Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1896-07-23
rELBGRAPHIC.
THE GOLD EXPORT
EOl OWNS 10 The Fact that The BAL
lance Of TIade is Against Us.
PONDS COULD DE ISSUED AGAIN
ut The Political IT c. Would 10 BE-.
well street Discour-
aged.

NEW YORK, July 22.-rhe stain
anon the resources and temper Of the
hpauclal community for some time,
owing to the s,eauy shrlnRago OF the
prices OF exchange securities, has re-
Gently been intensified by political and
other causes. In consequences, values
have steadily melted away ON "a panic
scale, though without visible excite.
ment or open disaster. The market
has appeared TO be entirely uusup.
ported, ami Its only mainsiay during
TIE past few weeks has been spasmodic
huying OF our securities at times on
large scale Tor foreign account Tue
fact that tho commercial balance OF
trade IL Ia our favor and that but for
the result OF the prevailing gloomy
sentiment, tho movement OF gold
should be toward instead Of against the
United StAtts, aggravatVs the silua-
ton. The dominant depressing luilu.
encos have been tho steady export Of
the metal ana the consequent rapid
process OF depletion Of the government
reserve. On July 18th tue tree gold
held amounted 10 500, 2g3, 658. by
July 18Th tbs reserve had fallen TO
500, 103, 62l, and NJ the clote Of business
yesterday II stood at $50, ISL, $50. These
figures were further reduced today by
Withdrawals amounting 20 SO, $40, 900,
including 100000 tor export t0mor.
row, bringing the total down 10 S57,-
4U5,iS0. The decrease In tho eleven
days amounted 10 nearly sl3,O0O,OOO.
The continued strength Of the foreign
exchange market clearly Indicated a
steady outflow OF gold AMI the transfer
VI credits from this county to Europe.
The Judgment OF the best nnhnoial
authorities Ia that the government
could market n further Issue OF either
4, a or o pUr cent bonds at par, but thu
policy OF such bCiiOn 10 admitted to be
bad, Ia Wow VI the probable political
effect.
The sharp declines IN suretles te.
Gently had created n sentiment OF pro-
found encouragement In Wall street,
aud tho gravity OF the situation was
felt In bauking circles. President
Tapphu OF the Gallatin National bank,
who ia chairman OF the clearing. house
committee for tho New. York assuci.
Rtoi banks, began missionaty work
few days ago among his brother bank
ere, with view OF securing pledges
to protect tho rapidly dwiniling
treasury gold reserve by placing nj the
disposition Of tbs government a sub
A,hntial part Of their holdings IA gold
In exchange for legal tonaor notes, and
succeeded In obtaining offers nKgTegat.
ing about $4,000, 900. Conditional
Oiiera OF about s6,O0O,000 have been
received from other Now York aud
Boston anu Philadelphia banks. The
successful progress that was beiug
made helped 10 rally the stock market
10 partial extent, although, IN the
opinion Of many nnaDolers, the ROM
ejy was not likely 10 be OF more than
temporary effect. Tue street hAd pre-
violsly witnessed the disappearauce Of
enormous sums ~ gold, owing 10 oil.
most exactly similar conditions 10 those
now prevailing. Today, however,
compete change In the financial TEN.
per took place when II became known
that J. II. Morgan had called u confer.
onue OF the great banking houses with
view 10 concerted action IN pTeyout
exports OF gold within the next sixty
days. THO meeting was attended by
representatives OF all the leading In,
ternaliOnai banking houses. There was
also present John A, Mccall Of the
New York Life Insurance company,
w. IL. CrOssman Of Jrossman 4 Bro,l.
ere, Pliny Fisk OF Harvey Fisk 4 Som,
aud otner financiurs. The eonierut
lasted abOut an hour, and after Bu.
tournament Il was announced that M
agreement had been msde aud a COM
mittss appointed TO elaborate the do
tails Of u plan Tor the protection OF TIA
treasury gold reserve. The Commute,