The daily morning journal and courier., 1896-07-24

Bankers Turn &l ,35O,OOO Into SuD-irehs-
 ury-Mny Reach sseO, ,oo0, ,O0O Feeling on
 Wall Street That There May be No More
 Shipments-Conoerted Action Which
 win Prevent Austria and Russia Taking
 Gold-Stochs.
 New York, July 2S.-The total amount deposited in the sub-treasury now reaches $9,10OOOO.
 The banks that deposited were:
 American Exchange National. .S5OO,OO Manhattan bank,... ....,.,.,... oVV'VVo Continental National. ......... 2oo,ooo National Shoe and Leather...,.. l0o,ooo German American bank. ...... bo,OOo Seventh National. ........,..... 0V,Vuo Peoples bank. ., .....,.,.,..., o0Vao
 The chief topic of discussion in Wall street this morning was the action talk en by the banks to replenish the treas ury gold reserve and incidentally the movement on the part of foreign bank ing houses to stop the e1fluX of gold to Europe.
 The first effect of the latter was seen l this morning when Brown Bros. reduc- ed their posted rates of sterling ex- | change half cent, to 4.SS for long and | 4S9 for demand bills.
 | The bankers will from this time on | concentrate their efforts towards keep | ing rates down to point at Which | Austria and Russia will be unable to 1 draw gold from the United States. To do this they will have to make | speculative, or short, sales of exchange, relying upon fresh supply of bills l that will enable them to cover when | this years crops begin to move freely. A similar operation was conducted | by practically the same banking houses last year and proved quite sue | cessful. t 1 Soon after the sub-treasury opened l for business this morning the banks
 resumed turning their gold into the 1 suh-treasury.
 | At 10:15, $5Oo,o00 in gold had been ~eceived at the sub-treasury from the i American Ex lange National bank. The situation at the sub-treasury this 1 morning is better than 1t was yester- l day morning. The gold reserve in
 round figures was then $S9,00O0O0 To- day it is ss4,oOO,ooo
 This does not, of course, include $1, ,000, ,000 in gold which has been trans | ferred from sub-treasury to the New | York treasury.
 l For some reason the name of the sub-treasury transferring its gold to New York was refused, It is thought on the street that there | will be no further large withdrawals 1 of gold from the suh-treasury, and
 it now seems probable that the amount l which the banks will turn over to the
 sub-treasury as a result of the can
 wasting of President Happen of the
 Gallatin National bank will reach if it
 does not exceed $20, COG, 00O
 It is now thought that between the
 local banks and the foreign bankers
 the reserve can be maintained against
 serious depletion. The good work done l yesterday, especially the large amount
 of $7.750,000 gold deposited in the sub treasury by the banks in exchange for legal tenders, has strengthened the stock market and caused a feeling ot confidence in ''the street" which was
 lacking before MT. Happen threw him. self into the breach.
 Mr. Happen has received advices I from Chicago which lead him to think he may get the assistance of the Chicago banks.
 Philadelphia banks were moving ir sympathy, MT. Happen said, and he ex- pected the Boston banks would be able
 to raise about S2,0O0,00o.
 No withdrawals of gold have occur red thus far at the subtreasury. The steamship Fuerst Bismarck which sailed this morning, carried out $2000,- 900 in gold and $1O0O0 in silver Philadelphia July 23-The movement l among banks to deposit gold in the
 sub-treasury in exchange for legal ten der is meeting with considerable sue
 cess and it is stated to-day that sew
 eral millions will probably be pledged The national banks hold between SS,- I 900, 900 and s9,o00O00. and the trust com panies also hold a large amount.
 Boston, July 23.-The proposition
 made yesterday by Boston banks tc
 turn 30 per cent. of their gold into tht
 sub treasury is practically operative
 Only one or two banks stand out a
 present.