The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-07-21
DAILY. so A YEAR
CENTS A COPH.
WEEKLY 2-TIMES-A-WEEkg 81 A YEAH
RAIDlNG THE GOLD RESERVE.
THE wITHDR FOR THE DAY
s8.TO6.3O0

The Inclination to Hoard the yellow
Metal ON the Increase I'm View OF
the silver scarc-President CIeve-
land sure TO Omcr Another Bond
Issue for Sale ~ Necessary TO
Maintain the Reserve-Nevv York
Hankers TO the Rescue.
New York. July 2O.-The sum OF g $4,000
gold was withdrawn from the sub-treas-
ury to-day. or this amount S3.030.000. con-
slstlng or Si.iS00o0 in coin and S.550oQo In
bars. is for export to Europe on to-mor-
rows steamer. The remaining $4,000 ta-
ken by Canadian bankers was for use
here and not for export to Canada. as
was reported early In the day.
Steps were taken to-day to unite the
principal national banks OF this city in a
movement 10 protect the government gold
reserve. Recent large Withdrawals OF gold
from the sub-treasury for shipment to
Europe. the disposition manifested in GER
tain financial quarters 20 hoard the yel-
low metal and the panicky condition OF
the stock market have caused some Sc
rious discussions among observant and
public spirited hnanciers within the past
few days.
Although no formal conferences were
held some Of the leading bank presidents
exchanged Views. and the conclusion was
reached that the situation warranted ac-
tion on the part OF the banks, such as
would allay public fears and revive con-
fidcnce In the stability OF values. There
fore, an earnest effort was made to get
the New York banks to put $5,000,000 or
500 100000 OF gold into the sub-treasury In
exchange for legal tender notes.
+. ID. fappan, president of the Gallatin
National Bank. called at several Of the
banks down town this morning, and pro-
III
sihle eater into an agreement 70 supply
gold enough TO the sub-treasury to carry
the reserve above the si00,000000 mark.
Mr., Tappan's mission was eminently sue
ccssfh. He found nearly all OF his fell
low bank presidents heartily in accord
with the proposition submitted, and az
noon he was able TO say: IL am surprised
and grathed at the readiness With which
the requests for gold contributions have
been complied with"
For the reason that all the banks called
on have not yet acted, Mr.. Tappan and
the bank presidents who were most act
i've In their cooperation were disinclined
to say how much gold had been pledged
TO the sub-treasury You may say" said
one of the presidents, that there viii be
no trouble about raising $l2,00O0lQ. sl5,MQ,-
900 and perhaps S20000.000, to aid in build
ing up the treasury gold reserve"
Washington, July 2O-The gold reserve
to-day declined TO $S97Gi. 1886. with with
drawals Of So 7o6.3OO. OF which 100000 was
| for export. Tho large amount. nearly $685.
| COO taken presumably for boarding pur-
| pose, was regarded by treasury officials
| as an unfavorable feature Of the days
| transactions. For the past two weeks
small amounts of gold for this purpose
have been Withdrawn, but to-day's with
drawals have been larger than on any
/ day this year for this purpose. The New
| York banks have formed pool and viii
! turn into the treasury $2O,WOOW In gold.
] 1t Is pointed out that they are amply
/ officers / l1trGfn
estimated the amount OF gold in the
| United States at S59S, 100000, and by the
| last report the national banks OF the
| United States had S78,000,0 200, and the ma
/ tional banks of New York alone had OF
this sum SiG,000,0OO This total has been
increased since then, and IS doubtless now
| nearly $4,000 900.
The administrations policy to keep the
| gold reserve up 10 a point of confidence
| has never wavered. This policy, II Is
| stated, will be maintained If a new bond
| issue Is therefore made necessary
| Already four bond issues have been put
forth, amounting 10 $262,3l5, 900. from which
/ was realized 1929. .444,21l. These issues have
| increased the annual interest charge near
| " 100000 year. on March T. 1893, there
/ was in the treasury Sl03, 900 In gold.
| This amount added to the sum realized
/ from the bond sales since make 1895, 100000.
| BY subtracting from this amount the goid
| on hand, $89000.000 shows that since
March A, 1898, 1907 100000 In gold has been
Withdrawn. Treasury officials attribute
| American securities throwing them upon
| the market In view of the fact that the
| treasury mas lost since July $l3.0000O0 in
| gold. and present indications point to fur
| ther Withdrawals this week, treasury off,
cials who have had confidential relations
| with all former bond issues say that Il
| will be much easier and more advantages
| Gus to the government, If a bond issue has
to be made, to do It before the gold re-
| serve reaches the limit Of $50, 900. II the
| national banks, however, 1t Is said, come
| to the relief OF the treasury a bond issue
| may be averted altogether, certainly for
| the next few months.
Kansas City, No, July 20.--All Kansas
City banks to-day ceased issuing gold.
either in exchange for bills, payment OF
checks. or Withdrawals of deposits.
Cashier Rule of the Bank of Commerce.
VINO returned from st. Louis this morning.
said the banks there will take the same
action. The reason given by the bankers
here for this move Is that it was the evil
dent intention Of many depositOrs to with
draw their deposits IN gold and hoard the
yellow metal in the belief that it will go
to premium.
HANNA's HEADQUARTERS.