,250,000.
Some treasury officials who discussed
the situation privately admit that unlesa
tne syniicate again steps in and ailg tho
gap the public viii believe the syndicate
considers IT'S contract completed in its en-
tirety and that 1t Is no longer morally
| bound-if not by the disputed meaning OF
the text OF the contract-to maintain the
reserve.
Assistant Secretary Curtis said to-day
that he did not know what the Intentions
OF the syndicate were but so far as the
treasury situation was concerned he saw
nothing I'm It now to justify any feeling
of alarm. The gold that was going out was
sent abroad in the payment OF debts and
within a few days he believed there would
bo flow In this direction. Crops were
beginning TO move and the presence OF
commercial bills IN New York some Of
which were already on the street, would
loosen the tension and bring down the
rate Of exchange and stop the export of
gold There are others, however in the
treasury not so sanguine. as is Mr.. Curtis,
and many Of these are beginning to look
forward to the next week as a critical pc
riod, one that must show which way the
tide will turn. Meanwhile the gold con-
tlnues TO 90 out and no official expression
of the proper Interpretation of the bond
contract is made