The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-08-14
GOLD TO BE KEPT FROM GOING.
THE GOVERNMENT SYNDICATE
MAKES A BIG DEPOSIT OF
SPECIE.

Treachery HInted at in the Conduct
of Some of the Members of the
Treasury Syndicate-After the Gi-
Eantfc Profits Made by These HOus-
es, They Are Discovered shipping
Gold in a Rather Underhanded
Manner-A Stir Caused by the Rev
eIatiORs.
Washington. Aug. 13.-Evidence that
the Belmont-Morgan bond syndicate in
tend to protect the gold reserve of the
treasury against raids upon it for ex-
port to Europe was received at the treas
ury department by Acting Secretary Cur
tbs at 4:15 o'clock this afternoon. A tel
egram from Acting Treasurer Muhlman
reached him stating that J. +. Morgan &
Co. had deposited $l.34600O in gold coin in
exchange for United States notes.
A previous telegram to the department
contains the information that 900 gold
coin had been withdrawn from the sub
treasury for export tomorrow. With the
deposit of gold to-day by the syndicate
their agent says gold exports have been
resumed on a large scale and have reached
a total of s2S46.O00.
1t is estimated here that with exchange
at the high figure quoted. 49lad49$l, a net
profit of $1,000 on each 81, 100000 of gold ex-
ported is made by the shippers. Treasury
officials are much gratified at the action
of the syndicate, as it is construed to
mean that they will not permit the gold
reserve to fall below S10O,00O000. At the
close of business to-day the reserve stood
at SlO1, 1888 7l5
New York, Aug. 13-Arbuckle Bros.
the well-known coffee importers, with
drew $75O.OOO in gold to-day for shipment
to Europe. The withdrawal, II Is stated,
was made only after a meeting of the
members of the bond syndicate this after
noon. AS the story runs, the syndicate,
after close investigation discovered that
all the members were not adhering TO
their original contract in regard to gold
Shipments that the well-known firms, in-
stead of appearing in the matter them
selves used the house which has recently
done the bulk of the shipment of the yell
low metal.
1t has been said for some little time that
Crossman & Bro. were not forwarding
gold in. such large quantities to meet pay
ments on the firms account, but that its
bills were sold against the gold for the
profits accruing directly from such opera
tions. Arbuckle Bros. are recognized as
competitors of Crossman q Bro, and
shared I'm the bond syndicate prohts,
whereas Crossman q Bro. were not in that
deal While the syndicate members would
speak only IN Whispers IL Is tNluShA tHdb
they have discovered treachery in their
camp, and have taken the initiatory steps
to punish the offenders
When the inside facts are known they
are liable to cause considerable commo-
tion in financial circles. Having made
enormous profits through their partici-
patton in the syndicate operations it was
net believed for a moment that any Of
the foreign exchange houses would ship
gold, and thus hamper the Belmont-Mos-
gan interests, which have been striving
to keep the treasury gold reserve as high
as possible.
Duluth, Mimi, Aug. 13-"You may tell
the people that they need not worry about
the gold reserve said Secretary of the
| Treasury Carlisle yesterday. 1t was only
when he was told about the prospective
heavy goldsshipments and the anxiety in
some quarters about their effect upon the
gold reserve that he consented to speak,
even briefly, on public affairs. The Sec
retary left last evening on a trip down
the lakes.