Union County courier. [volume] (Elk Point, Union County, D.T. [S.D.]) 187?-1913, 1895-09-26
ALI FOR PATRIOTISM.
The Gold Syndicate Comes 70
the Bescue Of the U. s.
Treasury.
CRITICAL DAY on THE STREET

Large Sum o. Gold Shipped "a
Europe Furry Among
Bankers.
NEW YORK. Especial. - Yesterday
was an exciting one-and for time
bid fair to b . critical one lin the
financial fleld, 90 that many feared
that 1t might pass into history as I
small edition Of . certain Black Fri
day Of years ago. But last night the
disturbing elements were better under
stood, and the outlook for the treasury
and the maintenance for its gold re-
serve was comparatively clear. I'm
certainty as to the intention Of the
government bond syndicate to main
tain the reserve 1t the century mark,
and as to its ability to do 20, had dis
turbed the monied interests increas-
ingly throughout the week. A crisis
was reached yesterday morning whom
the announcement was made that the
firm Of LAzard Frerss, which IL .
member Of the syndicate had engaged
e2,500, 900 Of gold for shipment.
Basks Come TO the Rescue.
This announcement naturally gave
rise to the impression that the syndi-
cate had withdrawn from ito control
ling position behind the throne, and
It sent quotations tumbling in Wall
street, besides starting stories that
the syndicate had dissolved, that .
bond issue was imminent, and that the
treasury would fast drift back to its
old position Of the dark days of last
winter. Before the afternoon had
passed several Of the city banks had
come to tho aid Of the sub-treasury
with deposits Of gold made In ex-
change for greenbacks, explanations
had been made by members of. the
syndicate and the firm which started
the panic, and quiet had been restored
when monied institutions closed
their doors for they day. It is ex-
deposits of gold by the banks for
greenbacks will reach 100000 this
week.
Week Nearly Equals the Record.
The known shipments to Europe
will be: S2,5OO,OOO by Lazard Freres,
81, 100000 by William Crossman &
Bro, 100000 by Hoskier, Wood 4
Co., s29O,O0O by Hard and Rand, and
100000 by Nesslage s. Fuller, while
Handy and Hartman will forward be-
tween $4,000 and 100000. This will
make q total for the week of $780,
600, the largest weekly outflow on rec
ord except the s7,700,O00 sent abroad
in one week last January, when the
drain upon the reserve reached its
highest tide.
Gold Syndicate 10 not Bound.
The following statement was author
lied by the bond syndicate last night:
1.-THE impression has become general
that the bond syndicate entered into
an agreement with the United States
treasury to maintain the 500 GOO, 600
reserve until Oct. / prox., and that
upon said date said Obligation will
cease. Such is not the case. The
bond syndicate fulfilled all it's obliga-
lions to the government in June last,
and has not since been bound In any
way to the treasury. It is true that It
has from time to time since last June
paid over various sums in gold coin to
the treasury, which have suf1ced to
maintain the reserve, but 1t has done
80 voluntarily, and will continue to do
SO in the same spirit and for the same
motive"
The Cause of Gold Flowing Outward.
The following statement was made
in writing by Messrs. Lazard Freres:
"Hoping that bills of exchange against
merchandise export would come in
market in fair amounts during the
first half Of September we continued
for q long time to supply our GUS
toners with bills Of exchange for
which we could not at the time find
cover, A combination of circum-
stances leaving the market bare of
commercial bills and makes neces-
sary the shipment of gold to cover
part of the accumulated Indebtedness
and to continue supplying the daily
demands Of the 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 its indisposition to
buy freely at quotations now ruling.
Further reasons are the poor demand
for our wheat, and the low price it
brings, and the cheapness Of money at
this center, which makes it undesir-
able for European bankers to increase
their loanable funds here"
TREASURY OFFICIALS IN THE DARK.
ExpectatiOns ~ to National Finances
seem to ..Gsng All Agley."
WASHINGTON. Special = Referring
to the gold situation ct New York
treasury officials say that mover before
IN the history Of the department has
the financial condition Of the country