New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-03-12
1IlIKD CALf--2:3O P. ".
THURSDAY, March lip. N.


There Is no little disposition in certain speculative
circles to grumble at the Secretary of the Treasury
because he limited the purchase of bonds yesterday
TO 50 100000. Probably those who talk about
docking up money in the Treasury" large accumu-
ations etc. do not desire to be reminded of certain
matters, but nevertheless 1t may BIS useful to men
ton them First, the primary duty OF the Secretary
is to care for the finances Of the Government and
not for speculation either in Wall Street OF at the
Produce Exchange. Second, when resumption
occurred on January 1, $40, it was admitted that
its success and pcrmancnce depended upon suf-
fcent reserve in the Treasury to sustain legal
tender notes at par. Third the Secretary has becn
if ANYTHING, overlberal in disbursement of
Treasury surplus, so much so that IN
February instead of adding to his balances
he actually reduced them about $0.000.OO0
and the actual reserve against the legaltcnder cir
culation on March was barely 33i3 per cent. Now
if there is to be q reserve maintained for the sup
port of a note circulation, that reserve must be
thing of reality and not Of fancy, and only drawn
mon for the purposes for which it was intended.
Assuming this theory to be correct how is the
Treasury to provide for the payment of interest
Government bonds if it does not accumulate funds
in the treasury 7 The interest accrues each and
every day-ncluding Sundays. If each days
receipts are expended what will there
be remaining with which to meet the quarterly III
terest payments when they become due Now IL so
happens that at the beginning of next month the
Treasury payments are TO be unusually heavy. in
addition TO the per cent due on S74O,OOO 900 OF
4 per cent April will be pension day. Provision
for these large payments must be made by accumu-
lations from the daily receipts unless the safeguard
of resumption-a reserve-s to be destroyed. We
nucb doubt if the fault-fnders would be satisfied
if the Secretary, in order to relieve the money
market. should offer to prepay the April pensions
without " rebate"
The stock market to-day opened weak and lower
prices were established in the early dealings. After
that there was substantial rally followed by an
other decline to still lower figures and finally by
another and closing rally on some erroneous talk
that the domestic exchanges were again i'll favor OF
NewYork. They are only less unlavorable. Nash
vile. Chattanooga and st. Louis was the champion
stock of the day in the way of fluctuations Last night
the stock closed at 49, to-day it opened at los and
ouicy fell TO 1884, Again 1t rose to los, and then.
after decline to o. closed at 9Sl9 Louisville and
Nashville. with sales of only 800 shares, declined
from 1854 TO l55, closing at 1861 bid. The tiuc-
tuatous of these stocks to-day were sufficient TO
teoch specuators the nature Of the dynamite which
tbev handle when they touch either of these prop
critics on margins. OF the general market the weak
eat stocks were the coal shares, Erie Ohio aud Mis-
sissirpi. Chesapeake and Ohio Central Pacific,
Pacific Mail etc. and the strongest were the North
western. Wabash preferred and Western Union.
Fxpress stocks were unusually firm at higher
prices.
Among the mining stocks at the Stock Exchange
Little Pitsburg further declined to Sl, rallied to
lola and closed at S7s. The directors of this com
pany to-day voted to declare no dividend for Feb
ruary At the Mining Board business generally was
dull. Hukill was weak. declining TO S3 So but
Green Mountain advanced to sales at 50 %. Moose
recovered part of yesterdays decline selling ut
81 10. aud Gold Placer rose from 60 to TO- Buck
eve was slIong upon the purchases. as alleged, of
two New-York gentlemen who have recently been
elected directors of the company.
The final changes from the closing prices yester-
dav are as follows Declines-St. Paul, Hanni-
hal and st. Joseph and Wabash, each ls; Lake
Shore. ST. Paul aud Sioux City and Atlantic aud
Pacific Telegraph, each i; Chesapeake and Ohio,
Mobile and Ohio and Ontario and Western each 3 !;
New-Jersey Central, Central aud Hudson and OHIO
Central each II; c.. c., c. and l., Michigan
Central, Erie preferred and Pacific Mail,
each o.; Chesapeake and Ohio, second
and first preferred. Delaware, Lackawanna
and Western Delaware aud Hudson. Houston
and Texas. New-York Elevated, Northern Pacific
preferred Reading, and st. Louis and San Francisco