Evening star. [volume] (Washington, D.C.) 1854-1972, 1881-03-08
WALL STREET TODAY.

NEW YORK, March s.-The Post financial arti-
Gle says The buoyant feeling which first
made Its appearance at the stock exchange
when the refundlng Dill was vetoed, and which
was augmented by the appointment OF Mr..
WINDOW as Secretary or The Treasury has
given place TO a feeling OF uncertainty ana
doubt. The reason for this change is Uwo-fold
In the first flush OF the defeat OF the refunding
bill, Wall street only regarded lt as the removal
OF an impending danger, which had worked
contraction up TO that time, and which would
do so no more. Satisfaction at this overlooked
the fact that all stocks and bonds which yielded
regular income had been advanced Immensely
since last october because, among other rea-
sons, no one OF which was more important, the
refunding OF coo and odd millions or the public
debt would, IL was reasonably expected, drive a
great deal OF the money now ia the L. =. s and
per cents into railroad securities or course
the defeat OF the refunding DILL Will leave the
money already In L. s. IS. and 6S where it Is
except 10 the extent that the new Secretary OF
the Treasury decides 10 use coin In the Treas
ury TO buy these bonds, and this brings
up the second part OF the reason noted
AT hrst Mr., WINDOWS appointment was re-
garded as meaning expansion, his record In
Congress having stamped him as an anti-re-
sumptioniSt, and If not an ardent Sllverite at
least as one who permitted political considera-
tons TO Induce him 10 vote for reconciliation
OF silver at most untimely moment This
was the first impression which Wall street re-
ceiyed from MIR. WINDOWS appointment. and
the STOCK exchange brokers and spectators
felt confident OF a new boom as the result OF
having a financier with such predIIec
ttons at the head OF the Treasury
Second thought here again raised doubts
whether President CARRIED with his well
known soundness Oh financial questions would
nave placed the Treasury in charge or a man
With such record unless there had been an
understanding that the policy OF the depart
ment should be OF the kind 10 discourage rather
than foster Wild speculation. These doubts
having arisen, the actual situation. so far as
the money market is concerned, again comes
prominently Into consideration. It is known
that the Treasury has now In Its vaults not
less than $4,000 0O0 OF lawful money which
two weeks ago were In bank reserves
here and elsewhere. IL therefore be-
comes question OF immediate practica, i'm
portance whether IL is 10 be speedily turned
out by the Treasury. III it is not, then an ac-
tive money market is TO be looked for; II it is
then such money market as We had before the
refunding bill was passed by the Senate; IL a
large amount is 10 be turned out, then an easier
money market than could otherwise have been
expected Is Inevitable. Dispatches from
Washington Oh Saturday said that the money
which the banks had deposited 10 retire note
circulation would be promptly returned
In contrayention or the established rule.
Dispatches since say that this will
not be done; others that it IS doubtful The
only other way OF getting this money back into
bank reserves is by bond purchases III Secre-
tary Window will pay the market price for the
bonds he can Undoubtedly get an unlimited
amount. III he stands for a price on par and
accrued interest, which is all that secretary
Sherman felt justified In paying at even
threatening moment for business interests,
then IL Is not likely that many bonds will be
offered to the Treasury, at least until money
becomes very dear. Thisis about the situation
at present, and our readers can each draw hiS
own deductions. United States 4 per cent
bonds are a lower than at the close yesterday,
and the 6s are "a higher. Railroad bonds are
irregular and generally lower, ranging ftom
4 al per cent The market for foreign eX-
change Is dull and heav..