New-York tribune., 1896-07-30
BANKS STANDING TOGETHER.
DEMANDS FROM OUT-OF-TOWN lNSIiio-
TIoNs-READY TO DEPOSIT MORE GOLD
IF NEEpED-LACK OF OFFERS
FOR MUNICIPAL BONDS.

If NEEDED-LACk OF OrI Nho
FOR MUNICIPAL BONDS
All of the banks report continuance Oh 'he
demand from the out-of-town banks Tor money
and most of the large banks say that peyo"u
sunn,vinp the interior banks they are lending
little or no money except to their own customers
whose requirements have to be supplied Inc
ease of call money Is mainly doe to the Trans
formation Of maturing time loans into call ioanS'
and to the fact that Wall Street has no par'icu-
lar need at present for large amounts OF ca''
money There is good understanding petwee"
the members Of the foreign exchange syhu'ca'c
and the banks and other large lenders OF money
and they will cooperate as far az practcapie IN
regulating the money market. 1t Is announced
that the banks will make further contributions
of gold to the United States Treasury II 'he
necessity should arise At least Slo'oVU'V" more
gold ii is said, has been promised.
The First National Bank of Brooklyn deposited
$50 900 in gold in the Sub-Treasury yesterday
making the total deposits to date SIS. S.l6o'o".
As hoo already been said. the large mercantile
and commercial houses which have obligations
to aett,e abroad were Informed that they would
be supplied by the syndicate with bills OF ex-
change at fair figures. Replies have been re-
ceived from several of them accepting the oner
and agreeing to aid the syndicate so far as lies
IN their pawer. in controlling foreign exchange
and preventing gold exports.
While no syndicate Is being MADE up 10 take
the New-York City bonds that were not SUD
scribed for, it is said that some or the iarse
financial houses have been asked TO supscrlpe
for round amounts. The failure to sell the New
Work. and Brooklyn bonds has had Dad erect.
The fact is the market Is gorged with munlclpal
bonds Cities all over the country nave recently
been offering bonds ,s .r
William A. Read, of Vermilye Co.. saiu; III
nv Judgment the failure to sell the New u, ~, n
CITY bonds was due to an unwlllingness OH me
mart OF CAPITALISTS. banking institutions anu
bankers to invest funds at present, or In any way
TO increase their obligations. and is not IN tne
slightest degree due to any change In the city
credit which is as good as 1t ever was Owing
| IA. the uncertainty as to what may happen pc
tween now and Election Day investors generally
are keeping their funds in hand, and the bond
| dealers who would otherwise be attracted ny
the decline In prices have no desire to purcnase'
no matter how attractive the ofrer ana are on
the contrary contracting their operations AS
nroof that the state OF the cty's credit Is IN no
wise the reason for the failure to sell It's bonus
the fact may be cited that the state OF Mdssa-
chusetts which all through the war mace its
interest payable in gold received only one piu
last week when 1t offered S1OOOOOO 80 per cent
gold bonds and that bid was only traction or
per cent above par. Massachusetts Donos nave
ALWAYS been regarded by dealers as the cnocest
| security in this country. and Its bonds OF OF the
ca me class have sold within sixty days at lr9
| The stock market advanced yesterday AFTER
noon on the covering Of shorts