New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-06-28
THE ROvD SUBSCRIPTIONS HERE.
CAGES PLAN FOR PREVENT
ING sTRINGENCY IN THE MONEY
MARKET


The Suh-Treasury yesterday was fairly busy with
annlicants for bonds the number OF subscriptions
received being about as large as the average dai'F
number Iaet week. No figures are vet ooiainahle.
hut Il Is said that the Suh-Treasury has received
in all about five thousand subscriptions for the new
rer cents most Of them IN the maximum sum OF
500 each the total representing about $4,000 No
subscriptions for the small bonds. in denomiia
lions Of 500 or less will he accepted nj the sub
Treasury later han p. m. on July H. as the SUD-
scriptlon period cooes on July II. and day must
he allowed for forwarding applications and tie
accompanying money from this city TO Wash'ns
TOT.
In order 10 prevent strtngency IN the money
market Secretary Gage allowed the Union Pacific
purchase money to remain on deposit with certain
special depository banks IN this city 10 be drawn
In instalments n, the Treasury might require y.
and part OF tina; fund has not even yet been called
for With the same object in view the Secretary Is
planning to adopt the same policy regarding the
payment Of subscriptions for the new bond issue
The National City Bank. one Of the Union Pacihc
special repositories has deposited with the treas
urer Of the United States at Washington oonds 10
the amount Of s. 10000 as collateral for 'unds
which the Secretary is collecting through this bank
and depositing with t. These funds embrace sub
scriptions for $50 or less and also uncerhed checks
for the 2 per cent deposit which is required on All
applications for bonds IN sums exceeding SVo ms
money Will eventually. It Is said. be distributed
National CITY Bpnk transferring pdItS VI - ~
the other special depository banks on their depos-
fling at Washington the necessary collateral In the
shane Of United States bonds the result being thar
the money will remain here. available FOR the n"S
Of business and Will be called for gradually as inc
progress Of the war may require instead OF pein"
ali suddenly withdrawn and locked up IN the feas-
urv II Is said. however. that some oi ne hahhs
are short OF bonds for deposit with me Unitci
States Treasurer and that the Secretary has been
urged TO visit this city soon TO DISCUSS 'e s''""
ton with the banks 81, 49, .,.ts
II is understood that there has actually been PAID
into the National Treasury up to ms date Det"ee
SIC 10000 and SO 10000 In subscriptions 10 me ne"
/ loan but the amount collected through the IA
tional City Bank Is not known There is a hV'lCo.
able demand upon the banks Tor FUNDS TOT nono
noyments 10 the Treasury. Country banks. II Is
sai1 are finding their deposits well Drawn upVI
and are IN turn drawing largely upon New ON
The time money market was frmer YESTERDAY
The banks preparing for the gong ln'o oprri
tiou OF the stamp tax on July J. ana nave uetaI',u
detail as TO the provisions Of the law Affecting me
stamps so that they may be prepared 20 meet an
| noim;s which may be raised by inquring customers
| ~ The banks The National banks DO not expect
! ~ make money through the sale or stamps, btl
si,,r,iy aim 10 accommodate their customers II IS
oxraac;,od hat the sale OF the war tax stamps
nil soon bc concentrated in the hands OF lc"
! men who will find II profitable 70 keep on M.
large lines stamps such as VIII be rtNiu'Itu -
| hanks brokers lawyers and business men sehei-
az good many banks yesterday obtained AZ thc
Glazing House copies OF the form o, CONTINUING
/ agreement which has been approved by inc NIcai
&c IIousa Committee as substitute TOT promo
| soTv notes as collateral for call money.. me NJ
Agreement is purely optional document; no pans
Yang cornneed or even urged 10 use II IN ls q
49, business. hut IL is believed that It's use VIII pe
4 neral among the banks.