The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1883-03-23
FINANCE AND COTTON
FINANCIAL.

~ Financial Chronicle, in discussing
lh,,,stion. saws: The strlngency IN
lhe has been the absorbing topic OF the
noIy !, Wal street. The actual scarcity
veelAarshle funds appears TO be undenlabie,
q Ill The charges OF manipulation lor
shuS',istiye effect are OF little consequence,
Os,ss hanks are so low IN their reserves
Sn.,bsv are Obliged 10 call in money from
thal riars ia keep their statements near
81 Isrsl raouirement. On the other
70 w ~ IL true that IN such time as this
ham, sclnte control ola few million dollars
tn Wv enables the owners, II they des're,to
a,sTc,se an influence over the money m
"a, nom day TO day which they could not
sossihly do in ordinary tines. ire queS-
~ i anxiously asked how long Is inns
.;Cbt money likely to continue! Ana IL Is
;,no, sibe 10 give precise answer lheue-
mand for money at the west Is large, anu
m us. hanks this week show further loss
our atsSinments TO the country, but the supply
~ ;nh i 10 make up for the loss in this
Weston is somewhat uncertain. In the
w., Mace there is the natural increase in
ihnsnahle funds which will take place by the
wV,,s-action towards lis centre OF all available
onsv which can be sent here, to obtain
~, a while the 10 10 10 per cent. rate. Then
,Sers are the gold receipts from abroad
SSG0 zoo in this morning., varlously estl-
MySo,sd as a total OF three TO four millions.
And finally, the possible action of the Sec
-s.orv in Offering To pay IN advance the
hon5s embraced in the call maturing May
What the r. 7ult of these various forces
viii ne h is impo. ible now TO predict with
reriaintv, but the better opinion points
towards q firm, if not stringent, money
market until the early days of April, and
Gradual relaxation after that.
The New York Post SAYS: The ughtness
~ the money market at the present time
Is due To three principal causes First, the
drain of the currency 10 the west, which
always sets in about this time OF the year,
INIT has come rather earlier, and is rather
nTnuounced now than usual; second, the ac-
cnmu alton of money in the treasury to
meet tho call for Sl6,OC00O0 bonds which
natures on the LIST of May; third,
artificial stringency which is always
brought about more or less by the bears
in the stock market when circumstances
favor the Locking up OF money. The drain
Of money to the west has been more pro-
nounced than usual, for the reason that
the movement of grain during the winter
was retarded both by the heavy SHOWS,
which impeded every kind of movement
and traffic, and by the low prices of wheat
prevailing in the early wintei-prices at
which the farmers refused to sell. With
the opening OF spring, prices have advanced
In response to an active foreign demand,
and the movement has been so great as to
tax to the utmost the carrying capacity Of
the railways. This rush OF grain to the sea-
hoard implies and necessitates cores
ponding movement westward.
The Times dispatches from Washington
on Saturday intimated that there would be
nomore bond calls during the current fiscal
wear, which ends June 80. 1t was also init
mated that the redemption of the bonds
already called, due May lst, would not be
anticipated. Reductions of revenue and
the uncertainty as to the amount which the
pensions would call for. were given as rea-
sons for this. The Post dispatches said
about the same thing except that the
treasury was in position to anticipate the
redemntinn of the call hOnds