The herald., 1898-07-12

he subjects himself to be seen as through
microscope who is caught in a fit of pas
sion
An attempt to obtain an approximation
OF the total amount subscribed in this city
towards the new 5000 600 900 per cent gov
eminent war loan has led to the discovery
mat the guesses made by leading financiers
are considerably under the mark. 1t was
conceded that the guesses were of necessity
made In sort of haphazard way, and the
lowest estimated total was $3.50 600, while
no estimate went higher than $3.50. 900. The
alleged interview published In an evening
paper in which a prominent bank cashier
Is made to give an estimate is denied by that
gentleman with much emphasis. He was
not even interviewed.
A canvass of the leading banks shows that
subscriptions approximating the amounts
mentioned below have been forwarded
through their agency:
FIRST National. ..........................$ 6OOC0
Los Angeles National. ............... 1875 900
National of California. ................ 10000
Merchants National. 10000
Farmers and Merchants ............. 49, 900
Total Observation-Disclosures. SAFE, 900
To this amount may be added additional
bids which will be sent by telegraph today
probably amounting to 1000 each from the
Farmers and Merchants and the Los Ange-
les National bank. The subscriptions sent
through the postoffice department direct
have not been at all large, in the belief of
Postmaster General J. r. Mathews. A great
many blanks were given out by the depart
ment, but the remittances were mostly made
by bank drafts.
Bankers believe that considerable sum
has been sent forward of which they had
no means of keeping count. The figures
given above are for subscriptions that are
positively known to the banks quoting
them and make, as will be seen, $555 900. Adj
oing TO this the bids sent forward of which
the banks kept no account, and the amount,
not large, forwarded through banks not
quoted. the grand total will easily amount
to 5000, 900 or $3.50, 600.
The question naturally arises as to the
effect of this large withdrawal upon the
banks mere. In the first place, the bids sent
forward from this city include one, at least,
OF 100000 and a good many others for such
large amounts that there is no probability
OF their being awarded. This reduces the
total considerably and no disturbance of
bank deposits is in the least expected. AS
Tor the savings banks, the managers of the
principaf concerns say that there has been
absolutely no movement of deposits other
than such as Is expected in the regular
course of business, while the volume of de-
posts is growing instead Of diminishing.
banks elsewhere. 1t would indeed require
some strong motive to induce depositors to
make an unnecessary sacrifice of interest,
and as matter of fact they are not doing so.
The small subscriptions include those that
have been fixed up by people. or institu-
lions who foresaw the impossibility of get
ting large award and have therefore di-
vided their bid in the names of other people
and another class of investors in small
Gums Is composed of those who keep their
money In safe deposit boxes and hiding
places or who having larger balance than
they require at the commercial banks where
they get no interest are placing some of
their funds in this way.
Quite number of instances are related
where parents are buying bonds of the
twenty dollar denomination as presents for
their children. Some business men are buy
Ing them knowing that they will be readily
convertible and intending to pay their bills
with them some day.
In the opinion of one bank president the
loan in its popular form will be productive
Of great good, if only for the one fact that
II will bring gold out from the many hiding
places in which persons of timorous DISPOSE
lion have learned the habit of secreting it,
The new bonds are considered worth 1903.
and In August 1t is believed they will be
quoted at 105; that at least is the sanguine
prediction of some of the local financiers