New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-09-26
THE MONEY MARKET.
TurRsnAY. sept. 9s--P. ".

II THURSDAY. Sept. 4S--P. M.
The condition of waI-st. to-day is very much hke
,hat Of Yesterday though there has been perhaps
little less excitement and il was regarded as nope
tl siqn that the day brought no new failures Inc
go Vvcbonoe remains closed and is not likely to
h oncned this week while settlements OF differences
on stocL contracts between brokers continue to be
.d;,s,sa nv priyate arrangement Much surprise
- rret are expressed ON account Of the announce
-, that the Government viii purchase no more
has "A nresent which seriously interferes with the
oycment of the associated banks looking TO the pur
chase of si00OooOO L. s. bonds, with view to their
conversion into greenbacks by sale to the Treasury
We hear that portion Of the bonds has already
bccn purchased and paid for mainly in national
hank notes. Why the purchase of bonds was DIS
continued 20 suddenly is a cOnundrum that Mr. AS
sstant Treasurer Hillhouse is unable to answer
though il looks very much as If the Secretary had
concluded not to trench for the present upon what
he calls his forty-four million reserve, as
he woull be compelled TO do If he pro-
eeeded much further in the purchase OF
bonds II seems TO be the opinion of those likely TO
be well informed upon the subject that if the Gov
eminent conclude 10 exert itself farther in the way
NJ afIording relief to the financial distress of the
country il will be in the form Of the purchase OF
hills of exchange on Europe in order 70 aid In the
shipment Of produce abroad. Want of exchange is
the need which most seriously threatens commercial
disaster and ruin. Produce as coming from the
West in unwOnted quantities, with no means
10 move 1t to the foreign market for which 1t is
destined. THE difficulty says an evening journal,
"of further moving these heavy receipts In the pres
rnt deadlock in foreign exchange, may be perhaps
appreciated when II is understood that prominent
trader and shipper of breadstus, well known in all
mercantile and financial circles has been compelled
Ia hfuh or, forc cfey
ments, to the extent of nearly three-quarters of
million ind still grain is pouring in from all the
Western sections without the possibility of ont
eto If this state of things continues of course the
transportation of gram from the West will cease,
and the farmer will be unable 10 pay the country
merchant, the country merchant TO pay the jobber
or importer who N turn viii be unable TO meet his
obligations and we shall have widespread disaster,
which it is to be hoped may be averted by relief III
some form OF other.
Foreicn exchange while nominal, has sold at
101053 for prime 90 day sterling; at 105iGl06 for
cable transfers. and lO2d l04 for commercial bills.
II is understood that the Secretary of the Treasury
declines TO comply with the request of the bank
presidents in the matter Of anticipating the paw
ment of the United States bonds maturing III Jan
uary next.
The banks were all cleared to-day in good time
and in good order but when the question of pool
ing the greenbacks came up one OF more OF the
banks strongest in legal tenders, especially the
Chemical. demurred. and substantially refused TO
enter into what they regarded an inequitable ar
rangoment. The solemn assurance that they would
he expelled from the Association if they persisted IN
that position, brought them to terms, and they will
now all stand OF fall together.
The following is the Clearinghouse statement:
cod exchanges 500 2So q Currency bal a. aea sqs 90
On e1charr.a. s42 POP 7j5 IS
YesierdsT sl5,OOO,OOO.
Speculative shares are not fairly QuOtable. The
prices we give are gathered from the crowd on the
street and we give them, at the same time not