The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-07-25
RALLY TO SAVE THE RESERVE.
a FOREIGN EXCHANGE SYNDICATE
FORMED AT NEW YORK.

ii VIII Continue in Existence Until
After the Election and sire
Treasury Hoard Won't BE Allow I'd
10 Fan Below the Legal Require
ment OF 500. 900, OOo-The Hanks
in the Large cities To Turn in at
Least s25,OOO,OOO ia Gold.
New York. July 24-If the plan for a
foreign exchange market succeeds, and
there appears % be 10 doubt that 10 Will
rhe gold reserve I'm the United states this
year will not again fall below Sl0aVs''t.
al any rate. not until after the election.
for the exchange syndicate formed by j.
Pierrepont Morgan Is 20 be continued IN
Ill that time
The members Of the syndicate which
have been forwarding gold To supply the
demand from the governments Of Russia
and Austria have Informed their CORES
poudents IN Berlin and Paris that they
cannot DO so any longer. Gold for Russia
and Austria must now Doe procured in Lon
don or Paris. Il IS doubtful II any can be
obtained IN Paris and a higher price viii
have TO be paid for any that may be pur-
chased in London 1t is said the agencies
in New York OF the Canadian banks which
sell foreign exchange. and which have
taken a good deal Of gold out OF the sub
treasury recently. will be brought into
the exchange syndicate. While it is eX-
pected that the expectation of gold VIII
be stopped entirely there will necessarily
be some Withdrawals OF gold from the
sub-treasury. There IS steady call from
jewellers for gold which ranges from 5000
90 1900 ounces a day. This demand VIII
keep up, but Il is not regarded as objec-
tiOnable. as Il Is small
The banks Of New York. Boston, Phil
adelphia and Chicago viii contribute at
least S25.0O0,O 90 in gold 20 the treasury. Ly-
man Gage president 81 the First National
Bank Of Chicago. telegraphed to-day TO
President Tappan Of the Gallatin National
Bank that the Chicago banks would con-
tribute at least S2o0001. Mr.. Tappen also
received word that S2.50V00 would be
raised in Philadelphia, while over S2,00000
will be subscribed in Boston. The total
deposits of gold made by the banks at the
sub-treasury to-day We're 81, $4,000 and the
total for three days thus far IS Sl7.2i5,00o.
The sum of 10000 was Withdrawn by the
Merchants Bank Of Canada
Washington, July 2A-The treasury gold
reserve tonight stands, with offers made
and accepted. at about Sill 100000 The
actual official figures are SOB. 6SS. 179. The
days Withdrawals for boarding purposes
were $1,000. There We're no Withdrawals
reported for export So far about ST.,
100000 IN gold. rendered by New York
banks. has been taken up" in treasury
cash. and about $4,000. as far as known.
remains to be taken up. Other cities
were heard from to-day. and the follow
ing tenders of gold We're accepted: CHI
cago. S2,5O0,O00. Philadelphia, $500 900;
Boston, 100000 In every case either
greenbacks or Sherman notes are demand
ed and given for the gold so deposited. Both
class of notes are gold demand obligations.
In a few instances and for small amounts,
those who have offered gold have asked
for the new 81 silver certificate just is
sued. This new note IS Of an unique de-
sign, and very attractive in appearance.