The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1896-07-22
BANKS pRoFFER s7.OOO. OOO.


And the Street Feels Easier-Gold
Shipments to be Headed on Until
Cotton Exporting Begins.
New York, July 2l.-The movement
of number of the city banks in agree
ing to deposit gold with the sub-treas-
ury here in exchange for legal tender
notes practically took shape under the
lead of Mr.. Frederick D.. Happen, pres
ident of the Gallatin National bank
Mr., Tappan returned to the city yes
terday and started in at once TO call
upon his brother bankers, and by four
o'clock in the afternoon had obtained
conditional assents to subscriptions OF
about $4,000 900. Mr. Tappen contin7
ued his work to-day, and by noon an
nounced that he was assured OF. sub
scriptions amounting to upward of $lI,-
100000. 4s,.
He will probably late to-day state the
full amount of the pledged subscrip-
tions, though 1T is not thought that the
list of banks will be made public. Some
of the subscribing bankers announced
their willingness to proceed at once and
turn over to the sub-treasry the gold
promised. ~ -
There need be only the necessary
physical delay in this respect. 1t could
not be learned with any positiveness
whether the banks contemplated any
such action as they took in 1898, when
they entered the European markets as
buyers of gold and imported large
amounts, with the. effect of checking
the money panic there. An obstacle to
such action at this time is the plethora
of funds here which keeps the rates for
call loans secured by collateral at low
| figures. Money on call has not ruled
above per cent during all the furry
| In the stock market, and it would re-
quire 5 or per cent. money rate to
| make the importing transaction profit
able.
| The bankers hope by the action they
| have taken to tide over matters until
| the export cotton movement furnishes
sufficient amount Of exchange to sup
| ply the requirements of importers and
| others having remittances to make to
Europe
| There was little talk to-day of an is
| ue Of bonds by the government, and 1t
Is not thought such action will be taken
unless matters grow worse. The stu
alton is so infinitely complicated by
reason Of the political outlook that
| matters must necessarily remain In
4 doubt for some time to come. AT the
! same time the belief is growing thai
the populist band has pretty well play
ed itself out and that hereafter more
will be heard from the advocates OF
sound money.
1t is not likely that any actual trans.
fer of gold from the banks to the treas
ury will take place to-day. The actua
transfer of the gold need not be hur-
j ried. as the mere announcement OF TIT
4 willingness of the banks to give to ths
government in exchange for legal ten
4 ders a specified amount of gold VII
serve the purpose of restoring conf
dence.
The City National bank shortly be
fore noon to-day agreed to contributi
to the Joint fund s2.000,O00- This makes
the total SO far pledged between SIS,
600, 900 and $17,00000O. The amount i
expected to be considerably increased
as several banks have not yet beer
heard from. ,
Washington advices this mornins
said that the reserve at the commence
ment Of business to-day amounted t,
$50, Isl, 1886. This was after deductin;
yesterdays losses amounting to $3,706,
4 800. The transfer Of $15,0OO,000 or NOR
by the banks. to the, sub-treasury viii
therefore again put the reserve severa
million dollars above the $100,00o,00
point.